Oliver Haslam·

Tesla’s 10 Millionth EV Has Been Built

Tesla has confirmed that it has now built its 10th million electric vehicle, six years after it announced that it had produced its one millionth EV.

Tesla announced the news via a post on social media, with TechCrunch pointing out that it means the company is now halfway to reaching a core goal that would unlock CEO Elon Musk’s monster $1 trillion pay package.

Musk’s company must build at least 20 million vehicles by 2035 as part of the package. Other requirements of the package include 10 million active Full Self-Driving subscriptions, one million bots delivered, and a million robotaxis on the road.

It’s clear that Tesla has some way to go before Musk can count on that pay package coming to fruition. And as the report points out, Tesla has yet to sell two million vehicles in a single year. Its current pace will see it sell its 20 millionth EV in the early 2030s.

However, Tesla does have some good news — competition is waning.

Tesla has less competition in the United States now, though, as major automakers have pulled back from the electric vehicle market, and startups like Rivian and Lucid Motors have struggled to reach scale. Nevertheless, Tesla is still struggling in its home market. Its U.S. sales fell 13% year-over-year in the second quarter, and the company had to look to newer markets like Japan, Australia and Lithuania to court buyers.

By comparison, China’s BYD recently sold its 17 millionth “new energy vehicle,” but that figure includes EVs and hybrids.

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