Tesla acquires land for megapack plant in Shanghai

Construction of Tesla's megapack plant in Shanghai is scheduled to start in the first quarter of 2024, said the company on Friday.

The announcement came after it inked a land transfer deal on the same day with the Lin-Gang Special Area Administration.

The two sides reached the agreement in April this year on building a megapack facility in the special area.

The company said the plant will start production in the fourth quarter of 2024, with an initial production capacity of 10,000 units a year. The products will be sold globally.

The new facility is near an existing Tesla vehicle plant producing Model 3 and Model Y vehicles, which are sold in China and overseas.