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Tesla | 8-K: Tesla Reports Fourth Quarter and Full Year 2023 Financial Results

SEC announcement ·  Jan 24 17:31
Summary by Moomoo AI
On January 24, 2024, Tesla, Inc. reported its financial results for the fourth quarter and full year of 2023. The company posted the update on its website, which included a comprehensive breakdown of its financial performance. Tesla achieved a GAAP operating income of $8.9 billion for the year, with $2.1 billion in Q4, and a GAAP net income of $15.0 billion for the year, with $7.9 billion in Q4. Non-GAAP net income was reported at $10.9 billion for the year and $2.5 billion for Q4. A significant one-time non-cash tax benefit of $5.9 billion was recorded in Q4 due to the release of valuation allowance on certain deferred tax assets. Tesla's Model Y became the best-selling vehicle globally in 2023, with over 1.2 million units delivered. The company also saw a...Show More
On January 24, 2024, Tesla, Inc. reported its financial results for the fourth quarter and full year of 2023. The company posted the update on its website, which included a comprehensive breakdown of its financial performance. Tesla achieved a GAAP operating income of $8.9 billion for the year, with $2.1 billion in Q4, and a GAAP net income of $15.0 billion for the year, with $7.9 billion in Q4. Non-GAAP net income was reported at $10.9 billion for the year and $2.5 billion for Q4. A significant one-time non-cash tax benefit of $5.9 billion was recorded in Q4 due to the release of valuation allowance on certain deferred tax assets. Tesla's Model Y became the best-selling vehicle globally in 2023, with over 1.2 million units delivered. The company also saw a strong free cash flow of $4.4 billion in 2023, despite high capital expenditures and R&D expenses. Energy storage deployments doubled compared to the previous year, reaching 14.7 GWh, and profits from the Energy Generation and Storage business nearly quadrupled. The cost of goods sold per vehicle declined in Q4, and Tesla began rolling out the V12 of its Full Self-Driving (FSD) Beta software. Looking ahead, Tesla is focusing on the production of the next-generation vehicle platform at Gigafactory Texas, which may result in a lower vehicle volume growth rate in 2024 compared to 2023.

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