Electric vehicle maker Tesla (TSLA) has acquired land outside of Shanghai, China with plans to build a megapack battery plant.
Tesla has said that it plans to begin production at the battery plant in the fourth quarter of 2024.
Tesla paid $31 million U.S. for the rights to nearly 50 acres of land that is near its existing plant producing Model 3 and Model Y electric vehicles in China.
When fully operational, the plant will be capable of producing 10,000 megapacks per year, according to Tesla. Construction on the battery site is to start in the first quarter of 2024.
Tesla has said in the past that increasing its battery production and capacity is a key goal as it battles to retain its leading market position in the electric vehicle sector.
The stock of Tesla has increased 135% in 2023 to trade at $254.50 U.S. per share.
Tech Insider
