Tesla

Business Context

• Tesla guided $8B in 2025 U.S. capex after $10B in 2024, with Industrial Info tracking $8.9B in active projects across EV, energy-storage, and data center capacity for AI.
• Nevada Gigafactory $3.6B expansion includes a Tesla Semi facility and 100 GWh battery cell factory, targeting 2 million light-duty vehicles annually.
• Energy storage deployments hit 46.7 GWh in 2025, up 48% year-over-year, with storage revenue reaching $12.8B.
• Giga Berlin expansion adds 2 million square feet, increasing capacity from 500,000 to 800,000 vehicles per year by Q4 2027.

Commitments

• Since 2023, secured nearly 1 GW of wind and solar PPAs across North America and Europe; aims to match operational energy with renewables before net-zero.
• Target: 100% renewable energy in all manufacturing operations by 2026.
• No SBTi-approved targets and no formal net-zero year published as of 2024 Impact Report.

Energy Strategy

A bifurcated approach: onsite solar at major Gigafactories paired with utility-scale PPAs in ERCOT and Europe, while the energy storage business outpaces vehicle manufacturing in growth and margin.

• Signed 100 MW Invenergy Delilah I Solar VPPA in Texas and 57 MW Zelestra Spain PPA in February 2025, both utility-scale deals supporting European and ERCOT operations.
• Deployed onsite solar at Giga Texas (30 MW, 2021), Giga Nevada (24 MW, 2017), and Giga Berlin (8 MW, 2023), all self-developed installations.
• Acquired 100 MW Gambit Energy Storage Park in Angleton, TX (2021), originally developed by Plus Power, marking entry into grid-scale battery assets.
• Portfolio reflects manufacturing-load focus: 165 MW onsite solar across five Gigafactories, 157 MW in PPAs, and 100 MW in grid storage—modest scale relative to peer hyperscalers but tightly integrated with production footprint.