Tesla's Q4 and 2024 earnings fell short of predictions, yet the Energy segment saw growth
Tesla's Q4 2024 Performance: A Mixed Bag of Records and Disappointments
Tesla, the electric vehicle (EV) and clean energy pioneer, has unveiled its Q4 2024 financial results, revealing a mix of achievements and setbacks.
In a notable development, Tesla increased its AI training compute by over 400% in 2024, indicating a significant investment in artificial intelligence (AI) and infrastructure. However, the company did not provide specific figures for the revenue or growth of these tesla stock investments.
The company's Q4 2024 performance saw a 2% year-over-year increase in vehicle deliveries, with 495,570 vehicles delivered, setting a new quarterly record. The Model Y was the main driver for these deliveries, contributing significantly to Tesla's success.
Elon Musk, the president and CEO of Tesla, shared the Q4 and full-year 2024 earnings report. The total vehicle deliveries for 2024 were 1,789,226, slightly below 2023 levels. Despite this, Tesla maintained a relatively stable market share in major markets throughout 2024.
Tesla's GAAP gross margin for Q4 2024 was 16.3%, while the net income (GAAP) for the quarter stood at $2.32 billion. However, the company's revenue for Q4 2024 was $25.70 billion, lower than the estimated $27.25 billion. This resulted in a non-GAAP EPS of $0.73, lower than the estimated $0.76, and a GAAP EPS of $0.66.
The Energy Generation and Storage segment of Tesla saw a 113% year-over-year revenue increase in Q4 2024, with Powerwall sales hitting record highs as Tesla expanded its energy business into new markets.
Looking ahead, Tesla completed the construction of the Megafactory in Shanghai, set to ramp up production in 2025. The company also plans to launch an unsupervised Full Self-Driving (FSD) option to market and prepare for the launch of Robotaxi services in select US locations later this year. FSD expansion in Europe and China is planned for 2025, marking a significant step towards Tesla's vision of a fully autonomous future.
In conclusion, while Tesla's Q4 2024 results showed some disappointments in terms of revenue and EPS, the company's achievements in AI, vehicle deliveries, and energy business, coupled with its ambitious plans for the future, suggest a resilient and forward-thinking organization.
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