> If you're still seeing tesla as a car company you're missing their home-energy business and their utility business.
Tesla Energy lost a little over $100 MM this quarter. Last quarter they lost less money. Solar installs have never recovered from the 2016 peak - they're barely at 50% what they were then.
The economy of scale is working in the wrong way and Tesla is competing in a commodity space against companies who are vertically integrated and specialize in the type of batteries and solar panels in use - in fact Tesla often buys batteries from them.
This is like if Apple were selling iron ore. The fan boy consumer may pay a 100% premium, but 99.9% of the world will just buy the cheapest iron ore around.
Look at the australian mega-battery project. They've reduced power outages and normalized the grid.
As household solar+battery installs grow, they're going to eat into the massive utility business.
They're much bigger than cars because they are not just cars.