Electric vehicle pioneer Tesla (NASDAQ:TSLA) is moving forward with its megapack battery plant in Shanghai, China. According to Reuters, the company has already acquired the necessary land parcel for the facility, and production is anticipated to commence in the fourth quarter of 2024.
The acquired land is located in proximity to an existing plant that produces Model 3 and Model Y vehicles. Reportedly, Tesla shelled out nearly $31.1 million for the rights to the 19.7-hectare plot. Once completed, the battery plant is expected to produce 10,000 megapacks annually. Tesla’s Shanghai Gigafactory has an annual capacity of 1.1 million vehicles.
This development comes fresh on the heels of Panasonic Energy, a key Tesla supplier, dropping plans to set up a new battery plant in Oklahoma. The supplier currently operates two battery facilities in Kansas and Nevada.
While Tesla rapidly expands its footprint in China, the country’s…
