

Energy
Renewable energy is benefitting from oil’s coronavirus-induced slump
Oil companies have arguably felt the effects of the COVID-19 pandemic worse than any other industry in the world. Several companies that are considered to be big names in the oil sector are reporting substantial drops in earnings in their most recent quarterly results as the pandemic has caused a collapse in demand.
With that, renewable energy companies, like Tesla and others, are beginning to feel the positive effects of oil becoming less desirable by consumers. The New York Times recently reported that renewable energy sources would generate a record of 20.7% electricity in the U.S., up 2.7% from 2019’s share.
As renewable energy use increases, other forms of energy will inevitably fall, and oil-focused companies are forced to adapt to the consumer’s demand for clean sources of power.
BP recently announced that it would slash oil production by 40% and turn its focus to sustainable forms of energy for the future. The company said that it would increase its low carbon investments by ten-fold to $5 billion by 2030. The London-based energy company currently holds a zero-emissions promise by 2050, CNN said.
“This coming decade is critical for the world in the fight against climate change, and to drive the necessary change in global energy systems will require action from everyone,” a company statement from BP said.
Meanwhile, Exxon and Chevron both took major hits during the second quarter. Exxon announced that several of its expansion projects would be delayed after it failed to generate any positive cash flow during Q2, Bloomberg reported.
Exxon’s Q2 2020 Earnings Report indicates that the company’s total net income loss was -$1.080 billion.
Chevron, on the other hand, announced that it would have multibillion-dollar writedowns on its access for the second time in the last 12 months. It will also cut the equivalent of 5% of its total output worldwide during Q3, and delay plans to ramp up production from its Permian Basin, a United States oil field located in Western Texas and Southeastern New Mexico.
What does all of this mean for renewables?
As the world continues to transition away from carbon-emitting fuel sources and moves toward Earth-friendly forms of power, the renewable energy sector will see growth in its consumer base and profitability. COVID-19 has done significant damage to many corporations and industries as a whole. For example, automotive sales as a whole have declined with many automakers across the world, reporting substantial drops in purchases.
Research firm IHS Markit predicts that car sales are expected to decline by at least 15.3% in the U.S. in 2020. However, sustainable transportation companies are seeing growth. Tesla is one example of that.
Tesla has beaten Wall Street’s estimates in both Q1 and Q2. The company has also managed to turn a profit in both quarters in 2020 as well. The increasingly noticeable shift in energy interest is turning toward sustainable and eco-friendly sources, which is a win for both the consumer and the Earth.
A study from Deloitte stated that in April 2019, renewable energy outpaced coal by providing 23% of U.S. power generation. Coal only provided 20% of the share. Also, renewable energy consumption by residential consumers increased by 6%, while commercial customers increased their usage by 5%.
The simple fact is, renewable energy is the future of human civilization. Fossil fuels and environmentally damaging sources of energy will continue to damage the Earth, pushing the world into the depths of climate hell, while rich oil companies continue to turn unruly profits.
But these companies are feeling the effects of a decrease in demand. The reductions seem to be acting as a wake-up call that indicates their focuses must shift. Their most recent Earnings results are indicative of a shift in what kind of energy people are more interested in, and it seems that renewables are going to be the preference for consumers moving forward.
Energy
Tesla Energy is the world’s top global battery storage system provider again
Tesla Energy captured 15% of the battery storage segment’s global market share in 2024.

Tesla Energy held its top position in the global battery energy storage system (BESS) integrator market for the second consecutive year, capturing 15% of global market share in 2024, as per Wood Mackenzie’s latest rankings.
Tesla Energy’s lead, however, is shrinking, as Chinese competitors like Sungrow are steadily increasing their global footprint, particularly in European markets.
Tesla Energy dominates in North America, but its lead is narrowing globally
Tesla Energy retained its leadership in the North American market with a commanding 39% share in 2024. Sungrow, though still ranked second in the region, saw its share drop from 17% to 10%. Powin took third place, even if the company itself filed for bankruptcy earlier this year, as noted in a Solar Power World report.
On the global stage, Tesla Energy’s lead over Sungrow shrank from four points in 2023 to just one in 2024, indicating intensifying competition. Chinese firm CRRC came in third worldwide with an 8% share.
Wood Mackenzie ranked vendors based on MWh shipments with recognized revenue in 2024. According to analyst Kevin Shang, “Competition among established BESS integrators remains incredibly intense. Seven of the top 10 vendors last year struggled to expand their market share, remaining either unchanged or declining.”

