Tesla Powers Up In China: Land Acquired for Megapack Battery Factory Construction In Shanghai
Portfolio Pulse from Anan Ashraf
Tesla Inc (NASDAQ:TSLA) has acquired land in Shanghai for a new Megapack battery factory, with construction expected to start in Q3 and production by mid-2024. The factory will have a capacity of 10,000 megapacks per year, complementing Tesla's energy generation business which grew 40% to $1.6 billion in Q3. Megapacks store energy to stabilize the grid, with each unit capable of powering 3,600 homes for an hour.
December 22, 2023 | 12:12 pm
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Tesla's acquisition of land for a new Megapack battery factory in Shanghai indicates expansion in its energy generation business, with production expected to start by mid-2024.
The acquisition of land for a new Megapack battery factory in Shanghai is a strategic move for Tesla, indicating growth in its energy generation sector. The factory's capacity to produce 10,000 megapacks per year and the reported 40% growth in Tesla's energy business earnings suggest a positive outlook for the company's expansion in this area. This news is likely to be viewed positively by investors, potentially leading to a short-term increase in Tesla's stock price.
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