Construction of Tesla's Shanghai Gigafactory is 60% complete. Tesla plans to begin production of the Megapack in the first quarter of 2025, although it will take some time for the company to achieve mass production. Eventually, Gigafactory Shanghai's output is expected to match Tesla's factory in Lathrop, California, with both factories targeting annual production of around 40 gigawatt hours, or about 10,000 Megapack units per year.
The Lathrop Gigafactory has also been ramping up production over the past few years, especially as demand for Tesla's grid-scale energy products continues to grow.
Although Tesla held a signing ceremony for the Shanghai Gigafactory in December last year, the construction materials for the construction project did not begin to arrive until March. Tesla officially started construction on May 23, and construction has progressed at an astonishing pace in the months since—on par with the pace of the Shanghai Gigafactory the company is building nearby.
Last month, Tesla's factory completion rate was estimated to be around 45%, showing how quickly the company's newest factory has been progressing since breaking ground in May. The Shanghai Gigafactory is located in the Shanghai Lingang New District Industrial Park. The factory covers a total area of approximately 200,000 square meters (approximately 656,168 square feet).
In the second quarter, Tesla deployed 9.4GWh of battery storage, setting a record for energy deployment in a single quarter. Prior to this, Tesla's battery storage deployment in the first quarter was 4.1GWh, a year-on-year increase of 157%. Tesla Energy's growth is in line with Elon Musk's prediction last year, when he said energy sales growth would soon begin to outpace the company's automotive business.