Tesla Q4 and Full Year 2024 Earnings Overview

Key Highlights

• Record Deliveries and Demand

  • Q4 vehicle deliveries: 495,570 (2% YoY increase).
  • Full-year 2024 total deliveries: 1.79 million vehicles.
  • Model Y: Best-selling vehicle worldwide.

• Energy Business Surge

  • Energy revenue: $3.06 billion in Q4 (113% YoY increase).
  • Energy storage deployed: 11 GW in Q4 (244% YoY increase).
  • Shanghai megafactory complete, signaling future expansion.

• Strong Financials

  • Cash reserves: $36.6 billion by end of 2024.
  • Free cash flow: $2 billion in Q4.

• AI and Autonomy Developments

  • AI training compute expanded by 400%.
  • 3 billion miles driven on full self-driving (FSD) supervised by January 2025.
  • Version 13 of FSD showing major improvements.

Challenges

• Automotive Revenue and Margins
  • 8% YoY decline in automotive revenue due to price cuts.
  • Operating margin: 6.2% (decreased profitability per car).
  • EV competition and high interest rates as additional pressures.

Future Catalysts

• New Model Y Rebuild

  • Enhanced suspension, upgraded interior, improved safety features.

• Tesla Semi Program

  • Factory in Nevada for mass production starting late 2025.
  • Cost saving incentives and government regulations favoring EVs.

• Shanghai Mega Factory

  • Focus on mass production of Tesla's Mega Pack for grid-scale energy storage.

• Cortex 50K GPU Cluster

  • Located at Gigafactory Texas, enhancing FSD development.

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