Q1 2024 Update1

Highlights

03

Financial Summary

04

Operational Summary

06

Vehicle Capacity

07

Core Technology

08

Other Highlights

09

Outlook

10

Photos & Charts

11

Key Metrics

22

Financial Statements

24

Additional Information

30

HIGHLIGHTSSUMMARY

Profitability

We experienced numerous challenges in Q1, from the Red Sea conflict and thearson attack at Gigafactory Berlin, to the gradual ramp of the updated Model 3 inFremont. Excluding Cybertruck and unscheduled downtime, our COGS4 per unit
declined sequentially, driven primarily by lower raw material costs.

$1.2B GAAP operating income in Q1$1.1B GAAP net income in Q1$1.5B non-GAAP net income1 in Q1

CashOperating cash flow of $0.2B in Q1
Free cash flow2 of negative $2.5B in Q1 (AI infrastructure capex
was $1.0B in Q1)$2.2B decrease in our cash and investments3 in Q1 to $26.9B

Global EV sales continue to be under pressure as many carmakers prioritize hybrids
over EVs. While positive for our regulatory credits business, we prefer the industry
to continue pushing EV adoption, which is in-line with our mission. To support our
growth, we have been increasing awareness and expanding vehicle financing
programs, including attractive leasing terms for our customers.
While many are pulling back on their investments, we are investing in future growth– including our AI infrastructure, production capacity, our Supercharger and service
networks and new products infrastructure – with $2.8B of capital expenditures in
Q1.
We recently undertook a cost-cutting exercise to increase operational efficiency.
We also remain committed to company-wide cost reduction, including reducing
COGS per vehicle. Ultimately, we are focused on profitable growth, including byleveraging existing factories and production lines to introduce new and more
affordable products.

Operations

Increased AI training compute by more than 130% in Q1
Record energy storage deployment of 4.1 GWh in Q1
Produced over 1,000 Cybertrucks in a single week in April

The future is not only electric, but also autonomous. We believe scaled autonomy is
only possible with data from millions of vehicles and an immense AI training cluster.
We have, and continue to expand, both. To make FSD (Supervised) 5 moreaccessible, we reduced the price of subscription to $99/month and the purchaseprice to $8,000 in the US.

(1) Excludes SBC (stock-based compensation), net of tax; (2) Free cash flow = operating cash flow less capex; (3) Includes cash, cash equivalents and investments; (4) Calculated by dividing Cost of Automotive Sales

Revenue by respective quarter’s new deliveries (ex-operating leases); (5)Active driver supervision required; does not make the vehicle autonomous.

FINANCIAL SUMMARY(Unaudited)($ in millions, except percentages and per share data)
Total automotive revenues

Q2-2023

Q3-2023

Q4-2023

Q1-2024

YoY

19,963

21,268

19,625

21,563

17,378-13%

Energy generation and storage revenue

1,529

1,509

1,559

1,438

1,635

7%

Services and other revenue

1,837

2,150

2,166

2,166

2,288

25%

Total revenues

23,32924,92723,35025,167

21,301-9%

Total gross profit

4,511

4,533

4,178

4,438

3,696

-18%

Total GAAP gross margin

19.3%

18.2%

17.9%

17.6%

17.4%

-199 bp

Operating expenses

1,847

2,134

2,414

2,374

2,525

37%

Income from operations

2,664

2,399

1,764

2,064

1,171

-56%

Operating margin

11.4%

9.6%

7.6%

8.2%

5.5%

-592 bp

Adjusted EBITDA

4,267

4,653

3,758

3,953

3,384

-21%

Adjusted EBITDA margin

18.3%

18.7%

16.1%

15.7%

15.9%

-240 bp

Net income attributable to common stockholders (GAAP)

2,513

2,703

1,853

7,928

1,129

-55%

Net income attributable to common stockholders (non-GAAP)

2,931

3,148

2,318

2,485

1,536

-48%

EPS attributable to common stockholders, diluted (GAAP)

0.73

0.78

0.53

2.27

0.34

-53%

EPS attributable to common stockholders, diluted (non-GAAP)

0.85

0.91

0.66

0.71

0.45

-47%

Net cash provided by operating activities

2,513

3,065

3,308

4,370

242

-90%

(2,072)(2,060)(2,460)(2,306)(2,773)

