It’s one week into Elon Musk’s new role as chief cost-cutter for the Trump administration, but today, his side hustle as CEO of Tesla takes center stage with the release of the company’s latest earnings report.

During the fourth quarter of 2024, Tesla said it earned $2.3 billion in net income on $25.7 billion in revenue. That represents a 1.9 percent increase year over year compared to $25.2 billion in revenue in Q4 2023 and a staggering 70 percent decrease in net income. For the full year, Tesla said it earned $7.1 billion in net income on $97.7 billion in revenue, a 6 percent decrease compared to 2023.

Analyst consensus predicted $27.26 billion in revenue, according to an average of estimates compiled by LSEG.

Investors have asked repeatedly about Tesla’s plan to release a more affordable model. Last year, the company abandoned its plan to build a more affordable “Model 2” vehicle that was rumored to cost around $25,000. But after backlash from investors, Musk recommitted to it — although it’s still unclear whether it will be an entirely new vehicle or simply a more affordable Model 3. Musk said the two-seat Cybercab would be available to buy for $30,000 starting in 2026, though production challenges loom.