• News
    • Tech
    • Lifestyle
    • Business
    • Opinion
    • Premium
  • Reviews
  • Events
    • Nigeria
    • South Africa
  • Tools
    • Price Guide
    • Find your idea car
    • Car valuation
    • Sell your car
    • Car insurance quote
    • Locate a dealer
    • Deals
  • For Sale
    • New Cars for sale
    • Cheap Cars for sale
    • Bikes for sale
    • Trucks for sale
    • Boats for sale
    • Jets for sale in Africa
    • Cars under 5m
    • EV in Nigeria
    • EV in South Africa
Tuesday, October 7, 2025
  • Login
Auto Journal Africa
  • News
    • Tech
    • Lifestyle
    • Business
    • Opinion
    • Premium
  • Reviews
  • Events
    • Nigeria
    • South Africa
  • Tools
    • Price Guide
    • Find your idea car
    • Car valuation
    • Sell your car
    • Car insurance quote
    • Locate a dealer
    • Deals
  • For Sale
    • New Cars for sale
    • Cheap Cars for sale
    • Bikes for sale
    • Trucks for sale
    • Boats for sale
    • Jets for sale in Africa
    • Cars under 5m
    • EV in Nigeria
    • EV in South Africa
Ask Autojorunal AI
No Result
View All Result
  • News
    • Tech
    • Lifestyle
    • Business
    • Opinion
    • Premium
  • Reviews
  • Events
    • Nigeria
    • South Africa
  • Tools
    • Price Guide
    • Find your idea car
    • Car valuation
    • Sell your car
    • Car insurance quote
    • Locate a dealer
    • Deals
  • For Sale
    • New Cars for sale
    • Cheap Cars for sale
    • Bikes for sale
    • Trucks for sale
    • Boats for sale
    • Jets for sale in Africa
    • Cars under 5m
    • EV in Nigeria
    • EV in South Africa
No Result
View All Result
Morning News
No Result
View All Result
Home Premium

Tesla’s energy business surges in Q2 2024, boosts earnings

David Ijaseun by David Ijaseun
July 12, 2024
in Premium
0
Tesla shares fall 4% amid global price cuts, concerns over margins
916
SHARES
14.3k
VIEWS
Share on FacebookShare on Twitter

Tesla’s energy division is on the rise, potentially becoming a major earnings driver for the company. The latest figures reveal a significant increase in energy storage deployment in the second quarter.

In its Q2 production and delivery report, Tesla announced a record deployment of 9.4 gigawatt hours (GWh) of battery energy storage, more than double the 4.5 GWh deployed in the first quarter. This marks the company’s highest quarterly deployment to date.

READ ALSO

Tesla driver’s fury over autopilot ‘failures’ sparks fresh debate on safety and trust

Shell’s launches EV charging fluid that cuts charging time to 10 minutes

Tracking Tesla's Energy Storage Expansion: Q3 2021 - Q2 2024

Tesla’s energy storage business, which includes home Powerwall batteries and large-scale Megapack storage units for utilities, has shown remarkable growth. A single Powerwall can store around 12.2 kilowatt-hours, enough to power a small home for a day. In contrast, a Megapack can store 3.9 megawatt-hours, sufficient to power 3,600 homes for one hour.

Financially, Tesla’s energy storage business generated $1.6 billion in revenue in Q1, with a gross profit of $403 million, resulting in a healthy gross margin of 24.6%. Comparatively, Tesla’s overall gross profit for Q1 was $3.7 billion with a gross margin of 17.4%, down from 19.3% a year ago due to EV price cuts aimed at increasing demand.

The burgeoning energy sector is drawing attention on Wall Street. Morgan Stanley’s Adam Jonas highlighted the impressive Q2 energy deployment, referring to the 9.4 GWh as a “show stealer.” He noted that this figure was double the firm’s forecast and suggested that investors are increasingly focusing on Tesla Energy. Morgan Stanley values Tesla’s energy business at $36 per share, equating to $130 billion, and has set a $310 price target for Tesla stock.

Jonas also pointed out that the anticipated growth in energy demand, driven by generative AI and the expansion of the US electric grid, positions Tesla Energy to benefit significantly. This optimism is reflected in growing investor inquiries about Tesla’s long-term outlook for its energy division and the Optimus robot unit.

