Tesla’s UK division reported a steep drop in revenue and profits for the 2024 financial year, as weaker car sales and a sharp decline in energy earnings weighed on results. Despite the slowdown, the company paid a dividend to its U.S. parent and is preparing to expand into Britain’s electricity market.
According to filings with Companies House, revenue at the Manchester-based unit fell to £1.94 billion in 2024 from £2.47 billion a year earlier. Pre-tax profit dropped to £19.4 million from £32 million. Sales volumes slightly exceeded last year’s levels, but the company said product mix and incentive programs hit revenue.
Automotive sales fell from £1.9 billion to £1.6 billion, while income from energy generation and storage slid to £135.6 million from £336.3 million. Even with the weaker performance, Tesla UK issued a £67 million dividend to its U.S. parent. The wider group also faced pressure, reporting net income of $2.3 billion (£1.83 billion), down more than 70%, though global sales edged up to $97.7 billion.
There are signs of resilience in Britain’s EV market. Data from the Society of Motor Manufacturers and Traders (SMMT) showed Tesla’s UK sales in August 2025 rose 7.63% year-on-year, supported by broader adoption of electric cars despite an overall market decline.
Looking ahead, Tesla has applied for a license to supply electricity to UK homes and businesses, paving the way for a new retail energy unit that may launch as early as next year. Separately, CEO Elon Musk attracted headlines after the company’s board proposed a potential $1 trillion (£820 billion) pay package tied to future growth targets.
Source: UK Government Company Information Service, City AM