Tesla has announced its plans to open a Megapack battery factory in Shanghai, which will be able to produce 10,000 large batteries to store electricity. This announcement comes shortly after Airbus unveiled plans for a second final-assembly line in China's north, indicating the country's efforts to attract more foreign investors. The new factory is expected to be a "game changer" for Tesla's battery technology, according to Wedbush Securities analyst Daniel Ives. The facility will be located in Lingang, where Tesla's Gigafactory broke ground in 2019, and is set to begin production in 2024. Tesla is the second-largest electric vehicle maker in China, following BYD, and the Shanghai facility serves as its main export hub.
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