During the fourth quarter of 2024, Tesla said it earned $2.3 billion in net income on $25.7 billion in revenue. That represents a 1.9 percent increase year over year compared to $25.2 billion in revenue in Q4 2023 and a 70 percent decrease in net income. (The company’s net income in Q4 2023 includes a one-time non-cash tax benefit of $5.9 billion.)

The electric car company run by Elon Musk is facing increasing competition, but investors have focused mostly on the prospects for Tesla’s self-driving technology.