Tesla’s energy business is showing significant growth, generating over $10 billion in total energy generation and storage revenue in 2024, a 67% increase year-over-year. The company more than doubled its energy storage deployments from 14.7 GWh in 2023 to 31.4 GWh in 2024, reflecting a strong product-market fit and increasing demand.
In the first quarter of 2025, Tesla reported a 154% year-over-year increase in total energy storage deployment, amounting to 10.4 GWh, with energy generation and storage revenue reaching $2.7 billion. The company’s energy segment gross profit soared to $2.6 billion in 2024, up from $1.1 billion in 2023 and less than $300 million in 2022, highlighting its rapidly growing profitability.
Much of this growth is attributed to Tesla’s Megapack product, with production expansion in California and Shanghai aimed at achieving a target capacity of up to 40 GWh per year. Tesla’s successful Powerwall deployments also set a new record, crossing 1 GWh for the first time.
