- Tesla has announced plans to build a new Megafactory in Shanghai, China, with an annual production capacity of 10,000 Megapacks. The company already has a similar factory in Lathrop, California, which can also produce 10,000 Megapacks per year, as stated on its website. According to a tweet by CEO Elon Musk on Sunday, the new factory in China will add to the output of the California factory.
- According to Xinhua, a Chinese state media outlet, the company is set to begin constructing the factory in the third quarter of this year. The aim is to commence production around mid-2024. This was disclosed during a signing ceremony held in Shanghai.
Why it matters
Tesla's new Megafactory will be built in Lingang, a free trade zone on the outskirts of Shanghai, where Tesla's Gigafactory for electric vehicles is also located. The Gigafactory was built in just 10 months and is now the world's biggest EV production plant, serving as Tesla's main export hub to markets outside North America.