Elon Musk says Tesla will 'probably' make 20 million electric vehicles a year by 2030 — more than 50 times what it produced last year

• CEO Elon Musk said Tesla expected to produce 20 million electric vehicles per year before 2030.
• This is more than 50 times what Tesla produced in 2019.
• Musk also said he expected the electric vehicle market to produce more than 30 million vehicles annually by 2027.

Tesla will "probably" produce 20 million electric vehicles a year before 2030, its CEO Elon Musk said on Twitter early Monday morning.

Musk said this would require "consistently excellent execution."

The figure is more than 50 times the 365,000 vehicles it made in 2019. It sold 367,500 vehicles – 50% more than the previous year.

In the quarter to December 2019, it achieved record production of almost 105,000 vehicles.

—Elon Musk (@elonmusk) September 28, 2020

Musk said he expected the electric vehicle market to produce more than 30 million new vehicles annually within the next seven years. He added that reaching this within five years was "possible, but unlikely."

Last week, Elon Musk emailed all Tesla staff saying the electric vehicle company could post a record quarter for the three months to September if staff rallied.

Consumers cut back spending on cars during the pandemic, and Tesla's sales in the first half of 2020 dropped 15% from the second half of 2019. For Tesla to set a new record for the quarter, its sales would need to increase by more than 20,000 from the previous quarter.

Tesla held its much-anticipated "Battery Day" on September 22. Musk discussed battery improvements to make manufacturing cheaper and to provide more power, but said on Twitter that these wouldn't reach large-scale production until 2022.

He also announced an upcoming fully autonomous car priced at $25,000.