Tesla's Shanghai megafactory starts production, focusing on Megapack batteries, showcasing commitment to China.

From Investing.com: 2024-12-31 05:44:06

Tesla’s energy storage gigafactory in Shanghai has begun trial production after just seven months of construction, with full production set to start in early 2025. The plant will focus on making Megapack batteries, with an annual capacity of 10,000 units, equivalent to 40 GWh of energy storage.

This marks Tesla’s second factory in Shanghai, showing the company’s commitment to investing in China despite U.S. political tensions. The new facility, covering 200,000 square meters and costing $201.7 million, highlights Tesla’s “Tesla speed” in the country.

Tesla’s CEO Elon Musk has ruled out building a factory in the UK due to lack of investor confidence under the current government. The company currently operates a gigafactory near Berlin, producing the Model Y and battery cells for Europe.

At the Shanghai plant’s launch event, Tesla secured its first Megapack orders in China. The factory, Tesla’s first energy storage site outside the U.S., is a significant investment for the company, reinforcing its global expansion strategy.



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