Tesla's electric vehicle (EV) sales have experienced a decline, but the company's energy generation and storage business is thriving. In the first quarter of 2024 alone, Tesla recorded over 4 GWh of energy storage installations, marking its highest quarterly data on record. This includes a cumulative 4,053 MWh of energy storage installations. It is the first time that Tesla has included this data in its quarterly breakdown.
The company anticipates continued growth in the next 12 months, although installation numbers may fluctuate due to logistical factors and the global distribution of projects. Tesla stated that by 2024, the installation and revenue growth rate of its energy storage business will surpass that of the automotive business.
By the end of 2023, Tesla's energy storage installations had reached 14.7 GWh, with a total capacity in 2023 more than doubling compared to 2022, representing a 125% increase. Additionally, the division's profits almost quadrupled during this period.
In terms of EV production, Tesla reported producing over 433,000 vehicles and delivering approximately 387,000 vehicles by the end of 2023. This figure is slightly lower than some estimates, with about 20,000 fewer EVs delivered than anticipated. The company also noted that its 2024 vehicle production growth rate is expected to be significantly lower as it focuses on launching next-generation vehicles at Gigafactory Texas.
Tesla has indicated that more comprehensive information will be provided in its full quarterly earnings report, scheduled for release on April 23.
Source: pvmagazine