TESLA’s Solar PV business is declining but Energy Storage is making up for it. The company had strong year over year growth due to its Power wall battery business but its rooftop solar business is continuously on decline.
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The company is shifting its business focus where in Q2 of 2023, Solar business went down by 33% while energy storage deployment went up by 222%.
The Solar system deployment dropped from 106MW of Q2, 2022 to 66MW for Q2, 2023a resulting in 33% decline in one year.
Similarly, Energy Storage system deployment went up from 1133MWh for Q2, 2022 to 3653MWh for Q2, 2023 resulting in 222% rise in one year.
The battery business is expected to grow even further and company is making progress on its first California based Megapack factory which on completion is expected to be able to produce up to 40WGh of stationary Grid scale batteries yearly.
