In 2020, Tesla achieved a delivery total of 499,550 vehicles, representing a 36% increase compared to the prior year. This figure was remarkably close to a significant, long-term objective that CEO Elon Musk had been pursuing for over five years.

Tesla announced on Saturday that its total electric vehicle production for 2020 reached 509,737 units.

The company’s ability to approach the 500,000-vehicle milestone was due to increased production and sales during the final quarter of the year—a strong finish consistent with similar efforts Tesla has made at the close of previous quarters. Fourth-quarter deliveries totaled 180,570 vehicles, establishing a new quarterly high and marking a 30% improvement over the preceding quarter.

The company’s production and sales performance was also supported by the introduction of the Model Y, its mid-size SUV, and the commencement of operations at a new manufacturing facility in China.

The quarterly and annual results demonstrate growing consumer preference for the company’s more accessible and recent models, alongside a decline in demand for its original Model S sedan and Model X SUV. Deliveries of the Model S and Model X totaled 18,920 vehicles in the fourth quarter and 57,039 for the entire year. In contrast, sales of the Model 3 and Model Y reached approximately 162,000 in the fourth quarter and 442,511 for the year. Tesla groups sales data for its older models together and separately reports figures for the newer Model 3 and Model Y; it does not disclose sales numbers by geographic region.

Reaching annual production and sales of over 500,000 vehicles once appeared unattainable for Tesla. However, Musk has consistently expressed optimism about the company’s potential, stating in 2015 his confidence in producing half a million cars by 2020.

“That’s five years from now,” Musk explained at the time. “Looking back five years, Tesla was producing 600 cars annually—now we can manufacture 600 cars in just three days. Therefore, I believe increasing production to 500,000 cars per year is a manageable step.”

Musk has reaffirmed this target on multiple occasions, including in January of the previous year, when he predicted deliveries would easily surpass 500,000 units. Tesla maintained this forecast even as the COVID-19 pandemic caused widespread economic disruption and necessitated a temporary suspension of production for several weeks last spring, impacting the company and the entire automotive industry.