The Tesla Energy business, after a period of consistent growth, has significantly accelerated and entered into a phase of very rapid expansion. Things on the solar side are also positive, but this branch is relatively small.

According to the company, in Q1, Tesla Energy generation and storage revenues increased by 148 percent year-over-year to $1.529 billion (6.6% of the total revenues), while the cost of revenues stands at $1.361 billion.

Tesla Energy Storage – Q1 2023

Tesla reports that its battery energy storage systems (BESS) deployment more than quadrupled year-over-year (up 360 percent year-over-year) to a new quarterly record of 3,889 megawatt-hours (MWh) or nearly four gigawatt-hours (GWh).

This result is pretty amazing, when compared to the historical deployment levels, but at the same time, it's still just the beginning. It's expected that in the near future, quarterly results will exceed 10 GWh.

Total battery energy storage (Powerwall, Powerpack and Megapack) deployment:

Q1: 3,889 MWh (up 360% year-over-year)