During the fourth quarter of 2024, Tesla said it earned $2.3 billion in net income on $25.7 billion in revenue. That represents a 1.9 percent increase year over year compared to $25.2 billion in revenue in Q4 2023 and a 70 percent decrease in net income. (The company’s net income in Q4 2023 includes a one-time non-cash tax benefit of $5.9 billion.)

The electric car company run by Elon Musk is facing increasing competition, but investors have focused mostly on the prospects for Tesla’s self-driving technology.

Tesla Inc. fell short of Wall Street’s earnings estimates in the fourth quarter, underscoring the challenges the automaker faces as demand for electric vehicles fades.

Tesla’s fourth-quarter earnings report lands just over a week after President Donald Trump began his second term in the White House, with Elon Musk right by his side.

Tesla shareholders expect answers from Elon Musk regarding his political involvement, including his advisory role in Donald Trump's administration and controversial gestures during the presidential inauguration.