Led by billionaire Elon Musk, the project received more than US$200 million in investments; production should start in 2025

Tesla opened a battery factory in Shanghai, China, on Thursday (May 23, 2024). The project received an investment of US$ 200 million and is expected to start production in the 1st quarter of 2025. The information is from CNN.

Located next to Tesla’s Gigafactory, the new facility is designed to produce 10,000 megapacks, batteries that run on solar or wind energy. They are intended for storing electricity and are essential for stabilizing energy networks.

The visit in April by Elon Musk, the company’s owner, to China reinforced the collaboration between Tesla and the Chinese government. He met with Premier Li Qiang, with whom he discussed expanding Chinese cooperation with the North American company.

Musk also stated that he is in favor of ending tariffs for EVs (electric vehicles). According to him, without tariffs and subsidies, his company competes “very good” in the China market. The speech took place during participation in the Viva Tech technology event, in Paris.

Source: https://www.poder360.com.br/poder-tech/tesla-inaugura-fabrica-de-baterias-em-xangai/

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