Tesla's energy storage revenue doubles
POWER & RENEWABLE ENERGY

Tesla's energy storage revenue doubles

Tesla's revenue for the second quarter of FY 2024 increased by 2% year-over-year to $25.5 billion, driven by growth in its energy storage business, despite a decline in automotive sales. The company reported a net income of $1.48 billion for the quarter, marking a 45% decrease from the previous year, primarily due to lower revenue in its automotive segment.
Operating expenses rose by 39% year-over-year, attributed to investments in AI projects and restructuring efforts. CEO Elon Musk mentioned during an investor call that the company is focusing on future projects such as AI training and infrastructure development. Tesla's automotive segment experienced a 7% decrease in revenue to $19.88 billion, with factors including reduced average selling prices and a slight decline in vehicle deliveries.
However, this decline was partially offset by increased deliveries of the Cybertruck and higher revenue from regulatory credits. Despite becoming the top-selling EV pickup in the U.S., Cybertruck sales were unable to fully compensate for overall declines. Musk attributed the drop in deliveries and prices to aggressive pricing strategies by competitors but expressed confidence that this was not a long-term issue.
On the other hand, Tesla's energy generation and storage segment doubled its revenue to $3.01 billion, with record deployments in energy storage products contributing to substantial profits. Looking at the first half of 2024, Tesla reported total revenue of $46.8 billion, down 5% from the same period in the previous year. Net income for the first half of 2024 was $2.61 billion, a significant decrease from $6.82 billion in the first half of 2023, mainly due to lower EV sales despite strong performance in energy storage.
In late 2023, Tesla's charging technology became the official standard across U.S. public networks following the allocation of $7.5 billion from the Bipartisan Infrastructure Law for establishing a nationwide EV charging network. This adaptation maintains the essence of the original information while presenting it in an indirect manner. 

Tesla's revenue for the second quarter of FY 2024 increased by 2% year-over-year to $25.5 billion, driven by growth in its energy storage business, despite a decline in automotive sales. The company reported a net income of $1.48 billion for the quarter, marking a 45% decrease from the previous year, primarily due to lower revenue in its automotive segment.Operating expenses rose by 39% year-over-year, attributed to investments in AI projects and restructuring efforts. CEO Elon Musk mentioned during an investor call that the company is focusing on future projects such as AI training and infrastructure development. Tesla's automotive segment experienced a 7% decrease in revenue to $19.88 billion, with factors including reduced average selling prices and a slight decline in vehicle deliveries.However, this decline was partially offset by increased deliveries of the Cybertruck and higher revenue from regulatory credits. Despite becoming the top-selling EV pickup in the U.S., Cybertruck sales were unable to fully compensate for overall declines. Musk attributed the drop in deliveries and prices to aggressive pricing strategies by competitors but expressed confidence that this was not a long-term issue.On the other hand, Tesla's energy generation and storage segment doubled its revenue to $3.01 billion, with record deployments in energy storage products contributing to substantial profits. Looking at the first half of 2024, Tesla reported total revenue of $46.8 billion, down 5% from the same period in the previous year. Net income for the first half of 2024 was $2.61 billion, a significant decrease from $6.82 billion in the first half of 2023, mainly due to lower EV sales despite strong performance in energy storage.In late 2023, Tesla's charging technology became the official standard across U.S. public networks following the allocation of $7.5 billion from the Bipartisan Infrastructure Law for establishing a nationwide EV charging network. This adaptation maintains the essence of the original information while presenting it in an indirect manner. 

Next Story
Technology

Building Faster, Smarter, and Greener!

Backed by ULCCS’s century-old legacy, U-Sphere combines technology, modular design and sustainable practices to deliver faster and more efficient projects. In an interaction with CW, Rohit Prabhakar, Director - Business Development, shares how the company’s integrated model of ‘Speed-Build’, ‘Smart-Build’ and ‘Sustain-Build’ is redefining construction efficiency, quality and environmental responsibility in India.U-Sphere positions itself at the intersection of speed, sustainability and smart design. How does this translate into measurable efficiency on the ground?At U..

Next Story
Infrastructure Transport

Smart Roads, Smarter India

India’s infrastructure boom is not only about laying more kilometres of highways – it’s about building them smarter, safer and more sustainably. From drones mapping fragile Himalayan slopes to 3D machine-controlled graders reducing human error, technology is steadily reshaping the way projects are planned and executed. Yet, the journey towards digitisation remains complex, demanding not just capital but also coordination, training and vision.Until recently, engineers largely depended on Survey of India toposheets and traditional survey methods like total stations or DGPS to prepare detai..

Next Story
Real Estate

What Does DCPR 2034 Mean?

The Maharashtra government has eased approval norms for high-rise buildings under DCPR 2034, enabling the municipal commissioner to sanction projects up to 180 m on large plots. This change is expected to streamline approvals, reduce procedural delays and accelerate redevelopment, drawing reactions from developers, planners and industry experts about its implications for Mumbai’s vertical growth.Under the revised DCPR 2034 rules, buildings on plots of 2,000 sq m or more can now be approved up to 180 m by the municipal commissioner, provided structural and geotechnical reports are certified b..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?