Tesla Sees Slower 2024 Volume Growth As Earnings Miss Estimates

New York, (APP - UrduPoint / Pakistan Point News - 25th Jan, 2024) Tesla reported lower fourth-quarter operating profits despite higher revenues Wednesday, following a series of auto price cuts as Elon Musk's electric vehicle giant warned of slower volume growth in 2024.

Shares of Tesla fell after the company's earnings per share and revenues both missed analysts expectations in the fourth quarter, and it offered a sobering outlook for 2024 auto volumes.

"Our company is currently between two major growth waves," said Tesla. It promised that an upcoming "next-generation" vehicle will serve as a worthy successor to the existing fleet that has built the company into a global titan.

"In 2024, our vehicle volume growth rate may be notably lower than the growth rate achieved in 2023, as our teams work on the launch of the next-generation vehicle at Gigafactory Texas," the company said.

Tesla's fourth-quarter revenues came in at $25.2 billion, up three percent from the year-ago level as auto deliveries rose 20 percent.

The company's profits were boosted by a one-time non-cash provision of $5.9 billion related to deferred tax assets, lifting earnings under official US accounting standards to $7.9 billion.

Without that boost, profits were $2.5 billion, down nearly 40 percent from the 2022 quarter.

Shares of Tesla fell 3.1 percent in after-hours trading.