Elon Musk-led Tesla Inc TSLA said on Tuesday that it touched a fresh milestone for Model Y vehicle production at its Gigafactory in Texas.
What Happened: Tesla achieved production of 5000 Model Y vehicles in a week in Austin, the company said on Twitter.
“Giga Texas achieves production of 5k Model Y/week,” Tesla tweeted with a 10-second video of the workforce celebrating at the factory.
Why It Matters: Production at the Gigafactory has jumped nearly 67% in less than five months. In December, Giga Texas touched 3000 Model Y builds in a week. Tesla announced that it built 4000 Model Ys in a week in April.
Texas is a manufacturing hub for the Model Y and the Cybertruck. The Cybertruck was first unveiled in 2019 and is expected to start production later this year.
The company's Berlin Gigafactory- focused on manufacturing Model Ys and battery cells- achieved a weekly production capacity of 5,000 vehicles in late March, drawing praise from CEO Elon Musk.
Price Action: Tesla closed Tuesday session down 1.5% to $69.15, according to Benzinga Pro data.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Read Next: Tesla Trolls Back Twitter User Who Joked About Cybertruck’s Gigantic Windshield Wiper
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.