Tesla’s vitality storage enterprise is booming, and it’s simply starting. Nonetheless, the start of Tesla’s vitality storage progress additionally seems to be the tip of Tesla’s photo voltaic enterprise.
Don’t get fooled by the truth that Tesla’s vitality storage deployment was down sequentially from 9.4 to six.9 GWh.
Sequentially, Tesla’s deployment may look dangerous as a result of it’s engaged on large battery initiatives. If just a few of them get delayed for causes which are usually out of Tesla’s management, it may’t account for the deployment regardless that it may need delivered the Megapacks.
It’s higher to take a look at the year-over-year progress, which was at 75% final quarter.
It’s additionally solely the start of Tesla’s progress in vitality storage deployment. This week, Tesla disclosed that its Lathrop Megafactory is now producing Megapacks at its full deliberate capability of 40 GWh per yr.
Megapack alone might contribute 10 GWh of deployment per quarter. Tesla additionally not too long ago disclosed Powerwall reaching a manufacturing capability of 700,000 Powerwall per yr, which may contribute over 2 GWh of vitality storage deployment per quarter.
Moreover, Tesla disclosed that its Shanghai Megafactory, which goals to supply Megapacks in China, is on monitor to start out its first cargo in Q1 2025.
Tesla disclosed all of this in its Q3 2024 shareholders’ presentation:
The Vitality enterprise achieved a file gross margin of 30.5% in Q3, a sequential improve of 596 bps, regardless of decrease Megapack volumes. Powerwall achieved file deployments in Q3 for the second quarter in a row. Ramp of Powerwall 3 and the Lathrop Megafactory continued efficiently – with Lathrop demonstrating 200 Megapack manufacturing (40 GWh annual run fee) in a single week. As of Q3, over 100,000 Powerwalls had been enrolled in Digital Energy Plant packages, delivering further monetary worth to house owners whereas offering much-needed assist to the grid during times of stress. The Shanghai Megafactory stays on monitor to start delivery Megapacks in Q1 2025.
This was Tesla’s whole ‘Vitality Technology and Storage’ part; as you possibly can see, there’s nothing about vitality technology. It’s nearly vitality storage.
Tesla’s “vitality technology” enterprise has been photo voltaic, nevertheless it’s now going away.
Over the previous couple of years, we now have reported on how Tesla has been phasing out this photo voltaic enterprise. It’s now so small that Tesla doesn’t even trouble reporting its photo voltaic deployment.
The corporate nonetheless deploys photo voltaic inverters and photo voltaic roofs, however virtually completely via third-party installers, and it’s clearly changing into not vital to the corporate.
The phrase ‘photo voltaic’ wasn’t talked about as soon as throughout Tesla’s Q3 2024 convention name.
Tesla’s aim now could be to personal the “mind” behind distributed vitality techniques to allow its digital energy plant merchandise.
Electrek’s Take
At this level, it’s not not possible to see Tesla deploy round 60 GWh of vitality storage subsequent yr. That will be really spectacular. Congratulations to everybody concerned.
On the photo voltaic entrance, I feel we have to begin grieving Tesla’s photo voltaic enterprise. It’s disappointing the way it occurred.
For these not conscious, Tesla’s acquired its photo voltaic enterprise via the controversial acquisition of SolarCity, which was based by Musk’s cousins and financed by Musk himself.
Many noticed it as a bailout, and Tesla shareholders sued Musk for it, however he defended himself by claiming that regardless that photo voltaic deployment has gone down since Tesla acquired SolarCity, it was nonetheless an vital a part of its enterprise.
As quickly as he received the lawsuit, Tesla began to cease reporting photo voltaic deployment and phased out the enterprise.
Whereas Tesla doesn’t do a lot photo voltaic anymore, loads of others do and it’s a good way to scale back your electrical energy bils. If you wish to ensure that you’re discovering a trusted, dependable photo voltaic installer close to you that provides aggressive pricing, try EnergySage. EnergySage is a free service that makes it simple so that you can go photo voltaic – whether or not you’re a house owner or renter. They’ve lots of of pre-vetted photo voltaic installers competing for your corporation, making certain you get high-quality options and save 20 to 30% in comparison with going it alone. Plus, it’s free to make use of and also you received’t get gross sales calls till you choose an installer and also you share your telephone quantity with them.
Your customized photo voltaic quotes are simple to check on-line and also you’ll get entry to unbiased Vitality Advisors that will help you each step of the way in which. Get began right here.
FTC: We use earnings incomes auto affiliate hyperlinks. Extra.
