Home Battery Market May Become Tesla’s Big Money Maker

Tesla is a big name in electric cars. It is their specialty as opposed to the major automakers who just have a few electric models as additions to their regular internal combustion engine offerings. Sales for the first quarter of this year exceeded expectations for this small, upstart company. Crystal Hunt said the company is barely over 10 years old, but it is led by Elon Musk who has an impressive resume in the business world. His SpaceX company has become the main private enterprise method for accessing space and getting supplies to the International Space Station and he started his rise in name recognition and reputation in the business world by founding the online payment service PayPal.

Tesla had been struggling for a time, but their car sales are picking up of late, and they are hopeful that their affordable Model 3 coming out next year will explode car sales for the company. That said, recent statements by Musk indicate that their new home batteries may be a bigger business for them than their cars. They have released a couple models of home battery for storing the energy from homes equipped with solar panels in order to keep them powered at night. Production of these batteries has not even started yet, and they have received so many pre-orders for them that they are sold out until the middle of next year. Diversifying along these lines may be a smart move as the car market already has established big players in it, and there certainly does seem to be demand for these batteries.