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Q3 2019 UpdateHighlights 03 Financial Summary 04 Operational Summary 06 Vehicle Capacity 07 Core Technology 08 Other Highlights 09 Outlook 10 Photos 4.1% operating margin $143M GAAP net income; $342M non-GAAP net income ex-SBC 22.8% GAAP Automotive Gross Margin Operations S U M M A R Y H I G H L I G H T S F I N A N C I A L S U M M A R Y (Unaudited) 4 ($ in millions, except percentages and per share data) Q3-2018 Q4-2018 Q1-2019 Q2-2019 Q3-2019 QoQ YoY Automotive revenues 6,099 6,323 3,724 5,376 5,353 0% -12% of which regulatory credits 189 95 216 111 134 21% -29% Automotive gross profit 1,574 1,537 751 1,016 1,222 20% -22% Automotive gross margin 25.8% 24.3% 20.2% 18.9% 22.8% 393 bp -297 bp Total revenues 6,824 7,226 4,541 6,350 6,303 -1% -8% Total gross profit 1,524 1,443 566 921 1,191 29% -22% Total GAAP gross margin 22.3% 20.0% 12.5% 14.5% 18.9% 439 bp -344 bp Operating expenses 1,108 1,029 1,088 1,088 930 -15% -16% Income (loss) from operations 416 414 (522) (167) 261 256% -37% Operating margin 6.1% 5.7% -11.5% -2.6% 4.1% 677 bp -196 bp EBITDA 942 897 (28) 371 876 136% -7% EBITDA margin 13.8% 12.4% -0.6% 5.8% 13.9% 806 bp 9 bp Net income (loss) attributable to common stockholders (GAAP) 311 139 (702) (408) 143 135% -54% Net income (loss) attributable to common stockholders (non-GAAP) 516 344 (494) (198) 342 273% -34% EPS attributable to common stockholders, basic (GAAP) 1.82 0.81 (4.10) (2.31) 0.80 135% -56% EPS attributable to common stockholders, basic (non-GAAP) 3.02 2.00 (2.90) (1.12) 1.91 271% -37% Net cash provided by (used in) operating activities 1,391 1,235 (640) 864 756 -13% -46% Capital expenditures (510) (325) (280) (250) (385) 54% -25% Operating cash flow less capital expenditures 881 910 (920) 614 371 -40% -58% Cash and cash equivalents 2,968 3,686 2,198 4,955 5,338 8% 80% EPS = Earnings per share5 F I N A N C I A L S U M M A R Y Revenue Profitability Cash Compared to Q3 of 2018, the percentage of leased vehicles has tripled and alone has impacted revenue by the majority of the YoY decrease. Model 3 mix has increased while we have taken actions leading to the reduction of the ASP of our products. These ASP reductions are particularly impacted by the launch of the Standard Range trims of Model 3 and pricing actions earlier in the year. We are positioned to accelerate our growth further through Gigafactory Shanghai, Model Y and also through increasing build rates on our existing production lines. These capacity increases will allow for higher total vehicle deliveries and associated revenue. We also expect to gradually release nearly $500M of accumulated deferred revenue tied to Autopilot and Full Self Driving features. GAAP Automotive gross margin improved by 393bp QoQ to 22.8% (improved by 366bp QoQ excluding regulatory credits). Margin was impacted in part due to fundamental improvements in our operating efficiency, including higher fixed cost absorption, reductions in manufacturing and material costs and continued improvements in vehicle quality and in part due to Smart Summon-related deferred revenue recognition, FX and other non-recurring items. Improved gross profit combined with a decline in operating expenses resulted in material improvement of GAAP net income. Quarter end cash and cash equivalents increased to $5.3B, driven by positive free cash flow of $371M. Note that operating cash flows are negatively impacted by increased automotive leasing mix. Draws against our working capital facilities, including leases awaiting securitization, are included in financing cash flows. Capex increased sequentially due to investments in Gigafactory Shanghai and Model Y preparations in Fremont.In Q3, we were able to deliver nearly as many Model 3 vehicles as we were able to produce. Our Service network continued to expand in Q3. Reducing waiting times and improving service experience are our top priorities. We opened 11 new service centers in Q3 and added 68 Mobile Service vehicles to our fleet. Our finished vehicle inventory levels reached just 17 days of sales (1) at the end of Q3, the lowest level of the past 3.5 years and 4x lower than industry average. Since our stated inventory levels include vehicles in transit and store vehicles, the true number of sellable inventory is materially lower. 