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Even Tesla’s once-reliable energy storage sector is showing signs of strain, mirroring the company’s recent struggles. New data reveals a slowdown in the deployment of Powerwall and Megapack systems.
Energy Storage Deployments Dip for Second Straight Quarter
According to Tesla’s latest figures, energy storage deployments totaled 9.6 gigawatt-hours (GWh) in the second quarter of this year. This represents a decrease of 0.8 GWh compared to the first quarter.
Peak Performance in 2024
The energy storage division achieved its peak in the fourth quarter of 2024, with 11 GWh deployed. Throughout 2024, Tesla deployed a total of 31.4 GWh of energy storage products.
Until recently, Tesla’s energy storage business consistently delivered year-over-year growth, with revenue surging from $2 billion in 2020 to $10.1 billion last year. However, the sluggish start to this year casts doubt on the continuation of this growth trajectory.
Broader Market Trends Contrast with Tesla’s Performance
While Tesla faces challenges, the overall energy storage market is expanding. Wood Mackenzie analysts report record-high installations in the first quarter of the year, marking a 57% year-over-year increase.
However, future growth could be hampered by tariffs on Chinese-made goods and potential repercussions from a Trump-backed reconciliation bill currently under consideration in Congress.
Policy Changes Could Impact Battery Storage
While tax credits for battery storage installations might remain, new restrictions on components or materials sourced from “foreign entities of concern” (FEOC) could severely limit the ability to claim these credits. China currently dominates the refining and processing of minerals crucial for battery production.