Tesla's energy generation and storage business reported nearly $2.4 billion in revenue in Q3 2024, showcasing a 52% year-over-year increase and exceeding $7 billion this year.
Elon Musk emphasized the energy unit's rapid growth during the earnings call, referring to it as a 'gigantic opportunity' for the automaker, with demand surging for both Megapack and Powerwall.
Despite the spotlight often on Tesla's automotive sector, the energy business now represents nearly 10% of the company's total revenue, marking its significance in Tesla's overall financial growth.
Musk highlighted that Tesla's Megapack factory in California reached a production milestone of 200 units per week, signaling strong operational growth amid soaring demand for energy solutions.
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