• 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, September 2, 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

Russian Banker’s $100m Superyacht Amaryllis Sells in Secret Deal

India’s ethanol fuel drive faces backlash as motorists fear car damage

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

$100 Million Superyacht Amaryllis
Premium

Russian Banker’s $100m Superyacht Amaryllis Sells in Secret Deal

September 1, 2025
E20 Fuel in Indai
Cars/SUVs

India’s ethanol fuel drive faces backlash as motorists fear car damage

August 29, 2025
How Oliver Blume rose to the top from Audi trainee to Porsche CEO
Business

Blume to quit Porsche CEO role amid investor pressure, shares fall 45% since IPO

August 27, 2025
Stellantis
Cars/SUVs

Stellantis has paid $773m in fuel economy penalties since 2018

August 27, 2025
Mercedes-Benz has sold its entire stake in Nissan Motor
Cars/SUVs

Mercedes-Benz exits Nissan stake in $325m sale, piling pressure on Japanese carmaker

August 26, 2025
Suzuki to invest $8bn into India as first EV rolls off Gujarat plant
Electric Vehicles

Suzuki to invest $8bn into India as first EV rolls off Gujarat plant

August 26, 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

Porsche 911 by Singer

One-of-a-kind Singer Porsche 911 turbo Set for Miami F1 Weekend Auction

April 29, 2025
Air Peace

Foreign airlines slash fares to battle Air Peace over Lagos to London route

April 9, 2024
Nigeria’s auto future at risk without clear law, says AAAM

Nigeria’s auto future at risk without clear law, says AAAM

August 1, 2025
Canada prepares retaliatory measures amid U.S. tariff threats

Canada prepares retaliatory measures amid U.S. tariff threats

March 30, 2025

About

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

Follow us

Recent Posts

  • Russian Banker’s $100m Superyacht Amaryllis Sells in Secret Deal
  • India’s ethanol fuel drive faces backlash as motorists fear car damage
  • The last Samurai: Nissan ends GT-R R35 production after 18 years
  • Blume to quit Porsche CEO role amid investor pressure, shares fall 45% since IPO

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