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☆ CATL Chairman: we need partnerships to address disparities in EV growth
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: 1 min

MUNICH, Sept 6 (Reuters) - Chinese battery giant CATL's (300750.SZ) chairman Robin Zeng called for global partners to accelerate electric vehicle development at a Chinese EV forum at the Munich auto show IAA Mobility on Wednesday. Zeng said in a speech addressing an audience including heads of major German suppliers that there was a growing disparity in EV adoption across different regions worldwide due to differences in policies, industrial foundations and technology development. He pointed to higher proportions of electric vehicles among total car sales in China and Europe, with the United States, South East Asia, and Australia lagging behind. Reporting by Zhang Yan, Victoria Waldersee; Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

Persons: Robin Zeng, Zeng, Zhang Yan, Victoria Waldersee, Friederike Heine Our Organizations: Thomson Locations: MUNICH, Munich, China, Europe, United States, South East Asia, Australia

☆ The Chinese EV market is dominated by BYD and Tesla, says consultancy
▼ + stars: | 2023-08-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Chinese EV market is dominated by BYD and Tesla, says consultancyJohn Zeng, director of China forecasting at GlobalData, says because China's top two electric vehicle manufacturers have already taken half of the country's market share, the rest will have to find a "very unique marketplace for themselves."

Persons: Tesla, John Zeng Organizations: BYD Locations: China

☆ Allianz Global Investors: we like investment-grade corporate bonds in China despite slowing economy
▼ + stars: | 2023-08-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAllianz Global Investors: we like investment-grade corporate bonds in China despite slowing economyJenny Zeng of Allianz Global Investors says any pullback in markets are good investment opportunities to buy Asian investment-grade corporate bonds.

Persons: Jenny Zeng Organizations: Allianz Global Investors Locations: China

CNN —China’s civilian spy agency has exposed a Chinese national for allegedly providing sensitive military information to the CIA, the latest in a string of highly public espionage accusations between Washington and Beijing. Zeng was allegedly offered “a huge amount” of money and immigration to the US for his family, in exchange for sensitive information about the Chinese military, the statement said. China’s announcement about the alleged CIA spy came a week after two US Navy sailors in California were arrested for allegedly providing sensitive US military information to Chinese intelligence officers. China’s Ministry of State Security is a civilian agency that oversees intelligence and counterintelligence both within China and overseas. China’s military also has its own intelligence agency.

Persons: CNN —, Zeng, ”, Xi Jinping Organizations: CNN, CIA, China’s Ministry of State Security, US, FBI, China’s Communist Party, The New York Times Locations: Washington, Beijing, Italy, China, California, United States, Russia

☆ China uncovers alleged Chinese spy for CIA - state broadcaster
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +2 min

The Chinese national surnamed Zeng, who had worked for a military industrial group, was recruited by a CIA agent based in Italy, China Central Television (CCTV) said in a report. Zeng was sent to Italy by the military industrial group for further studies and became acquainted with the CIA agent. After succeeding in "shaking" Zeng's political stance, the CIA agent sought sensitive information about the Chinese military from Zeng, according to the CCTV report. Zeng was found to have signed an espionage agreement with the U.S. and had received training before returning to China, CCTV reported. After returning to China, Zeng had provided on numerous occasions "core" intelligence, and had pocketed funds for the efforts, it said.

Persons: Zeng, Seth, Liz Lee, Ryan Woo, Jamie Freed, Michael Perry, Raju Gopalakrishnan Organizations: U.S . Central Intelligence Agency, CIA, China Central Television, U.S, Shanghai, Thomson Locations: BEIJING, China, Italy, U.S, Beijing, Washington, United States

☆ U.S. markets may not see lasting impact from Fitch downgrade
▼ + stars: | 2023-08-02 | by ( Susan Mathew | ) www.reuters.com time to read: +3 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. Early moves in U.S. financial markets on Wednesday indicated some aversion to riskier assets as investors assessed the impact of the surprise downgrade. The dollar climbed 0.2%, after slipping broadly in the wake of the downgrade. "Investors have lived through the S&P downgrade in 2011 and remember coming away unscathed. "We see the market impact from the downgrade news as ultimately limited, and Friday's jobs report could trump the downgrade news as monetary policy is still the dominant driver for yields."

