09:30 ET -- Tesla Inc. is one of the most mentioned companies in the U.S. across all news items in the last 12 hours, according to Factiva data. The electric vehicle and energy storage maker said it is building a factory in Shanghai to manufacture its high-capacity Megapack battery, further expanding its operations in the country at a time of fraught U.S.-China ties. The new factory is scheduled to break ground in the third quarter this year and start production in the second quarter of 2024, Chinese state media Xinhua News Agency reported Sunday. Tesla posted a photo of the new factory's signing ceremony in a tweet and said it has set a production number of 10,000 Megapack units every year. Tesla sold 88,869 China-made cars in March, according to the China Passenger Car Association. Dow Jones & Co. owns Factiva. (chris.wack@wsj.com)

(END) Dow Jones Newswires

April 10, 2023 09:45 ET (13:45 GMT)

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