President of electric vehicle overseas energy storage

Where is Tesla's first energy storage plant located?

Tesla’s first overseas energy storage plant starts operating as global competition from Chinese firms and pricing pressures mount. Tesla has officially announced the start of production at its Shanghai energy storage factory, the company’s first Megapack manufacturing facility outside the United States.

How important is Tesla's Energy Storage business?

Tesla’s latest financial results highlight the growing importance of its energy storage business. In 2024, the company deployed 31.4 GWh of battery storage systems, generating a record $10.86 billion in revenue, up 67% year-on-year. In contrast, Tesla’s automotive revenue declined by 6%, and net profit plummeted by 53%.

Does the US need more EVs to keep up with China?

Scaringe says the US needs to offer many more EVs to keep up with China. Rivian currently sells the R1S SUV and R1T electric pickup, but these are flagship products that cost over $70,000 each and have a relatively small market. What role will Rivian play? Rivian’s next product, R2, “opens that up dramatically.”

Who invented stationary energy storage?

Twenty years ago, when Dr. Gyuk took charge of the stationary energy storage program, the technology was only beginning to be explored. There were very few demonstrations and the rare industry meetings were only attended by a handful of researchers, scientists, and dreamers.

Why is China dominating the global EV market?

China is dominating the global EV market, and according to Rivian’s (RIVN) CEO RJ Scaringe, this didn’t happen by accident. After squeezing global automakers out of their home market, Chinese EV makers are quickly expanding overseas. Scaringe explained why China is leading the shift and what the US can do to keep pace.

Does BYD sell electric vehicles?

BYD now supplies electric trucks and buses, forklifts, and garbage trucks to all parts of the world. In April 2021, new energy vehicle leader BYD released the e-platform 3.0 for electric vehicles at the 2021 Shanghai Auto Show. In May 2021 BYD released its one-millionth electric vehicle off the production line.