In the wake of Tesla’s third-quarter production and delivery figures, the fourth quarter financial performance report for 2024 has been released. The total revenue stood at $25.707 billion, marking a 2% increase from the same quarter the previous year. However, the automotive business revenue saw an 8% decline, while the energy and battery business experienced significant growth to offset this decrease. The net profit as per GAAP accounting standards was reported at $2.317 billion.
Tesla attributed the primary impact on automotive business revenue to a decrease in average selling prices across models S, 3, X, and Y. Despite an increase in the number of cars delivered in the quarter, the company emphasized its key objective of maximizing Electric Vehicle (EV) accessibility. Thus, the commitment to lowering vehicle prices while managing production costs remains a top priority.
During the earnings call, CEO Elon Musk mentioned that Tesla is poised to launch a fully autonomous taxi service that operates without human oversight by June, starting in Austin. Testing has already commenced in specific areas, starting from Fremont factories.
This development prompted analysts to question Musk’s previous assurances regarding fully autonomous vehicles, which have been reiterated numerous times without materializing. Musk clarified that this time it is for real, indicating that other car manufacturers have also expressed interest in adopting the same autonomous driving system, although he did not disclose the brands involved.
Source: Tesla (PDF) and CNBC
TLDR: Tesla’s Q4 2024 financial performance report showed a $25.707 billion total revenue with a focus on EV accessibility and upcoming autonomous taxi services.
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