Somewhat - Tesla produced 50k cars last year and had to do some serious ramping-up to achieve that. Hitting the 200k reservations so far (provided those 200k people actually go ahead with wanting a Model 3) will take some serious doing.
No, he literally said that the Fremont factory has made almost 500,000 cars a year in the past.I think he referred to the maximum capacity of the factory. They're nowhere near 500.000 a year atm. Total production for 2015 was 17.400.