Tesla's fourth-quarter 2024 earnings reveal a year of sales struggles but a record-breaking rise in stock price. While revenue falls slightly short of expectations, the company experiences its first annual decline in deliveries. Musk's relationship with Trump and potential Chinese tariffs fuel investor confidence.
Tesla revealed its fourth-quarter 2024 earnings on Wednesday, concluding a year marked by challenges for the company's sales but a remarkable surge in its stock price. The electric car manufacturer reported earnings of $0.73 per share and revenue of $25.71 billion, slightly below Wall Street analysts' projections of $27.22 billion.
Elon Musk's electric vehicle company has faced difficulties in recent years competing with more affordable alternatives offered by rivals such as China's BYD, which surpassed Tesla in the last quarter of 2023 to become the world's leading electric vehicle manufacturer. However, Tesla reclaimed the top spot for the first three quarters of 2024, partly attributed to significant price reductions. In its earnings announcement on Wednesday, Tesla reported 495,570 vehicle deliveries for the fourth quarter and 1.8 million for the entire year. This marks the company's first annual decline in deliveries, following a year of repeatedly falling short of quarterly delivery targets in 2024. European subsidies for electric vehicles have diminished, negatively impacting Tesla's performance in that market, where Tesla vehicle registrations plummeted by 24% in October. Some Wall Street analysts anticipate an increase in demand for Teslas after the US Federal Reserve lowers interest rates. Tesla's disappointing delivery figures indicate that its offerings failed to attract new customers last year. The futuristic Cybertruck, with its distinctive trapezoidal shape resembling a Hot Wheels car, launched in November 2023 after numerous delays and priced around $80,000, has not generated sufficient sales to offset the decline in demand for Tesla's older models. Musk unveiled the Tesla Cybercab, billed as a self-driving taxi, in October, although it won't be available for purchase for some time. Analysts predict that fully autonomous driving software is still far from being road-ready. Tesla is currently under federal investigation for the alleged use of its full self-driving feature in several fatal crashes in the US.Musk himself has threatened to step away from the company following a protracted legal battle over his compensation package, which amounted to $56 billion but was rejected twice by a judge. Nevertheless, Tesla's stock price has surged over 100% in the past year, with a 75% increase in the last six months alone. Musk's association with Donald Trump has bolstered investors' confidence in the billionaire's ability to ensure a favorable regulatory and commercial environment for Tesla. The president, for his part, has threatened tariffs on a wide range of goods, including cars from China, which could significantly benefit Tesla
TESLA ELECTRIC VEHICLES EARNINGS STOCK MARKET ELON MUSK CYBERTRUCK AUTONOMOUS DRIVING DONALD TRUMP COMPETITION
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The 10 Best Australian Sporting Moments in 2024From a teenage skateboarding phenom's Olympic gold to NRL dynasties and record-breaking athletic feats, 2024 was a year of triumph for Australian sports.
Read more »
Top Book Picks for Younger Readers of 2024This article highlights some of the best books for children, middle-grade, and young adults published in 2024.
Read more »
My Favorite Products of December 2024A roundup of the author's favorite products from December 2024, including a gold gemstone ring, a recycled PU shoulder bag, and more.
Read more »
The Guardian to Report on Every Woman Killed by a Man in 2024The Guardian newspaper will be reporting on every woman allegedly killed by a man in 2024, aiming to give voice to those whose stories have often gone unheard.
Read more »
Australia Rings in 2024 with Spectacular Fireworks DisplaysMillions of Australians celebrated the arrival of 2024 with dazzling fireworks displays in Sydney and Melbourne. Sydney's iconic harbour was transformed into a canvas of light and colour, while Melbourne's skyline was illuminated by a spectacular laser and fireworks show.
Read more »
Australians Ring in 2024 with Spectacular Fireworks DisplaysMillions of Australians celebrated the New Year with dazzling fireworks displays in Sydney and Melbourne. The Sydney Harbour Bridge saw fireworks from both its east and west sides for the first time, accompanied by a unique underwater-themed soundtrack.
Read more »