Tesla Energy storage smashed records last year. The division—responsible for Tesla’s (TSLA) battery packs, solar products, and large-scale energy storage like Megapacks—doubled deployments in 2024. This has vaulted Tesla’s lesser-known segment into the limelight. The company delivered a staggering 31.4 gigawatt-hours (GWh) of storage products—up from 14.7 GWh in 2023. It’s the kind of surge that makes you sit up straighter.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
But numbers on a page don’t hit like a chart does. Just take a look at Tesla’s latest energy deployment graph from Main Street Data (linked below). The towering blue bars show a relentless climb, with 2024 delivering quarter after quarter of growth. Q2 2024 alone hit 9.4 kilowatt-hours (KWh), the highest single-quarter figure on record. By Q4, Tesla topped that with a jaw-dropping 11 KWh. And 2025? It’s already off to a hot start with 10.4 KWh in Q1.
Tesla Energy Deployments Blow Past Records
That massive leap in 2024 wasn’t just a fluke year-end push. The second quarter alone saw 9.4 GWh of storage deployed—the biggest single-quarter number Tesla’s ever logged. This surge came thanks to the Lathrop Megafactory ramping up production, Teslarati reported. That factory has an annual capacity of 40 GWh. And judging by the 2024 numbers, Tesla’s putting it to good use.
The momentum didn’t stop there. The latest data shows that Tesla kicked off 2025 with another strong quarter. Though the year’s just started, the bar graph for 2025 already stacks up impressively. Tesla Energy clearly isn’t slowing down.
Tesla Energy Revenue Surges with Growth
With that kind of deployment growth, it’s no surprise Tesla’s energy revenues are surging too. The segment pulled in $10.09 billion in 2024—a 67% increase from 2023. As you can see from TipRanks’ TSLA Revenue Breakdown chart, more than 10% of Tesla’s total revenue now comes from energy. This isn’t a side hustle anymore.
Gross profits back that up. Tesla Energy made $2.6 billion in gross profit last year, more than doubling from the year before. The energy division is fast becoming a heavyweight.
Tesla Expands Energy Growth with New Factories
Looking ahead, Tesla’s energy expansion isn’t slowing. The Shanghai Megafactory is set to kick off mass production in 2025. It’s expected to mirror Lathrop’s capacity. This could set Tesla up for even bigger numbers.
Analysts are starting to pay attention. One told Investing.com the Megapack business alone could be worth $120 billion, calling it a “sleeping giant” that might eventually outgrow Tesla’s electric vehicle segment.
Tesla Energy’s growth story is just getting started. Graphs don’t lie.
Does Tesla Energy Make Tesla Stock a Buy?
With Tesla Energy firing on all cylinders, the big question for investors is simple—does this make Tesla stock a buy? The energy division now pulls in over 10% of Tesla’s total revenue. And with new factories like Shanghai gearing up, that slice could keep growing.
That’s why many are revisiting Tesla’s valuation. It’s no longer just about car deliveries or Cybertruck hype. Energy is adding serious muscle. This shift gives Tesla a broader base to stand on, which could support the stock through market cycles.
Despite the success of Tesla Energy, TSLA stock still carries a Hold consensus rating, with 16 Buys, 11 Holds, and 12 Sells assigned in the last three months. The average TSLA price target sits at $290.62, implying a 22% upside from current levels.
