Tesla moves forward with plan to build an energy-storage battery factory in China

Tesla's plans to produce energy-storage batteries in China moved forward with a signing ceremony for the land acquisition in Shanghai. Construction of the factory is scheduled to start early next year, with production coming online by the end of the year. The new factory will initially produce 10,000 of Tesla's Megapack units annually for sale worldwide. This project is a rare piece of good news for the Chinese economy, which has seen a sharp drop in foreign investment. China is a major market and manufacturing center for Tesla.