Tesla's energy storage factory in Shanghai is expected to complete construction by the end of this year, with production set to begin in the first quarter of 2025.
Tesla's (NASDAQ: TSLA) Megafactory in Shanghai is nearing completion of construction in preparation for a planned operation in the first quarter of next year.
The US electric vehicle (EV) maker's Shanghai energy storage plant is expected to be completed by the end of this year, local media outlet Shanghai Observer said in a report today.
Construction of the Megafactory is set to take seven months from groundbreaking to completion, which will be faster than the construction of the Giga Shanghai vehicle assembly plant, the report noted.
Giga Shanghai, which began construction on January 7, 2019, became operational by the end of 2019 and is China's first wholly foreign-owned vehicle manufacturing project.
On May 23, Tesla broke ground on the Shanghai Megafactory, the company's first energy storage project outside the US.
Shanghai Lingang Economic Development Group became the first customer in China for the factory's Megapack product, and signed the first order with Tesla at the groundbreaking ceremony.
Tesla's energy storage products include Powerwall, Powerpack and Megapack. The Shanghai Megafactory mainly produces Megapack, an ultra-large commercial energy storage battery, for the global market.
The Megafactory was expected to go into production in the first quarter of 2025, and Megapack production would be as high as 10,000 units per year, with nearly 40 GWh of energy storage, Tesla previously said.
The Megapack is a powerful battery that stores energy and supplies it, helping to stabilize the grid and prevent power outages. A total of 40 GWh of power is enough to supply 50,000 households in Shanghai for a year.
Each Megapack unit can store more than 3 MWh of energy, enough to power 3,600 homes for one hour, according to Tesla's website.
Shanghai has been a key city for Tesla's development in China, with the most Tesla Supercharger stations in the country, the Shanghai Observer report noted.
Currently, Tesla has built 204 Supercharger stations in Shanghai, providing 1,540 Superchargers, according to the report.
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