Tesla is targeting to deliver 500,000 new electric vehicle units in 2020 and the automaker is seen on track to meet the projections. The company will hit the target partly due to the encouraging Model 3 output attributed to the Gigafactory Shanghai.

The facility has yet to reach an optimal production level but at the rate of the Model 3 getting assembled there, it appears that Elon Musk will not be disappointed by yearend. Local reports showed that Tesla's massive parking complex in Shanghai is filled with the freshly-built electric sedan, which by the way is Tesla's most affordable EV offering.

According to Teslarati, EV enthusiasts conducted a drone flyover of the sprawling parking space to see first-hand the sea of Model 3s that Giga Shanghai has so far assembled for the last quarter of the year. If the media reports are correct, these new cars will find their way to Chinese and European owners, and as mentioned, Tesla is looking to clear out the inventory in the last months of 2020.

The completed units are seen to serve as a boost to Musk's projection that around half-a-million new Tesla vehicles will be delivered within the year. The same report indicated that for the company to achieve the goal, at least 180,000 units must be assembled and pushed out in the coming weeks.

The total volume will be accumulated from the outputs in the United States and China, which tells that barring any glitch Tesla will hit the target. And if so, it would be the sixth consecutive quarter of success for the EV maker in terms of delivery goals and profitability.

The Tesla Model 3 is not exactly the most exciting in the company's catalog but the sedan certainly holds a special place in Musk's heart. The company chief recently revealed that in his efforts to ramp up the Model 3 production, Tesla got caught up in what he described as "production and logistic hell."

The money dried up in the middle of the big push for the Model 3 between 2017 and 2019, and Musk admitted Tesla came dangerously close to bankruptcy. He estimated that the company was just a month away from becoming insolvent but the infusion of new investments saved the day.

Tesla's struggles in the early years of the company were not surprising, Business Insider said in a report. Musk had wanted the Model 3 to be enjoyed by the public so he opted for a starting price of $35,000, and the initial margins realized at the onset made investors nervous.

However, the Model 3 turned out to be a hit and Tesla is now considered the leader in the EV market. And there is no stopping Musk as he lined up the rolling out of exciting new models such as the Model Y Crossover, the Cybertruck, the Semi, and the Roadster.

Musk has set ambitious targets for Tesla's offerings and his gambit seems to be paying off.