| Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
|---|
| Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
|---|
| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
|---|
EV giant Tesla Inc (NASDAQ:TSLA) said on Tuesday that its team in Nevada hit a new milestone of making more than 500 Powerwalls in a single shift.
What Happened: The company made the announcement on social media platform X with a photograph of employees gathered around newly manufactured powerwalls.
Powerwall is a powerful home battery that stores solar energy for use when the grid goes down. Tesla unveiled the latest iteration of the product, called Powerwall 3, in 2023. Later in February this year, the company made it available for U.S. consumers starting at the same price as its predecessor – $5,880, after including a 30% Federal tax credit, but before installation fees.
"This really is a great product. Took 3 major iterations, as usual, to get to something great," Tesla CEO Elon Musk said. The company also said that it can build a Powerwall 3 every 25 seconds, or more than 700,000 units per year.
Tesla’s gigafactory in Nevada makes electric motors, vehicle powertrains, and batteries in addition to energy storage products. The company is looking to expand the factory further with a 100 GWh 4680 cell factory and a high-volume Tesla Semi factory.
Why It Matters: Tesla reported a whopping 100% year-on-year jump in revenue from its energy generation and storage segment in the second quarter, even as revenue from the automotive segment dipped. The company's second-quarter revenue from the segment totaled $3 billion after it deployed 9.4 GWh of energy storage products.
For the entirety of 2024, the company now expects the growth rate of revenue in its energy business to outpace the automotive business.
During Tesla’s annual shareholder meeting in June, Musk said that the company is on track to complete a “massive number of energy deployments.”
“We seem to be tracking to sort of a 200- to 300-percent year-over-year growth in energy storage deployment and stationary pack. So it's giant. And the limiting factor really is being able to build more Megapacks and build more Powerwalls,” he said.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Read More:
Photo courtesy: Tesla
Posted In: TSLA
