EV maker Tesla said in its fourth quarter results that energy storage will be the main driver of growth for the company in 2024.
Its earnings announcement, also covering the full year 2023, stated that energy storage installations dipped in the fourth quarter year-on-year, but that for the whole of 2023, installations were up 125% from 2022 at 14.7GWh. Its profits in the division almost quadrupled. Revenue totalled $1.4 billion and costs came to $1.1 billion.
The company said in its statement that it expects deployments to continue to be volatile on a sequential basis, and be impacted by logistics and global distribution. But it expects continued growth on a trailing 12-month basis. Tesla said its EV growth rate will be lower in 2023 as it prepares a new model. “In 2024, the growth of deployments and revenue in our Energy Storage business should outpace the Automotive business,” it said.
It said it was continuing to ramp up its 40GWh megafactory in Lathrop, California, towards full capacity.
During a call with investors, Tesla CEO Elon Musk said: “I predicted for many years that the storage business will grow much faster than the car business. It is doing that.”
Photo: Megapack production.
