Tesla, Inc. · NASDAQ:TSLA
Tesla — Q4 2024 Earnings Presentation
36 slides from Tesla's earnings presentation, Jan 29, 2025
Slide 1: Q4 and FY 2024 Update
Q4 and FY 2024 Update 1
Slide 2: Agenda
Highlights 03 Financial Summary 04 Operational Summary 07 Vehicle Capacity 09 Core Technology 10 Other Highlights 11 Outlook 12 Photos & Charts 13 Key Metrics 26 Financial Statements 28 Additional Information 35 2
Slide 3: Highlights Summary
HIGHLIGHTS SUMMARY Profitability $7.1B GAAP operating income in 2024; $1.6B in Q4 Q4 was a record quarter for both vehicle deliveries and energy storage deployments. We expect Model Y to once again be the best-selling vehicle, of any kind, globally for the full year 2024, $7.1B GAAP net income in 20
Slide 4: Financial Summary (Quarterly)
FINANCIAL SUMMARY (Unaudited) ($ in millions, except percentages and per share data) Q4-2023 Q1-2024 Q2-2024 Q3-2024 Q4-2024 YoY Total automotive revenues 21,563 17,378 19,878 20,016 19,798 -8% Energy generation and storage revenue 1,438 1,635 3,014 2,376 3,061 113% Services and other revenue 2,166
Slide 5: Financial Summary (Annual)
FINANCIAL SUMMARY (Unaudited) ($ in millions, except percentages and per share data) 2020 2021 2022 2023 2024 YoY Total automotive revenues 27,236 47,232 71,462 82,419 77,070 -6% Energy generation and storage revenue 1,994 2,789 3,909 6,035 10,086 67% Services and other revenue 2,306 3,802 6,091 8,3
Slide 6: Financial Summary
FINANCIAL SUMMARY Revenue Total revenue increased 2% YoY in Q4 to $25.7B. YoY, revenue was impacted by the following items: + growth in Energy Generation and Storage and Services and Other + growth in vehicle deliveries + higher regulatory credit revenue - reduced S3XY vehicle average selling price
Slide 7: Operational Summary (Quarterly)
OPERATIONAL SUMMARY (Unaudited) Q4-2023 Q1-2024 Q2-2024 Q3-2024 Q4-2024 YoY Model 3/Y production 476,777 412,376 386,576 443,668 436,718 -8% Other models production 18,212 20,995 24,255 26,128 22,727 25% Total production 494,989 433,371 410,831 469,796 459,445 -7% Model 3/Y deliveries 461,538 369,78
Slide 8: Operational Summary (Annual)
OPERATIONAL SUMMARY (Unaudited) 2020 2021 2022 2023 2024 YoY Model 3/Y production 454,932 906,032 1,298,434 1,775,159 1,679,338 -5% Other models production 54,805 24,390 71,177 70,826 94,105 33% Total production 509,737 930,422 1,369,611 1,845,985 1,773,443 -4% Model 3/Y deliveries 442,562 911,242 1
Slide 9: Vehicle Capacity
VEHICLE CAPACITY Current Installed Annual Vehicle Capacity Preparations are underway across our existing factories for the launch of new products in 2025, Region Model Capacity Status including more affordable models. New Model Y has launched on the configurator globally with California Model S / Mo
Slide 10: Core Technology
CORE TECHNOLOGY Artificial Intelligence Software and Hardware 3.0 FSD Miles on V12 and Beyond FSD Miles on V11 and Before In Q4, we completed the deployment of Cortex, a ~50k H100 training cluster at Gigafactory 2.5 Texas. Cortex helped enable V13 of FSD (Supervised)1, which boasts major improvement
Slide 11: Other Highlights
OTHER HIGHLIGHTS 1,000 Our Energy business continued to grow rapidly in 2024 as we expand capacity for both 800 Megapack and Powerwall to meet demand. Services and Other – a collection of businesses that 600 support new vehicle sales – achieved its third year in a row of profitability in 2024. 400 2
Slide 12: Outlook
OUTLOOK Volume With the advancements in vehicle autonomy and the introduction of new products, we expect the vehicle business to return to growth in 2025. The rate of growth will depend on a variety of factors, including the rate of acceleration of our autonomy efforts, production ramp at our factor
Slide 13: Photos & Charts
PHOTOS & CHARTS
Slide 14: Average COGS per Vehicle Achieved an All-Time Low in Q4
AVERAGE COGS PER VEHICLE* ACHIEVED AN ALL–TIME LOW IN Q4 2024 $39,000 $38,000 $37,000 $36,000 $35,000 $34,000 $33,000 $32,000 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 14 * Calculated by dividing Cost of Automotive Sales Revenue by respective quarter’s new deliveries (ex-operat
Slide 15: Cybertruck - Advancements in Vehicle Technology and Architecture
CYBERTRUCK - ADVANCEMENTS IN VEHICLE TECHNOLOGY AND ARCHITECTURE Technology Description Use in Future Vehicles • Cold-rolled full hard stainless steel exoskeleton carries crash loads and increases torsional stiffness of the body Stainless Steel Exoskeleton • Iconic visual design; high dent- and corr
