Tesla reports 75% increase in profits at its Irish business operations.

Tesla reports 75% increase in profits at its Irish business operations.

Tesla Motors Ireland operations reported a pre-tax profit of €985,786, which is a 75% increase from the previous year. Additionally, revenues rose from €43.49 million to €69.73 million, representing a 60% growth.

The directors reported that the company shipped more vehicles in 2022 as compared to 2021 due to increased sales of their Model 3 and the initial sales of their Model Y.

The Society of the Irish Motor Industry (SIMI) latest figures show that Tesla registrations have increased by a whopping 53% in 2022, amounting to 1,318 units. Overall sales so far this year have even surpassed the same period in 2022.

Tesla opened their first Irish showroom in Sandyford, South Co Dublin back in April 2017.

In the first quarter of 2023, Tesla shipped 422,875 vehicles around the world - a 36% increase compared to 2022.

Last Friday, Tesla revealed significant price reductions for its vehicles in Europe and other global regions in the hope of increasing sales. The Model 3 prices now range from €42,990 to €53,890; down from its previous pricing range of €52,990 to €68,990 as of June 2022.

Tesla's global market capitalization is currently at $586.3 billion, with the share prices surging by 76% to $185 since 2023 began. Despite this impressive increase, the shares have still decreased by 54% from its value of $342 a year ago.

The directors of Tesla Motors Ireland reported that there were 50 charging points installed across nine supercharger sites. They acknowledged that the company's prosperity is tied to the success of its vehicles in the global market.

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

Image by lobpreis from Pixabay