Tesla experienced steady growth in automotive revenue over the past decade, but this trend reversed in 2024 with a 6.49% decline

Key Takeaways

  • Tesla recorded its highest automotive revenue in 2023, reaching an impressive $82.4 billion.
  • In 2024, Tesla’s automotive revenue declined for the first time, with a 6.49% drop compared to the previous year.
  • Despite the decline in automotive revenue, Tesla’s total revenue grew by 0.95%, indicating resilience in other business segments

For nearly a decade from 2015 to 2023, Tesla consistently recorded year-on-year growth in its automotive revenue, reaching an all-time high of $82.4 billion in 2023. However, in 2024, the company experienced its first-ever decline in automotive revenue, which fell by 6.49%.

Interestingly, this dip in automotive revenue did not affect Tesla’s total revenue, which still increased slightly by 0.95%, driven by gains in energy generation and storage, as well as services and other revenue streams.

Despite the decline, Tesla remains firmly at the top among pure electric vehicle (EV) manufacturers, leading in both automotive and total revenue globally.

Since launching its EV production in 2008, Tesla’s presence has been limited in Africa. But that is beginning to change. On May 27, 2025, Tesla Morocco SARL was officially registered in Casablanca with an initial capital of $2.75 million. This marked the company’s first formal entry into the African market, with ambitions that go beyond just vehicle sales.

Source:

Tesla's financial reports

Period:

2015-2024
HTML code to embed chart
Want a bespoke report?
Reach out
Click to copy HTML embed code
Tags
Related Insights
Nigeria’s manufacturing output ($25.4b) in 2024 crashed to 15-year low
  • Manufacturing hit a record $64.90b in 2022, after steady growth from 2016.
  • Output fell 55% to $25.36b in 2024, the worst one-year drop since 1999.
  • Military-era lows: Slumped from $33.33b (1981) to $8.08b (1989).
  • Democratic rebounds: Output grew from $9.62b (1999) to $55.33b (2014), and from $35.12b (2016) to $64.90b (2022).
VinFast’s EV deliveries leapt by nearly 300%, contrasting with declines from Tesla and Rivian
  • Tesla led global EV deliveries in Q1 2025 with 336,681 vehicles, maintaining its top position despite a year-over-year decline.
  • Tesla and Rivian reported significant drops in deliveries —12.92% and 38.46% respectively, while other EV manufacturers saw increases.
  • Tesla's decline has been partially attributed to public backlash against CEO Elon Musk’s controversial political involvement.
  • Rivian's drop was linked to reduced demand, particularly in its core Los Angeles market, which was affected by recent wildfires.
  • VinFast saw a 300% surge in deliveries, growing from 9,689 to 36,330 vehicles, driven largely by strong performance in Vietnam.
  • Tesla, Rivian, and Lucid are U.S.-based EV manufacturers; NIO is Chinese, VinFast is Vietnamese, and Polestar is Swedish.
Over the past 10 years, Tesla has seen a continuous increase in EV deliveries, until a slight 1.11% decline in 2024
  • In 2024, Tesla delivered a total of 1,789,226 vehicles, marking its first year-over-year delivery decline (1.11%) since 2015.
  • Tesla’s highest annual deliveries occurred in 2023, with 1,808,581 vehicles delivered.
  • Of the total vehicles delivered in 2024, 1,704,093 were Model 3 and Model Y, while 85,133 were other models, including the Cybertruck.
  • The Cybertruck officially launched in late 2023, with production ramping up through 2024.
  • Both Model Y and Model 3 received notable upgrades in 2024, enhancing performance and interior features.
Tesla sees a 9.23% decline in revenue while VinFast surges 149.81% between Q1 2024 and Q1 2025
  • Tesla remains the EV manufacturer with the highest revenue, generating approximately $19 billion in Q1 2025.
  • Among companies that exclusively produce EVs, Tesla was the only one to report a year-over-year revenue decline between Q1 2024 and Q1 2025.
  • Tesla's decline has been partially attributed to public backlash against CEO Elon Musk’s controversial political involvement.
  • VinFast not only achieved a 300% increase in vehicle deliveries but also recorded the highest revenue growth, up 149.81% year-over-year.
  • VinFast’s strong performance was largely driven by robust sales in Vietnam, its largest market.
  • Despite a 38.46% drop in EV deliveries, Rivian posted a 2.99% year-over-year revenue increase between Q1 2024 and Q1 2025.
  • Tesla, Rivian, and Lucid are U.S.-based EV manufacturers; NIO is Chinese, VinFast is Vietnamese, and Polestar is Swedish.
Cadbury Nigeria Plc’s total assets expanded by 152%, from ₦28.8 billion in 2019 to ₦72.4 billion in 2024
Key takeaways:
  • Cadbury Nigeria's total assets increased by 155%, from ₦28.4 billion in 2015 to ₦72.4 billion in 2024.
  • Assets remained relatively stable between 2015 and 2019, hovering around ₦28 billion.
  • Despite recent financial challenges, Cadbury Nigeria's asset base has more than doubled in the last decade.
  • Significant expansion began in 2020, with continued steady growth through 2024.
Cadbury Nigeria Plc recorded losses in 2023 and 2024 despite a 265% growth rate in revenue from 2020 to 2024
Key takeaways:
  • Revenue grew impressively from ₦27.8 billion in 2015 to ₦129.2 billion in 2024, a 364% increase.
  • The company recorded profitable years between 2017 and 2022, peaking at ₦1.15 billion profit in 2015.
  • From 2015 to 2019, the company maintained consistent single-digit growth, averaging 9% each year.
  • The revenue more than tripled between 2020 and 2024, reaching ₦129 billion in 2024.
  • Losses were recorded in 2016, 2023, and 2024.
  • Despite revenue more than doubling between 2022 and 2024, profitability reduced dramatically.
POPULAR TOPICS
SIGN UP TO OUR NEWSLETTER
Get periodic updates about the African startup space, access to our reports, among others.
Subscribe Here
Subscription Form
A product of Techpoint Africa. All rights reserved