February 25, 2024

During the fourth quarter of 2023, Tesla, led by Elon Musk, announced a net income of $7.9 billion and a revenue of $25.2 billion. This represents a 3 percent increase compared to the same quarter in the previous year.

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Notably, the electric car company achieved a remarkable milestone by delivering a record-breaking 1.8 million electric vehicles (EVs) in 2023.

However, Tesla anticipates that its vehicle sales growth may experience a significant decline in 2024 due to its focus on launching a new vehicle platform for more affordable EVs. In its earnings release, the company proudly stated that the Model Y was the best-selling vehicle globally in 2023, with over 1.2 million units delivered.

In 2023, the company maintained a robust free cash flow of $4.4 billion, despite prioritizing future growth initiatives that involved significant capital expenditures and research and development expenses, marking a milestone in the company’s history.

Presently, Tesla is dedicated to expediting the introduction of the next generation platform to the market, aiming to commence production at Gigafactory Texas. According to Tesla, this platform will bring about a revolutionary transformation in the manufacturing process of vehicles.

Nearly 560,000 vehicles were manufactured at the Tesla Fremont factory in 2023.

The production of the Cybertruck commenced at Gigafactory Texas, and the initial units were successfully delivered to customers. According to the company, the manufacturing complexity of the Cybertruck is expected to result in a longer ramp-up period compared to other models.

The Shanghai Gigafactory rebounded from the scheduled downtime in Q3 and resumed normal rate production in Q4. During Q4, Tesla released the latest FSD Beta software (V12) to a select group of employees, and more recently, to customers.

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