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Andrew J. Hawkins is transportation editor with 10+ years of experience who covers EVs, public transportation, and aviation. His work has appeared in The New York Daily News and City & State.
It’s one week into Elon Musk’s new role as chief cost-cutter for the Trump administration, but today, his side hustle as CEO of Tesla takes center stage with the release of the company’s latest earnings report.
During the fourth quarter of 2024, Tesla said it earned $2.3 billion in net income on $25.7 billion in revenue. That represents a 1.9 percent increase year over year compared to $25.2 billion in revenue in Q4 2023 and a staggering 70 percent decrease in net income. (The company’s net income in Q4 2023 includes a one-time non-cash tax benefit of $5.9 billion.)
Analyst consensus predicted $27.26 billion in revenue, according to an average of estimates compiled by LSEG. For the full year, Tesla said it earned $7.1 billion in net income on $97.7 billion in revenue, a 6 percent decrease compared to 2023.
The earnings report comes on the heels of a disappointing production and delivery report, in which the company revealed that its sales had fallen year over year for the first time in over a decade. Despite the recent arrival of a refreshed Model Y in North America, Tesla’s lineup is increasingly looking a little stale, especially in the company’s most important market of China, where domestic automakers continue to churn out new, cheap technologically impressive EVs.
But it also comes as Musk continues to consolidate power within the US government, installing former employees to key positions and overseeing a potentially massive purge of federal workers. Musk is reportedly sleeping at the Department of Government Efficiency headquarters in Washington, DC — a retread of his habits of sleeping on the floor of Tesla’s factory during the Model 3 production ramp.
Investors have asked repeatedly about Tesla’s plan to release a more affordable model. Last year, the company abandoned its plan to build a more affordable “Model 2” vehicle that was rumored to cost around $25,000. But after backlash from investors, Musk recommitted to it — although it’s still unclear whether it will be an entirely new vehicle or simply a more affordable Model 3. Musk said the two-seat Cybercab would be available to buy for $30,000 starting in 2026, though production challenges loom.
Musk and other Tesla executives will be on hand to answer questions during a webcast at 5:30PM ET.
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