this post was submitted on 30 Jan 2025
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Tesla’s 2024 financial results are out—and they’re terrible (arstechnica.com)
submitted 1 day ago by Xatolos@reddthat.com to c/technology@lemmy.world
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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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[–] boonhet@lemm.ee 14 points 8 hours ago (2 children)

I can barely see how they were so popular up to now anyway. I, too, thought they were cool like 10 years ago, when they were the only real electric car (Leaf and I-Miev don't count and we didn't get the Bolt or Volt here, only Opel Ampera and Ampera-E, which are ultra rare). Then a couple of years later, I realized some things, in this order: 1) Tesla interiors are THE BLANDEST THING EVER, 2) Elon Musk's been seeming increasingly weird starting with the cave diving incident, 3) Tesla quality control is absolute shite

Tesla changed the world by proving you CAN have good range and performance in an EV, but now they're way past their prime. The Germans, Swedes, Koreans and now I believe EVEN THE CHINESE make better EVs. I have no experience with non-Tesla American EVs to comment on those, but I wouldn't be surprised if they surpass Tesla in overall quality of vehicle in a few years too.

[–] rumba@lemmy.zip 3 points 3 hours ago (1 children)

Service being up 30% is a bad thing for the consumer. For a vehicle that doesn't require much at all in the way of service...

[–] boonhet@lemm.ee 1 points 3 hours ago (1 children)

I'm not sure what Services means there though. It could very well include subscriptions rather than the actual servicing of their cars? Or maybe both?

[–] rumba@lemmy.zip 1 points 1 hour ago

re though. It could very well include subscriptions rather than the actual servicing of their cars? Or maybe both?

true. the report is very very vague

[–] victorz@lemmy.world 2 points 5 hours ago (1 children)

Swedes? You mean Volvo? Aren't those manufactured in China as well or nah?

[–] boonhet@lemm.ee 4 points 5 hours ago* (last edited 5 hours ago)

Well yeah, they're about as Swedish now as Chrysler is American. Maybe a tiny bit more.

Still, they produce a lot of cars in Sweden, are traded on the Swedish stock market and are headquarered in Göteborg.

Honestly, I think they're doing better now than they were under Ford, but obviously they'll never match the quality of Volvo's old RWD bricks.