Forecast Of The Day: Tesla’s Energy Generation And Storage Revenues

by Trefis Team
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What?

Over Q1 2021, Tesla’s (NASDAQ:TSLA) Energy Generation & Storage revenue rose by 69% year-over-year to $494 million.

Why?

The growth was driven primarily by Tesla’s solar operations, which saw deployments grow over 2.5x year-over-year to 92 megawatts (MW), and the company’s Powerwall batteries which saw deployed capacity rise 71% to 445 Megawatt-hours.

So What?

Although Tesla’s energy business has been somewhat slow to gain traction, relative to its EV business, we think it should look up, driven by innovative products such as the Powerwall and the Solar Roof. Tesla says that the Powerwall is seeing demand that far exceeds supply, forcing the company to limit sales exclusively to its solar customers. Solar Roof deployments also grew 9x in Q1, compared to the same period last year.

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