Tesla broke ground last year on a new Megafactory in Lathrop, California. As the name implies the facility will produce Megapacks, Tesla’s utility-scale energy storage system.
With the help of the Lathrop Megafactory, Tesla is targeting to increase their annual Megapack production capacity to a massive 50GWh by the end of next year.
The figure was revealed during an all-hands Tesla Energy division meeting late last month, the details of which were shared with Drive Tesla.
According to our source, almost half of that capacity will be available this year – 20.73GWh by the end of 2022.
By 2023, Tesla is expecting to be producing 47.48GWh per year.
For comparison, the company currently produces around 4GWh of Megapack storage capacity per year. Tesla illustrated this massive year-over-year growth in their Q3 2021 shareholder deck, indicating the Lathrop Megafactory will have a capacity of 40GWh per year.
If Tesla is able to achieve that rate and sell every single unit it produces, that will equate to about $22 billion in revenue based on today’s Megapack pricing.
In Q3 2021, the most recent quarter that there is data available for, Tesla earned $806 million in “Energy generation and storage” revenue.
New Tesla Megapack Sizes
The Lathrop Megafactory is expected to come online later this year. Before it does, Tesla will be phasing out the original Megapack, referred to internally as MP1, and introducing a brand new version this quarter known as MP2.
Tesla will also be introducing a larger Megapack, known as MP2-XL 24 in limited quantities this quarter. An even larger Megapack (MP2-XL 33) will also be introduced at a later date, but as of yet does not have a timeline for production.
The MP2-XL 24 will be 8.5m x 1.57m in size, while the MP2-XL 33 will be 11.2m x 1.57m in size.
For comparison, the largest MP1 configuration is 7.28m x 1.57m.
Even though MP2-XL will have a much larger footprint and offer more storage, our source says it will actually be cheaper to produce than the current MP1 system thanks to the use of CATL Prismatic LFP cells.
According to our source, Tesla will end MP2 production by the first quarter of 2023, and only produce MP2-XL thereafter.
