Tesla reported a net income of $2.3 billion in the fourth quarter of 2024, with revenue reaching $25.7 billion. While revenue saw a slight 1.9% increase from $25.2 billion in Q4 2023, net income dropped 70% year-over-year.
The decline is partly due to a one-time non-cash tax benefit of $5.9 billion recorded in the previous year. For the full year, Tesla generated $97.7 billion in revenue, with a net income of $7.1 billion—marking a 6% decrease from 2023.
The company earned $692 million from selling regulatory credits in Q4 and nearly $2.8 billion throughout the year. However, potential policy changes could impact this revenue stream.
Tesla continues working to lower production costs, bringing the cost of goods sold (COGS) per vehicle below $35,000. The company also reaffirmed plans to launch a more affordable EV in 2025. Meanwhile, deliveries of the refreshed Model Y are set for early 2025.
In autonomous driving, Tesla claims drivers have accumulated over 3 billion miles using Full Self-Driving (Supervised) and expects to introduce an unsupervised version and Robotaxi services later this year.
The company is also expanding manufacturing, with a new Shanghai Megapack facility completed and a Semi truck factory in Nevada set to begin production in 2025.
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