Tesla's (TSLA) total revenues for 2024 reached $97.69 billion, a modest increase of 1% compared to $96.77 billion in 2023. This growth was primarily driven by a significant 67% increase in the Energy Generation and Storage segment revenues, which rose to $10.09 billion from $6.04 billion in 2023. However, this was offset by an 8% decline in Automotive Sales revenue, which fell to $72.48 billion from $78.51 billion in 2023, largely due to price reductions and a shift in product mix.

Tesla's gross profit for 2024 was $17.45 billion, slightly down from $17.66 billion in 2023. The gross margin also declined to 17.9% from 18.2% in the prior year. This was primarily due to a reduction in the Automotive segment's gross margin, which fell to 18.4% from 19.4% in 2023, driven by lower average selling prices and changes in product mix. However, the Energy Generation and Storage segment saw a significant improvement in gross margin, increasing to 26.2% from 18.9% in 2023, due to cost reductions and higher-margin energy storage products.

Tesla's net income for 2024 was $7.15 billion, a sharp decline of 52% compared to $14.97 billion in 2023. This decrease was primarily attributed to lower gross profit in the Automotive segment and higher operating expenses, which rose by 18% to $10.37 billion in 2024. The increase in operating expenses was driven by higher research and development costs, which grew by 14% to $4.54 billion, and selling, general, and administrative expenses, which increased by 7% to $5.15 billion.

Tesla's cash flows from operating activities increased by $1.67 billion to $14.92 billion in 2024, compared to $13.26 billion in 2023. This improvement was primarily due to favorable changes in net operating assets and liabilities, which contributed $2.29 billion. However, net income excluding non-cash expenses, gains, and losses decreased by $623 million, partially offsetting the overall increase in operating cash flows.

Tesla's capital expenditures rose significantly to $11.34 billion in 2024, up from $8.90 billion in 2023. These investments were primarily directed towards AI-related projects, global factory expansions, and machinery and equipment enhancements to support the company's product roadmap. Additionally, Tesla's net cash used in investing activities increased to $18.79 billion in 2024, compared to $15.58 billion in 2023, reflecting these higher capital expenditures and increased purchases of investments.

Tesla's Energy Generation and Storage segment experienced robust growth in 2024, with revenues increasing by 67% to $10.09 billion from $6.04 billion in 2023. This growth was driven by a 16.7 GWh increase in Megapack and Powerwall deployments. The segment's gross margin also improved significantly to 26.2% from 18.9% in 2023, reflecting cost reductions and a higher proportion of higher-margin energy storage products.

Tesla's Automotive segment revenues declined by 6% to $77.07 billion in 2024, compared to $82.42 billion in 2023. This decline was primarily due to an 8% drop in Automotive Sales revenue, driven by lower average selling prices and a decrease in Model 3 and Model Y cash deliveries. However, this was partially offset by a 54% increase in Automotive Regulatory Credits revenue, which rose to $2.76 billion, and the ramp-up of Cybertruck production.

Tesla's operating expenses increased by 18% to $10.37 billion in 2024, up from $8.77 billion in 2023. This increase was driven by higher research and development expenses, which rose by 14% to $4.54 billion, reflecting investments in AI and product development. Selling, general, and administrative expenses also grew by 7% to $5.15 billion, contributing to the overall rise in operating costs.

Tesla's interest income increased by 47% to $1.57 billion in 2024, compared to $1.07 billion in 2023. This growth was primarily due to higher interest earned on cash and short-term investments, driven by an increase in the portfolio balance and higher weighted average interest rates.

Tesla's cash and cash equivalents stood at $16.14 billion as of December 31, 2024, slightly down from $16.40 billion at the end of 2023. However, short-term investments increased significantly to $20.42 billion from $12.70 billion, reflecting a strategic shift in the company's liquidity management.