Increased sales of the Tesla Model 3 here led to a further rise in revenues at the Irish arm of Elon Musk's electric car firm to €43.49m last year.

That is according to new accounts for Tesla Motors Ireland Ltd which show that higher costs contributed to an 8% decrease in pre-tax profits to €564,759 in the 12 months to the end of December last.

The company continued on its upward trajectory here last year as revenues increased by €3m or 8% from €40.18m to €43.49m.

The NASDAQ quoted electric car maker only opened its first Irish sales outlet and showroom in Sandyford in south Co Dublin in April 2017.

The latest figures from the Society of the Irish Motor Industry (SIMI) show that 863 Tesla registrations were recorded here in 2021.

This represents a 10.6% increase on the 780 Teslas registered here in 2020.

Against the background of soaring petrol and diesel prices, Tesla is enjoying its best ever year in Ireland in 2022 with 675 registered here for the first five months - 78% of the 2021 registration total.

Tesla has increased its market share here in the new car market from than 10 fold from a low base 0.1% share in 2018 to 1.07% for the first five months of this year.

Currently, TESLA globally has a market capitalisation of $744 billion.

According to the directors' report for Tesla Motors Ireland, the company delivered more vehicles in 2021 compared to 2020 mainly due to increased sales of the Model 3.

The price for the Model 3 ranges from €52,990 to €68,990.

The directors state that at the end of last year, it had 36 charge points in six supercharger sites in Ireland.

The firm's cost of sales last year increased by more than 9% from €36.99m to €40.46m.

Numbers employed last year increased from 15 to 17 and staff costs rose from €896,455 to €911,119. The firm's post tax profit was €461,901 after paying corporation tax of €102,858.

The profit last year takes account of non-cash depreciation costs of €384,677.

Globally in the three months to the end of March last, Tesla enjoyed another record quarter with revenues of $18.8 billion.