特斯拉2024Q3財報-2024-10-新勢力

Q32024Update

1

Highlights03

FinancialSummary04

OperationalSummary06

VehicleCapacity07

CoreTechnology08

OtherHighlights09

Outlook10

Photos&Charts11

KeyMetrics23

FinancialStatements25

AdditionalInformation31

2

3

HIGHLIGHTS

Profitability

Cash

Operations

$2.7BGAAPoperatingincomeinQ3$2.2BGAAPnetincomeinQ3

$2.5Bnon-GAAPnetincome1inQ3

Operatingcashflowof$6.3BinQ3Freecashflow2of$2.7BinQ3

$2.9Bincreaseinourcashandinvestments3inQ3to$33.6B

IncreasedAItrainingcomputebyover75%inQ3

Cybertruckbecamethethirdbest-sellingEVinQ3intheU.S.(behindonlyModelYandModel3)

OvertwobillionmilesdrivencumulativelyonFSD(Supervised)4asofQ3withmorethan50%onV12

SUMMARY

WedeliveredstrongresultsinQ3withgrowthinvehicledeliveriesbothsequentiallyandyear-on-year,resultinginrecordthird-quartervolumes.Wealsorecognizedoursecond-highestquarterofregulatorycreditrevenuesasotherOEMsarestillbehindonmeetingemissionsrequirements.

Ourcostofgoodssold(COGS)pervehicle5camedowntoitslowestleveleverat~$35,100.Inordertocontinueacceleratingtheworld’stransitiontosustainableenergy,weneedto

makeEVsaffordableforeveryone,includingmakingtotalcostofownershippermile

competitivewithallformsoftransportation.Preparationsremainunderwayforourofferingofnewvehicles–includingmoreaffordablemodels–whichwewillbeginlaunchinginthefirsthalfof2025.Atour"We,Robot"eventonOctober10,wedetailedourlong-termgoalofofferingautonomoustransportwithacostpermilebelowrideshare,personalcar

ownershipandevenpublictransit.

TheEnergybusinessachievedanotherstrongquarterwitharecordgrossmargin.Additionally,theMegafactoryinLathropproduced200Megapacksinaweek,and

PowerwalldeploymentsreachedarecordforthesecondquarterinarowaswecontinuetorampPowerwall3.

DespitesustainedmacroeconomicheadwindsandotherspullingbackonEVinvestments,weremainfocusedonexpandingourvehicleandenergyproductlineup,reducingcostsandmakingcriticalinvestmentsinAIprojectsandproductioncapacity.Webelievetheseeffortswillallowustocapitalizeontheongoingtransitioninthetransportationandenergysectors.

T

(1)ExcludesSBC(stock-basedcompensation),netoftax;(2)Freecashflow=operatingcashflowlesscapex;(3)Includescash,cashequivalentsandinvestments;(4)Activedriversupervisionrequired;doesnotmakethevehicleautonomous;(5)CalculatedbydividingCostofAutomotiveSalesRevenuebyrespectivequarter’snewdeliveries(ex-operatingleases)

FINANCIALSUMMARY

(Unaudited)

($inmillions,exceptpercentagesandpersharedata)

Q3-2023

Q4-2023

Q1-2024

Q2-2024

Q3-2024

YoY

Totalautomotiverevenues

19,625

21,563

17,378

19,878

20,016

2%

Energygenerationandstoragerevenue

1,559

1,438

1,635

3,014

2,376

52%

Servicesandotherrevenue

2,166

2,166

2,288

2,608

2,790

29%

Totalrevenues

23,350

25,167

21,301

25,500

25,182

8%

Totalgrossprofit

4,178

4,438

3,696

4,578

4,997

20%

TotalGAAPgrossmargin

17.9%

17.6%

17.4%

18.0%

19.8%

195bp

Operatingexpenses

2,414

2,374

2,525

2,973

2,280

-6%

Incomefromoperations

1,764

2,064

1,171

1,605

2,717

54%

Operatingmargin

7.6%

8.2%

5.5%

6.3%

10.8%

323bp

AdjustedEBITDA

3,758

3,953

3,384

3,674

4,665

24%

AdjustedEBITDAmargin

16.1%

15.7%

15.9%

14.4%

18.5%

243bp

Netincomeattributabletocommonstockholders(GAAP)

