Written by Cláudio Afonso | LinkedIn | X
Tesla on Wednesday reported third-quarter earnings of $0.73 per share, missing analysts’ estimates of $0.76. The company led by Elon Musk also missed the consensus on revenue with $25.71 billion, below the Wall Street estimates of $27.23 billion.
Tesla reported full-year net income of $8.4 billion, down 23% from 2023 and 40% from the record $14.1 billion profit in 2022. Full-year revenue rose 1% to $97.7 billion, marking a new high.
The company said this year “will be a seminal year in Tesla’s history as FSD (Supervised) continues to rapidly improve with the aim of ultimately exceeding human levels of safety.”
“This will eventually unlock an unsupervised FSD option for our customers and the Robotaxi business, which we expect to begin launching later this year in parts of the U.S. We also continue to work on launching FSD (Supervised) in Europe and China in 2025,” Tesla said in a statement.
Tesla shares are trading 5% lower at $369 immediately after the release of the results after having closed 2.2% lower at $389.
Commenting on the highly anticipated Cybercab, the company said it expects Cybertruck “to be eligible for the IRA consumer tax credit, helping to improve affordability and access for even more customers.”
Tesla delivered a new record of 495,570 vehles in the fourth quarter of 2024, falling short of Bloomberg’s consensus estimate of 506,763 but up from 484,507 a year earlier. The company produced 459,445 vehicles in the quarter, down from 494,989 in the same period last year.
For the full year, Tesla delivered 1,789,226 vehicles globally, missing Bloomberg’s estimate of 1,801,709 and down from 1,808,581 in 2023. Production for the year totaled 1,773,443 vehicles, below the 1,845,985 produced in the prior year.
Tesla closed 2024 with a electric vehicle market share in the U.S. of approximately 50%, according to Cox Automotive.
Tesla last week began producing the refreshed Model Y at its factory in Germany, marking the start of a production ramp-up for the world’s bestselling vehicle across four Gigafactories.
The company recently launched the updated version in the U.S., Europe, and Canada, two weeks after introducing it in China. Deliveries across all regions are set to begin in March.
The first units to be delivered across all markets will be the “Launch Series,” priced at $59,990 in the U.S., £60,990 ($76,140) in the UK and at €60,990 ($60,050) in Germany.
This special edition is an all-wheel-drive model that includes approximately $17,000 worth of added features.
It comes standard with Tesla’s supervised Full Self-Driving software, valued at $8,000, the Acceleration Boost feature ($2,000), a tow hitch ($1,000), and customization options, including any paint color, wheels, or interior trim, at no additional cost — among other features.
