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Tesla, the electric vehicle (EV) behemoth, has reported a sharp decline in profit for 2024, with net income plummeting over 70% to $2.3bn (£1.83bn).

The company's profit stood at $2.3bn (£1.84bn) for the final quarter of the year, as reported by .

Despite an uptick in sales, which saw a 2% increase in the fourth quarter to $25.7bn (£20.63bn) from $25.2bn (£20.23bn) in 2023, Elon Musk's group experienced a drop in profit.

Annual sales marginally increased from $96.8bn (£77.71bn) in 2023 to $97.7bn (£78.43bn).

Dan Coatsworth of AJ Bell commented on Musk's political engagements, saying: "Elon Musk might want to stop spending all his time at the White House looking to elevate his status on the political stage, judging by the disappointing results from Tesla."

Coatsworth also remarked on the potential special treatment Musk may have received and the irony of it given the inefficiencies appearing within his business empire.

Tesla's profit and revenue were bolstered by $692m in sales of regulatory credits to other automakers.

Nonetheless, Tesla's stock rallied in after-hours trading despite the lukewarm results. Susannah Streeter from Hargreaves Lansdown observed: "The market’s quick recovery suggests investors are looking past the miss, amid expectations for a new affordable model being launched onto the market."