On April 9, the signing ceremony of Tesla’s Megafactory Project was held in Shanghai, and the Project was officially settled in Lingang, Shanghai. Tesla’s Megafactory plans to produce Tesla’s ultra-large commercial energy storage batteries (Megapack), and the factory is scheduled to start construction in the third quarter of 2023 and kick off production in the second quarter of 2024. The signing of Tesla’s Megafactory Shanghai Project means that besides its EV business, Tesla’s energy storage business will see even faster growth. This cooperation will provide better energy replenishment services for Tesla’s EV business while providing better products and services for Tesla users in China and even across the world.