Tesla’s production capacity continues to grow at its existing plants, maintaining its announcement to establish its next “gigafactory” in Monterrey, Mexico.
Tesla communicated the above, even though it recorded a 3.8% year-on-year drop in its global production in 2024, to 1 million 773,000 units.
In retrospect: the company managed to increase its global production three years in a row, from 2021 to 2023.
Tesla’s production capacity
Tesla designs, develops, manufactures, sells and leases electric vehicles and energy generation and storage systems, and offers services related to its products.
Tesla’s worldwide production, in thousands of units, is presented below:
- 2020: 510.
- 2021: 930.
- 2022: 1,370.
- 2023: 1,846.
- 2024: 1,773.
Mexico
With respect to Tesla’s production capacity, Tesla operates manufacturing plants in California, New York, Texas and Nevada (United States).
At these facilities, Tesla manufactures and assembles, among other things, vehicles, certain vehicle parts and components, such as its battery packs and battery cells, energy storage components and systems, and solar products and components.
Tesla has factories in China and Germany, which helps it reduce transportation and manufacturing costs. This makes its vehicles more affordable in local markets, as well as eliminating the effects of negative tariffs.
In March 2023, the company announced that it would open a new gigafactory in Monterrey. With this expansion, Tesla seeks to increase its competitiveness and further improve cost efficiency in its key markets through local manufacturing.
Tesla’s future depends on increasing production of mass-market vehicles. To achieve this, it will need to improve its manufacturing capabilities while maintaining efficient and cost-effective processes. In addition, it is key that the company achieves the expected design tolerances, high quality and production levels at its plants in California, Nevada, Texas, China, Germany and possible future sites, such as Mexico.
In 2024, Tesla achieved revenues of $97.69 billion, an increase of $917 million over the previous year. However, its net income attributable to common stockholders was $7.09 billion, a drop of $7.91 billion from the previous year. This decrease was mainly due to the release of US$6.54 billion of its U.S. deferred tax asset valuation allowance during the fourth quarter of 2023.