6 O P E R A T I O N A L S U M M A R Y (Unaudited) Q3-2018 Q4-2018 Q1-2019 Q2-2019 Q3-2019 QoQ YoY Model S/X production 26,903 25,161 14,163 14,517 16,318 12% -39% Model 3 production 53,239 61,394 62,975 72,531 79,837 10% 50% Model S/X deliveries 27,710 27,607 12,091 17,722 17,483 -1% -37% of which subject to lease accounting 2,560 3,639 1,363 1,820 2,588 42% 1% Model 3 deliveries 56,065 63,359 50,928 77,634 79,703 3% 42% of which subject to lease accounting 4,322 6,498 50% Global inventory (days of sales) (1) 31 19 30 18 17 -6% -45% Solar deployed (MW) 93 73 47 29 43 48% -54% Storage deployed (MWh) 240 225 229 415 477 15% 99% Residential solar cash & loan (%) 76% 75% 73% 70% 69% -100 bp -700 bp Store and Service locations 351 378 377 402 413 3% 18% Mobile service fleet 373 411 550 651 719 10% 93% Supercharger stations 1,352 1,421 1,490 1,587 1,653 4% 22% Supercharger connectors 11,128 12,002 12,767 13,881 14,658 6% 32% Destination charging connectors 20,652 21,541 22,399 23,160 23,906 3% 16% 1 The industry reference for days of sales is calculated by dividing new car inventory by the trailing four quarters of deliveries and using 261 working days (source: Automotive News).0 100,000 200,000 300,000 400,000 500,000 600,000 US/Canada Europe China RoW Global mid-sized premium sedan sales 2018 7 V E H I C L E C A P A C I T Y Fremont Model Y equipment installation is underway in advance of the planned launch next year. We are moving faster than initially planned, using learnings and efficiencies gained from our Gigafactory Shanghai factory design. Capex per unit of capacity is forecasted to be about 50% lower than our current Model 3 production system in the United States. Shanghai We are already producing full vehicles on a trial basis, from body, to paint and to general assembly, at Gigafactory Shanghai. We have cleared initial milestones toward our manufacturing license and are working towards finalizing the license and meeting other governmental requirements before we begin ramping production and delivery of vehicles from Shanghai. China is by far the largest market for mid-sized premium sedans. With Model 3 priced on par with gasoline powered mid-sized sedans (even before gas savings and other benefits), we believe China could become the biggest market for Model 3. Europe We are in the final stages of our site selection process. Our European Gigafactory is expected to produce both Model 3 and Model Y. Installed Annual Capacity Current Status Fremont Model S/X 90,000 Production Model 3 350,000 Production Model Y - Construction Shanghai Model 3 150,000 Pre-production Model Y - In development Europe Model 3 - In development Model Y - In development United States Tesla Semi - In development Roadster - In development Pickup truck - In development Source: IHS data & Tesla estimates 0 50 100 150 200 250 300 350 400 8 C O R E T E C H N O L O G Y Autopilot & Full Self Driving In September, we launched Smart Summon in the US which has been used more than one million times to date. This functionality allows car owners to summon their cars from up to 200 feet in a parking lot or driveway. Our neural network learning approach enables us to continue to iterate and improve functionality over time. During Q3, we registered one accident for every 4.34 million miles driven in which drivers had Autopilot engaged. This compares to the national average of one accident for every 0.5 million miles based on NHTSAs most recent US data. Vehicle Software In September, we released our latest and most significant vehicle software update yet, called V10. This update introduced streaming video (i.e., YouTube, Netflix, Hulu, video tutorials), Spotify, Caraoke (i.e., in-car karaoke), additional games, improved search and other functionalities. This version of our infotainment system continues to lead the industry and lays an important foundation for things to come. Powertrain In addition to launching longer-range versions of the Model S and Model X in April, we have been able to increase the EPA range of the Model 3 Standard Range Plus from 240 miles to 250 miles. We accomplished these improvements by more efficient energy use rather than a costly increase to the battery size. Our current shortest-range vehicle is on parity with the longest-range production EVs offered by other companies. Long-range models of each Model S, X and 3 continue to have 20-40% higher range than any other EV available. V10 software update with Smart Summon EPA range in miles * EPA and Tesla estimates based on WLTP9 O T H E R H I G H L I G H T S Energy Energy storage deployment reached an all-time high of 477 MWh in Q3. Additionally, we have recently introduced Tesla Megapack a 3 MWh battery pack, pre- assembled at the Gigafactory as a single unit. Such packaging allows for faster deployment and lower overall installation cost. First deliveries are planned to begin in Q4 2019. We also launched a commercial solar configurator for small and medium enterprises, with standardized and transparent pricing. Solar deployments have started to grow sequentially once again. In Q3, we deployed 43 MW of solar, 48% more than in the prior quarter. Tesla Insurance In August, we launched Tesla Insurance for California customers, enabling many customers to reduce insurance costs by up to 20-30%. This total cost of ownership approach is an important step to make our cars more affordable. Since launching this product, we have seen strong interest from our new and existing