Elon Musk said Tesla could build 10 or 12 new Gigafactories to reach his goal of making 20 million cars a year by 2030

As the company aims to build as many as 20 million electric cars a year, Musk suggested that the company might expand its network of Gigafactories.

At the firm's annual meeting, Musk told stockholders that the company was on track to produce two million vehicles by the end of the year.

At the meeting on Thursday, Musk said that at least 10 or 12 Gigafactories would eventually be built. They will be able to produce between one and two million units per factory, according to Musk.

Musk's projections that the firm could make as many as 20 million cars a year by 2030 have been met with skepticism by analysts for being too ambitious.

In addition to the factories in California, Nevada, and Nevada, the company also has factories in Berlin-Brandenburg, and Austin, Texas. The location of a new factory could be announced later this year.

The crowd shouted when the CEO asked where the factory should be built. Musk said he was getting a lot of Canadians.

Less than a month ago, the firm released its second quarter earnings. During the first quarter, it returned a record $3.3 billion to stockholders. The Shanghai factory was shut down at the beginning of the year in line with China's zero- Covid policy.

In the race to dominate the electric vehicle market, Musk says that manufacturing will be the long-term sustainable advantage for his company.

There are allegations that factory workers have been mistreated. There are claims by black employees that they were harassed.