Tesla Inc., the electric car manufacturer, is set to construct a factory in Shanghai that will manufacture power-storage devices for global distribution, according to reports from state media.
The company has plans to produce 10,000 Megapack units annually, as stated by Xinhua News Agency and state television.
The announcement was made during a signing ceremony held in Shanghai, where Tesla already operates an automobile factory.
The construction of the factory is expected to commence in the third quarter of this year, with production set to begin in the second quarter of 2024.
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