EV giant reports Q4 revenue and profit beat; Cybertruck to begin production later this year

Tesla stock is trading slightly higher in extended trading after the EV maker reported a Q4 earnings revenue and profit beat.

For the quarter, Tesla (TSLA) reported:

That revenue represents another record high for Tesla, up over $2 billion sequentially from Q3 and nearly $7 billion from a year ago.

On the profitability end, Tesla is reporting adjusted net income of $4.1 billion, nearly $400 million more than Q3 and over $1.3 billion more than a year ago.

Gross margin came in at 23.8% (25.4% Est.), with automotive gross margin hitting 25.9% (28.4% Est.). While Tesla instituted a number of price cuts in the U.S., China (for the second time), and some European markets, those cuts did not happen until Q1 of this year, so those effects aren’t seen in Q4 results. However, investors will still be keen to track gross margin figures, which are the envy of the automotive world (last quarter GM’s EBIT adjusted margin stood at 9.4%).

Tesla kept its long-term delivery target of 50% CAGR (compound annual growth rate) despite deliveries missing the mark in recent quarters. Tesla also said in its report that the Cybertruck is on track to begin production later this year, and that its next-gen platform is under development, with more details coming at its investor day on March 1.

Looking ahead to the earnings call, investors and analysts will be focused on any clues to the demand story for Tesla, and whether those steep price cuts across the board are boosting deliveries in Q1. Catch Yahoo Finance’s new “After the call” for highlights.

This story is developing. Check back for updates.

Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and on Instagram.

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