Tesla to set up energy-storage mega factory in Shanghai

(ECNS) -- U.S. carmaker Tesla Inc. announced Sunday that it will build a new mega factory in Shanghai to produce energy-storage product Megapack.  

As the first energy-storage mega factory outside the U.S., it is scheduled to break ground in the third quarter of 2023 and start production in the second quarter of 2024, Tesla said at a signing ceremony of the project in Shanghai.

The new factory will initially produce 10,000 Megapack units every year and the products will be sold worldwide.

Megapack enables low-cost, high-density utility projects at gigawatt-hour scale. It ships ready to install with fully integrated battery modules, inverters and thermal systems, to create a more stable and sustainable grid.