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| US carmaker Tesla Inc. on Sunday announced that it will build a new mega factory in Shanghai, which will be dedicated to manufacturing the company's energy-storage product Megapack. |
| The new plant is scheduled to break ground in the third quarter of the year and start production in the second quarter of 2024, Tesla said at the project's signing ceremony in Shanghai. |
| The factory will initially produce 10,000 Megapack units every year, equal to approximately 40 GWh of energy storage. The products will be sold worldwide. The company's new plant will be located in the Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone. |
| Zhuang Mudi, deputy secretary-general of the Shanghai municipal government, said the project will help drive the development of the new energy-storage industry, as well as the green and low-carbon transformation of Shanghai. |
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