- July 27, 2021
- Posted by: Stratford Team
- Category: Business
Tesla’s primary source of revenue comes from the sale of its electric vehicles, but its latest quarterly earnings report showed growth in its energy storage and solar business.
The demand picture will get even sunnier for the division if the company can access enough chips for its energy storage products, according to Tesla CEO Elon Musk.
Tesla on Monday reported $801 million in revenue from its energy generation and storage business — which includes three main products: solar, its Powerwall storage device for homes and businesses, and its utility storage unit Megapack — but that’s just a sliver of the nearly $12 billion in total revenue. Small as it is, the division is selling more energy storage and solar. Revenue from this division grew 62% from the previous quarter and more than 116% from the same quarter in 2020. Tesla doesn’t separate solar and energy storage revenue.
More importantly, the cost of revenue for its…
