Tesla Energy reports 157% growth in battery storage deployment in Q2 2024, smashing previous record

Tesla electric vehicles (EVs) may grab most of the headlines, but one of the company’s other rapidly growing businesses is Tesla Energy. According to the latest Q2 2024 report, the division deployed a record 9.4 gigawatt-hours (GWh) of its energy storage batteries.

Tesla Energy reports phenomenal growth as it more than doubled its energy product sales in Q2 2024. The company deployed 9.4 GWh, compared to 4.1 GWh in Q1, representing a 132 percent increase. Year-on-year, the energy division reported a 157 percent growth, demonstrating its  growing importance to the company’s bottom line.

Tesla has now deployed 13.5 GWh of batteries in 2024, already near the total for 2023, which stood at 14.724 GWh.

The company has been accelerating production at its Lathrop Megafactory in California, which opened in November 2022. The plant is one of the largest battery-making factories in North America, with a capacity of 40 GWh per year, or 10,000 Megapacks. It helped Tesla grow deployment by 360 percent last year.

Meanwhile, Tesla has more than enough room to grow its energy storage battery manufacturing. While it is evidently yet to max out its run-rate in California, Tesla is already constructing similar facilities in Shanghai, China. The new Megafactory in Shanghai will add another 40 GWh to its total capacity, with potential for more expansion. Construction has started already and the first Megapacks might roll off the production line as soon as the first quarter of 2025.

The Megapacks have been deployed to power the world’s largest offshore wind farm.

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