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Tesla Shanghai Factory Exports Exceed Local Sales in First Year?
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Tesla Breaks Ground on $200 Million Shanghai Megapack Factory, First Outside US
May 23, 2024, 09:39 AM
Tesla has officially broken ground on a new $200 million mega factory in Shanghai to manufacture its energy-storage batteries, known as Megapacks. This marks Tesla's first Megapack factory outside the United States, a project the company has hailed as a 'milestone.' The Shanghai plant, located in the free trade zone, is expected to begin mass production in the first quarter of 2025, with an annual production capacity of 10,000 Megapacks, equivalent to nearly 40 GWh of energy storage. Tesla China Chief Tom Zhu and Vice President Tao Lin were present at the groundbreaking ceremony. Some of the products from this factory will be sourced to China, while the rest will be exported overseas. Lingang Group signed a pact for the first batch of Megapack batteries with Tesla. The project stands in contrast to the ongoing political tensions between the U.S. and China over economic decoupling, as noted by Cailian.
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