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Q1 2023 Update�u�__fields_set__���(h
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�table�h��Highlights 03 Financial Summary 04 Operational Summary 06 Vehicle Capacity 07 Core Technology 08 Other Highlights 09 Outlook 10 Photos & Charts 11 Key Metrics 19 Financial Statements 22�uh
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	H I G H L I G H T S

Profitability

11.4% operating margin in Q1 $2.7B GAAP operating income in Q1 $2.5B GAAP net income in Q1 $2.9B non-GAAP net income1 in Q1

Cash

Operating cash flow of $2.5B

Free cash flow2 of $0.4B in Q1

$0.2B increase in our cash and investments3 in Q1 to $22.4B

Operations

Cybertruck factory tooling on track; producing Alpha versions Model Y was the best-selling vehicle in Europe in Q1 Model Y was the best-selling vehicle in the US in Q1 (ex-pickups)

S U M M A R Y

In the current macroeconomic environment, we see this year as a unique opportunity for Tesla. As many carmakers are working through challenges with the unit economics of their EV programs, we aim to leverage our position as a cost leader. We are focused on rapidly growing production, investments in autonomy and vehicle software, and remaining on track with our growth investments.

Our near-term pricing strategy considers a long-term view on per vehicle profitability given the potential lifetime value of a Tesla vehicle through autonomy, supercharging, connectivity and service. We expect that our product pricing will continue to evolve, upwards or downwards, depending on a number of factors.

Although we implemented price reductions on many vehicle models across regions in the first quarter, our operating margins reduced at a manageable rate. We expect ongoing cost reduction of our vehicles, including improved production efficiency at our newest factories and lower logistics costs, and remain focused on operating leverage as we scale.

We are rapidly growing energy storage production capacity at our Megafactory in Lathrop and we recently announced a new Megafactory in Shanghai. We are also continuing to execute on our product roadmap, including Cybertruck, our next generation vehicle platform, autonomy and other AI enabled products.

Our balance sheet and net income enable us to continue to make these capital expenditures in line with our future growth. In this environment, we believe it makes sense to push forward to ensure we lay a proper foundation for the best possible future.

(1) Excludes SBC (stock-based compensation). (2) Free cash flow = operating cash flow less capex. (3) Includes cash, cash equivalents and investments.

4

F I N A N C I A L S U M M A R Y (Unaudited)�uh
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hhX�Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023 YoY 16,861 14,602 18,692 21,307 19,963 18% 616 866 1,117 1,310 1,529 148% 1,279 1,466 1,645 1,701 1,837 44% 18,756 16,934 21,454 24,318 23,329 24% 5,460 4,234 5,382 5,777 4,511 -17% 29.1% 25.0% 25.1% 23.8% 19.3% -977 bp 1,857 1,770 1,694 1,876 1,847 -1% 3,603 2,464 3,688 3,901 2,664 -26% 19.2% 14.6% 17.2% 16.0% 11.4% -779 bp 5,023 3,791 4,968 5,404 4,267 -15% 26.8% 22.4% 23.2% 22.2% 18.3% -849 bp 3,318 2,259 3,292 3,687 2,513 -24% 3,736 2,620 3,654 4,106 2,931 -22% 0.95 0.65 0.95 1.07 0.73 -23% 1.07 0.76 1.05 1.19 0.85 -21% 3,995 2,351 5,100 3,278 2,513 -37% (2,072) 17% (1,767) (1,730) (1,803) (1,858) 2,228 621 3,297 1,420 441 -80% 18,013 18,915 21,107 22,185 22,402 24%�uh
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hhX($ in millions, except percentages and per share data)

Total automotive revenues

Energy generation and storage revenue

Services and other revenue

Total revenues

Total gross profit

Total GAAP gross margin

Operating expenses

Income from operations

Operating margin

Adjusted EBITDA

Adjusted EBITDA margin

Net income attributable to common stockholders (GAAP)

Net income attributable to common stockholders (non-GAAP)

EPS attributable to common stockholders, diluted (GAAP)(1) EPS attributable to common stockholders, diluted (non-GAAP)(1)

Net cash provided by operating activities

Capital expenditures

Free cash flow

Cash, cash equivalents and investments

(1)EPS = earnings per share. Prior period results have been retroactively adjusted to reflect the three-for-one stock split effected in the form of a stock dividend in August 2022.

5

F I N A N C I A L S U M M A R Y

Revenue

Total revenue grew 24% YoY in Q1 to $23.3B. YoY, revenue was impacted by the following items:

+ growth in vehicle deliveries + growth in other parts of the business - reduced ASP YoY (excluding FX impact) - negative FX impact of $0.8B1

Profitability

Our operating income decreased YoY to $2.7B in Q1, resulting in a 11.4% operating margin. YoY, operating income was primarily impacted by the following items:

+ growth in vehicle deliveries (despite margin headwind from underutilization of new factories) + gross profit growth in Energy business as well as Services & Other - reduced ASP YoY - higher raw material, commodity, logistics and warranty costs - cost of production ramp of 4680 cells - lower credit revenue

Cash

Quarter-end cash, cash equivalents and investments increased sequentially by $217M to $22.4B in Q1, driven mainly by free cash flow of $441M, partially offset by other financing activities, including debt repayments.

(1) Impact is calculated on a constant currency basis. Actuals are compared against current results converted into USD using average exchange rates from Q1’22.

O P E R A T I O N A L S U M M A R Y (Unaudited)�uh
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hhX�Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023 YoY Model S/X production 14,218 16,411 19,935 20,613 19,437 37% Model 3/Y production 291,189 242,169 345,988 419,088 421,371 45% Total production 305,407 258,580 365,923 439,701 440,808 44% Model S/X deliveries 14,724 16,162 18,672 17,147 10,695 -27% Model 3/Y deliveries 295,324 238,533 325,158 388,131 412,180 40% Total deliveries 310,048 254,695 343,830 405,278 422,875 36% of which subject to operating lease accounting 12,167 9,227 11,004 15,184 22,357 84% Total end of quarter operating lease vehicle count Global vehicle inventory (days of supply)(1) 128,402 131,756 135,054 140,667 153,988 20% 3 4 8 13 15 400% Solar deployed (MW) 48 106 94 100 67 40% Storage deployed (MWh) 846 1,133 2,100 2,462 3,889 360% Tesla locations(2) 787 831 903 963 1,000 27% Mobile service fleet 1,372 1,453 1,532 1,584 1,692 23% Supercharger stations 3,724 3,971 4,283 4,678 4,947 33% Supercharger connectors 33,657 36,165 38,883 42,419 45,169 34%�uh
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hhX�(1)Days of supply is calculated by dividing new car ending inventory by the relevant quarter’s deliveries and using 75 trading days (aligned with Automotive News definition). (2)Starting in Q1-2023, we revised our methodology for reporting Tesla’s physical footprint. This count now includes all sales, delivery, body shop and service locations globally.

6

V E H I C L E C A P A C I T Y

In Q1, we produced a record number of vehicles, thanks to ongoing ramps at our factories in Austin and Berlin. We remain committed to reducing the percentage of vehicles delivered in the 3rd month and smoothing deliveries throughout the quarter, which will help to reduce cost per vehicle, while increasing in-transit inventory at the end of each quarter.

US: California, Nevada and Texas

The Model Y was the best-selling non-pickup vehicle in the US in Q1. We showcased 4680 cell production at our March-2023 Investor Day; production rate continued to improve sequentially in Q1. Equipment installation for Cybertruck production at Gigafactory Texas continued in Q1 and remains on track.

China: Shanghai

Since our Shanghai factory has been successfully running near full capacity for several months, we do not expect meaningful increase of weekly production run rate. We launched sales in Thailand, a new market supplied out of Shanghai. Thus far, the reception has been very positive. Giga Shanghai remains our main export hub.

Europe: Berlin-Brandenburg

The Model Y production line in Germany produced over 5,000 vehicles in a week towards the end of Q1. In Q1-2023, Tesla Model Y became the best-selling vehicle, of any kind, in Europe (EU + EFTA + UK)*.

7 *Based on HIS and other latest available data

Installed Annual Vehicle Capacity�uh
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Region Model Capacity Status California Model S / Model X 100,000 Production Model 3 / Model Y 550,000 Production Model 3 / Model Y >750,000 Production Shanghai Model Y >350,000 Production Berlin Texas Model Y >250,000 Production Cybertruck - Tooling Nevada Tesla Semi - Pilot production TBD Roadster - In development Robotaxi & Others - In development�uh
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hhX0	Installed capacity ≠ current production rate and there may be limitations discovered as production rates approach capacity. Production rates depend on a variety of factors, including equipment uptime, component supply, downtime related to factory upgrades, regulatory considerations and other factors.

