Tesla: The deployment of energy storage business reached a new high in the third quarter, and energy storage may become a new growth point for Tesla

Recently, Tesla released the third quarter of 2023 financial report, the third quarter of 2023, Tesla power generation and energy storage business to achieve revenue of 1.559 billion US dollars, an increase of 39.57%, 3.31%; The gross profit margin was 24.4%, an increase of 15.1 percentage points and 6.0 percentage points respectively.

In the first three quarters of 2023, Tesla's power generation and energy storage business achieved revenue of $4.597 billion, an increase of 76.88%. The gross profit margin was 18.0%, an increase of 13.0 percentage points year-on-year.

illustration: Revenue and gross margin of Tesla's power generation and storage business

Photo Source: Tesla official website, Huaxi Securities

According to the financial report, Tesla's revenue in the third quarter of this year was $23.4 billion, an increase of 9%.

Tesla Q3 deploys nearly 4GWh of energy storage products

According to Tesla's official website, benefiting from the continuous climb to the 40GWh full production capacity of the Megapack factory in California, Tesla has achieved strong year-on-year growth in energy storage deployment, which has increased from the previous quarter.

In the first three quarters of 2023, Tesla deployed a total of 11.52GWh of energy storage, an increase of 182.47%. In the third quarter of 2023, Tesla deployed 3.98GWh of energy storage, an increase of 89.52% and 8.95%, respectively.

At present, global energy storage has entered a stage of rapid development, and Tesla actively layouts its energy storage business, deploying nearly 4GWh of energy storage products in Q3, showing rapid growth in its energy storage business, and setting a new high in single-quarter energy storage business deployment.

As can be seen from the data in the financial report, Tesla's energy storage deployment in 2023 rapid growth, 2023 Q3 its energy storage business to achieve a profit margin of 24%, energy storage business performance is extremely bright, energy storage is gradually becoming Tesla's highest profit margin business, it should be noted that this quarter is also Tesla's energy business gross margin for the first time more than the automotive business.

Energy storage may become a new growth point for Tesla

Previously, in the third chapter of Tesla's "secret plan", the goal was set to fully shift to sustainable energy and achieve 100% sustainable energy by 2050, Musk said that in order to achieve the goal, the world will eventually need 240 TWh of energy storage capacity (including power station energy storage and car batteries). The Tesla energy storage Gigafactory project is one of the important measures to achieve this goal.

Source: EnergyTrend Energy storage