Tesla says energy storage is growing faster than its EVs

By David Ferris | 04/24/2024 07:09 AM EDT

CEO Elon Musk dismissed worries over his company’s falling car sales, saying Tesla will launch new electric vehicle models in 2025.

Tesla CEO Elon Musk speaks at a conference in Washington.

Tesla CEO Elon Musk. Susan Walsh/AP

Tesla said Tuesday that energy storage — one of the automakers’ most obscure offerings — will likely grow faster this year than its faltering electric vehicle business.

The prediction came on a call to announce Tesla’s first-quarter financials and was one example of officials attempting to change the subject as investors worry about the company’s falling profits. Tesla’s net income dropped 55 percent, and its automotive revenue dropped to $17 billion, a 13 percent decline from the same quarter last year.

On the call, CEO Elon Musk said that those doubting Tesla’s future and long-term growth are focusing too much on auto sales — and not on the robotaxi Musk plans to unveil in August.


“We should be thought of as an AI or robotics company,” Musk said. “If someone doesn’t think that Tesla is going to solve autonomy, they shouldn’t be an investor in the company.”