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Tesla has built its 10 millionth electric vehicle, according to a social media post<\/a> by the company early on Thursday. The milestone comes six years after the company built its one millionth vehicle.<\/p>\n Crossing the 10 million mark means Tesla is halfway to reaching one of the four core \u201cproduct goals\u201d that unlocks the full value of CEO Elon Musk\u2019s $1 trillion pay package<\/a>, which shareholders approved last year. By 2035, Musk has to ensure the company builds 20 million vehicles, reaches 10 million active subscriptions for its \u201cFull Self-Driving\u201d software, delivers one million \u201cbots,\u201d and puts one million robotaxis on the road.<\/p>\n Despite a few years of intense growth on the backs of the Model 3 and Model Y, Tesla has not been able to sell 2 million vehicles in a single year. If it keeps up that pace, or slows further, it will take the company until at least the early 2030s to hit the 20 million mark.<\/p>\n Tesla has less competition in the United States now, though, as major automakers have pulled back from the electric vehicle market, and startups like Rivian and Lucid Motors have struggled to reach scale. Nevertheless, Tesla is still struggling in its home market. Its U.S. sales fell 13% year-over-year<\/a> in the second quarter, and the company had to look to newer markets<\/a> like Japan, Australia and Lithuania to court buyers.<\/p>\n Musk used to promise that Tesla would make 20 million cars per year by 2030, but he abandoned that idea a few years ago as the company\u2019s sales slowed down. Still, of the four product goals, this is the one Tesla is closest to achieving. <\/p>\n The company recently reported just shy of 1.5 million FSD subscribers, though it\u2019s not clear if it is counting free trials \u2014 those would not count towards the official product goal laid out by Tesla\u2019s board of directors last year. The carmaker is only in the earliest stages of building robots and robotaxis.<\/p>\n Musk also has to increase the company\u2019s profit (adjusted EBITDA) to $400 billion by 2035 in order to access the full share package. That looks challenging at the moment, too, as the company\u2019s adjusted EBITDA currently hovers around $3.27 billion, and has been shrinking lately thanks to heavy discounts, the loss of saleable regulatory credits, as well as a dramatic increase in spending<\/a> on new efforts like AI and robotics. <\/p>\n As for the competition, the only other company at the same level is China\u2019s BYD, which recently crossed 17 million \u201cnew energy vehicles\u201d built and sold, roughly half of which were hybrids.<\/p>\n<\/div>\n When you purchase through links in our articles, we may earn a small commission<\/a>. This doesn\u2019t affect our editorial independence.<\/em><\/p>\n