Tesla hits 200,000 cars, meaning a lower tax credit for EV buyers

Black Tesla Model S P100D

Musk said the Model 3 sedan was the third product on which Tesla gambled its existence, after its first vehicle, the Roadster sports auto, and the Model S sedan, which represented a sizable increase in annual production.

Musk was in China to discuss the plan to build Tesla's second factory with an annual capacity to build 5 lakh cars.

Sales reports show that the company pulled out all the stops to avoid selling its 200,000th vehicle in the US until after July 1, to maintain the full tax credit for one extra quarter, by pushing more sales to Canada among other things. What was once a "wild card", China is now the most important market after the United States.

Musk had hoped to make vehicle production faster and less expensive by significantly increasing the amount of automation Tesla used in its factories.

Any sharing of technology by Tesla with a Chinese partner is a matter that's "subject to negotiation", Huang Ou, deputy head of the Shanghai government's economy and information technology commission, said on Wednesday at an event in the city.

In March, GM Chief Executive Mary Barra called on Congress to expand the consumer tax credit for electric vehicles as the company boosted production of the Bolt in response to strong demand.

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The South African-born Tesla boss had already confirmed that the Performance variant will use a powertrain layout similar to the dual-motor Model 3, suggesting it will have a motor to drive each axle.

Last month, Musk sent an email to Tesla employees claiming that a disgruntled worker had broken into the company's computer systems and "conducted quite extensive and damaging sabotage to our operations".

"I think that you'll see something similar to what they did in Nevada, with a partner like Panasonic", said Mr Kallo, referring to the gigafactory that Tesla and its Japanese battery-cell supplier operate along near Reno.

Still, CNBC said Tesla's shares rose to 1.2 percent shortly after their announcement.

Earlier this month, CEO Elon Musk announced that the company had built 5,000 of the vehicles during the last week of the second quarter, meeting its revised production goal.

Tesla CEO Elon Musk said he believes the Model 3 is the last product on which the company will have to bet its livelihood in an interview with Bloomberg. But Tesla faces growing competition from Chinese and foreign brands that are developing dozens of electric models.

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