Tesla’s energy storage unit continues to expand amid the global shift to clean and sustainable energy, reaching a record deployment of 9.4 GWh in the second quarter of 2024.
Battery storage deployments surge 132% in Q2 2024
Tesla Energy’s battery storage deployments in Q2 2024 managed to beat the already impressive record in the prior quarter.
According to the press release, Tesla Energy achieved a deployment record of 4.1 GWh in the January to March 2024 period.
Remarkably, this energy storage deployment capacity further increased to a whopping 9.4 GWh in Q2 2024. It represents a notable 132% quarter-over-quarter and 157% year-over-year growth.
“We deployed 9.4 GWh of energy storage products in Q2, the highest quarterly deployment yet.”
Tesla
FY 2023 deployment
Industry observers pointed out that Tesla’s battery storage deployments in the first and second quarters are already at 13.5 GWh.
With two quarters remaining, this record is already close to the total energy storage deployments Tesla reported last year.
For context, Tesla Energy’s deployment reached a total of 14.724 GWh in FY 2023:
- Q1 2023 – 3.889 GWh
- Q2 2023 – 3.653 GWh
- Q3 2023 – 3.980 GWh
- Q4 2023 – 3.202 GWh
Upcoming Megafactory in Shanghai
The significant growth of Tesla Energy’s battery deployments is likely due to the production ramp-up at Tesla’s Lathrop Megafactory.
While the Lathrop Megafactory can produce 40 GWh of battery storage per year, the strong Q2 2024 results suggest Tesla is approaching full capacity there. Nonetheless, it does not limit Tesla Energy’s future growth. Its upcoming Shanghai Megafactory, currently under construction, will provide additional production capacity to keep up with the company’s energy storage ambitions.
The Shanghai Megafactory will also have an annual production capacity of 40 GWh, with the potential to exceed this initial target in the long run. Tesla kicked off the development at the sire in late May 2024. It is expected to officially launch operations in the first quarter of 2025.
Tesla will release its Q2 2024 financial report on July 23, 2024, after market close. It will then release a Shareholder Deck as the market closes that day. It will then provide a link to its Earnings Call.
