Tesla to build new ‘mega factory' in China

US-based electric carmaker Tesla will build a new mega factory in China's financial hub Shanghai to manufacture the company's energy storage product Megapack, Chinese media reported on Sunday.

“The new plant is scheduled to break ground in the third quarter of the year and start production in the second quarter of 2024,” reported China's state-run news agency Xinhua, citing Tesla from a signing ceremony for the project in Shanghai.

According to the report, the new factory will initially produce 10,000 Megapack units every year, equal to around 40 GWh of energy storage. The products will be sold worldwide, it added.

Tesla has a "mega factory" in the US state of California with the capacity to produce 10,000 Megapacks per year.

Last year, reports said that Tesla planned to expand one of its most productive automaking plants, the Gigafactory Shanghai, in an attempt to add an annual capacity of 450,000 units.