Tesla reports 9.4 GWh of battery storage deployed in Q2

Records are tumbling for Tesla’s battery energy storage business, with 9.4 GWh of systems deployed in the second quarter of 2024. This is more than double the capacity deployed in the previous record quarter, marking a 135% jump.

Tesla Energy posted standout Q1 figures, with a record 4,053 MWh of energy storage capacity deployed, up by 132% quarter-over-quarter and 157% year-over-year. This was the first time ever for Tesla to include its energy storage figures in a quarterly breakdown, which is usually reserved for vehicle production and deliveries.

The company’s cumulative deployments this year have already reached 13.5 GWh. This is close to its 2023 cumulative deployments, which stood at 14.7 GWh. Total installations for 2023 were more than double than in 2022, up by 125%. The division’s profit nearly quadrupled.

Tesla also reported that it has produced around 411,000 vehicles and delivered around 444,000 vehicles, marking a 14.8% increase from the first quarter of 2024, which slightly exceeded the expectations. Wall Street forecasted about 438,000 deliveries, down from the 466,000 vehicles Tesla delivered in Q2 2023.

In its fourth-quarter 2023 investor filing, Tesla said that its vehicle volume growth rate would be notably lower in 2024, as it continues to work on the launch of a next-generation vehicle at Gigafactory Texas.

“In 2024, the growth rate of deployments and revenue in our Energy Storage business should outpace the Automotive business,” the company said.

It added that it expects continued growth on a 12-month basis going forward, while deployments will continue to be volatile on a sequential basis, impacted by logistics and the global distribution of projects.

“I predicted for many years that the storage business will grow much faster than the car business,” Tesla CEO Elon Musk said during the company’s fourth-quarter earnings call. “It is doing that.”

Shares of Tesla Inc. surged as much as 10% on Tuesday after the company released its Q2 figures. 

Tesla said it will provide further information in its full quarterly earnings report after market close on July 23.