Tesla’s 2024 energy storage revenue surpasses $10 billion

Records are tumbling for Tesla’s battery energy storage business with revenues growing 67% and deployments surging 114% year-on-year.
elon musk
Tesla CEO Elon Musk | Image: Daniel Oberhaus, Flickr

While its electric vehicle (EV) business is contracting, Tesla’s battery energy storage business is shattering its own records both in terms of deployments and revenue.

In its Q4 and FY 2024 earnings report, Tesla posted more than $3 billion in revenue in Q4 2024, representing a 113% increase over the same quarter in 2023.

The cumulative revenue from the company’s energy generation and storage business stood at $10,086 million at the end of 2024, up by 67% year-over-year.

Tesla announced that it deployed 11 GWh of energy storage in Q4, up by 244% on Q4 2023. For the year, it deployed a cumulative capacity of 31.4 GWh, which is 114% more than in 2023.

It said that its energy business achieved record deployments for both Powerwall and Megapack at a combined 11 GWh, resulting in a record gross profit in Q4.

“Material and other costs continued to come down in Q4 at the Lathrop Megafactory. Both Powerwall and Megapack continue to be
supply constrained as we open new markets and demand for energy storage products continues to grow. With construction completed, Shanghai Megafactory will begin ramping in Q1,” the report reads.

The results reflect the company’s predictions that “in 2024, the growth rate of deployments and revenue in our Energy Storage business should outpace the Automotive business,” as announced mid last year. “I predicted for many years that the storage business will grow much faster than the car business,” Tesla CEO Elon Musk said at the time. “It is doing that.”

Going forward, Tesla expects its energy storage deployments to grow at least 50% year-over-year in 2025.

Meanwhile, the company’s automotive business dipped 8% in Q4 to $19.8 billion despite the company reporting record 495,570 vehicle deliveries from October through December. Total revenues in 2024 reached $77 billion, down by 6% year-over-year.

For the full year, Tesla said it earned $7.1 billion in net income on $97.7 billion in revenue, a 6% decrease compared to 2023.

Tesla stock fell more than 2% after trading closed Wednesday, but rose back up before the bell on Thursday, despite the lower-than-expected results.

Written by

  • Marija has years of experience in a news agency environment and writing for print and online publications. She took over as the editor of pv magazine Australia in 2018 and helped establish its online presence over a two-year period.

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