Tesla Secures Land in Shanghai for New Energy-Storage Battery Factory

Factory to Produce 10,000 Megapack Units Annually, Boosting China's Economy Amid Drop in Foreign Investment

Tesla has secured land in Shanghai, China, for a new factory to produce energy-storage batteries, with a signing ceremony marking the official launch of the project.
The factory, scheduled to start construction early next year and begin production by the end of the year, will not produce batteries for cars but for electric utilities and other companies to store power.
The new factory will initially produce 10,000 of Tesla's Megapack units annually for sale worldwide.
The Tesla project is seen as a boost for the Chinese economy, which has experienced a sharp drop in foreign investment this year.
China is a major market and manufacturing center for Tesla, with CEO Elon Musk maintaining close ties with Chinese officials despite strained U.S.-China relations.