The Tesla Energy business significantly expanded during the third quarter of 2022, with record revenues and energy storage deployment.
According to the company, Tesla Energy revenues increased 38.6% year-over-year to $1.117 billion (5.2% of the total revenues), while the cost of revenues stands at $1.013 billion.
Tesla energy storage deployed – Q3 2022
Tesla reports that its battery energy storage systems deployment increased 62% year-over-year to a new quarterly record of 2,100 MWh.
The company explains that this level of growth was accomplished despite semiconductor challenges continuing to have a greater impact on its Energy business than the Automotive business.
Total battery energy storage (Powerwall, Powerpack and Megapack) deployment:
- Q3: 2,100 MWh (up 62% year-over-year)
- YTD: 4,079 MWh (up 35% year-over-year)
One thing is constant - demand for battery storage products remains higher than supply. This is why Tesla is preparing a new, massive 40 GWh Megapack factory in Lathrop, California (announced in 2021), where the production ramp-up already started. This one investment might increase Tesla's output by an order of magnitude (compared to its 2021 level).
Tesla offers three main types of ESS products:
- Powerwall for home installations (13.5 kWh usable / 7 kW peak / 5 kW continuous per unit)
- Powerpack for commercial installations (Up to 232 kWh / Up to 130 kW per unit)
- Megapack (3 MWh units the largest project by utilities)
Tesla solar deployed – Q3 2022
In the case of the solar business (conventional panels and Solar Roof), the situation is more or less stable.
Tesla managed to increase solar deployments by 13% year-over-year to 94 MW, which is slightly less than in Q2, but still one of the highest levels in recent years.
Tesla noted:
"While our commercial project deployment can be volatile and was lower YoY, we continued to see YoY growth of our residential projects in Q3. Out solar installation team continues to improve installation efficiency, enabling higher volumes and stronger economics."
Total solar (conventional panels and Solar Roof) deployment:
- Q3: 94 MW (up 13% year-over-year)
- YTD: 248 MW (down 5% year-over-year)
Tesla's solar solutions:
Solar Roof
Tesla remains silent in its quarterly report about the Solar Roof installation progress. The Solar Roof is produced at the Gigafactory 2 in New York.
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