34%

441

1,005

848

2,064

(2,531)-674%

22,402

23,07526,07729,094

26,86320%

Capital expenditures
Free cash flow
Cash, cash equivalents and investments

4

Q1-2023

FINANCIAL SUMMARY

Revenue

Total revenue declined 9% YoY in Q1 to $21.3B. YoY, revenue was impacted by the following items:- reduced vehicle average selling price (ASP) YoY (excl. FX impact), including unfavorable impact of mix- decline in vehicle deliveries, partially due to the Model 3 update in the Fremont factory and Giga Berlin production
disruptions- negative FX impact of $0.2B1+ growth in other parts of the business+ higher FSD revenue recognition YoY due to release of Autopark feature in North America

Profitability

Our operating income decreased YoY to $1.2B in Q1, resulting in a 5.5% operating margin. YoY, operating income wasprimarily impacted by the following items:- reduced vehicle ASP due to pricing and mix- increase in operating expenses partly driven by AI, cell advancements and other R&D projects- cost of Cybertruck production ramp
- decline in vehicle deliveries, partially due to the Model 3 update in the Fremont factory and Giga Berlin production
disruptions+ lower cost per vehicle, including lower raw material costs, freight and duties+ gross profit growth in Energy Generation and Storage including IRA credit benefit+ higher FSD revenue recognition YoY due to release of Autopark feature in North America

Cash

5

Quarter-end cash, cash equivalents and investments in Q1 was $26.9B. The sequential decrease of $2.2B was a result ofnegative free cash flow of $2.5B, driven by an inventory increase of $2.7B and AI infrastructure capex of $1.0B in Q1.

(1) Impact is calculated on a constant currency basis. Actuals are compared against current results converted into USD using average exchange rates from Q1’23.

OPERATIONAL SUMMARY(Unaudited)

Q1-2023

Q3-2023

Q4-2023

Q1-2024

YoY

Model 3/Y production

421,371

460,211416,800

476,777

412,376-2%

Other models production

19,437

19,48913,68818,212

20,9958%

440,808

479,700

430,488494,989

433,371-2%

Model 3/Y deliveries

412,180

446,915

419,074

461,538

369,783-10%

Other models deliveries

10,695

19,225

15,98522,96917,027

59%422,875

466,140

435,059484,507386,810-9%of which subject to operating lease accounting

22,357

21,883

17,423

10,563

8,365

-63%

Total end of quarter operating lease vehicle count

153,988

168,058

176,231

176,564

173,131

12%

15

16

16

15

28

87%

Storage deployed (MWh)

3,889

3,653

3,980

3,202

4,053

4%

Tesla locations

1,000

1,068

1,129

1,208

1,258

26%

Mobile service fleet

1,692

1,769

1,846

1,909

1,897

12%

Supercharger stations

4,947

5,265

5,595

5,952

6,249

26%

Supercharger connectors

45,16948,082

51,10554,892

57,57927%

Total production

Total deliveries

Global vehicle inventory (days of supply)(1)6

Q2-2023(1)Days of supply is calculated by dividing new vehicle ending inventory by the relevant quarter’s deliveries and using 75 trading days (aligned with Automotive News definition).

VEHICLE CAPACITY

Current Installed Annual Vehicle Capacity
A sequential decline in volumes was partially caused by the early phase of the
production ramp of the updated Model 3 at our Fremont factory and factory
shutdowns at Gigafactory Berlin resulting from shipping diversions caused by the
Red Sea conflict and from an arson attack.

RegionModel

Capacity

StatusCalifornia

Model S / Model X

100,000

Production

Model 3 / Model Y>550,000

Production

Shanghai

Model 3 / Model Y>950,000

Production

US: California, Nevada and Texas

BerlinModel Y>375,000

Production

Model 3 production in Fremont was down sequentially as we changed the
production line to the updated model. Sequentially, Model Y production at
Gigafactory Texas increased to an all-time high, while COGS per unit improved toan all-time low. The Cybertruck ramp continued successfully at Gigafactory Texas,with a sequential cost improvement in Q1. We produced over 1,000 Cybertrucks in asingle week in April.

Texas

Model Y

>250,000

Production

Cybertruck>125,000

Production

NevadaTesla Semi-

Pilot production

Various

Next Gen Platform-

In development

TBD

Roadster-

In development

China: Shanghai

Installed capacity ≠ current production rate and there may be limitations discovered as production rates
approach capacity. Production rates depend on a variety of factors, including equipment uptime,component supply, downtime related to factory upgrades, regulatory considerations and other factors.

