Tesla Megapack deployment reached an all-time high in the first quarter of the year, along with the company’s energy business reaching higher profit margins than ever before.
During Tesla’s Q1 2024 earnings call held last Tuesday, CEO Elon Musk noted that Megapack deployments reached an all-time high, while the company reached a record profit margin of 24.6 percent on its energy business. By comparison, automotive margins in Q1 landed at 18.5 percent.
In addition, the company says it expects this trend to continue, as it predicts energy storage deployments overall to increase at least 75 percent from last year. Deployments also reached record highs in Q1, with Tesla deploying 4.1 GWh total energy storage deployments, as driven by Megapack deliveries.
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