Tesla's energy storage business gets sucked into the company's downward spiral

原始链接: https://techcrunch.com/2025/07/02/teslas-energy-storage-business-gets-sucked-into-the-companys-downward-spiral/

Tesla's energy storage business, once a consistent growth driver, is now experiencing a downturn. Deployments of Powerwall and Megapack storage products have declined for two consecutive quarters, with Q2 2024 seeing 9.6 GWh installed, down from Q1's 10.4 GWh and significantly below the Q4 2024 peak of 11 GWh. Despite deploying 31.4 GWh in 2024 and revenue growing from $2 billion in 2020 to $10.1 billion in 2023, Tesla's energy storage sector is faltering. This contrasts with the broader energy storage market which saw record installations in Q1, growing 57% year-over-year. However, future market growth is threatened by tariffs on Chinese goods and potential revisions to the Inflation Reduction Act, which could restrict tax credits for batteries using materials from "foreign entities of concern," primarily impacting components sourced from China. This combination of factors casts a shadow over Tesla's ability to maintain its previous growth trajectory in the energy storage market.

A Hacker News thread discusses a TechCrunch article about Tesla's declining energy storage business. Commenters debate whether Tesla's struggles are due to fundamental issues or Elon Musk's controversial politics, with some noting a shift in public perception and brand damage. The high P/E ratio despite sales decline raises concerns, with autonomy solutions being seen as a long-term gamble. Some criticize Tesla's ecosystem approach and lack of integration, while others point out strong competition and various risks. The debate extends to Tesla's self-driving technology, comparing it to Waymo's progress, and Musk's potential impact on the company's future. Ultimately, the thread highlights the complex factors influencing Tesla's current situation, from business fundamentals to brand perception and technological challenges.

原文

Even Tesla’s energy storage business, which has been a small, yet notable bright spot, can’t escape the cloud that’s hanging over the company.

For the second consecutive quarter, deployments of its Powerwall and Megapack stationary storage products have declined, according to stats released by Tesla. In the second quarter of this year, the company installed 9.6 gigawatt-hours of storage, down 0.8 gigawatt-hours from the first quarter.

Tesla’s energy storage division peaked in the fourth quarter of 2024, a three-month period that saw 11 gigawatt-hours deployed. In all, Tesla deployed 31.4 GWh of energy storage products in 2024.

Until this year, the sector has been a bright spot for Tesla, posting consistent year-over-year growth. Revenue from energy storage and solar installations grew from $2 billion in 2020 to $10.1 billion last year. Tesla’s poor start to the year suggests that streak is about to come to an end.

By contrast, the broader market for energy storage has been growing recently. Analysts at Wood Mackenzie said new installations hit a record high in Q1, the most recent period for which data is available, growing by 57% year-over-year.

Such growth is unlikely to continue, though, as tariffs on Chinese-made goods coincide with the ill-effects of a Trump-backed reconciliation bill currently being hashed out in Congress. There, Republicans have been working to eliminate key parts of the Inflation Reduction Act.

While battery storage installations might continue to receive tax credits under the bill, new restrictions over parts or materials sourced from foreign entities of concern (FEOC) could make any remaining tax credits nearly impossible to claim. The vast majority of minerals used in batteries are refined or processed in China.