Production at Gigafactory Shanghai was down sequentially due to seasonality andplanned shutdowns around Chinese New Year in Q1. Demand typically improves
throughout the year. As we enter new markets, such as Chile, many of them will be
supplied from Gigafactory Shanghai.

US/Canada

Europe

China

4%
3%
2%

7

Europe: Berlin-Brandenburg

1%Model Y production in Berlin was down sequentially due to impacts from the Red
Sea conflict and the arson attack that impacted the factory. Despite idle capacity
charges and other costs from production disruptions, COGS per unit continued to
decline sequentially.

0%Market share of Tesla vehicles by region (TTM)
Source: Tesla estimates based on latest available data from ACEA; Autonews.com; CAAM – lightduty vehicles only; TTM = Trailing twelve months

CORE TECHNOLOGY

Artificial Intelligence Software and Hardware
We have been investing in the hardware and software ecosystems necessary toachieve vehicle autonomy and a ride-hailing service. We believe a scalable andprofitable autonomy business can be realized through a vision-only architecturewith end-to-end neural networks, trained on billions of miles of real-world data.
Since the launch of FSD (Supervised) V12 earlier this year, it has become clear that
this architecture long pursued by Tesla is the right solution for scalable autonomy.
To further improve our end-to-end training capability, we will continue to increase
our core AI infrastructure capacity in the coming months. In Q1, we completed thetransition to Hardware 4.0, our latest in-vehicle computer with increased inference
processing power and improved cameras.

Vehicle and Other Software

1.4

FSD V12 Miles

1.2
1.0
0.8
0.6
0.4
0.2
0.0

Cumulative miles driven with FSD Beta (billions; as of Apr-21-24)
40,000We rolled out FSD (Supervised) with a 30-day free trial to eligible cars in U.S. andCanada. FSD (Supervised) can change lanes, select forks to follow routes, navigate
around vehicles and objects and make turns. We released Autopark to existingeligible FSD (Supervised) and Enhanced Autopilot customers. We are currently
working on ride-hailing functionality that will be available in the future. We believe
the Tesla software experience is best-in-class across all our products, and plan toseamlessly layer ride-hailing into the Tesla App.

35,00030,00025,00020,00015,00010,0005,000

Battery, Powertrain & Manufacturing4680 ramp continued successfully in Q1 and continues to stay ahead of the
Cybertruck ramp. Costs continued to come down sequentially as scrap, yield andproduction rate improved.
8

FSD Miles

0Tesla AI Training Capacity (H100 Equivalent GPUs)OTHER HIGHLIGHTS

Our non-automotive business is becoming an increasingly profitable part of Tesla.
As Megapack continues to ramp and as our fleet continues to grow, we are
expecting consistent profit growth of our non-automotive business.

600
500
400
300

Energy Generation and Storage

200
100

Energy storage deployments increased sequentially in Q1 to a record 4.1 GWh.
Energy Generation and Storage revenue and gross profit also achieved an all-timehigh in Q1. Revenues were up 7% YoY and gross profit was up 140% YoY, driven byincreased Megapack deployments, partially offset by a decrease in solar
deployments. Energy Generation and Storage remains our highest margin business.
Our second general assembly line is now commissioned, and we continue to ramp
our 40 GWh Megafactory in Lathrop, CA toward full capacity.

Services and Other
Services and Other revenue grew 25% YoY in Q1, while gross profit was down 40%
YoY. The biggest driver of gross profit reduction YoY was lower used vehicle profit,
partially offset by growth in gross profit from part sales.
Starting at the end of February, we began opening our North American
Supercharger Network to more non-Tesla EV owners. We will continue to onboard
OEMs who have committed to NACS over the coming quarters, while also opening
more sites to other EVs in regions outside North America, both of which should
drive incremental revenue and profit generation.

0
-100
-200

Non-Automotive gross profit ($M)
4

3

2

1

0

Energy Storage deployments (GWh)9OUTLOOK

VolumeOur company is currently between two major growth waves: the first one began with the global expansion of the Model3/Y platform and we believe the next one will be initiated by advances in autonomy and introduction of new products,
including those built on our next generation vehicle platform. In 2024, our vehicle volume growth rate may be notably
lower than the growth rate achieved in 2023, as our teams work on the launch of the next generation vehicle and otherproducts. In 2024, the growth rates of energy storage deployments and revenue in our Energy Generation and Storage
business should outpace the Automotive business.

Cash

We have sufficient liquidity to fund our product roadmap, long-term capacity expansion plans and other expenses.
Furthermore, we will manage the business such that we maintain a strong balance sheet during this uncertain period.

