Tesla's net income, production down in 4th quarter of 2024

ISTANBUL

US electric car (EV) manufacturer Tesla's net income and automobile production fell in the last quarter of 2024 compared to the same period in 2023, according to figures the company released on Thursday.

The company’s net income decreased by 71% to $2.3 billion in the fourth quarter of 2024, while the total production fell by 7% compared to the same period of the previous year.

Meanwhile, total revenues increased by 2% to $25.7 billion in the same period.

Automotive revenue fell 8% to $19.8 billion from $21.56 billion in the same quarter last year, with $692 million coming from regulatory credits.

The company's earnings per share, which was $2.27 in the same period of the previous year, fell to 66 cents in the last quarter of last year.

Yearly, the net income decreased by 53% in 2024 to $7.09 billion, and the total automobile production fell by 4% compared to 2023.

On the other hand, the total revenues increased by 1% to $97.7 billion in the same period.

Tesla's stock price has seen a 6.7% fall in a month in January after the Chinese EV manufacturer BYD came first in the global EV sales, surpassing Tesla in 2024.