Business

Pre-tax profits double at Irish arm of Tesla

The electric car-maker increased its market share in the new car market from 1.25% to 2.77% last year

Pre-tax profits at the Irish arm of electric car-maker Tesla last year doubled to €1.98m. Photograph: Patrick T Fallon/AFP

Gordon Deegan
Tue Jul 2 2024 - 18:28

Pre-tax profits at the Irish arm of electric car-maker Tesla last year doubled to €1.98 million. Accounts filed by Tesla Motors Ireland Ltd show that the firm recorded the increase in pre-tax profits after revenues increased by 104 per cent from €69.73 million to €142.05 million.

In a note with the accounts the directors said that the company’s deliveries increased over 250 per cent in 2023 compared to 2022, predominantly due to an increase in sales of Model Y resulting in a strong increase in revenue.

The Nasdaq-quoted electric car-maker, led by Elon Musk, opened its first Irish sales outlet and showroom in Sandyford, Dublin, in April 2017.

Figures from the Society of the Irish Motor Industry (SIMI) show that Tesla Motors Ireland benefited from overall sales of new electric cars last year increasing by 45.4 per cent to 22,789. SIMI statistics show that 3,371 Tesla registrations were recorded here in 2023. This compares to 1,318 registrations in 2022, an increase of 156 per cent.

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Tesla increased its market share in the new car market from 1.25 per cent to 2.77 per cent last year. However, new electric car sales have decreased by 25 per cent for the first six months of this year. SIMI figures show that Tesla’s market share has fallen to 1.4 per cent on the back of 1,085 new car sales to the end of May this year.

Tesla Motors Ireland had 54 charger points in nine supercharger sites and it opened a second service centre last year.

The directors said that “the company’s own success remains dependent on the overall success of the vehicles at a global level”. The price for the Model Y ranges from €44,990 to €57,990, while the price range for the Model 3 goes from €40,990 to €55,890.

The firm’s cost of sales last year increased by 107 per cent from €64.84 million to €133.68 million. Numbers employed last year almost doubled from 20 to 38 as staff costs increased by 93 per cent from €1.28 million to €2.47 million, which included share-based payments of €298,385.

The company recorded operating profits of €2.12 million last year and interest payments of €145,042 reduced profits to a pre-tax profits of €1.98 million. The firm’s post-tax profit was €1.69 million after incurring a corporation tax charge of €289,595.

The profit last year takes account of non-cash depreciation costs of €413,983. At the end of December last accumulated profits stood at €3.74 million. Shareholder funds totalled €4.32 million.

Gordon Deegan

Gordon Deegan

Gordon Deegan is a contributor to The Irish Times

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