Tesla Motors Ireland Ltd reported an 18% drop in revenues last year, marking its first sales reversal since entering the Irish market in 2017. The decline comes against a broader slump in electric vehicle (EV) demand across the country and growing controversy surrounding CEO Elon Musk’s political activities.
Newly filed accounts show revenues fell from €142.05 million in 2023 to €115.2 million in 2024, a decline of €26.8 million. Pre-tax profits also dropped by 25%, sliding from €1.98 million to €1.48 million. Operating profits fell 19% to €1.72 million. After tax charges of €216,570, Tesla Ireland recorded a post-tax profit of €1.26 million.
The downturn coincided with a turbulent year for Musk, whose political action committee reportedly spent $200 million supporting Donald Trump’s successful bid for re-election in 2024. The outspoken billionaire’s endorsement sparked criticism internationally, with industry observers suggesting reputational fallout may have dented consumer confidence in some markets.
The slump also reflects wider headwinds for EV adoption in Ireland. Figures from the Society of the Irish Motor Industry (SIMI) show that overall EV sales fell 24% in 2024 compared to the previous year. Tesla’s own unit sales dropped 13%, from 3,371 vehicles in 2023 to 2,926 last year.
The reversal contrasts sharply with Tesla Ireland’s 2023 performance, when sales soared 104% to a record €142.05 million. By comparison, 2024 marked a cooling-off period, driven largely by weaker demand for the Model Y, according to company directors.
Despite the setback, Tesla continued to invest in its Irish operations. Staff numbers rose from 38 to 59, lifting payroll costs from €2.4 million to €4.17 million. This included a €168,001 restructuring charge and €449,093 in share-based payments. The company also reported non-cash depreciation costs of €912,146.
Tesla Ireland ended 2024 with two service centres and 60 charge points across nine supercharger sites. Directors acknowledged that the subsidiary’s performance remains closely tied to Tesla’s global trajectory, where the company maintains a market capitalisation of over $1 trillion.
Looking ahead, industry trends appear mixed. SIMI data indicates EV sales in Ireland rebounded by 36% in 2025 to date. However, Tesla’s own sales have continued to slip, down 10% year-on-year through August. Rival manufacturers are gaining ground, with Chinese automaker BYD reporting a 76% increase in sales in Ireland this year.
Tesla’s directors said the company remains “fully dependent on the overall success of the vehicles at a global level.” But with mounting competition and shifting consumer sentiment, 2024 may mark the start of a more challenging chapter for the automaker in Ireland.
