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					</table><p>Electric vehicle maker <a href="https://www.tesla.com/" target="_blank" rel="noopener">Tesla</a> said it will build a new gigafactory in Shanghai, exclusively focused on producing the firm&#8217;s energy storage product Megapack. The company announced the move publicly on Twitter.</p>
<p>Xinhua, the official state-run press agency of the People&#8217;s Republic of China, reported that the company’s new facility will commence construction in the third quarter of this year and begin manufacturing in the second quarter of next year.</p>
<p>The agency said Tesla disclosed the construction schedule at the signing ceremony for the project.</p>
<p>The plant will start by producing 10,000 units of Megapack annually, an equivalent of roughly 40 GWh of energy storage. These products will be available worldwide.</p>
<p>Tesla&#8217;s Megapack is a powerful battery that delivers energy storage and support, which aids in grid stabilization and prevents power failures.</p>
<p>The manufacturing facility will be situated in the Lin-gang Special Area within China (Shanghai) Pilot Free Trade Zone.</p>
<p>Citing an official from the Lin-gang Special Area Administration, Xinhua reported that Tesla&#8217;s new factory is expected to create an industrial cluster valued at over 100 billion yuan (~$14.5 billion).</p>
<p>Zhuang Mudi, the deputy secretary-general of the Shanghai municipal government, said the project will aid in advancing the development of the new energy-storage sector and promoting the green and low-carbon transformation of Shanghai.</p>
<p>In January 2019, Tesla initiated construction on its Shanghai gigafactory, taking advantage of a new policy that permits foreign car manufacturers to establish fully owned subsidiaries in China.</p>
<p>The Gigafactory in Shanghai is Tesla&#8217;s first facility of its kind, established outside the United States.</p>
<p>In 2022, the plant manufactured 710,000 vehicles, which marks a 48 percent rise from 2021. It has transformed into Tesla&#8217;s primary vehicle export center, with electric cars performing well in Asia-Pacific, Europe, and other parts of the world.</p>
<p>Tesla&#8217;s Vice President, Tao Lin, said that due to the favorable business environment in Shanghai and the Lin-gang Special Area, the Shanghai Gigafactory has a localization rate of over 95% in the industrial chain.</p>
<p>China has said that it was committed to share the advantages of an ultra-large consumer market with the world and to promote universal development.</p>
<p>Since 2019, Tesla has been increasing its investment in the Lin-gang Special Area, expanding the production capacity of its Shanghai gigafactory, and constructing more facilities, including a supercharger manufacturing factory.</p>
<p>A recent report by Wood Mackenzie <a href="https://www.mercomindia.com/tesla-misses-rooftop-solar-installation-target" target="_blank" rel="noopener">said</a> that Tesla Solar Roof achieved 2% of its weekly rooftop solar systems installation target last year due to increasing competition.</p>
<p>The company’s fourth-quarter profit was up 19% year-over-year, with solar and storage business revenues <a href="https://www.mercomindia.com/tesla-q4-profit-up-19-yoy-solar-storage-revenues-rise" target="_blank" rel="noopener">reported</a> at $1.31 billion.</p>


Tesla to Build a New Battery Manufacturing Facility in Shanghai

megapack

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