Tesla Inc's energy generation and storage segment saw a Q4 revenue decline to $1,438 million, a 7.8% drop from the previous quarter, due to lower energy storage deployments. Despite this, annual revenue for the segment increased by 54% to $6,035 million. Conversely, Tesla's automotive revenues reached a yearly high in Q4 at $21,563 million, a 9.9% increase from Q3. Tesla anticipates that in 2024, the growth rate of its energy storage business will surpass that of its automotive sector. The company is focusing on ramping up its Megafactory in Lathrop, California, which is expected to produce 10,000 Megapack units annually, equating to 40 GWh of energy storage.