The latest yearly report shows that Ireland’s Tesla Motors Limited witnessed an impressive two-fold jump in its pre-tax profits to €1.9 million in 2023, marking an appreciable 101 per cent growth compared to the year before.
Detailed within their 2023 annual finances, the automobile company experienced a surge of over 250 per cent in the distribution of electric vehicles (EVs) in 2023 against the figures from 2022, creating a shift largely attributed to increased sales of Tesla’s Model Y. Following this growth, the company saw a remarkable profit escalation post-tax to €1.7 million – a rise of 105 per cent or €866,688 from the preceding year.
In terms of turnover, Tesla Ireland recorded a figure of €142 million in 2023, indicating a 104 per cent expansion in comparison to 2022. On this note, the firm’s directors did not propose any dividend for the year.
In the same vein, company tax on profits similarly saw an uptick to €289,595 in 2023, growing by €129,613 compared to the year before. Additionally, a grant scheme was instituted by the Government in 2021 to facilitate the purchasing of electric vehicles, enabling potential buyers to get a maximum grant of €3,500 when acquiring a personal car, as confirmed by the Sustainable Energy Authority Of Ireland (SEAI).
Statistical data from the Central Statistics Office (CSO) display an increase in the registration of new EVs between 2022 and 2023. While the demand for electric vehicles saw a short-lived drop in the final months of 2022, it picked up momentum towards the opening months of 2023, remaining consistent throughout the year. The quantity of EVs licensed in 2023 outdid the previous year’s count, despite a temporary dip towards the year-end. Nevertheless, a similar demand pattern from the beginning of the year continued into January 2024.
However, there’s a layer of concern as overall EV sales seem to be slowing down in the first six months of this year in comparison to the corresponding period of the preceding year.
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