08:22 AM EDT, 05/23/2024 (MT Newswires) -- Tesla (TSLA) has started construction of a factory in Shanghai to manufacture energy storage batteries, multiple media outlets reported Thursday, citing the company.

The EV manufacturing giant will invest roughly 1.45 billion renminbi ($204.1 million) in the plant, Xinhua News Agency reported, citing the administration of Lin-gang Special Area of China Pilot Free Trade Zone.

The Shanghai megafactory is expected to start production in Q1 next year, and will manufacture up to 10,000 megapacks annually, Jiemian reported, citing Zhu Xiaotong, a senior vice president of automotive at Tesla.

Tesla did not immediately respond to MT Newswires' request for comment.

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