Islamabad, Jan 30: Tesla has released its financial results for the fourth quarter of 2024, revealing a net income of $2.3 billion, despite reporting a slight 1.9% increase in revenue year-over-year, reaching $25.7 billion. While revenue showed modest growth compared to Q4 2023, the company’s net income saw a significant decline of 70%, largely 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, reflecting a 6% decrease from the previous year. Tesla’s regulatory credits business continues to contribute to its earnings, with the company reporting $692 million in Q4 from the sale of these credits, and nearly $2.8 billion for the full year. However, the future of this revenue stream remains uncertain due to potential policy changes.
The automaker is focused on lowering production costs and has successfully brought the cost of goods sold (COGS) per vehicle to below $35,000. Tesla also reaffirmed plans to launch a more affordable electric vehicle (EV) in 2025, aimed at broadening its customer base.
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In terms of innovation, Tesla continues to make strides in autonomous driving technology. The company claims that drivers have accumulated over 3 billion miles using its Full Self-Driving (Supervised) feature, with plans to introduce an unsupervised version and launch Robotaxi services later in 2025.
Tesla is also expanding its manufacturing capabilities, with a new Shanghai Megapack facility now operational and a Semi truck factory in Nevada set to begin production in 2025, signaling the company’s continued push toward diversifying its product lineup and scaling operations.
Despite challenges, including the decline in net income, Tesla’s growth in revenue, cost reduction efforts, and advancements in EV and autonomous driving technology highlight the company’s continued ambition to lead the future of sustainable transportation.
