Tesla Investor Presentation — April 2024

Document content

1Highlights 03

Financial Summary 04

Operational Summary 06

Vehicle Capacity 07

Core Technology 08

Other Highlights 09

Financial Statements 24

Additional Information 30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 -operating leases); (5)Active driver supervision required; does not make the vehicle autonomous. Profitability $1.2B GAAP operating income in Q1

$1.1B GAAP net income in Q1

$1.5B non -GAAP net income1 in Q1We experienced numerous challenges in Q1, from the Red Sea conflict and the

arson attack at Gigafactory Berlin, to the gradual ramp of the updated Model 3 in

Fremont. Excluding Cybertruck and unscheduled downtime, our COGS4 per unit

declined sequentially, driven primarily by lower raw material costs.

Global EV sales continue to be under pressure as many carmakers prioritize hybrids

over EVs. While positive for our regulatory credits business, we prefer the industry

to continue pushing EV adoption, which is in -line with our mission. To support our

growth, we have been increasing awareness and expanding vehicle financing

programs, including attractive leasing terms for our customers.

While many are pulling back on their investments, we are investing in future growth

– including our AI infrastructure, production capacity, our Supercharger and service

networks and new products infrastructure – with $2.8B of capital expenditures in

We recently undertook a cost -cutting exercise to increase operational efficiency.