Chinese integrators surge in Europe, falter in U.S.
China’s influence on the BESS market continues to grow, with seven of the global top 10 BESS integrators now headquartered in the country. Chinese companies saw a 67% year-over-year increase in European market share, and four of the top 10 BESS vendors in Europe are now based in China. In contrast, Chinese companies’ market share in North America dropped more than 30%, from 23% to 16% amid Tesla Energy’s momentum and the Trump administration’s policies.
Wood Mackenzie noted that success in the global BESS space will hinge on companies’ ability to adapt to divergent regulations and geopolitical headwinds. “The global BESS integrator landscape is becoming increasingly complex, with regional trade policies and geopolitical tensions reshaping competitive dynamics,” Shang noted, pointing to Tesla’s maintained lead and the rapid ascent of Chinese rivals as signs of a shifting industry balance.
“While Tesla maintains its global leadership, the rapid rise of Chinese integrators in Europe and their dominance in emerging markets like the Middle East signals a fundamental shift in the industry. Success will increasingly depend on companies’ ability to navigate diverse regulatory environments, adapt to local market requirements, and maintain competitive cost structures across multiple regions,” the analyst added.
Energy
Tesla inks multi-billion-dollar deal with LG Energy Solution to avoid tariff pressure
Tesla has reportedly secured a sizable partnership with LGES for LFP cells, and there’s an extra positive out of it.

Tesla has reportedly inked a multi-billion-dollar deal with LG Energy Solution in an effort to avoid tariff pressure and domesticate more of its supply chain.
Reuters is reporting that Tesla and LGES, a South Korean battery supplier of the automaker, signed a $4.3 billion deal for energy storage system batteries. The cells are going to be manufactured by LGES at its U.S. factory located in Michigan, the report indicates. The batteries will be the lithium iron phosphate, or LFP, chemistry.
Tesla delivers 384,000 vehicles in Q2 2025, deploys 9.6 GWh in energy storage
It is a move Tesla is making to avoid buying cells and parts from overseas as the Trump White House continues to use tariffs to prioritize domestic manufacturing.
LGES announced earlier today that it had signed a $4.3 billion contract to supply LFP cells over three years to a company, but it did not identify the customer, nor did the company state whether the batteries would be used in automotive or energy storage applications.
The deal is advantageous for both companies. Tesla is going to alleviate its reliance on battery cells that are built out of the country, so it’s going to be able to take some financial pressure off itself.
For LGES, the company has reported that it has experienced slowed demand for its cells in terms of automotive applications. It planned to offset this demand lag with more projects involving the cells in energy storage projects. This has been helped by the need for these systems at data centers used for AI.
During the Q1 Earnings Call, Tesla CFO Vaibhav Taneja confirmed that the company’s energy division had been impacted by the need to source cells from China-based suppliers. He went on to say that the company would work on “securing additional supply chain from non-China-based suppliers.”
It seems as if Tesla has managed to secure some of this needed domestic supply chain.
Energy
Tesla Shanghai Megafactory produces 1,000th Megapack for export to Europe
The Shanghai Megafactory was able to hit this milestone less than six months after it started producing the Megapack.

Tesla Energy has announced a fresh milestone for its newest Megapack factory. As per the electric vehicle maker, the Shanghai Megafactory has successfully produced its 1,000th Megapack battery.
The facility was able to hit this milestone less than six months after it started producing the grid-scale battery system.
New Tesla Megapack Milestone
As per Tesla Asia in a post on its official accounts on social media platform X, the 1,000th Megapack unit that was produced at the Shanghai Megafactory would be exported to Europe. As noted in a CNEV Post report, Tesla’s energy products are currently deployed in over 65 countries and regions globally. This allows Tesla Energy to compete in energy markets that are both emerging and mature.
To commemorate the 1,000th Megapack produced at the Shanghai Megafactory, the Tesla China team posted with the grid-scale battery with celebratory balloons that spelled “Megapack 1000.” The milestone was celebrated by Tesla enthusiasts on social media, especially since the Shanghai Megafactory only started its operations earlier this year.
Quick Megafactory Ramp
The Shanghai Megafactory, similar to Tesla’s other key facilities in China, was constructed quickly. The facility started its construction on May 23, 2024, and it was hailed as Tesla’s first entry storage project outside the United States. Less than a year later, on February 11, 2025, the Shanghai Megafactory officially started producing Megapack batteries. And by March 21, 2025, Tesla China noted that it had shipped the first batch of Megapack batteries from the Shanghai plant to foreign markets.
While the Shanghai Megafactory is still not at the same level of output as Tesla’s Lathrop Megafactory, which produces about 10,000 Megapacks per year, its ramp seems to be quite steady and quick. It would then not be surprising if Tesla China announces the Shanghai Megafactory’s 2,000th Megapack milestone in the coming months.
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