Pretax profits at Tesla Motors Ireland Limited doubled to €1.9 million in 2023, rising 101 per cent on the previous year, according to its latest annual report.
The company’s report for the financial year 2023 details how deliveries of electric vehicles (EVs) rose by over 250 per cent in 2023 compared with 2022. This was mainly due to an increase in Tesla Model Y sales. This resulted in an increase in profit after tax of €1.7 million up 105 per cent — or €866,688 — from the previous year.
The company had a turnover of €142 million in 2023, an increase of 104 per cent on 2022.
The directors of the company did not recommend a dividend this year.
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Tax on the company’s profits increased to €289,595 in 2023, an increase of €129,613 on the previous year.
In 2021 the Government introduced a grant scheme for buying electric vehicles. The current maximum grant of €3,500 is available when buying a private car, according to the Sustainable Energy Authority Of Ireland.
The licensing of new electric vehicles climbed between 2022 and 2023, according to data from the Central Statistics Office. However, on a monthly basis, demand for electric vehicles fell significantly in the last number of months of 2022 before increasing in the first few months of 2023.
This high demand was sustained throughout 2023. The number of electric vehicles licensed in 2023 also surpassed the number licensed the year before. Demand did fall in the in the final few months of the year but the pattern of high demand at the start of the year was sustained in January 2024.
However, overall sales of electric vehicles are down on the first six months of this year in comparison to January to June last year.
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