Tesla Results Presentation Deck

М 3 HIGHLIGHTS Cash Profitability Operations $1.8B increase in our cash and cash equivalents in Q1 to $8.1B Operating cash flow less capex (free cash flow) negative $895M in Q1 (of which $981M outflow due to inventory growth) $283M GAAP operating income; 4.7% operating margin in Q1 $16M GAAP net income; $227M non-GAAP net income (ex-SBC) in Q1 Gross margin at Giga Shanghai approaching level of US-made Model 3 Model Y gross margin positive in Q1 Model Y deliveries began, significantly ahead of schedule Increased Model S range to 391 miles with no increase in battery capacity Reached production of 1,000 Solar Roofs in a single week SUMMARY Q1 2020 was the first time in our history that we achieved a positive GAAP net income in the seasonally weak first quarter. Despite global operational challenges, we were able to achieve our best first quarter for both production and deliveries. Although impacted by inefficiencies related to the temporary suspension of production and deliveries in many locations, our gross margin remained strong. At Gigafactory Shanghai, further volume growth resulted in a material improvement in margins of locally made Model 3 vehicles. In addition, Model Y contributed profits, which is the first time in our history that a new product has been profitable in its first quarter. Despite the expiration of various government incentives at the end of last year, Q1 was pacing to be the strongest quarter of deliveries until our operations were interrupted in March. As a result, we remain confident in growing global production capacity as quickly as possible. We are continuing to significantly invest in our product roadmap, including improvements in technology, as well as localizing production in Shanghai and Berlin. At the same time, we are diligently managing working capital, reducing non-critical spend, and driving productivity improvements. We believe we are well-positioned to manage near-term uncertainty while achieving our long-term plans. SBC = stock-based compensation expense

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