Tesla has published its Q4 and full-year 2024 earnings report, and despite revenue falling short of expectations, the company maintained strong profitability while making substantial investments in AI, Full Self-Driving (FSD), and manufacturing expansion. Energy storage deployments also reached an all-time high.
Here are the main financial details from Tesla’s report, which you can find in full at the end of this article.
Key Financial Highlights
- Revenue: $25.70 billion (vs. $27.25 billion estimated)
- EPS (Non-GAAP): $0.73 (vs. $0.76 estimated)
- EPS (GAAP): $0.66
- Total GAAP Gross Margin: 16.3%
- Net Income (GAAP): $2.32 billion
Record Vehicle Deliveries and Energy Growth
Tesla delivered 495,570 vehicles in Q4, marking a 2% increase YoY, and a new quarterly record. This was driven largely by the Model Y, which the company expects to be the best-selling vehicle worldwide in 2024. Total deliveries for the year reached 1,789,226, slightly below 2023 levels, leading to a relatively stable market share in major markets throughout the year.
While automotive revenues declined 8% YoY, largely due to price cuts, Tesla’s Energy Generation and Storage segment saw significant growth, with a 113% YoY revenue increase. Megapack deployments surged, with Tesla completing the construction of the Megafactory in Shanghai, set to ramp production in 2025. Powerwall sales also hit record highs as Tesla expanded its energy business into new markets.
Investment in Future Growth: AI, Robotaxi, and Infrastructure
Tesla made significant investments in AI and infrastructure throughout 2024. The company increased its AI training compute by over 400%, enabling the rapid improvement of FSD, which has now accumulated over three billion miles of real-world driving data.
Tesla reiterated plans on bringing an unsupervised FSD option to market, with plans to launch Robotaxi services in select US locations later this year. Additionally, the company says it is still preparing for FSD expansion in Europe and China in 2025.
You can read the full Q4 and 2024 shareholder deck below. Tesla will hold their earnings call at 2:30pm CT (5:30pm ET/2:30pm PT).
