Q2 2024 Update1

2Highlights

03

Financial Summary

04

Operational Summary

06

Vehicle Capacity

07

Core Technology

08

Other Highlights

09

Outlook

10

Photos & Charts

11

Key Metrics

20

Financial Statements

22

Additional Information

28

HIGHLIGHTS

Profitability

SUMMARY$1.6B GAAP operating income in Q2 after restructuring and other charges
of $0.6B$1.5B GAAP net income in Q2$1.8B non-GAAP net income1 in Q2

CashOperating cash flow of $3.6B in Q2
Free cash flow2 of $1.3B in Q2 (AI infrastructure capex was $0.6B in Q2)$3.9B increase in our cash and investments3 in Q2 to $30.7B

Operations

Record energy storage deployment of 9.4 GWh in Q2
Optimus began performing tasks autonomously in one of our facilities
Cybertruck became the best-selling EV pickup in the U.S. in Q2

3

In Q2, we achieved record quarterly revenues despite a difficult operating environment. The
Energy Storage business continues to grow rapidly, setting a record in Q2 with 9.4 GWh of
deployments, resulting in record revenues and gross profits for the overall segment. We also
saw a sequential rebound in vehicle deliveries in Q2 as overall consumer sentiment improved
and we launched attractive financing options to offset the impact of sustained high interest
rates. We recognized record regulatory credit revenues in Q2 as other OEMs are still behind on
meeting emissions requirements.
Global EV penetration returned to growth in Q2 and is taking share from ICE vehicles. We
believe that a pure EV is the optimal vehicle design and will ultimately win over consumers as
the myths on range, charging and service are debunked.
Progress continued for our AI initiatives in Q2. We reduced the price of FSD (Supervised)4 in
North America and launched free trials to everyone with the necessary hardware. These
programs have demonstrated success and are laying the foundation for more meaningful FSD
monetization. We expect to see an increase in FSD attach rates for our fleet as the capability
improves and we increase awareness of the convenience and safety it offers users.
Overall, our focus remains on company-wide cost reduction, including reducing COGS per
vehicle, growing our traditional hardware business and accelerating development of our AIenabled products and services. Though timing of Robotaxi deployment depends ontechnological advancement and regulatory approval, we are working vigorously on thisopportunity given the outsized potential value. Concurrently, we are managing our productportfolio with a long-term orientation and focusing on growing sales, maximizing our installedbase and generating sufficient cash flow to invest in future growth.

(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)Active driver supervision required; does not make the vehicle autonomous.

FINANCIAL SUMMARY(Unaudited)($ in millions, except percentages and per share data)
Total automotive revenues
Energy generation and storage revenue
Services and other revenue

Q2-2023
21,2681,509
2,150

Q3-2023
19,625
1,559
2,166

Q4-2023
21,563
1,438
2,166

Q1-2024
17,3781,635
2,288

Q2-2024
19,8783,014
2,608

Total revenues
Total gross profit
Total GAAP gross margin

24,927
4,533
18.2%

23,3504,178
17.9%

25,167
4,438
17.6%

21,301
3,696
17.4%

25,500
4,578
18.0%

2%
1%
-23 bpOperating expenses
Income from operations
Operating margin

2,134
2,399
9.6%

2,414
1,764
7.6%

2,374
2,064
8.2%

2,525
1,171
5.5%

2,973
1,605
6.3%

39%
-33%
-333 bp

Adjusted EBITDA
Adjusted EBITDA margin

4,653
18.7%

3,758
16.1%

3,953
15.7%

3,384
15.9%

3,674
14.4%

-21%
-426 bp

Net income attributable to common stockholders (GAAP)Net income attributable to common stockholders (non-GAAP)

2,703
3,148

1,853
2,318

7,928
2,485

1,129
1,536

1,478
1,812

-45%
-42%

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

0.78
0.91

0.53
0.66

2.27
0.71

0.34
0.45

0.42
0.52

-46%
-43%

3,065
(2,060)1,005
23,0753,308(2,460)848
26,0774,370(2,306)
2,064
29,094242(2,773)(2,531)
26,863

3,612(2,270)1,342
30,720

18%
10%
34%
33%

Net cash provided by operating activities
Capital expenditures
Free cash flow
Cash, cash equivalents and investments

4

YoY
-7%
100%
21%

FINANCIAL SUMMARY

Revenue

Total revenue increased 2% YoY in Q2 to $25.5B. YoY, revenue was impacted by the following items:+ growth in the Energy Generation and Storage business+ Cybertruck deliveries+ higher regulatory credit revenue+ growth in Services and Other- reduced S3XY vehicle average selling price (ASP) (excl. FX impact), due to pricing, attractive financing options and mix- decline in S3XY vehicle deliveries- negative FX impact of $0.3B1

