Musk brings Tesla batteries to Shanghai: investment ready for the Megafactory
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NEW YORK. A handful of characters delivered to the umpteenth tweet to announce his new initiative, in terms of energy progress and sustainable transport.
«Tesla opens a Megapack factory in Shanghai to integrate the production of the Megapack factory in California», writes on (his) social platform the owner of the second largest electric vehicle manufacturer in the country after the market leader BYD. A megapack is a very large battery that stores energy, helps stabilize the power grid, and prevents outages. These batteries allow grid operators to move extra capacity between regions or states and ensure that energy from intermittent sources can be stored and used.
Tesla currently has a Megafactory in Lathrop, California that is capable of producing ten thousand Megapack units annually, and the Shanghai facility would have the same level of production capacity, equivalent to 40 gigawatt-hours of energy storage. Each unit can store enough energy to power an average of 3,600 homes for one hour, the company says.
The company plans to start construction of the plant during the third quarter of 2023 to start production around mid-2024. The Megafactory will be located in Lingang, a huge free trade zone on the outskirts of Shanghai, where the Gigafactory was inaugurated in 2019 of electric vehicles of the Musk company.
Tesla (whose stock finished in red on the Nasdaq yesterday) is also making inroads in the Land of the Dragon: according to the China Passenger Car Association (CPCA), Musk’s company sold 88,869 electric vehicles produced in Shanghai in March, i.e. 35% more on an annual basis. In January, Tesla also cut prices in China for the second time in less than three months in an effort to boost sales amid slowing demand in the world’s largest auto market. —
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