Tesla misses by $0.04, misses on revs; plans for new vehicles remain on track for start of production in 1H25; Cybercab scheduled for volume production in 2026 (389.10 -8.99)
- Reports Q4 (Dec) earnings of $0.73 per share, $0.04 worse than the FactSet Consensus of $0.77; revenues rose 2.1% year/year to $25.71 bln vs the $27.26 bln FactSet Consensus.
- Total gross margin down 138 bps yr/yr to 16.3%.
- Total Deliveries of 495,570, up 2% yr/yr.
- Increased AI training compute by over 400% in 2024.
- Total gross margin down 138 bps yr/yr to 16.3%.
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Outlook:
- Affordability remains top of mind for customers, and continue to review every aspect of cost of goods sold (COGS) per vehicle to help alleviate this concern.
- In Q4, COGS per vehicle reached its lowest level ever at <$35,000, driven largely by raw material cost improvement, helping to partially offset our investment in compelling financing and lease options.
- 2025 will be a seminal year in Tesla's history as FSD (Supervised) continues to rapidly improve with the aim of ultimately exceeding human levels of safety. This will eventually unlock an unsupervised FSD option for customers and the Robotaxi business, which expect to begin launching later this year in parts of the U.S. Also continue to work on launching FSD (Supervised) in Europe and China in 2025.
- Co added, "With the advancements in vehicle autonomy and the introduction of new products, we expect the vehicle business to return to growth in 2025. The rate of growth will depend on a variety of factors, including the rate of acceleration of our autonomy efforts, production ramp at our factories and the broader macroeconomic environment. We expect energy storage deployments to grow at least 50% year-over-year in 2025."
- Plans for new vehicles, including more affordable models, remain on track for start of production in the first half of 2025. Robotaxi product -- Cybercab -- will continue to pursue a revolutionary "unboxed" manufacturing strategy and is scheduled for volume production starting in 2026.
- Affordability remains top of mind for customers, and continue to review every aspect of cost of goods sold (COGS) per vehicle to help alleviate this concern.