customers in California and are working to expand insurance into additional markets. Megapack - 3 MWh battery10 O U T L O O K Vehicle Deliveries Trial production of Model 3 in Shanghai has begun, ahead of schedule. We are also ahead of schedule to produce Model Y and now expect to launch by summer 2020. We are planning to produce limited volumes of Tesla Semi in 2020 and are hoping to announce soon the location of our European Gigafactory for production in 2021. Cash Flow Profitability Product Deliveries should increase sequentially and annually, with some expected fluctuations from seasonality. We are highly confident in exceeding 360,000 deliveries this year. Positive quarterly free cash flow going forward, with possible temporary exceptions, particularly around the launch and ramp of new products. We continue to believe our business has grown to the point of being self- funding. Positive GAAP net income going forward, with possible temporary exceptions, particularly around the launch and ramp of new products. Continuous volume growth, capacity expansion, and cash generation remain the main focus.P H O T O S & C H A R T S 1112 G I G A F A C T O R Y S H A N G H A I S T A M P I N G P R E S S 13 G I G A F A C T O R Y S H A N G H A I B O D Y S H O P 14 G I G A F A C T O R Y S H A N G H A I B O D Y S H O P 15 G I G A F A C T O R Y S H A N G H A I B O D Y S H O P 16 G I G A F A C T O R Y S H A N G H A I P A I N T S H O P 17 G I G A F A C T O R Y S H A N G H A I G E N E R A L A S S E M B L Y18 G I G A F A C T O R Y S H A N G H A I E X T E R I O R 19 January 2019 October 2019 G I G A F A C T O R Y S H A N G H A I 1 0 M O N T H S F R O M G R O U N D B R E A K I N G T O P R O D U C T I O N R E A D Y-1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 4Q-2016 1Q-2017 2Q-2017 3Q-2017 4Q-2017 1Q-2018 2Q-2018 3Q-2018 4Q-2018 1Q-2019 2Q-2019 3Q-2019 20 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 4Q-2016 1Q-2017 2Q-2017 3Q-2017 4Q-2017 1Q-2018 2Q-2018 3Q-2018 4Q-2018 1Q-2019 2Q-2019 3Q-2019 -0.8 -0.6 -0.4 -0.2 0.0 0.2 0.4 0.6 0.8 4Q-2016 1Q-2017 2Q-2017 3Q-2017 4Q-2017 1Q-2018 2Q-2018 3Q-2018 4Q-2018 1Q-2019 2Q-2019 3Q-2019 Vehicle Deliveries (units) Operating cash flow ($B) Operating cash flow less capex ($B) Net Income ($B) K E Y M E T R I C S Q U A R T E R L Y (Unaudited)-5.0 -4.0 -3.0 -2.0 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 4Q-2016 1Q-2017 2Q-2017 3Q-2017 4Q-2017 1Q-2018 2Q-2018 3Q-2018 4Q-2018 1Q-2019 2Q-2019 3Q-2019 -3.0 -2.0 -1.0 0.0 1.0 2.0 3.0 4Q-2016 1Q-2017 2Q-2017 3Q-2017 4Q-2017 1Q-2018 2Q-2018 3Q-2018 4Q-2018 1Q-2019 2Q-2019 3Q-2019 21 K E Y M E T R I C S T R A I L I N G 1 2 M O N T H S ( T T M ) (Unaudited) 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 4Q-2016 1Q-2017 2Q-2017 3Q-2017 4Q-2017 1Q-2018 2Q-2018 3Q-2018 4Q-2018 1Q-2019 2Q-2019 3Q-2019 Vehicle Deliveries (units) Operating cash flow ($B) Operating cash flow less capex ($B) Net Income ($B)F I N A N C I A L S T A T E M E N T S 22Three months ended Nine months ended In millions of USD or shares as applicable, except per share data Sep 30, 2019 June 30, 2019 Sep 30, 2018 Sep 30, 2019 Sep 30, 2018 REVENUES Automotive sales 5,132 5,168 5,878 13,809 11,558 Automotive leasing 221 208 221 644 634 Total automotive revenue 5,353 5,376 6,099 14,453 12,192 Energy generation and storage 402 369 399 1,095 1,183 Services and other 548 605 327 1,646 860 Total revenues 6,303 6,350 6,824 17,194 14,235 COST OF REVENUES Automotive sales 4,014 4,254 4,406 11,124 9,027 Automotive leasing 117 106 119 340 361 Total automotive cost of revenues 4,131 4,360 4,525 11,464 9,388 Energy generation and storage 314 326 330 956 1,036 Services and other 667 743 445 2,096 1,212 Total cost of revenues 5,112 5,429 5,300 14,516 11,636 Gross profit 1,191 921 1,524 2,678 2,599 OPERATING EXPENSES Research and development 334 324 351 998 1,104 Selling, general and administrative 596 647 730 1,947 2,167 Restructuring and other 117 27 161 130 Total operating expenses 930 1,088 1,108 3,106 3,401 INCOME (LOSS) FROM OPERATIONS 261 (167) 416 (428) (802) Interest income 15 10 7 34 17 Interest expense (185) (172) (175) (515) (488) Other income (expense), net 85 (41) 23 70 36 INCOME (LOSS) BEFORE INCOME TAXES 176 (370) 271 (839) (1,237) Provision for income taxes 26 19 17 68 36 NET INCOME (LOSS) 150 (389) 254 (907) (1,273) Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests 7 19 (57) 60 (157) NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS 143 (408) 311 (967) (1,116) Net income (loss) per share of common stock attributable to common stockholders Basic 0.80 (2.31) 1.82 (5.54) (6.56) Diluted 0.78 (2.31) 1.75 (5.54) (6.56) Weighted average shares used in computing net income (loss) per share of common stock Basic 179 177 171 176 170 Diluted 184 177 178 176 170 23 S T A T E M E N T O F O P E R A T I O N S (Unaudited)
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