Tesla's annual financial report for 2024

Tesla's COGS Hits Record Low, Boosts Margins to 19.8%

Oct 23, 2024, 08:38 PM

Tesla has reported that its cost of goods sold (COGS) per vehicle has reached its lowest level ever at approximately $35,100. This reduction in COGS has contributed to an improvement in gross margins to 19.8%, surpassing the forecast of 16.8%. Additionally, Tesla generated $2.7 billion in free cash flow despite spending a record $3.5 billion in capital expenditures. The company now holds over $33 billion in cash, including $33.6 billion in cash reserves. However, accounts payable and accrued liabilities were up $2.583 billion.