Tesla’s Record Energy-Storage Quarter Offers Only So Much Solace

image is BloomburgMedia_SBBNKEDWRGG000_02-04-2024_20-00-37_638476128000000000.jpg

Tesla Inc. Megapack batteries.

In what was a total letdown of a quarter for car sales, Tesla Inc. did offer one glimmer of positivity: its energy-storage business has never been better.

For the first time, Tesla included an update on how some of its lesser-known products are holding up in its quarterly breakdown of vehicle production and deliveries. The company deployed 4,053 megawatt hours’ worth of energy-storage batteries in the first three months of the year, almost 2% more than its previous record.

The challenge for Chief Executive Officer Elon Musk has been converting deployments of Powerwall batteries for homes and Megapacks for commercial customers into more meaningful revenue. Year after year, the company has brought in more sales from its “services and other revenue” segment than from energy generation and storage.


Tesla’s energy-storage deployments reached 14.7 gigawatt hours at the end of last year. The Austin-based company will provide further updates when it reports quarterly earnings on April 23.

©2024 Bloomberg L.P.

By Dana Hull


Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.

By subscribing, you agree to the processing of your personal data by dmg events as described in the Privacy Policy.

Back To Top