Tesla(US:TSLA) 3 6 Ke·2026-01-06 12:31Core Viewpoint - Tesla's financial report for January 2026 reveals a stark contrast between its automotive and energy storage businesses, with the automotive sector facing challenges while the energy storage segment experiences significant growth [1][2]. Automotive Business Performance - In 2025, Tesla delivered 1.636 million vehicles, a decrease of 8.6% year-on-year, marking the first time since 2018 that BYD surpassed Tesla in deliveries [1] - The net profit from the automotive business also declined by 12% compared to the previous year [1]. Energy Storage Business Growth - Tesla's energy storage deployment reached 46.7 GWh in 2025, representing a year-on-year increase of 48.7% [2]. - Cumulative revenue from the energy storage business for the first three quarters of 2025 was approximately $8.645 billion, with a gross margin stable at over 30%, significantly higher than the automotive business's average of 16% [4]. - Energy storage revenue accounted for 12% of total revenue, an increase of 3 percentage points from the same period last year [4]. Strategic Initiatives in Energy Storage - To maintain its leading position in the energy storage market, Tesla is focusing on three key strategies: entering the AIDC energy storage business, penetrating emerging markets, and enhancing supply chain management [8]. - The AIDC energy storage initiative is supported by Tesla's expertise in AI, which is crucial for understanding energy demands [8][9]. AIDC Energy Storage Development - Tesla's Cortex supercomputing cluster, located in Texas, is designed to support energy storage technology development, with an initial capacity of 130 MW, expected to increase to 500 MW by 2026 [13]. - The Colossus data center, powered by a significant number of GPUs, has deployed approximately 156 Megapacks for backup power, contributing to a total storage capacity nearing 1.2 GWh [18]. Emerging Market Expansion - In Australia, Tesla secured the largest grid-scale energy storage order in history, collaborating with Neoen on the Western Downs Battery project, which will total approximately 2.3 GWh upon completion [27][30]. - In Japan, Tesla has gradually expanded its presence, winning a significant contract for a 134 MW/548 MWh Megapack system, set to become one of the largest storage facilities in the country [34]. Supply Chain Management - Tesla's Shanghai Gigafactory has become a critical asset, achieving a production capacity of 26 GWh in 2025, accounting for 55.7% of Tesla's total energy storage deployment [45]. - To mitigate risks associated with supply chain dependencies, Tesla has secured substantial battery supply contracts with LG Energy Solution and Samsung SDI, ensuring a diversified supply chain [48][50]. Conclusion - Tesla's energy storage business is poised for continued growth, driven by technological advancements, strategic market entries, and a robust supply chain, making it difficult for competitors to challenge its position in the near term [51].