Tesla has a new Gigafactory and has just turned on the machines

Amid the noise, the accusations, the attempts by large artificial intelligence companies to buy out, and being very busy laying off millions of employees in the United States, Elon Musk can take comfort in the fact that a new Gigafactory has started operating. Tesla has begun production at its new Gigafactory in Shanghai, the second of its kind, and is starting to ship to its first customers. Energy storage has been the positive aspect of Tesla in recent quarters. While its core automotive business has been reducing both its revenues and margins, its […]

Amid the noise, the accusations, the acquisition attempts by large artificial intelligence companies and being very busy firing millions of officials in the United States, Elon Musk can be pleased that a new Megafactory has started operating.

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Tesla has started production at its new megafactory in Shanghai, the second of its kind, and is beginning to ship to its first customers. Energy storage has been the positive aspect for Tesla in recent quarters.

While its main business, the automotive, has been reducing both its revenues and its margins, its energy storage business has grown at an impressive rate.

The business is not in electric cars, but in electric energy

This is mainly due to its Megapacks, its popular commercial-scale energy storage systems, and the acceleration of production at its Megafactory in California, where it manufactures those battery packs.

And today Tesla has announced that it has produced its first Megapack of batteries at the Shanghai factory and has released images to prove it.

Tesla has also said that it will soon send the first Megapacks to Australia from this factory. Australia has been one of Tesla’s first customers for large-scale energy storage systems and it will make more sense to send Megapacks from China than from the U.S.

This second gigafactory will help the logistics of Tesla’s energy storage business. While Tesla’s energy storage volumes are increasing, the company has had to cut the prices of Megapacks over the past year, resulting in lower margins.

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The company is also facing stronger competition. Its own battery cell suppliers, BYD and CATL, have launched products similar to the Megapacks, and the market is more contested than ever.

Author: Chema Carvajal Sarabia

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