Tesla announced that it deployed 9.4GWh of utility-scale Megapack battery energy storage systems (BESS) and residential Powerwalls in Q2 2024, leading to a record-breaking quarter for the energy business segment. The company also reported a 158% increase in deployments year-on-year, from 3.7GWh in Q3 2023. CEO Elon Musk stated that potential demand for energy storage is underestimated. The Megapacks are currently produced at a single factory in Lathrop, California, and shipped worldwide, with a new production plant in Shanghai, China, set to open in Q1 2025. Tesla CFO Vaibhav Taneja noted that the company’s “energy storage backlog is strong, although expect some fluctuation from period-to-period in recognition of orders, deployments and revenue from storage.

Solar Dominates US Energy Capacity Growth
The Federal Energy Regulatory Commission (FERC) has published data showing that solar accounted for over 75% of US electrical generating







