Annual Report — FY 2024
Filed January 30, 2025
Revenue hit $97.7 billion in 2024, up about 1% year-over-year, but net income dropped sharply to $7.1 billion from $15 billion in 2023, as aggressive vehicle price cuts and a global EV price war hammered automotive margins. The real growth engine was energy generation and storage, which more than doubled to $10.4 billion in revenue, signaling Tesla's diversification beyond cars is gaining serious traction. Looking ahead, management is betting heavily on autonomy, AI compute infrastructure, and the upcoming lower-cost vehicle platform, but investors should watch whether margin compression stabilizes as competition intensifies.
Filing details
Performance by segment
Automotive
Total automotive revenues declined 6% YoY to $77.07 billion from $82.42 billion, driven by lower average selling prices across vehicles and a decrease of approximately 22,000 combined Model 3 and Model Y cash deliveries. Automotive sales revenue fell 8% to $72.48 billion, though this was partially offset by $2.76 billion in regulatory credit revenue (up 54%) and $596 million of FSD (Supervised) revenue recognized from feature releases. Cybertruck production ramp contributed approximately 19,000 additional deliveries of other models. Services and other revenue grew 27% to $10.53 billion, bringing total segment revenue to $87.60 billion (down 3% YoY). Segment gross margin compressed from 18.2% to 16.9%.
“We are focused on profitable growth, including by leveraging existing factories and production lines to introduce new and more affordable products, further improving and deploying our FSD (Supervised) capabilities, including future autonomous capabilities through our purpose-built Robotaxi product, Cybercab, reducing costs, increasing vehicle production, utilized capacity and delivery capabilities.”
Energy Generation and Storage
Energy generation and storage revenue surged 67% YoY to $10.09 billion from $6.04 billion, driven by a 16.7 GWh increase in Megapack and Powerwall deployments compared to the prior year, with total deployments reaching 31.4 GWh in 2024. Segment gross margin expanded dramatically from 18.9% to 26.2%, benefiting from cost reductions including IRA manufacturing credits of $756 million (up from $115 million in 2023) and a higher proportion of energy storage products within the mix. Segment gross profit more than doubled to $2.64 billion from $1.14 billion.
“We are focused on ramping the production and increasing the market penetration of our energy storage products.”