UK sales at Tesla, the luxury car maker run by Elon Musk, have reversed from their previous record high, it has been revealed.
The Manchester-headquartered division has reported a revenue of £2.47bn for 2023, down from the £2.83bn it achieved in 2022.
Newly-filed accounts with Companies House also decreased from £42m to £32m over the 12 months.
The amount Tesla generated through the sale of its cars fell from £2.49bn to £1.97bn.
Its revenue from energy generation and storage, however, rose from £167.3m to £336.3m.
During the year, the average number of people employed by Tesla in the UK surged from 1,042 to 1,329.
Tesla ‘remains confident’ despite sales and profits slip
A statement signed off by the board said: “The company continued on from last year’s record sales, with a solid number of cars sold, albeit less than the record number of sales last year.
“We continue to invest in the business, opening new service centres and supercharger stations in 2023.
“Our own success remains dependent on the overall success of the vehicles at a global level.
“We continue to invest and recruit and the directors remain confident of the future.”
The results come after Elon Musk won shareholder approval over his controversial 2018 stock option compensation package, potentially worth up to $56bn (£44bn), at Tesla’s annual meeting held at its Texas gigafactory in June.
Shareholders also greenlit Tesla’s decision to re-incorporate in Texas, moving away from Delaware, where Musk’s pay package had previously been rescinded.
Despite the approval, the payout is not guaranteed. Delaware judge Kathaleen McCormick, who voided the package earlier this year following a lawsuit by shareholder Richard Tornetta, still has the final say.
The lawsuit, filed in 2019, argued that Musk’s compensation was excessive and unfair, especially given his divided attention across multiple companies.