Tesla To Reveal Model Y Production Plans In 3-6 Months

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Tesla To Reveal Model Y Production Plans In 3-6 Months
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After having missed multiple deadlines for the mass-market Model 3, Tesla is still struggling to ramp up production. The Model 3 production woes aside, Tesla is planning to start capital investments in Model Y production soon. During the EV maker’s fourth-quarter earnings call, chief executive Elon Musk told investors that the company would start capital investments for Model Y production in the third or fourth quarter of 2018.

Musk added that the Model Y production plans along with a location would be revealed in the next 3-6 months. Tesla could set up a new factory for the all-electric compact SUV crossover. Elon Musk reiterated his ambitious goal to increase the production capacity to one million units per year by 2020. A few years ago, Musk had declared that Tesla would ramp up production to 500,000 units by the end of 2018. But the company failed to meet that ambitious target as it struggled to scale up Model 3 production.

With the Mo