Latest news with #TeslaEnergy
The Verge
3 days ago
- Business
- The Verge
since Elon Musk extended his
1 million Powerwalls. While sales of Tesla cars have suffered greatly arm and wallet to politics globally, his Starlink and Tesla Energy products have continued to do well. There's lots of EV competition, but zero alternatives for cheap and fast consumer internet that can be quickly deployed in data dead zones, or whole home battery backup systems with a proven track record and terrific user experience. Although the competitors are quickly gearing up to address the latter.
Yahoo
30-05-2025
- Business
- Yahoo
Musk criticizes Trump bill over abrupt end to energy tax credits
Outgoing administration adviser Elon Musk is criticizing Republicans' signature policy bill to advance President Trump's agenda as the he walks out the door, saying it moves too quickly to phase out Biden-era low-carbon energy tax credits. Musk, in a post on the social platform X, reposted his company Tesla Energy's post that warns against 'abruptly ending the energy tax credits.' The post states: 'We urge the senate to enact legislation with a sensible wind down' of credits for low-carbon electricity companies and homeowners who want to install residential green energy such as rooftop solar. In a separate post, Musk wrote 'there is no change to tax incentives for oil & gas, just EV/solar' in the House-passed GOP bill, which faces calls from changes from multiple Republicans in the Senate. In response, a senior White House official told The Hill that Musk and Trump may not always agree, but that the two share a mutual respect. The official said that Trump supports the bill in its current form and will always prioritize oil and gas. The posts highlight fissures within the Republican Party on how to deal with the energy tax credits passed by Democrats in 2022. A number of Republicans have called for a more deliberate phaseout that does not strand energy projects already in progress, but what ultimately passed the House was a significant chop to the credits that many in the industry describe as unworkable. In particular, the final version states that projects can only get the credit if they begin construction within 60 days of the bill's passage and begin producing electricity by 2028. Trump has called for Republicans to unite behind the bill, but Musk has also criticized it previously, in an interview with CBS News, for not codifying the broad government funding cuts enacted by his Department of Government Efficiency (DOGE). 'I was disappointed to see the massive spending bill, frankly, which increases the budget deficit, not just decreases it, and undermines the work that the DOGE team is doing,' he said. Updated at 7:29 p.m. EDT. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Politico
29-05-2025
- Automotive
- Politico
Musk, Tesla blast GOP plans to end clean energy tax credits in megabill
Tesla late Wednesday criticized the Republican megabill for gutting clean energy tax credits, a message amplified by CEO Elon Musk hours after he announced he was leaving the Trump administration. 'Abruptly ending the energy tax credits would threaten America's energy independence and the reliability of our grid,' Tesla Energy, the company's solar and battery division, wrote on X. The House-passed reconciliation package would repeal the Inflation Reduction Act's residential solar credit at the end of the year and rapidly phase down the clean electricity investment credit for all forms of generation except nuclear, disqualifying all but a few shovel-ready projects. The bill would also terminate most credits for electric vehicles at the end of the year, disqualifying Teslas from a $7,500 incentive at a time when the company is experiencing declining sales and backlash linked to Musk's actions to gut the federal workforce. Tesla's energy division has seen faster growth and higher profits than its vehicle business in recent years. Launched by Musk in 2015, it sells a range of solar and battery energy storage products to homeowners and utility companies. Tesla Energy urged the Senate to support a 'sensible wind down' of the residential solar and the clean electricity investment credits, which it said would allow 'continued speedy deployment of over 60 [gigawatts] capacity per year to support AI and domestic manufacturing growth.' Musk later amplified the message on his personal X account, along with a post from another user that said 'slashing solar energy credits is unjust.' 'There is no change to tax incentives for oil & gas, just EV/solar,' Musk wrote. Musk said last month that he would step back from his government role to devote more time to running Tesla, and he confirmed Wednesday that his tenure as a 'special government employee' was coming to an end. Backing the credits is a shift in position for Musk, who has previously supported ending all government subsidies, including those for EVs and the fossil fuel industry. He has contended that ending the EV credit would help Tesla because its competitors are more reliant on it. The oil lobby has long disputed referring to its tax breaks as 'subsidies,' arguing they are in line with deductions claimed by all corporate taxpayers. Musk also criticized the megabill's price tag earlier this week, saying he was 'disappointed' it increases the deficit and contradicts the cost-cutting efforts of his so-called Department of Government Efficiency.
