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Tesla is planning to construct a new in Shanghai, China, which will be used to manufacture energy storage products, according to China’s state-run news agency Xinhua, citing a statement from the Shanghai municipal government.
The new factory is expected to have an annual production capacity of 10,000 Megapack units per year, making it one of the largest battery factories in the world.
The facility, which is expected to start production in the second quarter of 2024, will produce batteries for Tesla’s electric vehicles, as well as for energy storage products such as the Powerwall and Megapack.
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Tesla Is Broadening Its Presence in a Growing Chinese Market
Tesla has been expanding its manufacturing capabilities in China in recent years to take advantage of the country’s growing demand for electric vehicles and renewable energy. The company currently has a Gigafactory in Shanghai, producing electric vehicles for the Chinese market.
The new factory will strengthen Tesla’s position in China’s rapidly expanding electric vehicle market, which is expected to reach 20 million units by 2025, as per the China Association of Automobile Manufacturers. According to market research firm Counterpoint Research, Tesla is currently the leading electric vehicle manufacturer in China, with a 23% market share in 2022. It has local competitors like NIO, which is expanding aggressively in the local market.
The construction of the new Gigafactory in Shanghai is expected to begin soon, although no specific timeline was provided.
The new Gigafactory is part of Tesla’s broader strategy to increase its production. The company has also recently announced plans to build a new factory in Germany to produce electric vehicles and batteries for the European market.
Tesla did not comment on the development.
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