On December 24th, the reporter learned from Tesla that the completion of Tesla's Shanghai energy storage super factory is imminent and is expected to be completed by the end of this year, which is expected to exceed the speed of its vehicle super factory construction and achieve the entire process from construction to completion in 7 months.
On May 23rd this year, Tesla's energy storage super factory started construction in Lingang, Shanghai. After the groundbreaking ceremony, Lingang Group also signed a contract with Tesla for the first batch of China's ultra large electrochemical commercial energy storage system Megapack.
The energy storage super factory is another large-scale investment project of Tesla in China since its entry into China ten years ago, following the vehicle super factory. It is reported that Tesla's Shanghai energy storage super factory will start production in the first quarter of 2025, with a planned annual output of 10000 commercial energy storage battery Megapacks and an energy storage capacity of nearly 40GWh (gigawatt hours), supplying products to the global market.
The energy storage business has become an important profit growth point for Tesla. According to Tesla's third quarter 2024 financial report, the revenue of Tesla's power generation and energy storage business in the third quarter was $2.376 billion, a year-on-year increase of 52.4%. The gross profit margin of the energy storage business reached 30.5%, a historical high, significantly higher than its automotive business gross profit margin.
Shanghai has always been a key city for Tesla's development in China. According to Tesla's released data, Shanghai is the city with the most Tesla supercharging stations in the country. At present, Tesla has built 204 Tesla supercharging stations and 1540 supercharging piles in Shanghai, ranking first among domestic cities.
Tesla's Shanghai Gigafactory is also an important global export center for Tesla, with products exported to multiple markets such as Europe and Asia Pacific. At the end of September this year, Tesla's Shanghai Gigafactory produced its one millionth Model 3, which was exported overseas, and shipped it to the UK.