EV giant Tesla Inc (NASDAQ:TSLA) on Monday said that its Megafactory in Lathrop, California has built its 10,000th Megapack, marking a significant milestone for the company in its energy storage segment.

What Happened: "Congratulations to the Megafactory team in Lathrop, CA on building the 10,000th Megapack," the company said in a post on social media platform X.

Megapack is a powerful battery manufactured by the company in addition to its home battery called Powerwall. Each megapack unit can store over 3.9 Megawatt-hours of energy or enough to power an average of 3,600 homes for an hour.

"Quite a makeover accomplished by the Lathrop Energy Manufacturing team: converting a former JC Penny warehouse to the largest utility battery manufacturing plant in the world!" former Tesla senior executive Drew Baglino wrote.

Baglino was the Senior Vice President of Powerwall and Energy until April earlier this year.

Why It Matters: In the three months through the end of September, Tesla's energy generation and storage revenue touched $2,376 million, marking a growth of 52% as compared to the corresponding period of last year. The energy business achieved a record gross margin of 30.5% and the powerwall product achieved record deployments.

Tesla currently operates a Megafactory only in Lathrop, California, capable of making 10,000 Megapack units in a year. The company is also putting up a Megafactory in Shanghai which it expects to start shipping Megapacks in the first quarter of 2025.

For the full year 2024, Tesla now expects to deploy twice the energy storage deployed last year, or roughly 29.4 GWh of energy storage.

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Photo courtesy: Tesla