Tesla's CEO Elon Musk expects his company to produce around 55 times more electric vehicles than the current output.
Musk tweeted on Monday that he expects Tesla to produce 20 million electric vehicles per year before 2030.
The figure is over 50 times the 365-thousand vehicles Tesla made in 2019.
He also said he forecast the global electric vehicle market to produce more than 30 million new vehicles annually within the next seven years.
But Musk added that in order to achieve this, it would require "consistently excellent execution".