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Tesla’s 2024 financial results are out—and they’re terrible (arstechnica.com)

submitted 22 hours ago by [email protected] to c/[email protected]

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AI Summary:

Tesla's 2024 financial results were disappointing, with several key points highlighted:

Automotive Revenues: Fell by 8% in Q4 2024 compared to Q4 2023, totaling $19.8 billion.
Energy and Storage Revenues: More than doubled, growing by 113% to $3 billion in Q4 2024.
Services: Grew by 31% in Q4 2024, contributing $2.8 billion.
Total Revenue: Increased by 2% in Q4 2024, but income fell by 23%, with an operating margin of 6.2%.
Net Profits: Dropped by 71% to $2.3 billion in Q4 2024.
Annual Performance: Automotive revenues decreased by 6% to $77 billion in 2024. Energy generation and storage increased by 67% to $10 billion. Services grew by 27%, bringing in $10.5 billion.
Gross Profits: Fell by 1%, with net profits dropping by 53% to $7.1 billion for the year.
Free Cash Flow: Decreased by 18% to $3.6 billion.
Regulatory Credits: $2.8 billion of profit came from selling regulatory credits, not from core business activities.
Future Predictions: Tesla expects energy storage revenues to grow by at least 50% year-over-year and aims to grow automotive sales by more than 60% in 2025.

Despite the poor financial results, Tesla's share price increased by 103% over the same period.

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[–] [email protected] 62 points 22 hours ago (3 children)

"Terrible" is just for attention, but the bit of news that would have cratered any other company's stock it that it's down 71% YOY. Plus:

Regulatory Credits: $2.8 billion of profit came from selling regulatory credits, not from core business activities.

People in the current administration have said they plan to end these credits in the coming months. Without them in 2024 Tesla would have reported a $500million loss for the year.

[–] [email protected] 4 points 17 hours ago

You misread the sheet slightly. The total profit for the year was $7.1 billion, of which $2.8 billion was renewable energy credits. I.e. their profit would have only been $4.3 billion.

[–] [email protected] 5 points 20 hours ago (1 children)

Source on the killing of credits?

Those are California ZEV credits, and other similar non USA programs.

They're going to kill a lot of other things, but haven't heard about that yet.

[–] [email protected] 7 points 19 hours ago (1 children)

This one is paywalled, but if you hit the firefox reader mode button quick enough you can bypass BI's content blocker.

[–] [email protected] 5 points 19 hours ago* (last edited 19 hours ago)

Just on mobile now so can't read it all, but it did get the gist across, thanks! I hadnt seen that yet.

I still think they'd have to win a lawsuit against California saying California can't have the program?

Edit: as in I don't think they can just scrap it like he's scrapping other things via executive order.