$Tesla Motors(TSLA)$MW Tesla has built 3 million vehicles, a third of those in China, Elon Musk says
By Mike Murphy
CEO congratulates Shanghai factory on its 1 millionth vehicle
Tesla Inc. has produced more than 3 million vehicles, and a third of them have been built in China, according to Elon Musk.
On Sunday, the Tesla chief executive congratulated the company's Shanghai "gigafactory" in a tweet: "Congrats Giga Shanghai on making millionth car! Total Teslas made now over 3M."
The milestone came just a few weeks after Musk said Tesla's factory in Fremont, Calif., produced its 2 millionth vehicle. Tesla also has new factories in Austin, Texas, and Berlin, which Musk in June referred to as "money furnaces."
The Shanghai factory opened in 2018, but it has been plagued by temporary shutdowns due to COVID-19 restrictions and parts shortages.
In July, Tesla said it delivered nearly 255,000 vehicles in the second quarter, down about 18% from the previous quarter. Still, the electric-auto maker beat Wall Street's expectations in its second-quarter earnings, defying projections that Shanghai shutdowns would hurt its bottom line.
When earnings were released, Musk said the company had been in "supply-chain hell for several years," but barring a surprise, "we have the potential for a record-breaking second half of the year."
In that report, Tesla said the Shanghai factory achieved "the highest vehicle production month in our history" in June.
Tesla shares $(TSLA)$ have rallied 25% over the past month, as it gets set for a 3-for-1 stock split Aug. 24, but they are still down about 15% year to date, compared to the S&P 500's 10% decline this year.% decline this year.
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