From Nasdaq:

Tesla Inc reported a decrease in fourth-quarter revenue, down 3% from last year’s revenue. Automotive revenue was up 1%, with earnings per share reported at 71 cents, below a 74 cents per share estimate. Operating margins declined 8.2% year-over-year despite improved margins from the third quarter. Solar deployment was down 59%, while energy storage was up 30%.

For the full fiscal year, Tesla’s revenue increased by 19% to $96.77 billion, with the Model Y as the best-selling vehicle globally in 2023. The company delivered 484,507 units and produced 494,989 units in the fourth quarter, both showing year-over-year increases. Global production reached a record annualized run rate of around 2 million vehicles.

Tesla ended the fourth quarter with $29.1 billion in cash and cash equivalents. The company stated that it is entering the global expansion of a next-generation vehicle. Tesla remains focused on growth and preparing for the launch of the next-gen vehicle at Gigafactory Texas. The ramp of Cybertrucks is expected to take longer due to its “manufacturing complexity.” The company confirmed that it has cash to fund its product roadmap and long-term expansion plans.

As reported, Tesla’s shares are down 3% to $201.95 in after-hours trading, with a 52-week trading range of $138.07 to $299.29. Shares are up 44% over the last year. Tesla stressed its commitment to growing its output, focusing on bringing the next-generation platform to the market, and launching the Cybertruck. This is backed by a cash balance and cash equivalents of $29.1 billion.



Read more: Tesla Q4 Earnings Highlights: Revenue Miss, EPS Miss, Model Y A Global Bestseller, Next-Gen Vehicle Update And More