Tesla Energy Generation And Storage Business: Q4 2020 Results

Tesla's battery energy storage business is booming, while the solar branch is showing signs of improvement.

In Q4, Tesla Energy revenues amounted to $752 million (new record), while the cost of revenues stands at $787 million. It, unfortunately, means a negative $35 million result and a gross margin of negative 4.7%, but as long as the company is expanding the business, we assume it's under control.

Tesla Energy accounted for 7.0% of the total revenues in the quarter.

Tesla energy storage deployed – Q4 2020

Total battery energy storage (Powerwall, Powerpack and Megapacks) deliveries significantly accelerated:

• 1,584 MWh (up 199% year-over-year) and 3,022 MWh YTD (up 83% year-over-year)

Tesla noted that the growth was driven mainly by the popularity of Megapack (3 MWh energy storage for utilities). The demand for Powerwall (home energy storage) "continues to increase."

The important thing is that Tesla's energy storage business is supply-constrained. The company is increasing manufacturing capacity and intends to continue to increase the output at a similar pace in 2021.

Tesla offers three types of ESS products:

• Powerwall for home installations (13.5 kWh usable / 7 kW peak / 5kW continuous per unit)
• Powerpack for commercial installations (Up to 232 kWh / Up to 130 kW per unit)
• Megapack (3 MWh units the largest project by utilities)

Tesla Powerwall

Tesla Powerpack

Tesla Megapack

Tesla solar deployed – Q4 2020

Total solar installations (conventional panels and Solar Roof) deliveries are growing:

• 86 MW (up 59% year-over-year) and 205 MW YTD (up 18% year-over-year)

Tesla's solar solutions:

Tesla Solar Panels

Tesla Solar Roof

Solarglass Roof

Tesla hasn't said much about the Solar Roof installations in its latest quarterly report but ensured that "great progress" has been made to increase deployment.

Solar Roof is produced at the Gigafactory 2 in New York.

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