Tesla Energy broke multiple records for energy storage deployments and margins in 2024, and as the company recently revealed in its latest earnings call, it’s also looking to establish yet another factory for its grid-scale Megapack batteries.
On Wednesday, Tesla held its Q4 2024 earnings call, during which the company announced plans for a third Megafactory for production of the Megapack, following its recent completion of a second such plant in Shanghai, China. The news was shared by CEO Elon Musk, though he did not disclose where Tesla planned to build the upcoming plant.
“So, we have our second factory, which is in Shanghai, that’s starting operation, and we’re building a third factory,” Musk said.
Along with starting production in Shanghai this quarter, Tesla has also been ramping up production of the Megapack at its Lathrop, California factory over the past few years, and it’s eventually aiming to reach a volume production of 10,000 Megapacks per year at both factories.
To add a little bit of perspective, Tesla built its 10,000th Megapack at the Lathrop facility in November, after completing construction of the plant in 2022.
Tesla’s massive Megapack site near Melbourne is almost ready
Tesla Energy in 2024 and a look back at previous years
In addition to the Megapack, Tesla sells its Powerwall home batteries in countries around the world, and the two products together achieved record deployments in Q4 and 2024 overall. In the fourth quarter alone, Tesla deployed a record of 11 GWh of energy storage, representing a 244 percent increase year over year.
Through all of 2024, Tesla deployed 31.4 GWh of energy storage total, up 114 percent year over year. By Q3, Tesla had also already outpaced its 2023 energy storage deployments, even before its record Q4 and full-year results.
Tesla’s energy deployments could also be seen ramping throughout 2024, with more Megapack and Powerwalls going out than ever, as evidenced by deployments of 4.1 GWh, 9.4 GWh and 6.9 GWh in the first, second and third quarters of the year, respectively.
Together, these amounted to a record-high gross profit for the company’s energy sector in Q4, especially as production continued to ramp, resulting in cost reductions at the Lathrop Megafactory. The company has also highlighted its continued rollout of the next-generation Powerwall 3 in a number of markets, which is expected to continue into this year.

Credit: Tesla

Credit: Tesla
You can see Tesla’s full Q4 and full-year 2024 shareholder deck here, or listen to the company’s full earnings call below.
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News
Tesla Model S makes TIME’s list of Best Inventions

Tesla’s flagship sedan, the Model S, has officially been named one of TIME Magazine’s Best Inventions of the 2000s. It joins its sibling, the Model 3, which made the list in 2017.
The Model S is among the most crucial developments in the automotive industry in the last century.
Just as the Ford Model T made its mark on passenger transportation, becoming the first combustion engine vehicle to be successfully developed and marketed at a time when horse and buggy were the preferred mode of transportation, the Model S revolutionized things a step further.
Although it was not the first EV to be developed, the Tesla Model S was the EV that put EVs on the map. In 2012, TIME recognized the Model S as a piece of technology that could truly transform the car industry.
The publication wrote:
“This electric four-door sedan has the lines of a Jaguar, the ability to zip for 265 miles (426 km) on one charge—that’s the equivalent of 89 m.p.g. (2.6 L/100 km)—and touchscreen controls for everything from GPS navigation to adjusting the suspension.”
Looking back, TIME was right on. The Tesla Model S was truly a marvel for its time, and it, along with the OG 2008 Roadster, can be seen as the first two EVs to push electrification to the mainstream.
As TIME described this year, the Model S “proved to be a game-changing experience for electric vehicles,” and it ended up truly catalyzing things for not only the industry, but Tesla as well.
The Model S acted as a fundraiser of sorts for future vehicles, just as the Model X did. They paved the way for the Model 3 and Model Y to be developed and offered by Tesla at a price point that was more acceptable and accessible to the masses.
The Current State of the Tesla Model S
The Model S contributes to a very small percentage of Tesla sales. The company groups the Model S with the Model X and Cybertruck in its quarterly releases.
Last year, that grouping sold 85,133 total units, a small percentage of the 1.789 million cars it delivered to customers in 2024.
Things looked to be changing for the Model S and the Model X this year, as Tesla teased some improvements to the two cars with a refresh. However, it was very underwhelming and only included very minor changes.
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It appeared as if Tesla was planning to sunset the two cars, and while it has not taken that stance yet, it seems more likely that the company will begin taking any potential options to heart.
CEO Elon Musk said a few years ago that the two cars were only produced due to “sentimental reasons.”
Investor's Corner
Tesla analysts are expecting the stock to go Plaid Mode soon

