In Q4 2024, Tesla Inc. achieved significant milestones, with record vehicle deliveries at an annualized rate of nearly 2 million, driven primarily by the stellar performance of the Model Y, which ranked as the best-selling vehicle of any kind globally. The company reported revenues of $25.71 billion, reflecting a 2.15% year-over-year increase, while net income stood at $2.36 billion. Management emphasized their commitment to enhancing vehicle autonomy and reducing costs, which will be pivotal as they face an increasingly competitive market.
Despite achieving record sales, Tesla's gross profit margin declined to 16.25%, attributed primarily to lower average selling prices (ASPs) and the impact of transitioning to the new Model Y. Elon Musk indicated that investments in manufacturing, AI, and robotics will drive future growth, positioning Tesla as a frontrunner in the electric vehicle (EV) sector and beyond, into sectors such as autonomous humanoid robots.