Tesla is expecting to record a new high in its energy storage deployment, with a year-on-year growth forecast of at least 75% in 2024.
Tesla expects 75% YoY growth in energy storage deployments in 2024
Tesla’s official X account posted a summary of the announcements Chief Executive Elon Musk made during his presentation at the 2024 Annual Shareholder Meeting in Austin on June 13.
As you can see, Tesla claims to be “on track to complete a record number of energy storage deployments & expect deployments to grow at least 75% this year.”
It further noted that Tesla’s energy unit generated record-breaking gross profits last year owing to its record number of energy storage deployments at the time.
FY 2023 and Q1 2024 results
In hindsight, Tesla’s energy storage deployment exceeded 14.7 gigawatt-hours (GWh) in the Full Year 2023. It indicated an astounding 125% year-on-year increase.
It is also worth noting that the FY 2023 deployment figure remains higher even if we combine Tesla Energy’s energy storage deployment from 2020 to 2022.
Presented below are Tesla’s energy storage deployment records in Q4 2023 and FY 2023:
| Period | Deployment | YoY Change |
| Q4’2023 | 3,202 MWh | up 30% |
| Q1-Q4’2023 | 14,724 MWh | up 125% |
In the first quarter of 2024, Tesla reported another record-breaking energy storage deployment result of 4,053 MWh. It represented a considerable increase from just 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
New job openings
Tesla has started hiring several roles across its businesses, including the energy storage unit.
The official career page displays multiple job vacancies for field service technicians at Tesla Energy. These job openings mark a significant shift from Tesla’s recent major layoff, affecting 10% of its global workforce in April 2024.
The move implies that Tesla is now seeking to ramp up its energy storage business sales on top of its autonomous driving efforts.
It is also worth noting this tremendous growth in energy storage deployments aligns with CEO Elon Musk’s previous forecast that Tesla Energy will match or even surpass the electric vehicle manufacturing unit.
