Tesla surpasses 500 Million car sales target

Tesla hit its goal of building a half-million cars in 2020, a first for the company, it reported Saturday.

Tesla’s new plant in Shanghai, which opened in late 2019, was a key element of its increased production and sales, according to Tesla’s financial records.

A global recession caused by the pandemic also cut into worldwide auto sales. The company’s impressive sales growth is nothing compared to the rise in the Tesla (TSLA) share price, which soared 743% for the year.

The company’s 2019 and 2020 results proved it could be consistently profitable, and its forecast of greater sales and profits in the future, helped to fuel the stock rise.

Other automakers are due to report US sales totals on Tuesday, and global sales totals for 2020 later in the month.

Impressive as Tesla’s sales numbers may be, they are dwarfed by established automakers.

Volkswagen (VLKAF), the world’s largest automaker, sold just under 11 million cars worldwide in 2019.

General Motors, the largest US automaker, had global sales of 7. 7 million cars in 2019.

Tesla’s stock rise over the last 18 months has made it the most valuable automaker in the world.