Tesla (NASDAQ: TSLA) has had a few weeks of overwhelmingly bullish events, and it is inciting several analysts to change their price targets as they expect the stock to potentially go Plaid Mode in the near future.
Over the past week, Tesla has not only posted record deliveries for a single quarter, but it has also rolled out its most robust Full Self-Driving (Supervised) update in a year. The new version is more capable than ever before.
Tesla Full Self-Driving v14.1 first impressions: Robotaxi-like features arrive
However, these are not the only things moving the company’s overall consensus on Wall Street toward a more bullish tone. There are, in fact, several things that Tesla has in the works that are inciting stronger expectations from analysts in New York.
TD Cowen
TD Cowen increased its price target for Tesla shares from $374 to $509 and gave the stock a ‘Buy’ rating, based on several factors.
Initially, Tesla’s positive deliveries report for Q3 set a bullish tone, which TD Cowen objectively evaluated and recognized as a strong sign. Additionally, the company’s firm stance on ensuring CEO Elon Musk is paid is a positive, as it keeps him with Tesla for more time.
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Musk, who achieved each of the tranches on his last pay package, could obtain the elusive title as the world’s first-ever trillionaire, granted he helps Tesla grow considerably over the next decade.
Stifel
Stifel also increased its price target on Tesla from $440 to $483, citing the improvements Tesla made with its Full Self-Driving suite.
The rollout of FSD v14.1 has been a major step forward for the company. Although it’s in its early stages, Musk has said there will be improved versions coming within the next two weeks.
Stifel raises Tesla price target by 9.8% over FSD, Robotaxi advancements
Analysts at the firm also believe the company has a chance to push an Unsupervised version of FSD by the end of the year, but this seems like it’s out of the question currently.
It broke down the company’s FSD suite as worth $213 per share, while Robotaxi and Optimus had a $140 per share and $29 per share analysis, respectively.
Stifel sees Tesla as a major player not only in the self-driving industry but also in AI as a whole, which is something Musk has truly pushed for this year.
UBS
While many firms believe the company is on its way to doing great things and that stock prices will rise from their current level of roughly $430, other firms see it differently.
UBS said it still holds its ‘Sell’ rating on Tesla shares, but it did increase its price target from $215 to $247.
It said this week in a note to investors that it adjusted higher because of the positive deliveries and its potential value with AI and autonomy. However, it also remains cautious on the stock, especially considering the risks in Q4, as nobody truly knows how deliveries will stack up.
In the last month, Tesla shares are up 24 percent.
News
Tesla lands permission to test Full Self-Driving in new country

Tesla has landed permission to begin testing its Full Self-Driving suite in a new country: Sweden.
Tesla has been working to expand its Full Self-Driving suite across the world. Currently, it is available in seven countries: the United States, Canada, Mexico, Puerto Rico, Australia, New Zealand, and China, where it is referred to as “City Autopilot.”
Capabilities of the Full Self-Driving suite differ in each region based on the approvals given to Tesla by regulatory agencies.
In Europe, Tesla has been attempting for a long time to launch FSD in various countries, but regulatory red tape has been prolonging the company’s ability to launch the suite.
However, Sweden appears to be ready to allow Tesla to test FSD in some passenger and public locations, according to the country’s Transport Agency.
On X, a Swedish Tesla owner named Alexander Kristensen, says he received direct confirmation from the Transport Agency that Tesla has “received permission to test automated vehicles.”
Tesla got approval to test FSD in Sweden!
According to the Swedish Transport Administration, Tesla received approval to test FSD on all state highways and expressways in Sweden. The approval is valid for 3 cars owned by Tesla. pic.twitter.com/EVVPZZRpcs
— Alexander Kristensen (@LinkN01) October 9, 2025
The full email said:
“Tesla received permission to test automated vehicles last week. This includes three vehicles and all state highways and expressways in Sweden.”
— Alexander Kristensen (@LinkN01) October 9, 2025
Tesla has already been working with the Swedish Transport Agency on the first steps of Full Self-Driving’s approval. The company and the Transport Agency spent two weeks assessing data gathered during a Formal Site Assessment Test, or SAT.
Based on the communication from the Transport Agency to Kristensen, it appears the company has passed the SAT and will now be able to perform its own testing within the market.
This approval seems similar to the approval Tesla received in U.S. states for Robotaxi operation. Nevada and Arizona have both given Tesla approval for Robotaxi testing, but passengers are not allowed in the vehicles quite yet.
Instead, company employees perform the testing, which is likely what will go on in Sweden until the Transport Agency gives the company a green light to roll FSD software out to customers.
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