Tesla stock (TSLA) fell over 12% on Thursday after the company reported fourth quarter earnings late Wednesday that missed estimates and issued a downbeat full-year production outlook.
For the fourth quarter, Tesla reported top line revenue of $25.17 billion against $25.87 billion expected; revenue rose approximately 3% from a year ago. Tesla reported adjusted EPS of $0.71 against $0.73 expected. Adjusted net income totaled $2.48 billion against the $2.61 billion expected by the Street.
In terms of its full-year production, Tesla said its “vehicle volume growth rate may be notably lower than the growth rate achieved in 2023, as our teams work on the launch of the next-generation vehicle at Gigafactory Texas,” indicating it would not reach Street estimates of 2.19 million for 2024, which would have been a 21% increase from 2023.
CEO Elon Musk did confirm that the company’s next-gen vehicle…
