Slide 1: Q3 2023 Update
Q3 2023 Update 1
Slide 2: Table of contents
Highlights 03 Financial Summary 04 Operational Summary 06 Vehicle Capacity 07 Core Technology 08 Other Highlights 09 Outlook 10 Photos & Charts 11 Key Metrics 16 Financial Statements 19 Additional Information 25
Slide 3: Highlights Summary
HIGHLIGHTS SUMMARY Profitability 7.6% operating margin in Q3 Our main objectives remained unchanged in Q3-2023: reducing cost per vehicle, free cash flow generation while maximizing delivery volumes and $1.8B GAAP operating income in Q3 continued investment in AI and other growth projects. $1.9B GAA
Slide 4: Financial Summary
FINANCIAL SUMMARY (Unaudited) ($ in millions, except percentages and per share data) Q3-2022 Q4-2022 Q1-2023 Q2-2023 Q3-2023 YoY Total automotive revenues 18,692 21,307 19,963 21,268 19,625 5% Energy generation and storage revenue 1,117 1,310 1,529 1,509 1,559 40% Services and other revenue 1,645 1,
Slide 5: Financial Summary: Revenue and Profitability
FINANCIAL SUMMARY Revenue Total revenue grew 9% YoY in Q3 to $23.4B. YoY, revenue was impacted by the following items: + growth in vehicle deliveries + growth in other parts of the business - reduced average selling price (ASP) YoY (excluding FX impact) - negative FX impact of $0.4B1 Profitability O
Slide 6: Operational Summary
OPERATIONAL SUMMARY (Unaudited) Q3-2022 Q4-2022 Q1-2023 Q2-2023 Q3-2023 YoY Model S/X production 19,935 20,613 19,437 19,489 13,688 -31% Model 3/Y production 345,988 419,088 421,371 460,211 416,800 20% Total production 365,923 439,701 440,808 479,700 430,488 18% Model S/X deliveries 18,672 17,147 10
Slide 7: Vehicle Capacity
VEHICLE CAPACITY Current Installed Annual Vehicle Capacity During the quarter we brought down several production lines for upgrades at Region Model Capacity Status various factories, which led to a sequential decline in production volumes. We made California Model S / Model X 100,000 Production furt
Slide 8: Core Technology
CORE TECHNOLOGY 600 Artificial Intelligence Software and Hardware 500 Software that safely performs tasks in the real world is the key focus of our AI development efforts. We have commissioned one of the world's largest 400 supercomputers to accelerate the pace of our AI development, with compute ca
Slide 9: Other Highlights
OTHER HIGHLIGHTS Energy Storage 4 Energy storage deployments increased by 90% YoY in Q3 to 4.0 GWh, our highest 3 quarterly deployment ever. Continued growth in deployments was driven by the ongoing ramp of our Megafactory in Lathrop, CA toward full capacity of 40 GWh with 2 the phase two expansion.
Slide 10: Outlook
OUTLOOK Volume We are planning to grow production as quickly as possible in alignment with the 50% CAGR target we began guiding to in early 2021. In some years we may grow faster and some we may grow slower, depending on a number of factors. For 2023, we expect to remain ahead of the long-term 50% C
Slide 11: Photos & Charts
PHOTOS & CHARTS
Slide 12: Model Y Starting Price Inclusive of Subsidies
M O D E L Y S T A R T I N G P R I C E I N C L U S I V E O F N A T I O N A L A N D S T A T E L E V E L S U B S I D I E S* 12 *Not all consumers are eligible for all subsidies. Exclusive of local and utility subsidies. Please see additional details at https://www.tesla.com/support/incentives.
