Elon Musk is expanding his relationship with China by building a new factory for Tesla's large-scale batteries in Shanghai.
The company announced its plans to construct batteries on Sunday in agreement with the Chinese government, according to the state newspaper China Daily. The factory will produce more than 10,000 Megapacks a year. The plant will break ground in the third quarter of 2023. It's the latest move by Musk to invest in China's economy.
Tesla currently has a Gigafactory in Shanghai used to construct Model 3 cars. The factory is designed to build an estimated 20,000 cars a week. Musk also sought business partners in China through an August 2022 op-ed in a CCP-sponsored magazine. He told readers that he wanted to"maximize the use of technology to help achieve a better future for humanity" through investments in companies such as Tesla.
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