Energy storage (Megapack and Powerwall)
Deployments are at record levels (13.7 GWh in Q3 2026), but Megapack 3 has lost its 2026 volume-production target.
The numbers
What it is
Grid-scale Megapack batteries and home Powerwall systems, plus solar. Deployments are reported in GWh per quarter.
Why it matters to the stock. This is Tesla's least cyclical segment and has been the main offset to weak car sales. Its gross margin was about 30% in 2025, well above automotive. Q2 2026 margin fell to about 20% after a roughly $240 million warranty provision for vendor battery-cell issues.
News
Tesla Q3 2026 deliveries 486,532 beat 461,974 consensus; storage 13.7 GWh
Tesla delivered 486,532 vehicles in Q3 2026 on production of 464,391, beating the company-compiled consensus of 461,974 by about 5%.
Tesla files plans for $10.1B Project Crystal Sun solar cell factory in Texas
A Texas Comptroller tax-incentive application shows Tesla planning a $10.1B solar cell factory near Richmond in Fort Bend County, codenamed Project Crystal Sun.
Tesla drops 2026 volume-production targets for Cybercab, Semi and Megapack 3
Tesla's Q2 2026 letter no longer targets 'volume production' of Cybercab, Semi and Megapack 3 in 2026, after saying in January they would reach it that year.
Tesla Q2 2026 update: FSD (Supervised) approved in Lithuania, Estonia, Denmark and Belgium
Tesla's Q2 2026 update letter says it received further FSD (Supervised) approvals in Lithuania, Estonia, Denmark and Belgium after the Dutch approval.
Tesla Q2 2026 deliveries 480,126 beat 406,024 consensus, up 25% YoY
Tesla delivered 480,126 vehicles in Q2 2026 against production of 451,758, and deployed 13.5 GWh of storage.
Tesla signs multi-year deal to supply over 25 GWh of Megapacks to NatPower in Italy and UK
Tesla agreed a multi-year deal with NatPower to supply Megapack systems for more than 25 GWh of battery storage in Italy and the United Kingdom.
Tesla 10-K/A discloses $573M of 2025 revenue from SpaceX and xAI
Tesla filed an amended FY2025 annual report on April 30, 2026 that details related-party transactions with Musk's companies.
Tesla Q1 2026 deliveries 358,023, below consensus; 50,363 units added to inventory
Tesla delivered 358,023 vehicles in Q1 2026 against production of 408,386, adding 50,363 units to inventory.
Tesla Q1 2026 delivery consensus set at 365,645 from 23 analysts
Electrek reported on March 26, 2026 that Tesla's company-compiled Q1 2026 delivery consensus was 365,645 vehicles from 23 sell-side analysts, with a median of 363,371.
Tesla Q4 2025 deliveries 418,227 as production ran ahead of sales
Tesla delivered 418,227 vehicles in Q4 2025 and produced 434,358, so inventory grew by about 16,000 units.