Tesla Reaches 10 Millionth Electric Vehicle Milestone

Tesla has built its 10 millionth electric vehicle, a significant milestone for the company that puts it halfway to reaching one of the four core "product goals" that unlocks the full value of CEO Elon Musk's $1 trillion pay package.

Tesla's Ambitious Goals

Tesla has four product goals that it must meet by 2035 to unlock the full value of Musk's pay package. The goals include building 20 million vehicles, reaching 10 million active subscriptions for its "Full Self-Driving" software, delivering one million "bots," and putting one million robotaxis on the road. While Tesla has made significant progress in building electric vehicles, it still has a long way to go to meet its ambitious goals.

Tesla's U.S. sales fell 13% year-over-year in the second quarter, but the company has been able to find new markets to sell its vehicles, including Japan, Australia, and Lithuania.

Competition is Heating Up

Tesla is not the only electric vehicle manufacturer making progress. China's BYD has recently crossed 17 million "new energy vehicles" built and sold, roughly half of which were hybrids.

• Tesla's closest competitor, BYD, has built and sold 17 million new energy vehicles, including hybrids.
• Tesla's U.S. sales fell 13% year-over-year in the second quarter.
• The company has found new markets to sell its vehicles, including Japan, Australia, and Lithuania.

Challenges Ahead

While Tesla has made significant progress, it still faces several challenges. The company must increase its profit to $400 billion by 2035, which looks challenging at the moment. Additionally, Tesla is still in the early stages of building robots and robotaxis.

"Musk used to promise that Tesla would make 20 million cars per year by 2030, but he abandoned that idea a few years ago as the company's sales slowed down," a report noted.

Conclusion

Tesla's 10 millionth electric vehicle milestone is a significant step toward reaching its ambitious goals, but the company still has a long way to go. With increased competition and challenges ahead, it remains to be seen whether Tesla can meet its goals and unlock the full value of Musk's pay package.