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BYD’s FinDreams Secures Energy Storage Battery Order from Tesla

June 6, 2024
in Technology
BYD’s FinDreams Secures Energy Storage Battery Order from Tesla
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According to an exclusive report from the Chinese media outlet, LatePost, FinDreams Battery, a subsidiary of BYD, has solidified a supply agreement with Tesla in March of this year. As part of this agreement, FinDreams will provide energy storage cells to Tesla’s Shanghai energy storage factory starting from the first quarter of 2025.

Tesla’s approach to its energy storage business involves purchasing cells from suppliers and assembling them into comprehensive energy storage systems. These systems include the Megapack, a large-scale energy storage system used for office buildings and factories, and the Powerwall, which is designed for home use. Notably, the Megapack accounts for approximately 80% of the revenue for this segment of Tesla’s business.

Currently, Tesla’s Shanghai energy storage factory is only producing the Megapack. The factory’s primary cell provider is CATL, with FinDreams serving as the secondary supplier. An insider shared that FinDreams contributes over 20% of the supply. Given that the annual production capacity of the Shanghai factory is designed to be 40 GWh, FinDreams’ orders correspond to a supply volume exceeding 8GWh at full production. This translates to an annual order value of around 3.5 billion yuan, based on industry price estimates.

As of the time of reporting, BYD Group had not issued a response regarding this matter.

Tesla’s energy storage cell suppliers have seen a shift since 2021. Originally sourcing from LG Chem, Tesla transitioned to CATL after swapping the cells in its energy storage system from high-cost ternary lithium batteries to more cost-effective lithium iron phosphate batteries.

Throughout 2023, CATL was Tesla’s sole energy storage cell supplier. Now, likely in an effort to balance costs and secure more bargaining power, Tesla has decided to bring FinDreams on board as a new supplier.

In late 2023, Tesla announced plans to construct an energy storage factory in Shanghai. The factory officially broke ground in May of this year. According to earlier statements from Tesla, the factory is slated to start production in the first quarter of 2025 and will have the capacity to produce more than 10,000 Megapack energy storage systems annually. While these products are primarily destined for overseas markets, they will also be available for sale within China. Last month, Shanghai Lingang Group placed an order for 8 Megapack units.

Energy storage systems are predominantly non-standard products, and the industry landscape remains unclear due to a lack of authoritative market share data. However, it is understood that Tesla held approximately 12% of the global market share in the AC energy storage sector (energy storage systems connected to the grid) last year, ranking first worldwide. Chinese company Sungrow followed closely behind, holding roughly 10% of the market share.

Despite experiencing its first year-on-year sales decline in 15 quarters in the first quarter of this year, Tesla has identified energy storage systems as a new area for growth.

SEE ALSO: Li Auto Downgrades 2024 Sales Target Again Amidst Various Challenges

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