Persons: Brendan McDermid, Steven Zeng, Jay Barry, Data, J.P.Morgan, Fitch, Goldman Sachs, Jan Hatzius, Moody's, Susan Mathew, Saumyadeb Organizations: New York Stock Exchange, REUTERS, P Global, Nasdaq, Treasury, Fitch, Deutsche Bank, Federal Reserve, Gross, AAA, Aaa, U.S ., U.S, Thomson Locations: New York City, U.S, Bengaluru

☆ 'A short-term glitch:' Wall Street pros shrug off the effect of Fitch's downgrade on markets
▼ + stars: | 2023-08-02 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

The Dow Jones Industrial Average fell more than 200 points Wednesday after the downgrade as traders weighed the move. US10Y 1Y mountain 10-year yield 1-year However, Wall Street strategists mostly took the downgrade in stride. The S & P 500's 17% rally this year and the Nasdaq Composite's 33% advance had some traders worrying that equities have surged "too far, too fast." Stovall's S & P 500 year-end target is at 4,575 . Goldman Sachs' Jan Hatzius said Tuesday the downgrade will have "little direct impact" on financial markets.

Persons: Fitch, Janet Yellen, Sam Stovall, Stovall's, Wells Fargo's Christopher Harvey, Goldman Sachs, Jan Hatzius, Steven Zeng, Management's Yung, Yu Ma, Ma, CFRA's Stovall, Deutsche Bank's Zeng, Michael Bloom Organizations: U.S ., Fitch, AAA, Dow Jones, Treasury, Street, Nasdaq, Deutsche, BMO Locations: Washington, U.S, Tuesday's

☆ Auction sizes set to increase at US Treasury refunding
▼ + stars: | 2023-07-28 | by ( Karen Brettell | ) www.reuters.com time to read: +4 min

The Treasury earlier this month posted a $228 billion budget deficit for June, up 156% from a year earlier. "They have to grow coupon auction sizes - not just at the August refunding, not just at the November refunding, but also at the February refunding as well, because they are ultimately trying to balance this supply picture between bills vs coupons and this growing financing need," Swiber said. The Treasury Borrowing Advisory Committee (TBAC) recommends that bills make up 15-20% of the total marketable debt. The Treasury will release its quarterly borrowing requirement Monday afternoon, and its refunding news comes Wednesday at 0830 ET/1230 GMT. The Treasury surveyed dealers about their opinion on how some details of the program should work ahead of the August refunding.

Persons: Steven Zeng, Meghan Swiber, Swiber, Ben Jeffery, Karen Brettell, Davide Barbuscia, Gertrude Chavez, Dreyfuss, Hugh Lawson Organizations: U.S . Treasury Department, Treasury, COVID, Deutsche Bank, Bank of America, BMO Capital Markets, Thomson Locations: U.S

☆ UN Security Council meets for first time on AI risks
▼ + stars: | 2023-07-18 | by ( Michelle Nichols | ) www.reuters.com time to read: +3 min

[1/5] The U.N. Security Council holds a meeting on Artificial intelligence at U.N. headquarters in New York City, U.S., July 18, 2023. "Both military and non-military applications of AI could have very serious consequences for global peace and security," Guterres said. Ambassador Zhang Jun described AI as a "double-edged sword" and said Beijing supports a central coordinating role of the U.N. on establishing guiding principles for AI. "No member states should use AI to censor, constrain, repress or disempower people," he told the council. Russia questioned whether the council, which is charged with maintaining international peace and security, should be discussing AI.

Persons: Brendan McDermid, James, Britain's, Antonio Guterres, Jack Clark, Zeng Yi, Guterres, U.N, Zhang Jun, Zhang, Jeffrey DeLaurentis, Dmitry Polyanskiy, Michelle Nichols, Aurora Ellis Organizations: . Security, REUTERS, Brendan McDermid UNITED NATIONS, United Nations Security Council, Britain's, U.N, China -, Research Center, AI, International Atomic Energy Agency, International Civil Aviation Organization, U.S, Thomson Locations: New York City, U.S, China, United States, Beijing, Russia

☆ BYD launches its most direct Tesla competitor yet
▼ + stars: | 2023-07-04 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

The Denza N7 is set to begin deliveries in about two weeks, according to the company. In another page from Nio's playbook, the Denza N7 launch in Beijing was followed by a live music performance. Its prior electric model, the D9 multi-purpose vehicle, claims more than 10,000 sales a month since since March. At the time Zeng said he expected competition in China's new energy vehicle market would move into the 400,000 yuan to 500,000 yuan price range and above. The 100,000 yuan to 200,000 yuan price range has been the primary price range for cars in China, Zeng said.

