Tesla, the electric vehicle giant, has announced a major milestone in its energy storage segment: the installation of 750,000 Powerwalls worldwide. The Powerwall, a home battery system designed to store solar energy for use during power outages, has become a key part of Tesla’s strategy to expand beyond its automotive business.
This significant achievement was announced on one of Tesla’s official X accounts. The company manufactures the Powerwall at its Gigafactory in Nevada, and recently launched the Powerwall 3, the latest iteration of the product. Tesla boasts an impressive production capacity, claiming to be able to build a Powerwall 3 every 25 seconds, or over 700,000 units per year.
Tesla’s commitment to energy storage is evident in the company’s financial performance. In the second quarter of 2024, revenue from its energy generation and storage segment saw a staggering 100% year-on-year jump, surpassing even the automotive segment’s revenue. This success is attributed to the deployment of 9.4 GWh of energy storage products, generating a total of $3 billion in revenue. Looking ahead, Tesla projects that the energy business will outpace the automotive segment in growth, with revenue from its energy business expected to continue increasing at a faster rate.
During Tesla’s annual shareholder meeting in June, CEO Elon Musk emphasized the company’s commitment to energy storage and its ambitious growth plans. He stated that Tesla is on track to achieve a ‘massive’ increase in energy deployments, with a projected 200% to 300% year-over-year growth in energy storage deployment and stationary pack installations. Musk highlighted the increasing demand and the company’s focus on expanding production capacity. Tesla is currently ramping up production at its Lathrop Megafactory, capable of producing 40 GWh of energy storage products annually, and plans to begin production at its Shanghai Megafactory in the first quarter of 2025.
The installation of 750,000 Powerwalls worldwide signifies Tesla’s success in capturing a growing market for home energy storage. The company’s focus on expanding its energy business, combined with its impressive production capabilities, positions it as a leader in the renewable energy sector and points to a future where Tesla’s energy storage solutions play a crucial role in powering homes and communities around the world.
