Tesla Builds Its 10 Millionth Electric Vehicle

Tesla has produced its 10 millionth electric vehicle, marking a major manufacturing milestone as it works toward ambitious production goals tied to CEO Elon Musk’s compensation package.

The company announced the milestone in a social media post on Thursday, reaching 10 million vehicles about six years after producing its one millionth car.

The achievement also puts Tesla halfway toward one of four key goals linked to Musk’s $1 trillion compensation plan, approved by shareholders last year.

By 2035, Musk must lead Tesla to produce 20 million vehicles, reach 10 million Full Self-Driving subscriptions, deploy 1 million bots, and launch 1 million robotaxis.

Tesla still has another 10 million vehicles to build

Tesla grew rapidly in recent years thanks to the Model 3 and Model Y, but it has yet to sell 2 million vehicles in a single year.

If current trends continue, the company may not reach 20 million vehicles until the early 2030s.

Competition in the U.S. has eased somewhat as legacy automakers slow EV plans and startups like Rivian and Lucid struggle to scale.

However, Tesla still faces pressure in its home market.

U.S. sales fell 13% year over year in the second quarter, pushing Tesla to expand into newer markets such as Japan, Australia, and Lithuania.

Musk once predicted Tesla would reach 20 million vehicles annually by 2030, but later dropped that target as growth slowed.

Even so, vehicle production remains the area where Tesla is closest to meeting its compensation-linked goals.

FSD, robots and robotaxis lag behind

Tesla recently reported just under 1.5 million Full Self-Driving subscribers, though it is unclear if free trials are included.

Only paid subscriptions count toward the 10 million target set by the board.

The company is even further behind in robotics and robotaxi deployment, with both goals still in early development stages.

Musk also faces a massive profit target

Beyond product goals, Musk must also drive adjusted EBITDA to $400 billion by 2035.

That target looks difficult given current performance.

Tesla’s adjusted EBITDA is about $3.27 billion and has been declining recently.

The company is under pressure from price cuts, lost regulatory credit revenue, and rising spending on AI and robotics.

These investments support Tesla’s shift beyond cars but add costs while automotive growth slows.

BYD remains Tesla’s closest global rival

Chinese automaker BYD has already surpassed 17 million “new energy vehicles,” including both EVs and plug-in hybrids.

About half of BYD’s total comes from hybrids, while Tesla’s 10 million milestone is entirely battery-electric vehicles.

The achievement highlights Tesla’s manufacturing growth, but also the scale of challenges ahead as it works toward Musk’s long-term targets.