BEIJING, 22 Dec: American electric automaker Tesla\u2019s plans to produce energy-storage batteries in China moved forward on Friday with a signing ceremony for the land acquisition for a new factory in Shanghai, China\u2019s state media said.
\nConstruction is scheduled to start early next year with production to come on line by the end of the year, the official Xinhua News Agency said.
\nThe factory won\u2019t build batteries for cars but for electric utilities and other companies to store power. Such storage units have become increasingly important with the growth in solar power and wind energy, which only generate electricity when weather conditions are favorable and need to store it for when residential and commercial users need it.
\nThe new factory will initially produce 10,000 of Tesla\u2019s Megapack units annually for sale worldwide, Xinhua said.
\nThe Tesla project is a rare piece of good news for the Chinese economy, which has seen a sharp drop in foreign investment this year. The Commerce Ministry said this week that foreign investment in the first 11 months of this year was down 10% compared with the same period last year.
\nForeign companies are worried about the Chinese government\u2019s increasing control over business on national security and other grounds, as well as growing U.S. restrictions on technology trade with China.
\nChina is a major market and manufacturing center for Tesla, and the company\u2019s CEO, Elon Musk, has built close ties with Chinese officials even as U.S.-China relations soured. In May, he met the commerce minister and the then foreign minister in Beijing.
\nTesla built an electric vehicle plant in Shanghai in 2019 that assembles cars for China, Europe and other overseas markets. It is the No. 2 seller in the booming Chinese market for electric vehicles. AP<\/p>\n
The market leader is Chinese auto company BYD, which announced plans Friday to build electric vehicles in Hungary in what will be its first car factory in Europe.
\nTesla sold 464,654 vehicles in China in the first 10 months of the year, up 37.5% over last year and accounting for 12% of China\u2019s electric vehicle sales, according to the China Passenger Car Association, the research arm of the China Automobile Dealers Association.
\nChina is also by far the world leader in installing wind and solar capacity, making it a major market for energy storage. AP<\/p>\n","protected":false},"excerpt":{"rendered":"
BEIJING, 22 Dec: American electric automaker Tesla\u2019s plans to produce energy-storage batteries in China moved forward on Friday with a signing ceremony for the land acquisition for a new factory in Shanghai, China\u2019s state media said. Construction is scheduled to start early next year with production to come on line by the end of the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":{"0":"post-231300","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-world"},"_links":{"self":[{"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/posts\/231300","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/comments?post=231300"}],"version-history":[{"count":0,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/posts\/231300\/revisions"}],"wp:attachment":[{"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/media?parent=231300"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/categories?post=231300"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/tags?post=231300"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}