Image: Building Tesla
Tesla quietly finished building and commissioned the Megapack factory in Lathrop. According to the Financial Report for Q1 2022, the factory is in the process of ramping up production.
On April 20, Tesla announced its financial results for Q1 2022. The first quarter was another record quarter for Tesla by several measures such as revenues, vehicle deliveries, operating profit and an operating margin of over 19%. The company's outstanding recourse debt has fallen below $0.1B at the end of Q1. Public interest in a sustainable future continues to rise, and they remain focused on growing as fast as is reasonably possible, the manufacturer said.
In addition, the report contained information that Tesla had completed the construction of a new facility focused only on the production of Megapacks. The company quietly built and commissioned a building in Lathrop, California, close to existing structures. According to satellite imagery via Building Tesla, Tesla began preparing the ground for construction in April 2021 and finished the building shell at the end of February 2022. According to Tesla in the Report, at the moment the factory is focused on increasing production.
The factory specializes only in the production of Megapack, which is an incredibly popular product of the company. Tesla's energy storage solution is the most sought after in the industry and is used in large energy projects and utilities. The start of production at Megafactory suggests that the manufacturer's energy business continues to gain momentum to account for a much larger share of the company's revenue in the future than it does now.
© 2022, Eva Fox | Tesmanian. All rights reserved.Follow @EvaFoxU
About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.