While 2024 witnessed Tesla Inc.'s (NASDAQ:TSLA) vehicle deliveries fall year-on-year for the first time, its energy storage deployments hit new highs.

What Happened: The EV company said on Thursday that it deployed 31.4 GWh of energy storage products in 2024, up from 14.7 GWh in 2023 and marking a growth of 114% year over year.

Tesla's energy storage deployments have been steadily rising for the past five years. In 2019, the company deployed only 1.7 GWh of energy storage.

However, Tesla also reported its first fall in annual vehicle deliveries on Thursday. The company delivered 1,789,226 vehicles in 2024, 1.1% less than the 1,808,581 deliveries reported for 2023.

Why It Matters: Tesla manufactures two energy storage products – the Powerwall and the Megapack. While the powerwall is a compact home battery that stores energy generated by solar or from the grid, each Megapack unit can store over 3.9 MWh of energy.

Tesla currently operates a Megafactory 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. It has already commenced trial production.

In the three months through the end of September, Tesla's energy generation and storage revenue touched $2.38 billion, marking a growth of 52% as compared to the corresponding period of last year. The revenue from the segment, in fact, accounted for 9.4% of the company's total revenue in the period.

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