ProfitWhile we continue to execute on innovations to reduce the cost of manufacturing and operations, over time, we expect
our hardware-related profits to be accompanied by an acceleration of AI, software and fleet-based profits.

Product

We have updated our future vehicle line-up to accelerate the launch of new models ahead of our previously
communicated start of production in the second half of 2025.
These new vehicles, including more affordable models, will utilize aspects of the next generation platform as well as
aspects of our current platforms, and will be able to be produced on the same manufacturing lines as our current vehicle
line-up.
This update may result in achieving less cost reduction than previously expected but enables us to prudently grow ourvehicle volumes in a more capex efficient manner during uncertain times. This would help us fully utilize our current
expected maximum capacity of close to three million vehicles, enabling more than 50% growth over 2023 production
before investing in new manufacturing lines.
Our purpose-built robotaxi product will continue to pursue a revolutionary “unboxed” manufacturing strategy.

10PHOTOS & CHARTSELECTRIC VEHICLE ADOPTION RATE REMAINS UNDER PRESSURE, ESPECIALLY OUTSIDE OF CHINA

Global BEV market share* (12-months trailing)
12%

10%

8%

China

6%

4%

World ex-China
2%

0%

12

*Source: ev-volumes.com and https://www.renaultgroup.com/en/finance-2/key-figures/monthly-sales/

THE TESLA ECOSYSTEM - MORE THAN JUST VEHICLES

13

MODEL 3 - LEASE STARTING AT $299/MO IN THE U.S. ($160/MO AFTER PROBABLE GAS SAVINGS)

14

CYBERTRUCK - FINAL ASSEMBLY LINE

15

SUPERCHARGER NETWORK - OPENING UP IN NORTH AMERICA

16

PREVIEW OF RIDE–HAILING IN THE TESLA APP

17

Demonstrative only. Actual look and features subject to change.

DOJO TRAINING CLUSTER (NOT A RENDER)

18

MEGAPACK - PLUS POWER’S KAPOLEI ENERGY STORAGE FACILITY

19

TESLA SEMI - START OF CONSTRUCTION NEAR GIGAFACTORY NEVADA

20

COST GRIND - SQUEEZING EVERY PENNY OUT OF THE VEHICLE COST

21

22

Vehicle Deliveries(millions of units)
Operating Cash Flow ($B)
Free Cash Flow ($B)

1

-3
0

Net Income ($B)
Adjusted EBITDA ($B)

1Q-2024-2

4Q-2023-1

3Q-2023

0

2Q-2023

1

1Q-2023

2

4Q-20223

3Q-20224

2Q-20227

1Q-20225

4Q-20218

3Q-2021

6

2Q-2021

1Q-2024

4Q-2023

3Q-2023

2Q-2023

1Q-2023

4Q-20220.0
3Q-20220.1

2Q-20220.2

1Q-20220.3

4Q-2021

0.4

3Q-2021

0.5

2Q-2021

1Q-2024

4Q-2023

3Q-2023

2Q-2023

1Q-2023

4Q-2022

3Q-2022

2Q-2022

1Q-2022

4Q-2021

3Q-2021

2Q-2021KEY METRICS QUARTERLY(Unaudited)

6
5

4
3
2

2Q-2021

23

2.0
20
20

1.8
18
18

1.6
16
16

1.4
14
14

1.2
12
12

1.0
10
10

0.8
8
8

0.6
6
6

0.4
4
4

0.2
2
2

0.0
0
0

Vehicle Deliveries(millions of units)
Operating Cash Flow ($B)
Free Cash Flow ($B)
Net Income ($B)
Adjusted EBITDA ($B)

1Q-2024

4Q-2023

3Q-2023

2Q-2023

1Q-2023

4Q-2022

3Q-2022

2Q-2022

1Q-2022

4Q-2021

3Q-2021

2Q-2021

1Q-2024

4Q-2023

3Q-2023

2Q-2023

1Q-2023

4Q-2022

3Q-2022

2Q-2022

1Q-2022

4Q-2021

3Q-2021

2Q-2021

1Q-2024

4Q-2023

3Q-2023

2Q-2023

1Q-2023

4Q-2022

3Q-2022

2Q-2022

1Q-2022

4Q-2021

3Q-2021KEY METRICS TRAILING 12 MONTHS (TTM)(Unaudited)FINANCIAL

STATEMENTSSTATEMENT OF OPERATIONS(Unaudited)
In millions of USD or shares as applicable, except per share data
REVENUES
Automotive sales
Automotive regulatory credits
Automotive leasing
Total automotive revenues
Energy generation and storage
Services and otherTotal revenues
COST OF REVENUES
Automotive sales
Automotive leasing
Total automotive cost of revenues
Energy generation and storage
Services and otherTotal cost of revenues
Gross profit
OPERATING EXPENSES
Research and development
Selling, general and administrative
Total operating expenses
INCOME FROM OPERATIONSInterest income
Interest expense

