Tesla deploys 13.7 gigawatt-hours of battery storage – energy revenue falls
Storage deployments rose about 10% in the third quarter but missed expectations. Energy revenue fell 16%, while the segment's margin improved markedly.
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Tesla deployed 13.7 gigawatt-hours of battery storage in the third quarter, according to quarterly results published on Wednesday. That is about 10% more than the 12.5 gigawatt-hours a year earlier and slightly above the 13.5 in the second quarter. Analysts had expected around 15.9 gigawatt-hours, according to the industry site Electrek.
Revenue from the generation and storage business fell 16% to 2.88 billion dollars despite higher deployments. Tesla attributes this partly to tariff-related customer refunds. The energy segment's gross margin, however, rose to 33% from 20% in the second quarter. Gross profit was 954 million dollars, compared with 1.07 billion a year earlier.
Across the company, Tesla posted third-quarter revenue of 28.05 billion dollars, roughly flat year over year. GAAP net income fell 43% to 787 million dollars, Electrek reported.