Tesla NZ’s profits crash

Tesla New Zealand’s net profit tumbled by 83.7 per cent last year after coming in at $457,000, down from $2.8m in the previous corresponding period.

The company’s annual accounts for the year to December 2024 also show its revenue fell 60 per cent over the same timeframe, from $373.7m to $149.5m. 

Revenue covers car sales, regulatory credits, energy generation and storage, and services.

For automotive sales alone, Tesla New Zealand’s revenue contracted by 68.7 per cent from $342.1m to $107.2m.

As for its other revenue streams, regulatory credits rose from $1.1m to $10.1m for a climb of 818.2 per cent and energy generation and services grew 14.3 per cent from $16.8m to $19.2m. 

Services revenue totalled $13m, a slip of 5.1 per cent year-on-year from $13.7m.

Total expenses for the EV maker’s New Zealand operation were $17.4m last year, compared with $21.5 in 2023 – a drop of 19.1 per cent.

The biggest contributor to that figure was the $12.4m paid in employee benefit expenses, although this was down 8.1 per cent from $13.5m in the prior year.

Meanwhile, the company’s rent costs jumped 154.4 per cent from $825,606 to $2.1m.

Tesla NZ, which filed its accounts with the Companies Office on May 5, is a subsidiary of the Nasdaq-listed carmaker.

The latest financial slump comes after its profits fell by 65.5 per cent in the year to the end of 2023, from $8.1m to $2.8m.