TrendForce recently learned that Tesla's official Weibo account disclosed the installation volume of its energy storage products. In the third quarter, Tesla's energy storage product installations reached 6.9 GWh, a 73% year-on-year increase, with a cumulative installation of 20.4 GWh in the first three quarters.
In 2023, Tesla's total annual energy storage installation volume was 14.7 GWh. It is evident that Tesla's installations in the first three quarters have already surpassed the full-year total for 2023. Additionally, on October 24 (Beijing time), Tesla released its Q3 2024 earnings report, reporting revenue of $25.2 billion (approximately 179.57 billion yuan), an 8% year-on-year increase, with a non-GAAP net income of $2.5 billion (17.81 billion yuan).
Currently, Tesla is making substantial efforts to strengthen its competitive position in the energy storage market. On one hand, Tesla has secured numerous orders worldwide. For instance, on July 18 this year, Tesla successfully won an order from the U.S. clean energy company IntersectPower for 15.3 GWh of its Megapacks energy storage system for a solar+storage project portfolio.
On the other hand, Tesla is accelerating its production capacity for energy storage. As of the end of September, the main construction of Tesla's Shanghai Energy Storage Gigafactory was more than 60% complete and is expected to officially begin production in the first quarter of next year.
Source：TrendForce
