Tesla’s Energy division has once again proven to be a lucrative business for the company. The division reported deployment of 6.9 GWh of battery storage products in Q3, pushing the cumulative 2024 totals past 2023 totals, even with a full quarter left in the year.
Despite a quarter-to-quarter decline for Q3 2024, Tesla has already surpassed its total sales in 2023. The company deployed 6.9 GWh of energy storage products globally, a decline of more than 25% compared to Q2, when it reported 9.4 GWh. However, it was a record Q3 performance in the company’s history.
Total sales in 2024 stood at 20.3 GWh at the end of Q3, eclipsing 2023’s total of 14.7 GWh. The jump can be attributed to Tesla’s expansion of the Lathrop Megafactory, which manufactures the Megapack. The facility can output 40 GWh per year or about 10,000 Megapacks.
Meanwhile, battery sales is set for another significant bump next year when the Shanghai Megafactory adds another 40 GWh in production capacity. Tesla started constructing the factory in Q2 2024, with Megapack production expected in early 2025.
Appetite for Tesla’s Megapacks remains insatiable globally. In Down Under, Queensland’s Western Down battery project will double in size after a $133 million expansion. The battery packs will also power France’s largest energy storage project ever.
