Elon Musk: Tesla to double US production over next 2 years

Tesla CEO Elon Musk announced plans to double the electric carmaker’s production in the US within the next two years, according to The Wall Street Journal.

Speaking alongside President Donald Trump at the White House, Musk made the remarks in front of a red Tesla Model S. Trump voiced his support for Musk, calling him a “great patriot” who has done “an incredible job” with Tesla, adding that he plans to buy one of the company’s vehicles.

“As a function of the great policies of President Trump and his administration, and as an act of faith in America, Tesla is going to double vehicle output in the United States within the next two years,” said Musk, the world’s wealthiest man.

Tesla currently operates two factories in the US, one in California and another in Texas, with a combined annual production capacity of about one million vehicles. The company is also constructing a new plant in Nevada.

The announcement comes at a challenging time for Tesla, which has seen its stock drop more than 40% this year, alongside declining sales in Europe and ongoing protests.