In the fourth quarter of 2023, Tesla earned $25.2 billion in revenue. This is 3% higher than in the same period of 2022, when the automaker’s revenue was $24.3 billion. This is stated in the company’s report.

Tesla’s revenue in the last quarter of last year was also the highest compared to the previous quarters of 2023. For example, in the first quarter it amounted to $23.3 billion, in the second quarter – $24.9 billion, and in the third quarter – $23.4 billion.

The company’s net profit for the fourth quarter of last year amounted to $7.9 billion, compared to $3.7 billion a year earlier.

Tesla also reported that the manufacturer is currently between two major growth waves. The first one started with the global expansion of the Model 3/Y platform, and the next one is expected to be initiated by the global expansion of the next-generation vehicle platform.

At the same time, Tesla added that its teams are working on launching the next generation car at the Gigafactory in Texas. Therefore, the company warned that in 2024 the growth of its car production “may be significantly lower” compared to 2023.

The day before, Reuters reported that Tesla plans to start production of affordable Redwood electric vehicles in June 2025. The future electric car is described as a compact crossover. The company expects to produce 10 thousand cars every week.