Tesla’s UK Sales Decline Amidst Consumer Boycott, Shares Rise Despite Setback

Tesla's UK operations faced a significant downturn, with revenues plummeting by £500 million over the past year. The EV giant reported a drop from £2.47 billion to £1.95 billion in 2024, alongside a decline in pre-tax profits from £32 million to £19.4 million. Car sales revenue fell to £1.6 billion, while energy generation and storage earnings nearly halved to £135.6 million.

Despite the slump, Tesla's UK arm distributed a £67 million dividend to its U.S. parent. The company attributed the downturn to 'product mix and incentive programs,' hinting at an aging lineup and aggressive discounting. 'We expect vehicle deliveries to grow in 2025 with new product introductions,' the board stated, projecting Optimism amidst the reputational storm.

The sales decline coincides with visible consumer backlash in the UK, including protests bearing slogans like 'Honk if You Hate Elon.' Meanwhile, Tesla's shares defied the operational headwinds, climbing higher during trading—a testament to the market's complex valuation of Musk's empire.