Tesla’s 2024 financial results are out—and they’re terrible
Tesla released its financial results for 2024 on Wednesday afternoon, following the close of the markets. The maker of electric vehicles may have to invest in stocks of red ink, because 2024 results were even less impressive than the already-underwhelming 2023 numbers.
Q4, 2024
During the final quarter of last year, Tesla saw its automotive revenues fall by 8 percent compared to the same three months of 2023, dropping to $19.8 billion. It more than doubled its energy and storage revenues, which grew by 113 percent compared to Q4 2023, but this amounts to just $3 billion and a small fraction of Tesla’s overall business. Similarly, services posted a 31 percent growth during those three months, but again the actual contribution in dollar terms was just $2.8 billion.
Total revenue grew by 2 percent in Q4, but income fell by 23 percent, and its operating margin has dropped to just 6.2 percent—the lowest since Q1 2024. By contrast, the industry average operating margin for an automaker is around 10 percent. Net profits fell an astounding 71 percent to $2.3 billion.