US/Canada  Europe  China  4%  3%  2%  1%  0% 

Market share of Tesla vehicles by region (TTM)

Source: Tesla estimates based on ACEA; Autonews.com; CAAM – light-duty vehicles only TTM = Trailing twelve months

8

C O R E T E C H N O L O G Y

Autopilot and Full Self-Driving (FSD)

Our growing fleet of FSD Beta users has an exponential impact on total FSD Beta miles driven – with over 150 million miles to date and counting. This level of data collection is unprecedented in the industry. Mass collection of diverse datasets is essential for AI-based approach – the only approach we believe can work for scalable autonomy. In Q1, we enabled the latest FSD Beta software stack for highway driving.

Vehicle and Other Software

While our various vehicles provide different range, acceleration or vehicle size, we believe the Tesla software experience is the best-in-class across all vehicles. Even the base Model 3 offers seamless integration of vehicle controls, safety and security features (sentry mode, dog mode) and a full suite of connectivity and entertainment features (Spotify, other music streaming services, video streaming, 4G, etc.), and ongoing software updates bring yet more functionality over time. Recently, we launched home-grown Recruitment and Employee Health & Safety platforms as part of the broader Tesla OS ecosystem. More details on page 12.

Battery, Powertrain & Manufacturing

Producing electric vehicles profitably is a challenging endeavor. It requires rethinking how vehicles are designed and produced from the ground up. Our cost journey is nowhere near finished, which is why we recently announced transition to 48 Volt architecture for vehicle electronics (starting with Cybertruck), higher penetration of in-house designed controllers, cheaper, more scalable drive units and further innovations in the manufacturing process. Cost reduction remains the main enabler of delivering on our mission.

140  120  100  80  60  40  20  0 

Cumulative miles driven with FSD Beta (millions)

2018  2022  ~30% decline �uh
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Global Model 3 cost normalized*

*Includes material costs, manufacturing costs, inbound and outbound logistics, warranty. Based on actual results inclusive of trim/region/production mix, normalized to 2018 for changes in market rates of lithium, nickel, steel and aluminum

9

O T H E R H I G H L I G H T S

Energy Storage

Energy storage deployments increased by 360% YoY in Q1 to 3.9 GWh, the highest level of deployments we have achieved due to ongoing Megafactory ramp. The ramp of our 40 GWh Megapack factory in Lathrop, California has been successful with still more room to reach full capacity. This Megapack factory will be the first of many. We recently announced our second 40 GWh Megafactory, this time in Shanghai, with construction starting later this year.

Solar

Solar deployments increased by 40% YoY in Q1 to 67 MW, but declined sequentially in the quarter, predominantly due to volatile weather and other factors. In addition, the solar industry has been impacted by supply chain challenges.

Services and Other

Both revenue and gross profit from Services and Other reached an all-time high in Q1 2023. Within this business division, growth of used vehicle sales remained strong YoY and had healthy margins. Supercharging, while still a relatively small part of the business, continued to grow as we gradually open up the network to non-Tesla vehicles.

Energy Storage deployments (GWh)

8%  6%  4%  2%  0%  -2%  -4%  Q3'21  Q4'21  Q1'22  Q2'22  Q3'22  Q4'22  Q1'23 

Services & Other gross margin

10

O U T L O O K

Volume

Cash

Profit

Product

We are planning to grow production as quickly as possible in alignment with the 50% CAGR target we began guiding to in early 2021. In some years we may grow faster and some we may grow slower, depending on a number of factors. For 2023, we expect to remain ahead of the long-term 50% CAGR with around 1.8 million cars for the year.

We have sufficient liquidity to fund our product roadmap, long-term capacity expansion plans and other expenses. Furthermore, we will manage the business such that we maintain a strong balance sheet during this uncertain period.

While we continue to execute on innovations to reduce the cost of manufacturing and operations, over time, we expect our hardware-related profits to be accompanied with an acceleration of software-related profits. We continue to believe that our operating margin will remain among the highest in the industry.

Cybertruck remains on track to begin production later this year at Gigafactory Texas. In addition, we continue to make progress on our next generation platform.

P H O T O S & C H A R T S�uh
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hhXyT E S L A O P E R A T I N G S Y S T E M

Our custom-built software replaces enterprise software provided solutions like CRM, ERP, HCM, MES, SCM, WMS & other platforms. Enables unprecedented vertical integration, cost control and agility.

Supply Chain Manufacturing Products Services A ob Se Fulfillment Supplier Network Factory Software Vehicles & Installation P a ee — —P — Planning Warehouse & Energy (s) Inventory Captive Financial Services & Insurance v zZ Ly 4 Procurement Logistics & : 2 3 d Charging & Costing Transportation Other Products Experiences

Eliminates the need for expensive 3rd party software & cloud subscription fees resulting in low SG&A costs

Ability to scale product and headcount growth without excessive incremental cost

Exceptionally low lead time and improved agility in decision making

Ability to effectively manage information security risks, customer data and experiences

12

13

C Y B E R T R U C K P I L O T L I N E

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C Y B E R T R U C K P I L O T L I N E

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C Y B E R T R U C K W I N T E R T E S T I N G

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G I G A F A C T O R Y T E X A S — 4 6 8 0 C E L L P R O D U C T I O N

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K E Y M E T R I C S Q U A R T E R L Y (Unaudited)

0.5

0.4  0.3  0.2  0.1  0.0  1 2 0 2 - Q 3  2 2 0 2 - Q 3  0 2 0 2 - Q 3  1 2 0 2 - Q  3 2 0 2 - Q  2 2 0 2 - Q  1 2 0 2 - Q 4  2 2 0 2 - Q 4  0 2 0 2 - Q 4  1 2 0 2 - Q 2  2 2 0 2 - Q 2  0 2 0 2 - Q 2  1  1  1 

Vehicle Deliveries (millions of units)

6

1 2 0 2 - Q 3  2 2 0 2 - Q 3  0 2 0 2 - Q 3  1 2 0 2 - Q  2 2 0 2 - Q  1 2 0 2 - Q 4  2 2 0 2 - Q 4  0 2 0 2 - Q 4  1 2 0 2 - Q 2  2 2 0 2 - Q 2  0 2 0 2 - Q 2  1  1 

5

4

3

2

1

0

Operating Cash Flow ($B) Free Cash Flow ($B)

3 2 0 2 - Q

1

6

5  4  3  2  1  0  1 2 0 2 - Q 3  2 2 0 2 - Q 3  0 2 0 2 - Q 3  1 2 0 2 - Q  3 2 0 2 - Q  2 2 0 2 - Q  1 2 0 2 - Q 4  2 2 0 2 - Q 4  0 2 0 2 - Q 4  1 2 0 2 - Q 2  2 2 0 2 - Q 2  0 2 0 2 - Q 2  1  1  1 

Net Income ($B) Adjusted EBITDA ($B)

20

K E Y M E T R I C S T R A I L I N G 1 2 M O N T H S ( T T M ) (Unaudited)

1.6  1.4  1.2  1.0  0.8  0.6  0.4  0.2  0.0  1 2 0 2 - Q 3  2 2 0 2 - Q 3  0 2 0 2 - Q 3  1 2 0 2 - Q  3 2 0 2 - Q  2 2 0 2 - Q  1 2 0 2 - Q 4  2 2 0 2 - Q 4  0 2 0 2 - Q 4  1 2 0 2 - Q 2  2 2 0 2 - Q 2  0 2 0 2 - Q 2  1  1  1 

Vehicle Deliveries (millions of units)

20

1 2 0 2 - Q 3  2 2 0 2 - Q 3  0 2 0 2 - Q 3  1 2 0 2 - Q  3 2 0 2 - Q  2 2 0 2 - Q  1 2 0 2 - Q 4  2 2 0 2 - Q 4  0 2 0 2 - Q 4  1 2 0 2 - Q 2  2 2 0 2 - Q 2  0 2 0 2 - Q 2  1  1  1 

18

16

14

12

10

8

6

4

2

0

Operating Cash Flow ($B) Free Cash Flow ($B)

20

18  16  14  12  10  8  6  4  2  0  1 2 0 2 - Q 3  2 2 0 2 - Q 3  0 2 0 2 - Q 3  1 2 0 2 - Q  3 2 0 2 - Q  2 2 0 2 - Q  1 2 0 2 - Q 4  2 2 0 2 - Q 4  0 2 0 2 - Q 4  1 2 0 2 - Q 2  2 2 0 2 - Q 2  0 2 0 2 - Q 2  1  1  1 

Net Income ($B) Adjusted EBITDA ($B)

21

K E Y M E T R I C S T R A I L I N G 1 2 M O N T H S ( T T M ) (Unaudited)

YoY Revenue Growth

90%  80%  70%  60%  50%  40%  30%  20%  10%  0%  -10%  -20%  9 1 0 2 - 3 Q  9 1 0 2 - 1  1 2 0 2 - 3 Q  9 1 0 2 - 4 Q  2 2 0 2 - 3 Q  0 2 0 2 - 3 Q  1 2 0 2 - 1  3 2 0 2 - 1  2 2 0 2 - 1  0 2 0 2 - 1  1 2 0 2 - 4 Q  9 1 0 2 - 2 Q  2 2 0 2 - 4 Q  0 2 0 2 - 4 Q  1 2 0 2 - 2 Q  2 2 0 2 - 2 Q  0 2 0 2 - 2 Q  Q  Q  Q  Q  Q  Tesla  Auto Industry  S&P 500 

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hhXi18%  16%  14%  12%  10%  8%  6%  4%  2%  0%  -2%  -4%  9 1 0 2 - 3 Q  9 1 0 2 - 1  1 2 0 2 - 3 Q  9 1 0 2 - 4 Q  2 2 0 2 - 3 Q  0 2 0 2 - 3 Q  1 2 0 2 - 1  3 2 0 2 - 1  2 2 0 2 - 1  0 2 0 2 - 1  1 2 0 2 - 4 Q  9 1 0 2 - 2 Q  2 2 0 2 - 4 Q  0 2 0 2 - 4 Q  1 2 0 2 - 2 Q  2 2 0 2 - 2 Q  0 2 0 2 - 2 Q  Q  Q  Q  Q  Q  Tesla  Auto Industry  S&P 500 

Source: OEM financial disclosures, Bloomberg Autos Industry includes: Tesla, BMW, Mercedes-Benz, Ford, GM, Honda, Hyundai, Nissan, Toyota and VW. Stellantis is excluded given limited historical disclosures due to the recent merger between FCA and PSA. Autos Industry operating margin is calculated by dividing the sum of USD equivalent operating profits for the entire industry by the USD equivalent revenues for respective periods.