While much of the attention around Tesla has been on its upcoming lower-priced EV and the highly anticipated Robotaxi reveal on August 8, the Q2 earnings report could deliver a pleasant surprise for investors. If the energy storage business continues its trend of profitable growth, it might significantly impact Tesla’s financial performance.

Tesla’s next earnings report, expected in less than two weeks, will be closely watched to see if the energy division’s growth continues to shine.

Read more on Tesla’s Cybertruck sales hit 11,688 as recall notice discloses production numbers

Tags: HeadlineTesla

Related Posts

Tesla autopilot
Electric Vehicles

Tesla driver’s fury over autopilot ‘failures’ sparks fresh debate on safety and trust

October 7, 2025
Shell EV fluid
Electric Vehicles

Shell’s launches EV charging fluid that cuts charging time to 10 minutes

October 7, 2025
Gulfstream G300
Business

Gulfstream’s $28m G300 jet sets new standard in super-midsize luxury travel

October 7, 2025
Renault
News

Renault plans to cut 3,000 jobs to stay competitive amid rising costs

October 5, 2025
U.S. electric vehicle tax credit
Electric Vehicles

U.S. faces sharp drop in electric vehicle sales after tax credit ends

October 5, 2025
Nord Motors SUV
Business

Minister backs Nigerian innovation, picks Nord Demir as official vehicle

October 5, 2025
Next Post
Italy eyes Chinese investments to revive defunct Stellantis brands

Italy eyes Chinese investments to revive defunct Stellantis brands

POPULAR NEWS

Inferno at Toyota 1000 Desert Race consumes 49 cars

Inferno at Toyota 1000 Desert Race consumes 49 cars

July 3, 2023
Mobius Motors

Mobius Motors: Rising taxes, competition ends Kenyan SUV maker’s journey

August 7, 2024
Autojournal car race

Get ready for the biggest RACE show this December in Nigeria

August 12, 2024
From style to sustainability: How Geely Auto is shaping the future of luxury vehicles

From style to sustainability: How Geely Auto is shaping the future of luxury vehicles

October 25, 2024
Oyo State Governor gifts Saheed Osupa Toyota Prado SUV worth ₦70M 

Oyo State Governor gifts Saheed Osupa Toyota Prado SUV worth ₦70M 

August 22, 2023

EDITOR'S PICK

Toyota Woven City

Woven City: A sneak peek into Toyota’s futuristic smart city

January 7, 2025
Wheelchair-accessible vehicle

One of these 6 guides to buy a Wheelchair Adapted Vehicle in 2024 can save you $25,000

March 13, 2024
Elon Musk

Tesla shares jump as Musk’s $1bn stock buy renews investor faith

September 15, 2025
Nissan CEO Makoto Uchida

Nissan CEO Uchida battles to revive automaker amid mounting pressure

December 10, 2024

About

Auto Journal Africa is the leading online and print magazine for automobiles in Africa.

Follow us

Recent Posts

  • Tesla driver’s fury over autopilot ‘failures’ sparks fresh debate on safety and trust
  • Shell’s launches EV charging fluid that cuts charging time to 10 minutes
  • Gulfstream’s $28m G300 jet sets new standard in super-midsize luxury travel
  • New tech targets EV cable thieves as automakers push boundaries in range and innovation

Links

  • Privacy Policy
  • About Us
  • Contact Us
  • News
  • Reviews
  • Events
  • Tools
  • For Sale

© 2023 Auto Journal

No Result
View All Result
  • News
    • Tech
    • Lifestyle
    • Business
    • Opinion
    • Premium
  • Reviews
  • Events
    • Nigeria
    • South Africa
  • Tools
    • Price Guide
    • Find your idea car
    • Car valuation
    • Sell your car
    • Car insurance quote
    • Locate a dealer
    • Deals
  • For Sale
    • New Cars for sale
    • Cheap Cars for sale
    • Bikes for sale
    • Trucks for sale
    • Boats for sale
    • Jets for sale in Africa
    • Cars under 5m
    • EV in Nigeria
    • EV in South Africa

© 2023 Auto Journal

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In