Tesla profit fell; Will Cybertruck turn the tables?
Tesla’s new financial report reveals the challenging times of this big car manufacturer; That too amid Cybertrack’s launch.
Tesla announced in a press release that in the fourth quarter of 2023, it was able to earn $7.9 billion in net profit and $25.2 billion in revenue. The revenue of this automobile company reached 24.3 billion dollars in the fourth quarter of 2022.
Tesla’s profit margin increased from the third quarter of 2023 but is still lower than in 2022. The profit margin of this company reached 8.2%, which is more than the 7.6% margin of the third quarter and less than the 16% profit margin of last year.
In recent years, Tesla had a very large profit margin, and this number reached 20% in some seasons; However, the decrease in the price of Tesla cars has caused a significant drop in the profit margin and has worried the investors of this company.
Currently, fewer Tesla vehicles qualify for the US tax credit for purchasing electric vehicles; However, the performance version of the Model 3, the Long Range version of the Model X, and three versions of the Model Y still include the $7,500 tax credit.
The fourth quarter of 2023 was very important for Tesla; Especially because of the Cybertruck electric van supply. This company also unveiled the facelift version of Model 3 for China and America last season.
In the last quarter, Tesla handed over the first position of the top electric car manufacturer to the Chinese company BYD, in order to give a big shock to the shareholders of Elon Musk’s company. BYD was able to make 3.02 million electric cars in 2023, while Tesla’s production reached 1.81 million units. Of course, BYD’s statistics include 1.6 million battery-powered cars and 1.4 million hybrid cars.
Hours before the publication of Tesla’s financial report, informed sources said that the company will launch a new all-electric crossover car in mid-2025. Tesla aims to produce 10,000 units of this car weekly.