Tesla earnings fall as company warns of sales slowdown

Tesla reported disappointing earnings that fell more than had been expected, and the company warned that 2024 sales would fall short of past growth rates.

Tesla reported disappointing earnings that fell more than had been expected, and the company warned that 2024 sales would fall short of past growth rates. Tesla has been cutting prices for more than a year to help support sales in the face of greater competition electric vehicles made by other automakers. The fourth quarter marked the first time that it lost the lead in global EV sales to Chinese automaker BYD. Tesla’s deliveries grew 38% in 2023, but that was less than the company’s 50% growth target that had driven the stock to become the most valuable automaker on the planet, despite a fraction of sales of more established automakers. And that 38% growth rate is apparently out of reach in 2024. Earnings came in at 71 cents a share, just short of the 74 cents a share forecast by analysts surveyed by Refinitiv, but down 40% from a year earlier. It was a rare earnings miss for Tesla. This is a developing story. It will be updated.