Tesla Results Presentation Deck

HIGHLIGHTS Profitability 7.6% operating margin in Q3 Cash Operations $1.8B GAAP operating income in Q3 $1.9B GAAP net income in Q3 $2.3B non-GAAP net income¹ in Q3 Operating cash flow of $3.3B in Q3 Free cash flow² of $0.8B in Q3 $3.0B increase in our cash and investments3 QoQ to $26.1B 4.0 GWh of Energy Storage deployed in Q3 More than doubled Al training compute SUMMARY Our main objectives remained unchanged in Q3-2023: reducing cost per vehicle, free cash flow generation while maximizing delivery volumes and continued investment in Al and other growth projects. Our cost of goods sold per vehicle4 decreased to -$37,500 in Q3. While production cost at our new factories remained higher than our established factories, we have implemented necessary upgrades in Q3 to enable further unit cost reductions. We continue to believe that an industry leader needs to be a cost leader. During a high interest rate environment, we believe focusing on investments in R&D and capital expenditures for future growth, while maintaining positive free cash flow, is the right approach. Year-to-date, our free cash flow reached $2.3B while our cash and investments position continues to improve. We have more than doubled the size of our Al training compute to accommodate for our growing dataset as well as our Optimus robot project. Our humanoid robot is currently being trained for simple tasks through Al rather than hard-coded software, and its hardware is being further upgraded. Lastly, with a combined gross profit generation of over $0.5B in Q3, our Energy Generation and Storage business and Services and Other business have become meaningful contributors to our profitability. (1) Excludes SBC (stock-based compensation) (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) TESLA

View entire presentation