U.S. electric car maker Tesla will set up a second factory in China, also in Shanghai, but this time to manufacture its Megapack storage batteries.
The plant will have an initial capacity of 10,000 batteries per year and is expected to start production "in the second quarter of 2024" The announcement comes on the heels of Tesla founder Elon Musk presenting to investors an ambitious but vague growth plan. The Shanghai plant produced some 711,000 cars in 2022, accounting for 52% of Tesla's global production.