F I N A N C I A L S T A T E M E N T S

S T A T E M E N T O F O P E R A T I O N S (Unaudited)�uh
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hhX�Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023 15,514 679 668 16,861 616 1,279 18,756 13,670 344 588 14,602 866 1,466 16,934 17,785 286 621 18,692 1,117 1,645 21,454 20,241 467 599 21,307 1,310 1,701 24,318 18,878 521 564 19,963 1,529 1,837 23,329 10,914 408 11,322 688 1,286 13,296 5,460 10,153 368 10,521 769 1,410 12,700 4,234 13,099 381 13,480 1,013 1,579 16,072 5,382 15,433 352 15,785 1,151 1,605 18,541 5,777 15,422 333 15,755 1,361 1,702 18,818 4,511 Total automotive cost of revenues Total cost of revenues Gross profit 865 992 — 1,857 3,603 28 (61) 56 3,626 346 3,280 667 961 142 1,770 2,464 26 (44) 28 2,474 205 2,269 733 961 — 1,694 3,688 86 (53) (85) 3,636 305 3,331 810 1,032 34 1,876 3,901 157 (33) (42) 3,983 276 3,707 771 1,076 — 1,847 2,664 213 (29) (48) 2,800 261 2,539 (38) 10 39 20 26 3,318 2,259 3,292 3,687 2,513 Basic Diluted $ 1.07 $ 0.95 $ 0.73 $ 0.65 $ 1.05 $ 0.95 $ 1.18 $ 1.07 $ 0.80 $ 0.73�uh
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Basic Diluted

3,103 3,472

3,111 3,464

3,146 3,468

3,160 3,471

23

(1) Prior period results have been retroactively adjusted to reflect the three-for-one stock split effected in the form of a stock dividend in August 2022.

3,166 3,468

24

B A L A N C E S H E E T (Unaudited)�uh
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hhX�31-Mar-22 30-Jun-22 30-Sep-22 31-Dec-22 31-Mar-23 Cash, cash equivalents and investments Accounts receivable, net Inventory Prepaid expenses and other current assets 18,013 2,311 6,691 2,035 29,050 4,745 5,686 20,027 2,181 1,261 454 2,634 66,038 18,915 2,081 8,108 2,118 31,222 4,782 5,624 21,093 2,185 218 437 2,952 68,513 21,107 2,192 10,327 2,364 35,990 4,824 5,562 21,926 2,251 218 419 3,236 74,426 22,185 2,952 12,839 2,941 40,917 5,035 5,489 23,548 2,563 184 409 4,193 82,338 Total assets Accounts payable Accrued liabilities and other Deferred revenue Customer deposits Current portion of debt and finance leases (1) 11,171 5,906 1,594 1,125 1,659 21,455 3,153 2,185 3,839 30,632 459 34,085 862 66,038 11,212 6,037 1,858 1,182 1,532 21,821 2,898 2,210 3,926 30,855 421 36,376 861 68,513 13,897 6,246 1,928 1,083 1,457 24,611 2,096 2,265 4,330 33,302 421 39,851 852 74,426 15,255 7,142 1,747 1,063 1,502 26,709 1,597 2,804 5,330 36,440 409 44,704 785 82,338 Total current liabilities Total liabilities Total liabilities and equity Vehicle and energy product financing (non-recourse) 3,333 3,086 2,335 2,001 Other non-recourse debt Recourse debt 14 74 88 13 53 66 11 51 62 — 44 44 Total debt excluding vehicle and energy product financing�uh
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hhX3In millions of USD ASSETS Current assets

Total current assets Operating lease vehicles, net Solar energy systems, net Property, plant and equipment, net Operating lease right-of-use assets Digital assets, net Goodwill and intangible assets, net Other non-current assets

LIABILITIES AND EQUITY Current liabilities

Debt and finance leases, net of current portion (1) Deferred revenue, net of current portion Other long-term liabilities

Redeemable noncontrolling interests in subsidiaries Total stockholders' equity Noncontrolling interests in subsidiaries

(1) Breakdown of our debt is as follows:

Days sales outstanding Days payable outstanding

10 72

12 80

9 72

10 72

22,402 2,993 14,375 3,227 42,997 5,473 5,427 24,969 2,800 184 399 4,584 86,833

11 75

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S T A T E M E N T O F C A S H F L O W S (Unaudited)�uh
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hhXrQ1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023 3,280 2,269 3,331 3,707 2,539 880 922 956 989 1,046 418 361 362 419 418 19 145 220 354 40 (602) (1,346) 231 (2,191) (1,530) 3,995 2,351 5,100 3,278 2,513 (1,767) (1,730) (1,803) (1,858) (2,072) (5) (0) 0 (0) (1) — 936 — — — (386) (90) (991) (4,368) (2,015) — — 3 19 1,604 — — — 76 — (9) (2,167) — (884) — (2,791) — (6,131) — (2,484) (1,436) (154) (133) (162) (127) (632) (248) (766) (335) (294) (48) (47) (42) (65) (43) 202 43 229 231 67 (495) (1,914) (406) (712) (233) (18) (214) (335) 123 50 (104) 847 1,262 (3,225) (154) 18,144 18,040 18,887 20,149 16,924�uh
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hhX$In millions of USD CASH FLOWS FROM OPERATING ACTIVITIES

Net income

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation, amortization and impairment

Stock-based compensation

Other

Changes in operating assets and liabilities, net of effect of business combinations

Net cash provided by operating activities

CASH FLOWS FROM INVESTING ACTIVITIES

Capital expenditures

Purchases of solar energy systems, net of sales

Proceeds from sales of digital assets

Purchases of investments

Proceeds from maturities of investments

Receipt of government grants

Purchase of intangible assets

Net cash used in investing activities

CASH FLOWS FROM FINANCING ACTIVITIES

Net cash flows from other debt activities

Net repayments under vehicle and energy product financing

Net cash flows from noncontrolling interests – Solar

Other

Net cash used in financing activities

Effect of exchange rate changes on cash and cash equivalents and restricted cash

Net (decrease) increase in cash and cash equivalents and restricted cash

Cash and cash equivalents and restricted cash at beginning of period

Cash and cash equivalents and restricted cash at end of period

R E C O N C I L I A T I O N O F G A A P T O N O N – G A A P F I N A N C I A L I N F O R M A T I O N (Unaudited)�uh
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Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023 3,318 2,259 3,292 3,687 2,513 418 361 362 419 418 3,736 2,620 3,654 4,106 2,931 5 (0) 3 (0) — (0) (35) (0) (5) (0) 3,731 2,617 3,654 4,141 2,936 (1) 0.95 0.65 0.95 1.07 0.73 (1) 0.12 0.11 0.10 0.12 0.12 (1) 1.07 0.76 1.05 1.19 0.85 (1) 3,472 3,464 3,468 3,471 3,468 3,318 2,259 3,292 3,687 2,513 61 44 53 33 29 346 205 305 276 261 880 922 956 989 1,046 418 361 362 419 418 5,023 3,791 4,968 5,404 4,267 18,756 16,934 21,454 24,318 23,329 26.8% 22.4% 23.2% 22.2% 18.3%�uh
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hhX�In millions of USD or shares as applicable, except per share data

Net income attributable to common stockholders (GAAP)

Stock-based compensation expense

Net income attributable to common stockholders (non-GAAP)

Less: Buy-out of noncontrolling interest

Less: Dilutive convertible debt

Net income used in computing diluted EPS attributable to common stockholders (non-GAAP)

EPS attributable to common stockholders, diluted (GAAP)

Stock-based compensation expense per share

EPS attributable to common stockholders, diluted (non-GAAP)

Shares used in EPS calculation, diluted (GAAP and non-GAAP)

Net income attributable to common stockholders (GAAP)

Interest expense

Provision for income taxes

Depreciation, amortization and impairment

Stock-based compensation expense

Adjusted EBITDA (non-GAAP)

Total revenues

Adjusted EBITDA margin (non-GAAP)

26

(1) Prior period results have been retroactively adjusted to reflect the three-for-one stock split effected in the form of a stock dividend in August 2022.

