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Tesla says EV sales growth may be “notably lower” in 2024 The automaker's earnings show a company at a profit-growth crossroadsTesla’s strategy to drive sales through price cuts combined with the cost of bringing the Cybertruck into production put pressure on profits in the fourth quarter, according to earnings reported Wednesday. Tesla reported operating income of $2.06 billion in the fourth quarter, a 47% decrease from the same year-ago period. Tesla spent $1.1 billion on research and development in the fourth quarter, a 35% from the same period last year. Energy GrowthWhile Tesla was cautious about vehicle growth in 2024, the company remains very bullish on the growth of its energy storage business. Storage deployments were up 125% year-over-year, even with a slower fourth quarter.

Tesla says EV sales growth may be “notably lower” in 2024 The automaker's earnings show a company at a profit-growth crossroadsTesla’s strategy to drive sales through price cuts combined with the cost of bringing the Cybertruck into production put pressure on profits in the fourth quarter, according to earnings reported Wednesday. Tesla reported operating income of $2.06 billion in the fourth quarter, a 47% decrease from the same year-ago period. Tesla spent $1.1 billion on research and development in the fourth quarter, a 35% from the same period last year. Tesla was able to claw back some of its automotive industry-leading margins in the fourth quarter, thanks in part to a push to further reduce costs. Analysts had expected the company to earn around $25.62B billion in revenue in the fourth quarter of 2023, according to Yahoo Finance data.