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Tesla has successfully obtained land for the construction of the Shanghai Megapack factory. The factory is expected to produce 10,000 battery packs per year, and production is scheduled to start in the second quarter of 2024.
In addition, Tesla will exclusively produce Megapack at its Shanghai factory for export. This is Tesla’s second Megapack factory after the one in California, and the company expects its energy storage business to continue to grow. In the third quarter, the business’s revenue reached $1.6 billion, a year-over-year increase of 40%.
Megapack is a large battery used to stabilize the grid and prevent blackouts.
(Source: Bloomberg Image source: unsplash)