1,853

7,928

1,129

1,478

2,167

17%

Netincomeattributabletocommonstockholders(non-GAAP)

2,318

2,485

1,536

1,812

2,505

8%

EPSattributabletocommonstockholders,diluted(GAAP)

0.53

2.27

0.34

0.42

0.62

17%

EPSattributabletocommonstockholders,diluted(non-GAAP)

0.66

0.71

0.45

0.52

0.72

9%

Netcashprovidedbyoperatingactivities

3,308

4,370

242

3,612

6,255

89%

Capitalexpenditures

(2,460)

(2,306)

(2,773)

(2,270)

(3,513)

43%

Freecashflow

848

2,064

(2,531)

1,342

2,742

223%

Cash,cashequivalentsandinvestments

26,077

29,094

26,863

30,720

33,648

29%

4

FINANCIALSUMMARY

RevenueTotalrevenueincreased8%YoYinQ3to$25.2B.YoY,revenuewasimpactedbythefollowingitems:

+growthinvehicledeliveries

+growthinEnergyGenerationandStorageandServicesandOther

+higherFSDrevenuerecognitionYoYforreleasesrelatedtoCybertruckandcertainfeaturessuchasActuallySmartSummon+higherregulatorycreditrevenue

-reducedS3XYvehicleaveragesellingprice(ASP)(excl.FXimpact),duetomix,pricingandattractivefinancingoptions

ProfitabilityOuroperatingincomeincreasedYoYto$2.7BinQ3,resultingina10.8%operatingmargin.YoY,operatingincomewasprimarily

impactedbythefollowingitems:

+lowercostpervehicle,includinglowerrawmaterialcosts,freightanddutiesandotherone-timecharges+growthinEnergyGenerationandStorageandServicesandOthergrossprofit

+higherFSDrevenuerecognitionYoYforreleasesrelatedtoCybertruckandcertainfeaturessuchasActuallySmartSummon+growthinvehicledeliveries

+higherregulatorycreditrevenue

+decreaseinoperatingexpensesincludingcost-reductionefforts

-reducedS3XYvehicleASP

CashQuarter-endcash,cashequivalentsandinvestmentsinQ3was$33.6B.Thesequentialincreaseof$2.9Bwasprimarilytheresultof

positivefreecashflowof$2.7B.

5

OPERATIONALSUMMARY

(Unaudited)

Q3-2023

Q4-2023

Q1-2024

Q2-2024

Q3-2024

YoY

Model3/Yproduction

416,800

476,777

412,376

386,576

443,668

6%

Othermodelsproduction

13,688

18,212

20,995

24,255

26,128

91%

Totalproduction

430,488

494,989

433,371

410,831

469,796

9%

Model3/Ydeliveries

419,074

461,538

369,783

422,405

439,975

5%

Othermodelsdeliveries

15,985

22,969

17,027

21,551

22,915

43%

Totaldeliveries

435,059

484,507

386,810

443,956

462,890

6%

ofwhichsubjecttooperatingleaseaccounting

17,423

10,563

8,365

10,227

14,449

-17%

Totalendofquarteroperatingleasevehiclecount

176,231

176,564

173,131

171,353

168,867

-4%

Globalvehicleinventory(daysofsupply)(1)

16

15

28

18

19

19%

Storagedeployed(GWh)

4.0

3.2

4.1

9.4

6.9

75%

Teslalocations

1,129

1,208

1,258

1,286

1,306

16%

Mobileservicefleet

1,846

1,909

1,897

1,896

1,933

5%

Superchargerstations

5,595

5,952

6,249

6,473

6,706

20%

Superchargerconnectors

51,105

54,892

57,579

59,596

62,421

22%

6(1)Daysofsupplyiscalculatedbydividingnewvehicleendinginventorybytherelevantquarter’sdeliveriesandusing75tradingdays(alignedwithAutomotiveNewsdefinition).T::

VEHICLECAPACITY

Productionanddeliveryvolumesbothreturnedtoyear-on-yeargrowthinQ3.Wealso

producedour7-millionthvehicleOctober22nd.WecontinuedtoaddtoourvehiclelineupbyexpandingtheoptionsfornewvehicletrimsandpaintforModel3andModelY.

US:California,NevadaandTexas

RefreshedModel3rampcontinuedsuccessfullyinQ3withhighertotalproductionandlowercostofgoodssoldquarter-over-quarter.Cybertruckproductionincreasedsequentiallyandachievedapositivegrossmarginforthefirsttime.PreparationoftheSemifactorycontinuesandremainsontrackwithbuildsscheduledtostartbytheendof2025.

