Elon Musk’s “best guess” is that Tesla will reach 1 million vehicles in annual production by 2020.
Tesla expects to produce half a million electric cars by 2018, citing demand for the company’s Model 3.
At the moment, Tesla reports it is “on track” for production and delivery of its Model 3 mass-market car in late 2017, a vehicle that has generated quite a buzz since it was first announced.
In fact, more than 325,000 pre-orders or reservations have already been placed for the Model 3, well beyond its initial sales forecast.
“The overwhelming demand for Model 3 confirms that compelling all-electric vehicles have mass-market appeal,” Tesla said in its shareholder letter.