R E C O N C I L I A T I O N O F G A A P T O N O N – G A A P F I N A N C I A L I N F O R M A T I O N (Unaudited)

In millions of USD 3Q-2019 4Q-2019 1Q-2020 2Q-2020 3Q-2020 4Q-2020 1Q-2021 2Q-2021 3Q-2021 4Q-2021 1Q-2022 2Q-2022 3Q-2022 4Q-2022 1Q-2023 Net cash provided by (used in) operating activities (GAAP) 756 1,425 (440) 964 2,400 3,019 1,641 2,124 3,147 4,585 3,995 2,351 5,100 3,278 2,513 Capital expenditures (385) (412) (455) (546) (1,005) (1,151) (1,348) (1,505) (1,819) (1,810) (1,767) (1,730) (1,803) (1,858) (2,072) Free cash flow (non-GAAP) 371 1,013 (895) 418 1,395 1,868 293 619 1,328 2,775 2,228 621 3,297 1,420 441

In millions of USD

3Q-2019 4Q-2019 1Q-2020 2Q-2020 3Q-2020 4Q-2020 1Q-2021 2Q-2021 3Q-2021 4Q-2021 1Q-2022 2Q-2022 3Q-2022 4Q-2022 1Q-2023

Net income attributable to common stockholders (GAAP)

143

105

16

104

331

270

438

1,142

1,618

2,321

3,318

2,259

3,292

3,687

Interest expense

185

170

169

170

163

246

99

75

126

71

61

44

53

33�uh
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Provision for income taxes

26

42

2

21

186

83

69

115

223

292

346

205

305

276

Depreciation, amortization and impairment

530

577

553

567

584

618

621

681

761

848

880

922

956

989

Stock-based compensation expense

199

281

211

347

543

633

614

474

475

558

418

361

362

419

Adjusted EBITDA (non-GAAP)

1,083

1,175

951

1,209

1,807

1,850

1,841

2,487

3,203

4,090

5,023

3,791

4,968

5,404�uh
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hhX�In millions of USD 2Q-2020 3Q-2020 4Q-2020 1Q-2021 2Q-2021 3Q-2021 4Q-2021 1Q-2022 2Q-2022 3Q-2022 4Q-2022 1Q-2023 Net cash provided by operating activities – TTM (GAAP) 2,705 4,349 5,943 8,024 9,184 9,931 11,497 13,851 14,078 16,031 14,724 13,242 Capital expenditures – TTM (1,798) (2,418) (3,157) (4,050) (5,009) (5,823) (6,482) (6,901) (7,126) (7,110) (7,158) (7,463) Free cash flow – TTM (non-GAAP) 907 1,931 2,786 3,974 4,175 4,108 5,015 6,950 6,952 8,921 7,566 5,779 In millions of USD Net income attributable to common stockholders – TTM (GAAP) 2Q-2020 3Q-2020 4Q-2020 1Q-2021 2Q-2021 3Q-2021 4Q-2021 1Q-2022 2Q-2022 3Q-2022 4Q-2022 1Q-2023 368 556 721 1,143 2,181 3,468 5,519 8,399 9,516 11,190 12,556 11,751 Interest expense – TTM 694 672 748 678 583 546 371 333 302 229 191 159 Provision for income taxes – TTM 91 251 292 359 453 490 699 976 1,066 1,148 1,132 1,047 Depreciation, amortization and impairment – TTM 2,227 2,281 2,322 2,390 2,504 2,681 2,911 3,170 3,411 3,606 3,747 3,913 Stock-based compensation expense – TTM 1,038 1,382 1,734 2,137 2,264 2,196 2,121 1,925 1,812 1,699 1,560 1,560 Adjusted EBITDA – TTM (non-GAAP) 4,418 5,142 5,817 6,707 7,985 9,381 11,621 14,803 16,107 17,872 19,186 18,430�uh
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hhX�TTM = Trailing twelve months 27

2,513

29

261

1,046

418

4,267

28

A D D I T I O N A L I N F O R M A T I O N

WEBCAST INFORMATION

Tesla will provide a live webcast of its first quarter 2023 financial results conference call beginning at 4:30 p.m. CT on April 19, 2023 at ir.tesla.com. This webcast will also be available for replay for approximately one year thereafter.

CERTAIN TERMS

When used in this update, certain terms have the following meanings. Our vehicle deliveries include only vehicles that have been transferred to end customers with all paperwork correctly completed. Our energy product deployment volume includes both customer units installed and equipment sales; we report installations at time of commissioning for storage projects or inspection for solar projects, and equipment sales at time of delivery. "Adjusted EBITDA" is equal to (i) net income (loss) attributable to common stockholders before (ii)(a) interest expense, (b) provision for income taxes, (c) depreciation, amortization and impairment and (d) stock-based compensation expense, which is the same measurement for this term pursuant to the performance-based stock option award granted to our CEO in 2018. "Free cash flow" is operating cash flow less capital expenditures. Average cost per vehicle is cost of automotive sales divided by new vehicle deliveries (excluding leases). “Days sales outstanding” is equal to (i) average accounts receivable, net for the period divided by (ii) total revenues and multiplied by (iii) the number of days in the period. “Days payable outstanding” is equal to (i) average accounts payable for the period divided by (ii) total cost of revenues and multiplied by (iii) the number of days in the period. “Days of supply” is calculated by dividing new car ending inventory by the relevant quarter’s deliveries and using 75 trading days. Constant currency impacts are calculated by comparing actuals against current results converted into USD using average exchange rates from the prior period.�uh
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hhX�NON-GAAP FINANCIAL INFORMATION

Consolidated financial information has been presented in accordance with GAAP as well as on a non-GAAP basis to supplement our consolidated financial results. Our non-GAAP financial measures include non-GAAP net income (loss) attributable to common stockholders, non-GAAP net income (loss) attributable to common stockholders on a diluted per share basis (calculated using weighted average shares for GAAP diluted net income (loss) attributable to common stockholders), Adjusted EBITDA, Adjusted EBITDA margin and free cash flow. These non-GAAP financial measures also facilitate management’s internal comparisons to Tesla’s historical performance as well as comparisons to the operating results of other companies. Management believes that it is useful to supplement its GAAP financial statements with this non-GAAP information because management uses such information internally for its operating, budgeting and financial planning purposes. Management also believes that presentation of the non-GAAP financial measures provides useful information to our investors regarding our financial condition and results of operations, so that investors can see through the eyes of Tesla management regarding important financial metrics that Tesla uses to run the business and allowing investors to better understand Tesla’s performance. Non-GAAP information is not prepared under a comprehensive set of accounting rules and therefore, should only be read in conjunction with financial information reported under U.S. GAAP when understanding Tesla’s operating performance. A reconciliation between GAAP and non-GAAP financial information is provided above.�uh
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FORWARD-LOOKING STATEMENTS

Certain statements in this update, including statements in the “Outlook” section; statements relating to the future development, ramp, production capacity, efficiency and output rates, supply chain, demand and market growth, cost, pricing and profitability, deliveries, deployment, availability and other features and improvements and timing of existing and future Tesla products and technologies such as Model 3, Model Y, Model X, Model S, Cybertruck, Tesla Semi, our next generation vehicle platform, our Autopilot, Full Self-Driving and other vehicle software and AI enabled products, our battery cells, our Supercharging network and our energy storage and solar products; statements regarding operating margin, operating profits, spending and liquidity; and statements regarding expansion, improvements and/or ramp and related timing at our factories are “forward-looking statements” that are subject to risks and uncertainties. These forward-looking statements are based on management’s current expectations, and as a result of certain risks and uncertainties, actual results may differ materially from those projected. The following important factors, without limitation, could cause actual results to differ materially from those in the forward-looking statements: uncertainties in future macroeconomic and regulatory conditions arising from the current global pandemic; the risk of delays in launching and manufacturing our products and features cost-effectively; our ability to grow our sales, delivery, installation, servicing and charging capabilities and effectively manage this growth; consumers’ demand for electric vehicles generally and our vehicles specifically; the ability of suppliers to deliver components according to schedules, prices, quality and volumes acceptable to us, and our ability to manage such components effectively; any issues with lithium-ion cells or other components manufactured at our factories; our ability to ramp our factories in accordance with our plans; our ability to procure supply of battery cells, including through our own manufacturing; risks relating to international expansion; any failures by Tesla products to perform as expected or if product recalls occur; the risk of product liability claims; competition in the automotive and energy product markets; our ability to maintain public credibility and confidence in our long-term business prospects; our ability to manage risks relating to our various product financing programs; the status of government and economic incentives for electric vehicles and energy products; our ability to attract, hire and retain key employees and qualified personnel and ramp our installation teams; our ability to maintain the security of our information and production and product systems; our compliance with various regulations and laws applicable to our operations and products, which may evolve from time to time; risks relating to our indebtedness and financing strategies; and adverse foreign exchange movements. More information on potential factors that could affect our financial results is included from time to time in our Securities and Exchange Commission filings and reports, including the risks identified under the section captioned “Risk Factors” in our annual report on Form 10-K filed with the SEC on January 31, 2023. Tesla disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events or otherwise.