Q3-2023

Q4-2023

Q1-2024

18,878521
564
19,963
1,529
1,837
23,32920,419282
567
21,2681,509
2,150
24,927

18,582554
489
19,625
1,559
2,166
23,35020,630433
500
21,563
1,438
2,166
25,167

16,460442
476
17,3781,635
2,288
21,301

15,422333
15,7551,361
1,702
18,818
4,511

16,841
338
17,1791,231
1,984
20,394
4,533

15,656301
15,957
1,178
2,037
19,172
4,178

17,202296
17,498
1,124
2,107
20,7294,438

13,897269
14,166
1,232
2,207
17,605
3,696

771
1,076
1,847
2,664
213

943
1,191
2,134
2,399
238

1,161
1,253
2,414
1,764
282

1,094
1,280
2,374
2,064
333

1,151
1,374
2,525
1,171
350

(28)

(38)

(61)

(76)

328

37

(145)

108

2,937
323
2,614
(89)
2,703

2,045
167
1,878
25
1,853

2,191
(5,752)
7,943
15
7,928

1,553
409
1,144
15
1,129

(48)
2,800
261
2,539
26
2,513

INCOME BEFORE INCOME TAXES
Provision for (benefit from) income taxes
NET INCOME
Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS25

Q2-2023(29)

Other (expense) income, net

Net income per share of common stock attributable to common stockholders
Basic
DilutedWeighted average shares used in computing net income per share of common stock
Basic
Diluted

Q1-2023

$
$

0.80
0.73
3,166
3,468

$
$

0.85
0.78
3,171
3,478

$
$

0.58
0.53
3,176
3,493

$
$

2.49
2.27
3,181
3,492

$
$

0.37
0.34
3,186
3,484

BALANCE SHEET(Unaudited)
In millions of USD
ASSETS
Current assets
Cash, cash equivalents and investments
Accounts receivable, net
Inventory
Prepaid expenses and other current assets
Total current assets
Operating lease vehicles, net
Solar energy systems, net
Property, plant and equipment, net
Operating lease right-of-use assets
Digital assets, net
Goodwill and intangible assets, net
Deferred tax assets
Other non-current assets
Total assets
LIABILITIES AND EQUITYCurrent liabilities
Accounts payable
Accrued liabilities and other
Deferred revenue
Current portion of debt and finance leases (1)Total current liabilities
Debt and finance leases, net of current portion (1)Deferred revenue, net of current portion
Other long-term liabilities
Total liabilities
Redeemable noncontrolling interests in subsidiaries
Total stockholders' equity
Noncontrolling interests in subsidiaries
Total liabilities and equity

31-Mar-23

30-Jun-23

30-Sep-23

31-Dec-23

31-Mar-24

22,402
2,993
14,3753,227
42,997
5,473
5,427
24,969
2,800
184
399
399
4,185
86,83323,0753,447
14,3562,997
43,8755,935
5,365
26,389
3,352
184
465
537
4,489
90,591

26,0772,520
13,721
2,708
45,026
6,119
5,293
27,744
3,637
184
441
648
4,849
93,941

29,094
3,508
13,626
3,388
49,616
5,989
5,229
29,725
4,180
184
431
6,733
4,531
106,618

26,863
3,887
16,033
3,752
50,5355,736
5,162
31,436
4,367
184
421
6,769
4,616
109,226

15,904
8,378
1,750
1,404
27,436
1,272
2,911
5,979
37,598407
48,054774
86,833

15,273
8,684
2,176
1,459
27,592
872
3,021
6,924
38,409288
51,130764
90,591

13,937
8,530
2,206
1,967
26,640
2,426
3,059
7,321
39,446277
53,466752
93,941

14,431
9,080
2,864
2,373
28,748
2,857
3,251
8,153
43,009242
62,634733
106,618

14,725
9,243
3,024
2,461
29,453
2,899
3,214
8,480
44,04673
64,378729
109,226

1,708

1,475

3,660

4,613

4,820

Recourse debt
Total debt excluding vehicle and energy product financing

44
44

44
44

44
44

44
44

54
54

Days sales outstanding
Days payable outstanding

11
75

12
70

12
70

11
63

16
75

(1) Breakdown of our debt is as follows:
Vehicle and energy product financing (non-recourse)

