Tesla to Build New Megapack Battery Factory in Shanghai: Xinhua

Tesla Inc. will build a new battery factory in Shanghai that will start production in the second quarter of next year, the official Xinhua News Agency reported.

(Bloomberg) — Tesla Inc. will build a new battery factory in Shanghai that will start production in the second quarter of next year, the official Xinhua News Agency reported.

The company led by Elon Musk, who is visiting China this weekend, made the announcement at a signing ceremony for the project in Shanghai, the report said. 

Tesla will manufacture its Megapack large-scale energy-storage unit in the new facility, which adds to the company’s Gigafactory for electric vehicles in Shanghai and deepens its investment in China. Construction is scheduled to begin in the third quarter of this year and the plant will commence in the second quarter of 2024.

Tesla didn’t immediately respond to a request for comment

The Megapack is intended as a massive battery to help stabilize energy grids, with the company saying each unit can store enough energy to power an average of 3,600 homes for one hour. 

The new factory will initially produce 10,000 Megapacks every year, equal to around 40 GWh of energy storage, Xinhua said, adding the products will be sold worldwide.

–With assistance from Jessica Sui.

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