Tesla’s Irish revenues speed ahead to €142m as new electric car sales jump 45pc

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

The directors state that the company’s deliveries increased over 250pc 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 45.4pc to 22,789.

Simi statistics show that 3,371 Tesla registrations were recorded here in 2023.

This compares to 1,318 Tesla registrations recorded here in 2022 – an increase of 156pc.

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

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

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

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 the number in operation here to two.

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 107pc from €64.84m to €133.68m.

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

The company recorded operating profits of €2.12m last year but interest payments of €145,042 reduced this to €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. Shareholder funds totalled €4.32m.

Yesterday, Tesla shares jumped after the company posted second-quarter vehicle production and deliveries numbers that beat analyst expectations.

In the second quarter, the total deliveries amounted to 443,956 vehicles while total production amounted to 410,831 vehicles.

The total number of deliveries in the second quarter fell 4.8pc from 466,140 a year earlier, but rose 14.8pc from the first quarter.