Summary
- Q4 2024 deliveries totaled 495,570 vehicles and 11.0 GWh of energy storage products
- Q4 2024 earnings per share were $0.66 GAAP and $0.73 non-GAAP
- FY 2024 deliveries totaled 1,789,226 vehicles and 31.4 GWh of energy storage products
- FY 2024 earnings per share were $2.04 GAAP and $2.42 non-GAAP
- Tesla is expecting growth in its vehicle business and hardware-related profits in 2025, with plans for new, more affordable models in the first half of the year.
Article
Tesla (NASDAQ:TSLA) recently released its earnings results for the fourth quarter and full year of 2024. The Update Letter containing the information was posted on the company’s Investor Relations website on January 29, 2025, after the markets had closed.
In the fourth quarter of 2024, Tesla delivered a total of 495,570 vehicles, with the majority being Model 3/Y at 471,930 and the rest consisting of 23,640 other models. For the entire year of 2024, Tesla delivered a total of 1,789,226 vehicles, with 1,704,093 being Model 3/Y and 85,133 being other models. Additionally, the company deployed 11.0 GWh of energy storage products in Q4, bringing the total energy storage deployments for the year to 31.4 GWh, a new record for Tesla.
In terms of financial results for Q4 2024, Tesla reported an earnings per share of $0.66 (GAAP) and $0.73 (Non-GAAP). Operating income was $7.1 billion on a GAAP basis, with a total revenue of $25.7 billion and automotive revenues totaling $19.80 billion for the quarter. Additionally, the company saw $7.1 billion in GAAP net income for the entire year of 2024, with $2.3 billion in Q4 including a $0.6 billion mark-to-market gain on digital assets.
For the full year of 2024, Tesla reported earnings per share of $2.04 (GAAP) and $2.42 (Non-GAAP), with GAAP net income at $7.09 billion and Non-GAAP net income at $8.4 billion. The total revenue for the year was $97.7 billion, with automotive revenues accounting for $77 billion.
Wall Street analysts, as tracked by Bloomberg, had expected Tesla to post an earnings per share of $0.75 and sales of $27.2 billion. Key updates from Tesla include expectations for its vehicle business to return to growth in 2025, accompanied by an acceleration of AI, software, and fleet-based profits. Plans for new vehicles, including more affordable models, are on track for production to begin in the first half of 2025.
Tesla’s Q4 2024 Update Letter provides a more detailed breakdown of the company’s performance during that quarter and the entire year, outlining key highlights and financial metrics. For any news tips or inquiries, individuals can contact Tesla via email at simon@teslarati.com.
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