Tesla to build new Megafactory in Shanghai

U.S. carmaker Tesla Inc. announced Sunday that it will build a new Megafactory in Shanghai, which will be dedicated to manufacturing the company's energy storage product Megapack, Azernews reports citing Xinhua.

The new plant is scheduled to break ground in the third quarter of the year and start production in the second quarter of 2024, Tesla said at a signing ceremony of the project in Shanghai.

The new factory will initially produce 10,000 Megapack units every year, equal to around 40 GWh of energy storage. The products will be sold worldwide.