Tesla to build Shanghai factory to make Megapack batteries

In order to increase the output of the Megapack factory in California, SHANGHAI ( Reuters)- Tesla Inc. announced in a tweet on Sunday that it would be opening an assembly facility in Shanghai that could produce 10,000 megapack energy products annually.

The message was initially reported by Xinhua, a state media outlet in China.

According to Xinhua, who spoke at a signing service in Shanghai, Elon Musk’s’s manufacturer did begin production at the place in the second quarter of 2024 after breaking ground on it in its fourth quarter.

The latest factory, which will immediately create 10,000 Megapack units annually, or roughly 40 gigawatt hours of energy storage, to become sold globally, will supplement a sizable existing Shanghai plant producing electric vehicles, according to Xinhua.

With the latest Shanghai plant, Tesla will use China’s’s top battery supply chain to increase efficiency and reduce the cost of its Megapack lithium-ion cell units in order to meet the growing global demand for energy storage as the world transitions to using more renewable power.

Tesla makes the majority of its cash from its electric vehicle company, but Musk has pledged to expand both its solar power and battery businesses to roughly the same size.

In energy storage battery supplies, the Chinese battery behemoth CATL has expanded its partnerships with clients like Tesla. According to Chairman Robin Zeng, this market is expected to be larger than that of batteries used to power electric vehicles ( EV ).

In Lathrop, California, Tesla reportedly operates a megafactory that can produce 10,000 Megapacks annually.

The business started making Model 3 vehicles in Shanghai in 2019 and is now able to make 22, 000 vehicles per month.

According to a Reuters report from next May, Tesla intended to increase the Gigafactory Shanghai, its most effective automaking facility, to include an annual volume of 450, 000 models.

However, as demand began to decline in the second quarter, the U.S. company struggled with rising inventory in Shanghai, which in January resulted in competitive price reductions in its key global markets.

The largest auto market in the world, China, has seen a decline in EV sales growth from 150 % over the same period last year to 20.8 % during the first two months of 2023.

( Reporting by Josh Horwitz, Zhang Yan, and Lavanya Ahire; William Mallard, Toby Chopra, And Diane Craft Editing )

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