The Tesla Energy business expanded during the second quarter of 2022, with some positive result in the solar installations.
According to the company, Tesla Energy revenues increased 8% year-over-year to $866 million (5.1% of the total revenues), while the cost of revenues stands at $769 million.
Tesla energy storage deployed – Q2 2022
Tesla reports that its battery energy storage systems deployment decreased 11% year-over-year to 1,133 MWh.
It's not a bad result compared with several previous periods, but clearly Tesla is constrained on the production side.
Total battery energy storage (Powerwall, Powerpack and Megapack) deployment:
- Q2: 1,133 MWh (down 11% year-over-year)
Interestingly, the main issue is semiconductor shortage, rather than battery cells:
"Energy storage deployments decreased by 11% YoY in Q2 to 1.1 GWh, mainly due to semiconductor challenges, which are having a greater impact on our Energy business than our Automotive business. Demand for our storage products remains in excess of our ability to supply."
The positive thing is that Tesla is increasing production of the Megapack (a large 40 GWh Megapack factory in California was announced in 2021).
"We are in the process of ramping production at our dedicated Megapack factory to address the growing demand."
Tesla offers three main types of ESS products:
- Powerwall for home installations (13.5 kWh usable / 7 kW peak / 5 kW 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 – Q2 2022
In the case of the solar business (conventional panels and Solar Roof), the situation improved significantly as Tesla has achieved the highest solar deployment in over four years.
Nonetheless, the solar arm of Tesla Energy is also constrained:
"Although we continue to experience import delays beyond our control on certain solar components, we have expanded our supplier base to enable growth in this business. Our solar installation team continues to improve installation efficiency, enabling higher volumes and stronger economics."
Total solar (conventional panels and Solar Roof) deployment:
- Q2: 106 MW (up 25% year-over-year)
Tesla's solar solutions:
Solar Roof
Tesla remains silent about the Solar Roof installation progress. The Solar Roof is produced at the Gigafactory 2 in New York.
