Tesla is celebrating the production of its 4 millionth model with the milestone being reached just 7 months after it produced its 3 millionth vehicle.
During its recent Investor Day, the electric car manufacturer noted that it took it 12 years to build its first million vehicles. Thanks to the launch of the Model 3 in 2018, it took Tesla 18 months to build its 2 millionth car and then a further 11 months to build its 3 millionth vehicle.
DriveTeslaCanada notes that Tesla’s current production rate equals approximately 142,000 cars per month or 1.7 million vehicle annually. Beyond demand for Tesla models jumping in recent years, Gigafactories in Texas, Berlin, and Shanghai have allowed the carmaker to rapidly increase production.
Read: Nevada Cuts Tesla A $330 Million Dollar Tax Break
Of course, Tesla still has a long way to go if it hopes to achieve Elon Musk’s goal of building 20 million vehicles annually by 2030. Musk has previously said that the car manufacturer will need approximately 12 Gigafactories to achieve that goal.
Tesla celebrated the 4 million milestone by releasing a short video of its employees in Texas clapping and cheering.
Beyond planning to establish a host of new Gigafactories around the world, Tesla intends on spending $3.6 billion in Nevada to expand its existing Gigafactory with new facilities to build the Tesla Semi as well as its 4680 battery cells. The Governor’s Office of Economic Development recently voted to approve a $330 million tax abatement over 20 years for Tesla, consisting of a 100 per cent reduction in property taxes and Modified Business tax for a decade and a 20-year reduction in the Sales and Use Tax rate from 7.6 per cent to 5.35 per cent.
