Tesla has plans to produce 550,000 vehicles next year in its Shanghai Gigafactory, according to Teslarati. China-based media outlets relayed the plan citing information by industry insiders aware of the company’s operations.
- 300,000 of the planned 550,000 vehicles will be Model 3 sedans, while the remaining 250,000 will comprise of Model Y crossover, expected to be mass-produced in early 2021.
- Gigafactory Shanghai will be exporting 100,000 Model 3 and about 10,000 Model Y to other countries in 2021-Wall Street CN media outlet.
- Tesla has already “issued ordering requirements to core component suppliers”- 36 Krypton media outlet.
- The new production target boosts Tesla’s electric car manufacturing capabilities next year and silences critics who believed Giga Shanghai would take years to ramp its operations.
- Earlier, Morgan Stanley projected Giga Shanghai to produce 35,000 to 40,000 vehicles in 2020 and about 60,000 vehicles in total in 2021.
- Tesla is yet to roll out its 4680 cells and structural battery packs in the Shanghai plant, and once this is done, it could produce vehicles at rates above analysts’ expectations.
Tesla stock is currently gaining. TSLA is up 4.12%