Elon Musk has said that Donald Trump will be unable to stop the rise of electric cars because the success of the technology is “inevitable”.

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.

With $97.7 billion in revenue, Tesla recorded a $7.1 billion net income for 2024. In comparison to full-year 2023 figures, net income fell 53% despite sales that rose by a meager 1%. The company's car sales dropped 6% to $77.1 billion.