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Tesla Achieves Record 31.4 GWh Energy Storage Deployments in 2024 Despite Declining EV Margins

Tesla’s energy storage business reached a record 31.4 GWh in 2024, marking a 114% YoY increase, with Q4 alone contributing 11 GWh. This growth was driven by strong demand for Tesla’s Megapack and Powerwall products. The Shanghai Megafactory, completed in December, is set to ramp up production in Q1 2025. Meanwhile, Tesla’s total revenue rose 1% YoY to Rs97.7 billion, though net income declined 53% to Rs7.1 billion. In Q4 2024, Tesla’s revenue from energy generation and storage surged 113% YoY to $3.06 billion, contrasting with an 8?cline in its automotive segment revenue to Rs19.8 billion. The company’s adjusted EBITDA in Q4 grew 25% YoY to Rs4.9 billion, fueled by cost efficiencies and the expanding energy business.

Tesla delivered 1.79 million vehicles in 2024, down 1% YoY, with Model Y retaining its position as the world’s best-selling vehicle. Looking ahead, Tesla aims to increase energy storage deployments by 50% in 2025 while focusing on autonomous driving and new EV models.