Tesla Inc. TSLA rolled out 2,800 supercharger stalls during the third quarter, representing a 23% surge compared to the previous year, as disclosed by the EV behemoth across social media platform X last week.
The Unfolding Scenario
What Happened: By the concluding days of the third quarter in 2023, Tesla boasted a solid 51,105 supercharger connectors worldwide. Fast forward to the present, and the figures have soared to over 62,000, signaling clear network expansion.
Nevertheless, the pace of supercharger network expansion seems to have decelerated notably since April when Tesla revealed layoffs affecting 10% of its global workforce. The pruning hit 500 members of the supercharging team, with the departure of Rebecca Tinucci, then Senior Director of Charging Infrastructure, from the company.
The supercharger network witnessed a mere 4.7% uptick quarter-on-quarter in the three-month stint ending September, falling short of the 7.4% sequential growth logged in the final quarter of 2023.
Implications and Insights
Why It Matters: During Tesla’s annual shareholder meeting in June, CEO Elon Musk vehemently denied rumors hinting at the decline of the supercharger network as “greatly exaggerated.”
“Our supercharger network is continuing to grow,” Musk asserted.
While accentuating the company’s ongoing supercharger expansion, Musk emphasized a dual focus on capital efficiency and strategic deployment of these units. He boldly stated that this year, Tesla aims to add more “working” superchargers than the entire industry combined.
Musk reaffirmed a colossal $500 million investment earmarked for expanding the network, reiterating a commitment outlined back in May.
Recent pronouncements by Musk indicated a flurry of new supercharger installations, yet specifics on whether these are supplemental to the pledged $500 million or encompassed within remained undisclosed.
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