Tesla Inc.'s (NASDAQ:TSLA) gigafactory in Nevada built a thousand Powerwall energy storage devices in a single day marking a new milestone, the EV giant announced on Tuesday.

What Happened: "Congrats to the Tesla Nevada team on building 1000 Powerwalls in a single day," Tesla wrote on its official X handle dedicated to updates on the company's energy generation and storage segment.

Company CEO Elon Musk also congratulated the team at Giga Nevada on the milestone.

Powerwall is a powerful home battery that stores solar energy for use when the grid goes down. The company has previously said that it has the capacity to build a Powerwall 3- the latest iteration of the product- every 25 seconds, or more than 700,000 units per year.

Tesla's gigafactory in Nevada makes electric motors, vehicle powertrains, and batteries in addition to energy storage products. The company is looking to expand the factory further with a 100 GWh 4680 cell factory and a high-volume Tesla Semi factory.

Why It Matters: In the three months through the end of September, Tesla's energy generation and storage revenue touched $2,376 million, marking a growth of 52% as compared to the corresponding period of last year. The energy business achieved a record gross margin of 30.5% and the powerwall product achieved record deployments.

Tesla manufactures two energy storage products- the Powerwall and the powerful battery called Megapack.

Tesla currently operates a Megafactory in Lathrop, California, capable of making 10,000 Megapack units in a year. The company is also putting up a Megafactory in Shanghai which it expects to start shipping Megapacks in the first quarter of 2025.

For 2024, Tesla now expects to deploy more than twice the energy storage deployed last year, or over 29.4 GWh of energy storage.

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Photo courtesy: Tesla