China:Shanghai

TheShanghaifactoryrecentlyachievedtwonotablemilestones:producingits3-millionthvehicleinOctoberandexportingits1-millionthvehicleinSeptember.CostsofgoodssoldpervehicleattheShanghaifactoryimprovedsequentiallytoitslowestlevelever.

Europe:Berlin-Brandenburg

CostsofgoodssoldpervehicleimprovedsequentiallyatGigafactoryBerlin-Brandenburg.AsofQ3,ModelYisthemostsoldvehicleofanytypein2024inSweden,Netherlands,

DenmarkandSwitzerland,andwasthebest-sellingvehicleinEuropeinthemonthof

September.Additionally,inQ3,ModelYbecamethebest-sellingEV(newvehiclesales)ofalltimeinNorway,whichnowhasover60,000unitsontheroad.

7

CurrentInstalledAnnualVehicleCapacity

Region

Model

Capacity

Status

California

ModelS/ModelX

100,000

Production

Model3/ModelY

>550,000

Production

Shanghai

Model3/ModelY

>950,000

Production

Berlin

ModelY

>375,000

Production

Texas

ModelY

>250,000

Production

Cybertruck

>125,000

Production

Nevada

TeslaSemi

-

Pilotproduction

Various

NextGenPlatform

-

Indevelopment

TBD

Roadster

-

Indevelopment

Installedcapacity≠currentproductionrateandtheremaybelimitationsdiscoveredasproductionratesapproachcapacity.Productionratesdependonavarietyoffactors,includingequipmentuptime,

China

Europe

US/Canada

4%

3%

2%

1%

0%

componentsupply,downtimerelatedtofactoryupgrades,regulatoryconsiderationsandotherfactors.

MarketshareofTeslavehiclesbyregion(TTM)

Source:TeslaestimatesbasedonlatestavailabledatafromACEA;A;CAAM–light-duty

vehiclesonly;TTM=TrailingtwelvemonthsT::

ArtificialIntelligenceSoftwareandHardware

InQ3,wereleasedthe12.5seriesofFSD(Supervised)1withimprovedsafetyandcomfort

thankstoincreaseddataandtrainingcompute,a5xincreaseinparametercount,andotherarchitecturalchoicesthatweplantocontinuescalinginQ4.WereleasedActuallySmart

Summon,whichenablesyourvehicletoautonomouslydrivetoyouinparkinglots,andFSD(Supervised)toCybertruckcustomers,includingend-to-endneuralnetsforhighwaydrivingforthefirsttime.Wedeployedandaretrainingaheadofscheduleona29kH100clusteratGigafactoryTexas–whereweexpecttohave50kH100capacitybytheendofOctober.

VehicleandOtherSoftware

OurSummerReleaseincludedYouTubeandAmazonMusicasnativeapps.ParentscannowenableParentalControlsviaPINtoapplymaximumspeedlimit,reduceaccelerationtoChill,force-enablesafetysettingsandenablecurfewnotifications.Othernewfeaturesinclude

Hands-FreeFrunk,revampedclimatecontrolsforModel3andModelY,weatherforecast,airqualityandimprovementstoin-vehiclenavigation.

Battery,PowertrainandManufacturing

InOctober,weunveiledourCybercabandRobovanvehicles,bothdesignedfromthe

groundupforautonomy–withoutasteeringwheelorpedals.Cybercabwillbebuiltonournext-generationplatformwhichincludesanewpowertrainwithanestimated5.5mi/kWh.

Thiswillbeourmostefficientpowertrainyet.InQ3,weproducedour100-millionth4680cellandcontinuedtoprogressourdry-cathodemanufacturinglines.

2.0

1.6

1.2

0.8

0.4

FSDV12MilesFSDMiles

0.0

CumulativemilesdrivenwithFSD(Supervised)(billions)

90,000

ExistingCapacityFuturePlannedCapacity

75,000

60,000

45,000

30,000

15,000

0

8

(1)Activedriversupervisionrequired;doesnotmakethevehicleautonomousT::

OTHERHIGHLIGHTS

OurEnergyandServicesandOtherbusinessesarebecomingincreasinglyprofitablepartsofTesla.Asenergystorageproductscontinuetorampandourvehiclefleetcontinuestogrow,weareexpectingcontinuedprofitgrowthfromthesebusinessesovertime.

