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Tesla says EV sales growth may be ‘notably lower’ in 2024

Tesla reported fourth quarter and annual earnings - results that show a company with slowing profit growth.

Tesla’s strategy to drive sales through price cuts combined with the cost of bringing the Cybertruck into production put pressure on profits in the fourth quarter, according to earnings reported Wednesday. Even as Tesla’s deliveries have grown, its profits have narrowed largely due to price cuts aimed at driving sales and increased costs related to future products. Those results were negatively affected by an increase in operating expenses largely driven by AI and other R&D projects, the cost of the Cybertruck production ramp and lower revenue from its so-called Full Self-Driving software, according to Tesla.

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