Tesla makes its millionth car—a red Model Y

Enlarge / Tesla's 1 millionth car. (credit: Elon Musk)

Tesla has made 1 million electric cars, CEO Elon Musk announced on Twitter on Monday evening. Musk shared an image of the vehicle, a red Model Y-Tesla's forthcoming lower-cost crossover.

It's a remarkable milestone. The carmaking business is notoriously competitive and capital-intensive. Before Tesla, it had been decades since anyone had built a substantial American carmaker.

But Tesla is clearly here to stay. Wall Street now values the company at almost $120 billion-more than GM and Ford put together. The company has big expansion plans, with a recently launched factory in China and another planned for Germany. If all goes according to plan, Tesla will make its 2 millionth car in just a couple of years-far faster than the decade-plus it took to make the first million.

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