Mubasher: Tesla began delivering locally-produced Model Y crossovers in China on 18 January, marking another milestone for the electric carmaker in the world’s largest vehicle market, CNBC reported.
China, the world’s largest EV market, is critically important to Tesla and its growth plans. The company wants to raise its vehicle sales volume from about 500,000 in 2020 to 20 million annually over the next decade.
China was a driving force behind Tesla’s delivery volume in 2020, the company delivered 499,550 vehicles, a 36% increase when compared to the previous year albeit slightly below its most recent guidance of 500,000 vehicles.
The company started production of the Tesla Model 3 sedan at its $2 billion Gigafactory in China’s Shanghai in late 2019. Deliveries to Chinese customers of the Model 3 started a little more than a year ago. Since then, Tesla’s CEO, Elon Musk, has become the world’s richest person thanks to a massive 700% gain in the company’s stock.