Categories Tech News
Tesla’s profits improved slightly, but still down compared to last year
January 24, 2024
Photo by Amelia Holowaty Krales / The Verge
Tesla reported earnings of $7.9 billion in net income on $25.2 billion in revenue during the fourth quarter of 2023. The figures represent an increase in revenue, up from $24.3 billion the same time last year.
The company’s profit margins improved slightly but are still down compared to last year’s. The company reported margins of 8.2 percent, up slightly from 7.6 percent the previous quarter but down from last year’s 16 percent.
Tesla used to have historic profit margins, sometimes as much as 20 percent, but a series of price cuts have caused its once-vaunted margins to drop into more earthly territory, worrying investors.
The company’s profit margins continued to shrink
Also fewer Tesla vehicles qualify for the federal EV tax…