Tesla’s energy-storage business was the highlight of its blowout earnings, and Elon Musk says it’s ‘growing like wildfire’ [Video]

Tesla has a secret weapon, and it’s not Elon Musk’s robotaxi or the Optimus bot.

The company on Wednesday reported blowout earnings on the strength of its automotive sales — but its biggest growth area was its burgeoning business selling batteries and solar panels.

Revenue for Tesla’s energy-generation-and-storage business was nearly $2.4 billion in the third quarter of 2024, up by 52% from the same period last year.

That’s a big jump compared with revenue from Tesla’s automotive sales, which rose by 2% over the same period.

The energy business’s revenue so far this year exceeds $7 billion, meaning it accounts for nearly 10% of Tesla’s total revenue.

RBC Capital Markets analyst Tom Narayan told Business Insider he expects Tesla’s energy business to eventually drive 14% of the company’s valuation, and Tesla’s car business — excluding FSD and Robotaxi — to account for 11%. Narayan said Tesla’s car business is …