Stock Market News
Tesla to build Shanghai gigafactory to make energy storage product – Xinhua
2023.04.09 05:51
© Reuters. FILE PHOTO: A Tesla sign is seen at its factory in Shanghai, China, May 13, 2021. REUTERS/Aly Song
SHANGHAI (Reuters) – Tesla (NASDAQ:) Inc will build a gigafactory in Shanghai to make the Megapack energy storage product, Chinese state media outlet Xinhua reported on Sunday.
Elon Musk’s automaker will break ground on the plant in the third quarter and start production in the second quarter of 2024, Xinhua reported from a signing ceremony in Shanghai.
The factory will initially produce 10,000 Megapack units a year, equal to around 40 gigawatt hours of energy storage, to be sold globally, Xinhua said.
