Tesla’s Global Gigafactory Expansion and Production Targets

The plan for a future giga factory network continues to evolve as a major automotive strategy. Valencia remains a leading candidate for a European site that could help Tesla reach annual output targets around 1.5 to 2 million vehicles. The company has set an ambitious objective to surpass 20 million vehicles globally per year by the end of the decade, aiming to establish roughly a dozen giga factories worldwide. Tesla is often cited as the most valuable automobile brand due to its growth potential, with analysts projecting production growth across its four currently active plants in the United States, Europe, and Asia. Projections for this year suggest around 2.4 million vehicles from the existing four facilities, with a path toward 5 million in 2024 and continuing growth toward 10 million in 2028. For context, Toyota remains the largest individual automaker by volume, producing more than 10 million units annually.