Business & Economy

Tesla opens new unit in China after announcing Shanghai factory

Shanghai, China, Apr 14 (EFE).- US electric vehicle manufacturer Tesla opened a new unit in China just days after announcing that it would build a new factory in Shanghai to make large-scale batteries, state-owned Global Times newspaper reported Friday.

The new unit has a capital of $2 million and was set up on Thursday.

It will focus on “a wide range of areas of business, including technical services, AI basic software development, solar power generation technology services, energy storage technology services, research and development (R&D) of motors and their control systems, and R&D of auto parts,” according to Chinese corporate information platform Tianyancha.

The state-run newspaper did not clarify whether the unit is related to the new factory, but underlined Tesla’s expansion in China, where its Shanghai ‘gigafactory’ produced more than 710,000 vehicles in 2022, more than half of the company’s global sales.

On Monday, the automaker announced the construction of a factory in Shanghai for “Megapack,” or powerful batteries that provide energy storage and support, helping to stabilize the grid and prevent outages.

The factory in Shanghai will be capable of producing 10,000 Megapacks per year, and is expected to become operational from the second quarter of 2024. EFE


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