Musk said in 2020 that Tesla aspired to sell 20 million vehicles by the end of the current decade - nearly twice as many as those sold by Toyota, the world's largest automaker.
"Our goal is to build and deliver 20 million vehicles a year by 2030. To achieve this goal, we need to make our products even more accessible," the company had said, while reiterating the goal in its 2022 impact report.
However, Musk and the company have shifted tact, focusing on autonomous driving technology as a primary growth driver for the firm, with the automaker set to unveil its robotaxi, dubbed "Cybercab", on Aug. 8.
CEO Elon Musk said last month that Tesla would use current product lines for new affordable vehicles, as it retreated from more ambitious plans to produce an all-new model that was expected to cost $25,000. The company's shares fell about 2% on Thursday.
After years of growing at breakneck speed, Tesla has hit a speed bump as EV demand softens and competition intensifies. In a bid to restructure, the EV maker laid off more than 10% of its staff as it positions to focus on robotaxis, humanoid robots and autonomous technology.
Tesla's sales push and a slew of price cuts helped it deliver 1.81 million vehicles last year, up 38% from 2022, but well below the long-term growth target of 50% that Musk had set three years ago.
