Canary Media Inc.’s Post

Tesla's #energystorage deployments increased sequentially in Q1 to a record 4.1 GWh. Energy Generation and Storage revenue and gross profit also achieved an all-time high in Q1. https://lnkd.in/g8Myrfe4

In its Q2 financial report, Tesla said that it deployed 9.4 GWh (gigawatt hours) of battery energy storage, its highest quarterly amount ever and more than double the amount of battery storage the company deployed in the first quarter. The deployments led to record revenues ($3.014 billion) and gross profit ($740 million) for the unit. ▶️ The car business was the launch platform but as a business, every day is less attractive. Higher competition, lower margins. I cannot but wonder: Will Tesla cars survive in the long term? ◀️ “The growth of the Energy business displayed strong operating leverage as well, with gross margins expanding to 24.6% in Q2 compared to 18.4% a year ago. Meanwhile, Tesla’s automotive gross margin slipped in Q2 to 18.5% from 19.2% a year ago.” #energystorage #ev #batteries #utilities

A few days ago I put up a Linkedin post about Tesla doing the most in the sector, but that their earnings were forecast to drop. Lo and behold, Tesla's Q2 pointed to -7% YoY for their automotive business. A hectic figure considering they are THE e-mobility leader. During an investor's call, 'ole Elon said this was only an issue in the short term, calling it a "bit of a hangover" considering that other competition has brought EV pricing down significantly. In short, price point competitivity = more competition = less Tesla's being sold. BUT. Tesla's storage is BOOMING. Will this be a portfolio shift? Read up on the full story in my latest Power Playbook: (And let me know your thoughts!) https://lnkd.in/dgYJ_2Je

You think Tesla, you think EV 🔋⚡🚗   However, this may not be the case for much longer ⏳ The brand has tradionally been synonymous with the EV industry in the same way Dyson has to vacuums and Jacuzzi to hot tubs. 🛁   Nowadays though, Tesla’s Energy Generation & Storage growth has seen a steep increase in capacity and revenue that is showing no signs of slowing 🏭⚡   This lesser-known side of the company is now consistently outpacing their Automotive counterpart 📈   In 2023 alone, Tesla’s energy generation and storage segment generated over $6Bn. This is triple what they brough in only 3 years ago. 💰   In terms of power generation, they are up 125% from 2022 too. Deploying over 14.7GWh, thanks in no small part to it utility scale Megapack Batteries 🔋🔋   With the EV market one of the most competitive and saturated out there, Musk has been bullish on other areas such as Energy Storage and Robotics 🤖   How much longer until we see the Automotive side of Tesla’s ousted as the top dog?   (𝘍𝘶𝘭𝘭 𝘈𝘳𝘵𝘪𝘤𝘭𝘦 -> 𝘩𝘵𝘵𝘱𝘴://𝘸𝘸𝘸.𝘳𝘦𝘤𝘩𝘢𝘳𝘨𝘦𝘯𝘦𝘸𝘴.𝘤𝘰𝘮/𝘦𝘯𝘦𝘳𝘨𝘺-𝘵𝘳𝘢𝘯𝘴𝘪𝘵𝘪𝘰𝘯/𝘦𝘭𝘰𝘯-𝘮𝘶𝘴𝘬-𝘵𝘦𝘴𝘭𝘢-𝘦𝘯𝘦𝘳𝘨𝘺-𝘴𝘵𝘰𝘳𝘢𝘨𝘦-𝘯𝘰𝘸-𝘨𝘳𝘰𝘸𝘪𝘯𝘨-𝘮𝘶𝘤𝘩-𝘧𝘢𝘴𝘵𝘦𝘳-𝘵𝘩𝘢𝘯-𝘤𝘢𝘳-𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴/2-1-1588464)   #tesla #automotive #battery #energystorage #megapack

Fortunately batteries have several applications. Batteries price pressure will possibly push also cost of EVs down and demand may return. Capex-heavy industries usually experience cycles (demand-supply swings) as it is super-hard to balance out the capacity and demand, especially timing-wise. These industries have enormous inertia

Fascinating developments in battery price reductions and EV production forecasting Very interesting to see Tesla Megapack pricing publicly disclosed, and to see the 12 month reduction in pricing. Also the disconnect to GM's EV sales forecasting and real life

$266/kWh for a Tesla Megapack (not installed) down from $482/kWh a year ago for the same hardware. There is widespread overcapacity in the electric battery market as EV sales continue to disappoint, which is lowering the price of batteries. Tesla's strategy of switching from EVs to stationary energy storage is smart as it gives them a large source of flexible additional demand for their batteries that is unrelated to the fortunes of the EV market. Others have not been so nimble. South Korean firm SK On - the fourth largest manufacturer of EV batteries in the world has started laying off workers after being “badly let down” by US car manufacturers. SK On geared up manufacturing to deliver large volumes of batteries on flexible terms that have not materialised. Only a year ago General Motors was forecasting it would sell 1mn EVs in 2025. It sold just 21,930 in the second quarter of this year, so the targets look miles off. https://lnkd.in/erXsB6UD

🔋💡 Tesla Powers Up: Tripling Energy Revenues in a Remarkable Surge! 💡 🔋 Since 2020, Tesla has been on an electrifying journey, witnessing an incredible threefold increase in energy storage and generation revenues. 📈 ✨ The driving force behind this exceptional growth? Tesla's widespread deployment of its revolutionary Megapack battery storage systems! 🌐🔋 In a game-changing revelation, the California-based tech giant unveiled its Q4 and full-year 2023 financial results, showcasing an awe-inspiring total of 14,724MWh in energy storage deployments. 🚀🔋 This not only sets a new record for Tesla but also solidifies its position as a trailblazer in the energy storage domain. 🚗🔋 #TeslaEnergy #MegapackRevolution #CleanEnergyFuture #InnovationInPower #SustainableTech #TeslaQ4Results #RenewableEnergyLeadership #GreenTechTriumph #EnergyStorageMilestones 🌐📈

Tesla may be struggling when it comes to electric vehicle sales, but its energy storage business is on a serious upswing. In the second quarter of this year, Tesla deployed 9.4 gigawatt-hours of battery storage, a record for the firm and more than double its deployment in Q2 of last year. Revenue from the firm’s energy generation and storage segment doubled year over year to just over $3 billion in the quarter, contributing nearly 12 percent of Tesla’s revenue for the period; in Q2 of last year it accounted for just 6 percent of revenue. “This is growing faster than anything else,” Tesla CEO Elon Musk said of the energy storage business, which sells both residential and utility-scale battery products, during the company’s Q2 earnings call. Tesla #Batterystorage https://lnkd.in/gs2hPHtS

Tesla set a company record by deploying 9.4 GWh of energy storage in the second quarter of 2024, more than doubling its largest previous quarterly deployment. The 9.4 GWh value was 131% greater than the previous quarter, and #157% greater than the volume deployed in Q2’2023. The company’s energy storage deployment in first two quarters of 2024 is equal to just over 91% of the entirety of the capacity deployed in 2023 – with the second quarter alone equal to almost 64% of 2023’s total deployment capacity.