Tesla's Irish sales increase but profits dip due to higher costs

business
Tesla's Irish Sales Increase But Profits Dip Due To Higher Costs Tesla's Irish Sales Increase But Profits Dip Due To Higher Costs
Increased sales of the Tesla Model 3 here led to a further rise in revenues at the Irish arm of Elon Musk’s electric car firm. Photo: Getty Images
Share this article

Gordon Deegan 

Increased sales of the Tesla Model 3 here led to a further rise in revenues at the Irish arm of Elon Musk’s electric car firm to €43.49 million last year.

New accounts for Tesla Motors Ireland Ltd show higher costs contributed to an eight per cent decrease in pre-tax profits to €564,759 in the 12 months to the end of December last.

The company continued on its upward trajectory here last year as revenues increased by €3 million or eight per cent from €40.18 million to €43.49 million.

The Nasdaq-quoted electric carmaker opened its first Irish sales outlet and showroom in Sandyford in south Co Dublin in April 2017.

The latest figures from the Society of the Irish Motor Industry (SIMI) show that 863 new Teslas were registered for the first time here in 2021. This represents a 10.6 per cent increase on the previous year.

Advertisement

Against the background of soaring petrol and diesel prices, Tesla is enjoying its best ever year in Ireland in 2022 with 675 Teslas registered here for the first five months - 78 per cent of the 2021 registration total.

Tesla has increased its market share here in the new car market from than tenfold from a low base 0.1 per cent share in 2018 to 1.07 per cent for the first five months of this year.

Currently, Tesla globally has a market capitalisation of $744 billion.

According to the directors’ report for Tesla Motors Ireland, the company delivered more vehicles in 2021 compared to 2020 mainly due to increased sales of the Model 3.

The price for the Model 3 ranges from €61,091 to €76,467.

The directors state that at the end of last year, it had 36 charge points at its six supercharger sites in Ireland.

The firm's cost of sales last year increased by more than 9 per cent from €36.99 million to €40.46 million.

Numbers employed last year increased from 15 to 17 and staff costs rose from €896,455 to €911,119. The firm's post tax profit was €461,901 after paying corporation tax of €102,858.

Read More

Want us to email you top stories each lunch time?

Download our Apps
© BreakingNews.ie 2022, developed by Square1 and powered by PublisherPlus.com