Tesla’s $25K Compact Car Could Drive Bigger Stock Gains Than Robotaxi, Analyst Predicts Tesla's Shanghai Megafactory is now 60% complete, with production of Megapack units set to begin in early 2025. The factory aims to match Tesla’s California facility in producing 40 GWh annually, continuing the company’s rapid growth in energy storage solutions. Tesla’s Shanghai Megafactory Set to Begin Megapack Production in Early 2025, Matching U.S. Output Levels The construction of Tesla's impending Megapack factory in China has been progressing rapidly, as evidenced by a recent local update that indicates the plant has now surpassed the halfway point, pere Teslarati. Local media outlet IT Home reported on September 28 that Tesla has completed 60 percent of the Shanghai Megafactory's construction. The announcement is timely, as Tesla intends to commence Megapack production in the first quarter of 2025. However, the company will require additional time to achieve volume production. The Shanghai Megafactory is anticipated to eventually achieve the same volume production level as Tesla's Lathrop, California plant. Both facilities strive to achieve an annual output of approximately 40GWh or 10,000 Megapack units. The Lathrop Megafactory has also increased production in recent years, particularly in response to the increasing demand for Tesla's grid-scale energy products. Tesla conducted a signing ceremony for the Shanghai Megafactory in December of last year; however, the construction materials for the project began in March. Tesla commenced construction on the project on May 23 and has been moving forward at an impressive pace ever since. This is comparable to the rapidity with which the company constructed its Gigafactory Shanghai, which is located nearby. Tesla's Megafactory Progresses Rapidly, Setting New Records for Energy Deployments in 2024 Tesla was believed to have achieved approximately 45 percent completion last month, demonstrating the rapid progress of the company's most recent factory construction since May. The Shanghai Megafactory site is situated in the Lingang New Area industrial park of the city and occupies approximately 200,000 square meters (~656,168 sq. ft.). Tesla achieved a record-high for single-quarter energy deployments by deploying 9.4 GWh of battery storage in the second quarter. Following the 4.1 GWh of battery storage deployments in Q1, which also represented a 157 percent increase year over year, the record was established. The expansion of Tesla Energy is consistent with Elon Musk's predictions from the previous year, in which he stated that the company's automotive business would soon surpass the growth of energy sales. Editor's Picks