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Q2 2023 Update�uh
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hh��Highlights 03 Financial Summary 04 Operational Summary 06 Vehicle Capacity 07 Core Technology 08 Other Highlights 09 Outlook 10 Photos & Charts 11 Key Metrics 17 Financial Statements 20�uh
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hhX�H I G H L I G H T S

Profitability

9.6% operating margin $2.4B GAAP operating income $2.7B GAAP net income $3.1B non-GAAP net income1

$2.7B GAAP net income

Cash

Operating cash flow of $3.1B

Free cash flow2 of $1.0B

$0.7B increase in our cash and investments3 QoQ to $23.1B

Operations

Cybertruck factory tooling on track; producing RC4 builds Model Y became the best-selling vehicle globally in Q1

S U M M A R Y

Q2-2023 was a record quarter on many levels with our best-ever production and deliveries and revenue approaching $25B in a single quarter. We are excited that we were able to achieve such results given the macroeconomic environment we are currently in.

Our operating margin remained healthy at approximately 10%, even with price reductions in Q1 and early Q2. This reflects our ongoing cost reduction efforts, the continued production ramp success in Berlin and Texas and the strong performance of our Energy and Services & Other businesses.

Our commitment to being at the forefront of AI development entered a new chapter with the start of production of Dojo training computers. We are hopeful that our immense neural net training needs will be satisfied using our in-house designed Dojo hardware. The better the neural net training capacity, the greater the opportunity for our Autopilot team to iterate on new solutions.

In conclusion, we are focusing on cost reduction, new product development that will enable future growth, investments in R&D, better vehicle financing options, continuous product improvement and generation of free cash flow. The challenges of these uncertain times are not over, but we believe we have the right ingredients for the long-term success of the business through a variety of high potential projects.

(1) Excludes SBC (stock-based compensation) (2) Free cash flow = operating cash flow less capex (3) Includes cash, cash equivalents and investments (4) RC builds = release candidate builds

4

F I N A N C I A L S U M M A R Y (Unaudited)�uh
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hhX�Q2-2022 Q3-2022 Q4-2022 Q1-2023 Q2-2023 YoY 14,602 18,692 21,307 19,963 21,268 46% 866 1,117 1,310 1,529 1,509 74% 1,466 1,645 1,701 1,837 2,150 47% 16,934 21,454 24,318 23,329 24,927 47% 4,234 5,382 5,777 4,511 4,533 7% 25.0% 25.1% 23.8% 19.3% 18.2% -682 bp 1,770 1,694 1,876 1,847 2,134 21% 2,464 3,688 3,901 2,664 2,399 -3% 14.6% 17.2% 16.0% 11.4% 9.6% -493 bp 3,791 4,968 5,404 4,267 4,653 23% 22.4% 23.2% 22.2% 18.3% 18.7% -372 bp 2,259 3,292 3,687 2,513 2,703 20% 2,620 3,654 4,106 2,931 3,148 20% 0.65 0.95 1.07 0.73 0.78 20% 0.76 1.05 1.19 0.85 0.91 20% 2,351 5,100 3,278 2,513 3,065 30% (1,730) (1,803) (1,858) (2,072) (2,060) 19% 621 3,297 1,420 441 1,005 62% 18,915 21,107 22,185 22,402 23,075 22%�uh
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hhX	($ in millions, except percentages and per share data)

Total automotive revenues

Energy generation and storage revenue

Services and other revenue

Total revenues

Total gross profit

Total GAAP gross margin

Operating expenses

Income from operations

Operating margin

Adjusted EBITDA

Adjusted EBITDA margin

Net income attributable to common stockholders (GAAP)

Net income attributable to common stockholders (non-GAAP)

EPS attributable to common stockholders, diluted (GAAP)(1) EPS attributable to common stockholders, diluted (non-GAAP)(1)

Net cash provided by operating activities

Capital expenditures

Free cash flow

Cash, cash equivalents and investments

(1)EPS = earnings per share. Prior period results have been retroactively adjusted to reflect the three-for-one stock split effected in the form of a stock dividend in August 2022.

F I N A N C I A L S U M M A R Y

Revenue

Total revenue grew 47% YoY in Q2 to $24.9B. YoY, revenue was impacted by the following items:

+ growth in vehicle deliveries + growth in other parts of the business - reduced ASP YoY (excluding FX impact) - negative FX impact of $0.6B1

Profitability

Our operating income decreased slightly YoY to $2.4B in Q2, resulting in a 9.6% operating margin. YoY, operating income was primarily impacted by the following items:

reduced ASP due to mix and pricing - cost of production ramp of 4680 cells and other related charges - increase in Operating expenses driven by Cybertruck, AI and other large projects - negative FX impact + growth in vehicle deliveries (despite margin headwind from underutilization of new factories) + lower cost per vehicle, which includes lower raw material costs and IRA credit + gross profit growth in Energy business as well as Services & Other

Other income (below operating income line) was positively impacted by FX movements on certain intercompany balances.

Cash

Quarter-end cash, cash equivalents and investments increased sequentially by $0.7B to $23.1B in Q2, driven mainly by free cash flow of $1.0B, partially offset by other financing activities, including debt repayments.

5

(1) Impact is calculated on a constant currency basis. Actuals are compared against current results converted into USD using average exchange rates from Q2’22.

O P E R A T I O N A L S U M M A R Y (Unaudited)�uh
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hhX�Q2-2022 Q3-2022 Q4-2022 Q1-2023 Q2-2023 YoY Model S/X production 16,411 19,935 20,613 19,437 19,489 19% Model 3/Y production 242,169 345,988 419,088 421,371 460,211 90% Total production 258,580 365,923 439,701 440,808 479,700 86% Model S/X deliveries 16,162 18,672 17,147 10,695 19,225 19% Model 3/Y deliveries 238,533 325,158 388,131 412,180 446,915 87% Total deliveries 254,695 343,830 405,278 422,875 466,140 83% of which subject to operating lease accounting 9,227 11,004 15,184 22,357 21,883 137% Total end of quarter operating lease vehicle count Global vehicle inventory (days of supply)(1) 131,756 135,054 140,667 153,988 168,058 28% 4 8 13 15 16 300% Solar deployed (MW) 106 94 100 67 66 -38% Storage deployed (MWh) 1,133 2,100 2,462 3,889 3,653 222% Tesla locations(2) 831 903 963 1,000 1,068 29% Mobile service fleet 1,453 1,532 1,584 1,692 1,769 22% Supercharger stations 3,971 4,283 4,678 4,947 5,265 33% Supercharger connectors 36,165 38,883 42,419 45,169 48,082 33%�uh
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hhX�(1)Days of supply is calculated by dividing new car ending inventory by the relevant quarter’s deliveries and using 75 trading days (aligned with Automotive News definition). (2)Starting in Q1-2023, we revised our methodology for reporting Tesla’s physical footprint. This count now includes all sales, service, delivery and body shop locations globally.

6

7

V E H I C L E C A P A C I T Y

In Q2, we produced a record number of vehicles, thanks to ongoing ramps of our new factories as well as strong performance of Shanghai and Fremont. We remain committed to smoothing deliveries throughout the quarter by reducing the percentage of vehicles delivered in the 3rd month. Vehicles in-transit, test-drive and display vehicles account for a substantive majority of our total days of supply.

US: California, Nevada and Texas

At Gigafactory Texas, in addition to the continued success of the Model Y ramp, we are also working on equipment installation for Cybertruck production, which remains on track for initial deliveries this year. We have made notable progress on yield improvement of our 4680 cell production lines. We continue building capacity for cathode production and lithium refining in the U.S.

China: Shanghai

Since our Shanghai factory has been successfully running near full capacity for several months, we do not expect a meaningful increase in weekly production run rate. Gigafactory Shanghai remains our main export hub.

Europe: Berlin-Brandenburg

Our factory in Germany produced standard range Model Y vehicles in Q2 for the first time. Building off momentum from its success in Q1, Model Y was the best-selling vehicle of any kind in Europe year-to-date (based on the latest available data as of May).

Installed Annual Vehicle Capacity�uh
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Region Model Capacity Status California Model S / Model X 100,000 Production Model 3 / Model Y 550,000 Production Model 3 / Model Y >750,000 Production Shanghai Model Y 375,000 Production Berlin Texas Model Y >250,000 Production Cybertruck - Tooling Nevada Tesla Semi - Pilot production Various Next Gen Platform - In development TBD Roadster - In development�uh
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hhX�Installed capacity ≠ current production rate and there may be limitations discovered as production rates approach capacity. Production rates depend on a variety of factors, including equipment uptime, component supply, downtime related to factory upgrades, regulatory considerations and other factors.

