While Tesla founder Elon Musk continues to make headlines in a flurry of political developments in the US and elsewhere, the company’s battery business appears to be chugging along nicely, with trial production beginning at its Shanghai Megapack factory, and record energy storage deployments in 2024.
The Shanghai Megapack facility, in Lin-gang Special Area near Tesla’s EV factory, is the company’s second after its Megafactory in Lathrop, California.
The Chinese factory is projected to produce about 10,000 Megapack units a year – 40 GWh of annual capacity, according to the company, which said the 200,000 square metre factory was completed in seven months days before the end of the 2024.
The group’s energy storage business, involving both Megapacks and Powerwalls, brought in $2.376 billion in revenue in the third quarter, which was a 52% year-on-year increase, with a profit margin of 30%, it said. Results for the full year are due later this month.
All up, the group deployed over 31 GWh of energy storage in 2024 – more than double the amount in 2023. Its batteries were used in major energy storage projects in Western Australia and Queensland.
The results were positive not only for Australia’s transition to renewable energy and a more flexible power grid, but good news also for Tesla, given the sale of its electric vehicles has cooled a wee bit.
Tesla says its Megapacks are now operating in more than 60 countries, and that 800,000 Powerwalls units have been installed around the world.
- Jim Pollard
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