Usman Salis
⬤ Tesla's trailing twelve-month numbers tell a pretty straightforward story: cars are still king. The latest revenue breakdown shows automotive sales making up the lion's share of what Tesla brings in, with Energy Generation and Storage plus Services picking up whatever's left. Looking at the data from late 2022 through early 2025, the pattern hasn't budged much—vehicles remain the cash cow, even as conversation shifts toward what else Tesla might become.
⬤ The numbers show total revenue holding fairly steady across recent quarters, with automotive consistently grabbing the biggest slice of the pie. Energy storage has been creeping up slowly, but it's still nowhere near automotive in terms of actual dollars. Services revenue adds a bit more variety to the mix, though not enough to really change the overall picture. Bottom line: Tesla's financial health right now lives and dies with how many cars people buy and what they're willing to pay for them.
⬤ Here's where things get interesting: while revenue charts show Tesla firmly rooted in the car business today, the buzz around Optimus suggests something different could be brewing down the road. The robot isn't showing up in any revenue figures yet, but it's capturing serious mindshare. That gap between what Tesla sells now and what people think it might sell tomorrow creates an interesting tension in how the market views the company.
⬤ This matters because investors are essentially betting on two different versions of Tesla at once. Current fundamentals scream "automotive company"—the data couldn't be clearer. But the narrative around products like Optimus paints a picture of something broader, maybe even a tech company that happens to make cars. Whether those future bets actually turn into real revenue, and when, will determine if Tesla successfully diversifies or stays primarily an automaker with side projects.
Usman Salis
