Dec 23, 2023 05:17 AM

BUSINESS

Tesla Acquires Land to Build Megapack Battery Plant in Shanghai

By An Limin and Denise Jia

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What’s new: Tesla Inc. said Friday that it has signed an agreement with the Shanghai government to acquire land to build a Megapack factory that will have capacity to produce 10,000 battery packs a year.

Tesla China said the construction of the project is scheduled to begin in the first quarter of 2024 with production starting in the fourth quarter. The factory site is near Tesla’s existing plant producing Model 3 and Model Y cars.

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