US/Canada  Europe  China  4%  3%  2%  1%  0% 

Market share of Tesla vehicles by region (TTM)

Source: Tesla estimates based on ACEA; Autonews.com; CAAM – light-duty vehicles only TTM = Trailing twelve months

8

C O R E T E C H N O L O G Y

Artificial Intelligence Software and Hardware

Four main technology pillars are needed to solve vehicle autonomy at scale: extremely large real-world dataset, neural net training, vehicle hardware and vehicle software. We are developing each of these pillars in-house. This month, we are taking a step towards faster and cheaper neural net training with the start of production of our Dojo training computer.

Vehicle and Other Software

For customers getting a Model 3 or Y for the first time, we launched the “Get To Know Your Tesla” experience where users can adjust their seats, mirrors, steering wheel, set up the phone key and learn about topics such as regenerative braking. To help customers discover ongoing improvements in software updates, we now highlight new features directly in the UI, encourage users to try features they may have missed and added the ability to search Controls.

Battery, Powertrain & Manufacturing

We are now testing Cybertruck vehicles around the world for final certification and validation. This might be the most unique vehicle product in decades; with that comes trialing and testing new technologies. As far as we know, Cybertruck will be the first sub-19 ft. truck (fitting into a garage) that has both four doors and 6+ ft. bed. Both technologically and architecturally, this vehicle will break a lot of boundaries – very much in line with how we think about vehicle engineering and manufacturing.

350

300  250  200  150  100  50  0 

Cumulative miles driven with FSD Beta (millions)

In Units Of A100 GPUs Total Amount Of Tesla Compute 400,000 1 00 Exa-Flops 300,000 - Top 5 in the Start of Dojo Entire World Production Projected 200,000 0 ee Jan 23 Apr 23 Jul 23 Oct 23 Jan 24 Apr 24 Jul 24 Oct 24�uh
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hhX�Internal projection of Dojo compute power

Source: Tesla estimates

9

O T H E R H I G H L I G H T S

Energy Storage

Energy storage deployments increased by 222% YoY in Q2 to 3.7 GWh, another strong quarter due to the ongoing ramp of our first dedicated Megapack factory (Megafactory) in Lathrop, CA. The ramp of this 40 GWh Megafactory – the first of many - has been successful with still more room to reach full capacity. While energy storage deployment rate can be volatile due to project timing, production rate improved further sequentially in Q2.

Solar

Solar deployments remained roughly flat sequentially at 66 MW, declining YoY, predominantly due to a high interest rate environment that is causing postponement of solar purchasing industry-wide.

Services and Other business

The 2nd quarter of 2023 has been the quarter of Supercharging. A significant number of companies, including Ford, GM, Mercedes, Nissan, Polestar, Rivian, Volvo and Electrify America, have announced adoption of NACS – a charging standard developed by Tesla over a decade ago – for their North American products. Further opening our charging network in 2024 will enable both faster market conversion from combustion vehicles to EVs as well as faster growth of our charging network through a larger addressable fleet.

4

Energy Storage deployments (GWh)

10%  0%  -10%  -20%  -30%  -40%  -50% 

Services & Other gross margin

10

O U T L O O K

Volume

Cash

Profit�uh
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hhXProduct

We are planning to grow production as quickly as possible in alignment with the 50% CAGR target we began guiding to in early 2021. In some years we may grow faster and some we may grow slower, depending on a number of factors. For 2023, we expect to remain ahead of the long-term 50% CAGR with around 1.8 million vehicles for the year.

We have ample liquidity to fund our product roadmap, long-term capacity expansion plans and other expenses. Furthermore, we will manage the business such that we maintain a strong balance sheet during this uncertain period.

While we continue to execute on innovations to reduce the cost of manufacturing and operations, over time, we expect our hardware-related profits to be accompanied by an acceleration of AI, software and fleet-based profits.

Cybertruck remains on track to begin initial production later this year at Gigafactory Texas. In addition, we continue to make progress on our next generation platform.

P H O T O S & C H A R T S

12

C Y B E R T R U C K T E S T I N G

13

C Y B E R T R U C K - B U I L T T O D O R E A L W O R K

14

C Y B E R T R U C K - P R O D U C T I O N L I N E A T G I G A F A C T O R Y T E X A S

15

C Y B E R T R U C K - P R O D U C T I O N L I N E A T G I G A F A C T O R Y T E X A S B U I L D I N G R C U N I T S

16

C Y B E R T R U C K - T H E F I R S T R C U N I T

17

K E Y M E T R I C S Q U A R T E R L Y (Unaudited)

0.5  0.4  0.3  0.2  0.1  0.0  1 2 0 2 - Q 3  2 2 0 2 - Q 3  0 2 0 2 - Q 3  1 2 0 2 - Q  3 2 0 2 - Q  2 2 0 2 - Q  1 2 0 2 - Q 4  2 2 0 2 - Q 4  0 2 0 2 - Q 4  1 2 0 2 - Q 2  2 2 0 2 - Q 2  1  1  1 

Vehicle Deliveries (millions of units)

3 2 0 2 - Q 2

6

1  1 2 0 2 - Q 3  2 2 0 2 - Q 3  0 2 0 2 - Q 3  1 2 0 2 - Q  3 2 0 2 - Q  2 2 0 2 - Q  1 2 0 2 - Q 4  2 2 0 2 - Q 4  0 2 0 2 - Q 4  1 2 0 2 - Q 2  2 2 0 2 - Q 2  1  1  1 

5

4

3

2

0

Operating Cash Flow ($B) Free Cash Flow ($B)

3 2 0 2 - Q 2

6

5  4  3  2  1  0  1 2 0 2 - Q 3  2 2 0 2 - Q 3  0 2 0 2 - Q 3  1 2 0 2 - Q  3 2 0 2 - Q  2 2 0 2 - Q  1 2 0 2 - Q 4  2 2 0 2 - Q 4  0 2 0 2 - Q 4  1 2 0 2 - Q 2  3 2 0 2 - Q 2  2 2 0 2 - Q 2  1  1  1 

Net Income ($B) Adjusted EBITDA ($B)

18

K E Y M E T R I C S T R A I L I N G 1 2 M O N T H S ( T T M ) (Unaudited)

1.8  1.6  1.4  1.2  1.0  0.8  0.6  0.4  0.2  0.0  1 2 0 2 - Q 3  2 2 0 2 - Q 3  0 2 0 2 - Q 3  1 2 0 2 - Q  3 2 0 2 - Q  2 2 0 2 - Q  1 2 0 2 - Q 4  2 2 0 2 - Q 4  0 2 0 2 - Q 4  1 2 0 2 - Q 2  3 2 0 2 - Q 2  2 2 0 2 - Q 2  1  1  1 

Vehicle Deliveries (millions of units)

20

18

16

14

12

10

8

6

4

2

0

1 2 0 2 - Q 3  2 2 0 2 - Q 3  0 2 0 2 - Q 3  1 2 0 2 - Q  3 2 0 2 - Q  2 2 0 2 - Q  1 2 0 2 - Q 4  2 2 0 2 - Q 4  0 2 0 2 - Q 4  1 2 0 2 - Q 2  3 2 0 2 - Q 2  2 2 0 2 - Q 2  1  1  1 

Operating Cash Flow ($B) Free Cash Flow ($B)

20  18  16  14  12  10  8  6  4  2  0  1 2 0 2 - Q 3  2 2 0 2 - Q 3  0 2 0 2 - Q 3  1 2 0 2 - Q  3 2 0 2 - Q  2 2 0 2 - Q  1 2 0 2 - Q 4  2 2 0 2 - Q 4  0 2 0 2 - Q 4  1 2 0 2 - Q 2  3 2 0 2 - Q 2  2 2 0 2 - Q 2  1  1  1 

Net Income ($B) Adjusted EBITDA ($B)

19

K E Y M E T R I C S T R A I L I N G 1 2 M O N T H S ( T T M ) (Unaudited)

YoY Revenue Growth

Operating Margin

90%  80%  70%  60%  50%  40%  30%  20%  10%  0%  -10%  -20%  9 1 0 2 - 3 Q  1 2 0 2 - 3 Q  9 1 0 2 - 4 Q  2 2 0 2 - 3 Q  0 2 0 2 - 3 Q  1 2 0 2 - 1  3 2 0 2 - 1  2 2 0 2 - 1  0 2 0 2 - 1  1 2 0 2 - 4 Q  9 1 0 2 - 2 Q  2 2 0 2 - 4 Q  0 2 0 2 - 4 Q  1 2 0 2 - 2 Q  3 2 0 2 - 2 Q  2 2 0 2 - 2 Q  0 2 0 2 - 2 Q  Q  Q  Q  Q  Tesla  Auto Industry  S&P 500 

18%

16%  14%  12%  10%  8%  6%  4%  2%  0%  -2%  -4%  9 1 0 2 - 3 Q  1 2 0 2 - 3 Q  9 1 0 2 - 4 Q  2 2 0 2 - 3 Q  0 2 0 2 - 3 Q  1 2 0 2 - 1  3 2 0 2 - 1  2 2 0 2 - 1  0 2 0 2 - 1  1 2 0 2 - 4 Q  9 1 0 2 - 2 Q  2 2 0 2 - 4 Q  0 2 0 2 - 4 Q  1 2 0 2 - 2 Q  3 2 0 2 - 2 Q  2 2 0 2 - 2 Q  0 2 0 2 - 2 Q  Q  Q  Q  Q  Tesla  Auto Industry  S&P 500 �uh
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hhXSource: OEM financial disclosures, Bloomberg Auto Industry includes: Tesla, BMW, Mercedes-Benz, Ford, GM, Honda, Hyundai, Nissan, Toyota and VW. Stellantis is excluded given limited historical disclosures due to the recent merger between FCA and PSA. Auto Industry operating margin is calculated by dividing the sum of USD equivalent operating profits for the entire industry by the USD equivalent revenues for respective periods.

