Tesla’s Gigafactory Shanghai successfully produced its 2 millionth electric vehicle model today, Reuters reports, citing the automaker’s official WeChat account.
Tesla’s China-made EV production record in August
Tesla’s Chinese vehicle factory in Shanghai enjoyed a surge in production last month to 84,159 units. This production record represents a notable improvement from July’s 64,285 units. It also indicates a year-on-year increase from 76,695 units in 2022, Barron’s asserts, citing the CPCA’s latest data.
The production decline in July is apparently due to Tesla’s factory upgrades. Tesla North noted that it is a standard summer vacation for the company’s employees. Tesla takes advantage of this period to execute its factory retooling.
It is also worth noting that this data consists of wholesale shipments, including exports.
Total 2023 production in Giga Shanghai
The surge in Tesla’s EV production last month raised its overall China-made production in 2023 to roughly 625,000 units. It represents a YoY growth from just 400,000 units in the same period last year.
However, it must also be noted that the COVID-induced lockdowns impeded Tesla’s 2022 production.
In hindsight, Tesla commenced Shanghai’s EV production at the end of 2019. Its highest production record was 100,291 EVs in November 2022.
Tesla stock surged following August delivery records
Investopedia reported that Tesla’s stocks increased 9.3% YoY following its August production improvement. TSLA apparently led the S&P 500 owing to its remarkable sales last month.
Apart from the surge in production, the company also implemented significant price cuts that aided the company in boosting its sales figures. In fact, the company’s shares attained 4.7% yesterday following the announcement.
See Also:
- Tesla China reports impressive insurance registrations, poised for strong June sales
- Tesla China to attend the 2023 Shenzhen Auto Show, might exhibit the refreshed Model 3
- Tesla China sales grew 2.44% month-on-month in May 2023
- CEO Elon Musk meets Chinese FM as it eyes Tesla China expansion
- Tesla China rival XPeng drops lidar in G9 SUV for competitive pricing
Tesla continues to lead the electric vehicle industry with its innovative models. The new Model 3 Highland and the imminent launch of the Cybertruck will undoubtedly boost the company’s sales and delivery figures in the coming months.
