Tesla reports slight dip in 2024 deliveries

Tesla delivered nearly 1.79 million vehicles in 2024, marking a 1% decline from the 1.8 million units delivered the previous year. 

Despite the slight decline, the company reported a 2% year-on-year revenue increase in its fourth-quarter results, reaching US$25.7 billion.

However, total automotive revenue fell 8% year-on-year to $19.8 billion, with regulatory credits contributing $692 million. 

Net income for 2024 stood at $7.1 billion, with the final quarter accounting for $2.3 billion. Tesla’s cash and investments rose by $7.5 billion, bringing its total liquidity to $36.6 billion.

Tesla’s Q4 vehicle deliveries rose 2% to 495,570 units, while total production declined 7% to 459,445 units.

Tesla says preparations are already underway at its existing factories for the rollout of new, more affordable models in 2025. The updated Model Y has been launched globally, with production ramp-up and deliveries set to begin in Q1 2025.

Tesla continued construction of its Semi factory in Q4, completing roof and wall enclosure of the main building. The company expects first truck builds to commence by late 2025, with production scaling up in early 2026. 

Additionally, preparations are in progress for Cybercab production at Gigafactory Texas, where volume manufacturing is planned for 2026.

Tesla achieved record Q4 deliveries in China, with the Model Y emerging as the best-selling vehicle of 2024. The company also became the fastest-growing car brand in South Korea and expanded its footprint by launching vehicle sales in the Philippines.

The Model Y maintained its best-selling status in Denmark, Norway, Sweden, Switzerland, and the Netherlands. Tesla expects the Model Y to rank as the second best-selling vehicle across all segments in Europe for 2024.