Electric vehicle giant Tesla (NASDAQ:TSLA) has picked a spot to build its new production facility in Shanghai next to its Gigafactory 3, which would make Shanghai “the world’s largest vehicle export hub.”
The new factory will be capable of producing 450,000 units annually and is expected to start making Model 3 and Model Y vehicles once Tesla completes the first stage of the plant’s construction.
The new assembly facility will be a part of Tesla’s existing Gigafactory 3 which started production in late 2019. The news come after the Post reported in February that Tesla wants to build a second production line in Shanghai to more than double its capacity in China.
In its Gigafactory 3, Tesla produced 484,130 Model 3 and Model Y vehicles last year, which accounts for 51.7% of its global total of 936,000 vehicles. The company delivered 321,000 China-made Model 3 and Model Y vehicles last year, marking a 117% rise from 2020.
The carmaker’s existing production line in Shanghai is capable of producing more than 1,000 in a single shift.
By Senad Karaahmetovic