The €26.83m decline in revenues at Tesla Motors Ireland Ltd also coincided with an international backlash against the Tesla chief executive Elon Musk over his support of Donald Trump during the 2024 US presidential campaign. The billionaire’s super political action committee (PAC) spent about $200m to help re-elect Trump.
New accounts for Tesla Motors Ireland Ltd show that pre-tax profits declined by 25pc from €1.98m to €1.48m.
Overall there was a 24pc reduction in the sale of EV sales here in 2024 compared to 2023.
The sales drop at Tesla Ireland is the first reversal since the company began operations here, and contrasts with sales increasing by 104pc from €69.73m to a record €142.05m in 2023.
The Nasdaq-quoted electric car maker opened its first Irish sales outlet and showroom in Sandyford in south Co Dublin in April 2017.
Figures provided by the Society of the Irish Motor Industry (SIMI) show that unit sales of Tesla cars last year decreased by 13pc from 3,371 to 2,926.
Sales of EV cars have rebounded in Ireland in 2025, with SIMI recording an increase of 36pc. But the slump in Tesla sales has continued, and these were down 10pc year-on-year to the end of August.
In contrast, sales of the Chinese BYD models have increased here by 76pc this year to date.
In a note in the Tesla Ireland accounts, the directors say that “the company’s deliveries decreased over 11pc in 2024 compared to 2023, predominantly due to a decrease in sales of Model Y resulting in a decline in revenue”.
The directors state that as of December 31, 2024 the company had two service centres in Ireland and 60 charge points in nine supercharger sites. They note that “the company’s own success remains dependent on overall success of the vehicles at a global level”.
Currently, Tesla globally has a market capitalisation of $1.03trn.
Operating profits at the Irish unit last year decreased by 19pc from €2.12m to €1.72m and interest costs of €242,899 resulted in a pre-tax profit of €1.48m.
The company recorded a post-tax profit of €1.26m after incurring a corporation tax charge of €216,570.
The firm’s cost of sales last year decreased by 21pc from €133.68m to €104.77m.
Numbers employed last year increased from 38 to 59, as staff costs rose from €2.4m to €4.17m which included a restructuring charge of €168,001 and share based payments of €449,093.
The profit last year takes account of non-cash depreciation costs of €912,146.
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