Tesla reached a new milestone after the company said that has rolled out 1,000,000th electric car. The announcement was made by Tesla's chief executive office Elon Musk via a tweet. This definitely is a milestone for the electric carmaker given that the company has lived through a tumultuous history with the auto industry since its inception in 2003.
The news comes a day after Tesla's shared dropped 1.3% amid growing concerns of coronavirus outback and the steep decline in oil prices. That said, Tesla's announcement comes at a time when most carmakers are increasingly shifting focus towards electric vehicles and are making huge investments.
A milestone for Tesla
Elon Musk on Tuesday tweeted that his company has rolled out its 1,000,000 electric vehicle. Musk tweeted: "Congratulations Tesla team on making our 1,000,000th car!!" The one millionth car produced by Tesla is a Model Y that has been manufactured in its US Gigafactory.
It seems Musk is keeping his promise. In 2018, Musk had said at the second-quarter earnings that he expects Tesla to roll out its one-millionth car before the first quarter of 2020. Tesla currently produces four varieties of electric vehicles — Model 3, Model S, Model Y and Model X. While the first two are sedans, Model Y and Model X are SUVs.
Tesla had a roller coaster ride since its inception. The one-millionth car comes 17 years after the company was founded by Musk. Since its inception, Tesla has had a tumultuous history with both the auto industry and lawmakers. However, Tesla since then has come a long way and bounced back to profit in the second quarter of 2019.
Tesla dream run continues
After a horrid last few years that saw both analysts and investors losing faith in the electric carmaker's potential Tesla bounced back in the second quarter surpassing both production and revenues estimates. The last one year particularly has been quite remarkable for the California-based carmaker.
Last year, Tesla broke ground for its first Gigafactory outside the United States in Shanghai, and constructed the factory and started rolling out it Model 3 China-made cars in record time. Late last year, it also announced its first European Gigafactory in Germany, which has already started working on.
Also, the company earlier this year, emerged as the second most valuable carmaker in the world, surpassing auto giant Volkswagen. Now the big milestone of producing its one-millionth car comes just at a time when an increasing number of carmakers across the globe are shifting focus to an all-electric future. Needless to say, Tesla as of now has not only silenced its critics but also has taken quite a big lead in the race to an all-electric future.