Tesla Supercharger Network Growth Analysis
Tesla Inc. TSLA unveiled 2,800 superchargers in the third quarter, signifying a 23% year-over-year increase, as communicated by the EV behemoth on social media.
Expansion Summary: At the close of Q3 2023, Tesla boasted 51,105 supercharger connectors worldwide. Presently, the count has escalated to over 62,000, spotlighting the network’s continuous development.
Nevertheless, the supercharger network’s growth rate appears to have notably decelerated since the company announced layoffs affecting 500 members of the supercharging team back in April. This move coincided with the departure of Rebecca Tinucci, Tesla’s then Senior Director of Charging Infrastructure.
The supercharger network registered a mere 4.7% quarter-on-quarter growth in the three months ending September, a slowdown compared to the 7.4% sequential growth recorded in Q4 2023.
Significance: At Tesla’s annual shareholder meeting in June, CEO Elon Musk dispelled rumors about the demise of its supercharger network, asserting that “Our supercharger network is continuing to grow.”
Musk added that the company is proactively enlarging its supercharger network while ensuring capital efficiency and strategic deployment locations. He also stated intentions to deploy more operational superchargers in the current year compared to the entire industry combined.
Tesla is earmarking a $500 million investment for network expansion this year, in line with Musk’s investment goal announced back in May.
Recently, Musk hinted at opening “a lot more superchargers,” without specifying whether this adds to the $500 million slated for network expansion this year or is part of it.
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