Tesla, the luxury car maker led by Elon Musk, has experienced a decline in sales in the UK. The Manchester-based division reported a revenue of £2.47bn for the year 2023, down from the previous year’s £2.83bn. The newly-filed accounts with Companies House also showed a decrease in profits from £42m to £32m.
The revenue generated through car sales fell from £2.49bn to £1.97bn, indicating a significant drop in sales. However, the revenue from energy generation and storage saw an increase from £167.3m to £336.3m. Despite the decline in sales and profits, Tesla remains confident about the future.
The company’s statement mentioned that they continued to invest in the business by opening new service centers and supercharger stations in 2023. The average number of employees at Tesla in the UK also increased from 1,042 to 1,329 during the year. The directors expressed confidence in the future of the company, emphasizing the importance of global success for their own success.
Elon Musk recently received shareholder approval for his controversial 2018 stock option compensation package, potentially worth up to $56bn (£44bn). The approval was granted at Tesla’s annual meeting held at its Texas gigafactory in June. Shareholders also agreed to re-incorporate Tesla in Texas, moving away from Delaware.
However, the final decision on Musk’s compensation package is still pending. A Delaware judge, Kathaleen McCormick, who had previously voided the package following a lawsuit by shareholder Richard Tornetta, will have the ultimate say. The lawsuit, filed in 2019, argued that Musk’s compensation was excessive and unfair, considering his involvement in multiple companies.
Despite the challenges faced by Tesla in the UK, the company’s commitment to innovation and expansion remains unwavering. The focus on developing new technologies and expanding their presence globally reflects Tesla’s long-term vision for sustainable growth and success in the electric vehicle market.