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.
Tesla’s once-leading solar business is in decline, according to the latest figures from its fourth-quarter 2023 earnings report.
It was a bad year for Tesla solar — its worst since 2020.
In Q4 2023, Tesla’s solar deployments dropped 59% year-over-year to 41 MW — down from 100 MW in Q4 2022.
Next to solar, Tesla’s energy generation and storage business is booming (surprise, surprise).
The scale of Tesla’s residential solar business isn’t what it once was.
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’s once-leading solar business is in decline, according to the latest figures from its fourth-quarter 2023 earnings report.
It was a bad year for Tesla solar — its worst since 2020.
In Q4 2023, Tesla’s solar deployments dropped 59% year-over-year to 41 MW — down from 100 MW in Q4 2022.
Next to solar, Tesla’s energy generation and storage business is booming (surprise, surprise).
The scale of Tesla’s residential solar business isn’t what it once was.
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.
Much progress has been made since then, and 2024 — the 20th anniversary of Ghostrider — will be another seminal year for autonomous vehicles, especially for off-road industries.
The possibilities off-roadSafety remains the paramount metric for autonomous vehicle deployment, yet there has to be industry consensus on how to adequately measure a robotic or human driver’s safety.
For commercial operations, there is another compelling reason for deploying autonomous vehicles in these conditions: increased profits.
Safety remains a concernSafety remains the paramount metric for autonomous vehicle deployment, yet there has to be industry consensus on how to adequately measure a robotic or human driver’s safety.
To increase transparency, the California DMV logs autonomous vehicle collisions.
Hertz is selling off a third of its electric vehicle fleet, which is predominantly made up of Teslas, and will buy gas cars with some of the money it makes from the sales.
Hertz’s move to slash its EV fleet comes as electric vehicle sales growth has cooled from record highs.
Just two years ago, Hertz announced plans to buy 100,000 EVs from Tesla by the end of 2022.
Instead, as of October 2023, Hertz had only purchased 35,000 Teslas and its entire electric fleet included about 50,000 EVs total.
It announced plans in 2022 to buy up to 175,000 EVs from General Motors, and another 65,000 from Polestar.
EV sales remained strong in Q4.
They could have been stronger All automakers, including Tesla, are at a crossroadsIf you’ve only been reading headlines these past few months, you’d think demand for electric vehicles has fallen off a cliff.
In some countries, like Norway, where 82% of new vehicles are electric, it has already landed.
That jibes with other forecasts that predict EVs will make up around 25% of the market in 2026.
The demand will be there, but to make the most of it, automakers have some work to do.
Tesla’s fix for its Autopilot recall of more than 2 million vehicles is being called “insufficient” by Consumer Reports, following preliminary tests.
While the testing isn’t comprehensive, it shows questions remain unanswered about Tesla’s approach to driver monitoring — the tech at the heart of the recall.
It focused heavily on the Autosteer feature, which is designed to keep a car centered in a lane on controlled-access highways, even around curves.
But NHTSA said in documents released last week that it viewed those checks as “insufficient to prevent misuse.”Tesla does not restrict the use of Autosteer to controlled-access highways, though.
“None of this is very prescriptive or explicit in terms of what it is they’re going to [change],” Funkhouser says.
Tesla requests pause in federal racial bias lawsuit as it wraps up other casesTesla wants to pause a federal agency’s lawsuit against the automaker for racial bias against its Black workers at its Fremont assembly plant.
The electric vehicle maker, in a filing in San Francisco federal court Monday, accused the U.S.
The EEOC’s lawsuit alleges that Tesla violated federal law by tolerating widespread and ongoing racial harassment of its Black employees and subjecting some workers to retaliation for opposing harassment.
Tesla also faces a proposed class action that alleges racial harassment filed by workers in 2017.
Tesla’s filing on Monday says the federal court should decline to open a third lawsuit until the existing cases are resolved.
