Tesla made its 10 millionth EV, six years after hitting the one million milestone
Tesla reaches its 10 millionth electric vehicle milestone, but faces ongoing challenges with U.S. sales and Elon Musk's ambitious profit targets.
Stock photo for illustration only, not from the actual event
- Tesla has officially built its 10 millionth electric vehicle this week.
- The milestone arrives six years after crossing the one million mark.
- U.S. sales dropped 13% year-over-year in the second quarter.
- Musk needs to grow adjusted EBITDA to $400 billion by 2035 for his stock package.
Tesla has constructed its 10 millionth electric vehicle, according to an early Thursday social media announcement by the company. This major production milestone comes precisely six years after the automaker built its very first one millionth vehicle.
Despite experiencing several years of intense growth fueled by the Model 3 and Model Y, Tesla has fallen short of selling 2 million vehicles in a single calendar year. Maintaining this pace, or facing further deceleration, means the company will likely need until the early 2030s to reach the 20 million vehicle threshold.
Stock photo for illustration only, not from the actual event
The company currently faces reduced domestic competition as legacy automakers scale back their EV commitments and startups like Rivian and Lucid Motors struggle to achieve mass production. Even so, Tesla continues to encounter difficulties in its home market. Second-quarter U.S. sales dropped 13% compared to the previous year, forcing the manufacturer to court buyers in newer markets including Japan, Australia, and Lithuania.
Tesla's pivot toward expanding international markets highlights a critical shift as domestic EV adoption hits headwinds and brand loyalty faces tougher scrutiny. Simultaneously, heavy capital expenditures dedicated to emerging AI and robotics initiatives have squeezed profit margins, complicating Elon Musk's path toward meeting aggressive long-term valuation and financial benchmarks.
Elon Musk previously promised an output of 20 million cars annually by 2030, a projection he abandoned several years ago as vehicle sales cooled down. Nevertheless, among the four original product goals outlined by the board, production volume remains the target Tesla is closest to fulfilling.
The automaker recently reported just under 1.5 million FSD subscribers, though it remains ambiguous whether free trials are included in that tally—such trials would be excluded from the board's official product goals established last year. Meanwhile, development on humanoid robots and robotaxis remains in its nascent stages.
Source: TechCrunch
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