February 22, 2024

Tesla Motors, Inc. (NASDAQ:TSLA) – Tesla Saw 52% Of 2021 Global Deliveries From Giga Shanghai Alone

Tesla Inc’s (NASDAQ: TSLA) Giga Shanghai accounted for more than half of the electric vehicle maker’s global deliveries in 2021, cnEVpost reported on Wednesday, citing the company.

What Happened: Tesla’s Giga Shanghai delivered 484,130 units last year — a three-fold jump over 2020 — and contributed about 52% volume to the company’s global deliveries.

The Elon Musk-led company’s global deliveries jumped 87% to 936,000 electric vehicles last year.

Giga Shanghai shipped out a total of 160,000 electric vehicles last year to meet export demand in over 10 countries, including those in Europe and Asia. It shipped out over 130,000 Model 3s, the most affordable electric sedan in Tesla’s portfolio.

The development comes a day after Tesla’s China sales jumped nearly three-fold to reach a record 70,847 units in December, the report noted, citing China Passenger Car Association data. 

See Also: Tesla Analyst Says 2022 Could Be An Inflection Point For EV Maker; Sees Capacity Double By End Of Year

Why It Matters: Giga Shanghai commenced production in December 2019, a year after construction began at the site. Built with an investment of $2 billion, the manufacturing site has quickly become a key element in Tesla’s production strategy.

Besides Shanghai, Tesla currently makes cars in Fremont, California. Two other plants – Giga Berlin and Giga Texas — are expected to significantly boost production and volumes when they come online.

Price Action: Tesla shares closed 0.6% higher at $1,064.4 a share on Tuesday.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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