Tesla, the world's leading electric vehicle manufacturer, recently announced that its clean energy storage business, Tesla Energy, is slated to expand even faster than its car production in 2024.
This growth means more affordable, sustainable energy storage options for homes and grids.
Tesla's Q4 and FY 2023 Update noted that total energy storage deployments reached 14.7 gigawatt-hours in 2023, a 125% increase compared to 2022, reflecting a more than 50% revenue increase — and that growth is showing no signs of stopping.
Tesla aims to double its energy storage deployments once again this year to meet surging demand for its Megapack battery that the news outlet Teslarati reported on. That demand reflects a strong market appetite for large-scale sustainable backup power.
Expanding the Megafactory that makes these batteries — one of the largest utility-scale battery factories in North America, which produces 10,000 Megapack units every year — will also create jobs.
Widespread energy storage cuts down on carbon pollution while keeping electricity bills low. Grid batteries absorb extra solar and wind energy for future use. During blackouts, they keep hospitals and homes powered. Tesla's Powerwall for homeowners pays for itself in an estimated 5-10 years and keeps fridges humming during outages.
Tesla's big battery business shows that climate solutions can also make economic sense.
"I think we'll continue to see very strong growth in storage as predicted," Elon Musk said during Tesla's Q4 and fiscal year 2023 update, according to Teslarati. "I said for many years that the storage business would grow much faster than the car business, and it is doing that."
Tesla's Chief Financial Officer Vaibhav Taneja added, per Teslarati, "This business is poised to again surpass our auto business in terms of growth rate in 2024. This has been in the works for quite some time with us laying the foundation a few years back by building our Megafactory in Lathrop."
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