Elon Musk claimed yesterday that Tesla has already produced more than 3 million vehiclesof which a million come from the company’s factory in Shanghai.
The message comes just over two months after Tesla posted its first sequential decline in vehicle deliveries in more than two years due to lockdowns over Covid outbreaks in China.
“Congratulations, Giga Shanghai for making the millionth car! The total number of Teslas manufactured already exceeds 3 millionMusk tweeted yesterday, along with a photo of plant workers celebrating the achievement of the milestone.
Congrats Giga Shanghai on making millionth car! Total Teslas made now over 3M. pic.twitter.com/2Aee6slCuv
— Elon Musk (@elonmusk) August 14, 2022
The funny thing is that just a few weeks ago, Musk boasted that the Tesla factory in Fremont, California had produced its two millionth vehicle.
Tesla presented its second quarter results in July. The company delivered 254,695 vehicles between April and June. This represents an increase of 26% compared to the 201,250 vehicles delivered in the second quarter of 2021while the figure for the previous quarter was 310,048.
Tesla also posted a net profit of $2.26 billion, down about 31.5% quarter-on-quarter.and revenue fell from $18.7 billion in the first quarter to $16.9 billion in the second.
The Shanghai factory was responsible for about half of the company’s output last year.but a sudden spike in Covid cases caused production at the facility to be temporarily suspended.
Tesla was forced to increase production at the Fremont plant to try to make up the shortfall.
Tesla is still pretty low on the list of the world’s biggest automakers, sitting in 20th position (in 2021) between India’s Tata in 19th place and Japan’s Suzuki in 21st.
For comparison, Toyota, the world’s number one car company, delivered more than 10 million vehicles in 2021.
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Tesla also has factories in Germany and Austin, which Musk has previously described as “money ovens“, losing billions of dollars due to their spending and low production.
Musk revealed last week that he had sold $6.9 billion worth of Tesla stock to help finance his purchase of Twitter in case the platform forces him to complete the deal in court.
Like virtually all companies, Tesla shares have fallen this year, nearly 25% since January.. But the share price has seen a bit of a resurgence in the past month as it prepares for a 3-for-1 stock split.