According to Tesla's quarterly report, the company made $2.3 billion in net income in Q4 2024. Net income is the amount the company actually made after subtracting its expenses from its revenue total. That's a whopping 70 percent decrease in net income compared to Q4 2023.

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.

The electric-car maker reported net income of $2.5 billion, a result driven in part by strong growth in Tesla’s energy business .