Profitability

Our operating income decreased YoY to $1.6B in Q2, resulting in a 6.3% operating margin. YoY, operating income was primarily impacted
by the following items:- reduced S3XY vehicle ASP as noted above- restructuring charges- increase in operating expenses largely driven by AI projects- decline in S3XY vehicle deliveries+ higher regulatory credit revenue+ growth in Energy Generation and Storage gross profit+ lower cost per vehicle, including lower raw material costs, freight and duties+ lower cost of production ramp of 4680 cells and other related charges

Cash5

Quarter-end cash, cash equivalents and investments in Q2 was $30.7B. The sequential increase of $3.9B was a result of positive free cash flowof $1.3B, driven by an inventory decrease of $1.8B and partially offset by AI infrastructure capex of $0.6B in Q2.

(1)Impact is calculated on a constant currency basis. Actuals are compared against current results converted into USD using average exchange rates from Q2’23.

OPERATIONAL SUMMARY(Unaudited)
Q2-2023

6

Q3-2023

Q4-2023

Q1-2024

Q2-2024

YoY

Model 3/Y production

460,211416,800

476,777

412,376

386,576-16%

Other models production

19,48913,68818,212

20,99524,25524%

Total production

479,700

430,488494,989

433,371

410,831-14%

Model 3/Y deliveries

446,915

419,074

461,538

369,783

422,405-5%

Other models deliveries

19,225

15,98522,96917,027

21,551

12%

Total deliveries

466,140

435,059484,507386,810

443,956of which subject to operating lease accounting

21,883

17,423

10,5638,365

10,227-5%-53%

Total end of quarter operating lease vehicle count

168,058

176,231

176,564

173,131

171,353

2%

Global vehicle inventory (days of supply)(1)

16

16

15

28

18

13%

Storage deployed (GWh)

3.7

4.0

3.2

4.1

9.4

158%

Tesla locations

1,068

1,129

1,208

1,258

1,286

20%

Mobile service fleet

1,769

1,846

1,909

1,897

1,896

7%

Supercharger stations

5,265

5,595

5,952

6,249

6,473

23%

Supercharger connectors

48,082

51,10554,892

57,57959,59624%(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
We continued to add to our vehicle lineup globally, including the introduction of new Model 3
and Model Y trims and additional paint options for the S3XY lineup. After a sequential decline inproduction in Q2, we expect a sequential increase in production in Q3.
US: California, Nevada and Texas
Refreshed Model 3 ramp continued successfully, including the introduction of Model 3
Performance in Q2 and Long Range Rear-Wheel Drive in July. We also continue to qualify more
Model 3 trims for the IRA1 Tax Credit. Cybertruck production more than tripled sequentially andremains on track to achieve profitability by end of year. Preparation of Semi factory continues
and is on track to begin production by end of 2025.
China: Shanghai
We significantly increased deliveries in several markets supplied by Gigafactory Shanghai in Q2,
including South Korea. While the automotive market in China remains among the mostcompetitive globally, we feel that our cost structure and focus on core functionality that drives
value for customers – including autonomy – position us well for the long-term.

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

BerlinModel Y>375,000

Production

Texas

Model Y

>250,000

Production

Cybertruck>125,000

Production

NevadaTesla Semi-

Pilot production

Various

Next Gen Platform-

In development

TBD

Roadster-

In development

Installed capacity ≠ current production rate and there may be limitations discovered as production rates approachcapacity. Production rates depend on a variety of factors, including equipment uptime, component supply,
downtime related to factory upgrades, regulatory considerations and other factors.
4%

US/Canada

Europe

China

3%
2%

Europe: Berlin-Brandenburg
In Q2, Gigafactory Berlin-Brandenburg began producing vehicles for right-hand drive markets
and delivered its first units to the U.K. We also began delivering vehicles to Qatar, while
increasing deliveries to Israel and Taiwan. Our regional production strategy provides flexibility asneeds change across markets.
7

1%
0%

Market share of Tesla vehicles by region (TTM)
Source: Tesla estimates based on latest available data from ACEA; Autonews.com; CAAM – light-duty vehicles
only; TTM = Trailing twelve months
1 IRA = Inflation Reduction Act

CORE TECHNOLOGY

Artificial Intelligence Software and Hardware
In Q2, we focused on reducing interventions with FSD (Supervised)1, while improving driving
comfort. Notably, we rolled out a version of FSD (Supervised) that primarily relies on eye
tracking software to monitor driver attentiveness. We also increased the robustness of our nextgen FSD (Supervised) model with substantially more parameters. Looking ahead to future
autonomous driving and robotaxi service, we continued progress on software and hardware
development. Optimus is performing its first task handling batteries in one of our facilities. The
south extension of Gigafactory Texas is nearing completion and will house our largest cluster ofH100s yet.