F I N A N C I A L S T A T E M E N T S

S T A T E M E N T O F O P E R A T I O N S (Unaudited)�uh
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hhX�Q2-2022 Q3-2022 Q4-2022 Q1-2023 Q2-2023 13,670 344 588 14,602 866 1,466 16,934 17,785 286 621 18,692 1,117 1,645 21,454 20,241 467 599 21,307 1,310 1,701 24,318 18,878 521 564 19,963 1,529 1,837 23,329 20,419 282 567 21,268 1,509 2,150 24,927 10,153 368 10,521 769 1,410 12,700 4,234 13,099 381 13,480 1,013 1,579 16,072 5,382 15,433 352 15,785 1,151 1,605 18,541 5,777 15,422 333 15,755 1,361 1,702 18,818 4,511 16,841 338 17,179 1,231 1,984 20,394 4,533 Total automotive cost of revenues Total cost of revenues Gross profit 667 961 142 1,770 2,464 26 (44) 28 2,474 205 2,269 733 961 - 1,694 3,688 86 (53) (85) 3,636 305 3,331 810 1,032 34 1,876 3,901 157 (33) (42) 3,983 276 3,707 771 1,076 - 1,847 2,664 213 (29) (48) 2,800 261 2,539 943 1,191 - 2,134 2,399 238 (28) 328 2,937 323 2,614 10 39 20 26 (89) 2,259 3,292 3,687 2,513 2,703 Basic Diluted $ 0.73 $ 0.65 $ 1.05 $ 0.95 $ 1.18 $ 1.07 $ 0.80 $ 0.73 $ 0.85 $ 0.78�uh
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Basic Diluted

3,111 3,464

3,146 3,468

3,160 3,471

3,166 3,468

21

(1) Prior period results have been retroactively adjusted to reflect the three-for-one stock split effected in the form of a stock dividend in August 2022.

3,171 3,478

22

B A L A N C E S H E E T (Unaudited)�uh
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hhX)In millions of USD ASSETS Current assets 30-Jun-22 30-Sep-22 31-Dec-22 31-Mar-23 30-Jun-23 Cash, cash equivalents and investments Accounts receivable, net Inventory Prepaid expenses and other current assets 18,915 2,081 8,108 2,118 31,222 4,782 5,624 21,093 2,185 218 437 2,952 68,513 21,107 2,192 10,327 2,364 35,990 4,824 5,562 21,926 2,251 218 419 3,236 74,426 22,185 2,952 12,839 2,941 40,917 5,035 5,489 23,548 2,563 184 409 4,193 82,338 22,402 2,993 14,375 3,227 42,997 5,473 5,427 24,969 2,800 184 399 4,584 86,833 23,075 3,447 14,356 2,997 43,875 5,935 5,365 26,389 3,352 184 465 5,026 90,591 Total current assets Operating lease vehicles, net Solar energy systems, net Property, plant and equipment, net Operating lease right-of-use assets Digital assets, net Goodwill and intangible assets, net Other non-current assets Total assets LIABILITIES AND EQUITY Current liabilities Accounts payable Accrued liabilities and other Deferred revenue Customer deposits Current portion of debt and finance leases (1) 11,212 6,037 1,858 1,182 1,532 21,821 2,898 2,210 3,926 30,855 421 36,376 861 68,513 13,897 6,246 1,928 1,083 1,457 24,611 2,096 2,265 4,330 33,302 421 39,851 852 74,426 15,255 7,142 1,747 1,063 1,502 26,709 1,597 2,804 5,330 36,440 409 44,704 785 82,338 15,904 7,321 1,750 1,057 1,404 27,436 1,272 2,911 5,979 37,598 407 48,054 774 86,833 15,273 7,658 2,176 1,026 1,459 27,592 872 3,021 6,924 38,409 288 51,130 764 90,591 Total current liabilities Debt and finance leases, net of current portion (1) Deferred revenue, net of current portion Other long-term liabilities Total liabilities Redeemable noncontrolling interests in subsidiaries Total stockholders' equity Noncontrolling interests in subsidiaries Total liabilities and equity (1) Breakdown of our debt is as follows: Vehicle and energy product financing (non-recourse) 3,086 2,335 2,001 1,708 1,475 Other non-recourse debt Recourse debt 13 53 66 11 51 62 - 44 44 - 44 44 - 44 44 Total debt excluding vehicle and energy product financing Days sales outstanding Days payable outstanding 12 80 9 72 10 72 11 75 12 70�uh
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S T A T E M E N T O F C A S H F L O W S (Unaudited)�uh
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hhX�Q2-2022 Q3-2022 Q4-2022 Q1-2023 Q2-2023 2,269 3,331 3,707 2,539 2,614 922 956 989 1,046 1,154 361 362 419 418 445 145 220 354 40 (47) (1,346) 231 (2,191) (1,530) (1,101) 2,351 5,100 3,278 2,513 3,065 (1,730) (1,803) (1,858) (2,072) (2,060) (0) (0) (0) (1) (0) 936 — — — — (90) (991) (4,368) (2,015) (5,075) — 3 19 1,604 3,539 — — — — 138 — — 76 — — — — — — (76) (884) (2,791) (6,131) (2,484) (3,534) (154) (133) (162) (127) (124) (248) (766) (335) (294) (233) (47) (42) (65) (43) (34) 43 229 67 231 63 (406) (712) (495) (233) (328) (214) (335) 123 50 (94) 847 1,262 (3,225) (154) (891) 18,040 18,887 20,149 16,924 16,770�uh
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hhXVIn millions of USD CASH FLOWS FROM OPERATING ACTIVITIES

Net income

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation, amortization and impairment

Stock-based compensation

Other

Changes in operating assets and liabilities, net of effect of business combinations

Net cash provided by operating activities

CASH FLOWS FROM INVESTING ACTIVITIES

Capital expenditures

Purchases of solar energy systems, net of sales

Proceeds from sales of digital assets

Purchases of investments

Proceeds from maturities of investments

Proceeds from sales of investments

Receipt of government grants

Business combinations, net of cash acquired

Net cash used in investing activities

CASH FLOWS FROM FINANCING ACTIVITIES

Net cash flows from other debt activities

Net repayments under vehicle and energy product financing

Net cash flows from noncontrolling interests – Solar

Other

Net cash used in financing activities

Effect of exchange rate changes on cash and cash equivalents and restricted cash

Net increase (decrease) in cash and cash equivalents and restricted cash

Cash and cash equivalents and restricted cash at beginning of period

Cash and cash equivalents and restricted cash at end of period

R E C O N C I L I A T I O N O F G A A P T O N O N – G A A P F I N A N C I A L I N F O R M A T I O N (Unaudited)�uh
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hhX�
Q2-2022 Q3-2022 Q4-2022 Q1-2023 Q2-2023 2,259 3,292 3,687 2,513 2,703 361 362 419 418 445 2,620 3,654 4,106 2,931 3,148 3 — (35) (5) — 0 0 0 0 0 2,617 3,654 4,141 2,936 3,148 (1) 0.65 0.95 1.07 0.73 0.78 (1) 0.11 0.10 0.12 0.12 0.13 (1) 0.76 1.05 1.19 0.85 0.91 (1) 3,464 3,468 3,471 3,468 3,478 2,259 3,292 3,687 2,513 2,703 44 53 33 29 28 205 305 276 261 323 922 956 989 1,046 1,154 361 362 419 418 445 3,791 4,968 5,404 4,267 4,653 16,934 21,454 24,318 23,329 24,927 22.4% 23.2% 22.2% 18.3% 18.7%�uh
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hhX}In millions of USD or shares as applicable, except per share data

Net income attributable to common stockholders (GAAP)

Stock-based compensation expense

Net income attributable to common stockholders (non-GAAP)

Less: Buy-out of noncontrolling interest

Less: Dilutive convertible debt

Net income used in computing diluted EPS attributable to common stockholders (non-GAAP)

EPS attributable to common stockholders, diluted (GAAP)

Stock-based compensation expense per share

EPS attributable to common stockholders, diluted (non-GAAP)

Shares used in EPS calculation, diluted (GAAP and non-GAAP)

Net income attributable to common stockholders (GAAP)

Interest expense

Provision for income taxes

Depreciation, amortization and impairment

Stock-based compensation expense

Adjusted EBITDA (non-GAAP)

Total revenues

Adjusted EBITDA margin (non-GAAP)

24

(1) Prior period results have been retroactively adjusted to reflect the three-for-one stock split effected in the form of a stock dividend in August 2022.

