The electric vehicle company's market cap would have to rise to $1.6 trillion...

Tesla has bought a parcel of land in Shanghai for a factory where it will build its Megapack large-scale batteries, according to Xinhua, the state news agency. The US carmaker will produce 10,000 massive batteries a year at the Megafactory in Shanghai's Lingang free-trade zone (FTZ) when construction of the plant is complete. A land acquisition agreement was signed on Friday morning, Xinhua said. "After securing the site, Tesla will officially launch the project with substantial steps taken to g...

American electric automaker Tesla's plans to produce energy-storage batteries in China moved forward on Friday with a signing ceremony for the land acquisition for a new factory in Shanghai, China's state media said. Construction is scheduled to start early next year with production to come on line by the end of the year, the official Xinhua News Agency said. The factory won't build batteries for cars but for electric utilities and other companies to store power...