Overview

• Tesla's annual deliveries declined in 2024 for the first time since going public, dropping from 1.81 million in 2023 to 1.79 million, missing both internal and analyst expectations.
• The company's operating margins have significantly dropped, with analysts estimating a decrease from 16% two years ago to around 10% in Q4 2024, exacerbated by heavy discounts and lower vehicle prices.
• Tesla's much-hyped Cybertruck underperformed, with sales estimates suggesting fewer than 40,000 units sold by Q4, despite opening up reservations and introducing cheaper models.
• Speculation surrounds Tesla's future projects, including AI-driven robotaxis and humanoid robots, with analysts optimistic about potential regulatory support under the new U.S. administration, though these products remain unproven.
• Tesla's reliance on regulatory credit sales for profitability faces uncertainty as potential policy changes under the Trump administration could reduce demand for these credits, further pressuring margins.