Tesla NZ’s profit drops 65.5%
Tesla New Zealand’s profit tumbled by 65.5 per cent last year after coming in at $2.8 million, down from $8.1m in the previous corresponding period.
The company’s annual accounts for the year to December 2023 also show its revenue fell 25 per cent over the same timeframe, from $499.5m to $373.7m. Revenue covers car sales, energy generation and storage, and services.
The decline accompanies its sales falling from 7,007 units in 2022 to 4,900 the following year.
Total expenses for the electric vehicle (EV) maker’s New Zealand operation were $21.5m last year, compared with $13m in 2022 – a drop of 65.4 per cent.
A major contributor was the amount paid in employee benefit expenses increasing from $7.9m to $13.5m, although its rent costs fell over the same period from $2.3m to $825,606.
Tesla NZ, which filed its accounts with the Companies Office, also lists $3.1m in deferred revenue for when its cars can run on autopilot.
It notes the revenue from its EVs having autopilot capabilities will be a percentage of the completed software relative to its functionalities once it has achieved the full advertised capabilities No date was given for when this will happen.
