Tesla Energy Generation And Storage Business: Q1 2022 Results
The Tesla Energy business expanded during the first quarter of 2022, but only because of the battery energy storage systems.
According to the company, Tesla Energy revenues increased 25% year-over-year to $616 million (3.3% of the total revenues), while the cost of revenues stands at $688 million.
Tesla energy storage deployed – Q1 2022
Tesla was able to nearly double installations of battery energy storage systems compared to Q1 2021, however the result was noticeably lower than in the previous three quarters.
Total battery energy storage (Powerwall, Powerpack and Megapack) deliveries:
- Q1: 846 MWh (up 90% year-over-year)
The company explains that demand remains strong and the main issue is limited production capacity. A solution for that will be a large 40 GWh Megapack factory in California, announced in 2021.
“Energy storage deployments increased by 90% YoY in Q1 to 846 MWh, mainly driven by strong Powerwall deployments. As demand remains substantially above capacity, growth has been limited by ongoing supply chain challenges. We are in the process of ramping production at a 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 – Q1 2022
In the case of the solar business (conventional panels and Solar Roof), the situation is worse, as the overall installations decreased significantly.
- Q1: 48 MW (down 48% year-over-year)
Tesla notes that the reason behind the decline are external supply issues:
“Solar deployments decreased by 48% in Q1 to 48 MW. This reduction was caused by import delays beyond our control on certain solar components.”
Tesla’s solar solutions:
The Tesla Solar Roof installations increased, according to the company, but as usual, there are no numbers about the volume. We believe that the Solar Roof remains a small part of the total solar installations.
“Solar Roof deployments continued to grow YoY. Cash & loan sales account for nearly all deployments.”
Solar Roof is produced at the Gigafactory 2 in New York.
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