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Tesla Powers Up In China: Land Acquired for Megapack Battery Factory Construction In Shanghai

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Tesla Powers Up In China: Land Acquired for Megapack Battery Factory Construction In Shanghai

EV giant Tesla Inc (NASDAQ:TSLA) has reportedly acquired land for its Shanghai-based Megapack battery factory and is gearing up for construction.

What Happened: The land acquisition was reported by Bloomberg, citing a company representative.

Tesla announced its plans to open a second Megapack factory in China with a capacity of producing 10,000 megapacks/year in April. The company already has a megapack factory in Lathrop, California.

The construction of the new factory was expected to start in the third quarter with production slated for mid-2024.

Why It Matters: A Megapack is a powerful battery aimed at storing energy and helping stabilize the grid. It is a key component of Tesla’s energy generation business which has seen a surge in growth, with earnings of $1.6 billion in Q3, reflecting a 40% increase.

Each Megapack unit can store over 3 megawatt-hours of energy, enough to power an average of 3,600 homes for an hour, the EV manufacturer says.

Tesla's current plant in Shanghai- Giga Shanghai- manufactures its lower-end vehicles namely the Model Y and 3.

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Check out more of Benzinga's Future Of Mobility coverage by following this link.

Read Next: It's Close:' Lucid CEO Says Cheaper EV To Rival Tesla Model 3/Y Coming Sooner Than 2030

 

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Posted-In: benzinga neuro electric vehicles EVs MegapackNews Tech

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