US automaker Tesla's Gigafactory in Shanghai has become the world's largest factory by annual production volume, exceeding that of its California plant, news outlet The Paper reported.

According to the Q2 financial summary of Tesla released Wednesday, recent equipment upgrades in its Shanghai base enabled the auto manufacturer to continue to increase production rate further, with the installed annual capacity exceeding 750,000 units.

In comparison, the production capacity of Tesla's factory in California reached 650,000 units, followed by Gigafactories Texas and Berlin, with the figures both surpassing 250,000 units.

Statistics from the China Passenger Car Association, or CPCA showed Tesla China delivered a total of 295,000 vehicles in the first half, with 78,900 units in June, hitting a record high.

Starting construction on Jan 7, 2019, the Shanghai Gigafactory delivered the first batch of China-made Model 3 in December that same year.

In 2021, it has delivered 484,130 units of cars, an increase of 235 percent from a year earlier, accounting for 51.7 percent of Tesla's global production capacity.

Over 160,000 units of cars had been exported overseas last year, meeting the demands of more than 10 countries from Europe and Asia.