Tesla's Energy And Storage Segment Doubles Revenue In Q2 To Make Up For Decline In Car Sales
Portfolio Pulse from Anan Ashraf
Tesla Inc. (NASDAQ:TSLA) reported a 100% year-on-year increase in revenue from its energy generation and storage segment in Q2, offsetting a 7% decline in automotive revenue. Total revenue grew by 2% to $25.5 billion. The company deployed a record 9.4 GWh of energy storage products and expects energy business growth to outpace automotive in 2024.
July 25, 2024 | 11:02 am
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Tesla's energy generation and storage segment saw a 100% year-on-year revenue increase in Q2, balancing a 7% decline in automotive revenue. Total revenue grew by 2% to $25.5 billion. The company deployed a record 9.4 GWh of energy storage products and expects energy business growth to outpace automotive in 2024.
The significant growth in Tesla's energy segment revenue and record energy storage deployments are positive indicators for the company's diversification strategy. This offsets the decline in automotive revenue and suggests a strong future outlook for the energy business, likely boosting investor confidence.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100