Tesla released its financial results on Wednesday afternoon before 2024, after closing the markets. The creator of electric vehicles may have to invest in red ink shares, because the results of 2024 were even less impressive than the already under the thorough 2023 figures.
Q4, 2024
During the last quarter of last year, Tesla saw his automotive income fall by 8 percent compared to the same three months of 2023 and fell to $ 19.8 billion. It doubled more than his energy and storage income, which grew by 113 percent compared to Q4 2023, but this amounts to just $ 3 billion and a small group of Tesla's general company. Similarly, services achieved a growth of 31 percent during those three months, but again, the actual contribution in dollars was only $ 2.8 billion.
The total turnover grew by 2 percent in Q4, but the income fell by 23 percent and the operational margin has fallen to only 6.2 percent – the lowest since Q1 2024. On the other hand, the average company margin for a car maker is around 10 percent. The net profit fell an amazing 71 percent to $ 2.3 billion.
The year as a whole
For an entire 2024, Tesla saw a decrease of 6 percent in automotive income, up to $ 77 billion. Energy generation and storage rose by 67 percent, to a total of $ 10 billion. The services grew by 27 percent during the year, which yielded $ 10.5 billion in income. This means that the total turnover increased by 1 percent in 2024; In the same period, the Tesla share price rose by 103 percent.
But the gross profit fell by 1 percent, with the net profit decreasing by a huge 53 percent to $ 7.1 billion for the year, making this Tesla's worst year since 2021, when it only made $ 5.5 billion in profit. The free cash flow dropped by 18 percent during the year to $ 3.6 billion. Diving into the profit and loss statement, $ 2.8 billion of that profit from selling legal credits to other car manufacturers did not come from selling cars or even access to Supercharger.
