Tesla Energy Generation And Storage Business: Q4 2020 Results
Megapacks drive Tesla's energy storage business up to a new record of over 3 GWh in 2020.
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 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:
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.
Related articles
RECOMMENDED FOR YOU
Ford’s New Battery Container Is Here To Take On The Tesla Megapack
Lexus Just Solved One Of Its Biggest EV Headaches
Tesla's Fastest-Growing Business Isn't Cars Anymore—Or Even Robots
Tesla Waves Goodbye To Model S And Model X As The Last Cars Roll Off The Line
Sodium-Ion Batteries Have Landed In America. Now Comes The Hard Part
How Much Range Does A BYD Seal Battery Lose After 31,000 Miles?
Europe’s Largest Battery Storage Project Can Power 100 Million Lights