Tesla made 5,00,000 cars in 2020

Tesla made 5,00,000 cars in 2020”

CEO Elon Musk set a goal of delivering 500,000 vehicles in 2020 before the pandemic hit, and Tesla stuck to that goal even though the virus forced its U.S. plant to close for weeks in the spring. The company has been ramping up output of its mass market models to meet rising global demand for battery-powered cars.

Tesla's share price has risen more than 700 percent over the a year ago, the company has reported five consecutive quarterly profits, and it was included in the S&P 500 index in December.

At the start of the year, Tesla said it would "comfortably exceed 500,000" units delivered in 2020 and it didn't adjust this despite the pandemic.

The company's shares rallied 743% a year ago.

Tesla CEO Elon Musk is known to use Twitter to inform customers about new features on Tesla vehicles as well as to gather ideas about what more would they want their electric cars to have.

More news: Bitcoin Jumps To Record $28,600 As 2020 Rally Reaches New Heights

While Tesla came close to meeting its 500,000 deliveries for the year, it still missed it, and that shortfall could affect the company's high-flying stock. The push largely depended on increased output from its Chinese plant and higher output in the US of the newest auto in its lineup: the Model Y.

The electric vehicle maker said production of the Model Y, a sport utility vehicle, has begun at its Gigafactory 3 in Shanghai's Lingang Special Area, with deliveries expected to commence shortly.

"At the start of Tesla, I thought we had (optimistically) a 10 percent chance of surviving at all", he said.

The US automaker managed to near the 500,000 threshold thanks to a record-high fourth quarter, with 180,570 cars delivered in the three months that ended in December, which was 30 percent higher than the previous quarter. But the newer Model 3 and Model Y vehicles combined have a significant larger share in the portfolio, with production reaching 454,932 units and deliveries of 442,511 units.

Musk tweeted he was "proud of the Tesla team for achieving this major milestone".

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