Tesla expands battery production with new Shanghai factory.

Tesla will build a factory in Shanghai to produce Megapack energy storage products, with production set to begin in Q2 2024. The new factory will initially produce 10,000 Megapack units per year, with the aim of meeting rising global demand for energy storage as the world shifts to renewable energy. The move will allow Tesla to take advantage of China's world-leading battery supply chain to ramp up output and lower costs.