Tesla Energy Storage Deployment Hits Record High

In 2024, Tesla achieved a remarkable milestone by deploying 31.4 GWh of energy storage systems, marking a 114% increase from 2023's 14.7 GWh. This record coincided with the commencement of trial production at Tesla’s new Megapack factory in Shanghai, while the existing Megafactory in Lathrop, California, has the capacity to produce 10,000 Megapack units annually. Despite a slight decline in vehicle deliveries, which fell by 1.1% year-on-year to 1,789,226, Tesla's energy storage business continues to thrive, with Q4 alone seeing 11.0 GWh deployed. The growth in energy storage is bolstered by the rising demand for clean energy solutions, although the company faces increasing competition from rivals like CATL. Additionally, Tesla's energy generation and storage revenue reached $2.38 billion in Q3 2024, accounting for 9.4% of total revenue. The company's ongoing expansion efforts are set to further enhance its leadership in the energy storage market.