Elon Musk announced that Tesla is already building a third Megafactory to produce more Megapacks just as the competition in the energy storage space heats up.
Energy storage was Tesla’s silver lining this quarter. While its main business, the automotive business, shrank in both revenue and margins, its energy storage business grew more than 100% year-over-year – having deployed 31.4 GWh versus 14.7 GWh in 2023.
That’s mainly due to its Megapacks, its popular utility-scale energy storage systems, and the production ramp at its Megafactory in California, where it produces those battery packs.
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