Tesla’s Irish profits double despite Covid lockdown

Turnover at the electric car company’s Irish operation rose 256% last year

Tesla Ireland  sold 780 new cars in 2020 – compared to 270 the previous year – despite Covid lockdown restrictions introduced in March.  Photograph: Bloomberg

Tesla Ireland sold 780 new cars in 2020 – compared to 270 the previous year – despite Covid lockdown restrictions introduced in March. Photograph: Bloomberg

 

Turnover at Tesla’s Irish operation jumped 256 per cent last year as its profit doubled.

Accounts for Tesla Motors Ireland Ltd show turnover of €40.2 million for the year ended December 31st, 2020, and an operating profit of €694,096, up from €316,151 in 2019.

The electric car company sold 780 new cars in 2020 – compared to 270 the previous year – despite Covid lockdown restrictions introduced in March.

At the end of the year Tesla Ireland held deposits of €863,089 from customers awaiting delivery of new cars.

The sales surge has continued into 2021, with 591 new cars registered up to the close of business on July 13th, up 32 per cent on the same period last year.

Its Model 3 family car is by far the best-seller in its range in Ireland, accounting for 586 sales, while just four Model S and one Model X have been registered so far this year.

In terms of electric car sales, Volkswagen is the biggest selling car brand this year with 1,796 registrations, but Tesla holds second place. The Model 3 is the third best-selling electric car on the Irish market, after VW’s ID.4 and ID.3.

Tesla has 15 employees in Ireland, with total staff costs of €896,455. The company also participates in an equity incentive plan operated by the parent company. The accounts show a charge for the year of €155,457.

No directors were paid by the Irish arm of the company for the last two years. Instead they are remunerated by other group companies.

With sales transactions mostly carried out online, the company operates from a facility in Sandyford Industrial Estate, Dublin 18, and has no other physical sales outlets in the Republic.

Tesla Ireland is a subsidiary of Tesla International, based in the Netherlands, with the ultimate parent being Elon Musk’s US-listed company. All warranty charges are covered by the Dutch operation, so no provisions are provided in the financial statements of Tesla Ireland.