Recently, Tesla released its Q2 2024 financial report, which showcased significant growth in its energy storage business that gradually becomes a new growth engine for the company. In Q2 2024, Tesla achieved total revenue of $25.5 billion, up 2.3% YoY, with revenue from energy storage business reaching $3.014 billion, up 99.7% YoY. The installed capacity of the energy storage business doubled in Q2, with new installations of 9.4 GWh, up 157.3% YoY and approximately 132% MoM, setting a new record for Tesla's energy storage new installations. Despite a significant reduction in the price of energy storage systems, Tesla still achieved substantial increases in revenue and profit through its large-scale energy storage installations.
Additionally, Tesla announced a cooperation agreement with Intersect Power. According to the agreement, Tesla will provide Intersect Power with 15.3 GWh of Megapack battery storage systems to support its solar + energy storage project portfolio through 2030. The contract is valued at over $3 billion (over 21.8 billion yuan), setting a new record for Tesla's single contract in the energy storage sector. As one of the world's largest Megapack buyers and operators, Intersect Power plans to use more than half of the new orders for four projects in California and Texas, expected to be operational by the end of 2027. The remaining part will be applied to Intersect Power's subsequent solar + energy storage projects, which are expected to be operational between 2028 and 2030. Before this cooperation, Tesla had already provided Intersect Power with 2.4 GWh of Megapacks for its solar + energy storage projects, which are under orderly construction.
Currently, Tesla's first overseas super energy storage factory in Shanghai, China, has started construction and is expected to be operational in Q1 2025, with an annual capacity of 10,000 Megapack energy storage systems, totaling nearly 40 GWh. Meanwhile, Tesla's household energy storage products, such as Powerwall 3, have also gained widespread market recognition and are sold in multiple countries outside the United States. In terms of battery technology, Tesla's 4680 battery production increased by over 50% MoM, with continuous cost improvements, further driving down the company's overall costs.
