Tesla's Energy Storage Business Is Growing Like Gangbusters
Last month, electric vehicle (EV) pioneer Tesla released its first-quarter 2023 results. You can read my earnings article here, but the quick recap is that revenue grew 24% year over year, while adjusted earnings per share (EPS) fell 21%. The revenue growth slowdown and profit decline were largely driven by the company's vehicle price cuts, which began in the prior quarter.
Naturally, Tesla's flagship EV segment generated the lion's share of financial news coverage. The energy generation and storage segment, however, was the quarter's growth star -- and by far, as was the case in the prior quarter. This fast-growing business deserves more attention because it's on track to continue to account for a larger percentage of Tesla's overall sales and profits.
Image source: Tesla. Tesla Megapacks in the foreground and solar farm in the background.
Source Fool.com
Tesla Inc Stock
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