Tesla Ireland’s profits double revenues hit record high

Pre-tax profits at the Irish arm of electric car marker Tesla last year doubled to €1.98m.

New accounts filed by Tesla Motors Ireland Ltd show that the firm recorded the sharp increase in pre-tax profits after revenues increased by 104% from €69.73m to a record €142.05m.

The directors state that the company’s deliveries increased over 250% 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 in south Co Dublin in April 2017.

Figures from the Society of the Irish Motor Industry (SIMI) show that Tesla Motors Ireland benefited from sales of new electric cars last year increasing by 45.4% to 22,789.

SIMI statistics show that 3,371 Tesla registrations were recorded here in 2023, compared to 1,318 Tesla registrations recorded here in 2022 – an increase of 156%.

Tesla increased its market share here in the new car market from 1.25% to 2.77% last year.

However, new electric car sales have decreased by 25% for the first six months of this year. SIMI figures show that Tesla’s market share here has fallen back to 1.4% on the back of 1,085 new car sales to the end of May this year.

Currently, Tesla globally has a market capitalisation of $657.59 billion.

According to the directors’ report for Tesla Motors Ireland, the firm at the end of last year had 54 charger points in nine supercharger sites and opened a new service centre here last year to bring to two in operation here.

The directors state 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% from €64.84m to €133.68m.

Numbers employed last year almost doubled from 20 to 38 as staff costs increased by 93% from €1.28m to €2.47m that included share based payments of €298,385.

The company recorded operating profits of €2.12m last year and interest payments of €145,042 reduced profits to a pre-tax profits of €1.98m.

The firm’s post tax profit was €1.69m 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 €3.74m, while shareholder funds totalled €4.32m.

Reporting by Gordon Deegan