Tesla To Build Megapack Battery Factory In Shanghai

Tesla Inc. will build a factory in Shanghai to make the Megapack energy storage product, Chinese state media outlet Xinhua reported, Josh Horwitz reported for Reuters.

Photo Insert: Tesla set off on a new journey towards Master Plan 3 with the MOA signing for the Megafactory in Shanghai, China.

Elon Musk's automaker will break ground on the plant in the third quarter and start production in the second quarter of 2024, Xinhua reported from a signing ceremony in Shanghai.

Complementing a huge existing Shanghai plant making electric vehicles, the new factory will initially produce 10,000 Megapack units a year, equal to around 40 gigawatt hours of energy storage, to be sold globally, Xinhua said.

Megapacks are Tesla's lithium-ion batteries, used for battery-storage power stations.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic