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  • Tesla plans third Megafactory after breaking energy records in 2024


    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.

    What are your thoughts? Let me know at zach@teslarati.com, find me on X at @zacharyvisconti, or send us tips at olstar@maxxd.com.

    Tesla plans third Megafactory after breaking energy records in 2024





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  • Meta considers leaving Delaware, Dropbox announces DE departure


    Meta, the parent company of social media giants like Facebook and Instagram, is reportedly exploring options to change its legal home from Delaware to Texas.

    The information was initially reported by The Wall Street Journal, citing people reportedly familiar with the matter.

    Key Points:

    • Meta has held discussions with Texas officials about potentially relocating its incorporation. The company is also looking at other states for this legal shift, the WSJ reported.
    • With Mark Zuckerberg as a controlling shareholder, Texas is seen as favorable for companies with similar structures.
    • Delaware is home to most Fortune 500 companies due to its business-friendly court system. However, recent court rulings have frustrated executives and controlling shareholders.
    • Elon Musk has moved Tesla and SpaceX to Texas and Neuralink to Nevada after a Delaware court decision rescinded the CEO’s 2018 Tesla pay package after all its ambitious milestones were achieved.

    Recent Developments:

    • Meta is not the only tech company leaving Delaware. Dropbox also announced that it was moving its incorporation from Delaware to Nevada.
    • In a securities filing, Dropbox noted that it had gained approval from majority shareholders to move its incorporation from Delaware to Nevada.
    • “Stockholders of the Company holding at least a majority of the voting power of our outstanding shares of capital stock entitled to vote, adopted solutions by written consent in lieu of a meeting of stockholders to approve the reincorporation of the Company from the State of Delaware to the State of Nevada by conversion,” Dropbox noted in its filing.

    Broader Context:

    • Texas has been attracting businesses by setting up specialized courts for business disputes, a move followed by over two dozen states.
    • A Meta spokesperson confirmed there are no plans to move the corporate headquarters from California but declined to comment further on the reincorporation discussions.

    Don’t hesitate to contact us with news tips. Just send a message to simon@teslarati.com to give us a heads up.

    Meta considers leaving Delaware, Dropbox announces DE departure





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  • Tesla drives the cost per EV even further


    Tesla has further reduced its cost per electric vehicle (EV) as it prepares to produce the new Model Y.

    “Our journey on cost reduction continues, and we were able to get our overall cost per car down below $35,000, driven primarily by material costs,” said Tesla’s Chief Financial Officer, Vaibhav Taneja.

    Three years ago, Tesla’s former Head of Investor Relations, Martin Viecha, shared that Tesla cost $84,000 to produce each car in 2017. By 2024, Tesla reduced that number to around $36,000 per vehicle.

    Taneja hinted that reducing Tesla’s cost per vehicle was not easy. He explained that Tesla’s cost per car decreased despite increased depreciation. He also noted that some costs increased as Tesla prepared to produce the new Model Y.

    “All our factories will start producing the new Model Y next month. While we feel confident in our team’s abilities to ramp production quickly, note that it is an unprecedented change, and we are not aware of anybody else taking the best-selling car on the planet and updating all factories at the same time,” noted Tesla’s CFO.

    The eBay team would appreciate hearing from you. If you have any tips, contact me at maria@teslarati.com or via Twitter @Writer_01001101.

    Tesla drives the cost per EV even further





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