Tesla Expects Energy Storage Deployments to Double

Reporting a 2% year-on-year uptick in automotive revenues for the third quarter, Tesla said that it is on-track to deliver more affordable electric vehicles starting in the first half of 2025. As a result, CEO Elon Musk posited Tesla could achieve a 20% to 30% increase in vehicle sales in 2025.

Tesla also reported a 52% year-on-year rise in energy generation and storage revenues to 2.4 billion US dollars for the third quarter of 2024. The company expects energy storage deployments to more than double year-over-year in 2024.

Tesla reported that Powerwall (a home battery that stores energy generated by solar or from the grid) achieved record deployments in the quarter, although shipments of Megapacks (a large scale energy storage solution for organisations) declined sequentially. 

Still "ramp of Powerwall 3 and the Lathrop Megafactory continued successfully – with Lathrop demonstrating 200 Megapack production (40 GWh annual run rate) in a single week," Tesla said. "As of Q3, over 100,000 Powerwalls were enrolled in Virtual Power Plant programs, delivering additional financial value to owners while providing much needed support to the grid during periods of stress. The Shanghai Megafactory remains on track to begin shipping Megapacks in Q1 2025."  Source: Tesla investor relations