(Yicai Global) Oct. 22 -- Tesla has increased the annual capacity of its Shanghai Gigafactory, which mainly produces Model 3s, by almost 70 percent to reach its global target.

The plant can now make 250,000 units in 12 months instead of the earlier capacity of 150,000 units, the California-headquartered firm wrote in its earnings report released today. It is already planning to raise the figure to 300,000.

The electric vehicle giant maintained its worldwide 500,000 units delivery target this year, partly because of its Shanghai factory.

Tesla is expected to start exporting China-made vehicles to Europe next week, according to a local media report.

Editor: Emmi Laine