The daily business briefing: April 10, 2023

Tesla plans to build a high-capacity-battery factory in Shanghai, 'The Super Mario Bros. Movie' has a blockbuster opening as families return to theaters, and more

The Super Mario Bros. Movie
(Image credit: Universal Pictures)

1. Tesla to build high-capacity-battery factory in Shanghai

Tesla plans to build a Shanghai factory that will make its Megapack high-capacity battery for energy storage, The Wall Street Journal reported Sunday, citing China's official Xinhua News Agency. The report didn't specify the size of Tesla's investment, but said the project would expand the electric car maker's presence in the world's second-largest economy as U.S.-China relations worsen. Tesla posted a photo of the signing ceremony on Twitter. The company plans to break ground in the third quarter, with production starting in spring 2024, Xinhua reported. Tesla plans to produce 10,000 Megapacks per year at the factory, enough to store 40 gigawatt hours of energy. Each Megapack unit can hold enough energy to power 3,600 homes for one hour.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.