Elon Musk predicts Tesla energy could be ‘bigger’ than its EV business

TechCrunch | 10/23/2019 | Staff
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Tesla CEO Elon Musk forecast that the company’s energy business will eventually be the same size as— or even bigger than — its automotive sector, the latest sign that the company plans to put more time and resources to scaling up its solar and storage products.

“It could be bigger, but it will certainly be of a similar magnitude,” Musk said during an earnings call Wednesday. The company surprised Wall Street by reporting a return to profitability in the third quarter.

Bulk - Tesla - Revenue - Sales - Model

The bulk of Tesla’s revenue is generated from sales of its Model S, Model X and Model 3 electric vehicles. In the third quarter, automotive revenues were $5.35 billion. The company doesn’t break out revenue generated from solar, energy storage or other products and services. However, the total revenue in the third quarter was $6.3 billion, which gives some indication of the size of automotive compared to its other businesses.

Tesla’s energy and solar businesses languished for nearly two years as attention and resources were directed to the Model 3. That diversion of...
(Excerpt) Read more at: TechCrunch
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