Tesla's energy storage business gets sucked into the company's downward spiral
10 months ago
- #Tesla
- #Market Trends
- #Energy Storage
- Tesla's energy storage business saw a decline in deployments for the second consecutive quarter.
- Q2 2024 installations were 9.6 GWh, down from 10.4 GWh in Q1.
- Peak deployment was in Q4 2024 with 11 GWh, totaling 31.4 GWh for the year.
- Revenue from energy storage and solar grew from $2B in 2020 to $10.1B in 2023.
- The broader energy storage market grew by 57% YoY in Q1, hitting a record high.
- Future growth may be hindered by tariffs on Chinese goods and changes to the Inflation Reduction Act.
- New restrictions on foreign-sourced materials could make tax credits difficult to claim.