Tesla smashes its own records with big increase in energy storage deployments in 2024

Tesla once again shattered its own records in 2024, announcing to the market that it had deployed 31.4 GWh of energy storage for the year. The record mark came just as Tesla said it had reached trial production at its new Megapack factory in Shanghai.

In its Q4 production release, the company announced that it had deployed 11.0 GWh of its energy storage products through its Megapack and Powerwall. Tesla currently operates a Megafactory in Lathrop, California, with an operational capacity of 10,000 Megapack units annually.

Tesla’s 2024 figures represent a 214% leap in storage deployment from the previous year. In 2023, Tesla said it had deployed 14.7 GWh of energy storage, another record and more than double that of 2022.

Data: Tesla, chart by ESS News

Notable installations of Tesla products in 2024 included a significant 2.2 GWh project in Western Australia being completed in stages, plus a 300 MW / 1,200 MWh battery project now in Queensland, Australia, involving 324 lithium-ion Tesla Megapack 2XL units.

Although Q4 earnings results will not be announced until the end of January, the last look at Tesla’s energy generation and storage revenue was in Q3, when it reached $2.38 billion. That accounted for 9.4% of the company’s total in the period.

The encouraging news for the energy storage industry and Tesla itself was offset by unexpectedly slow electric vehicle (EV) sales, a key pillar of Tesla’s operation.

For the first time, the company sold fewer EV cars annually, delivering 1,789,226 vehicles in 2024, 1.1% less than the 1,808,581 deliveries reported for 2023.