On December 22, Shanghai Lingang District announced that the signing ceremony of land transfer for Tesla Shanghai Energy Storage Super Factory Project was held in the new area. In April
this year, Tesla signed a contract with Lingang New Area on the Tesla Energy Storage Super Factory Project, which will plan to produce super-large commercial energy storage batteries (Megapack) for the global market. The plant is scheduled to start in the first quarter of 2024 and start production in the fourth quarter. In the initial stage, it is planned to produce 10000 commercial energy storage batteries annually, with an energy storage scale of nearly 40 GWh . The
new factory will be located adjacent to Tesla's first Gigafactory in Shanghai. In 2019, Tesla realized its first super factory outside the United States within one year, which was the first wholly foreign-owned vehicle manufacturing project in China at that time, and brought the first 100 billion-grade industrial cluster to the port-vicinity area.
According to public information, Tesla's main business includes two aspects, one is the new energy vehicle business, the other is the energy storage business.
According to public disclosure, the company's energy generation and storage revenue in the third quarter increased by 40% year-on-year to $1.559 billion (6.7% of total revenue), contributing more than $500 million in net profit, making it the "highest profit margin business" in Musk's mouth.
In the third quarter, the company's energy storage system shipments grew 90% year-on-year to 3.98 GWh, a record high for the company. So far, the company's shipments in the field of energy storage in the first three quarters of 2023 have totaled 11.522 GWh, up 182% year-on-year.
At present, Tesla mainly ships three products in the field of energy storage, Powerwall series for home, Powerpack for industrial and commercial energy storage and Megapack for large ground power stations. Earlier
this year, Tesla's household Powerwall series has achieved global shipments of more than 500000 units, while the product has developed to the third generation of products. According to data previously released by Wood Mackenzie, Tesla accounted for half of the new household energy storage in 2023. At the same time, the agency also pointed out that Tesla's market share in photovoltaic and energy storage has jumped to 30.2% in the third quarter. Source
: Wood Mackenzie
According to media reports, the rapid growth of Tesla's energy storage business is closely related to its sales strategy. The company adopts the sales strategy of binding with household photovoltaics in household storage sales.
In addition, Tesla's Powerwall 3, launched in September this year, is considered more attractive by the market. On the one hand, the power of the new product is twice that of the previous product, with a continuous rated output power of 11.5k W; On the other hand, Tesla has built photovoltaic inverters directly into the energy storage system, eliminating additional inverters placed on the wall, showing a higher degree of vertical integration.
Although the energy storage business is booming, the bundling sales model has not pulled the photovoltaic business in a state of decline. According to the company's disclosure, the company's photovoltaic installed capacity in the third quarter fell by 48% compared with the same period last year, and the new installed capacity in the first three quarters of this year was 67 MW, 66 MW and 49 MW respectively, showing a declining trend. Charles Handy, the master of management of the
second growth curve
, pointed out in his book The Second Curve that "the development of any enterprise has a life cycle, from germination, cultivation, growth, achievement, peak and recession, death is the fate of every enterprise." We need to constantly find the "second growth curve".
As of the close of 22 local time in the United States, Tesla's total market value reached $802.8 billion, down more than 30% from last year's peak of $1.2 trillion. The new version of the model 3, released on September 1, is no longer as glorious as it was two years ago, and its performance in orders is flat. In terms of
price, JL Warren Capital pointed out that Tesla's electric vehicle in China this year has cut more than its Chinese competitor BYD. Reflected in the financial report, from the first quarter to the third quarter of this year, the gross profit rate of the company was 19.3%, 18.2% and 17.9% respectively, showing a downward trend, and in the third quarter, it was the worst in nearly four years. In the face of the cruel market competition, the tough guy Tesla also lowered his head and went on the road of small profits and quick turnover.
In this case, Tesla's energy storage business began to develop, replacing the automotive business to support the company's growth curve. In March
this year, Tesla officially announced the contents of its Master Plan 3 (hereinafter referred to as MP3), announcing the proposed path to achieve a sustainable global energy economy through full electrification and sustainable global energy economy and energy storage, with the goal of achieving 100% sustainable energy by 2050.
Under this grand plan, Tesla will set the scale of energy storage capacity construction to 100 G Wh this year. In the third quarterly report, Tesla said that the reason why it was able to achieve the highest energy storage shipments in the third quarter was mainly due to the continuous improvement of the production capacity of its super factory in Lathrop, California.
Now the Shanghai Super Factory is about to open, which also means that Tesla will go a step further in the global energy storage map.
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