Is Tesla experiencing a downturn in its performance? Once hailed as a pioneer in innovation, the company now seems to be approaching a decline. This perception is reverberating throughout the global automotive industry. The American electric vehicle manufacturer has witnessed a considerable decrease in its stock price over the last five years. However, there are signs that Tesla's stock might be on the verge of recovery. This potential rebound is primarily linked to an announcement from CEO Elon Musk, who indicated that the company intends to double its production in the United States within the next two years. Nonetheless, the details regarding how Tesla plans to realize this ambitious objective remain unspecified. Furthermore, this announcement has been met with scepticism, considering Musk's track record of not fulfilling his promises related to Tesla vehicles.

While this declaration may not be unexpected—given Musk's history of making similar assertions—there is a significant difference this time. Musk's recent comment about increasing Tesla's production capacity by 2027 comes after former President Donald Trump publicly endorsed the electric vehicle manufacturer.

Trump expressed his support for Musk, who has been a notable political donor, following a decline in the CEO's net worth to $23 billion. He even conveyed his intention to purchase a Tesla electric vehicle. “I said that I wanted to buy a Tesla and we just went to the front. He (Elon Musk) had four beautiful cars there, and I bought one in front of the press. It was a very public purchase, and they’re beautiful and do a great job," the former President stated.

By the initiatives of the Trump administration aimed at bolstering automobile manufacturing in the United States, Musk revealed that Tesla intends to increase its vehicle production in the country by twofold over the next two years. The company showcased four Tesla electric vehicles in front of the White House, providing Trump with the opportunity to choose his new electric car. "In light of the commendable policies implemented by President Trump and his administration, and as a demonstration of our confidence in America, Tesla will double its vehicle production in the United States within the next two years," Musk declared during the event.

Tesla’s production capacity in the US

Tesla's current annual production capacity is approximately 1.1 million vehicles. Currently, the company is manufacturing fewer vehicles than its installed production capabilities allow. In Fremont, California, Tesla has produced around 50,000 units of its Model S and Model X electric vehicles, even though the facility is designed to handle double that volume. The Model 3 and Model Y, which rank among the company's best-selling electric vehicles globally, have a combined annual production of about 600,000 units, while the plants have the potential to exceed 800,000 units. The Tesla Cybertruck has been a notable disappointment for the company, as the initial goal was to produce 125,000 units of this pickup truck each year, but the actual output has fallen short of 50,000 units.

Read Also: Hero Xoom 125 Review: A Perfect Blend of Style and Sporty Performance

Get the latest Bollywood entertainment news, trending celebrity news, latest celebrity news, new movie reviews, latest entertainment news, latest Bollywood news, and Bollywood celebrity fashion & style updates!

HOW DID YOU LIKE THIS ARTICLE? CHOOSE YOUR EMOTICON!