Tesla’s power storage enterprise is booming with a file yr, but it surely’s just the start as we may see quantity hit new information shortly.
With the discharge of its This autumn 2022 monetary outcomes, the automaker launched its power division’s deployment quantity.
Tesla Photo voltaic had quarter with 100 MW deployed, however the firm actually shined with its power storage deployment: Powerwalls and Megapacks.
Tesla confirmed that it deployed a file 2.4 GWh of power storage in This autumn. That’s up 152% year-over-year and 300 MW greater than the earlier quarter, which was additionally an enormous file.
It introduced Tesla’s complete deployment for the entire yr to a powerful 6.5 GWn – up 64% versus 2021.
Tesla wrote about its power storage enterprise in its This autumn shareholder’s letter:
Vitality storage deployments elevated by 152% YoY in This autumn to 2.5 GWh, for a complete deployment of 6.5 GWh in 2022, by far the very best degree of deployments now we have achieved. Demand for our storage merchandise stays in extra of our means to produce. We’re within the means of ramping manufacturing at our devoted 40 GWh Megapack manufacturing facility in Lathrop, California to handle the rising demand. This manufacturing facility ought to assist to additional speed up development of power storage deployments.
That new manufacturing facility in California did contribute to the file in This autumn, however we discovered that the ramp began in the midst of the quarter, which signifies that the affect can be felt extra in 2023 because it takes time from the manufacturing of the Megapacks to their deployments at power storage initiatives.
Tesla’s power storage enterprise remains to be peanuts in comparison with Tesla’s automotive enterprise, but it surely’s rising quick.
It’s now at over $1 billion 1 / 4 for the primary time, and I believe it’s solely going to go up.
I wouldn’t be shocked if Tesla ramps up Megafactory to 40 GWh by the tip of the and finally ends up deploying between 15-20 GWh this yr. That’s an enormous ramp from 6.5 GWh this yr.
And I’m not even accounting for Powerwalls, which I believe Tesla may have the ability to produce at a fee of 4 GWh this yr.
2023 goes to be an enormous yr for Tesla’s power storage enterprise. It’s in all probability going to be the yr that the market begins taking this a part of Tesla’s enterprise extra severely as I believe the upper quantity will include larger gross margins too.
FTC: We use revenue incomes auto affiliate hyperlinks. Extra.