Tesla CEO Elon Musk reveals plan to set up more than 10 Gigafactories across globe in coming years

Tech billionaire and Tesla CEO - Elon Musk, has hinted that the electric vehicle manufacturing company might build "at least 10 or 12 gigafactories" in the coming years. Musk revealed that locations for the gigafactory will be chosen later this year. Earlier, the brand was also exploring opportunities to enter the Indian market. However, friction from the government regarding the company’s entry without a production unit made Tesla take a step back on its plans. Also, at the annual shareholder meet, called Cyber Roundup, Elon Musk reiterated the development of Tesla’s autonomous driving system called full self-driving (FSD).

"We're now at over 40 million miles and I suspect by this year we're gonna have well over 100 million miles," said Musk.

"And we're still tracking very much to have widespread deployment of FSD beta this year in North America," he added.

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Tesla will soon allow non-Tesla EVs to use its charging network.

Musk said that the long-awaited Cybertruck (announced in 2019) will also be unveiled soon, though he did not give any further details.

Last month, he said Tesla is hoping to start delivering the Cybertruck in the middle of next year.

The Tesla CEO said that the company aims to hit a 2 million car run rate by the end of this year.

At the event, Tesla shareholders approved the three-for-one stock split, which will bring the company's shares down to the $300 range.

Tesla reported $16.93 billion in revenue in Q2 and automotive made $14.6 billion of the total sales.

In an earnings call, Musk said that Tesla's new factory outside of Berlin crossed 1,000 cars per week in June.

With inputs from IANS