Slide 13: Cybertruck Deliveries Begin in November 2023
CYBERTRUCK DELIVERIES BEGIN IN NOVEMBER 2023 13
Slide 14: Megapack Factory in Lathrop, California
MEGAPACK FACTORY IN LATHROP, CALIFORNIA 14
Slide 15: Gigafactory Shanghai - One Millionth Model Y Produced
GIGAFACTORY SHANGHAI - ONE MILLIONTH MODEL Y PRODUCED 15
Slide 16: Key Metrics Quarterly
16 0.0 0.1 0.2 0.3 0.4 0.5 4Q-2020 (Unaudited) 1Q-2021 2Q-2021 3Q-2021 4Q-2021 1Q-2022 2Q-2022 3Q-2022 KEY METRICS QUARTERLY (millions of units) Vehicle Deliveries 4Q-2022 1Q-2023 2Q-2023 3Q-2023 0 1 2 3 4 5 6 4Q-2020 1Q-2021 2Q-2021 3Q-2021 4Q-2021 1Q-2022 2Q-2022 3Q-2022 Free Cash Flow ($B) 4Q-202
Slide 17: Key Metrics Trailing 12 Months (TTM)
17 1.0 1.2 1.4 1.6 1.8 0.0 0.2 0.4 0.6 0.8 2.0 4Q-2020 (Unaudited) 1Q-2021 2Q-2021 3Q-2021 4Q-2021 1Q-2022 2Q-2022 3Q-2022 (millions of units) Vehicle Deliveries 4Q-2022 1Q-2023 2Q-2023 3Q-2023 10 12 14 16 18 0 2 4 6 8 20 KEY METRICS TRAILING 12 MONTHS (TTM) 4Q-2020 1Q-2021 2Q-2021 3Q-2021 4Q-2021 1
Slide 18: Key Metrics Trailing 12 Months: Revenue Growth, Operating Margin
KEY METRICS TRAILING 12 MONTHS (TTM) (Unaudited) YoY Revenue Growth Operating Margin 90% 18% 80% 16% 70% 14% 60% 12% 50% 10% 40% 8% 30% 6% 20% 4% 10% 2% 0% 0% -10% -2% -20% -4% Q3-2019 Q3-2019 Q4-2019 Q3-2021 Q3-2020 Q1-2021 Q3-2022 Q3-2023 Q4-2019 Q3-2021 Q3-2020 Q1-2021 Q3-2022 Q3-2023 Q1-2020 Q4-
Slide 19: Financial Statements
FINANCIAL STATEMENTS
Slide 20: Statement of Operations
STATEMENT OF OPERATIONS (Unaudited) In millions of USD or shares as applicable, except per share data Q3-2022 Q4-2022 Q1-2023 Q2-2023 Q3-2023 REVENUES Automotive sales 17,785 20,241 18,878 20,419 18,582 Automotive regulatory credits 286 467 521 282 554 Automotive leasing 621 599 564 567 489 Total au
Slide 21: Balance Sheet
BALANCE SHEET (Unaudited) In millions of USD 30-Sep-22 31-Dec-22 31-Mar-23 30-Jun-23 30-Sep-23 ASSETS Current assets Cash, cash equivalents and investments 21,107 22,185 22,402 23,075 26,077 Accounts receivable, net 2,192 2,952 2,993 3,447 2,520 Inventory 10,327 12,839 14,375 14,356 13,721 Prepaid e
Slide 22: Statement of Cash Flows
STATEMENT OF CASH FLOWS (Unaudited) In millions of USD Q3-2022 Q4-2022 Q1-2023 Q2-2023 Q3-2023 CASH FLOWS FROM OPERATING ACTIVITIES Net income 3,331 3,707 2,539 2,614 1,878 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization and impairment 956
Slide 23: Reconciliation of GAAP to Non-GAAP Financial Information
RECONCILIATION OF GAAP TO NON–GAAP FINANCIAL INFORMATION (Unaudited) In millions of USD or shares as applicable, except per share data Q3-2022 Q4-2022 Q1-2023 Q2-2023 Q3-2023 Net income attributable to common stockholders (GAAP) 3,292 3,687 2,513 2,703 1,853 Stock-based compensation expense 362 419
Slide 24: Reconciliation of GAAP to Non-GAAP Financial Information
RECONCILIATION OF GAAP TO NON–GAAP FINANCIAL INFORMATION (Unaudited) In millions of USD 1Q-2020 2Q-2020 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 Net cash (used in) provided by operating activities (GAAP) (440) 964 2,400 3,019 1,641 2,124
Slide 25: Additional Information
ADDITIONAL INFORMATION WEBCAST INFORMATION Tesla will provide a live webcast of its third quarter 2023 financial results conference call beginning at 4:30 p.m. CT on October 18, 2023 at ir.tesla.com. This webcast will also be available for replay for approximately one year thereafter. CERTAIN TERMS
Slide 26: aT
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