Tesla Energy Storage & Solar Profits Nearly Quadrupled in 2024
Key Highlights:
- Tesla’s energy storage and solar profits increased by almost four times in 2024.
- Tesla’s energy storage deployments reached a record high of 5.6 GWh, a significant increase from previous years.
- Solar deployments also saw substantial growth, totaling 101 MW for the year.
- China played a crucial role in Tesla’s success, with a substantial increase in energy storage and solar projects in the country.
- Despite slower sales growth in the automotive sector, Tesla’s energy storage and solar division has been thriving.
Author’s Take:
Tesla’s energy storage and solar division has experienced enormous growth in 2024, with profits nearly quadrupling compared to previous years. This success can be attributed to the record high energy storage deployments and strong solar project numbers. While Tesla faces slowing sales growth in the automotive sector, their continued success in the energy sector highlights the resilience and diversification of the company’s overall business strategy.