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Tesla Records 75% Increase in Profit in Ireland

Pretax profit in Ireland of electric car marker Tesla jumped by 75 per cent last year to €985,786. New accounts filed by Tesla Motors Ireland Ltd show that revenues at the business surged by 60 per cent from €43.49 million to a record €69.73 million.

The directors said the company delivered more vehicles last year compared to 2021 due to increased sales of its Model 3 and the first sales of the Model Y. The Nasdaq-quoted electric car maker only opened its first Irish sales outlet and showroom in Sandyford in south county Dublin in April 2017.

The latest figures from the Society of the Irish Motor Industry (SIMI) show that 1,318 Tesla registrations were recorded here in 2022. This represents a 53 per cent increase for the brand on 2021. Sales so far this year are fractionally ahead of the same period in 2022 but the company’s market share has dipped slightly.

While Tesla increased its market share here in the new car market from 1.05 per cent in 2021 to 1.25 per cent last year, the latest Simi figures show market share of 1.17 per cent for the year to the end of March, with 678 vehicles sold in the last three months.

Globally in the three months to the end of March this year, Tesla delivered 422,875 cars – a 36 per cent increase from the previous year.

Recently, the automaker announced a series of price cuts for its cars in Europe and elsewhere as it tries to stimulate demand. The price for the Model 3 ranges from €42,990 to €53,890, down from a price range of €52,990 to €68,990 in June of last year,

Currently Tesla globally has a market capitalisation of $586.3 billion having seen its shares jump by 76 per cent since the start of the year to $185. However, that is still 54 per cent down on the $342 at which the group was trading this time last year.

According to the directors’ report for Tesla Motors Ireland, the firm had 50 charger points installed at nine supercharger sites at the end of last year. They concede that “the company’s own success remains dependent on the overall success of the vehicles at a global level.”

Numbers employed last year increased from 17 to 20 and staff costs rose from €911,119 to €1.28 million, a figure that included share-based payments of €170,950.

At the end of December last, accumulated profits in the Irish business stood at €2 million.

Source: The Irish Times

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