EnergyGenerationandStorage

-400

-600

-800

-1,000

TheEnergybusinessachievedarecordgrossmarginof30.5%inQ3,asequentialincreaseof596bps,despitelowerMegapackvolumes.Powerwallachievedrecorddeploymentsin

Q3forthesecondquarterinarow.RampofPowerwall3andtheLathropMegafactory

continuedsuccessfully–withLathropdemonstrating200Megapackproduction(40GWhannualrunrate)inasingleweek.AsofQ3,over100,000PowerwallswereenrolledinVirtualPowerPlantprograms,deliveringadditionalfinancialvaluetoownerswhileprovidingmuch-neededsupporttothegridduringperiodsofstress.TheShanghaiMegafactoryremainsontracktobeginshippingMegapacksinQ12025.

ServicesandOther

TheServicesandOtherbusinessachievedarecordgrossprofitinQ3,growingover90%year-on-year.Sequentialgrowthingrossprofitwasdrivenmostlybyhighergrossprofit

generationfromsupercharging,servicecentermarginimprovementandhighergrossprofitgenerationfromPartsSalesandMerchandise.OurSuperchargernetworkcontinuedto

expandinQ3withover2,800newstallsinthequarter,a22%growthofthenetworkYoY.

1,000

800

600

400

200

0

-200

EnergyandServicesandOthergrossprofit($M)

10

9

8

7

6

5

4

3

2

1

0

EnergyStoragedeployments(GWh)

9

OUTLOOK

VolumeOurcompanyiscurrentlybetweentwomajorgrowthwaves:thefirstonebeganwiththeglobalexpansionoftheModel3/Yplatform

andwebelievethenextonewillbeinitiatedbyadvancesinautonomyandintroductionofnewproducts,includingthosebuiltonournextgenerationvehicleplatform.Despiteongoingmacroeconomicconditions,weexpecttoachieveslightgrowthinvehicle

deliveriesin2024.Energystoragedeploymentsareexpectedtomorethandoubleyear-over-yearin2024.

CashWehavesufficientliquiditytofundourproductroadmap,long-termcapacityexpansionplansandotherexpenses.Furthermore,we

willmanagethebusinesssuchthatwemaintainastrongbalancesheetduringthisuncertainperiod.

ProfitWhilewecontinuetoexecuteoninnovationstoreducethecostofmanufacturingandoperations,overtime,weexpectour

hardware-relatedprofitstobeaccompaniedbyanaccelerationofAI,softwareandfleet-basedprofits.

ProductPlansfornewvehicles,includingmoreaffordablemodels,remainontrackforstartofproductioninthefirsthalfof2025.These

vehicleswillutilizeaspectsofthenextgenerationplatformaswellasaspectsofourcurrentplatformsandwillbeabletobeproducedonthesamemanufacturinglinesasourcurrentvehicleline-up.

Thisapproachwillresultinachievinglesscostreductionthanpreviouslyexpectedbutenablesustoprudentlygrowourvehiclevolumesinamorecapexefficientmannerduringuncertaintimes.Thisshouldhelpusfullyutilizeourcurrentexpectedmaximumcapacityofclosetothreemillionvehicles,enablingmorethan50%growthover2023productionbeforeinvestinginnew

manufacturinglines.

Ourpurpose-builtRobotaxiproductwillcontinuetopursuearevolutionary“unboxed”manufacturingstrategy.

10

PHOTOS&CHARTS

ELECTRICVEHICLEADOPTIONRATE-GROWTHCONTINUEDINQ3

GlobalBEVmarketshare*(12-monthstrailing)

12%

10%

8%

6%

4%

2%

0%

China

Worldex-China

12

*Source:and/en/finance-2/key-figures/monthly-sales/

T

AUTONOMYWILLFURTHERACCELERATEOURMISSION

EstimatedLifecycleEmissionsofGasCarsversusRobotaxi(gCO2e/mi)

GasCars

Robotaxi

13

CYBERCAB-TWO-SEATERVEHICLEDESIGNEDFORAUTONOMY

14

CYBERCAB-SPACIOUSINTERIORANDEXTRALARGETRUNK

15

ROBOVAN-SPACEFORUPTO20&DESIGNEDFORAUTONOMY

16

ROBOTAXICHARGING-WIRELESSCHARGINGREMOVESNEEDFORAHUMAN

17

OPTIMUS-DANCINGAT“WE,ROBOT”

