Tesla Energy hit new highs in energy storage deployments and profits in 2024. Now, the company is working on a third Megafactory to expand production of its grid-scale Megapack batteries.
During Tesla’s Q4 2024 earnings call, CEO Elon Musk confirmed the plan for a new factory. He did not say where it will be built.
“Our second factory in Shanghai is starting operation, and we’re building a third factory,”
Musk said.
Tesla has been scaling up Megapack production at its Lathrop, California plant. The goal is to reach 10,000 units per year at both Lathrop and Shanghai.
In November, Tesla built its 10,000th Megapack at Lathrop after opening the plant in 2022.
Tesla Energy in 2024
Tesla sells both the Megapack and the Powerwall home battery. Together, they set new records in Q4 and for the full year.
In the fourth quarter, Tesla deployed 11 GWh of energy storage, marking a 244% increase from the previous year. For the full year, deployments reached 31.4 GWh, reflecting a 114% rise compared to 2023.
Here’s how the numbers looked each quarter:
- Q1: 4.1 GWh
- Q2: 9.4 GWh
- Q3: 6.9 GWh
Stronger production at the Lathrop Megafactory helped lower costs, contributing to record profits for Tesla Energy in Q4.
Tesla also introduced the next-generation Powerwall 3 in more markets, with the rollout expected to continue in 2025.
For more details, check Tesla’s Q4 2024 shareholder deck or listen to the full earnings call below.
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