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Tesla posts sharp fall in profit to $3.1b for last quarter of 2024
The Straits Times
|January 31, 2025
Tesla on Jan 29 reported a sharp drop in profit for 2024 as rivals in China, Europe and the US chipped away at its lead in the market for electric vehicles.
NEW YORK -
The company, which is led by billionaire Elon Musk, said it made a profit of US$2.3 billion (S$3.1 billion) during the last three months of 2024. That was a decline compared with US$7.9 billion a year earlier, but 2023's profit included a one-time tax benefit of US$5.9 billion.
Tesla's operating profit, which excludes that special gain, fell 23 per cent in the final three months of the year. Sales rose 2 per cent to US$25.7 billion in the fourth quarter, from US$25.2 billion in the same period in 2023.
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