Tesla acquires Shanghai land to build megapack battery factory

Tesla on Friday acquired land in Shanghai China for a megapack battery production factory and aims to make it functional in the fourth quarter of 2024.

According to Tesla, Megapack is a battery that provides energy storage and support, helping to stabilize the grid and prevent outages.

Tesla owned the land for 222.42 million yuan ($31.13 million) which is a 19.2-hectare (48.7-acre) plot. This land is located near an existing Tesla Model 3 and Model Y production plant.

The plant is expected to output 10,000 megapacks a year and will start construction in the first quarter of next year.

Tesla signed a deal in April to build a new Megafacotry in this area for a dedicated production line for megapacks. However, the contract signing on Friday made it official.

From January to November, Tesla Shanghai Gigafactory delivered over 850,000 vehicles, it was an increase of 30% year-on-year.

(source –  Xinhua)