Tesla (NASDAQ: TSLA) has dazzled the market over much of its recent history, first overcoming doubts by turning profitable and then by scaling up production to make it one of the biggest companies in the U.S. by revenue. The electric vehicle (EV) maker is now expected to top $100 billion in sales next year -- not bad for a company many thought would go bankrupt just a few years ago.

Along the way to becoming one of the most valuable companies in the U.S., Tesla made a core promise to investors in early 2021, saying it would grow production by a compound annual growth rate (CAGR) that averaged 50% over a multiyear horizon.

That's clearly a bold goal, and Tesla CEO Elon Musk's ability to think big and execute on his vision is part of what's made him and his company so successful. Since it announced that goal, Tesla has met it. It grew production from 510,000 in 2020 to 930,000 in 2021 as it ramped up production at its Shanghai plant. It then grew that figure by approximately 50% in 2022 to reach 1.37 million, and it's expected to finish 2023 with 1.8 million cars made, representing 31% growth.

Continue reading

Source Fool.com