26

STATEMENT OF CASH FLOWS(Unaudited)27

In millions of USD
CASH FLOWS FROM OPERATING ACTIVITIESNet income
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and impairment
Stock-based compensation
Deferred income taxes
Other
Changes in operating assets and liabilities
Net cash provided by operating activities
CASH FLOWS FROM INVESTING ACTIVITIESCapital expenditures
Purchases of solar energy systems, net of sales
Purchases of investments
Proceeds from maturities of investments
Proceeds from sales of investments
Business combinations, net of cash acquired
Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIESNet cash flows from other debt activities
Net (repayments) borrowings under vehicle and energy product financing
Net cash flows from noncontrolling interests – Solar
Other
Net cash (used in) provided by financing activities

Q1-2023

Q2-2023

Q3-2023

Q4-2023

Q1-2024

2,539

2,614

1,878

7,943

1,144

1,046
418
(55)
40
(1,475)
2,513

1,154
445
(148)
(47)
(953)
3,065

1,235
465
(113)
145
(302)
3,308

1,232
484
(6,033)
262
482
4,370

1,246
524
(11)
—
(2,661)242(2,072)(1)(2,015)
1,604——(2,484)(2,060)(0)(5,075)
3,539
138
(76)
(3,534)(2,460)
1(6,131)3,816—
12(4,762)(2,306)(1)(5,891)
3,394——(4,804)(2,773)(4)(6,622)
4,315——(5,084)

(127)
(294)
(43)
231
(233)

(124)
(233)
(34)
63
(328)

(140)
2,194
(45)
254
2,263

(141)
952
(76)
152
887

(140)
216
(131)
251
196

Effect of exchange rate changes on cash and cash equivalents and restricted cash
Net (decrease) increase in cash and cash equivalents and restricted cash
Cash and cash equivalents and restricted cash at beginning of period
Cash and cash equivalents and restricted cash at end of period

50
(154)
16,924
16,770(94)(891)
16,77015,879(98)711
15,87916,590146
599
16,59017,189(79)(4,725)
17,18912,464

RECONCILIATION OF GAAP TO NON–GAAP FINANCIAL INFORMATION(Unaudited)
In millions of USD or shares as applicable, except per share data

Q1-2023

Q2-2023

Q3-2023

Q4-2023

Q1-2024

2,513

2,703

1,853

7,928

1,129

418

445

465

484

407

—

—

—

(5,927)

—

2,931

3,148

2,318

2,485

1,536

(5)

—

2

1

(42)

Net income used in computing diluted EPS attributable to common stockholders (non-GAAP)

2,936

3,148

2,316

2,484

1,578

EPS attributable to common stockholders, diluted (GAAP)

0.73

0.78

0.53

2.27

0.34

Stock-based compensation expense per share, net of tax

0.12

0.13

0.13

0.14

0.11

Release of valuation allowance on deferred tax assets per share

—

—

—

(1.70)—EPS attributable to common stockholders, diluted (non-GAAP)

0.85

0.91

0.66

0.71

0.45

Shares used in EPS calculation, diluted (GAAP and non-GAAP)

3,468

3,478

3,493

3,492

3,484

Net income attributable to common stockholders (GAAP)

2,513

2,703

1,853

7,928

1,129

Interest expense

29

28

38

61

76

Provision for (benefit from) income taxes

261

323

167

(5,752)409

Depreciation, amortization and impairment

1,046

1,154

1,235

1,232

1,246

418

445

465

484

524

Adjusted EBITDA (non-GAAP)

4,267

4,653

3,758

3,953

3,384

Total revenues

23,32924,92723,35025,167

21,301

Adjusted EBITDA margin (non-GAAP)

18.3%

18.7%

16.1%

15.7%

15.9%

Net income attributable to common stockholders (GAAP)
Stock-based compensation expense, net of tax
Release of valuation allowance on deferred tax assets
Net income attributable to common stockholders (non-GAAP)
Less: Buy-out of noncontrolling interest

Stock-based compensation expense

28

RECONCILIATION OF GAAP TO NON–GAAP FINANCIAL INFORMATION(Unaudited)
In millions of USD

