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Tesla reveals enormous growth of business venture — and it could outpace its automotive production

Tesla, the world’s leading electric vehicle manufacturer, recently announced that its clean energy storage business, Tesla Energy, is slated to expand even faster than its car production in 2024.

This growth means more affordable, sustainable energy storage options for homes and grids.

Tesla’s Q4 and FY 2023 Update noted that total energy storage deployments reached 14.7 gigawatt-hours in 2023, a 125% increase compared to 2022, reflecting a more than 50% revenue increase — and that growth is showing no signs of stopping.

Tesla aims to double its energy storage deployments once again this year to meet surging demand for its Megapack battery that the news outlet Teslarati reported on. That demand reflects a strong market appetite for large-scale sustainable backup power.

Expanding the Megafactory that makes these batteries — one of the largest utility-scale battery factories in North America, which produces 10,000 Megapack units every year — will also create jobs.