Tesla sets new record in energy storage deployments in Q3 2022

Tesla is often thought of solely as an automaker, but that perception is slowly changing. One highly underrated aspect of Tesla’s tech tree is its Energy business, which set an all-time record in energy storage deployments in the third quarter of 2022.

Tesla’s Energy business encompasses solar panels and Solar Roof, and also home and utility scale energy storage products like Powerwalls, Powerpacks, and Megapacks.

According to Tesla’s Q3 2022 earnings report, Tesla delivered more of its energy storage products between July and September than ever before. Tesla didn’t break down the stats by product, but overall energy storage deployments increased 62% year-over-year (YoY), reaching 2.1GWh.

This smashes the previous record of just over 1.5GWh in Q4 2020, and is nearly double the level that was deployed in Q2 2022.

Tesla highlighted the fact that this was achieved during a time of extreme semiconductor shortages, which it says has impacted the Energy business more than the automotive business.

The new record is likely to be beaten again in Q4 if Tesla can increase its production, as Tesla says demand for their products is exceeding their ability to supply.

Tesla should be able to do this as it is currently ramping its new 40GWh capacity Megapack factory in Lathrop, California. There have also been recent reports that Megapack production at Giga Nevada is increasing at the same time.

While its storage products were the star of the show for Tesla Energy, its solar products also had a strong quarter. The company deployed 94MW in Q3, an increase of 13% YoY, representing one of their strongest quarters to date.

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