Last evening, Tesla released its Q2 2022 financial results and held its quarterly conference call. The report and the call were packed with plenty of positive news, and CEO Elon Musk was even on the call, which suggested that there could have been bad news to report. However, this wasn't the case, and among the positives was Tesla's report related to production capacity growth at its global factories.
Tesla rarely shares much, and it doesn't have a PR department. This means most news surrounding the electric automaker comes from anonymous sources, employee leaks, or something Elon Musk tweeted. Oftentimes, we can only assume the validity of Tesla news, so we look very forward to the quarterly reports and calls to gather up some details backed by data.
Despite supply chain issues, factory shutdowns, and other global turmoil, Tesla continues to beat the odds. As it ramps up factories in Texas and Germany, production capacity stands to soar to new heights. The US electric automaker still hopes to produce about 1.5 million cars this year and reach an annual capacity of 2 million, and it appears the capacity projection is already almost there.
According to Tesla's recent quarterly report, the automaker's installed production capacity across the globe grew by at least 850,000 units from Q1 2022 to Q2 2022. The Fremont factory alone saw about a 10 percent increase in production capacity, adding the potential for an additional 50,000 Model 3 and Model Y vehicles. Tesla revealed that the Fremont factory just hit the 2-million vehicle production milestone recently as well.
According to Electrek, Tesla's Giga Shanghai is now the most productive EV factory in the world. It saw a projected annual capacity increase from just 450,000 vehicles to a whopping 750,000 vehicles from Q1 to Q2 2022. Tesla shared via Electrek:
"While the Shanghai factory was shut down fully and then partially for the majority of Q2, we ended the quarter with a record monthly production level. Recent equipment upgrades will enable us to continue to increase our production rate further."
Tesla's Gigafactories in Berlin and Texas are now at an installed deployed production capacity of at least 250,000 vehicles annually. For comparison, Tesla reported in Q1 2022 that the two factories were in early ramp, so there was no annual production capacity estimate. This adds the potential for another 500,000 vehicles or more.
All in all, Tesla's report shows the current annualized capacity at around 1.9 million. As usual, we'll be publishing a much more in-depth article about Tesla's production sites by model assignment and capacity.