Tesla begins construction of Shanghai-based Gigafactory 3

By BizClik Admin

US electric vehicle developer and manufacturer Tesla has begun construction of its Gigafactory 3 in Shanghai, China

The factory is Tesla’s first manufacturing facility outside the US, and has been strategically located to cater to China’s booming EV market.

According to tweets from Tesla CEO Elon Musk, the new facility will produce “affordable versions” of Tesla’s Model 3 and Model Y, adding that the firm will continue to construct its more expensive versions of both vehicles in the US for sale in each of its operational markets.

Musk said that he anticipates initial construction to be completed in the summer, with Model 3 production to begin by the end of 2019 and high-capacity production to begin next year.

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Tesla acquired the land in Shanghai in October 2018, with Reuters reporting at the time that the facility will cost around US$2bn to construct.

At full capacity, Gigafactory 3 will produce 500,000 vehicles each year, catering to demand from the exponentially expanding Chinese EV market as well as mitigating the costs of importing units from abroad.

On a wider scale, the facility will enable Tesla to double its worldwide production, ensuring it is well-placed to meet the needs of markets around the world as they transition to EVs.


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