Tesla plans to increase production capacity at its Shanghai Gigafactory from 250,000 units o 450,000 units per year, thepaper.cn reported, adding that the Model Y, which started production at the end of 2020, will reach maximum capacity.

Tesla's fourth-quarter earnings report showed that Model 3 production capacity at its Shanghai Gigafactory can be maintained at more than 250,000 units per year. And Model Y production has started at the end of 2020 and is currently at full capacity.

The Shanghai factory produces more than 5,000 Model 3s per week, according to Tesla's CEO Elon Musk. Based on this, the Model Y production capacity at Tesla's Shanghai factory will be around 200,000 units/year.

Tesla China's website shows that the China-made Model 3 starts at RMB 249,900 ($38,600) with an order delivery time of 4-6 weeks. The China-made Model Y starts at RMB 339,900 and is expected to be delivered in the second quarter of this year.

It's worth noting that Tesla's Shanghai factory had a capacity of only 150,000 units per year last year and three times that at 450,000 units per year this year.

In addition, Tesla recently began shipping Model 3s produced at the Shanghai Gigafactory to several countries in Europe as well as the Asia-Pacific region, supplementing the Fremont plant's supply in those markets.