Tesla's energy storage business continues to grow

Tesla's energy storage business continued to grow in the fourth quarter, achieving operating income of US$3.06 billion, slightly higher than market expectations. Energy storage shipments reached 11GWH, a month-on-month increase of nearly 60%. With the Shanghai Energy Storage Super Factory starting mass production in the first quarter of 2025, Tesla expects its energy storage deployment to achieve a year-on-year growth of 50% in 2025.