The Hill
29-05-2025
- Business
- The Hill
Musk criticizes Trump bill over abrupt end to energy tax credits
Outgoing administration adviser Elon Musk is criticizing Republicans' signature policy bill to advance President Trump's agenda as the he walks out the door, saying it moves too quickly to phase out Biden-era low-carbon energy tax credits. Musk, in a social media post on X, retweeted a post from his company Tesla Energy that warns against 'abruptly ending the energy tax credits.' The post states: 'We urge the senate to enact legislation with a sensible wind down' of credits for low-carbon electricity companies and homeowners who want to install residential green energy such as rooftop solar. In a separate post, Musk notes 'there is no change to tax incentives for oil & gas, just EV/solar' in the House-passed GOP bill, which faces calls from changes from multiple Republicans in the Senate. The posts highlight fissures within the Republican Party on how to deal with the energy tax credits passed by Democrats in 2022. A number of Republicans have called for a more deliberate phaseout that does not strand energy projects already in progress, but what ultimately passed the House was a significant chop to the credits that many in the industry describe as unworkable. In particular, the final version states that projects can only get the credit if they begin construction within 60 days of the bill's passage and begin producing electricity by 2028. Trump has called for Republicans to unite behind the bill, but Musk has also criticized it before, in an interview with CBS News, for not codifying the broad government funding cuts enacted by his Department of Government Efficiency (DOGE). 'I was disappointed to see the massive spending bill, frankly, which increases the budget deficit, not just decreases it, and undermines the work that the DOGE team is doing,' he said.
Business Insider
23-04-2025
- Automotive
- Business Insider
Tesla Energy Smashes Records with Explosive Growth
Tesla Energy storage smashed records last year. The division—responsible for Tesla's (TSLA) battery packs, solar products, and large-scale energy storage like Megapacks—doubled deployments in 2024. This has vaulted Tesla's lesser-known segment into the limelight. The company delivered a staggering 31.4 gigawatt-hours (GWh) of storage products—up from 14.7 GWh in 2023. It's the kind of surge that makes you sit up straighter. Stay Ahead of the Market: Discover outperforming stocks and invest smarter with Top Smart Score Stocks. Filter, analyze, and streamline your search for investment opportunities using Tipranks' Stock Screener. But numbers on a page don't hit like a chart does. Just take a look at Tesla's latest energy deployment graph from Main Street Data (linked below). The towering blue bars show a relentless climb, with 2024 delivering quarter after quarter of growth. Q2 2024 alone hit 9.4 kilowatt-hours (KWh), the highest single-quarter figure on record. By Q4, Tesla topped that with a jaw-dropping 11 KWh. And 2025? It's already off to a hot start with 10.4 KWh in Q1. Tesla Energy Deployments Blow Past Records That massive leap in 2024 wasn't just a fluke year-end push. The second quarter alone saw 9.4 GWh of storage deployed—the biggest single-quarter number Tesla's ever logged. This surge came thanks to the Lathrop Megafactory ramping up production, Teslarati reported. That factory has an annual capacity of 40 GWh. And judging by the 2024 numbers, Tesla's putting it to good use. The momentum didn't stop there. The latest data shows that Tesla kicked off 2025 with another strong quarter. Though the year's just started, the bar graph for 2025 already stacks up impressively. Tesla Energy clearly isn't slowing down. With that kind of deployment growth, it's no surprise Tesla's energy revenues are surging too. The segment pulled in $10.09 billion in 2024—a 67% increase from 2023. As you can see from TipRanks' TSLA Revenue Breakdown chart, more than 10% of Tesla's total revenue now comes from energy. This isn't a side hustle anymore. Gross profits back that up. Tesla Energy made $2.6 billion in gross profit last year, more than doubling from the year before. The energy division is fast becoming a heavyweight. Tesla Expands Energy Growth with New Factories Looking ahead, Tesla's energy expansion isn't slowing. The Shanghai Megafactory is set to kick off mass production in 2025. It's expected to mirror Lathrop's capacity. This could set Tesla up for even bigger numbers. Analysts are starting to pay attention. One told the Megapack business alone could be worth $120 billion, calling it a 'sleeping giant' that might eventually outgrow Tesla's electric vehicle segment. Tesla Energy's growth story is just getting started. Graphs don't lie. Does Tesla Energy Make Tesla Stock a Buy? With Tesla Energy firing on all cylinders, the big question for investors is simple—does this make Tesla stock a buy? The energy division now pulls in over 10% of Tesla's total revenue. And with new factories like Shanghai gearing up, that slice could keep growing. That's why many are revisiting Tesla's valuation. It's no longer just about car deliveries or Cybertruck hype. Energy is adding serious muscle. This shift gives Tesla a broader base to stand on, which could support the stock through market cycles. Despite the success of Tesla Energy, TSLA stock still carries a Hold consensus rating, with 16 Buys, 11 Holds, and 12 Sells assigned in the last three months. The average TSLA price target sits at $290.62, implying a 22% upside from current levels.
