Tesla bears officially have their next big threat: Tesla Energy

Tesla bears officially have their next big threat to deal with when factoring in their thesis: Tesla Energy.

After Tesla reported delivery and production figures for the second quarter, it shocked with two big surprises: a delivery beat of 6,000 vehicles and a new record for energy storage deployments.

“We deployed 9.4 GWh of energy storage products in Q2, the highest quarterly deployment yet,” Tesla said in its quarterly press release. This was a drastic increase from the previous record of 4.053 GWh, which the company reported last quarter.

Because of the robust performance reported by the Tesla Energy division, analysts are beginning to factor in the fact that it will become a bigger influence on the company’s overall earnings.

Tesla Energy posts record 9.4 GWh of battery storage deployed in Q2 2024

Although it is well known that Tesla’s dominance in the EV sector is the biggest influence on valuation, Baird analyst Ben Kallo believes the energy segment will start to have more impact on shareholder earnings calls moving forward.

Kallo said in a note to investors earlier today that Q2 numbers “should be good largely (but not only) due to strength in energy,” according to MarketWatch. “We think a more stable pricing environment during the quarter, higher revenue from full self-driving, and the large beat in its energy segment all support a solid quarter.”

The Energy division only made $6 billion in revenue for the full year in 2023, while automotive, services, and related business made up $90.7 billion.

Tesla Stock and Earnings

Tesla shares are down 3.45 percent as of 3:15 p.m. The company has had widespread success on the market over the past 30 days, up over 32 percent.

The company’s growth over the past month was largely dependent on the delivery beat and strong energy deployment figures.

Moving into next week, Tesla will report its earnings on Tuesday.

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