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
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