18

OPTIMUSHAND-LATESTGENERATIONWITH2XDEGREESOFFREEDOM

19

FREMONTFACTORY-PRODUCEDTESLA‘S7-MILLIONTHVEHICLE

20

POWERWALL3-AVAILABLENOW

21

SEMIFACTORY-CONSTRUCTIONCONTINUESTOPROGRESS

22

KEYMETRICSQUARTERLY

(Unaudited)

0.5

0.4

0.3

0.2

0.1

0.0

4Q-2021

1Q-2022

2Q-2022

3Q-2022

4Q-2022

1Q-2023

2Q-2023

3Q-2023

4Q-2023

1Q-2024

2Q-2024

3Q-2024

VehicleDeliveries(millionsofunits)

7

6

5

4

3

2

1

0

-1

-2

-3

4Q-2021

1Q-2022

2Q-2022

3Q-2022

4Q-2022

1Q-2023

2Q-2023

3Q-2023

4Q-2023

1Q-2024

2Q-2024

3Q-2024

OperatingCashFlow($B)FreeCashFlow($B)

8

7

6

5

4

3

2

1

0

4Q-2021

1Q-2022

2Q-2022

3Q-2022

4Q-2022

1Q-2023

2Q-2023

3Q-2023

4Q-2023

1Q-2024

2Q-2024

3Q-2024

NetIncome($B)

AdjustedEBITDA($B)

23

KEYMETRICSTRAILING12MONTHS(TTM)

(Unaudited)

2.01.81.61.41.21.00.80.60.40.20.0

4Q-2021

1Q-2022

2Q-2022

3Q-2022

4Q-2022

1Q-2023

2Q-2023

3Q-2023

4Q-2023

1Q-2024

2Q-2024

3Q-2024

VehicleDeliveries(millionsofunits)

20

18

16

14

12

10

8

6

4

2

0

4Q-2021

1Q-2022

2Q-2022

3Q-2022

4Q-2022

1Q-2023

2Q-2023

3Q-2023

4Q-2023

1Q-2024

2Q-2024

3Q-2024

OperatingCashFlow($B)FreeCashFlow($B)

20

18

16

14

12

10

8

6

4

2

0

4Q-2021

1Q-2022

2Q-2022

3Q-2022

4Q-2022

1Q-2023

2Q-2023

3Q-2023

4Q-2023

1Q-2024

2Q-2024

3Q-2024

NetIncome($B)

AdjustedEBITDA($B)

24

FINANCIALSTATEMENTS

STATEMENTOFOPERATIONS

(Unaudited)

InmillionsofUSDorsharesasapplicable,exceptpersharedataQ3-2023Q4-2023Q1-2024Q2-2024Q3-2024

REVENUES

Automotivesales18,58220,63016,46018,53018,831 Automotiveregulatorycredits554433442890739 Automotiveleasing489500476458446 Totalautomotiverevenues19,62521,56317,37819,87820,016 Energygenerationandstorage1,5591,4381,6353,0142,376 Servicesandother2,1662,1662,2882,6082,790

Totalrevenues23,35025,16721,30125,50025,182

COSTOFREVENUES

Automotivesales15,65617,20213,89715,96215,743 Automotiveleasing301296269245247 Totalautomotivecostofrevenues15,95717,49814,16616,20715,990 Energygenerationandstorage1,1781,1241,2322,2741,651 Servicesandother2,0372,1072,2072,4412,544 Totalcostofrevenues19,17220,72917,60520,92220,185

Grossprofit4,1784,4383,6964,5784,997

OPERATINGEXPENSES

Researchanddevelopment1,1611,0941,1511,0741,039 Selling,generalandadministrative1,2531,2801,3741,2771,186 Restructuringandother---62255

Totaloperatingexpenses2,4142,3742,5252,9732,280

INCOMEFROMOPERATIONS1,7642,0641,1711,6052,717

Interestincome282333350348429 Interestexpense(38)(61)(76)(86)(92)

Otherincome(expense),net37(145)10820(270)

INCOMEBEFOREINCOMETAXES2,0452,1911,5531,8872,784

Provisionfor(benefitfrom)incometaxes