Asian Tech Press (Nov 30) -- According to media reports, Tesla's Giga Shanghai is on track to produce more than 1 million vehicles per year.

Tesla Giga Shanghai is the company's first manufacturing plant built in China, the first electric car plant in China to be wholly owned by a foreign automaker, and the third giga factory built by the company globally, which currently produces the Model 3 and Model Y.

Tesla has seen faster growth in production and sales in China since January of this year, as mass production of the domestically produced Model Y began.

Previously, media said that the start of domestic Model Y production at Tesla's Shanghai giga factory should help it meet its 2021 production target of 550,000 electric vehicles, including 300,000 Model 3s and 250,000 Model Ys.

In August this year, the plant's annual production of Model Y and Model 3 has reached 450,000 units, according to media sources invited to visit Tesla's Giga Shanghai.

In its third-quarter earnings report, Tesla said that Giga Shanghai has a potential annual capacity of more than 450,000 units (Model 3 and Model Y). In comparison, the Fremont plant has a yearly capacity of up to 600,000 units.

Recently, Tesla Giga Shanghai received a $1.2 billion investment for the latest round of expansion to increase the plant's capacity. Once the upgrade is complete, Tesla China intends to increase the plant's capacity from 1 million to 1.5 million units per year.

Media said Tesla's total vehicle deliveries could approach the 1 million mark this year, thanks in large part to increased production of the Model Y and Model 3 at the Shanghai mega-factory and the company's continued optimization of its Fremont plant.