Tesla shares dropped more than 9% after the company reported Q4 2023 revenue and earnings that fell below market expectations and issued a warning of a slowdown in 2024, CNBC reports.
The electric carmaker’s automotive revenue for Q4 2023 was $21.6 billion, up only 1% year-on-year. Tesla delivered 1.8 million cars in 2023 but faces increasing competition and has cut prices globally, affecting its margins.
Tesla cautioned that vehicle volume growth in 2024 might be notably lower than the previous year. The company highlighted that it is currently between two major growth waves, and the launch of its “next-generation vehicle” in Texas could impact growth.
