Tesla's new mega factory project in Shanghai officially launched

SHANGHAI, Dec. 22 (Xinhua) -- U.S. carmaker Tesla Inc. officially launched its new mega factory project that is capable of producing 10,000 Megapacks a year in Shanghai, the company announced.

A signing ceremony for land acquisition of the project was held on Friday morning in Shanghai, marking the official opening of what the company said a "milestone project."

Megapack is a powerful battery that provides energy storage and support, helping to stabilize the grid and prevent outages, information on Tesla's website shows.