Tesla has signed a massive deal that it believes will bring energy stability to one of the world's largest cities.
The company will build a battery storage plant in Shanghai, CNBC reported. Tesla announced the deal on Chinese social media platform Weibo.
"The grid-side energy storage power station is a 'smart regulator' for urban electricity, which can flexibly adjust grid resources," Tesla wrote, per a Google translation from CNBC, adding that it will "effectively solve the pressure of urban power supply and ensure the safe, stable and efficient electricity demand of the city."
The deal is reportedly worth $556 million and will be the largest of its kind in China, per CNBC.
Battery storage plants are a necessity as renewable energy sources, such as solar and wind, become more common. Because those sources don't provide consistent energy around the clock, these plants store the energy, allowing it to be used whenever it's needed.
The announcement marks a big step forward for Tesla's presence in China. It has a Shanghai factory that produces Megapacks, its utility-scale batteries.
It's also a positive development for the company, which has had a bumpy 2025. The company had lower car deliveries and sales during the first quarter, and its long-promised robotaxi service was delayed before finally launching in late June.
Despite Tesla's sluggish numbers, electric vehicles have never been more popular. Sales continue to increase globally as more people discover the benefits of making the switch away from gas-powered cars to much cleaner EVs.
EVs also have, on average, lower maintenance costs than gas-powered cars and don't require costly fuel fill-ups. And the cost of recharging your EV's battery can drop dramatically when using at-home solar energy, which is much cheaper than relying on the grid or using public charging stations.
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