1.6
1.4

FSD Miles

1.2
1.0
0.8
0.6
0.4
0.2
0.0

Cumulative miles driven with FSD (Supervised) (billions)

Vehicle and Other Software
We continue to release software optimizations that enable an increasingly better experience forcustomers. The Spring Release included an immersive full-screen vehicle controls view whenparked, large playback controls and quick access to Recents, Favorites and Up Next in media
player, and an expandable Autopilot visualization, with a smaller map in the top right for trip
guidance. Audible is now available as a native app, and Spotify queues can be synced acrossvehicles and devices and playback speed can be adjusted.

FSD V12 Miles

90,00075,000Existing Capacity

Future Planned Capacity

60,00045,00030,00015,000Battery, Powertrain and Manufacturing

8

In Q2, we produced over 50% more 4680 cells than in Q1 and continued to see cost
improvements. In July, we entered validation of vehicle testing for our first prototype Cybertruck
produced with in-house dry cathode 4680 cells – a major cost reduction milestone once ramped.
Cost reduction across our product lineup remains a top priority.

0

Tesla AI training capacity ramp through end of year (H100 equivalent GPUs)(1)Active driver supervision required; does not make the vehicle autonomous.

OTHER HIGHLIGHTS

Our non-automotive business is becoming an increasingly profitable part of Tesla. As energy
storage products continue to ramp and our vehicle fleet continues to grow, we are
expecting continued profit growth of our non-automotive business over time.

1,000
800
600
400
200

Energy Generation and Storage
Both Megapack and Powerwall achieved record deployment in Q2, resulting in 9.4 GWh of total
storage deployments. Overall, the Energy business achieved record revenues and gross profit in
Q2. The Lathrop Megafactory continues to ramp successfully, achieving a production record in
Q2, and the Shanghai Megafactory remains on track for start of production in Q1 2025. While
we expect production to continue to grow sequentially, deployments will continue to fluctuate.
Deployment timing depends on many factors, including project milestones and logistics timing
as we deliver product globally from a single factory. Powerwall 3 rollout continued successfully,
and is now available in Canada, the U.K. and Germany, in addition to the U.S.

0
-200
-400
-600
-800
-1,000

Non-Automotive gross profit ($M)
1098Services and Other
Sequential profit growth for the Services and Other business was driven mostly by service center
margin improvement and higher gross profit generation from collision repair. We continue toexpand our Supercharging network – and expect to deploy more capacity this year than the restof the industry combined in North America – with a focus on capital efficiency, congestion andimproved coverage. In an effort to increase EV penetration, we remain committed to opening
the network to non-Tesla EVs, and plan to onboard more OEMs in North America by the end of
the year. Over time, network utilization should continue to increase, driving revenue growth andprofit generation.
9

7
6
5
4
3
2
1
0

Energy Storage deployments (GWh)OUTLOOK

VolumeOur company is currently between two major growth waves: the first one began with the global expansion of the Model 3/Y platform andwe 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 ourteams work on the launch of the next generation vehicle and other products. In 2024, the growth rates of energy storage deployments andrevenue 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 hardwarerelated profits to be accompanied by an acceleration of AI, software and fleet-based profits.

Product

Plans for new vehicles, including more affordable models, remain on track for start of production in the first half of 2025. These vehicles
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 approach will result in achieving less cost reduction than previously expected but enables us to prudently grow our vehicle volumes ina more capex efficient manner during uncertain times. This should 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 - RETURNED TO GROWTH IN Q2Global BEV market share* (12-months trailing)
12%

10%

China
8%

6%

4%

World ex-China
2%

0%

12

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

GIGAFACTORY TEXAS - SOUTH EXPANSION DATA CENTER

13

CORPUS CHRISTI LITHIUM REFINERY - START OF PRODUCTION IN 2025

14

CYBERTRUCK - COATINGS SHOP

15

M O D E L Y I N Q U I C K S I L V E R - 1 . 9 9 % A P R A V A I L A B L E F O R A L L M O D E L Y T R I M S I N T H E U S T H R O U G H A U G U S T 3 1 ST

