Slide 1: Q1 2024 Update
Exhibit 99.1 Q1 2024 Update Testun
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 22 Financial Statements 24 Additional Information 30
Slide 3: Summary Highlights
S U M M A R Y H I G H L I G H T S (1) Excludes SBC (stock-based compensation), net of tax; (2) Free cash flow = operating cash flow less capex; (3) Includes cash, cash equivalents and investments; (4) Calculated by dividing Cost of Automotive Sales Revenue by respective quarter’s new deliveries (ex-
Slide 4: Financial Summary
F I N A N C I A L S U M M A R Y (Unaudited) ($ in millions, except percentages and per share data) Q1-2023 Q2-2023 Q3-2023 Q4-2023 Q1-2024 YoY Total automotive revenues 19,963 21,268 19,625 21,563 17,378 -13% Energy generation and storage revenue 1,529 1,509 1,559 1,438 1,635 7% Services and other r
Slide 5: Financial Summary: Revenue and Profitability
F I N A N C I A L S U M M A R Y Revenue Total revenue declined 9% YoY in Q1 to $21.3B. YoY, revenue was impacted by the following items: - reduced vehicle average selling price (ASP) YoY (excl. FX impact), including unfavorable impact of mix - decline in vehicle deliveries, partially due to the Mode
Slide 6: Operational Summary
Q1-2023 Q2-2023 Q3-2023 Q4-2023 Q1-2024 YoY Model 3/Y production 421,371 460,211 416,800 476,777 412,376 -2% Other models production 19,437 19,489 13,688 18,212 20,995 8% Total production 440,808 479,700 430,488 494,989 433,371 -2% Model 3/Y deliveries 412,180 446,915 419,074 461,538 369,783 -10% Ot
Slide 7: Vehicle Capacity
V E H I C L E C A P A C I T Y Current Installed Annual Vehicle Capacity Current Status Region Model Capacity Status California Model S / Model X 100,000 Production Model 3 / Model Y >550,000 Production Shanghai Model 3 / Model Y >950,000 Production Berlin Model Y >375,000 Production Texas Model Y >2
Slide 8: Core Technology
Tesla AI Training Capacity (H100 Equivalent GPUs) C O R E T E C H N O L O G Y Cumulative miles driven with FSD Beta (billions; as of Apr-21-24) Artificial Intelligence Software and Hardware We have been investing in the hardware and software ecosystems necessary to achieve vehicle autonomy and a rid
Slide 9: Other Highlights
O T H E R H I G H L I G H T S Energy Storage deployments (GWh) Non-Automotive gross profit ($M) Our non-automotive business is becoming an increasingly profitable part of Tesla. As Megapack continues to ramp and as our fleet continues to grow, we are expecting consistent profit growth of our non-aut
Slide 10: Outlook
O U T L O O K Volume Our company is currently between two major growth waves: the first one began with the global expansion of the Model 3/Y platform and we believe the next one will be initiated by advances in autonomy and introduction of new products, including those built on our next generation v
Slide 11: Photos & Charts
P H O T O S & C H A R T S
Slide 12: Electric vehicle adoption rate remains under pressure, especially outside of China
E L E C T R I C V E H I C L E A D O P T I O N R A T E R E M A I N S U N D E R P R E S S U R E , E S P E C I A L L Y O U T S I D E O F C H I N A Global BEV market share* (12-months trailing) China World ex-China *Source: ev-volumes.com and https://www.renaultgroup.com/en/finance-2/key-figures/monthly
Slide 13: The Tesla Ecosystem - More Than Just Vehicles
T H E T E S L A E C O S Y S T E M - M O R E T H A N J U S T V E H I C L E S
Slide 14: Model Y Starting Price per Month in the U.S.
