Tesla will ramp up production this year to make more than half a million units, after its second quarterly profit in a row, largely due to its new manufacturing facility in Shanghai.
Tesla’s stock rose 13 per cent on Wednesday, as vehicle deliveries hit a record. The electric car manufacturer finished Thursday’s session up 10.3 per cent at $640.81 (AU$ 954.02) per share.
The growth is largely owed to markets outside the U.S., as nearly half of the 300,000 deliveries made in 2019 were to Europe and China.
Tesla said that the manufacturing process at its new Shanghai factory, which began operating a month ago, would increase production because of strong demand in China. The $2 billion factory intends to produce 150,000 Model 3 sedans and later increase output to 250,000 a year, including the Model Y.
Elon Musk also announced that Tesla was improving the chemistry of battery cells, and that he expects the Model S to soon have 400 miles of range on a single charge.