Tesla (TSLA) released its Q4 and full-year 2024 financial results yesterday. This is an interesting report on the company’s revenues and profits.
Although the electric vehicle automaker saw a dip in its sales in 2024 compared to the previous year, the company’s energy generation and storage business saw a 67% growth in revenue.
In Q4 2024 Tesla scored another record quarter in vehicle production and deliveries. According to Tesla CEO Elon Musk, the production rate achieved in the last quarter of 2024 translates to an annualized rate of 2 million vehicles a year.
Q4 2024

The financial summary table above shows that Tesla’s Q4 2024 automotive revenues dropped by -8% compared to the same quarter of 2023. However, comparing Q4 2024 vs Q4 2023, the company’s energy generation and storage revenue grew by a staggering 113% ($1,438 million vs $3,061 million respectively).
Another interesting metric in this financial update is that the ‘Services and other revenue’ grew by 31% in Q4 YoY. This includes the EV regulatory credits revenue of $1,827 million that Tesla received from other automakers failing to comply with green vehicle manufacturing requirements in Europe.

Year 2024

Tesla’s automotive revenues dropped by -6% in 2024 compared to 2023. However, Tesla has achieved exponential growth in automotive revenues in the last 5 years with an astonishing growth of around 183%.
In 2020, Tesla made $27,236 million in auto revenues which surged to $82,419 million in 2023. With a slight drop in 2024, Tesla made $77,070 million in automotive revenues in 2024.
With a -6% drop in auto revenues last year, the overall revenues of Tesla didn’t go into negative. Tesla’s total revenues grew by a meager 1% in 2024 compared to 2023.

The phenomenal growth of Tesla Energy‘s business revenue (solar + battery storage) made up for the losses in automotive revenues in 2024. Compared to 2023, Tesla’s energy generation and storage revenues grew by 67%.
To meet the demand for its battery energy storage systems (BESS), Tesla is increasing the number of factories built for manufacturin its Megapacks. These factories are called Megafactories. Tesla is building Megafactories in both the United States and China.
In 2024, Tesla won large multi-billion dollar BESS projects in Texas and California. Tesla’s Megafactory in Lathrop, California is constantly expanding its Megapack manufacturing capacity. These comparatively smaller but dedicated large battery production facilities are going to generate even better revenues for Tesla (TSLA) in the coming years.
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