Tesla, an electric vehicle manufacturer based in California, is anticipated to manufacture 300,000 cars in the first nine months of 2021, according to Reuters.
Despite a global semiconductor scarcity, the vehicles will be manufactured at Tesla’s Shanghai facility.
Model 3 sedans and Model Y sport-utility vehicles are produced at the Shanghai facility for both local and foreign markets, including Germany and Japan.
China is Tesla’s second-largest market after the United States, accounting for about 30% of worldwide sales and contributing to the automaker’s record first-quarter car deliveries.
According to figures from the China Passenger Car Association, over 240,000 cars were transported from the facility in the first eight months, with many of them destined for export.
Tesla’s plant is projected to produce 450,000 vehicles this year, including 66,100 for export, according to the report.
What you should know
Tesla is employing legal and external relations managers in China, where the company is under criticism for data security and customer service issues.
The Palo Alto, California-based company makes electric sedans and SUVs, and investors are optimistic about the possibility of global government policies encouraging the adoption of electric vehicles.
Tesla built a factory to manufacture its large-scale Megapack battery system. Megapack energy storage is intended for utilities.
Tesla also just released a long-awaited software update that allows consumers to request access to the company’s Full Self-Driving Beta (FSD beta).
Tesla will only provide access to drivers who have a high safety rating. The self-driving beta is promoted as a means for a Tesla to change lanes, navigate on the highway, move into a parking spot, or roll out of a parking spot to drive a short distance at a slow speed without the need for a human driver. Elon Musk owns 20% of Tesla, and he is entitled to receive billions more from his payroll agreement based on Tesla stock.
Tesla, the world’s most valuable automaker recorded a 2.75% gain in stock market trade on Friday, exceeding a $764.55 buy point.
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