Tesla made its 10 millionth EV
Tesla has reached the milestone of producing 10 million electric vehicles, marking the halfway point toward a key product goal tied to CEO Elon Musk's compensation package. Despite this achievement, the company faces slowing sales growth and increased competition, making its long-term production targets increasingly difficult to meet.
Why it matters
The production milestone is critical for the financial incentives of one of the world's most influential CEOs and serves as a bellwether for the broader EV industry's adoption rate.
Tesla has built its 10 millionth electric vehicle, according to a social media post by the company early on Thursday. The milestone comes six years after the company built its one millionth vehicle.
Crossing the 10 million mark means Tesla is halfway to reaching one of the four core “product goals” that unlocks the full value of CEO Elon Musk’s $1 trillion pay package , which shareholders approved last year. By 2035, Musk has to ensure the company builds 20 million vehicles, reaches 10 million active subscriptions for its “Full Self-Driving” software, delivers one million “bots,” and puts one million robotaxis on the road.
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