Musk told shareholders that the EV maker will have an annual run rate of 2 million vehicles by the end of this year and will continue to build new factories to join the four it currently has in operation.
Musk said Tesla could announce a new factory location as soon as this year.
Tesla is targeting an annual output of 20 million vehicles a year, which Musk said would require 10 or 12 “gigafactories” with capacity of 1.5 to 2 million vehicles each.
Total Tesla production in 2021 was just over 1 million vehicles, but Musk said Thursday that the current run rate was 1.5 million vehicles from four factories: Fremont, California; Shanghai; Berlin-Brandenburg, Germany; and Austin, Texas.
“If all goes as planned, we will be exiting 2022 at a 2 million annual run rate,” Musk said, adding that production in Tesla’s two newest factories, in Germany and Texas, was facing “10,000” small problems that were being solved “one at a time.”
Tesla’s newest car, the Model Y midsize crossover, is already the automaker’s biggest selling vehicle by revenue, he said, and in 2023 would be the volume leader.
The Model Y, with about 40,000 sales in Europe through June, already slightly outsold the Model 3 sedan, according to market analyst company Dataforce.
Tesla’s most anticipated new model, the Cybertruck, is scheduled to start production in Texas in the middle of next year, he said, with the first production equipment to be installed in the coming months.
Musk said the pricing and specifications for the Cybertruck had changed since reservations opened in 2019, due to inflation and other external factors.
“A lot has changed since then,” he said, adding that there was no way to anticipate inflation.