New York: US electric car (EV) manufacturer Tesla’s net income and automobile production fell in the last quarter of 2024 compared to the same period in 2023, according to figures the company released on Thursday.

According to Anadolu Agency, the company’s net income decreased by 71% to $2.3 billion in the fourth quarter of 2024, while the total production fell by 7% compared to the same period of the previous year. Meanwhile, total revenues saw a rise of 2% to $25.7 billion during the same period.

Automotive revenue experienced an 8% decline, dropping to $19.8 billion from $21.56 billion in the same quarter last year, with $692 million attributed to regulatory credits. Tesla’s earnings per share, which stood at $2.27 during the same period of the previous year, fell to 66 cents in the last quarter of 2024.

Yearly figures show a 53% decrease in net income to $7.09 billion for 2024, with total automobile production experiencing a 4% drop compared to 2023. In contrast, total revenues for the year increased by 1% to $97.7 billion.

Tesla’s stock price saw a 6.7% decrease in January after Chinese EV manufacturer BYD surpassed Tesla in global EV sales for 2024.