growth for Tesla beyond its car business could be energy.

Pras Subramanian

·Senior Reporter

Wed, Jul 10, 2024, 3:00 AM PDT3 min read

31

In This Article:

• TSLA+3.71%

When it comes to valuing and analyzing Tesla (TSLA) stock, Wall Street analysts — at least the bullish ones — say the company is more than an automaker. And one area of outsized growth for Tesla beyond its car business could be energy.

In its second quarter production and delivery report, Tesla said that it deployed 9.4 GWh (gigawatt hours) of battery energy storage, its highest quarterly amount ever, and more than double the amount of battery storage the company deployed in the first quarter.

 

Fuel for growth? A Tesla Megapack energy storage unit. (Tesla.com) (Tesla)

Tesla’s energy storage business, part of Tesla Energy, includes installations as small as Powerwall batteries for the home to massive Megapack storage facilities meant for utilities and municipalities to store large amounts of energy for deployment at peak energy usage times