Tesla installed 106MW of solar PV in Q2 2022, its largest quarterly total for more than four years as the firm’s energy division rebounded.
That performance also contributed towards Tesla’s energy generation and storage division posting its most profitable quarter yet, with gross profit from the division topping US$97 million in the three months ended 30 June 2022.
With 106MW of solar installed in the quarter, installations rose 25% year-on-year and were more than double the 48MW installed in the opening quarter of the year.
Tesla has not installed as much solar PV in a single quarter since Q3 2017, when the company installed 109MW.
In its results disclosure, Tesla said that its installs grew despite continued import delays affecting particular components, however the business has expanded its supplier base to counter the issue.
Tesla also noted that its installation team was continuing to “improve installation efficiency, enabling higher volumes and stronger economics”, however there was not the customary update for Tesla’s solar roof product amidst ongoing speculation surrounding its future.
Energy storage deployments meanwhile fell 11% year-on-year to 1.133GWh, Tesla attributing this decrease semiconductor challenges that are having more of a profound impact on its energy storage division than the automotive side.
Demand continues to outstrip supply, the company said, with Tesla now in the process of ramping production at its dedicated Megapack factory to address demand.
Energy generation and storage revenue amounted to US$866 million – equivalent to around 5.1% of Tesla’s total revenue in the quarter – with gross profit from the division standing at US$97 million.
