Is Tesla building a battery plant in Shanghai?

Electric vehicle maker Tesla has begun construction of a factory in Shanghai to make its Megapack energy storage batteries, Chinese state media reported Thursday. The $200 million plant in Shanghai’s Lingang pilot free trade zone will be the first Tesla battery plant outside the United States.

Will Tesla produce energy-storage batteries in China?

American electric automaker Tesla’s plans to produce energy-storage batteries in China moved forward on Friday, Dec. 22, 2023, with a signing ceremony for the land acquisition in Shanghai, China’s state media said. (Liu Ying/Xinhua via AP, File)

Is China a major market for energy storage?

China is also by far the world leader in installing wind and solar capacity, making it a major market for energy storage. American electric automaker Tesla’s plans to produce energy-storage batteries in China are moving forward with a signing ceremony for the land acquisition for a new factory in Shanghai.

Who makes electric cars in China?

Tesla opened an EV plant in Shanghai in 2019 that assembles cars for China, Europe and other overseas markets. It is the No. 2 seller in the booming Chinese market for electric vehicles. The market leader is Chinese auto company BYD.

How many Tesla Megapack units will be made in China?

The new factory will initially produce 10,000 of Tesla’s Megapack units annually for sale worldwide, Xinhua said. The Tesla project is a rare piece of good news for the Chinese economy, which has seen a sharp drop in foreign investment this year.

When did Tesla start production in China?

Trial production was launched just seven months after construction began, setting a new record for "Tesla speed" in China, with the Shanghai Gigafactory -- Tesla's first plant in the country's eastern financial hub -- having been built and inaugurated within a year in 2019.