Tesla Q4 2023 Earnings Report: Slightly Below Expectations

However, it's another profitable quarter for Tesla and a successful year overall.

By: Eric Loveday

Jan 24, 2024 at 4:29pm ET

Add InsideEVs as a preferred source in Google

Comment

Tesla just released its Q4 2023 earnings report, which includes the whole of 2023 too. The electric automaker again turned a profit, which makes 17 quarters in a row in which Tesla has reported profitability.

However, Tesla fell short of expectations in regard to both profit per share and revenue. The rapid-fire price cuts on the Model 3 and Model Y seen last year were remarkably effective in stimulating sales, but they took their toll on the bottom line.

The main financial details from the Q4 2023 report are as follows:

$ 25.167 billion in revenue
$ 0.71 profit per share (Non-GAAP)

Here's what Tesla was expected to report, according to analysts:

Profit per share: ~ $0.73 to $0.74 per share
Revenue: ~$25.598 to $25.640 billion

Tesla highlights some additional info:

Free cash flow remained strong in 2023 at $4.4B, even as we focused on future growth projects with our highest capital expenditures and R&D expenses in company history.
Gross profit of our Services & Other business increased from a ~$500M loss in 2019 to a ~$500M profit in 2023.
Cost of goods sold per vehicle declined sequentially in Q4.

Here's a look at the financial summary:

In regards to revenue and profitability, Tesla states the following:

Total revenue grew 3% YoY in Q4 to $25.2B
Our operating income decreased YoY to $2.1B in Q4, resulting in an 8.2% operating margin

Q4 2023 Production And Deliveries, Plus 2023 In Total

For Q4 2023, Tesla delivered a total of 484,507 cars. Tesla Model 3/Y deliveries made up the bulk of the action with 461,538 delivered. Meanwhile, the combined Model S and Model X deliveries hit around 22,969, minus some Cybertruck deliveries.

On the production front, the combined figure for production of all Tesla vehicles hit 494,989 in Q4 2023.

For the whole of 2023, Tesla delivered 1,808,581 cars and produced 1,845,985 vehicles. The Model 3/Y accounted for the bulk of both figures.

What do you think?

View

Comments

You'll find Tesla's release in its entirety linked below.

Tesla Q4 2023 Earnings Report