There is no denying that the US stock market has been in a massive downturn for much of the year so far. Moreover, there is one company that has been the face of the fall. Indeed, Tesla (TSLA) has continued its struggle this week, but this little-known business has been thriving.
The company is well-known for its EV manufacturing. Moreover, that part of its operations has been the biggest target of recent consumer backlash and protests. Yet, while that has eaten away at the company’s stock price, there is one aspect of Tesla that has been thriving so far this year.
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Tesla Stock Plummets, Even As One Of Its Businesses Is Thriving
On Tuesday, an individual had set fire to a host of Tesla cars at a company service station in Las Vegas. It was viewed as a targeted attack and had been the result of ongoing protests. Indeed, similar action has been the story of the year for the company that has seen its stock value plummet over the last two months.
That was a surprise considering the high hopes that Wall Street had for the company at the tail end of last year. Although Tesla (TSLA) has continued to fall in the early stages of the year, one key business has been thriving for the firm, and that is something that investors must know going forward.
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According to a recent breakdown, Tesla’s second-largest business, its energy storage, and generation, and increased by triple digits in Q4 of last year. Moreover, there is still the expectation that this segment will only continue to grow. The operations cover smart batteries that stabilize energy grids and help to prevent outages.
The company offers two key energy storage options, the Powerwall and the Megapack. Last year, the company deployed 31.4 gigawatt hours (GWh) of energy storage, up 114% from a year prior. In Q4, that number skyrocketed to 11, jumping 244% year over year.
This is why Tesla has become such an interesting investment option. Its status as an automaker is in question, but that is not all the company is as of today. Moreover, it is looking to continue evolving past this singular distinction. With its autonomous driving projects and Optimus project, it is looking to become more of an energy and robotics company in the near term. That could help the stock find its footing this year.