Slide 16: New Model Y - The World's Best Selling Vehicle Is Now Even Better
NEW MODEL Y - THE WORLD’S BEST SELLING VEHICLE IS NOW EVEN BETTER 16
Slide 17: New Model Y - The World's Best Selling Vehicle Is Now Even Better
NEW MODEL Y - THE WORLD’S BEST SELLING VEHICLE IS NOW EVEN BETTER 17
Slide 18: New Model Y - The World's Best Selling Vehicle Is Now Even Better
NEW MODEL Y - THE WORLD’S BEST SELLING VEHICLE IS NOW EVEN BETTER * Before estimated savings, Model Y Rear-Wheel Drive starts at $46,630 (U.S) and New Model Y Launch Series Long Range All-Wheel Drive starts at $61,630 (U.S.). Prices include Destination and Order Fees, but exclude taxes and other fee
Slide 19: Semi Factory - First Truck Builds Scheduled Later This Year
SEMI FACTORY - FIRST TRUCK BUILDS SCHEDULED LATER THIS YEAR 19
Slide 20: Megafactory Shanghai - With Gigafactory Shanghai in the Background
MEGAFACTORY SHANGHAI - WITH GIGAFACTORY SHANGHAI IN THE BACKGROUND 20
Slide 21: Megafactory Shanghai - General Assembly
MEGAFACTORY SHANGHAI - GENERAL ASSEMBLY 21
Slide 22: Tesla Lithium Refinery - Start of Production in 2025
TESLA LITHIUM REFINERY - START OF PRODUCTION IN 2025 22
Slide 23: Tesla Lithium Team on Spodumene Day
TESLA LITHIUM TEAM ON SPODUMENE DAY 23
Slide 24: Cortex ~50K GPU Training Cluster
CORTEX ~50K GPU TRAINING CLUSTER 24
Slide 25: Cortex ~50K GPU Training Cluster
CORTEX ~50K GPU TRAINING CLUSTER 25
Slide 26: Key Metrics Quarterly
26 0.0 0.1 0.2 0.3 0.4 0.5 1Q-2022 (Unaudited) 2Q-2022 3Q-2022 4Q-2022 1Q-2023 2Q-2023 KEY METRICS QUARTERLY 3Q-2023 (millions of units) Vehicle Deliveries 4Q-2023 1Q-2024 2Q-2024 3Q-2024 4Q-2024 0 1 2 3 4 5 6 7 -3 -2 -1 1Q-2022 2Q-2022 3Q-2022 4Q-2022 1Q-2023 2Q-2023 3Q-2023 Free Cash Flow ($B) 4Q-
Slide 27: Key Metrics Trailing 12 Months
27 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 1Q-2022 (Unaudited) 2Q-2022 3Q-2022 4Q-2022 1Q-2023 2Q-2023 3Q-2023 (millions of units) Vehicle Deliveries 4Q-2023 1Q-2024 2Q-2024 3Q-2024 4Q-2024 KEY METRICS TRAILING 12 MONTHS (TTM) 0 2 4 6 8 10 12 14 16 18 20 1Q-2022 2Q-2022 3Q-2022 4Q-2022 1Q-2023 2
Slide 28: Financial Statements
FINANCIAL STATEMENTS
Slide 29: Statement of Operations
STATEMENT OF OPERATIONS (Unaudited) In millions of USD or shares as applicable, except per share data Q4-2023 Q1-2024 Q2-2024 Q3-2024 Q4-2024 REVENUES Automotive sales 20,630 16,460 18,530 18,831 18,659 Automotive regulatory credits 433 442 890 739 692 Automotive leasing 500 476 458 446 447 Total au
Slide 30: Balance Sheet
BALANCE SHEET (Unaudited) In millions of USD 31-Dec-23 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 ASSETS Current assets Cash, cash equivalents and investments 29,094 26,863 30,720 33,648 36,563 Accounts receivable, net 3,508 3,887 3,737 3,313 4,418 Inventory 13,626 16,033 14,195 14,530 12,017 Prepaid e
Slide 31: Statement of Cash Flows
STATEMENT OF CASH FLOWS (Unaudited) In millions of USD Q4-2023 Q1-2024 Q2-2024 Q3-2024 Q4-2024 CASH FLOWS FROM OPERATING ACTIVITIES Net income 7,943 1,144 1,494 2,183 2,332 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization and impairment 1,2
Slide 32: 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 Q4-2023 Q1-2024 Q2-2024 Q3-2024 Q4-2024 Net income attributable to common stockholders (GAAP) 7,928 1,129 1,478 2,167 2,317 Stock-based compensation expense, net of
Slide 33: 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 2020 2021 2022 2023 2024 Net income attributable to common stockholders (GAAP) 721 5,519 12,556 14,997 7,091 Stock-based compensation expense, net of tax 1,734 2,121
Slide 34: Reconciliation of GAAP to Non-GAAP Financial Information
RECONCILIATION OF GAAP TO NON–GAAP FINANCIAL INFORMATION (Unaudited) In millions of USD 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 3Q-2024 4Q-2024 Net cash provided by operating activities (GAAP) 2,124 3,147 4,585 3,995 2,351 5,100 3,278 2
Slide 35: Additional Information
ADDITIONAL INFORMATION WEBCAST INFORMATION Tesla will provide a live webcast of its fourth quarter 2024 financial results conference call beginning at 4:30 p.m. CT on January 29, 2025 at ir.tesla.com. This webcast will also be available for replay for approximately one year thereafter. CERTAIN TERMS
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