Tesla Battery Storage Revenue Surpasses EV Sales in Australia, Exceeding $5 Billion in 2024

Tesla Motors Australia reported a record-breaking $5.1 billion in revenue for calendar year 2024, marking a dramatic increase from $3.81 billion in 2023. Profit also saw a notable boost, climbing from $39 million to $65 million.

For the first time, Tesla’s battery storage division outperformed its electric vehicle (EV) sales in Australia. Revenue from battery sales and installations surged from $580 million in 2023 to $2.55 billion in 2024. In contrast, EV revenue fell from $3.18 billion to $2.44 billion.

Australia, home to Tesla’s first “big battery” project at Hornsdale in 2017, remains a pioneer in battery storage. Tesla continues to be a key player in the nation’s grid-scale storage growth, with over 10 GWh of battery storage now operating or under construction.

Tesla’s earnings were bolstered by revenue-sharing arrangements, such as with the Bouldercombe battery in Queensland. Major contracts like the Collie battery (560 MW, 2240 MWh) and Western Downs battery further support Tesla’s momentum in large-scale energy storage.

Despite strong battery performance, Tesla’s EV sales declined amid increased competition from brands like BYD and MG. Market share loss, price cuts on the Model Y and Model 3, and controversies surrounding Elon Musk have contributed to weakening demand. In 2025, EV sales are already down by 62%.

Tesla’s Powerwall has slipped to fourth place in the home battery market, behind Sigenergy, Sungrow, and Alpha ESS. However, its utility-scale storage remains a bright spot for future growth.

Tesla is awaiting government approval for the sale of its South Australia virtual power plant business. The company also disclosed a class action filed in February 2025 in Australia, for which it has appointed external legal representation.

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