3Q-2020 4Q-2020 1Q-2021 2Q-2021 3Q-2021 4Q-2021 1Q-2022 2Q-2022 3Q-2022 4Q-2022 1Q-2023 2Q-2023 3Q-2023 4Q-2023 1Q-2024

Net cash provided by operating activities (GAAP)

2,400

3,019

1,641

2,124

3,147

4,585

3,995

2,351

5,100

3,278

2,513

3,065

3,308

4,370

242

Capital expenditures(1,005)(1,151)(1,348)(1,505)(1,819)(1,810)(1,767)(1,730)(1,803)(1,858)(2,072)(2,060)(2,460)(2,306)(2,773)

1,395

1,868

293

619

1,328

2,775

2,228

621

3,297

1,420

441

1,005

848

2,064

(2,531)

Free cash flow (non-GAAP)
In millions of USD

3Q-2020 4Q-2020 1Q-2021 2Q-2021 3Q-2021 4Q-2021 1Q-2022 2Q-2022 3Q-2022 4Q-2022 1Q-2023 2Q-2023 3Q-2023 4Q-2023 1Q-2024

Net income attributable to common stockholders (GAAP)

331

270

438

1,142

1,618

2,321

3,318

2,259

3,292

3,687

2,513

2,703

1,853

7,928

1,129

Interest expense

163

246

99

75

126

71

61

44

53

33

29

28

38

61

76

Provision for (benefit from) income taxes

186

83

69

115

223

292

346

205

305

276

261

323

167

(5,752)409

Depreciation, amortization and impairment

584

618

621

681

761

848

880

922

956

989

1,046

1,154

1,235

1,232

1,246

Stock-based compensation expense

543

633

614

474

475

558

418

361

362

419

418

445

465

484

524

1,807

1,850

1,841

2,487

3,203

4,090

5,023

3,791

4,968

5,404

4,267

4,653

3,758

3,953

3,384

Adjusted EBITDA (non-GAAP)

In millions of USD
Net cash provided by operating activities – TTM (GAAP)
Capital expenditures – TTM
Free cash flow – TTM (non-GAAP)
In millions of USD
Net income attributable to common stockholders – TTM (GAAP)

2Q-2021 3Q-2021 4Q-2021 1Q-2022 2Q-2022 3Q-2022 4Q-2022 1Q-2023 2Q-2023 3Q-2023 4Q-2023 1Q-2024
9,184

9,931

11,497

13,851

14,07816,031

14,724

13,242

13,956

12,164

13,256

10,985(5,009)(5,823)(6,482)(6,901)(7,126)(7,110)(7,158)(7,463)(7,793)(8,450)(8,898)(9,599)

4,175

4,108

5,015

6,950

6,952

8,921

7,566

5,779

6,163

3,714

4,358

1,386

2Q-2021 3Q-2021 4Q-2021 1Q-2022 2Q-2022 3Q-2022 4Q-2022 1Q-2023 2Q-2023 3Q-2023 4Q-2023 1Q-2024
2,181

3,468

5,519

8,399

9,516

11,19012,556

11,751

12,195

10,75614,997

13,613

Interest expense – TTM

583

546

371

333

302

229

191

159

143

128

156

203

Provision for (benefit from) income taxes – TTM

453

490

699

976

1,066

1,148

1,132

1,047

1,165

1,027

(5,001)(4,853)

Depreciation, amortization and impairment – TTM

2,504

2,681

2,911

3,170

3,411

3,606

3,747

3,913

4,145

4,424

4,667

4,867

Stock-based compensation expense – TTM

2,264

2,196

2,121

1,925

1,812

1,699

1,560

1,560

1,644

1,747

1,812

1,918

Adjusted EBITDA – TTM (non-GAAP)

