Tesla Announces Fourth Quarter Financial Results, Signs of Rapid Growth in Battery and Solar Power Business | GLM

Tesla Announces Fourth Quarter Financial Results, Signs of Rapid Growth in Battery and Solar Power Business

Read more from Author Rachel Maga here: https://globelivemedia.com/author/rachel-maga/

Tesla has released its latest financial report. It shows that Elon Musk’s bet on batteries and solar power is beginning to bear fruit.

The battery business played a leading role in the company’s offensive strategy in the fourth quarter, with quarterly year-over-year growth approaching 200%. In a presentation to shareholders, Tesla said, “The market development (of the battery business) grew significantly from 2019 to 2020. Our total battery deployment exceeded 3GWh in a single year for the first time, up 83% year-on-year. “.

Sunlight also struck the solar power generation business. The annual installation of photovoltaic power generation increased to 205 MW, an increase of 18% from the previous year. “This growth is the result of significant improvements in our PV strategy, including product simplification, cost savings and industry-leading pricing,” Musk said.

Tesla’s power generation and storage business revenues were $ 725 million in the fourth quarter, $ 436 million in the year-ago quarter, and $ 579 million in the third quarter. It increased from (about 60.4 billion yen).

This seems to be just the beginning of the rapid growth of Tesla’s utility business. The company has long professed to be one of the world’s largest utilities and utilities, and capital around the world is collecting resources to facilitate the shift to renewable energy.

Tesla could benefit significantly as the Biden administration’s renewable energy program dramatically pushes the development and construction of solar power towards that goal. This large infrastructure investment will require large capacity batteries to store renewable energy. It will also require large-scale solar power generation facilities.

While the US federal government is transferring money to renewable energy, private capital is flowing in to dramatically boost solar power and energy storage.

Last week alone, investors invested nearly $ 2 billion in companies that lend homeowners money to install solar power and renovate all-electric homes. A company founded by a former SolarCity executive has just announced on January 27 that it has raised $ 800 million in funding.

At least some of these funds will ring the cash registers of Tesla’s battery and solar installations.

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Rachel Maga
Rachel Maga is a technology journalist currently working at Globe Live Media agency. She has been in the Technology Journalism field for over 5 years now. Her life's biggest milestone is the inside tour of Tesla Industries, which was gifted to her by the legend Elon Musk himself.