Tesla’s China Production Reaches a Milestone | The Markets Café
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact
Friday, September 29, 2023
No Result
View All Result
Subscribe
  • Login
The Markets Café
  • News
  • Politics
  • Markets
    • Stocks
    • Futures
    • Commodities
  • Crypto
    • News
    • Markets
    • NFT
    • DeFi
    • Explained
  • Economy
  • Finance
  • Investing
  • Forex
  • Real Estate
  • Tech
  • VideosHOT
  • Community
  • Charts
  • News
  • Politics
  • Markets
    • Stocks
    • Futures
    • Commodities
  • Crypto
    • News
    • Markets
    • NFT
    • DeFi
    • Explained
  • Economy
  • Finance
  • Investing
  • Forex
  • Real Estate
  • Tech
  • VideosHOT
  • Community
  • Charts
No Result
View All Result
The Markets Café
No Result
View All Result
  • News
  • Politics
  • Markets
  • Crypto
  • Economy
  • Finance
  • Forex
  • Investing
  • Tech
  • Videos
  • Community
Home Markets

Tesla’s China Production Reaches a Milestone

by Press Room
August 15, 2022
in Markets
96 7
A A
0
21
SHARES
687
VIEWS
FacebookTwitter

Tesla
Chief Executive Elon Musk said the electric-vehicle maker has now produced 3 million vehicles, with about one-third coming from its gigafactory in Shanghai.

On Sunday, Musk wrote on Twitter: “Congrats Giga Shanghai on making millionth car! Total
Tesla
s made now over 3M.”

 Tesla (ticker: TSLA) shares were down 0.5% to $895.45 in premarket trading Monday.
S&P 500
and
Dow Jones Industrial Average
futures both fell about 0.5%.

The number isn’t a big surprise. Musk mentioned the 3-million figure at the company’s annual shareholder meeting in early August. The number is also backward-looking. Those are a couple of reasons the stock isn’t getting a boost from the announcement.

Still, that’s a lot of cars. Tesla started out shipping less than 2,000 units back in 2010. That’s about 12 years of sales. Looking ahead, Tesla should deliver its next 3 million vehicles in the next two years, according to Wall Street estimates.

What’s more, Tesla reached 3 million out of essentially two factories. One in Fremont, Calif., and the other in Shanghai. Tesla started shipping vehicles out of Shanghai around the start of 2020. It took that plant less than two years to hit 1 million units shipped. The Fremont plant took almost 10 years to ship the same amount. Of course, Tesla added new, lower-priced models, starting with the Model 3 back in 2017.

Tesla also is ramping up two new plants in Texas and Germany. Musk said the company should be producing cars at a rate of about 2 million a year by the end of 2022.

News of the China milestone came as fresh data showed a weakening of China’s economic recovery in July due to Beijing’s strict lockdown policy to combat Covid-19 outbreaks. Its central bank also unexpectedly lowered a key interest rate in an attempt to kick-start growth.

EV sales might need the boost. Chinese EV maker
Li Auto
(LI) reported second-quarter numbers on Monday. The numbers were fine, but guidance was problematic. The company expects to ship about 28,000 vehicles in the third quarter. Analysts were projecting about 39,000. Li stock fell more than 6% in premarket trading.

The latest unofficial update from Musk follows second-quarter data that showed Tesla recovered from its pandemic lows, delivering 254,695 electric vehicles in the period, with standout data for June — its best production month ever.

Write to Rupert Steiner at rupert.steiner@dowjones.com

Read the full article here

Related Articles

Markets

MobilityOne Buys 49% Stake in Malaysian Healthcare Information Systems Provider

September 29, 2023
Futures

Why gasoline prices are set to fall even as oil marches toward $100 a barrel

September 29, 2023
Stocks

S&P 500 falls after inflation data as weak quarter nears end By Reuters

September 29, 2023
Markets

Roebuck Food Group Reports Pretax Loss, Blames Brexit Costs

September 29, 2023
Stocks

RBC pumps capital into Californian bank unit City National By Reuters

September 29, 2023
Commodities

Resolution on US-Mexico corn dispute could come in March, Mexico says By Reuters

September 29, 2023

About Us

The Markets Café

The Markets Cafe is your one stope Finance, Politics and bussines news website, follow us to get the latest news and updates from around the world.

Sections

  • Commodities
  • Crypto Markets
  • Crypto News
  • DeFi
  • Economy
  • Explained
  • Finance
  • Forex
  • Futures
  • Investing
  • Markets
  • News
  • NFT
  • Politics
  • Real Estate
  • Stocks
  • Tech
  • Videos

Site Links

  • Contact
  • Advertise
  • DMCA
  • Submit Article
  • Forum
  • Site info
  • Newsletter

Newsletter

THE MOST IMPORTANT FINANCE NEWS AND EVENTS OF THE DAY

Subscribe to our mailing list to receives daily updates direct to your inbox!

  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact

© 2022 The Markets Café - All rights reserved.

No Result
View All Result
  • News
  • Politics
  • Markets
    • Stocks
    • Futures
    • Commodities
  • Crypto
    • News
    • Markets
    • NFT
    • DeFi
    • Explained
  • Economy
  • Finance
  • Investing
  • Forex
  • Real Estate
  • Tech
  • Videos
  • Community
  • Charts

© 2022 The Markets Café - All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.