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Tesla's Gigafactory Shanghai Plans Production Of 550K Vehicles In 2021: Report

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Tesla's Gigafactory Shanghai Plans Production Of 550K Vehicles In 2021: Report

Tesla Inc's (NASDAQ: TSLA) production ramp has been unlike anything seen from auto manufacturers in recent years. The company is on target to produce 500,000 vehicles this year, after producing just over 365,000 in 2019 — or what would amount to a 36% year-over-year increase.

Now anonymous sources have told Tesmanian that a single factory, Gigafactory Shanghai, will aim to have production capacity of more cars in 2021 than both Tesla's Fremont and Gigafactory Shanghai are producing together today.

Tesla is aiming to produce 300,000 Model 3 and 250,000 Model Y vehicles from Shanghai, for a total of 550,000 cars produced from one factory in 2021, the report said.

Tesla has begun orders from core component suppliers to meet the increased production demands, according to Tesmanian. 

Benzinga's Take: Tesla's growth is impressive. Many skeptics did not think the company could keep growing at this rate, and even if it did, that demand for its vehicles would be lagging.

That has turned out to be false, as Tesla continues to sell every vehicle it can produce.

With Gigafactory Berlin and Gigafactory Texas expected to be up and running in 2021 as well, Tesla could be well on the way to over 1 million vehicles produced in a single year.

Photo courtesy of Tesla.

 

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