- Tesla’s Q3 power storage deployments jumped 71% to 1.3 million MWh from the year-ago interval, bolstered by gross sales of the utility-scale Megapack product, in keeping with the corporate’s third quarter earnings report. Storage deployments inched up 1.6% from Q2, Tesla mentioned.
- Tesla deployed 83 MW of photo voltaic in Q3, a slight lower from the earlier quarter and a 46% year-over-year improve.
- Provide chain points continued to canine Tesla’s power and electrical car enterprise, chief monetary officer Zach Kirkhorn mentioned on the Oct. 20 earnings name. Nonetheless, the corporate’s automotive income was $12 billion in Q3, up 58% from the identical interval the earlier 12 months buoyed by a 70% year-over-year improve in car deliveries.
Tesla continues to be bullish on its power storage enterprise, whilst Kirkhorn acknowledged that demand is outstripping provide. “Backlogs are persevering with to develop and common buyer wait occasions are extending,” Kirkhorn mentioned in regards to the car enterprise, including that “related dynamics are additionally enjoying out on our storage enterprise.”
In September, Tesla broke ground on a manufacturing facility in Lathrop, Calif. to provide the Megapack, a 3 MWh battery storage system that it says is 60% extra energy-dense than the Powerpack. With the brand new manufacturing facility, Tesla says it can have the capability for 40 GWh of annual Megapack manufacturing, in comparison with the entire of three GWh deployed during the last 12 months.
Regardless of the availability points, Tesla reported $806 million in income from its power and storage arm, simply above the $801 million reported in Q2 and a 39% improve from the identical interval in 2020. Tesla has more and more centered its photo voltaic and storage enterprise as a key space of progress, together with an application to become a retail energy provider in Texas.
The corporate additionally continued its progress in electrical car deployment, delivering greater than 240,000 automobiles and producing 238,000 in Q3. Kirkhorn mentioned these numbers are partially resulting from elevated manufacturing from Tesla’s manufacturing facility in Shanghai, with manufacturing anticipated to extend with new factories ramping up in Berlin,Germany and Austin,Texas. Kirkhorn famous that “we’re pushing the boundaries on new product and manufacturing applied sciences” at these factories, “which makes it troublesome to foretell the precise tempo of the ramp.”
Total, Tesla reported a document internet earnings of $1.6 billion within the third quarter and $13.8 billion in income, the second time the corporate topped $1 billion in internet earnings. Gross margins of 30.5% for automotive and 26.6% total represented the corporate’s finest numbers for the previous 5 quarters.
The corporate additionally affirmed its plans to shift to a lithium-iron-phosphate (LFP) battery chemistry for all automobiles worldwide, shifting to a battery design that doesn’t use the important mineral cobalt. Whereas LFP batteries are inclined to have decrease power density that typical lithium-nickel-manganese-cobalt-oxide batteries, additionally they have a decrease hearth threat and might be cheaper to provide. Tesla had beforehand indicated it will adopt LFP technology for the Megapack.
Whereas almost all LFP packs presently come from China, Tesla senior vice chairman Drew Baglino mentioned on the earnings name that the objective was to ramp up manufacturing all over the world. “Our objective is to localize all key elements of the automobiles on the continent … if not nearer to the place the automobiles are produced,” Baglino mentioned. “We’re working … with our suppliers to perform that objective and never simply on the end-assembly stage, however as far upstream as potential.”