Tesla’s energy storage business is growing by leaps and bounds. Some might say by a bigly amount.
The company generated $3.06 billion in revenue from its energy generation (that’s solar) and storage business in the fourth quarter. That is more than double the $1.44 billion it generated in the same period in 2023.
Looking at the full-year results, the news is just as rosy. Revenue on a full-year basis was $10.1 billion, up 67% from $6.04 billion in 2023.
Tesla said construction of Megafactory Shanghai was completed in December and will begin ramping this quarter, which should also help grow the business.