16

LUNAR SILVER - NOW AVAILABLE FOR MODEL S AND MODEL X

17

MEGAPACK - PLUS POWER’S 1 GWH SIERRA ESTRELLA SITE

18

OPTIMUS - AUTONOMOUSLY HANDLING BATTERY CELLS

19

20

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

1

-3
0

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

2Q-2024-2

1Q-2024-1

4Q-2023

0

3Q-2023

1

2Q-2023

2

1Q-2023

3

4Q-20224

3Q-20227

2Q-20225

1Q-20228

4Q-2021

6

3Q-2021

2Q-2024

1Q-2024

4Q-2023

3Q-2023

2Q-2023

1Q-2023

0.0
4Q-20220.1

3Q-20220.2

2Q-20220.3

1Q-20220.4

4Q-2021

0.5

3Q-2021

2Q-2024

1Q-2024

4Q-2023

3Q-2023

2Q-2023

1Q-2023

4Q-2022

3Q-2022

2Q-2022

1Q-2022

4Q-2021

3Q-2021KEY METRICS QUARTERLY(Unaudited)

6

5

4

3

2

21

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

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

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

2Q-2024

14

1Q-2024

1.4

4Q-2023

16

3Q-2023

16

2Q-2023

1.6

1Q-202318

4Q-202218

3Q-2022

1.8

2Q-202220

1Q-202220

4Q-2021

2.0

3Q-2021

2Q-2024

1Q-2024

4Q-2023

3Q-2023

2Q-2023

1Q-2023

4Q-2022

3Q-2022

2Q-2022

1Q-2022

4Q-2021

3Q-2021

2Q-2024

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
Restructuring and otherTotal operating expenses
INCOME FROM OPERATIONSInterest income
Interest expense
Other income (expense), net
INCOME BEFORE INCOME TAXES
Provision for (benefit from) income taxes
NET INCOME
Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
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
Diluted23$$

Q2-2023

Q3-2023

Q4-2023

Q1-2024

Q2-2024

20,419282
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

18,530890
458
19,8783,014
2,608
25,50016,841
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

15,962245
16,2072,274
2,441
20,922
4,578

943
1,191
2,134
2,399
238
(28)
328
2,937
323
2,614
(89)
2,703

1,161
1,253
2,414
1,764
282
(38)
37
2,045
167
1,878
25
1,853

1,094
1,280
2,374
2,064
333
(61)
(145)
2,191
(5,752)
7,943
15
7,928

1,151
1,374
2,525
1,171
350
(76)
108
1,553
409
1,144
15
1,129

1,074
1,277
622
2,973
1,605
348
(86)
20
1,887
393
1,494
16
1,478

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

$
$

0.46
0.42
3,191
3,481

BALANCE SHEET(Unaudited)
30-Jun-23

30-Sep-23

31-Dec-23

31-Mar-24

30-Jun-24

23,0753,447
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

30,7203,737
14,195
4,325
52,9775,541
5,102
32,902
4,563
184
413
6,692
4,458
112,832

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

13,056
9,616
2,793
2,264
27,729
5,481
3,357
9,002
45,56972
66,468723
112,832

1,475

3,660

4,613

4,820

7,355

Recourse debt
Total debt excluding vehicle and energy product financing

44
44

44
44

44
44

54
54

7
7

Days sales outstanding
Days payable outstanding

12
70

12
70

11
63

16
75

14
60

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

24

STATEMENT OF CASH FLOWS(Unaudited)25

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

Q2-2023

Q3-2023

Q4-2023

Q1-2024

Q2-2024

2,614

1,878

7,943

1,144

1,494

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

1,278
439
144
119
138
3,612

(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)(2,270)(2)(8,143)6,990
200—(3,225)

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

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

(141)
952
(76)
152
887

(140)
216
(131)
251
196

2,598
(212)
(43)
197
2,540

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

(94)
(891)
16,77015,879(98)711
15,87916,590146
599
16,59017,189(79)(4,725)
17,18912,464(37)
2,890
12,464
15,354

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

26

Q2-2023

Q3-2023

Q4-2023

Q1-2024

Q2-2024

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

2,703
445
—
3,148
—
3,148

1,853
465
—
2,318
2
2,316

7,928
484
(5,927)
2,485
1
2,484

1,129
407
—
1,536
(42)
1,578

1,478
334
—
1,812
—
1,812

EPS attributable to common stockholders, diluted (GAAP)
Stock-based compensation expense per share, net of tax
Release of valuation allowance on deferred tax assets per share
EPS attributable to common stockholders, diluted (non-GAAP)
Shares used in EPS calculation, diluted (GAAP and non-GAAP)

