Q4 2023 was the fourth successive quarter of y-o-y decline in Tesla's group operating margin. However, the 8.2% margin was 0.6 points ahead of the previous quarter, helped by some reduction in the cost of goods sold per vehicle.
Deliveries rose by 19.5% from a year earlier, to 484,500 units, but group revenue grew at just 3.5% to US$25.2bn and operating profit dropped by 47%. Automotive revenue grew even more slowly, rising by just 1.2% as the effects of price cuts hit home.
Tesla % change, Q4 & full-year 2023 -v- yr ago
At the time of announcing the results Chief Executive Elon Musk warned of a sharp slowdown in sales growth this year but said the company expects to start production of its next-generation model in H2-2025. The new model is expected to be a smaller crossover vehicle.
