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Green Light: Tesla Begins Construction of Battery Factory In Shanghai

Beijing, China - According to reports in the Chinese media, the US electric car manufacturer Tesla has begun construction of a battery factory in Shanghai. According to the report, Tesla received a building permit from the supervisory authorities last week.

Tesla's new production facility is expected to start production in the first quarter of 2025 with an initial capacity of up to 10,000 battery units per year. The production facility will be Tesla's first battery factory outside the USA. The plant is located in Shanghai's Lingang Pilot Free Trade Zone.

The factory will primarily produce Tesla's Megapack battery. According to Tesla, one unit is capable of storing more than 3,900 kWh of electricity. According to Tesla, the Megapack battery is designed especially for utility companies and large commercial projects.

Tesla shares are down slightly in today's trading. The shares are currently down 0.6 per cent at a price of 164.92 euros (15:36, 23/05/2024, Stuttgart Stock Exchange).

Source: IWR Online, 23 May 2024