Tesla’s fourth-quarter net income fell 71% from a year ago when results were boosted by a one-time tax benefit. The latest results fell short of Wall Street forecasts.

The electric vehicle company run by Elon Musk said Wednesday that it made $2.31 billion from October through December, less than the $7.93 billion profit it posted in the same period in 2023.

Excluding one-time items in both periods, the Austin, Texas, company’s profits rose 3% to 73 cents a share, still not enough to meet analysts’ estimate of 77 cents a share.

Revenue in the quarter rose 2% to $25.7 billion, less than Wall Street forecast for $27.1 billion, according to FactSet.

The slight rise in revenue came after Tesla offered a series of incentives to drum up demand for its electric vehicles including low-interest loans and lower prices.

Earlier this month, Tesla said it sold 1.79 million vehicles in 2024, the first drop in more than a dozen years despite offers of 0% financing, free charging and low-priced leases. The fourth quarter showed signs of a rebound, though, with a record 495,570 vehicles sold.