Published , by Sam Chandler
Published , by Sam Chandler
Tesla’s (TSLA) earnings report for Q2 2024 was released today, and within it, the company reported an increase in its energy storage deployment for the quarter.
On July 23, 2024, Tesla (TSLA) released its quarterly report for its Q2 2024 earning period. In this report, the electric vehicle manufacturer noted a 158% year-over-year increase in its energy storage deployment, with the stat reaching 9.4 gigawatt hours for the quarter.
This compares to its Q1 2024 stat which saw the company deploy 4.1 gigawatt hours while the same period in the previous financial year, Q2 2023, was 3.7 gigawatt hours.
Though Tesla might be seen primarily as an electric vehicle manufacturer, it does produce various energy storage products. As Yahoo Finance points out, the company has its Powerwall batteries and Megapack facilities which hold 12.2 kilowatt hours and 3.9 megatwatt hours, respectively.
Last year in April, Tesla announced its plans to open a Megafactory in Shanghai with the purpose of focusing on battery production. Part of the challenge of creating batteries is the reliance on lithium. Musk has also previously claimed that Tesla is one of the most productive companies in lithium refining, though he wishes other companies would step up and perform the task.
Be sure to keep an eye on our TSLA News page for the latest out of the Tesla earnings reports for each quarter.