Tesla results miss estimates, citing lower vehicle prices
NEW YORK
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Tesla reported lower than expected profits, citing declining vehicle prices as a factor as it projected a return to volume growth in 2025.
Elon Musk's electric car company reported fourth-quarter profits of $2.3 billion, down 71 percent from the year-ago quarter, where profits were boosted by a one-time tax benefit.
Revenues rose 2 percent to $25.7 billion, also missing analyst estimates.
The results — the first since the return of Musk ally Donald Trump to the White House — capped a mixed year for Tesla in which Musk's big bet on U.S. electoral politics was countered by profit pressures as Tesla's streak of annual car volume growth came to an end.
Full-year auto sales fell one percent to just under 1.8 million vehicles.
Tesla has been confronted by intensifying EV competition in leading markets, including China and the United States, where General Motors and Ford have introduced more models.
Another factor has been lower than expected volumes from the Cybertruck, Musk's futuristic auto giant that has won cheers from Tesla fans and jeers from critics.
But Tesla expects growth in 2025.
"With the advancements in vehicle autonomy and the introduction of new products, we expect the vehicle business to return to growth in 2025," Tesla said.
"The rate of growth will depend on a variety of factors, including the rate of acceleration of our autonomy efforts, production ramp at our factories and the broader macroeconomic environment."
The company also confirmed plans to unveil new, more affordable vehicles in 2025 and described as on track the launch this year of a new robotaxi venture in parts of the United States.