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Tesla Q4 2023 results

Tesla expects growth rate of deployments and revenue in the Energy Storage business to outpace the Automotive business this year, writes Jonathan Storey

Q4 2023 was the fourth successive quarter of y-o-y decline in Tesla's group operating margin. However, the 8.2% margin was 0.6 points ahead of the previous quarter, helped by some reduction in the cost of goods sold per vehicle.

Deliveries rose by 19.5% from a year earlier, to 484,500 units, but group revenue grew at just 3.5% to US$25.2bn and operating profit dropped by 47%. Automotive revenue grew even more slowly, rising by just 1.2% as the effects of price cuts hit home.

Tesla % change, Q4 & full-year 2023 -v- yr ago

At the time of announcing the results Chief Executive Elon Musk warned of a sharp slowdown in sales growth this year but said the company expects to start production of its next-generation model in H2-2025. The new model is expected to be a smaller crossover vehicle.

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