Tesla Inc‘s TSLA energy generation and storage segment witnessed its revenues drop to their lowest in 2023 in the fourth quarter owing to lower energy storage deployments. The segment recorded a Q4 revenue of $1,438 million, down 7.8% from the previous quarter.
What Happened: Through the year, however, the segment accrued revenues of $6,035 million, up 54% up from 2022.
The dip in the fourth quarter was largely due to a sequential decrease in energy storage deployments to 3.2 GWh. All through the year, the company deployed 14.7 GWh.
Within the automotive segment, however, Tesla witnessed its revenues hit the highest throughout the year in Q4. The company reported automotive revenues of $21,563 million in the fourth quarter, up 9.9% from Q3.
Tesla Optimistic On Energy Storage For Coming Year: In 2024, however, Tesla expects its growth rate of deployment and revenue in the energy storage business to outpace the automotive end of the business the company is more renowned for. Deployments will be volatile and impacted by logistics and global distribution of products, said the company, while adding that it still expects continued growth on a twelve-month basis.
Tesla continues to ramp its Megafactory in Lathrop, California, towards full capacity. The factory is capable of producing 10,000 Megapack units in a year, equalling 40 GWh of energy storage. Megapack, a powerful battery capable of storing 3.9 MWh of energy per unit, is the foundation stone of Tesla’s energy storage business.
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Read More: How Tesla CEO Elon Musk Reacted To Toyota’s Views On Electrification
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