Tesla reported a notable decline in profit for the last quarter of 2024, earning $2.3 billion compared to $7.9 billion the previous year, largely due to a special tax benefit last year. Overall profit for 2024 fell to $7.1 billion from $15 billion in 2023. The company's sales did increase by 2 percent in Q4 to $25.7 billion. However, ongoing reliance on just two models, the Model 3 and Model Y, amidst fierce competition from other manufacturers has highlighted vulnerabilities in their strategy.
Tesla's profit in the final months of 2024 plummeted significantly due to escalating competition in the electric vehicle market, revealing a need for broader offerings.
With a profit of $2.3 billion in Q4 2024, a drop from $7.9 billion a year prior primarily due to a prior year's one-time tax benefit.
Despite a rise in sales to $97.7 billion, Tesla's overall profit fell sharply compared to the previous year, reflecting intensifying industry competition.
Relying heavily on Model 3 and Model Y, Tesla faces challenges as competitors expand their electric vehicle offerings across multiple regions.
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