In response to lackluster Q1 2024 electric vehicle (EV) delivery results, Tesla has accelerated its energy storage deployment efforts. While Tesla’s automotive business faced challenges in the first quarter, its energy storage segment continues to thrive.
Tesla’s Q1 2024 Results: Disappointing EV Deliveries
Tesla’s Q1 2024 delivery and production figures fell short of expectations, with 433,371 vehicles produced and 386,810 delivered. Despite explanations for reduced production, the addition of 46,000 vehicles to inventory raised concerns about Tesla’s growth trajectory.
A Silver Lining: Energy Storage Deployment
Amidst the EV delivery setback, Tesla highlighted a positive development in its energy storage business. The company reported a record-high deployment of 4,053 MWh of energy storage products in Q1 2024, surpassing previous quarterly figures.
Surging Energy Storage Growth
Tesla’s energy storage deployment demonstrates consistent growth, with Q1 2024 deployment exceeding both Q1 2023 and Q4 2023 figures. While specific numbers for solar deployment were not provided, Tesla’s focus on energy storage signals potential for further expansion in this segment throughout the year.