2024 was not a good year for Tesla. Or, at least, it was not the best in terms of electric car sales. For the first time, the company He sold less cars electric that the previous exercise despite stepping on the accelerator at the end of the year to improve the figures.
The forecasts in November They already pointed to a stagnation in the growth that ended up confirming when presenting results at the end of the year. But this is as long as we focus on the sale of cars.
Tesla has long boiled have opened your business lines. In fact, Elon Musk has repeated by active and passive that The software will be a central leg of your future and has even claimed that there are conversations with third parties to provide them with their technology. The Robotaxi and the Driverless Travel Business It is the other great promise.
But among all these more striking businesses, among those who occupy headlines, there is a highly profitable Tesla activity that, however, we usually ignore: energy.
Tesla and a business that does not make noise
As when we started discovering the Huge performance that Amazon takes out its servers (Although that has not prevented They will join the wave of layoffs last year), 2024 has been the confirmation that Tesla has a huge business related to energy, both to its generation and storage.
If we attend to the Tesla income Due to the generation and storage of energy, the company reported in its annual results an income of 3,061 million dollars in the last quarter of 2024. Growth is 113% If compared to the same period last year but, in addition, it is huge if we compare it with the results obtained this year.
In the first quarter of 2024, Tesla entered 1,635 million dollars in this game and shot up to 3,014 million dollars in Q2. Although he reduced his income in the third quarter, adding 2,376 million dollars, he grew again above 3,000 million dollars in revenues in the last quarter, as we said.
If we look at the annual photography, Tesla has added 10,086 million dollars in revenues originated with energy generation and storage. It is 67% more than in 2023 (6,035 million dollars) and is completely away from the 1,994 million dollars collected in 2020. Since then, the growth has been sustained to exceed 10,000 million dollars of the previous year.
In the last year, energy production and storage has only given good news to Tesla. Last year, its gross benefit increased to 2.6 billion dollars (compared to the 1,100 million dollars of 2023) as a result of exploiting a business with very wide profit margins.
In fact, while the company has played with the profit margins it had in the production of vehicles to tighten competition by reducing prices, this aspect has not stopped improving in the production of batteries to store electricity and in the production of the same
Already in summer, Bloomberg This business highlighted as the most profitable in Tesla. Then, its profit margin was approaching 25%, compared to vehicles that fell for the first time below 20%when in 2022 it far exceeds 30%.
This cost and the increase in benefits has been intimately linked to Fiscal advantages provided for in the Inflation Reduction Lawthe Law designed by Joe Biden To attract the production of different products to the country, including electric cars and favor a transition to cleaner energy.
These good results come hand in hand with Powerwall and the Megapack. The first of these products is designed for small -scale electric power storage, at the residential level. Megapack, however, is the system used to store large -scale energy, such as a large company. In both cases they play with the modularity and the ability to adapt to the needs of the client.
According to Tesla accounts, in 2024 they managed to produce energy storage system with a total capacity of 31.4 GWh. There are three quarters of the amount that the Volkswagen group wants to generate in its Sagunto plant, in Valencia. But the amount is very significant because the growth with respect to 2023 is 114% (14.7 GWh in 2023).
In addition, in 2025 they hope to shoot income for this business. MEGAFACTORRY will work since February 11 In Shanghai, the plant dedicated to producing megapacks in China. They hope to achieve a rhythm of 10,000 megapacks per year which would mean 40 GWh. That is, with the plant to full performance they will greatly fold the results obtained this year.
In Forbes They ensure that it is complicated that the production of energy storage systems gain weight within the company at the income level but seeing the huge benefit margins obtained and with a greater demand for electricity on the horizon, it is expected that this business will be nods as essential when presenting results every year.
Photo | Tesla
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