Today, Tesla released its Q3 2022 financial results. The automaker missed on revenue expectations, but there was a silver lining: Tesla Energy.
Tesla Energy is the company’s energy division that installs solar panels, solar roofs, and stationary energy storage products, like Powerwall and Megapacks.
Energy storage deployment was at a record high of 2.1 GWh last quarter, truly an impressive deployment of batteries.
Tesla gave some details about the new record in its shareholders’ letter:
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 out 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.
A ramp-up in Tesla Powerwalls and Megapacks is responsible for the new record.
We recently learned that Tesla has increased Powerwall production to 6,500 units per week. That’s 87 MWh per week. Megapacks contribute a lot more with fewer units since a single Megapack can deliver over 3 MWh of energy capacity.
Electrek heard from sources familiar with the matter that Tesla has been making great progress at the Megafactory. Tesla had previously been producing Megapacks exclusively at Gigafactory Nevada, but production is now ramping up fast at Megafactory in California.
However, the production capacity is fairly recent and, therefore, the deployment won’t be felt until Q4 and into 2023, when Tesla can install the battery packs.
Tesla’s solar power deployment was also good in Q3 at 94 MW. It’s up 13% year over year.
The solar deployment was down from the previous quarter, which Tesla blamed on commercial solar deployment.
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