TapTechNews reported on June 5, and according to Late Auto, BYD's subsidiary Fudi Battery has reached a supply agreement with Tesla for the Shanghai energy storage plant in March this year and will supply energy storage battery cells to Tesla in the first quarter of next year.
According to TapTechNews' previous reports, the construction ceremony of Tesla's Shanghai energy storage plant was held on May 23, and it is expected to be put into production in the first quarter of 2025. After commissioning, the output of the super-large electrochemical commercial energy storage system Megapack will reach 10,000 units.
It is reported that the first supplier of battery cells for this plant has been determined as CATL, and the second supplier is Fudi. Fudi's supply share is more than 20%.
The designed annual production capacity of the Shanghai Tesla energy storage plant is 40 GWh. Fudi's order corresponds to a supply volume of more than 8 GWh in the full production state. According to the industry price calculation, the annual order value is about $5 billion.
Since 2021, Tesla has changed the battery cells of the energy storage system from ternary lithium batteries to lithium iron phosphate batteries, and the supplier of energy storage battery cells from LG New Energy to CATL. In 2023, CATL is Tesla's only energy storage battery cell supplier.
Tesla's car sales showed the first year-on-year decline in 15 quarters in the first quarter of this year. The energy storage system has become a new growth point for Tesla. In the first quarter of this year, Tesla's revenue from power generation and energy storage business was $1.635 billion (currently about 11.837 billion yuan), an increase of 7% year-on-year. Elon Musk said in the earnings conference call in the third quarter of last year that in the long run, the energy business of Tesla will be larger than its automotive business.
The energy storage business is also the fastest-growing business in the entire BYD Group at present. According to Fudi's official information, the sales volume of Fudi energy storage batteries reached 28.4 GWh last year, with a year-on-year growth rate of more than 136%., which is more than twice the growth rate of BYD car sales.