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When the automotive business is weak, everyone relies on energy as a moat, but it’s not as stable as expected.
Abstract: This article analyzes Tesla's energy storage business, showing it as a higher-margin counterweight to a slipping vehicle division. It notes a 15% drop in first-quarter 2026 deployments, explores potential causes such as project timing and market slowdowns, and highlights growth in Megapack and data-center storage. Revenue has risen markedly from 2021 to 2025, and the unit funds capital expenditure, with expected 2026 capex above $20 billion. The piece discusses market headwinds from slower U.S. solar/wind development and the volatility of energy results, described as 'lumpy' due to project timing, and assesses implications for Tesla's cash flow.