Energy Storage Demand Offers Ray of Hope for Tesla as EV Sales Slump

Tesla’s sales showed a disastrous slump in the first quarter of 2024, with deliveries falling far below even the most pessimistic market estimates. Tesla reported just 386,810 vehicle deliveries, marking the company’s lowest sales quarter since the third quarter of 2022. The level of deliveries marked an 8.5% slump compared to the same quarter last year, and a whopping 20% nosedive from the previous quarter.

' But while Tesla’s EV sales have slumped disastrously, the company’s energy storage sales are humming along quite nicely. The company deployed 4,053 MWh of energy storage products in Q1, a record high for Tesla. Electrek reports that the Tesla Megafactory in Lathrop, California, where large format Megapack batteries are produced, has been observed “shipping out impressive numbers of battery packs.

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