Tesla’s energy storage business is set to outpace electric vehicle (EV) production in terms of growth, it said in its quarterly report released on 23 July. Its Q2 revenue doubled from a year before to total $3,014 million. Overall Tesla revenues, including automotive, were $25,500 million, up just 2% year-on-year.
The US company said it made more than 50% more 4680 cells in Q2 2024 compared to Q1, and with cost improvements. There have been reports that CEO Elon Musk had set a deadline for reliability issues to be fixed by year-end.
It said in the earnings report it entered validation of its first prototype Cybertruck produced with in-house dry cathode 4680 cells. Once ramped up, it will represent a major cost reduction, it said.
“Our non-automotive business is becoming an increasingly profitable part of Tesla,” it said. “As energy storage products continue to ramp and our vehicle fleet continues to grow, we are expecting continued profit growth of our non-automotive business over time.”
Its Megapack and Powerwall products achieved record deployments in Q2, it said: 9.4GWh in total. The Lathrop Megafactory continues to ramp successfully, it said, and achieved a production record in Q2. The Shanghai Megafactory is on track for start of production in Q1 2025.
Photo: the Optimus robot performing its first task of handling batteries in an unnamed Tesla facility. It carries out repetitive and boring tasks. Tesla
