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The large headlines out of the Tesla convention name that simply happened are that Tesla gross sales progress is slowing down. Nonetheless, that was principally anticipated and I’ve talked about it at size in latest months. Then there’s additionally the notice that the Tesla Mannequin Y was one of the best promoting automobile on the earth in 2023, however I’ve written about that a number of occasions as properly. What jumped out to me from the shareholder letter was that Tesla’s power era and power storage enterprise is booming. That stated, there’s some nuance to this.
In response to the corporate, earnings from its power era and storage division practically quadrupled in 2023 in comparison with 2022. Vitality storage deployments greater than doubled in that timeframe, reaching 14.7 GWh in 2023.
“Vitality storage deployments decreased sequentially in This fall to three.2 GWh, for a complete deployment of 14.7 GWh in 2023, a 125% enhance in comparison with 2022. Whereas we anticipate deployments will proceed to be unstable on a sequential foundation, impacted by logistics and the worldwide distribution of initiatives at any given time, we anticipate continued progress on a trailing twelve-month foundation going ahead. We proceed to ramp our 40 GWh Megafactory in Lathrop, CA towards full capability,” Tesla writes.
Nonetheless, the photo voltaic facet of the enterprise is decidedly not booming. “Photo voltaic deployments declined on a sequential and YoY foundation to 41 MW. Downward stress on photo voltaic demand continued into This fall as rates of interest have remained excessive. Profitability within the quarter was negatively impacted by decrease deployments and seasonal weak point in photo voltaic power era.”
Once more, I discover it slightly odd that Tesla lumped storage and photo voltaic collectively in highlighting their mixed revenue progress, when its simply storage that grew whereas the photo voltaic enterprise declined. Although, the corporate has traditionally mixed these a lot of the time in reporting, so maybe that’s the explanation.
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