Tesla's revenue and profit miss expectations! Dropped by a full 71 percent...

Tesla has announced its financial results for the final quarter of 2024.

Accordingly, the company's revenue in the fourth quarter of 2024 increased by 2 percent compared to the same period of the previous year, rising to 25.7 billion dollars. Tesla had generated 25.2 billion dollars in revenue in the fourth quarter of 2023.

The electric vehicle manufacturer's net profit, meanwhile, fell by 71 percent in the same period to 2.3 billion dollars. Tesla's net profit had been calculated at 7.9 billion dollars in the fourth quarter of 2023.

The company's earnings per share, which were 2.27 dollars in the same period of the previous year, also declined to 66 cents in the final quarter of last year.

Tesla's revenue and profit for the final quarter of 2024 remained below market expectations.

The electric vehicle manufacturer's total revenue for the entire last year reached 97.7 billion dollars, an increase of 1 percent. During the same period, the company's net profit fell by 53 percent to 7.1 billion dollars.

DECLINE IN PRODUCTION

In the final quarter of 2024, Tesla produced 459 thousand 445 vehicles globally and delivered 495 thousand 570 vehicles.

The company's vehicle production decreased by 7 percent year-on-year during this period, while the number of vehicles delivered increased by 2 percent.

The total number of vehicles produced by the electric vehicle manufacturer throughout 2024 also fell by 4 percent to 1 million 773 thousand 443. The number of vehicles delivered also decreased by 1 percent last year to 1 million 789 thousand 226.

ROBOTAXI EXPECTED TO BE LAUNCHED IN 2025

In a statement from Tesla, it was noted that the final quarter of last year was a record-breaking quarter in terms of both vehicle deliveries and energy storage deployments.

The statement pointed out that significant investments were made last year in infrastructure that will drive the company's growth, such as new models, energy storage production capacity, and artificial intelligence training.

Emphasizing that this year will be an important year in Tesla's history due to the rapid continued development of supervised full self-driving technology, the statement said, "This will provide an unsupervised full self-driving option for our customers and for our robotaxi business, which we expect to launch in certain parts of the US towards the end of this year. We are also continuing to work on launching supervised full self-driving technology in Europe and China in 2025."

News Source: AA