Tesla is building a new megafactory in China

Tesla has announced that it will open a new megafactory with the capacity to produce 10,000 Megapacks per year. Tesla announced in a tweet on Sunday that it will open a new megafactory in Shanghai, China, with the capacity to produce 10,000 Megapacks per year. A Megapack is a very large battery that stores energy, helps stabilize the electrical grid and prevent outages. These batteries allow grid operators to move extra capacity between counties or states, and allow power from intermittent sources to be stored and used when demand is higher or there are unplanned outages in a transmission network. Tesla currently has a Megafactory in Lathrop, California, with the capacity to produce 10,000 Megapack units per year, according to the company’s website. In a tweet on Sunday, Tesla CEO Elon Musk said that the factory in China will supplement production at the factory in California. The company plans to begin construction of the factory in the third quarter of this year and aims to start production in mid-2024, Chinese state media outlet Xinhua reported at a signing ceremony in Shanghai on Sunday.