Slide 1: Q2 2023 Update
Q2 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 17 Financial Statements 20 Additional Information 26
Slide 3: Highlights Summary
HIGHLIGHTS SUMMARY Profitability 9.6% operating margin Q2-2023 was a record quarter on many levels with our best-ever production and deliveries and revenue approaching $25B in a single $2.4B GAAP operating income quarter. We are excited that we were able to achieve such results given the macroeconom
Slide 4: Financial Summary
FINANCIAL SUMMARY (Unaudited) ($ in millions, except percentages and per share data) Q2-2022 Q3-2022 Q4-2022 Q1-2023 Q2-2023 YoY Total automotive revenues 14,602 18,692 21,307 19,963 21,268 46% Energy generation and storage revenue 866 1,117 1,310 1,529 1,509 74% Services and other revenue 1,466 1,6
Slide 5: Financial Summary: Revenue and Profitability
FINANCIAL SUMMARY Revenue Total revenue grew 47% YoY in Q2 to $24.9B. 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 $0.6B1 Profitability Our operating income dec
Slide 6: Operational Summary
OPERATIONAL SUMMARY (Unaudited) Q2-2022 Q3-2022 Q4-2022 Q1-2023 Q2-2023 YoY Model S/X production 16,411 19,935 20,613 19,437 19,489 19% Model 3/Y production 242,169 345,988 419,088 421,371 460,211 90% Total production 258,580 365,923 439,701 440,808 479,700 86% Model S/X deliveries 16,162 18,672 17,
Slide 7: Vehicle Capacity
VEHICLE CAPACITY Installed Annual Vehicle Capacity In Q2, we produced a record number of vehicles, thanks to ongoing ramps of our Region Model Capacity Status new factories as well as strong performance of Shanghai and Fremont. We remain California Model S / Model X 100,000 Production committed to s
Slide 8: Core Technology
CORE TECHNOLOGY Artificial Intelligence Software and Hardware 350 300 Four main technology pillars are needed to solve vehicle autonomy at scale: extremely 250 large real-world dataset, neural net training, vehicle hardware and vehicle software. We are developing each of these pillars in-house. This
Slide 9: Other Highlights
OTHER HIGHLIGHTS Energy Storage 4 Energy storage deployments increased by 222% YoY in Q2 to 3.7 GWh, another strong 3 quarter due to the ongoing ramp of our first dedicated Megapack factory (Megafactory) in Lathrop, CA. The ramp of this 40 GWh Megafactory – the first of 2 many - has been successful
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: Cybertruck Testing
CYBERTRUCK TESTING 12
Slide 13: Cybertruck - Built to Do Real Work
CYBERTRUCK - BUILT TO DO REAL WORK 13
Slide 14: Cybertruck - Production Line at Gigafactory Texas
CYBERTRUCK - PRODUCTION LINE AT GIGAFACTORY TEXAS 14
Slide 15: Cybertruck - Production Line at Gigafactory Texas Building RC Units
CYBERTRUCK - PRODUCTION LINE AT GIGAFACTORY TEXAS BUILDING RC UNITS 15
Slide 16: Cybertruck - The First RC Unit
CYBERTRUCK - THE FIRST RC UNIT 16
Slide 17: Key Metrics Quarterly
17 0.0 0.1 0.2 0.3 0.4 0.5 3Q-2020 (Unaudited) 4Q-2020 1Q-2021 2Q-2021 3Q-2021 4Q-2021 1Q-2022 2Q-2022 KEY METRICS QUARTERLY (millions of units) Vehicle Deliveries 3Q-2022 4Q-2022 1Q-2023 2Q-2023 0 1 2 3 4 5 6 3Q-2020 4Q-2020 1Q-2021 2Q-2021 3Q-2021 4Q-2021 1Q-2022 2Q-2022 Free Cash Flow ($B) 3Q-202
Slide 18: Key Metrics Trailing 12 Months (TTM)
18 1.0 1.2 1.4 1.6 1.8 0.0 0.2 0.4 0.6 0.8 3Q-2020 (Unaudited) 4Q-2020 1Q-2021 2Q-2021 3Q-2021 4Q-2021 1Q-2022 2Q-2022 (millions of units) Vehicle Deliveries 3Q-2022 4Q-2022 1Q-2023 2Q-2023 10 12 14 16 18 0 2 4 6 8 20 KEY METRICS TRAILING 12 MONTHS (TTM) 3Q-2020 4Q-2020 1Q-2021 2Q-2021 3Q-2021 4Q-20
Slide 19: Key Metrics Trailing 12 Months: Growth and Margin vs Industry
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 Q4-2019 Q3-2021 Q3-2022 Q2-2019 Q1-2020 Q4-2021 Q1-2022 Q1-2023 Q3-
Slide 20: Financial Statements
FINANCIAL STATEMENTS
Slide 21: Statement of Operations
STATEMENT OF OPERATIONS (Unaudited) In millions of USD or shares as applicable, except per share data Q2-2022 Q3-2022 Q4-2022 Q1-2023 Q2-2023 REVENUES Automotive sales 13,670 17,785 20,241 18,878 20,419 Automotive regulatory credits 344 286 467 521 282 Automotive leasing 588 621 599 564 567 Total au
Slide 22: Balance Sheet
BALANCE SHEET (Unaudited) In millions of USD 30-Jun-22 30-Sep-22 31-Dec-22 31-Mar-23 30-Jun-23 ASSETS Current assets Cash, cash equivalents and investments 18,915 21,107 22,185 22,402 23,075 Accounts receivable, net 2,081 2,192 2,952 2,993 3,447 Inventory 8,108 10,327 12,839 14,375 14,356 Prepaid ex
Slide 23: Statement of Cash Flows
STATEMENT OF CASH FLOWS (Unaudited) In millions of USD Q2-2022 Q3-2022 Q4-2022 Q1-2023 Q2-2023 CASH FLOWS FROM OPERATING ACTIVITIES Net income 2,269 3,331 3,707 2,539 2,614 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization and impairment 922
Slide 24: 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 Q2-2022 Q3-2022 Q4-2022 Q1-2023 Q2-2023 Net income attributable to common stockholders (GAAP) 2,259 3,292 3,687 2,513 2,703 Stock-based compensation expense 361 362
Slide 25: Reconciliation of GAAP to Non-GAAP Financial Information
RECONCILIATION OF GAAP TO NON–GAAP FINANCIAL INFORMATION (Unaudited) In millions of USD 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 2Q-2023 Net cash provided by (used in) operating activities (GAAP) 1,425 (440) 964 2,400 3,019 1,641
Slide 26: Additional Information
ADDITIONAL INFORMATION WEBCAST INFORMATION Tesla will provide a live webcast of its second quarter 2023 financial results conference call beginning at 4:30 p.m. CT on July 19, 2023 at ir.tesla.com. This webcast will also be available for replay for approximately one year thereafter. CERTAIN TERMS Wh
Slide 27: aT
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