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Tesla aims to build 500,000 cars annually by 2018

Tesla’s growing demand needs a growing offer, which is why the young company now intends to build 500,000 cars annually by 2018, meaning two years earlier than originally projected. CEO Elon Musk even hinted yesterday at one million units by 2020.

That would be quite a feat since production currently sits at just under 100,000 cars, per Green Car Reports and The Car Connection.

The plan is based on higher-volume models like the upcoming Tesla Model 3 (due in late 2017) and the even more affordable fourth-generation Teslas.

Of course, it will require a significant upgrade to the Fremont, California assembly plant. As a matter of fact, Tesla is already busy adding new equipment, including a higher-capacity aluminum stamping press, and increasing the number of both human and robot workers. Wall Street analysts who recently toured the facility were said to be impressed.

As for the company’s "Gigafactory" (for battery packs) near Reno, Nevada, it is still under construction.