Ford and GM Join Tesla in the Energy Storage Race

Group 1: Industry Trends - Ford and General Motors (GM) are entering the energy storage market, following Tesla's lead, aiming to reduce EV manufacturing costs and expand their portfolios [1] - The U.S. EV market is experiencing slower growth due to reduced regulatory support, prompting companies to lower EV production quotas and explore energy storage development [2] - The global battery energy storage system market is projected to reach $14.5 billion by 2027, growing at a CAGR of 25.2% from 2021 to 2027, indicating a strong demand for battery storage solutions [3] Group 2: Tesla's Market Position - Tesla has invested significantly in energy storage, with over three gigawatt-hours (GWh) of deployments in 2020, primarily through its Megapack product [4] - Tesla Energy's deployed capacity grew by 84% year-on-year, reaching 43.5 GWh, with revenues from energy storage and generation at $3.41 billion against operational costs of $2.32 billion [5] Group 3: Company Initiatives - Ford plans to convert its Kentucky battery production plant into an energy storage battery manufacturing facility, investing around $10 billion and an additional $2 billion for expansion [6] - Ford will also utilize part of its Michigan factory for residential storage cell production alongside electric truck battery manufacturing [6]