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

Tesla Inc.'s fourth-quarter results were a miss, and Tesla shares are down more than 5% in the the extended session Wednesday. The EV maker reported sales of $25.7 billion in the quarter, below FactSet consensus of $27.

Tesla said it was on track to roll out new, cheaper electric vehicle models in the first half of 2025 and would start testing an autonomous ride-hailing service in June, enthusing investors and overshadowing quarterly results that fell short of Wall Street expectations on Wednesday.

Tesla's stock tends to swing wildly after earnings, having made double-digit percentage moves following each of the past four earnings reports. Those were split between losses and gains. Looking back at the past eight earnings reports,