Tesla Inc announced plans to build a new battery factory in Shanghai, capable of producing ten thousand Megapack energy products a year.
The Megapack is a powerful battery that provides energy storage and support, helping to stabilize the grid and prevent outages.
Its founder, Elon Musk said in a tweet on Twitter that the opening of the factory aims to increase Megapack production in California.
It is understood that construction of the factory will begin in the third quarter of 2023, while production is expected to begin in the second quarter of 2024.
Chinese state media Xinhua reported that the 10,000 Megapack units produced per year are equivalent to about 40 gigawatt hours of energy storage.
The new Shanghai factory will use China's world-leading battery supply chain to increase production.
The price of Tesla's Megapack battery products is also predicted to drop as production increases, which will help meet global energy demand.
