Tesla falls short of revenue and profit expectations
The revenue and profit of the American electric car manufacturer Tesla fell below market expectations in the fourth quarter of last year.
Tesla revealed its financial results for the fourth quarter of 2024. Accordingly, the company’s revenue in the fourth quarter of 2024 increased by 2% to $25.7 billion compared to the same period the previous year when it reached $25.2 billion. Meanwhile, Tesla’s net profit dropped by 71% to $2.3 billion during the same period. In the fourth quarter of 2023, the net profit of the electric car manufacturer was calculated to be $7.9 billion. Additionally, the earnings per share decreased from $2.27 in the same period of the previous year to 66 cents in the last quarter of the year. Tesla’s revenue and profit in the fourth quarter of 2024 were below market expectations. The company’s total revenue for the year increased by 1% to $97.7 billion, while the net profit decreased by 53% to $7.1 billion.
PRODUCTION DECREASES
During the last quarter of 2024, Tesla produced 459,445 vehicles globally and delivered 495,570 vehicles. The company’s vehicle production decreased by 7% annually, but vehicle deliveries increased by 2%. The total number of vehicles produced by the electric car manufacturer in 2024 decreased by 4% to 1,773,443. The number of vehicles delivered also decreased by 1% to 1,789,226.
ROBOTAXI EXPECTED TO LAUNCH IN 2025
According to a statement from Tesla, the last quarter of the previous year was a record quarter in terms of both vehicle deliveries and energy storage deployments. The statement highlighted significant investments in infrastructure to promote the company’s growth, such as new models, energy storage production capacity, and artificial intelligence training. The statement emphasized that this year would be a significant year in Tesla’s history due to the rapid development of supervised fully autonomous driving technology, which is expected to lead to an unsupervised fully autonomous option for the company’s robotaxi business towards the end of the year. The statement also mentioned ongoing work to launch supervised fully autonomous technology in Europe and China in 2025.
