Tesla Results Presentation Deck

3 HIGHLIGHTS Cash Profitability Operations $535M increase in our cash and cash equivalents in Q2 to $8.6B Operating cash flow less capex (free cash flow) $418 M in Q2 $327M GAAP operating income; 5.4% operating margin in Q2 $ 104 M GAAP net income; $451M non-GAAP net income (ex-SBC) in Q2 Four quarters of sequential profitability Next US Gigafactory site selected; preparations underway Increased Model S range to 402 miles (EPA) Model Y and China-made Model 3 production rates continue to increase SUMMARY Our business has shown strong resilience during these unprecedented times. Despite the closure of our main factory in Fremont for nearly half the quarter, we posted our fourth sequential GAAP profit in Q2 2020, while generating positive free cash flow of $418 M. Our profit improved sequentially due to fundamental operational improvements. Additionally, we experienced costs associated with factory shutdowns, which were offset by actions taken during the quarter to reduce expenses. For the trailing 12 months, our GAAP operating margin reached nearly 5%. We expect our operating margin will continue to grow over time, ultimately reaching industry-leading levels. We believe the progress we made in the first half of this year has positioned us for a successful second half of 2020. Production output of our existing facilities continues to improve to meet demand, and we are adding more capacity. Later this year, we will be building three factories on three continents simultaneously. While we invest in our product roadmap, improve technology and localize production, we continue to drive cost efficiencies across the business and closely manage working capital. It is important to manage our cash diligently in order to ensure we are ready for any scenario. SBC = stock-based compensation expense A

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