Tesla Results Presentation Deck

3 HIGHLIGHTS Cash Profitability Operations $930 M increase in our cash and cash equivalents in Q4 to $6.3B $1.0 B operating cash flow less capex ("free cash flow") in Q4 $359M GAAP operating income; 4.9% operating margin in Q4 $10 5M GAAP net income; $386M non-GAAP net income (ex-SBC) in Q4 Model Y production ramp started in January 2020, ahead of schedule Increased Model Y all-wheel drive EPA range to 315 miles from 280 miles Record vehicle deliveries of 112,095 in Q4 Record Q4 storage deployment of 530 MWh; 26% solar growth QoQ SUMMARY 20 19 was a turning point for Tesla. We demonstrated strong organic demand for Model 3, returned to GAAP profitability in 2H19 and generated $1.1B of free cash flow for the year. We achieved strong cash generation through persistent cost control across the business. Our pace of execution has also improved significantly, as we have incorporated many learnings from our experience launching Model 3 in the United States. As a result, we were able to start Model 3 production in Gigafactory Shanghai in less than 10 months from breaking ground and have already begun the production ramp for Model Y in Fremont. None of this would be possible without strong demand for our products. For most of 2019, nearly all orders came from new buyers that did not hold a prior reservation, demonstrating significant reach beyond those who showed early interest. Amazingly, this was accomplished without any spend on advertising. As more people drive our cars and as the industry rapidly validates electrification, interest in our products will continue to grow. Higher volumes driven by Model Y and Gigafactory Shanghai, continued improvements in operating leverage, and further cost efficiencies should allow Tesla to ultimately reach an industry-leading operating margin. SBC = stock-based compensation expense

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