Tesla to Construct Megafactory for Batteries in Shanghai, China

Tesla is set to build a factory in Shanghai to produce its large-scale energy-storage batteries, known as Megapacks, with production starting in Q2 2024. The new factory will initially produce 10,000 Megapacks annually, with the aim of meeting the rising global demand for energy storage as the world shifts to using more renewable energy. Tesla will take advantage of China's dominant battery supply chain to increase output and lower costs. The company already has a factory in Shanghai where it produces electric vehicles and can manufacture 22,000 cars per week.