Tesla, Inc.

Q4 2024 was a pivotal quarter. We delivered 495,570 vehicles — a record — and are on track to return to strong growth in 2025. The team executed extremely well on cost reduction while maintaining product quality. Cybertruck has crossed the profitability threshold ahead of schedule. We're seeing strong demand, particularly in the commercial fleet segment. Model Y refresh, which we're calling Juniper, is rolling out globally and early customer feedback is exceptional. The real story for Tesla going forward is not just the car business — it's the AI and autonomy stack. Full Self-Driving has now surpassed 2 billion miles driven. Our neural net training capacity has expanded 5x this year.

Revenue was $25.7 billion for the quarter, automotive gross margin came in at 17.6%, recovering from the previous quarter. Energy generation and storage revenues were a record $3.1 billion with a 24.3% gross margin — an incredible business. Services and Other was $2.8 billion. Free cash flow for the quarter was $2.8 billion. For 2025, we expect vehicle deliveries to return to growth. We're not providing specific delivery guidance, but we're confident in the trajectory.

Elon, can you talk about the robotaxi timeline?

We plan to launch robotaxi service in Austin, Texas in June 2025 and expand rapidly. This is not a maybe — we're doing it. The vehicles are already being tested autonomously without safety drivers in Austin. I believe this will be the most valuable product launch in Tesla's history.

The energy business numbers are remarkable. Is this becoming a co-equal business to automotive?

We see the energy business as a massive growth opportunity. Megapack demand continues to outstrip supply. We're building additional manufacturing capacity to address this. The unit economics continue to improve.