Tesla (TSLA) Annual Revenue and Earnings History
Direct answer: Tesla reported $97.7 billion in revenue for 2023, with net income of $15.0 billion (15.4% margin). Tesla achieved its first full-year GAAP profitability in 2020 after years of losses. Revenue grew from $21.5 billion in 2019 to $97.7 billion in 2023, roughly 4.5x in four years. Tesla delivered approximately 1.81 million vehicles in 2023.
Tesla annual revenue, net income, automotive gross margin, and vehicle deliveries (2017-2024)
| Year | Revenue (B) | Net Income (B) | Auto Gross Margin | Vehicles Delivered |
|---|---|---|---|---|
| 2017 | $11.8 | -$2.2 | 18.9% | 103K |
| 2018 | $21.5 | -$0.98 | 20.6% | 245K |
| 2019 | $24.6 | -$0.86 | 22.5% | 367K |
| 2020 | $31.5 | $0.72 | 25.6% | 499K |
| 2021 | $53.8 | $5.5 | 30.6% | 936K |
| 2022 | $81.5 | $12.6 | 28.5% | 1,314K |
| 2023 | $97.7 | $15.0 | 18.2% | 1,808K |
| 2024 est. | $97+ | ~$7.3 | ~17% | 1,790K |
Source: Tesla Investor Relations. Note: 2020 marked first full-year GAAP profitability. Last verified: September 2026.
Frequently asked questions
Why did Tesla's automotive gross margin fall from 30% to 18% in 2023?
Tesla's automotive gross margin declined from approximately 30% (peak 2022) to approximately 18% in 2023 due to: (1) aggressive price cuts -- Tesla lowered Model 3 and Model Y prices by 10-25% globally to stimulate demand amid slowing EV adoption growth; (2) cost increases from new factory ramp-up costs (Gigafactory Texas, Gigafactory Berlin); (3) higher raw material costs (lithium carbonate spiked then fell, but with a lag); (4) increased competition from Chinese EVs (BYD, NIO) forcing price competition. Lower margins reflect the transition from a supply-constrained market to a demand-constrained market.
When did Tesla become profitable?
Tesla achieved its first full-year GAAP net income profit in 2020 ($720 million), after 17 years as a public and private company. The profitability inflection came from: (1) Model 3 production scaling (the critical demand product that required solving the mass-market manufacturing challenge); (2) Gigafactory Shanghai providing lower-cost manufacturing; (3) revenue diversification (energy storage, services); (4) benefit from regulatory credits sold to legacy automakers. Tesla has included carbon credit revenues in its results; excluding credits, 2020 profitability would have been minimal.
How does Tesla compare to traditional automakers on revenue?
Tesla's $97.7 billion revenue in 2023 is significantly smaller than traditional automakers: Toyota ($274B), Volkswagen ($293B), Mercedes ($154B), General Motors ($172B), Ford ($176B). However, Tesla's market cap has at times exceeded all legacy automakers combined, reflecting a premium for software/technology positioning, higher growth rate, and broader energy/autonomy ambitions. Tesla's revenue per vehicle is higher than most mass-market automakers (average selling price approximately $48,000) but lower than luxury brands. The comparison is complicated by Tesla's inclusion of Autopilot/FSD software revenue.