At full capability, the brand new plant will produce 500,000 vehicles yearly, greater than the 450,000 battery-electric autos that essential rival Volkswagen Group offered globally in 2021. It can generate 50 gigawatt hours (GWh) of battery energy, surpassing all different crops within the nation.
For now, Volkswagen Group holds the higher hand in Europe’s EV market, with a 25 % market share to Tesla’s 13 %.
Musk has warned that ramping up manufacturing will take longer than the 2 years it took to construct the plant.
JPMorgan forecast that the manufacturing unit would produce round 54,000 vehicles in 2022, growing to 280,000 in 2023 and 500,000 by 2025.
VW, which has already acquired orders for 95,000 battery-electric autos in Europe this yr, is planning a brand new 2 billion euro EV plant alongside its Wolfsburg manufacturing unit and six battery plants across Europe.
However its timeline lags Tesla’s, with the new Wolfsburg factory as a consequence of open in 2026 and the primary battery plant in 2023.