US electric vehicle (EV) manufacturer Tesla saw a significant drop in both net income and automobile production in the fourth quarter of 2024 compared to the same period in 2023. According to figures released by the company on Thursday, Tesla’s net income for the fourth quarter of 2024 decreased by 71%, falling to $2.3 billion. The company’s total automobile production also saw a 7% decline year-on-year.
Despite the drop in net income and production, Tesla’s total revenues for the fourth quarter rose by 2%, reaching $25.7 billion. However, automotive revenue decreased by 8% to $19.8 billion, down from $21.56 billion in the same quarter of the previous year. A portion of this decline was offset by $692 million in revenue from regulatory credits. Tesla’s earnings per share (EPS) fell sharply from $2.27 in Q4 2023 to just 66 cents in Q4 2024.
For the full year, Tesla’s net income decreased by 53% to $7.09 billion in 2024, and total automobile production fell by 4% compared to 2023. However, the company’s annual revenues saw a slight increase of 1%, totaling $97.7 billion. Tesla’s stock price also experienced a 6.7% decline in January, as the Chinese EV manufacturer BYD overtook Tesla in global EV sales in 2024.
