Tesla reported a net income of $2.3 billion in the fourth quarter of 2024, with revenue reaching $25.7 billion. This represents a 1.9% increase in revenue from $25.2 billion in Q4 2023, but net income dropped by 70% year-over-year.
The decline in net income was 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.
Tesla earned $692 million from selling regulatory credits in Q4, bringing the total for the year to nearly $2.8 billion. However, potential policy changes could affect this revenue stream.
Read More: Tesla Bounces Back with Impressive Q3 Performance
The company continues efforts to lower production costs, aiming to bring the cost of goods sold (COGS) per vehicle below $35,000. Tesla also reaffirmed its plans to launch a more affordable EV in 2025. Meanwhile, deliveries of the refreshed Model Y are set for early 2025.
In the realm of autonomous driving, Tesla claims drivers have accumulated over 3 billion miles using Full Self-Driving (Supervised). The company also expects to introduce an unsupervised version and Robotaxi services later this year.
Tesla is expanding its manufacturing capabilities, with a new Shanghai Megapack facility completed and a Semi truck factory in Nevada set to begin production in 2025.
