Tesla to start building Shanghai battery factory 'in near future'

Source: Sputniknews 5.9.2023

US billionaire Elon Musk's electric carmaker Tesla is planning to begin building a battery factory in Shanghai "in the near future," with the produced goods expected to be used mainly for export, Tesla China President Wang Hao said on Monday.

In April, Tesla announced its plans to build a large battery factory, Megapack, in the Chinese city, with a declared production volume of 10,000 batteries per year.

"We are expected to start building a Megafactory energy storage in the near future. The products will be mainly used for export," Wang told a Chinese news agency.

He added that China's new energy vehicle market was very large and its dynamics were showing positive results.

Tesla already has a Gigafactory in Shanghai, which is the company's largest plant in terms of electric vehicle production. Meanwhile, the Chinese market is the automaker's largest after the United States.

Tesla Motors was founded in 2003 as a developer and manufacturer of electric cars and adjacent technologies. The firm is headquartered in the city of Palo Alto, California. Besides cars, Tesla also manufactures batteries for electric vehicles, which are later sold to other car producers, including Toyota и Daimler.