0.78
0.13
—
0.91
3,478

0.53
0.13
—
0.66
3,493

2.27
0.14
(1.70)
0.71
3,492

0.34
0.11
—
0.45
3,484

0.42
0.10
—
0.52
3,481

Net income attributable to common stockholders (GAAP)Interest expense
Provision for (benefit from) income taxes
Depreciation, amortization and impairment
Stock-based compensation expense
Adjusted EBITDA (non-GAAP)
Total revenues
Adjusted EBITDA margin (non-GAAP)

2,703
28
323
1,154
445
4,653
24,927
18.7%

1,853
38
167
1,235
465
3,758
23,350
16.1%

7,928
61
(5,752)
1,232
484
3,953
25,167
15.7%

1,129
76
409
1,246
524
3,384
21,301
15.9%

1,478
86
393
1,278
439
3,674
25,500
14.4%

RECONCILIATION OF GAAP TO NON–GAAP FINANCIAL INFORMATION(Unaudited)
In millions of USD
Net cash provided by operating activities (GAAP)
Capital expenditures
Free cash flow (non-GAAP)

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 2Q-2024
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
3,612
(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)(2,270)
1,868
293
619
1,328
2,775
2,228
621
3,297
1,420
441
1,005
848
2,064
(2,531)
1,342

In millions of USD
Net income attributable to common stockholders (GAAP)Interest expense
Provision for (benefit from) income taxes
Depreciation, amortization and impairment
Stock-based compensation expense
Adjusted EBITDA (non-GAAP)

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 2Q-2024
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
1,478
246
99
75
126
71
61
44
53
33
29
28
38
61
76
86
83
69
115
223
292
346
205
305
276
261
323
167
(5,752)
409
393
618
621
681
761
848
880
922
956
989
1,046
1,154
1,235
1,232
1,246
1,278
633
614
474
475
558
418
361
362
419
418
445
465
484
524
439
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
3,674

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

3Q-2021 4Q-2021 1Q-2022 2Q-2022 3Q-2022 4Q-2022 1Q-2023 2Q-2023 3Q-2023 4Q-2023 1Q-2024 2Q-2024
9,931
11,497
13,851
14,07816,031
14,724
13,242
13,956
12,164
13,256
10,985
11,532(5,823)(6,482)(6,901)(7,126)(7,110)(7,158)(7,463)(7,793)(8,450)(8,898)(9,599)(9,809)
4,108
5,015
6,950
6,952
8,921
7,566
5,779
6,163
3,714
4,358
1,386
1,723

In millions of USD
Net income attributable to common stockholders – TTM (GAAP)Interest expense – TTM
Provision for (benefit from) income taxes – TTM
Depreciation, amortization and impairment – TTM
Stock-based compensation expense – TTM
Adjusted EBITDA – TTM (non-GAAP)

3Q-2021 4Q-2021 1Q-2022 2Q-2022 3Q-2022 4Q-2022 1Q-2023 2Q-2023 3Q-2023 4Q-2023 1Q-2024 2Q-2024
3,468
5,519
8,399
9,516
11,19012,556
11,751
12,195
10,75614,997
13,613
12,388
546
371
333
302
229
191
159
143
128
156
203
261
490
699
976
1,066
1,148
1,132
1,047
1,165
1,027
(5,001)(4,853)(4,783)
2,681
2,911
3,170
3,411
3,606
3,747
3,913
4,145
4,424
4,667
4,867
4,991
2,196
2,121
1,925
1,812
1,699
1,560
1,560
1,644
1,747
1,812
1,918
1,912
9,381
11,62114,803
16,107
17,872
19,186
18,43019,292
18,082
16,631
15,74814,76927 TTM = Trailing twelve months

ADDITIONAL INFORMATIONWEBCAST INFORMATION
Tesla will provide a live webcast of its second quarter 2024 financial results conference call beginning at 4:30 p.m. CT on July 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 product deployment volume includes
both customer units when installed 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 theperiod 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 and using 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 tocommon 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 as well 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 information internally 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 withfinancial 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 and services; statements regarding operating margin, operating profits, spending and liquidity; and statements 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 to differ materially from those in the forward-looking statements: the risk of delays inlaunching and manufacturing our products and features cost-effectively; our ability to grow our sales, delivery, installation, servicing and charging capabilities and effectively manage this growth; consumers’ demand for electric vehicles generally and ourvehicles specifically; the ability of suppliers to deliver components according to schedules, prices, quality and volumes 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 our plans; 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 tomaintain 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 our indebtedness andfinancing 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.

28