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Q3 of 2020 was a record quarter on many levels. Over the past four quarters, the company generated over $1.9B of free cash flow while spending $2.4B on new production capacity, service centers, Supercharging locations, and other capital investments. While Tesla took additional SBC expenses in Q3, its GAAP operating margin reached 9.2%. Tesla Energy is one of the highlights of Q3, and the company is very optimistic about the continued growth of this segment of the business.
Tesla's energy storage business reached record deployments of 759 MWh in Q3. For comparison, in Q2 2020, Tesla storage deployment was 419 MWh. Growth is over 80%, which demonstrates the company's desire and commitment to achieve its ambitious goals.
Giga Nevada continued to ramp up the production of Megapack. As a result, production volumes have more than doubled. Megapack has become a very popular product for the company, and Tesla has received huge orders for large projects.
Demand for Powerwall remains strong and growing, especially as the solar business grows. Many customers choose to incorporate Powerwall into their solar installations. In addition, Tesla is seeing growing interest in Powerwall as concerns about network stability grow, especially in California. Power outages due to cataclysms and disasters are increasingly leading consumers to think about the need to be energy self-sufficient. Powerwall lends a willing and able hand here.
As before, Tesla believes that the energy business will ultimately be as big as its auto business. Tesla Energy is committed to helping the world move to sustainable energy sources. This segment of Tesla's growth picture may be under-appreciated, but it is this special focus that has the power to lift Tesla to trillions of dollars of market capitalization. Until now, Tesla Energy has taken a backseat to its automotive division. But Tesla is always striving for growth, and we expect to see much more development ahead in its energy storage business.
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