Tesla is feeling the pressure: growing competition from China and demand for hybrid models are forcing the company to scale back its growth forecasts.
In its current environmental report, Tesla no longer mentions its goal of building 20 million electric cars per year. Now, the document published on Thursday (May 23) simply states that the company wants to displace fossil fuels by selling as many Tesla products as possible.
The previous two reports stated that Tesla would have to build many more factories by the end of the decade in order to ultimately produce 20 million vehicles annually.
The carmaker did not initially respond to the question of whether the goal had been officially abandoned. Last year, Tesla increased deliveries by almost 38 percent to just over 1.8 million vehicles.
However, there is currently no forecast for 2024. Tesla only promised a slower growth rate. Company boss Elon Musk had previously spoken of increasing deliveries by 50 percent annually.
After a decline in sales at the beginning of the year, Musk announced in April that he would bring cheaper models onto the market faster than planned. They are now scheduled to go into production ahead of the originally targeted date in the second half of 2025. However, the production processes are not to be renewed as radically as originally announced. Musk also wants to unveil a robotaxi at the beginning of August.
The electric car pioneer has recently come under pressure from cheaper competition from China and buyers’ interest in hybrid models in the US home market.
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