Tesla, Shanghai sign $557 million energy storage station deal, Yicai reports

 


BEIJING (Reuters) -Tesla's first China grid-scale battery storage station using its megapack batteries will be located in Shanghai, local media Yicai reported on Friday.

The deal involving an investment of 4 billion yuan ($556.8 million) was signed between the U.S. automaker, China Kangfu International Leasing Co and the Shanghai local government on Friday, according to the report.

Tesla's battery megafactory in Shanghai for making its megapack batteries began production in February.

($1 = 7.1840 Chinese yuan)



(Reporting by Beijing newsroom; Editing by Jacqueline Wong)