Slide 1: Q1 2023 Update
Q1 2023 Update 1
Slide 2: 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 19 Financial Statements 22 Additional Information 28
Slide 3: Highlights Summary
HIGHLIGHTS SUMMARY Profitability 11.4% operating margin in Q1 In the current macroeconomic environment, we see this year as a unique opportunity for Tesla. As many carmakers are working through challenges with the $2.7B GAAP operating income in Q1 unit economics of their EV programs, we aim to lever
Slide 4: Financial Summary
FINANCIAL SUMMARY (Unaudited) ($ in millions, except percentages and per share data) Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023 YoY Total automotive revenues 16,861 14,602 18,692 21,307 19,963 18% Energy generation and storage revenue 616 866 1,117 1,310 1,529 148% Services and other revenue 1,279 1,46
Slide 5: Financial Summary
FINANCIAL SUMMARY Revenue Total revenue grew 24% YoY in Q1 to $23.3B. YoY, revenue was impacted by the following items: + growth in vehicle deliveries + growth in other parts of the business - reduced ASP YoY (excluding FX impact) - negative FX impact of $0.8B1 Profitability Our operating income dec
Slide 6: Operational Summary
OPERATIONAL SUMMARY (Unaudited) Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023 YoY Model S/X production 14,218 16,411 19,935 20,613 19,437 37% Model 3/Y production 291,189 242,169 345,988 419,088 421,371 45% Total production 305,407 258,580 365,923 439,701 440,808 44% Model S/X deliveries 14,724 16,162 18,
Slide 7: Vehicle Capacity
VEHICLE CAPACITY Installed Annual Vehicle Capacity In Q1, we produced a record number of vehicles, thanks to ongoing ramps at our Region Model Capacity Status factories in Austin and Berlin. We remain committed to reducing the percentage of California Model S / Model X 100,000 Production vehicles de
Slide 8: Core Technology
CORE TECHNOLOGY 140 Autopilot and Full Self-Driving (FSD) 120 Our growing fleet of FSD Beta users has an exponential impact on total FSD Beta 100 miles driven – with over 150 million miles to date and counting. This level of data collection is unprecedented in the industry. Mass collection of divers
Slide 9: Other Highlights
OTHER HIGHLIGHTS 4 Energy Storage Energy storage deployments increased by 360% YoY in Q1 to 3.9 GWh, the highest 3 level of deployments we have achieved due to ongoing Megafactory ramp. The ramp of our 40 GWh Megapack factory in Lathrop, California has been successful with still 2 more room to reach
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: Tesla Operating System
TESLA OPERATING SYSTEM Our custom-built software replaces enterprise software provided solutions like CRM, ERP, HCM, MES, SCM, WMS & other platforms. Enables unprecedented vertical integration, cost control and agility. Impact Eliminates the need for expensive 3rd party software & cloud subscription
Slide 13: Cybertruck Pilot Line
CYBERTRUCK PILOT LINE 13
Slide 14: Cybertruck Pilot Line
CYBERTRUCK PILOT LINE 14
Slide 15: Gigafactory Texas — Tooling for Cybertruck Production Line 5
GIGAFACTORY TEXAS — TOOLING FOR CYBERTRUCK PRODUCTION LINE 15
Slide 16: Cybertruck Winter Testing
CYBERTRUCK WINTER TESTING 16
Slide 17: Megafactory Lathrop, CA — Megapack Body Line
MEGAFACTORY LATHROP, CA — MEGAPACK BODY LINE 17
Slide 18: Gigafactory Texas — 4680 Cell Production
GIGAFACTORY TEXAS — 4680 CELL PRODUCTION 18
Slide 19: Key Metrics Quarterly
19 0.0 0.1 0.2 0.3 0.4 0.5 2Q-2020 (Unaudited) 3Q-2020 4Q-2020 1Q-2021 2Q-2021 3Q-2021 4Q-2021 1Q-2022 KEY METRICS QUARTERLY (millions of units) Vehicle Deliveries 2Q-2022 3Q-2022 4Q-2022 1Q-2023 0 1 2 3 4 5 6 2Q-2020 3Q-2020 4Q-2020 1Q-2021 2Q-2021 3Q-2021 4Q-2021 1Q-2022 Free Cash Flow ($B) 2Q-202
Slide 20: Key Metrics Trailing 12 Months (TTM)
20 1.0 1.2 1.4 1.6 0.0 0.2 0.4 0.6 0.8 2Q-2020 (Unaudited) 3Q-2020 4Q-2020 1Q-2021 2Q-2021 3Q-2021 4Q-2021 1Q-2022 (millions of units) Vehicle Deliveries 2Q-2022 3Q-2022 4Q-2022 1Q-2023 10 12 14 16 18 0 2 4 6 8 20 KEY METRICS TRAILING 12 MONTHS (TTM) 2Q-2020 3Q-2020 4Q-2020 1Q-2021 2Q-2021 3Q-2021 4
Slide 21: Key Metrics Trailing 12 Months (TTM)
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 Q1-2019 Q3-2021 Q1-2019 Q4-2019 Q3-2020 Q1-2021 Q3-2022 Q4-2019 Q3-2021 Q3-2022 Q2-2019 Q1-2020 Q4-2021 Q1-
Slide 22: Financial Statements
FINANCIAL STATEMENTS
Slide 23: Statement of Operations
STATEMENT OF OPERATIONS (Unaudited) In millions of USD or shares as applicable, except per share data Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023 REVENUES Automotive sales 15,514 13,670 17,785 20,241 18,878 Automotive regulatory credits 679 344 286 467 521 Automotive leasing 668 588 621 599 564 Total au
Slide 24: Balance Sheet
BALANCE SHEET (Unaudited) In millions of USD 31-Mar-22 30-Jun-22 30-Sep-22 31-Dec-22 31-Mar-23 ASSETS Current assets Cash, cash equivalents and investments 18,013 18,915 21,107 22,185 22,402 Accounts receivable, net 2,311 2,081 2,192 2,952 2,993 Inventory 6,691 8,108 10,327 12,839 14,375 Prepaid exp
Slide 25: Statement of Cash Flows
STATEMENT OF CASH FLOWS (Unaudited) In millions of USD Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023 CASH FLOWS FROM OPERATING ACTIVITIES Net income 3,280 2,269 3,331 3,707 2,539 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization and impairment 880
Slide 26: 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 Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023 Net income attributable to common stockholders (GAAP) 3,318 2,259 3,292 3,687 2,513 Stock-based compensation expense 418 361
Slide 27: Reconciliation of GAAP to Non-GAAP Financial Information
RECONCILIATION OF GAAP TO NON–GAAP FINANCIAL INFORMATION (Unaudited) In millions of USD 3Q-2019 4Q-2019 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 Net cash provided by (used in) operating activities (GAAP) 756 1,425 (440) 964 2,400 3,019 1
Slide 28: Additional Information
ADDITIONAL INFORMATION WEBCAST INFORMATION Tesla will provide a live webcast of its first quarter 2023 financial results conference call beginning at 4:30 p.m. CT on April 19, 2023 at ir.tesla.com. This webcast will also be available for replay for approximately one year thereafter. CERTAIN TERMS Wh
Slide 29: aT
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