Tesla’s New Zealand revenue crashed in 2024 – and this year is worse, so far

On a first-quarter conference call, Tesla chief executive Elon Musk promised to spend more time on his car company and less in Washington DC. Photo / Getty Images

Tesla New Zealand’s revenue crashed to $149.5 million in 2024 from $373m in 2023.

Net profit fell to $457,000 from the prior year’s $2.9m. The electric vehicle firm paid $1.0m in tax, marginally up from 2023’s $953,000.

Tesla New Zealand is a 100%-owned subsidiary of the Netherlands-based Tesla International – the recipient of $123m in related-party payments – which is ultimately owned by the Texas-incorporated Tesla Inc.

2025 EV market picks up for most

Electric vehicle (EVs) sales fell across the board in New Zealand in 2024 with the elimination of the Clean Car Discount and the introduction of Road User Charges for EVs.

Overall New Zealand new vehicle registrations continued their downward drift last month; from 9223 in April last year to 8839 for the month just gone – a 3.9% drop.

But while the overall market is soft, EV sales have picked up sharply in New Zealand so far this year, in part because of keenly-priced Chinese brands, including the Geely-owned Polestar and BYD.

April sales figures released by the Motor Industry Association (MIA) show 494 battery electric vehicle new registrations for the month, compared with 279 for April 2024 and 2316 year-to-date compared with 1499 at this point last year.

Tesla lags

The comeback is relative. EV sales were still just under half the number recorded in the Clean Car Discount-fuelled April 2023.

And Tesla, which held the number one and number three sales slots around this time last year, has just one model in April’s top five:

Top-selling EVs in New Zealand, April 2025

1. Polestar 2: 78
2. BYD Dolphin: 36
3. Tesla Model Y: 34
4. BYD Atto 3: 32
5. Kia EV5: 25

Source / MIA

Tesla has sold 179 of its mainstay Model Y cars in New Zealand so far this year compared with 292 at this point in 2024 (a year that in itself saw the 60% revenue slump outlined above).

Musk pulls back

The firm has faced global protests and seen vandal attacks – including in Auckland – in the wake of Musk donating more than US$250m ($418m) to Donald Trump’s presidential campaign then spearheading the returning President’s Doge cost-cutting drive.

Another factor was some customers waiting for the refreshed 2025 version of the Model Y. First deliveries had been expected in April. Tesla ANZ has been approached for comment. The automaker is still offering run-out Model Ys at a $10,000 discount on its New Zealand website in a promotion that began in January.

The BYD Shark 6 PHEV,

On Tesla‘s first-quarter conference call on April 22, after his firm reported a 71% fall in net profit to US$409m (after booking US$595m from other automakers who pay Tesla for carbon credits to offset their sale of conventional vehicles), Musk said he would spend less time on Doge and more at Tesla from the end of May.

Tesla shares rallied after Musk announced his pending pullback from Trump and were recently trading at US$280.26. The stock hit an all-time high of US$479.86 in December as the new President prepared to take power.

Recently, a rift has opened up between Musk and Trump over tariffs. Musk, whose firm imports batteries from BYD in China, among other offshore-manufactured parts, opposes the measure.

Shark chomps, Cybertruck absent

Tesla had a Cybertruck on tour here earlier this year, but has yet to say when the electric ute will be available for New Zealand customers.

Meanwhile, BYD’s plug-in hybrid dual-cab ute, the Shark 6, continues to be a runaway hit for the Chinese firm, with 119 sales in April 658 year to date – making it one of New Zealand’s top-selling light commercial vehicles (the year-to-date chart-toppers are the Toyota Hilux on 2528 and the Ford Ranger on 2460).

Tesla builds at Westgate

Tesla, which closed its showroom and service centreon central Auckland’s Karangahape Rd in May last year, will soon open a new facility at Westgate in the city’s northwest, which will be called “Tesla North”.

In July 2023, Telsa opened a large showroom, service centre and spare parts facility in Māngere, dubbed “Tesla South”, near Auckland Airport.

Tesla New Zealand’s rent expenses increased to $2.1m in 2024 from $826,000 in 2023.

Tesla has been asked for comment.

Chris Keall is an Auckland-based member of the Herald’s business team. He joined the Herald in 2018 and is the technology editor and a senior business writer.