Persons: Yang Dongsheng, Tesla, Tu Le, Denza, playbook, Denza's, Zhao Changjiang, BYD, Nvidia Orin, Orin isn't, Yang, Craig Zeng, Zeng Organizations: Bloomberg, Getty, Tesla's, Tesla, Benz Group, Tech, Benz, BMW, Audi, Qualcomm, Nvidia, CNBC Locations: Beijing, BEIJING, China, Weibo, Thailand, Hong Kong, Macao, Europe

☆ China’s new EV subsidies might not be enough to bolster slowing growth
▼ + stars: | 2023-06-22 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Cadillac advertises for its electric car in Shanghai on May 23, 2023. Hugo Hu | Getty Images News | Getty ImagesBEIJING — Subsidies for electric cars aren't enough to boost growth in China's slowing economy. One of the few detailed stimulus plans Beijing has announced this year extends tax breaks for electric car purchases, according to documents released Wednesday. He was speaking about the electric car market in general. China still leads globally in the installation of public fast charging stations – almost 90% of the global growth in such chargers last year, the IEA said.

Persons: Hugo Hu, China haven't, Craig Zeng, Zeng, Nomura Organizations: Getty, CNBC, International Energy Agency, State Council Locations: Shanghai, BEIJING, Beijing, China

☆ There is a strong trend of switching to EVs in China, says automotive portal
▼ + stars: | 2023-06-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere is a strong trend of switching to EVs in China, says automotive portalCraig Yan Zeng of Autohome discusses the outlook for electric vehicles in China and the environmental concerns behind growth in the sector.

Persons: Yan Zeng, Autohome Locations: China

☆ Markets brace for deluge of Treasury bill supply after US debt deal
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +3 min

The Treasury General Account has fallen sharply since January when Treasury hit its limit on borrowing. Cash balance targets indicate it will need to rebuild its account quickly now that the borrowing cap has been lifted. "Money market funds are extremely short ... so the trillion-dollar Treasury bills (issuance) would be welcome with open arms," said money market fund expert Peter Crane, president of Crane Data. Part of that could be due to the fact that money funds, heavily exposed to short-term debt this year, have started to extend the their maturities recently. "The Federal Reserve RRP has been holding trillions of the money fund assets and so that money can easily be redeployed into Treasury bills.

Persons: Steven Zeng, Zeng, Glenmede, Peter Crane, RRP, Bank's Zeng, Davide Barbuscia, Karen Brettel, Alden Bentley, Matthew Lewis Organizations: YORK, Treasury, Deutsche Bank, Treasuries, Crane, Federal, Thomson Locations: New York

BEIJING, June 5 (Reuters) - U.S. automaker Tesla Inc (TSLA.O) delivered 77,695 China-made electric vehicles (EVs) in May, a 2.4% jump from April, data from the China Passenger Car Association (CPCA) showed on Monday. Chinese rival BYD Co Ltd (002594.SZ), with its Dynasty and Ocean series of EVs and petrol-electric hybrid vehicles, logged sales of 239,092 vehicle in May, up 14% from April, CPCA data showed. CPCA is scheduled to release more detailed car sales figures for May later this month. Tesla has been under intense focus in China in recent weeks, amid an unannounced, high-stakes visit from boss Elon Musk. Musk visited Tesla's Shanghai factory late on Wednesday and met with Chen Jining, the ruling party's Shanghai secretary, on Thursday.

