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

American electric automaker Tesla’s plans to produce energy-storage batteries in China are moving forward with a signing ceremony for the land acquisition for a new factory in Shanghai. China’s official Xinhua News Agency said Friday that construction is scheduled to start early next year with production to come on line by the end of the year. The factory will build batteries for electric utilities and other companies to store power. Such storage units have become increasingly important with the growth in solar and wind energy. The Tesla project is a rare piece of good news for the Chinese economy, which has seen a drop in foreign investment this year.