FYI: Tesla’s performance in Q4 and FY 2024 showcases groundbreaking achievements and sets ambitious goals for the future.
Tesla’s Q4 and FY 2024 Deliveries and Energy Deployments
In the final quarter of 2024, Tesla achieved a remarkable delivery milestone by dispatching 495,570 vehicles. This included 471,930 units of the highly sought-after Model 3/Y, alongside 23,640 from other model lines. For the full fiscal year of 2024, Tesla tallied an impressive 1,789,226 vehicle deliveries, with the Model 3/Y dominating at 1,704,093 deliveries. Other models contributed a total of 85,133 units to the year’s figures. Reinforcing its commitment to energy solutions, Tesla deployed a record-breaking 11.0 GWh of energy storage products in Q4, bringing the total for the year to 31.4 GWh.
Financial Performance: Q4 2024 Highlights
Tesla reported a GAAP earnings per share of $0.66 in Q4, contrasted with a Non-GAAP figure of $0.73. The company posted an operating income of $7.1 billion and net income of $2.3 billion, bolstered in part by a $0.6 billion mark-to-market gain on digital assets. Total revenue for the quarter reached $25.7 billion, with automotive sales comprising $19.80 billion of this amount.
Full-Year Financial Summary for 2024
For the entirety of 2024, Tesla disclosed a GAAP earnings per share of $2.04 and a Non-GAAP earnings per share at $2.42. The company achieved a GAAP net income of $7.09 billion, complemented by a Non-GAAP net income of $8.4 billion. Cumulatively, Tesla’s total revenue stood at $97.7 billion, with automotive revenue accounting for $77 billion.
Market Expectations and Future Outlook
Analysts anticipated Tesla to achieve an EPS of $0.75 with revenues totaling $27.2 billion for Q4, suggesting the company slightly underperformed in terms of earnings per share but showcased robust sales performance. Entering 2025, Tesla remains optimistic about expanding its vehicle business, projecting robust growth. The company’s future profitability strategy includes leveraging AI, software, and fleet-based profits alongside hardware sales. Excitingly, Tesla is on track to introduce new, more affordable models in the first half of 2025, aiming to broaden market accessibility.
Tesla’s Forward-Looking Strategy
Tesla’s announcements reveal plans to maintain Model Y’s position as the world’s bestselling vehicle for a second consecutive year. The newly launched Model Y, enhanced and available across all markets, is poised to maintain this trajectory as production ramps up globally.
In summary, Tesla’s 2024 results underscore a year of significant growth and improvements across diverse facets of its operations. Looking forward, the company remains committed to innovation, expansion, and further diversification of its vehicle lineup, promising an exciting 2025.
For more insights and updates, reach out to us at tips@automotive.fyi or on Twitter @automotivefyi.
By William Kouch, Editor of Automotive.fyi.
