Tesla NZ full-year profit slumps to $457k

Tesla’s New Zealand arm has seen a significant decline in revenue and profit for the year ended December 31, 2024, according to financial statements.

Revenue dropped to $149.5 million, down from $373.7 million in 2023. Net profit fell to $457,120, a drop from the $2.78m recorded the previous year.

The results were disclosed in Tesla New Zealand’s audited financial statements, filed with the Companies Office and were audited by PKF (NS) Audit & Assurance.The company is a wholly owned subsidiary of Tesla Inc. and is responsible for electric vehicle and energy product sales in the New Zealand market.

Tesla’s income tax expense for the year was just over $1m, compared with $952,638 in 2023.

Tesla’s New Zealand result comes as the company faces broader headwinds globally. The company’s net income dropped 71% in the first quarter of 2025 compared to a year earlier, with quarterly earnings falling to US$409m.

June may prove pivotal, with Tesla expected to launch its first fleet of robotaxis in Texas and ship more than 3000 new Model Y “Juniper” EVs from Shanghai to Australia and New Zealand.

The company reported a 9% drop in revenue to US$9.3 billion for the first three months of 2025, and a 13% fall in sales compared to the same quarter last year. Automotive revenue was down 20%, although this was partly offset by gains in Tesla’s energy business.

Tesla also reported US$595m in revenue from carbon credits purchased by other manufacturers to offset emissions from conventional vehicles.

In Q1 2025, Tesla produced more than 362,000 vehicles, delivered at least 336,000 (mostly Model 3 and Model Y), and deployed 10.4GWh of energy storage products.