While Tesla's vehicle delivery results were disappointing, there was still good news in the report: Tesla's energy storage business continues to grow.
Initially, at the beginning of the new quarter, Tesla was only going to release production and deliver the results of its car business, but things changed in 2024.
In Q1 2024, Tesla's vehicle deliveries dropped significantly for the first time in a long time so Tesla decided to release energy storage shipments, which looked much better.
The company continued to do so throughout the year, and with the release of its Q4 results yesterday, Tesla confirmed that it has deployed 11 GWh of energy storage:
In the fourth quarter, we produced about 459,000 vehicles, delivered more than 495,000 vehicles and invested 11.0 GWh of energy storage products – a record for both delivery and consumption.
That's a new record that's up 1.6 GWh from Tesla's last quarter in Q2 2024 when the company released 9.4 GWh of storage capacity.
The difference of 1.6 GWh is what Tesla used to use every quarter back in 2022.
The significant increase in distribution is due to the fact that Tesla has now completely strengthened its Megafactory in Lathrop, California, where the company produces the Megapack, its energy storage battery pack for a large utility project.
Tesla is also increasing the production of its Powerwall, but we reported some inconsistencies in the production capacity of the Powerwall named by Tesla.
After the success of the Megafactory in California, Tesla now aims to replicate it with a new Megafactory in Shanghai, which is expected to start production this year.
While prices are rising, Tesla is cutting prices to keep up as competition for energy storage also increases.
Earlier this year, CATL, which supplies Tesla with battery cells for many of its products, released its competitor Megapack, which is expected to put pressure on Tesla.
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