US electric car maker Tesla has signed a deal to buy land in Shanghai to build its new megapack battery factory. It is assumed that the US company will start production there by the end of 2024. This news was reported by Gulf News and Reuters citing China’s state media Xinhua News Agency.
According to a statement, Tesla has already paid about 31 million dollars to acquire 48.7 acres of land in Shanghai. The company is going to acquire the existing land next to another factory for manufacturing Model-3 and Model-Y. However, Tesla authorities have not yet said anything on this matter. Through the implementation of this project, the company will produce at least 10,000 Megapack batteries every year.
According to the news, the company will start production by the end of 2024. Earlier, Tesla authorities predicted the start of this project by the end of this year last April.
Tesla is currently producing 1.1 million units of cars a year at the Gigafactory in Shanghai.