Tesla achieves 5,000-unit weekly production milestone for Model Y

Electric vehicle giant, Tesla (NASDAQ:) said Tuesday that the automaker’s Texas facility has reached a 5,000-unit weekly production rate for its Model Y, equating to roughly 260,000 vehicles annually.

The popularity of Tesla’s Model Y has surpassed that of its sibling, the Model 3, making it the automaker’s top-selling vehicle. With its widespread appeal, the Model Y has become highly sought-after globally, prompting Tesla to increase production capacity in order to meet the high demand.

Tesla Giga Texas reached a production rate of 3,000 Model Y units per week in December and added 1,000 more units by early April. Just over a month later, the company has already reached a new milestone of 5,000 units in a single week, increasing the capacity by 20 percent in a short amount of time.

Shares of TSLA are up 2.26% in premarket trading on Wednesday.