Tesla’s $557 Million China Battery Deal Fuels EV and Energy Storage Growth

Tesla sealed a $557 million deal on Friday to construct its first grid-scale battery storage station in Shanghai, Yicai reported, bolstering its energy division’s footprint in China. The agreement, signed with China Kangfu International Leasing Co. and Shanghai’s local government, comes on the heels of Tesla launching production at its Shanghai battery megafactory in February. This investment highlights Tesla’s aggressive expansion into the lucrative energy storage market.