Tesla has officially signed a ¥4 billion (C$764/US$557 million) deal to build its first grid-scale battery energy storage station in China, leveraging its Megapack technology.
The energy storage Megafactory is the first of its kind built by Tesla outside the US and the company''s second plant in Shanghai, began mass production just eight months after breaking ground, serving as a new example of "Tesla speed" in China, Tesla said in a press release sent to the Global Times earlier in February.
The battery products will be supplied to the global market, according to a Shanghai Observer report. Energy storage has become an important profit growth driver for Tesla. According to Tesla''s third-quarter 2024 financial report, revenue from the energy generation and storage business reached $2.376 billion, a year-on-year increase of 52.4 percent.
At the launching ceremony, Mike Snyder, Tesla''s vice president of energy and charging, noted that Tesla''s Shanghai energy storage Megafactory is scheduled to ramp up production this quarter, which will assist Tesla to expand into more markets. "We''ve witnessed the incredible speed of Shanghai and Tesla once again.
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Tesla has officially signed a ¥4 billion (C$764/US$557 million) deal to build its first grid-scale battery energy storage station in China, leveraging its Megapack technology. The …
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