Tesla boss Elon Musk stated development in its vitality storage operation will outpace its iconic automobile enterprise this 12 months after deployments greater than doubled, with EV quantity growth set to stall in 2024.
The US firm led by billionaire CEO Musk noticed vitality storage – together with its utility-scale Megapack batteries – hit 14.7GWh of deployments final 12 months, a 125% increase on 2022’s determine.
Musk instructed buyers on a name to debate its newest quarterly outcomes: “I believe we’ll proceed to see very robust development in storage, as predicted.
“I stated for a few years that the storage enterprise would develop a lot sooner than the automobile enterprise, and it’s doing that.”
Tesla’s package has over the past 5 years been used at a few of the world’s largest battery vitality storage initiatives, most not too long ago with a significant deployment in Hawaii that claimed to be essentially the most superior of its kind globally.
Musk has lengthy forecast steep development for storage, fuelled by the necessity to combine variable renewable vitality sources into the grid, and to assist steadiness provide and demand created by electrification – and never least by Tesla’s personal EVs.
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The bullish stance on vitality storage got here as Tesla warned it might see a downturn in automotive.
The corporate instructed buyers: “In 2024, our automobile quantity development price could also be notably decrease than the expansion price achieved in 2023, as our groups work on the launch of the next-generation automobile at Gigafactory Texas.
“In 2024, the expansion price of deployments and income in our Power Storage enterprise ought to outpace the Automotive enterprise.”
