Source: Zhitong Finance
Tesla's energy storage business has never performed so well.
$Tesla (TSLA.US)$Investors were greatly disappointed by the first quarter's electric vehicle delivery data. Only 386,800 units were delivered, a new low in the past five quarters. But Tesla also sent a hint of positivity: the energy storage business has never performed so well.
Wall Street analysts have frequently lowered their expectations for Tesla's Q1 deliveries recently, but actual data revealed that analysts' general expectations of 449,000 vehicles, which were previously pessimistic, turned out to be “optimistic.” Wedbush analyst Dan Ives, who has been optimistic about Tesla's stock price trend for a long time, commented after the Tesla delivery data was released: “Although we expected the delivery data for the first quarter to be terrible, this data is a disaster that is difficult to explain.”
For the first time, Tesla introduced the latest situation on some lesser-known products in the quarterly breakdown of vehicle production and delivery volumes. In the first quarter of this year, Tesla deployed 4,053 megawatt-hours worth of energy storage batteries, nearly 2% more than the previous record, setting the highest quarterly deployment data in history.
Currently, Tesla CEO Elon Musk is facing the challenge of turning the deployment of household Powerwall batteries and commercial Megapacks batteries into more meaningful revenue. Over the years, the company has been generating more sales from the “Services and Other Revenue” segment than the “Generation and Energy Storage Division.”
By the end of last year, Tesla's energy storage deployment reached 14.7 gigawatt-hours. The company will provide further information when it releases its quarterly earnings report on April 23.
edit/lambor