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Reports: Tesla Plans Shanghai Factory for Power Storage

by Associated Press

   Beijing --

   Electric car maker Tesla Inc. plans to build a factory in Shanghai to
   produce power-storage devices for sale worldwide, state media reported
   Sunday.

   Plans call for annual production of 10,000 Megapack units, according to
   the Xinhua News Agency and state television. They said the company made
   the announcement at a signing ceremony in Shanghai, where Tesla
   operates an auto factory.

   The factory is due to break ground in the third quarter of this year
   and start production in the second quarter of 2024, the reports said.

   Tesla didn't immediately respond to requests for information.