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Tesla CEO Elon Musk boasts production figure of 3 million EVs

Yahoo Finance reporter Pras Subramanian discusses Elon Musk's recent comments about EV production, especially at Tesla's gigafactory in Shanghai.

Video Transcript

PRAS SUBRAMANIAN: I'm watching Tesla shares here. Elon Musk in a very joyous tweet, saying, Giga Shanghai had made over a million vehicles there and three million vehicles to date across all factories. A nice milestone but one that Tesla's keep improving on if it wants to hit its goals.

You know, the company targeting 1.4 to 1.5 million cars this year alone. And the year after likely targeting two million cars. This as competition from GM and Ford is heating up with those two automakers planning millions of EVs by 2025. So you know, a lot happening there in that space. Mid-decade and a decade is gonna be a huge competition, a battlefield between these brands here.

SEANA SMITH: Yeah, Pras, you mentioned that milestone number, three million vehicles that they have produced. Paling in comparison though, to so many of those larger automakers. Toyota, for example, producing over 10 million cars just last year alone.

So we know that Tesla has these very lofty goals of increasing production by 50%. But you certainly can see the difference here between Tesla and some of those more traditional automakers.

DAVE BRIGGS: Indeed. And clearly shaking off the impacts there of the Shanghai shutdowns. Pras, good to have you here, brother. Thank you.