Tesla Will Open New Factory In Shanghai To Make Megapack Batteries

Tesla, the American electric vehicle manufacturer, announced the opening of a new factory in Shanghai to produce Megapack energy storage batteries, which are used to stabilize electricity grids and prevent power outages.

"Our next Megafactory will be in Shanghai-capable of producing 10k Megapacks per year,"  the Austin-based company announced on Twitter on Sunday, US time. According to the Chinese state-run news agency Xinhua, construction on the new factory will begin in the third quarter of this year, with production planned to begin in the second quarter of 2024. Tesla already operates one of these megafactories in Lathrop, California, where it produces approximately 10,000 batteries per year, equivalent to approximately 40 gigawatt hours (GWh) of storage. Each unit can store more than 3 megawatt hours (MWh) of energy, which is "enough energy to power an average of 3,600 homes for one hour." according to the company's website. Tesla opened its first Gigafactory outside of the United States in Shanghai in 2019.

According to the official Global Times newspaper, the plant delivered 710,000 vehicles in 2022, accounting for half of the company's global delivery. Since 2019, the US company has increased its investment in Shanghai's Lin-gang free trade zone, where its Gigafactory is located. According to Xinhua, it has increased the production capacity of its Gigafactory and built additional facilities, such as a manufacturing plant for its superchargers for electric vehicles. According to Xinhua, the new Tesla factory is expected to generate an industrial cluster worth more than 100 billion yuan ($14.54 billion). vec/pd EFE

About Tesla 

Tesla, Inc. is a multinational American automotive and clean energy company located in Austin, Texas. Tesla creates electric vehicles (electric cars and trucks), battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. Tesla is one of the most valuable companies in the world and, as of 2023, the most valuable automaker. The company had the most global sales of battery electric vehicles and plug-in electric vehicles in 2021, accounting for 21% of the battery-electric (purely electric) market and 14% of the plug-in market (which includes plug-in hybrids). The company develops and installs photovoltaic systems in the United States through its subsidiary Tesla Energy. With 3.99 gigawatt-hours (GWh) installed in 2021, Tesla Energy is also one of the largest global suppliers of battery energy storage systems.

Tesla Motors was founded in order to create an electric sports car. Tesla's chief executive officer (CEO) was Eberhard, and its chief financial officer (CFO) was Tarpenning (CFO). The company received funding from a variety of sources, the most notable of which was PayPal cofounder Elon Musk, who contributed more than $30 million to the new venture and served as chairman beginning in 2004.