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Industry Insight No. 3 | Tesla Energy Storage Superfactory lands in Shanghai

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Update time : 2023-04-26 10:31:03

In the process towards the achievement of China’s “Double Carbon” goal, new energy storage development tend to be diversified, industrial chain layout is furthermore accelerating, and the energy storage industry is developing rapidly.
 

Tesla, a powerful entrant in the energy storage industry, recently launched its energy storage superfactory project in Shanghai, focusing on the production of energy storage product Megapack. Megapack, the company's flagship energy storage product is designed for grid use. It is Tesla's largest stationary energy storage product, costs about $2.1 million per 3.9MWh unit. The reason why Megapack is so popular is that within its single volume - the size of a container - it can hold up to 3MWh of energy capacity.
 

Same as five years ago, Tesla’s Shanghai energy storage superfactory is the debut in its global supply chain. After the Shanghai superfactory is launched, the planned production capacity is 10,000 units of megapack, which is equivalent to about 40 GWh of energy storage. According to GaoGong Industry Research Institute, China's energy storage lithium battery shipments reached 130 GWh in 2022. Based on this calculation, Tesla's Shanghai energy storage superfactory will produce up to 30% of China's energy storage lithium battery shipments.
 

This is the second time that Tesla tied the knot with Shanghai. The ‘hand-shaking’is based on two reasons: on one hand, Tesla Californian Plant is facing order delivery pressure for Megapack products. In this case, Shanghai superfactory functions as a capacity alternative, on the other hand, China itself has become as the world’s largest new energy vehicle market.
 

Revealed data says, in 2022, China sold 6,887 million new energy vehicles, selling 93.4% more over the previous year. Production and sales remained the world's first for eight consecutive years. China’s new energy vehicle sales accounted for 25.6% of the country’s total new vehicle sales. According to the China Association of Automobile Manufacturers, in the first quarter of 2023, sales of new energy vehicles were 717,000 units, up 58.5% MoM and 213.4% YoY, of which, pure electric vehicle sales represents 566,000 units, up 60.9% MoM and 232.4% YoY. The recently released Energy Storage Industry Research White Paper 2023 shows that last year, China's new energy storage increased by a record-high 7.3GW/15.9GWh, with power amount scale up 2 times year-on-year and energy amount scale up 2.8 times year-on-year, which is the first time China overtook the United States to become the world's first.
 

Although the domestic energy storage industry is now facing difficulties such as high cost of new energy storage and difficulties in profitability, Tesla's expansion of its energy storage business in Shanghai will open up new horizon for China’s energy storage market.
 

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