Tesla More Than Doubles Energy Storage Deployment To Mark Its Best Quarter Yet Even As EV Demand Concerns Persist
Portfolio Pulse from Anan Ashraf
Tesla Inc. (NASDAQ:TSLA) reported a record deployment of 9.4 GWh of energy storage products in Q2 2024, a 132% increase from Q1. Despite a 4.8% drop in vehicle deliveries, Tesla's energy storage segment is growing rapidly, with expectations for continued growth and higher margins.
July 03, 2024 | 11:47 am
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Tesla reported a record deployment of 9.4 GWh of energy storage products in Q2 2024, a 132% increase from Q1. Despite a 4.8% drop in vehicle deliveries, the energy storage segment is growing rapidly and is expected to continue its growth trajectory.
The significant increase in energy storage deployment highlights Tesla's successful diversification beyond its automotive segment. This growth in a high-margin business could positively impact Tesla's overall financial performance, offsetting concerns about declining EV demand.
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