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Reading: Tesla achieves record energy storage deployment results in Q1 2024 amid a slowdown in EV sales
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EV-a2z > News > Tesla achieves record energy storage deployment results in Q1 2024 amid a slowdown in EV sales
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Tesla achieves record energy storage deployment results in Q1 2024 amid a slowdown in EV sales

Tesla's shift to emphasize energy storage amidst declining EV sales underscores its adaptive strategy and focus on renewable energy, potentially reshaping its market position and contribution to sustainable development.

EV-a2zm
Last updated: 2024/04/04 at 9:04 PM
EV-a2zm Published April 4, 2024 4 Min Read
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4 Min Read
Tesla Megapack
Tesla Megapack
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Tesla’s electric vehicle sales continue to decline amid an industry-wide slowdown, prompting multiple players to delay or cancel their electrification plans. 

Contents
Tesla Energy boomsMore growth prospectsTesla EV sales disappoints

The Musk-led company seemingly tries to counter its disappointing electric vehicle sales in the first quarter with the early release of its energy storage deployment results.

Tesla Energy booms

Tesla’s electric vehicle business growth might be demonstrating a downshift right now, but its energy storage unit is making up for it.

Tesla officially released its Q1 2024 delivery and production results on April 2, 2024. It usually only includes figures for the automotive business. However, this time, the Musk-led company suddenly decided to reveal the results of its energy storage business.

$TSLA
BREAKING: Tesla revealed its first ever energy storage numbers as it released production and delivery numbers.

Ran a deployment of 4GWh(4,053MWh) in Q1. This is the best ever. Congratulations Tesla Energy Team! pic.twitter.com/B99HQfz5n3

— Tsla Chan (@Tslachan) April 2, 2024

According to the quarterly report, Tesla’s energy storage deployment reached a record of 4,053 MWh in the first quarter of 2024. For comparison, Tesla only deployed 3,889 MWh in Q1 2023 and 3,202 MWh in Q4 2023.

“We deployed 4,053 MWh of energy storage products in Q1, the highest quarterly deployment yet.”

Tesla indicated in the quarterly report

It is worth noting that Tesla did not disclose any figures about its solar deployment in the first quarter of the year. 

pic.twitter.com/OqmN0Tfn3y

— Tsla Chan (@Tslachan) April 2, 2024

More growth prospects

Tesla’s energy storage business is undoubtedly still growing, and it has the potential to expand further in the rest of the year.

A Tesla fan and YouTuber @metgodinwilderness7130 spotted Tesla deploying an enormous number of battery packs in its Megafactory in Lathrop, California, on April 28. 

The Lathrop Megafactory currently houses the production of Tesla Megapacks for larger energy storage projects.

In addition, more than 440 Megapacks were seen in the Megafactory’s shipping yard earlier this year. This figure alone is already more than 1,700 MWh of energy storage waiting for deployment.

Tesla is also developing its second Megafactory in Shanghai, China. If production at the new Megapack factory can start this year, it could further boost the company’s energy storage deployment growth.

Moreover, Tesla is also accelerating the production of its Powerwall for residential energy storage applications.

Tesla EV sales disappoints

Tesla’s global electric vehicle deliveries reached a total of 386,810 units, down 8.5% year-on-year. It marked the company’s lowest quarterly delivery results since Q3 2022.

 
Production
DeliveriesSubject to operating lease accounting
Model 3/Y412,376369,7832%
Other Models20,99517,0271%
Total433,371386,8102%

In March, the Wall Street forecast was about 470,000 deliveries. However, it has continuously declined ahead of Tesla’s official release as many expected a weaker quarterly performance than the prior one. The final consensus stood at 430,000 deliveries. 

$TSLA Tesla hat soeben bekannt gegeben, dass es in Q1 386.810 EVs ausgeliefert hat

Die Wall Street hat mit 430k gerechnet, Aktie bricht ein pic.twitter.com/SKJ9d1gCak

— The Analyst (@TheAnalystDE) April 2, 2024

Tesla cited some excuses for missing electric vehicle delivery forecasts in Q1 2024.

“Decline in volumes was partially due to the early phase of the production ramp of the updated Model 3 at our Fremont factory and factory shutdowns resulting from shipping diversions caused by the Red Sea conflict and an arson attack at Gigafactory Berlin.”

Tesla

Nonetheless, the results were not surprising, as Tesla already warned investors last year that its vehicle volume growth rate would decline in 2024 due to its increased focus on developing its next-gen electric vehicle platform.

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TAGGED: BESS, Electric Vehicle, Energy Storage, EV, Powerwall, Tesla, Tesla Megapack
EV-a2zm April 4, 2024 April 4, 2024
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