Tesla, Inc. · NASDAQ:TSLA
Tesla — Q3 2020 Earnings Presentation
29 slides from Tesla's earnings presentation, Oct 21, 2020
Slide 1: Q3 2020 Update
Q3 2020 Update Exhibit 99.1
Slide 2: Highlights
Highlights 03 Financial Summary04 Operational Summary06 Vehicle Capacity 07 Core Technology 08 Other Highlights09 Outlook10 Battery Day Highlights11 Photos & Charts13 Financial Statements23 Additional Information28
Slide 3: Q3 2020 Summary Highlights
The third quarter of 2020 was a record quarter on many levels. Over the past four quarters, we generated over $1.9B of free cash flow while spending $2.4B on new production capacity, service centers, Supercharging locations and other capital investments. While we took additional SBC expense in Q3, o
Slide 4: Financial Summary
F I N A N C I A L S U M M A R Y (Unaudited) 4 ($ in millions, except percentages and per share data) Q3-2019 Q4-2019 Q1-2020 Q2-2020 Q3-2020 QoQ YoY Automotive revenues 5,353 6,368 5,132 5,179 7,611 47% 42% of which regulatory credits 134 133 354 428 397 -7% 196% Automotive gross profit 1,222 1,434
Slide 5: Financial Summary: Revenue, Profitability, Cash
F I N A N C I A L S U M M A R Y Revenue Profitability Cash Total revenue grew 39% YoY in Q3. This was achieved mainly through substantial growth in vehicle deliveries as well as growth in other parts of the business. At the same time, vehicle average selling price (ASP) declined slightly compared to
Slide 6: Operational Summary
Q3-2019 Q4-2019 Q1-2020 Q2-2020 Q3-2020 QoQ YoY Model S/X production 16,318 17,933 15,390 6,326 16,992 169% 4% Model 3/Y production 79,837 86,958 87,282 75,946 128,044 69% 60% Total production 96,155 104,891 102,672 82,272 145,036 76% 51% Model S/X deliveries 17,483 19,475 12,230 10,614 15,275 44% -
Slide 7: Vehicle Capacity
Delivery percentage of locally-made vehicles* V E H I C L E C A P A C I T Y Fremont We have recently increased capacity of Model 3 / Model Y to 500,000 units a year. In order to do this, we restarted our second paint shop, installed the largest die-casting machine in the world and upgraded our Model
Slide 8: Core Technology
C O R E T E C H N O L O G Y Autopilot & Full Self Driving (FSD) Our Autopilot team has been focused on a fundamental architectural rewrite of our neural networks and control algorithms. This rewrite will allow the remaining driving features to be released. In October, we sent the first FSD software
Slide 9: Other Highlights
O T H E R H I G H L I G H T S Energy Business Our energy storage business reached record deployments of 759 MWh in Q3. Megapack production continued to ramp at Gigafactory Nevada as production volumes more than doubled in Q3. Powerwall demand remains strong and is growing, particularly as our solar
Slide 10: Outlook
O U T L O O K Volume Cash Flow Profit Product We have the capacity installed to produce and deliver 500,000 vehicles this year. While achieving this goal has become more difficult, delivering half a million vehicles in 2020 remains our target. Achieving this target depends primarily on quarter over
Slide 11: Battery Day Highlights
B A T T E R Y D A Y H I G H L I G H T S
Slide 12: Battery Day: Areas of Improvement
Area of improvement Description Range Increase* $/kWh Cost Reduction* $/GWh Capex Reduction* Cell Design After considering every form factor and cell size across quantifiable factors, we deemed 80 mm height by 46 mm diameter cylindrical to be best These dimensions maximize vehicle range (pack level
Slide 13: Photos & Charts
P H O T O S & C H A R T S
Slide 14: Gigafactory Shanghai - Model Y Factory
G I G A F A C T O R Y S H A N G H A I - M O D E L Y F A C T O R Y ( F O R E G R O U N D ) ; M O D E L 3 F A C T O R Y ( B A C K G R O U N D ) 14
Slide 15: Gigafactory Shanghai - Model Y Die Cast
G I G A F A C T O R Y S H A N G H A I - M O D E L Y D I E C A S T 15
Slide 16: Gigafactory Shanghai - Model Y Body Shop
G I G A F A C T O R Y S H A N G H A I - M O D E L Y B O D Y S H O P 16
Slide 17: Gigafactory Shanghai - Model Y Paint Shop
G I G A F A C T O R Y S H A N G H A I - M O D E L Y P A I N T S H O P 17
Slide 18: Gigafactory Berlin - Model Y Factory Construction
18 G I G A F A C T O R Y B E R L I N - M O D E L Y F A C T O R Y C O N S T R U C T I O N
Slide 19: Gigafactory Texas
19 G I G A F A C T O R Y T E X A S
Slide 20: Megapack Project at Moss Landing
20 M E G A P A C K P R O J E C T AT M O S S L A N D I N G
Slide 21: Key Metrics Quarterly
Vehicle Deliveries (units) Net Income ($B) K E Y M E T R I C S Q U A R T E R L Y (Unaudited) 21 Operating Cash Flow ($B) Free Cash Flow ($B)
Slide 22: Key Metrics Trailing Twelve Months
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) Vehicle Deliveries (units) Operating Cash Flow ($B) Free Cash Flow ($B) Net Income ($B) 22
Slide 23: Financial Statements
F I N A N C I A L S T A T E M E N T S
Slide 24: Income Statement
In millions of USD or shares as applicable, except per share data Q3-2019 Q4-2019 Q1-2020 Q2-2020 Q3-2020 REVENUES Automotive sales 5,132 6,143 4,893 4,911 7,346 Automotive leasing 221 225 239 268 265 Total automotive revenue 5,353 6,368 5,132 5,179 7,611 Energy generation and storage 402 436 293 37
Slide 25: Balance Sheet
B A L A N C E S H E E T (Unaudited) In millions of USD 30-Sep-19 31-Dec-19 31-Mar-20 30-Jun-20 30-Sep-20 ASSETS Current assets Cash and cash equivalents 5,338 6,268 8,080 8,615 14,531 Accounts receivable, net 1,128 1,324 1,274 1,485 1,757 Inventory 3,581 3,552 4,494 4,018 4,218 Prepaid expenses and
Slide 26: Cash Flow Statement
In millions of USD Q3-2019 Q4-2019 Q1-2020 Q2-2020 Q3-2020 CASH FLOWS FROM OPERATING ACTIVITIES Net income 150 132 68 129 369 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation, amortization and impairment 530 577 553 567 584 Stock-based compensa
Slide 27: Non-GAAP Reconciliation
In millions of USD or shares as applicable, except per share data Q3-2019 Q4-2019 Q1-2020 Q2-2020 Q3-2020 Net income attributable to common stockholders (GAAP) 143 105 16 104 331 Stock-based compensation expense 199 281 211 347 543 Net income attributable to common stockholders (non-GAAP) 342 386 22
Slide 28: Additional Information
A D D I T I O N A L I N F O R M A T I O N WEBCAST INFORMATION Tesla will provide a live webcast of its third quarter 2020 financial results conference call beginning at 2:30 p.m. PT on October 21, 2020 at ir.tesla.com. This webcast will also be available for replay for approximately one year thereaf
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