Tesla’s fourth-quarter net income fell 71% from a year ago when results were boosted by a one-time tax benefit. The latest results fell short of Wall Street forecasts.
The electric vehicle company run by Elon Musk said Wednesday that it made $2.31 billion from October through December, less than the $7.93 billion profit it posted in the same period in 2023.
Excluding one-time items in both periods, the Austin, Texas, company’s profits rose 3% to 73 cents a share, still not enough to meet analysts’ estimate of 77 cents a share.
Revenue in the quarter rose 2% to $25.7 billion, less than Wall Street forecast for $27.1 billion, according to FactSet.
The slight rise in revenue came after Tesla offered a series of incentives to drum up demand for its electric vehicles including low-interest loans and lower prices.
Condon is an Associated Press investigative reporter covering breaking news. He has written about the Maui fire, the Afghanistan withdrawal, gun laws, Chinese loans in Africa and Trump’s business.