'Tesla Speed:' Senior Exec Says Construction Of Company's New Shanghai Factory Dedicated To Energy Storage Products Is About 45% Complete
Portfolio Pulse from Anan Ashraf
Tesla's new Shanghai megafactory, dedicated to energy storage products, is 45% complete. This facility is Tesla's first outside the U.S. for energy storage, with production expected to start in Q1 2025. Tesla's energy segment revenue has surged, and the company anticipates further growth.
August 20, 2024 | 8:42 am
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Tesla's Shanghai megafactory, dedicated to energy storage, is 45% complete. This expansion is crucial as Tesla's energy segment revenue has doubled, and the company expects this growth to continue, outpacing its automotive segment.
The completion of 45% of the Shanghai megafactory indicates significant progress in Tesla's expansion into energy storage. Given the reported 100% increase in energy segment revenue and expectations for continued growth, this development is likely to positively impact Tesla's stock in the short term. The focus on energy storage aligns with Tesla's strategy to diversify beyond automotive, which is crucial as automotive revenue has dipped.
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