Tesla solar delivers a strong Q3, profits still a concern

Tesla solar installs in Q3 jumped 46% year-over-year but did fall slightly behind Q2 in terms of overall MW’s delivered.

The company released their Q3 2021 results as they target and hope to see significant profitability growth from the division.

The Q3 results did reveal some interesting findings. Nearly all solar deployments in Q3 came in under cash/loan purchases, with many homeowners not choosing other financing mediums.

In addition, installations for the Solar Roof doubled year-over-year, but the company did not provide specific figures for the product.

While for energy storage, the company had another strong quarter. Energy storage was up 71% year-over-year in Q3, with 1,295 MWh delivered.

The Megapack continues to deliver as the premier product, and the company recently revealed plans to develop a Megapack factory to cater to demand.

However, the current global supply chain challenges continue to limit the factory capacity for the company. Which, in turn, limits the potential profit line.

Tesla solar hopes improvements to the division can increase profitability. Including specific targets on the installation side. The profit for Q3 from Tesla solar was $3 million.

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