“Tesla Predicts Significant Decline in Electric Vehicle Sales by 2024”
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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.
Energy GrowthWhile Tesla was cautious about vehicle growth in 2024, the company remains bullish on the growth of its energy storage business.
Storage deployments were up 125% year-over-year, even with a slower fourth quarter.