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tesla-earnings-elon-musk.html

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Tesla's Profit Fell Sharply Last Year

The electric car company run by Elon Musk is facing increasing
competition, but investors have focused mostly on the prospects for
Tesla's self-driving technology.

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Two red Teslas parked at a charging station with two empty parking
spots between them. A tall palm tree is visible in the background.
Tesla has cut prices and offered low-interest financing to prop up
sales, but the measures have come at the expense of profit.Credit...
Philip Cheung for The New York Times
Jack EwingNeal E. Boudette

By Jack Ewing and Neal E. Boudette

Jan. 29, 2025Updated 4:57 p.m. ET

Tesla on Wednesday reported a sharp drop in profit for 2024 as rivals
in China, Europe and the United States chipped away at its lead in
the market for electric cars.

The company, which is led by Elon Musk, said it made a profit of $2.3
billion during the last three months of 2024. That was a decline
compared with $7.9 billion a year earlier, but 2023's profit included
a one-time tax benefit of $5.9 billion. Tesla's operating profit,
which excludes that special gain, fell 23 percent in the final three
months of the year.

Sales rose 2 percent to $25.7 billion in the fourth quarter, from
$25.2 billion in the same period in 2023.

The company's revenue and profit were helped by $692 million in sales
of regulatory credits to other automakers that need them to meet
emissions standards. A year earlier, the company generated $433
million from such sales. The Trump administration and Republicans in
Congress have said they intend to repeal the regulations that allow
Tesla to sell such credits.

For the full year, profit was $7.1 billion, Tesla said, down from $15
billion a year earlier. Sales rose to $97.7 billion, from $96.8
billion in 2023.

Tesla also sells batteries used by electric utilities, businesses and
homes to store energy from solar panels and other sources. Increased
sales of those products helped compensate for lackluster car sales.

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