Persons: CPCA, Tesla, Elon Musk, Ding Xuexiang, Musk's, Zeng Yuqun, Musk, Chen Jining, Chen, Qiaoyi Li, Zhang Yan, Brenda Goh, Louise Heavens, Bernadette Baum Organizations: U.S, Tesla Inc, China Passenger Car Association, BYD Co, Reuters, Amperex Technology Co, Thomson Locations: BEIJING, China, Shanghai, Beijing

☆ Elon Musk says his Shanghai factory makes the ‘highest quality’ Teslas
▼ + stars: | 2023-06-02 | by ( Laura He | ) edition.cnn.com time to read: +4 min

It was the first time Musk has visited the country since January 2020, when a video of him dancing onstage at Tesla’s Shanghai factory went viral. Before leaving, Musk met Chen Jining, the Communist Party chief of Shanghai, according to a statement by the city government. Musk praised the success of Tesla’s Shanghai facility — which opened in 2019 — and said he was hoping to work more with the city in various areas, the statement said. In 2022, the company delivered 1.31 million vehicles globally, more than half of which were from Shanghai, according to its financial results. “Congratulations to Giga Shanghai & Tesla China SDS teams for their excellent work overcoming many obstacles over many years!!

Persons: Hong Kong CNN —, Elon Musk, Musk, Chen Jining, Chen, Tesla, —, Variflight, ”, “, ” Musk, “ It’s, ” “, Elon, Jade Gao, Qin Gang, didn’t, Zeng Yuqun Organizations: Hong Kong CNN, Communist Party, Beijing Capital International Airport, Getty, Financial Times, Twitter, Giga Shanghai, Tesla China SDS, EV, CNN Locations: Hong Kong, China, Shanghai, Shanghai’s Hongqiao, Beijing, AFP, United States, Weibo

☆ Elon Musk wrapped up his first visit to China in years. Here's what the Tesla CEO was up to
▼ + stars: | 2023-06-01 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

His first visit in 3 years saw the Tesla CEO meet with top government officials and speak to staff at the Shanghai Gigafactory. Tesla opposes "decoupling" and is willing to continue to expand its business in China, the statement said. On Wednesday, Musk met with Jin Zhuanglong, China's minister of industry and information technology. On Thursday, Musk met with Chen Jining, the Shanghai party secretary. Musk visits the Shanghai Gigafactory

Persons: Elon Musk, Ding Ting, Musk, Qin Gang, Qin, Tesla, Jin Zhuanglong, Chen Jining, Tesla's, Chen, Ding Xuexiang, Ding, Xi Jinping, Xi, Zeng Yuqun, Zeng, CATL Organizations: Xinhua News Agency, Getty, Musk, Reuters, EV, CATL, CNBC, Bloomberg, Shanghai Locations: China, Shanghai, U.S

☆ Republican presidential candidate slams Elon Musk for saying the US and China's interests are 'intertwined like conjoined twins'
▼ + stars: | 2023-06-01 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

Vivek Ramaswamy has called some of Musk's comments to Chinese officials "deeply concerning." According to Chinese officials, Musk said he's opposed to the two nations weakening economic ties. Republican candidate Vivek Ramaswamy has called some of Elon Musk's comments to Chinese officials "deeply concerning." According to a statement from the Chinese foreign ministry, Musk told officials he's opposed to the two countries weakening their economic ties. He described the US and China's interests as "intertwined like conjoined twins," according to the ministry's statement.

Persons: Vivek Ramaswamy, Musk, he's, Elon Musk's, he'd, Ramaswamy, Ma, Zeng Yuqun, Fu, Tesla, Ray Dalio, Matthew Loh Organizations: Morning, Twitter, Chinese Communist Party, Weibo, Reuters, Fu Yan Locations: China

☆ Musk's China visit ends with burgers for 100 Shanghai Tesla workers — and favor from Beijing as state-affiliated media showcases trip on Twitter
▼ + stars: | 2023-06-01 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

Elon Musk's surprise trip to China ended with burgers and soft drinks for Tesla staff in Shanghai. His trip was showcased on Twitter by Chinese state media. Elon Musk completed his whistle-stop tour of China by treating workers at Tesla's Shanghai plant to burgers and soft drinks, with his visit being showcased on Twitter by China's state-affiliated media. A video published online by Tesla's China team, seen by Insider, showed Musk delivering a speech to a crowd of workers at his Shanghai plant. Elon Musk visited workers at Tesla's Shanghai gigafactory after first China trip in three years.

