Topline

Tesla fell short of expectations in its first key data point of the new year on Thursday, as Elon Musk’s trillion-dollar automaker faces a rollercoaster ride in 2024, hit by stagnant growth in its core electric vehicle business and a strong stock market rally after Victory is marked by President-elect Donald Trump, a close confidant of Musk, the richest man in the world.

Important facts

Big number

1.79 million. That’s how many cars Tesla delivered in 2024, 1.1% below the record 1.81 million in 2023. According to FactSet data, Tesla had reported annual growth of at least 35% since 2016.

What you should pay attention to

Tesla will report its fourth quarter results on January 29th. Wall Street consensus forecasts point to mixed results, with record revenue of $99.7 billion and net income of $8.1 billion, the weakest full-year result since 2021.

Important background

In the second and third quarters of 2024 Tesla suffered a year-over-year decline in deliveries for the first time since 2020, contributing to its stock market lull. But the stock price soared 63% in 2024 as investors shifted their focus from the struggling core electric vehicle business to the potential for Tesla’s autonomous driving initiatives, which will likely face a much more favorable regulatory environment under Trump.