Tesla wants to produce 20 million electric cars a year, but to do so it needs to invest $175bn and increase its range to at least 10 models

At the investor event, Elon Musk was expected to talk about how Tesla plans to halve the cost of the Model 3 and Model Y electric cars compared to current levels. But that wasn't mentioned. But Tesla representatives talked a little bit about their plans to increase production volumes.

Here's What We Know

Talks that the U.S. company hopes to produce 20 million electric cars annually have been going on for months. Tesla wants to reach that level by 2030, while at the end of 2022, fewer than 1.4 million vehicles rolled off the assembly line and about $1.3 million vehicles were sold. The leader at the moment is Toyota, which has sold 10.5 million vehicles.

It took Tesla 12 years to produce 1 million electric cars, only 1.5 years for the second million, 11 months for the third and 7 months for the fourth. In the future, Elon Musk's company wants to build new factories and increase the capacity of existing plants.

At the investor event, the new platform was mentioned again, but the company did not disclose any details about it. But Musk stressed that the new platform will be the basis for more than one electric car. At the same time, the company will have to more than double its range of models, at least to ten, to achieve the goal of 20 million cars per year.

In addition, Tesla will have to significantly increase investments in production. For 20 million electric vehicles per year to come off the assembly line by 2030, the company has to invest $175 billion. This is 6 times more than Tesla spent during all time.

Source: Tesla