Tesla announced record energy storage deployments of 2.1 GWh in Q3 2022. This equates to an impressive 62% year-over-year growth.
Tesla Energy is one of the undervalued divisions of the company. It continues to achieve high success, despite the headwinds that have been blowing for the past two quarters. In Q3 2022, Tesla deployed a record number of batteries and will continue to increase this number in the future.
With two core products—utility-scale energy storage, Megapack, and the home battery solution, Powerwall—Tesla achieved a record Q3 deployment of 2.1 GWh. This corresponds to an increase of 62% compared to the same period last year. This is a truly impressive result of battery deployment and offers hope for a more sustainable future in the coming years. The company said the strong result was achieved despite a semiconductor supply problem that continues to have a greater impact on its business.
In addition, Tesla said it is in the process of ramping up production of Megapacks at its 40 GWh Megafactory in Lathrop, California, to meet growing demand. According to satellite imagery, the company completed the building’s frame in February 2022, however already in the Q2 2022 earnings report, Tesla announced that it was ramping up production there. The factory also appears to be playing a key role in increasing deployment in Q3.
“Energy storage deployments increased by 62% YoY in Q3 to 2.1 GWh, by far the highest level we have ever achieved. This level of growth was accomplished despite semiconductor challenges continuing to have a greater impact on our Energy business than our Automotive business. Demand for our storage products remains in excess of our ability to supply. We are in the process of ramping production at our dedicated 40 GWh Megapack factory in Lathrop, California to address the growing demand.”
Stationary energy storage batteries are an integral part of a sustainable future. The sun does not always shine and the wind does not always blow, so the energy has to be stored somewhere for people to have access to it at all times. Companies and enterprises that care about the future now are Tesla's customers and will ensure business growth for many years to come, which will directly contribute to the development of the company.
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