Zhitong
2024.04.03 06:52
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Tesla's delivery volume can be described as a "disaster," but record-breaking energy storage data brings some comfort

Tesla's electric vehicle deliveries saw a significant decline in the first quarter, but its energy storage business performed well. Tesla deployed a record high level of energy storage batteries, the challenge now lies in how to translate this into more meaningful revenue. Tesla CEO Musk's dilemma is how to increase the deployment revenue of home Powerwall batteries and commercial Megapacks batteries

According to the Zhitong Finance and Economics APP, Tesla (TSLA.US) disappointed investors with its first-quarter electric vehicle delivery data, delivering only 386,800 vehicles, hitting a new low in the past 5 quarters. However, Tesla also brought a glimmer of positive signal: its energy storage business has never performed so well.

Wall Street analysts have recently been frequently lowering their expectations for Tesla's Q1 delivery volume, but the actual data released showed that the analysts' previously pessimistic consensus of 449,000 vehicles seemed "optimistic". Dan Ives, an analyst at Wedbush who is bullish on Tesla's long-term stock performance, commented after the Tesla delivery data was released, "Although we expected the first-quarter delivery data to be bad, this data can be described as an inexplicable disaster."

For the first time in the quarterly breakdown of car production and delivery volumes, Tesla introduced the latest situation of some lesser-known products. In the first quarter of this year, Tesla deployed 4,053 megawatt-hours of energy storage batteries, nearly 2% more than the previous record, setting a new high for quarterly deployment data in history.

Currently, Tesla CEO Elon Musk faces the challenge of translating the deployment of home Powerwall batteries and commercial Megapacks batteries into more meaningful revenue. Over the years, the company's revenue from the "Services and Other Revenue" department has always exceeded that from the "Energy Generation and Storage" department.

As of the end of last year, Tesla's energy storage deployment reached 14.7 gigawatt-hours. The company will provide further updates on April 23 when it releases its quarterly financial report