Search Site

Trends banner

Tesla Q1 sales sink 13 percent

The dip occurred amid lower production during factory upgrades.

AD Ports Group 2024 revenue $4.70bn

The Group's EBITDA increased by 69 percent YOY.

Tesla sales tumble in Europe in Q1

The company suffered from boycotts against the policies of Elon Musk.

Ford’s US Q1 auto sales dip

But its Q1 figures exceed a forecast by Edmunds

Vanke reports annual loss of $6.8 bn

The property giant attributes loss to falling sales and shrinking profit.

Tesla launches Shanghai battery plant project

The plant will be Tesla's second factory in the Chinese city after its massive Shanghai Gigafactory, which broke ground in 2019. (AFP)
  • The plant is expected to make 10,000 units of Tesla's Megapack batteries per year, and "break ground in the first quarter of 2024 and start production in the fourth quarter"
  • Tesla says its Megapacks are intended to store energy and stabilize supply for power grids, with each unit able to store more than 3 megawatt-hours of power

Shanghai, China– Tesla officially launched a massive battery factory project in Shanghai on Friday, the US electric car maker’s second plant in the Chinese city, state media reported.

The project was announced in April after Tesla chief Elon Musk presented a vague but ambitious plan to investors to turbocharge growth.

Company representatives signed an agreement to acquire land for the factory on the outskirts of Shanghai on Friday morning, according to state news agency Xinhua.

The plant is expected to make 10,000 units of Tesla’s Megapack batteries per year, and “break ground in the first quarter of 2024 and start production in the fourth quarter”, Xinhua said.

The US electric car maker says its Megapacks are intended to store energy and stabilize supply for power grids, with each unit able to store more than 3 megawatt-hours of power.

The plant will be Tesla’s second factory in the Chinese city after its massive Shanghai Gigafactory, which broke ground in 2019.

Musk visited China earlier this year, meeting with senior officials in Beijing and visiting the Shanghai Gigafactory.

Musk’s interests in China have long raised eyebrows in Washington, with President Joe Biden saying in November that his links to foreign countries were “worthy” of scrutiny.