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The massive headlines out of the Tesla convention name that simply occurred are that Tesla gross sales progress is slowing down. Nevertheless, that was principally anticipated and I’ve talked about it at size in current months. Then there’s additionally the be aware that the Tesla Mannequin Y was the perfect promoting car on the planet 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 vitality technology and vitality storage enterprise is booming. That stated, there’s some nuance to this.

Based on the corporate, income from its vitality technology 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 autumn to three.2 GWh, for a complete deployment of 14.7 GWh in 2023, a 125% enhance in comparison with 2022. Whereas we count on deployments will proceed to be risky on a sequential foundation, impacted by logistics and the worldwide distribution of initiatives at any given time, we count on 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.

Nevertheless, the photo voltaic aspect of the enterprise is decidedly not booming. “Photo voltaic deployments declined on a sequential and YoY foundation to 41 MW. Downward strain on photo voltaic demand continued into This autumn as rates of interest have remained excessive. Profitability within the quarter was negatively impacted by decrease deployments and seasonal weak point in photo voltaic vitality technology.”

Once more, I discover it somewhat 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.