Elon Musk’s Tesla is planning to expand its operations in communist China with the development of a new Megapack battery factory that aims to produce 10,000 units annually for worldwide sales.
According to Chinese state media Xinhua News Agency, the factory is expected to break ground in the third quarter of 2023 and begin production in the second quarter of 2024. The exact amount of Elon Musk’s investment is still unknown. Tesla announced plans to produce 10,000 Megapack units annually and shared a picture of a signing ceremony on Twitter. These products will be sold all over the world and have a total storage capacity of about 40 gigawatt-hours .
“A Megapack unit can store enough energy to power an average of 3,600 homes for one hour,” stated Tesla on its website. The decision to grow in China was made in the midst of rising geopolitical hostilities between Washington and Beijing as well as unrest in the Chinese economy. In spite of these worries, Musk already runs a car factory in Shanghai, which produces nearly half of all the cars the company sells globally.
“Tesla’s expansion in China demonstrates our commitment to the market and our belief in its potential for sustainable energy solutions,” said Elon Musk. Due to the pandemic and Covid-19 infections among employees and suppliers, Tesla’s Shanghai factory has had to suspend production on multiple occasions. Additionally, domestic producers of electric vehicles like BYD Co., NIO Inc., and XPeng Inc. present the company with fierce competition. Tesla hasand provided incentives to Chinese buyers in response to these difficulties.
Tesla already runs a Megapack facility in Lathrop, California, and has plans to boost output there. Elon Musk claimed in a tweet that Tesla’s commitment to clean energy solutions around the world would be furthered by the addition of the Shanghai factory to the output of the California Megapack facility. Megapack batteries can be used for utility-scale power storage, including long-term solar and wind energy storage.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tesla to build 'Megafactory' in Shanghai for 'Megapack' batteriesTesla plans to initially produce 10,000 Megapack units a year at the factory.
Read more »
Tesla to build Shanghai factory to make Megapack batteries, Xinhua reportsTesla Inc will build a factory in Shanghai to make the Megapack energy storage product, Chinese state media outlet Xinhua reported on Sunday.
Read more »
Tesla is building a Megapack factory in Shanghai | EngadgetOnce the facility is complete next year, Tesla says it will produce 10,000 Megapacks annually..
Read more »
Tesla planning to open Megapack factory in ShanghaiTesla Inc. is working on constructing a new Megapack factory in Shanghai, China to supplrment the output of the company's company's Lathrop, California Megafactory, Elon Musk said.
Read more »
Tesla Is Building a New Factory in Shanghai to Make More Megapack BatteriesIs it time to say goodbye to gas peaker plants? Tesla is making moves in Shanghai with a new Megafactory capable of producing 10,000 Megapack batteries per year. Tesla sustainability
Read more »