AUSTIN, United States – Tesla has produced its 10 millionth electric vehicle, reaching a major manufacturing achievement six years after building its first one million vehicles, the company announced in a social media post on Thursday.
Okay News reports that the achievement moves Tesla halfway toward one of the key performance targets tied to Chief Executive Officer Elon Musk’s compensation package. Under the incentive plan approved by shareholders last year, the company must build 20 million vehicles by 2035 to unlock part of Musk’s potential $1 trillion pay package.
The incentive plan also requires Tesla to reach 10 million active Full Self-Driving (FSD) software subscriptions, deploy one million humanoid robots, and operate one million robotaxis by 2035. The company currently has nearly 1.5 million FSD subscribers, although it remains unclear whether free trial users are included in that figure.
Despite rapid growth driven by the Model 3 and Model Y, Tesla has yet to produce two million vehicles in a single year. If current production levels continue, analysts estimate the automaker may not reach the 20 million-vehicle target until the early 2030s.
Tesla continues to face slowing demand in its largest market, with its U.S. sales falling 13 percent year-on-year during the second quarter. The company has increasingly targeted buyers in newer markets, including Japan, Australia, and Lithuania, as competition in the global electric vehicle sector evolves.
The company is also working to expand its robotics and autonomous driving businesses, although both remain in the early stages of development. Meanwhile, Tesla must increase its adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) to $400 billion by 2035 to qualify for Musk’s full compensation package, compared with its current adjusted EBITDA of about $3.27 billion.
Among global automakers, BYD remains Tesla’s closest rival in production volume, having recently surpassed 17 million new energy vehicles built and sold, although roughly half of those vehicles are hybrid models.
