$Tesla (TSLA.US)$With a low-key ace in hand, it is not AI or robots, but rather cecep solar energy and energy storage business.

Although Tesla's second-quarter delivery data released on Tuesday exceeded expectations, driving Tesla's stock price up 10% during the day, it is not the only good news: Tesla's solar and energy storage business also achieved new breakthroughs in the second quarter.

Accelerating the layout of energy storage systems with AI fever

On Tuesday, Tesla's energy subsidiary, Tesla Energy, announced that it had deployed 9.4GWh of battery energy storage products in the second quarter of 2024, setting the highest quarterly record and achieving 129% QoQ growth and 157% YoY growth, with astonishing growth rates.

Some industry analysts said that, adding Tesla's 4.1 GWh battery energy storage deployment in the first quarter, the cumulative value in the first half of the year has reached 13.5 GWh, which is very close to Tesla's 14.724 GWh energy storage deployment last year. (of which Q1 is 3.889 GWh, Q2 is 3.653 GWh, Q3 is 3.980 GWh, and Q4 of 2023 is 3.202 GWh)

Tesla Energy said that the impressive results in the second quarter of this year were mainly due to the continuous expansion of Megapack at the Las Lopas super energy storage system factory in California. Megapack is a large-scale commercial energy storage system developed by Tesla.

Tesla's energy storage business mainly includes two types of products: Powerwall and Megapack. Powerwall is a household energy storage system that can store the electricity generated by the solar panel for power supply at night or during power outages. Megapack is a large-scale commercial energy storage system suitable for large commercial and industrial customers, such as data centers, hospitals, and schools.

The overall annual production capacity of the Las Lopas super factory is 40GWh. Judging from the energy storage deployment results in the second quarter of 2023, the Las Lopas super factory has approached its operating limit. However, this does not mean that this is the overall energy storage limit of Tesla, because the energy storage super factory in Shanghai is still under construction.

In May of this year, Tesla's Shanghai energy storage super factory started construction. This is Tesla's first energy storage super factory outside the United States, mainly producing Megapack. The annual production capacity of the Shanghai energy storage super factory is expected to reach 10,000 units, with an energy storage scale of nearly 40GWh. The earliest production of Megapack is expected to start in the first quarter of 2025.

Big Morgan talks about Tesla's trump card: solar and energy storage business

For Morgan Stanley, Tesla's most attractive future is its new energy and energy storage business.

On June 25th, Morgan Stanley issued a report stating that Tesla holds a "key trump card" and is a key "winner" in the next round of AI investment. This "trump card" is not Tesla's AI or robot business, but its solar and energy storage business.

Big Morgan analyst Adam Jonas firmly bullish on Tesla's energy storage business, and believes that the power demand brought by AI fever will make Tesla a key player in the US energy market.

Jonas said that AI data centers are being built throughout the United States, and these data centers will become "power-hungry monsters" that will bring huge loads to the US power grid.

"We recently released an analytical report showing that by 2030, the electricity consumption of US data centers may be equivalent to the electricity consumption of 150 million electric cars. In other words, from 2023 to 2027, the expected growth of electricity consumption in US data centers is equivalent to the addition of 59 million electric cars on US roads, an increase of 21% in the total number of vehicles on duty."

Jonas predicts that benefiting from the rapid development of the energy storage market, Tesla Energy's revenue in the 2024 fiscal year will exceed US$7 billion, and the profit margin may exceed Tesla's automotive business in 2025. The growth rate of Tesla's energy storage business will surpass that of the solar business in the future and will make a significant contribution to Tesla's overall profitability by 2030, giving Tesla Energy an estimated value of approximately US$130 billion.

Editor/Somer