In Tesla's first-quarter earnings report, there wasn't much good news on the electric vehicle front, as it produced around 433,000 vehicles and delivered around 386,000, which fell 20,000 short of expectations.
However, the company used the opportunity to note its gains in another sector: energy storage.
Tesla noted that in the first quarter of 2024, it "deployed 4,053 MWh of energy-storage products in Q1, the highest quarterly deployment yet," according to Electrek. Last year, that number was 3,889 megawatt-hours in Q1 and 3,202 megawatt-hours in Q4.
The company produces its Megapack — the product that can power large-scale energy-storage projects — at its Megafactory in Lathrop, California. At least 440 of these Megapacks were seen in the shipping yard of the factory earlier in 2024, which means at least 1,700 MWh of energy storage should be ready to be shipped to customers at any moment.
For reference, one megawatt-hour (MWh) can provide 1.2 months of electricity for the average American household, or provide 3,600 miles of charge to an electric vehicle, according to EcoWatch.
Tesla is also constructing another Megafactory in Shanghai to promote Megapack sales in China.
In addition to producing massive amounts of energy storage for businesses via Megapacks, Tesla is also making strides in helping residential customers store energy, which helps save money on their monthly electric bills and maximize the amount of clean energy they can access.
For example, Tesla's Solar Roof systems are compatible with the company's Powerwall systems, allowing customers to use and store as much clean energy as possible, thus significantly decreasing the amount of energy from (and, therefore, money spent on) the traditional grid.
Government rebates like the Battery Booster program in Australia make these kinds of money-saving clean energy projects even more affordable.
Electrek readers provided their own analysis of Tesla's quarterly report.
"Tesla will get some of its mojo back when it (eventually) introduces new cheaper models," one user projected.
"I don't think they gave 'excuses' for reduced production, there is however, logical reasons. There's a difference between excuses and reasons. I also don't think their growth story is 'killed.' Slight pause, yes, killed? Not even close," another user argued.
"I'll give Tesla one thing, they are really good at manufacturing. That goes a long way in their business. They lost a huge opportunity by making the CT over the Model 2, but they will be just fine in the long run," a third user said.
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