From Fortune Magazine:

Tesla reported big growth in net income in the fourth quarter of 2023, but also warned of slower sales growth in the coming year. Their net income more than doubled thanks to a one-time tax benefit, but excluding that, profits were down 39%. Tesla experienced slower sales growth than previous quarters, and shares fell 6% after trading. Musk told of plans to produce a more affordable vehicle by the end of 2025 and that Tesla is between periods of major growth waves. Gross profit margin fell significantly to 17.6% due to price cuts, and for the full year, net income was almost $15 billion. Tesla’s “Full Self-Driving” software was released to employees and some customers and Tesla has had potential licensing discussions with other automakers. Musk seemed to challenge Tesla’s board for a new compensation plan and disclosed he owns about 13% of Tesla stock after selling off much of his stake. It was also stated that production and revenue should increase from the Cybertruck pickup and energy storage respectively. Early next year, Tesla predicted the Cybertruck should be ready and analysts believe Tesla’s affordable vehicle should be less than $30,000. Despite its success, the Justice Department has requested documents from Tesla about its Autopilot and “Full Self-Driving” features.



Read more: Tesla earnings dip, warns investors that 2024 sales could be ‘notably lower’