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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] 22 points 14 hours ago (1 children)

They are emissions credits. Every company receives some amount of "CO2 emission credits" from the government. These allow you to emit a certain amount of carbon dioxide. If you don't emit all the CO2 that your credits allow, you can sell those credits to other companies that need more than the government gives them.

The idea is to put a total limit on the amount of emissions in the country, while letting the market figure out where it makes most sense economically to invest in emission reduction.

Tesla makes only EV cars and so it doesn't need all the credits a typical gasoline car company would receive. So they sell them.

[–] [email protected] 6 points 6 hours ago (1 children)

"Tesla makes only EV cars and so it doesn't need all the credits a typical gasoline car company would receive. So they sell them."

Which means the system isn't working. Surplus credits should come from improved efficiencies, not excessive allotment.

[–] [email protected] 3 points 3 hours ago* (last edited 3 hours ago)

Which means the system isn't working. Surplus credits should come from improved efficiencies, not excessive allotment.

Total number of credit goes down over time. That mechanism ensures an adapt, die or emigrate pressure for large polluters, and a financial stimulus for small-polluters.