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Tesla Starts Delivery Of China-Manufactured Model Y

Tesla Inc. (TSLA) has reportedly started delivering China-produced Model Y crossovers, a significant achievement for the luxury electric car maker in the world's largest auto market.

According to state-run Xinhua News Agency, deliveries of the China-produced crossover began Monday. However, it is was not revealed how many Model Y vehicles were delivered.

China is a key market for Tesla, which aims to increase its vehicle sales volume from about 500,000 in 2020 to 20 million annually over the next decade. Tesla had delivered 499,550 vehicles in 2020, up 36% compared to a year earlier.

Tesla started production of the Model Y at Gigafactory Shanghai over the last few weeks. The company had started building Tesla Model 3 sedan at its Gigafactory in Shanghai, China in late 2019. The factory is the company's first plant outside the U.S. Deliveries to Chinese customers of the Model 3 started a little more than a year ago.

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