While Tesla founder Elon Musk continues to make headlines for a series of political developments in the United States and elsewhere, the company's battery business appears to be going well, with trial production beginning at its Shanghai Megapack factory on track to set a 2024 record Energy storage deployment records.
The Shanghai Megapack factory is located in the Lingang New Area near Tesla's electric vehicle factory. It is the company's second factory after the Megafactory in Lathrop, California.
According to reports, the Chinese factory is expected to produce about 10,000 Megapack devices per year, with an annual production capacity of 40 GWh companyThe company said the 200,000-square-meter factory will be completed within seven months before the end of 2024.
The group's energy storage business includes Megapacks and Powerwalls. Revenue in the third quarter was US$2.376 billion, a year-on-year increase of 52%, with a profit margin of 30%. Full-year results will be released later this month.
All told, the group deployed more than 31 GWh of energy storage in 2024, more than double the amount in 2023.
Not only is the result good for Australia's transition to renewable energy and a more flexible grid, it's also good news for Tesla as sales of its electric vehicles cool slightly.
Tesla says its Megapack is now operating in more than 60 countries, with 800,000 Powerwall units installed worldwide.
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