Tesla Motors has revealed its plans of ramping up the production plans of its highly anticipated Model S, Model X and Model 3 mass market sedan. According to revised plans, Tesla has set its sight on producing an estimated 500,000 all-electric vehicles in 2018, up from its current plans of delivering 80,000 to 90,000 new vehicles in the current financial year. Interestingly, the company aims to achieve this feat two years ahead of schedule.
This news comes ahead of a critical year for Tesla when it will expand its existing line of vehicles with the additions of Model 3 and updates to its Model S.
The announcement was part of its quarterly earning report for Q1 2016, which revealed no profit target on Wednesday along with a total Q1 non-GAAP revenue of $1.60 billion for the quarter, up over 45% from a year ago.
Backed by the growing interest in the Model 3 sedan, which already has 400,000 orders and is set to go into production in 2017, Tesla, has plans to soon become a high-volume carmaker in the next few years and is valued at par with some of the biggest automobile companies in the world.
These impressive figures represent a fraction of what major car makers around the world produce annually. American carmaker Ford, produced close to 3.23 million passenger vehicles in 2014 alone, representing the great divide between Elon Musk’s Tesla and traditional car makers.