According to foreign media reports, Tesla Inc. has released its fourth quarter 2020 financial results, which indicate that the company's energy storage system capacity deployed in the fourth quarter of 2020 grew significantly, more than doubling the amount deployed compared to the previous quarter.
According to Tesla's report, the company's significant growth in energy storage deployments in the fourth quarter of 2020 was driven by an increase in the supply of battery products due to the expansion of production in the battery manufacturing industry, and demand is still outstripping supply.
Tesla deployed a record 1,584 MWh of energy storage system (EES) storage capacity in the fourth quarter of 2020, compared with 759 MWh in the third quarter. while the company's residential energy storage deployments also grew, the deployment of more grid-scale energy storage systems was key to its significant growth.
Tesla's 2020 battery storage deployments reach 3,022MWh compared to 1,651MWh in 2019, an increase of more than 82% year-over-year
Tesla CEO Elon Musk noted during this earnings call that total global battery capacity adopted in 2022, primarily for electric vehicles and battery storage systems, is 200 GWh, and said the company could achieve 30% of its target design capacity in 2022.
In a letter to investors, the company claimed that global demand and available supply for battery storage system deployments in 2021 could see similar growth rates to those seen in 2020.
Tesla is also seeing a significant increase in the installed capacity of deployed residential solar power facilities, from 57 MW in the third quarter of 2020 to 86 MW in the fourth quarter. this marks a significant jump from the 27 MW deployed in the second quarter of 2020, a situation that is largely due to the impact of the epidemic, so the fourth quarter of 2020 is the first time since the third quarter of 2018 ( highest deployment quarter since more than 93 MW of installed capacity was deployed).
Tesla deployed 205MW of installed capacity of residential solar power facilities in 2020 compared to 173MW in 2019
Musk said on the earnings call, "We're actually seeing tremendous quarter-over-quarter growth in residential solar deployments, and we want to be the leader in the solar power market."
However, Sunrun, the leading U.S. residential solar installer, claimed in its previously released earnings report that the company deployed 109MW of installed residential solar capacity in the third quarter of 2020, up 40% sequentially. Thus, despite the impact of the outbreak, Sunrun's installed capacity of residential solar power installations deployed in 2020 reached 455.6 MW, up from 413 MW in 2019.
And Sunrun has more than twice the installed capacity of Tesla's residential solar power facilities deployed in 2020.
Prior to Tesla's Q4 2020 earnings release, Sunrun deployed 171.6 MW of installed residential solar power facility capacity in Q4 2020, primarily because Sunrun completed the acquisition of its primary competitor, Vivint Solar, on October 8, 2020, which included Vivint Solar's deployment of solar power facilities.
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