The energy business is going to surpass the automotive: Musk predicts

 

Tesla’s energy business will be bigger than its automotive segment, Elon Musk predicts. As a result, now it is clear that Tesla is going to give more priority to solar and storage products.

While releasing the earning report of quarter 3, Musk revealed that the company comes back to the profitability zone during this period. Previously, Wall Street predicted against it, and the result is quite surprising for almost everyone present during the event.

During the third quarter, the global automotive revenues of Tesla stands at 5.35 billion USD. The majority of the business came from the sale of Model 3, Model X, and Model S vehicles.

The total revenues of Tesla, which includes automotive, energy storage, battery, solar, and others, account for 6.3 billion. The company did not break down the number with respect to segments.

During the quarter three, the company installed 43 megawatts of solar. The number suggests a sharp increase from the previous quarter, while it is still 54% lower than the Q3-2018 installation.

Tesla is doing an excellent job in energy storage deployments. The company’s energy storage deployments are continuously growing and reached an all-time high during the previous quarter.

About the author

Roger Smith

Roger Smith

Being a tech aficionado, he is highly fanatic about smartphones and computers since childhood. He has good experience in reviewing gadgets and loves shooting random videos. Above all, he believes in continuous learning and is ardent about writing on tech.

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