Last year was a fantastic one for Tesla Energy. The company's recently held Q4 2024 earnings call revealed record-breaking success in energy storage deployments. It also revealed plans to expand production of the company's Megapack batteries by establishing a third Megafactory.
This news is exciting for more than just Tesla shareholders. Expanded Megapack access means cleaner energy and fewer emissions wherever these grid-scale batteries wind up.
Tesla describes their Megapack batteries as being "designed for utilities and large-scale commercial projects." One of their primary uses is providing electricity to solar-equipped Tesla Supercharger stations during peak demand. They're also used by utility companies for similar purposes — and to avoid power outages.
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The record-breaking deployment of this game-changing method of energy storage is thanks to two things: ramped-up production at the original California Megafactory and the opening of a new Megafactory in Shanghai. The company only recently produced its 10,000th Megapack ever this November, yet it has declared a goal of 10,000 per year, per factory.
Megapacks weren't the only record-breaking product for Tesla in 2024. The company's Powerwall home batteries were deployed in record numbers as well. The two products combined provided a 114% increase in energy storage deployment year over year.
While these numbers are pretty eye-popping — and heartening for those hoping for a more sustainable future — they shouldn't be too surprising for anyone following Tesla. The EV branch of the company recently outsold legacy carmaker Audi for the first time ever. And its Model Y has been smashing records for a long while now, even as it becomes more affordable.
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On top of all this, a recent study found that the least expensive car to operate is the Tesla Model 3. It's no wonder, then, that the company continues to break records and increase sales of its sustainable vehicles.
So, what will the next earnings call for Tesla look like? We'll have to wait and see. But as long as the company continues its expansion, both the cost of switching to an EV and global reliance on dirty energy should continue to decrease. That's a clear win-win for our pockets and the planet.
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