Tesla Celebrates Production of 10 Millionth Electric Vehicle

Tesla has reached a significant milestone by producing its 10 millionth electric vehicle, a Diamond Black Model Y, which rolled off the assembly line at its factory in Fremont, California. The company announced this achievement in a post on social media platform X, highlighting that it took just six years to increase production from 1 million to 10 million vehicles. This rapid growth positions Tesla as the first manufacturer solely focused on electric vehicles to achieve such a scale, outpacing competitors like Toyota and BYD. While BYD reported over 10 million sales of new energy vehicles in 2024, this figure includes plug-in hybrids, making Tesla's achievement distinct as it pertains exclusively to fully electric cars. Elon Musk, the CEO of Tesla, expressed his excitement on X, stating, "10 million vehicles manufactured is an incredible amount of work," emphasizing the effort behind this landmark production figure.

This milestone is not just a point of pride for Tesla; it also carries significant financial implications. Achieving the production of 10 million vehicles brings Tesla halfway toward fulfilling one of the four critical product goals linked to Musk's substantial pay package, which is valued at approximately $1 trillion. This compensation plan was approved by 75% of Tesla shareholders during the annual meeting held in Austin last November, despite recommendations from proxy advisory firms against it. To fully realize the benefits of this package by the year 2035, Musk must ensure Tesla meets four specific targets: producing a total of 20 million vehicles, securing 10 million active subscriptions for its Full Self-Driving (FSD) software, delivering 1 million humanoid robots known as Optimus, and deploying 1 million robotaxis. Among these objectives, vehicle production is the area where Tesla is closest to success, although challenges remain.