Tesla has confirmed that it intends to complete construction of its Megafactory in Shanghai by 2025. This is important for the further development of the company’s Energy Division, which has an increasing impact on its growth performance.
At a press conference held this Monday, Grace Tao, global vice president of Tesla, answered questions about Giga Shanghai. According to Pandaily, it stated that construction of the Megafactory in Shanghai is planned to be completed before 2025. This means that construction work is proceeding at lightning speed, and the facility will be completed this year. Once completed, the Megafactory will be Tesla’s first energy storage battery factory outside the United States.
According to the plan, production should begin in the first quarter of 2025. As soon as production is ramped up to full capacity, Megapack—a large-scale commercial energy storage system—will reach 10,000 units per year, with nearly 40 gigawatt-hours of energy storage capacity.
At the end of May, Tesla China executives and Chinese officials joined the Megafactory’s groundbreaking ceremony. The new construction project was signed with local authorities in April 2023. The company paid RMB 222.42 million (about $31.13 million) for the rights to use the 19.7-hectare (48.7-acre) site. The site is adjacent to the company’s existing factory, which produces Model 3 and Model Y vehicles. Since December last year, when the investment intent was confirmed, it has been benefiting from a new project service package introduced by Lingang New Area in the field of engineering construction.
In addition, Tao commented on Tesla’s Supercharger expansion and consumer feedback regarding the high prices of vehicles. She said station expansion in mainland China is still ongoing. Tao also explained that prices are determined by market behavior and Tesla will strive to best match market demand.
