Tesla's fourth-quarter net income fell 71% from a year ago when results were boosted by a one-time tax benefit. The latest results fell short of Wall Street forecasts.

The final earnings release of 2024 finalized another difficult year for Tesla’s bottom line, as its full-year net income came in at $8.4 billion, a 23% decrease from 2023 and a 40% decline from 2022’s record $14.1 billion profit, though its full-year revenue rose $97.7 billion, a 1% improvement from 2023’s record.

Tesla's fourth-quarter net income fell 71% from a year ago, when results were boosted by a one-time tax benefit.

Tesla reported fourth-quarter earnings on Wednesday afternoon, and investors looked past revenue and per-share profit misses to focus on news the company kept its goal to launch cheaper EVs in the first half of the year and vowed to have fully autonomous cars on the roads in Austin,