Tesla to ramp up Model Y and Model 3 production in the last quarter to nearly half a million vehicles

Tesla plans to ramp up production of its best-selling Model Y and Model 3 electric vehicles in the fourth quarter and lock in production gains in 2023 with new facilities in Austin (USA) and Berlin (FRG). This is reported Reuters with reference to the company’s internal documents, which the agency’s journalists managed to get acquainted with.

Image source: tesla.com

If the company manages to achieve its goals, then in terms of production scale it will approach the German auto giant BMW. The head of Tesla, Elon Musk, has repeatedly spoken about plans to significantly increase production, but the company has not always been able to achieve the corresponding indicators: in April, he planned to increase output in 2022 by 60% compared to 2021, but had to lower the forecast by July up to 50 %.

Tesla has managed to stick to an ambitious schedule so far despite supplier disruptions, negative macroeconomic factors and growing competition. Now we are talking about the intention to produce 495,000 Model Y and Model 3 units in the fourth quarter alone, which account for 95% of all brand sales, and not slow down in the next four quarters. This would mean that Tesla will outperform its projected growth rate of the global auto market by almost ten times, with a 50% increase in production volumes. Information about the company’s intentions regarding the Model Y and Model 3, on condition of anonymity, was confirmed by two sources to Reuters.

  Image source: reuters.com

Image source: reuters.com

Expansion of production has cost Tesla dearly: in June, Musk said that the company was losing billions of dollars at new plants in Texas and Germany. Tesla’s Q3 shipments and output report is expected today, as the manufacturer is expected to report that it has recovered from the challenges of the second-quarter pandemic lockdown in Shanghai. If the company lives up to analysts’ forecasts, sales by the end of 2022 could reach about 1.4 million cars. Tesla aims to produce 1.59 million Model Y and Model 3 during the first three quarters of 2023 and sell more than 2.1 million electric vehicles by the end of next year. This is more than Audi produces, and slightly less than BMW’s figures – in 2021, the Bavarian auto giant sold 2.5 million cars.

Elon Musk said last quarter that Tesla has a “good chance” of reaching production of 40,000 cars a week worldwide by the end of 2022 and maintaining this pace in the first quarter of next year. In addition to facilities in Austin and Berlin, the company has a plant in Shanghai, which accounted for almost half of Tesla’s total production in the first half of the year – it recently underwent an upgrade, and by the end of the year the plant will reach 20,500 vehicles a week.

However, the company cannot exist in isolation from the global economy, which, alas, does not please with optimistic indicators: global growth is slowing down, and in China, which has become the largest market for electric vehicles, Tesla competitors are actively developing. There are some concerns about the plant in Germany – due to the lack of natural gas, an electricity shortage may form. Yes, and Elon Musk himself in June said that he had a “very bad feeling” about the economy.

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