M O D E L 3 - S T A R T I N G A T $ 2 9 9 / M O I N T H E U . S . ( $ 1 6 0 / M O A F T E R P R O B A B L E G A S S A V I N G S)
Slide 15: Cybertruck Final Assembly Line
C Y B E R T R U C K - F I N A L A S S E M B L Y L I N E
Slide 16: Supercharger Network Opening Up in North America
S U P E R C H A R G E R N E T W O R K - O P E N I N G U P I N N O R T H A M E R I C A
Slide 17: Preview of Ride-Hailing in the Tesla App
P R E V I E W O F R I D E – H A I L I N G I N T H E T E S L A A P P Demonstrative only. Actual look and features subject to change.
Slide 18: Dojo Training Cluster
D O J O T R A I N I N G C L U S T E R ( N O T A R E N D E R )
Slide 19: Megapack - Plus Power's Kapolei Energy Storage Facility
M E G A P A C K - P l u s P o w e r ’ s K a p o l e i E n e r g y S t o r a g e F a c I l I t y
Slide 20: Tesla Semi - Start of Construction near Gigafactory Nevada
T E S L A S E M I - S T A R T O F C O N S T R U C T I O N N E A R G I G A F A C T O R Y N E V A D A
Slide 21: Cost Grind - Squeezing Every Penny out of the Vehicle Cost
C O S T G R I N D - S Q U E E Z I N G E V E R Y P E N N Y O U T O F T H E v e h I c l e C O S T
Slide 22: Key Metrics Quarterly
Vehicle Deliveries (millions of units) K E Y M E T R I C S Q U A R T E R L Y (Unaudited) Operating Cash Flow ($B) Free Cash Flow ($B) Net Income ($B) Adjusted EBITDA ($B)
Slide 23: Key Metrics Trailing 12 Months
Operating Cash Flow ($B) Free Cash Flow ($B) 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) Net Income ($B) Adjusted EBITDA ($B) Vehicle Deliveries (millions of units)
Slide 24: Financial Statements
F I N A N C I A L S T A T E M E N T S
Slide 25: Income Statement
In millions of USD or shares as applicable, except per share data Q1-2023 Q2-2023 Q3-2023 Q4-2023 Q1-2024 REVENUES Automotive sales 18,878 20,419 18,582 20,630 16,460 Automotive regulatory credits 521 282 554 433 442 Automotive leasing 564 567 489 500 476 Total automotive revenues 19,963 21,268 19,6
Slide 26: Balance Sheet
B A L A N C E S H E E T (Unaudited) In millions of USD 31-Mar-23 30-Jun-23 30-Sep-23 31-Dec-23 31-Mar-24 ASSETS Current assets Cash, cash equivalents and investments 22,402 23,075 26,077 29,094 26,863 Accounts receivable, net 2,993 3,447 2,520 3,508 3,887 Inventory 14,375 14,356 13,721 13,626 16,033
Slide 27: Cash Flow Statement
In millions of USD Q1-2023 Q2-2023 Q3-2023 Q4-2023 Q1-2024 CASH FLOWS FROM OPERATING ACTIVITIES Net income 2,539 2,614 1,878 7,943 1,144 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization and impairment 1,046 1,154 1,235 1,232 1,246 Stock-bas
Slide 28: Reconciliation of GAAP to Non-GAAP Financial Information
In millions of USD or shares as applicable, except per share data Q1-2023 Q2-2023 Q3-2023 Q4-2023 Q1-2024 Net income attributable to common stockholders (GAAP) 2,513 2,703 1,853 7,928 1,129 Stock-based compensation expense, net of tax 418 445 465 484 407 Release of valuation allowance on deferred ta
Slide 29: Reconciliation of GAAP to Non-GAAP Financial Information
R e c o n c I l I a t I o n o f G A A P t o N o n – G A A P F I n a n c I a l I n f o r m a t I o n (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 Net cash provided by operating activities – TTM (GAAP) 9,184 9,931 11,497
Slide 30: 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 first quarter 2024 financial results conference call beginning at 4:30 p.m. CT on April 23, 2024 at ir.tesla.com. This webcast will also be available for replay for approximately one year thereafte
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