Tesla: Energy storage is taking off in 2023 – implications
We defended in 2021 that deployments of renewable energy reached an inflection point, driving, amongst others, unprecedented demand for Energy Storage. Although we see things playing out in that direction indeed, this has not been hugely noticeable so far at Tesla, as the company has been significantly limited on the supply side, prioritizing batteries for the ramp of auto volumes.The situation has changed. Battery supply has improved and the new megapack fab in Lathrop is now ramping very fast. In the research we publish today, ahead of next week’s Capital Markets Day in Austin, we review implications on a wide angle, from the near term and earnings momentum, to longer term considerations such as the size of the opportunity and Tesla’s right to win and make money in that field.
Tesla designs, develops, manufactures, sells and leases electric vehicles and energy generation and storage systems, and provides services related to its products. The company operates as two reportable segments: automotive, which includes the design, development, manufacturing, sales, and leasing of electric vehicles as well as sales of automotive regulatory credits; and energy generation and storage, which includes the design, manufacture, installation, sales, and leasing of solar energy generation and energy storage products, services related to such products, and sales of solar energy system incentives.
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