7,985

9,381

11,62114,803

16,107

17,872

19,186

18,43019,292

18,082

16,631

15,74829 TTM = Trailing twelve months

ADDITIONAL INFORMATIONWEBCAST INFORMATION
Tesla will provide a live webcast of its first quarter 2024 financial results conference call beginning at 4:30 p.m. CT on April 23, 2024 at ir.tesla.com. This webcast will also be available for replay for approximately one year
thereafter.
CERTAIN TERMS
When used in this update, certain terms have the following meanings. Our vehicle deliveries include only vehicles that have been transferred to end customers with all paperwork correctly completed. Our energy productdeployment volume includes both customer units installed and equipment sales; we report installations at time of commissioning for storage projects or inspection for solar projects, and equipment sales at time of delivery.
"Adjusted EBITDA" is equal to (i) net income (loss) attributable to common stockholders before (ii)(a) interest expense, (b) provision for income taxes, (c) depreciation, amortization and impairment and (d) stock-based
compensation expense. "Free cash flow" is operating cash flow less capital expenditures. Average cost per vehicle is cost of automotive sales divided by new vehicle deliveries (excluding operating leases). “Days sales
outstanding” is equal to (i) average accounts receivable, net for the period divided by (ii) total revenues and multiplied by (iii) the number of days in the period. “Days payable outstanding” is equal to (i) average accounts
payable for the period divided by (ii) total cost of revenues and multiplied by (iii) the number of days in the period. “Days of supply” is calculated by dividing new car ending inventory by the relevant quarter’s deliveries andusing 75 trading days. Constant currency impacts are calculated by comparing actuals against current results converted into USD using average exchange rates from the prior period.
NON-GAAP FINANCIAL INFORMATION
Consolidated financial information has been presented in accordance with GAAP as well as on a non-GAAP basis to supplement our consolidated financial results. Our non-GAAP financial measures include non-GAAP net income(loss) attributable to common stockholders, non-GAAP net income (loss) attributable to common stockholders on a diluted per share basis (calculated using weighted average shares for GAAP diluted net income (loss)
attributable to common stockholders), Adjusted EBITDA, Adjusted EBITDA margin and free cash flow. These non-GAAP financial measures also facilitate management’s internal comparisons to Tesla’s historical performance aswell as comparisons to the operating results of other companies. Management believes that it is useful to supplement its GAAP financial statements with this non-GAAP information because management uses such informationinternally for its operating, budgeting and financial planning purposes. Management also believes that presentation of the non-GAAP financial measures provides useful information to our investors regarding our financial
condition and results of operations, so that investors can see through the eyes of Tesla management regarding important financial metrics that Tesla uses to run the business and allowing investors to better understand Tesla’s
performance. Non-GAAP information is not prepared under a comprehensive set of accounting rules and therefore, should only be read in conjunction with financial information reported under U.S. GAAP when understanding
Tesla’s operating performance. A reconciliation between GAAP and non-GAAP financial information is provided above.
FORWARD-LOOKING STATEMENTS
Certain statements in this update, including statements in the “Outlook” section; statements relating to the future development, strategy, ramp, production and capacity, demand and market growth, cost, pricing and profitability,
investment, deliveries, deployment, availability and other features and improvements and timing of existing and future Tesla products; statements regarding operating margin, operating profits, spending and liquidity; andstatements regarding expansion, improvements and/or ramp and related timing at our factories are “forward-looking statements” that are subject to risks and uncertainties. These forward-looking statements are based on
management’s current expectations, and as a result of certain risks and uncertainties, actual results may differ materially from those projected. The following important factors, without limitation, could cause actual results todiffer materially from those in the forward-looking statements: the risk of delays in launching and manufacturing our products and features cost-effectively; our ability to grow our sales, delivery, installation, servicing andcharging capabilities and effectively manage this growth; consumers’ demand for electric vehicles generally and our vehicles specifically; the ability of suppliers to deliver components according to schedules, prices, quality andvolumes acceptable to us, and our ability to manage such components effectively; any issues with lithium-ion cells or other components manufactured at our factories; our ability to ramp our factories in accordance with ourplans; our ability to procure supply of battery cells, including through our own manufacturing; risks relating to international expansion; any failures by Tesla products to perform as expected or if product recalls occur; the risk of
product liability claims; competition in the automotive and energy product markets; our ability to maintain public credibility and confidence in our long-term business prospects; our ability to manage risks relating to our various
product financing programs; the status of government and economic incentives for electric vehicles and energy products; our ability to attract, hire and retain key employees and qualified personnel; our ability to maintain the
security of our information and production and product systems; our compliance with various regulations and laws applicable to our operations and products, which may evolve from time to time; risks relating to ourindebtedness and financing strategies; and adverse foreign exchange movements. More information on potential factors that could affect our financial results is included from time to time in our Securities and Exchange
Commission filings and reports, including the risks identified under the section captioned “Risk Factors” in our annual report on Form 10-K filed with the SEC on January 26, 2024. Tesla disclaims any obligation to update
information contained in these forward-looking statements whether as a result of new information, future events or otherwise.

30