Persons: Elon Musk's, Elon Musk, Tesla's, China Grace Tao, Grace Tao, Weibo Musk, Jack Ma, Zeng Yuqun, Tesla, Musk Organizations: Twitter, Bloomberg, Tesla's, Global Times, Communist Party's, Shanghai gigafactory Locations: China, Shanghai, Tesla's China, Beijing

[1/3] Tesla Chief Executive Officer Elon Musk stands near Chinese Commerce Minister Wang Wentao before leaving the Chinese Ministry of Commerce in Beijing, China May 31, 2023. Billionaire Elon Musk has been showered with praise by the Chinese public during his trip to China and while also securing audiences with three government ministers. "Elon Musk is just great, if only China could have someone like Elon Musk," said another. Musk's unannounced trip is the latest by a major U.S. CEO to China since the country reversed its zero-COVID policy and reopened its borders. The commerce ministry also did not respond to a request for comment.

Persons: Elon Musk, Wang Wentao, Tingshu Wang, Ma, Billionaire Elon Musk, Zeng Yuqun, Jin Zhuanglong, hasn't, Musk, Elon, Tim Cook, JP Morgan's, Jamie Dimon, Laxman Narasimhan, CATL's Zeng, Tesla, CATL, Martin Pollard, Josh Arslan, Wang Tingshu, Joe Cash, Zhang Yan, Brenda Goh, Edwina Gibbs Organizations: Tesla, Commerce, Chinese Ministry of Commerce, REUTERS, Tesla Inc, Fu Yan, Twitter, Shanghai, Thomson Locations: Beijing, China, Tingshu Wang BEIJING, U.S, Shanghai, United States

[1/2] Tesla Chief Executive Officer Elon Musk gets in a Tesla car as he leaves a hotel in Beijing, China May 31, 2023. REUTERS/Tingshu WangBEIJING, May 31 (Reuters) - Tesla Inc (TSLA.O) CEO Elon Musk kicked off his second day in China with visits to the country's commerce ministry and industry ministry. Musk left his hotel on Wednesday morning accompanied by Grace Tao, Tesla's China-based public affairs chief and Tom Zhu, head of global manufacturing. He next visited the Ministry of Industry and Information which has regulatory oversight of the automotive industry. Tesla and the ministries did not immediately reply to a request for comment on discussions with Musk.

Persons: Elon Musk, Tingshu Wang, Musk, Grace Tao, Tom Zhu, Wang Wentao, Tesla, Qin Gang, Zeng Yuqun, CATL, Martin Pollard, Josh Arslan, Wang Tingshu, Joe Cash, Zhang Yan, Brenda Goh, Edwina Gibbs Organizations: Tesla, REUTERS, Tesla Inc, Ministry of Industry, Foreign, Thomson Locations: Beijing, China, Tingshu Wang BEIJING, Shanghai, United States

☆ Elon Musk visits China's commerce ministry
▼ + stars: | 2023-05-31 | by ( ) www.cnbc.com time to read: +1 min

Chinese State Councilor and Foreign Minister Qin Gang meets Tesla Chief Executive Officer Elon Musk in Beijing, China, in this handout image released by China's Ministry of Foreign Affairs May 30, 2023. Tesla CEO Elon Musk kicked off his second day in China with a visit to the country's commerce ministry on Wednesday morning. A day earlier, he met with Chinese Foreign Minister Qin Gang. Tesla and CATL did not respond to requests for comment on the meeting or on Musk's plans in China. He declined to comment at the hotel when questioned by reporters about the aim of his trip, Tesla's prospects in China and plans for Tesla's plant in Shanghai.

Persons: Qin, Elon, Elon Musk, Qin Gang, Zeng Yuqun, CATL, Musk, Tesla's, Grace Tao, Tom Zhu Organizations: Qin Gang, China's Ministry of Foreign, Foreign, CATL Locations: Beijing, China, Tesla's China, Shanghai, U.S

☆ 6 photos of Elon Musk's visit to China, from a 16-course dinner to meetings with Chinese officials
▼ + stars: | 2023-05-31 | by ( Grace Kay | ) www.businessinsider.com time to read: +5 min

Photos from the visit show Musk's private jet landing and the Tesla CEO's 16-course meal. Elon Musk touched down in China for the first time in three years on Tuesday — a key trip for the Tesla chief. Musk met with Chinese Foreign Minister Qin Gang. Musk is one of several US CEOs to visit China in recent months. Some analysts have hailed Musk's visit to China as a positive sign.

