Tesla plans to build a battery factory in China

Reuters reports that Tesla plans to open its factory in Shanghai, which will start producing 10,000 Megapack ultra-capacity batteries a year, in the second quarter of 2024. It will be in addition to the company's existing plant in California. This will allow Tesla to have a world-leading battery supply chain and reduce the cost of Megapack lithium-ion battery packs. 10,000 Megapack super-capacity batteries per year is equivalent to approximately 40 gigawatt-hours of energy storage, which will be distributed worldwide. Chinese battery giant CATL is also expanding its partnership with Tesla to supply batteries, which will have an even bigger market than electric vehicle batteries.