Tesla UK revenue dropped £500 million in 2024 financial year as profits fell
According to the new filings with Company House, Tesla’s UK business reported a sharp drop in sales and profits for the 2024 financial year. The report showed revenue fell to £1.94 billion, from £2.47 billion in 2023, while pre-tax profit declined from £32 million to £19.4 million.
The Manchester-based division of the auto company noted that overall sales volumes slightly exceeded last year’s levels, but revenue was affected by product mix and incentive programs. Breaking down the figures, car sales fell from £1.9 billion to £1.6 billion, while earnings from energy generation and storage dropped from £336.3 million to £135.6 million.
Despite the weaker performance, Tesla UK issued a £67 million dividend to its US parent company during the year. The wider Tesla group also faced pressure, reporting a net income of $2.3 billion (£1.83 billion), down more than 70 percent. However, global sales still edged up from $96.8 billion to $97.7 billion.
There are signs of resilience in the UK market. Data insights from the Society of Motor Manufacturers and Traders (SMMT) showed Tesla’s UK sales in August 2025 rose 7.63 percent year-on-year, supported by a wider increase in electric vehicle adoption even as overall auto sales declined.
Looking ahead, Tesla’s board has outlined expectations for growth in 2025, depending on economic conditions and new product launches. The EV company also recently applied for a license to supply electricity to UK homes and businesses, which may result in a new retail energy business, tentatively referred to as ‘Tesla Electric,’ as soon as next year.
On a separate note, CEO Elon Musk drew headlines after Tesla’s board proposed a potential $1 trillion (£820 billion) pay package, the largest in corporate history, tied to future growth targets.
