Tesla Starts Construction Of Megapack Energy Storage Battery Factory, First Outside USA
Portfolio Pulse from Nabaparna Bhattacharya
Tesla, Inc. (NASDAQ:TSLA) has started constructing its first Megapack energy storage battery factory outside the USA in Shanghai. The $200 million plant is expected to begin mass production in early 2025 with an initial capacity of 10,000 units annually. The project has received regulatory approval and already secured its first customer, Shanghai Lingang Economic Development Group.
May 23, 2024 | 1:29 pm
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Tesla has started building its first Megapack battery factory outside the USA in Shanghai, with production set to begin in early 2025. The factory will have an initial capacity of 10,000 units annually and has already secured its first customer.
The construction of the new factory in Shanghai is a significant step for Tesla, expanding its production capabilities and market reach for its Megapack energy storage batteries. This development is likely to positively impact Tesla's stock in the short term as it demonstrates growth and expansion in a key market.
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