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What will be Tesla's global market share in energy storage after one year of Shanghai factory operation?
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Tesla Breaks Ground on First Overseas Megapack Factory in Shanghai, Production to Start Q1 2025
May 23, 2024, 11:41 AM
Tesla has begun construction on a new Megapack factory in Shanghai, marking its first energy storage battery plant outside the United States. The groundbreaking ceremony took place on Thursday, with Tesla Vice President Tao Lin and China chief Tom Zhu in attendance. The factory, located in Shanghai's free trade zone, is expected to start production in the first quarter of 2025. The facility will cover an area of approximately 200,000 square meters and aims to produce 10,000 Megapacks annually, equivalent to 40 GWh of energy storage. The project is valued at $200 million and underscores Tesla's commitment to expanding its energy storage business globally. The new plant will also support Tesla's broader goal of providing sustainable energy solutions worldwide. Lingang Group signed a pact for the first batch of Megapack batteries with Tesla. Tesla aims to use disruptive technology to address fundamental issues in travel and energy. Additionally, Tesla is working on Megapack projects upwards of 3,000 MWh.
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