During Tesla ’s annual shareholder meeting on Tuesday , CEO Elon shareholders let it be known that Tesla ’s electricity storage business could become a faster growing one ( albeit not necessarily a larger one ) than electric cars . Electric car sales continue to have global barriers such as inconsistent international regulations and entrenched regulations , and , according to Musk , these barriers do not exist in the stationary storage market : “ [ Tesla ’s ] Power packs can scale on a global basis faster than the cars do … I think the rate of growth will be several times that of the car side of Tesla ” . Musk also took care at the meeting to labour the point that improving the efficiency of its car and battery packs could slash production costs by a factor of ten . Lastly , on the point of improving efficiency , he announced that , if demand required , his company could triple the total output of the Nevada - based Gigafactory , to 105GWh of cells and 150GWh of battery packs – or over three times the current total li - ion battery production worldwide , with no expense required to the building of the factory .
During Tesla’s annual shareholder meeting on Tuesday, CEO Elon Musk let it be known that Tesla’s electricity storage business could become a faster growing one (albeit not necessarily a larger one) than selling cars. Electric car sales continue to have global barriers such as inconsistent international regulations and entrenched competition, and, according to Musk, these barriers do not exist in the stationary storage market: “[Tesla’s] Power packs can scale on a global basis faster than the cars do… I think the rate of growth will be several times that of the car side of Tesla”. Musk also took care at the meeting to labour the point that improving the efficiency of its car and battery factories could slash production costs by a factor of ten. Lastly, on the point of improving efficiency, Musk announced that, if demand required, his company could triple the total output of the Nevada-based Gigafactory, to 105GWh of cells and 150GWh of battery packs – or over three times the current total li-ion battery production worldwide, with no expansion required to the building of the factory.