Tesla's energy storage business has witnessed a decline in deployment for two consecutive quarters, with 9.6 gigawatt-hours installed in the second quarter of 2024. This decline follows a peak of 11 gigawatt-hours in the fourth quarter of 2024. Revenue in this sector had previously shown consistent year-over-year increases, rising from $2 billion in 2020 to $10.1 billion last year. In contrast, the wider energy storage market recorded significant growth in Q1 2024, though future prospects may be impacted by political and economic factors such as tariffs and the Inflation Reduction Act modifications.
Tesla's energy storage sector has declined in deployment for the second consecutive quarter, installing only 9.6 gigawatt-hours of storage in Q2 2024.
The energy storage division saw its peak in Q4 2024 with 11 gigawatt-hours deployed, against a backdrop of overall year-over-year growth until this year.
Revenue from Tesla's energy storage and solar installations rose significantly from $2 billion in 2020 to $10.1 billion last year, indicating prior success.
The broader energy storage market continues to grow, with record installations in Q1 2024, increasing by 57% year-over-year, despite Tesla's struggles.
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