EV maker Tesla breaks ground on Megapack energy storage battery factory in Shanghai
Chinese state media have reported that electric vehicle maker Tesla has begun construction of a factory in Shanghai to make its Megapack energy storage batteries
By Ap News
Published - May 23, 2024, 05:09 AM ET
Last Updated - May 27, 2024, 12:27 AM EDT
BEIJING (AP) — Electric vehicle maker Tesla has begun construction of a factory in Shanghai to make its Megapack energy storage batteries, Chinese state media reported Thursday.
The $200 million plant in Shanghai’s Lingang pilot free trade zone will be the first Tesla battery plant outside the United States.
Tesla opened an EV plant in Shanghai in 2019 that assembles cars for China, Europe and other overseas markets. It is the No. 2 seller in the booming Chinese market for electric vehicles. The market leader is Chinese auto company BYD.
The state-run Xinhua News Agency lauded Tesla's commitment to investing in China and “defying the rhetoric of ‘decoupling’ and ‘de-risking’ from China.”
