Tesla's Q2 deliveries expected to fall, but could the key figure be energy storage?

Tesla ( TSLA ) announced global vehicle deliveries for the second quarter on Tuesday, with total deliveries expected to fall short of current expectations. However, with demand for electric vehicles slowing in 2024 and the artificial intelligence boom dominating the market, perhaps Tesla's second-quarter energy storage numbers should also be cause for concern.

The company deployed a record 4,053 megawatt-hours (MWh) of energy storage capacity in the first quarter. Tesla now offers solar panels and solar rooftops, as well as power walls for energy storage. On the commercial side, Tesla also offers a "Super Battery Pack." Tesla's energy business may be "uniquely positioned to benefit from the accelerating investment in the U.S. power grid driven by the AI boom" as Generative Artificial Intelligence (Gen AI) increases energy demand.

Tesla Energy is valued at $36 per share, or about $130 billion. Tesla Energy's revenue will reach about $7 billion this year, up 20% from 2023. Tesla Energy's profit margins will surpass the company's auto margins in 2024. So I think Tesla's energy business should be focused on as well, don't you think?