Tesla Inc TSLA CEO Elon Musk said on Friday that its Powerwall 3 is a ‘great product’ of which the company could make over 700,000 units in a year.
What Happened: “This really is a great product. Took 3 major iterations, as usual, to get to something great,” Musk wrote.
Powerwall 3 is the latest iteration of Tesla’s powerful home battery which stores solar energy for use when the grid goes down. It is manufactured by Tesla at its gigafactory in Nevada.
The company said on Friday that it can build a Powerwall 3 every 25 seconds, or more than 700,000 units per year.
The Powerwall 3 has an energy capacity of 13.5 kWh per unit and can thrive in extreme weather conditions. It also features an integrated solar inverted allowing solar to be connected directly, Tesla said.
One unit of Powerwall 3 is priced at $9,300 for California Street in San Francisco.
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.
The company is currently ramping up production at its Lathrop Megafactory which is capable of producing 40 GWh of energy storage products a year and also eyeing starting production at its Shanghai Megafactory in the first quarter of 2025.
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