Persons: Elon Musk, Musk, Elon, Tingshu Wang, Ma, Jack Ma, Tom Zhu, Grace Tao, Qin Gang, Qin, he's, Zeng Yuqun, Fu Yan, Jin Zhuanglong, Tesla, CNBC's David Faber, Li Keqiang, Li Qiang, Dan Ives Organizations: Morning, Tesla, Twitter, REUTERS, Reuters, Tesla's, Beijing REUTERS, Chinese Ministry of Commerce, Foreign, China's Ministry of Foreign Affairs, Amperex Technology, Weibo, Associated Press, Apple, Getty Locations: China, Beijing, Austin , Texas, Anchorage , Alaska, People's Republic of China, Shanghai

☆ Elon Musk hailed as 'Brother Ma' during a trip to China, where he's been lavished with a 16-course meal and treated like a king
▼ + stars: | 2023-05-31 | by ( Hasan Chowdhury | Cheryl Teh | ) www.businessinsider.com time to read: +3 min

During a surprise visit to the country, Musk has been inundated with high praise, Reuters reported. His trip has caused a social-media storm, with people eager to recommend places for him to visit. It was the Tesla and Twitter boss's first trip to China in three years, making his visit a high-profile affair for members of the public. Pictures of what's thought to be the menu for Musk's dinner in China are circulating on China's Twitter-like Weibo platform. Screengrab/WeiboReuters reported the evening included a 16-course meal shared with battery executive Zeng Yuqun at the Man Fu Yan restaurant.

Persons: Elon Musk, Musk, Jack Ma, Ma, Zeng Yuqun, Fu, Xi, Tesla Organizations: Reuters, Morning, Twitter, Weibo Reuters, Fu Yan Locations: China, Beijing, Weibo, Peking, Taiwan, Ukraine

☆ Tesla to build Shanghai factory to make Megapack batteries
▼ + stars: | 2023-04-09 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, April 9 (Reuters) - Tesla Inc (TSLA.O) is opening a factory in Shanghai, capable of producing ten thousand Megapack energy product per year, to supplement output of Megapack factory in California, the company said in a tweet on Sunday. Complementing a huge existing Shanghai plant making electric vehicles, the new factory will initially produce 10,000 Megapack units a year, equal to around 40 gigawatt hours of energy storage, to be sold globally, Xinhua said. Chinese battery giant CATL (300750.SZ) has also been deepening its collaborations with clients including Tesla in energy storage battery supplies, which its Chairman Robin Zeng expected to have a larger market than batteries powering electric vehicles (EV). The company began producing Model 3 cars in Shanghai in 2019 and now is capable of producing 22,000 units of cars per week. Tesla planned to expand the Gigafactory Shanghai, its most productive automaking plant, to add an annual capacity of 450,000 units, Reuters reported last May.

☆ Tesla to build Shanghai factory to make Megapack batteries, Xinhua reports
▼ + stars: | 2023-04-09 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, April 9 (Reuters) - Tesla Inc (TSLA.O) will build a factory in Shanghai to make the Megapack energy storage product, Chinese state media outlet Xinhua reported on Sunday. Elon Musk's automaker will break ground on the plant in the third quarter and start production in the second quarter of 2024, Xinhua reported from a signing ceremony in Shanghai. Complementing a huge existing Shanghai plant making electric vehicles, the new factory will initially produce 10,000 Megapack units a year, equal to around 40 gigawatt hours of energy storage, to be sold globally, Xinhua said. Chinese battery giant CATL (300750.SZ) has also been deepening its collaborations with clients including Tesla in energy storage battery supplies, which its Chairman Robin Zeng expected to have a larger market than batteries powering electric vehicles (EV). Tesla planned to expand the Gigafactory Shanghai, its most productive automaking plant, to add an annual capacity of 450,000 units, Reuters reported last May.

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