Discover the key financial results, operational achievements, and strategic vision for Tesla's future.
Explore the ReportTesla achieved record deliveries and energy storage deployments in Q4, positioning the company for continued growth in 2025 with a focus on AI, vehicle autonomy, and expanding manufacturing capabilities.
Despite market challenges, Tesla maintained strong financial performance with solid revenue and increasing cash reserves.
| Revenue Stream | Amount ($ Millions) | YoY Change |
|---|---|---|
| Automotive Sales | 18,659 | -10% |
| Automotive Regulatory Credits | 692 | +60% |
| Automotive Leasing | 447 | -11% |
| Energy Generation and Storage | 3,061 | +113% |
| Services and Other | 2,848 | +31% |
| Total Revenue | 25,707 | +2% |
| Cash Flow Item | Amount ($ Millions) |
|---|---|
| Net Income | 2,332 |
| Depreciation, Amortization and Impairment | 1,496 |
| Stock-based Compensation | 579 |
| Changes in Operating Assets and Liabilities | 1,030 |
| Net Cash Provided by Operating Activities | 4,814 |
| Capital Expenditures | -2,783 |
| Free Cash Flow | 2,031 |
Record vehicle deliveries and energy storage deployments marked a successful quarter for Tesla operations.
The Energy business achieved record deployments for both Powerwall and Megapack at a combined 11.0 GWh, resulting in record gross profit in Q4. Material and other costs continued to come down in Q4 at the Lathrop Megafactory.
Both Powerwall and Megapack continue to be supply constrained as Tesla opens new markets and demand for energy storage products grows. With construction completed, Shanghai Megafactory will begin ramping in Q1 2025.
Tesla continues to expand manufacturing capacity while preparing for new vehicle models in 2025.
| Region | Model | Capacity | Status |
|---|---|---|---|
| California | Model S / Model X | 100,000 | Production |
| California | Model 3 / Model Y | >550,000 | Production |
| Shanghai | Model 3 / Model Y | >950,000 | Production |
| Berlin | Model Y | >375,000 | Production |
| Texas | Model Y | >250,000 | Production |
| Texas | Cybertruck | >125,000 | Production |
| Texas | Cybercab | - | In Development |
| Nevada | Tesla Semi | - | Pilot Production |
| TBD | Roadster | - | In Development |
* Installed capacity u2260 current production rate and there may be limitations discovered as production rates approach capacity. Production rates depend on a variety of factors, including equipment uptime, component supply, downtime related to factory upgrades, regulatory considerations and other factors.
Tesla continues to make significant strides in AI, autonomy, and battery technology, positioning the company at the forefront of innovation.
In Q4, Tesla completed deployment of Cortex, a ~50k H100 training cluster at Gigafactory Texas. This enabled V13 of FSD (Supervised), with major improvements in safety and comfort thanks to 4.2x increase in data, higher resolution video inputs, and 2x reduction in photon-to-control latency.
The holiday release included Apple Watch support - customers can pair their watch as a key to unlock and lock their vehicle without ever pressing a button just like the phone key.
Tesla processed its first spodumene (lithium-containing concentrate) through the front-end of the lithium refinery only 18 months after ground-breaking: much faster than any plant outside of Asia. The intermediate material was on-spec, and the company is on track to commission the plant in 2025.
In-house 4680 cell production hit a rate exceeding 2.5k Cybertrucks/week, demonstrating Tesla's manufacturing prowess and vertical integration strategy.
Tesla is positioned for growth in 2025 with advancements in vehicle autonomy and new product introductions.
Expected return to vehicle growth in 2025. Energy storage deployments projected to grow at least 50% year-over-year.
Sufficient liquidity to fund product roadmap and long-term capacity expansion plans while maintaining a strong balance sheet.
Hardware-related profits expected to be accompanied by acceleration of AI, software, and fleet-based profits.
New affordable models on track for production start in H1 2025. Cybercab scheduled for volume production in 2026.
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 Tesla expects to begin launching later in 2025 in parts of the U.S.
Plans for new vehicles, including more affordable models, remain on track for start of production in the first half of 2025. These vehicles will utilize aspects of the next generation platform as well as aspects of current platforms and will be produced on the same manufacturing lines.
Energy storage deployments expected to grow at least 50% year-over-year in 2025, with Shanghai Megafactory ramping up production and continued demand for Powerwall and Megapack products across global markets.
Continued focus on innovations to reduce manufacturing and operations costs. This approach will help Tesla fully utilize current expected maximum capacity of close to three million vehicles, enabling more than 60% growth over 2024 production.