Tesla’s Shanghai Megafactory, which broke ground on May 23, is expected to be completed by the end of the year. [Photo/Shanghai Observer]
Construction on Tesla’s Megapack energy storage plant in Shanghai’s Lin-gang Special Area is set to be completed by the end of this year, finishing in an impressive seven months.
Breaking ground on May 23, the Megapack plant is on track to commence operations in the first quarter of 2025. With an annual production capacity of 10,000 commercial Megapack units tailored for large-scale energy projects, the plant is expected to provide nearly 40 gigawatt-hours of energy storage capacity and to help meet a growing demand for sustainable energy solutions.
Tesla’s energy generation and storage business has emerged as a key driver of profit growth for the company. In the third quarter of 2024, the revenue from this sector surged to $2.38 billion, reflecting a year-on-year increase of 52.4 percent. Notably, the gross profit margin of the energy storage business reached a historic high of 30.5 percent, surpassing that of Tesla’s automotive division.
Shanghai continues to play a pivotal role in Tesla’s expansion within China. The city boasts the highest number of Tesla Supercharger stations in the country, with 204 Supercharger stations and 1,540 Supercharger stalls currently operating in Shanghai.
Furthermore, Tesla’s Shanghai Gigafactory serves as a vital export hub, facilitating the distribution of products to markets across Europe, Asia-Pacific, and beyond. About three months ago, the Shanghai Gigafactory celebrated the production of its one-millionth Model 3 vehicle, which was shipped to the United Kingdom, marking one more significant milestone.
Source: Shanghai Observer
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