Tesla Inc. is set to build a new battery factory in Shanghai, increasing investment in China.
Tesla will manufacture its Megapack large-scale energy-storage unit in the new facility, which adds to its factory for electric vehicles in Shanghai.
The company led by Elon Musk, who is said to be visiting China this weekend, made the announcement at a signing ceremony for the project in Shanghai.
Tom Zhu, Tesla’s senior vice president of automotive, and Shanghai government officials including vice mayor Wu Qing attended, with Tesla Vice President Tao Lin signing the contract.
Bloomberg/Hauwa Abu
