Hyperdrive
Tesla’s Battery-Business Growth Set to Outpace EVs This Year
- Tesla tapping into utility demand for batteries on grids
- Energy storage helps complement increasing wind, solar energy
Contractors mount a Tesla Powerwall battery unit at a home in San Jose, California.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Tesla Inc., the company best known for electric vehicles, said its energy-storage division — the unit that makes utility and home batteries — will likely be its growth engine for rate of deployments and revenue in 2024.
While energy-storage deployments dipped in the fourth quarter compared with the previous one, total installations for 2023 were more than double than in 2022, according to its investor filing. The unit’s profits nearly quadrupled.