Tesla Q4 Earnings Highlights: Revenue Miss, EPS Miss, EV Updates, Automaker Says '2025 Will Be A Seminal Year'

Electric vehicle leader Tesla Inc TSLA reported fourth-quarter financial results after the market close Wednesday.

Here are the key highlights.

What Happened: Tesla reported fourth-quarter revenue of $25.71 billion, up 2% year-over-year. The revenue total missed a Street consensus estimate of $27.26 billion, according to data from Benzinga Pro.

The company reported fourth-quarter earnings pre share of 73 cents, which missed a Street consensus estimate of 76 cents.

Automotive revenue totaled $19.8 billion in the fourth quarter, down 8% year-over-year.

Tesla said its revenue was impacted by growth in energy and services, growth in vehicle deliveries and higher regulatory credit revenue. Reduced selling prices had a negative impact, the company said.

The company had 11.0 GWh of energy storage deployed in the fourth quarter.

Tesla previously announced its fourth-quarter vehicle production and delivery figures. The company produced 459,445 vehicles and delivered 495,570 vehicles in the quarter. While the deliveries set a record in the fourth quarter, the company’s 1.79 million vehicles delivered in 2024 were down from 1.81 million in 2023. This was the first annual deliveries decline in company history.

Tesla highlighted the fourth quarter as a record one for vehicle deliveries and energy storage deployments.

"We expect Model Y to once again be the best-selling vehicle, of any kind, globally for the full year 2024, and we have made it even better, with the New Model Y now launched in all markets," the automaker said.

Tesla highlighted affordability being "top of mind for customers." The company said its cost of goods sold per vehicle hit its lowest level ever at less than $35,000 in the fourth quarter.

For the full fiscal year, Tesla's automotive revenue was $77.1 billion, down 6% year-over-year. Full-year total revenue was $97.7 billion, up 1% year-over-year.

Tesla ended the quarter with $1.07 billion in digital assets, which includes the company's Bitcoin BTC/USD holdings. The company previously disclosed $184 million in digital assets in recent quarters.

The company said it recognized a mark-to-market gain of $600 million on digital assets in the fourth quarter.

What's Next: Tesla said its AI training compute increased by 400% year-over-year in 2024. The company said it’s planning to begin FSD launches later this year in parts of the United States.

For an update on vehicles, the company's earning report lists the Cybercab as being in development, the Tesla Semi in pilot production and the Roadster in development.

"2025 will be a seminal year in Tesla's history as FSD (Supervised) continues to rapidly improve with the aim of ultimately exceeding human levels of safety," the company said.

Tesla said it expects its vehicle business to return to growth in 2025.

"The rate of growth will depend on a variety of factors, including the rate of acceleration of our autonomy efforts, production ramp at our factories and the broader macroeconomic environment."

The company said it has sufficient liquidity to fund its product roadmap.

"Product plans for new vehicles, including more affordable models, remain on track for start of production in the first half of 2025."

Tesla said the new vehicles will be produced on the same manufacturing lines as existing vehicles, which will lead to less cost reduction than previously expected.

The Cybercab robotaxi will pursue an "unboxed" manufacturing strategy and is set for volume production beginning in 2026.

TSLA Price Action: Tesla stock is trading 3.5% higher in the after-hours session at $402.70. Its 52-week trading range is $138.80 to $488.54. Shares lost 2.3% to $389.10 in Wednesday’s regular session.

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