R E C O N C I L I A T I O N O F G A A P T O N O N – G A A P F I N A N C I A L I N F O R M A T I O N (Unaudited)

In millions of USD 4Q-2019 1Q-2020 2Q-2020 3Q-2020 4Q-2020 1Q-2021 2Q-2021 3Q-2021 4Q-2021 1Q-2022 2Q-2022 3Q-2022 4Q-2022 1Q-2023 2Q-2023 Net cash provided by (used in) operating activities (GAAP) 1,425 (440) 964 2,400 3,019 1,641 2,124 3,147 4,585 3,995 2,351 5,100 3,278 2,513 3,065 Capital expenditures (412) (455) (546) (1,005) (1,151) (1,348) (1,505) (1,819) (1,810) (1,767) (1,730) (1,803) (1,858) (2,072) (2,060) Free cash flow (non-GAAP) 1,013 (895) 418 1,395 1,868 293 619 1,328 2,775 2,228 621 3,297 1,420 441 1,005�uh
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hhX�In millions of USD 4Q-2019 1Q-2020 2Q-2020 3Q-2020 4Q-2020 1Q-2021 2Q-2021 3Q-2021 4Q-2021 1Q-2022 2Q-2022 3Q-2022 4Q-2022 1Q-2023 2Q-2023 Net income attributable to common stockholders (GAAP) 105 16 104 331 270 438 1,142 1,618 2,321 3,318 2,259 3,292 3,687 2,513 2,703 Interest expense 170 169 170 163 246 99 75 126 71 61 44 53 33 29 28 Provision for income taxes 42 2 21 186 83 69 115 223 292 346 205 305 276 261 323 Depreciation, amortization and impairment 577 553 567 584 618 621 681 761 848 880 922 956 989 1,046 1,154 Stock-based compensation expense 281 211 347 543 633 614 474 475 558 418 361 362 419 418 445 Adjusted EBITDA (non-GAAP) 1,175 951 1,209 1,807 1,850 1,841 2,487 3,203 4,090 5,023 3,791 4,968 5,404 4,267 4,653�uh
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hhX�In millions of USD 3Q-2020 4Q-2020 1Q-2021 2Q-2021 3Q-2021 4Q-2021 1Q-2022 2Q-2022 3Q-2022 4Q-2022 1Q-2023 2Q-2023 Net cash provided by operating activities – TTM (GAAP) 4,349 5,943 8,024 9,184 9,931 11,497 13,851 14,078 16,031 14,724 13,242 13,956 Capital expenditures – TTM (2,418) (3,157) (4,050) (5,009) (5,823) (6,482) (6,901) (7,126) (7,110) (7,158) (7,463) (7,793) Free cash flow – TTM (non-GAAP) 1,931 2,786 3,974 4,175 4,108 5,015 6,950 6,952 8,921 7,566 5,779 6,163 In millions of USD Net income attributable to common stockholders – TTM (GAAP) 3Q-2020 4Q-2020 1Q-2021 2Q-2021 3Q-2021 4Q-2021 1Q-2022 2Q-2022 3Q-2022 4Q-2022 1Q-2023 2Q-2023 556 721 1,143 2,181 3,468 5,519 8,399 9,516 11,190 12,556 11,751 12,195 Interest expense – TTM 672 748 678 583 546 371 333 302 229 191 159 143 Provision for income taxes – TTM 251 292 359 453 490 699 976 1,066 1,148 1,132 1,047 1,165 Depreciation, amortization and impairment – TTM 2,281 2,322 2,390 2,504 2,681 2,911 3,170 3,411 3,606 3,747 3,913 4,145 Stock-based compensation expense – TTM 1,382 1,734 2,137 2,264 2,196 2,121 1,925 1,812 1,699 1,560 1,560 1,644 Adjusted EBITDA – TTM (non-GAAP) 5,142 5,817 6,707 7,985 9,381 11,621 14,803 16,107 17,872 19,186 18,430 19,292�uh
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26

A D D I T I O N A L I N F O R M A T I O N

WEBCAST INFORMATION

Tesla will provide a live webcast of its second quarter 2023 financial results conference call beginning at 4:30 p.m. CT on July 19, 2023 at ir.tesla.com. This webcast will also be available for replay for approximately one year thereafter.

CERTAIN TERMS

When used in this update, certain terms have the following meanings. Our vehicle deliveries include only vehicles that have been transferred to end customers with all paperwork correctly completed. Our energy product deployment volume includes both customer units installed and equipment sales; we report installations at time of commissioning for storage projects or inspection for solar projects, and equipment sales at time of delivery. "Adjusted EBITDA" is equal to (i) net income (loss) attributable to common stockholders before (ii)(a) interest expense, (b) provision for income taxes, (c) depreciation, amortization and impairment and (d) stock-based compensation expense, which is the same measurement for this term pursuant to the performance-based stock option award granted to our CEO in 2018. "Free cash flow" is operating cash flow less capital expenditures. Average cost per vehicle is cost of automotive sales divided by new vehicle deliveries (excluding leases). “Days sales outstanding” is equal to (i) average accounts receivable, net for the period divided by (ii) total revenues and multiplied by (iii) the number of days in the period. “Days payable outstanding” is equal to (i) average accounts payable for the period divided by (ii) total cost of revenues and multiplied by (iii) the number of days in the period. “Days of supply” is calculated by dividing new car ending inventory by the relevant quarter’s deliveries and using 75 trading days. Constant currency impacts are calculated by comparing actuals against current results converted into USD using average exchange rates from the prior period.

NON-GAAP FINANCIAL INFORMATION

Consolidated financial information has been presented in accordance with GAAP as well as on a non-GAAP basis to supplement our consolidated financial results. Our non-GAAP financial measures include non-GAAP net income (loss) attributable to common stockholders, non-GAAP net income (loss) attributable to common stockholders on a diluted per share basis (calculated using weighted average shares for GAAP diluted net income (loss) attributable to common stockholders), Adjusted EBITDA, Adjusted EBITDA margin and free cash flow. These non-GAAP financial measures also facilitate management’s internal comparisons to Tesla’s historical performance as well as comparisons to the operating results of other companies. Management believes that it is useful to supplement its GAAP financial statements with this non-GAAP information because management uses such information internally for its operating, budgeting and financial planning purposes. Management also believes that presentation of the non-GAAP financial measures provides useful information to our investors regarding our financial condition and results of operations, so that investors can see through the eyes of Tesla management regarding important financial metrics that Tesla uses to run the business and allowing investors to better understand Tesla’s performance. Non-GAAP information is not prepared under a comprehensive set of accounting rules and therefore, should only be read in conjunction with financial information reported under U.S. GAAP when understanding Tesla’s operating performance. A reconciliation between GAAP and non-GAAP financial information is provided above.�u��h
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FORWARD-LOOKING STATEMENTS

Certain statements in this update, including statements in the “Outlook” section; statements relating to the future development, ramp, production and capacity, demand and market growth, cost, pricing and profitability, investment, deliveries, deployment, availability and other features and improvements and timing of existing and future Tesla products and technologies such as Model 3, Model Y, Model X, Model S, Cybertruck, Tesla Semi, our next generation vehicle platform, our Dojo training computers, our Autopilot, Full Self-Driving and other vehicle software and AI enabled products, our battery cells, our Supercharging network, our energy storage and solar products and our financing products; statements regarding operating margin, operating profits, spending and liquidity; and statements regarding expansion, improvements and/or ramp and related timing at our factories are “forward-looking statements” that are subject to risks and uncertainties. These forward-looking statements are based on management’s current expectations, and as a result of certain risks and uncertainties, actual results may differ materially from those projected. The following important factors, without limitation, could cause actual results to differ materially from those in the forward-looking statements: uncertainties in future macroeconomic and regulatory conditions arising from the current global pandemic; the risk of delays in launching and manufacturing our products and features cost-effectively; our ability to grow our sales, delivery, installation, servicing and charging capabilities and effectively manage this growth; consumers’ demand for electric vehicles generally and our vehicles specifically; the ability of suppliers to deliver components according to schedules, prices, quality and volumes acceptable to us, and our ability to manage such components effectively; any issues with lithium-ion cells or other components manufactured at our factories; our ability to ramp our factories in accordance with our plans; our ability to procure supply of battery cells, including through our own manufacturing; risks relating to international expansion; any failures by Tesla products to perform as expected or if product recalls occur; the risk of product liability claims; competition in the automotive and energy product markets; our ability to maintain public credibility and confidence in our long-term business prospects; our ability to manage risks relating to our various product financing programs; the status of government and economic incentives for electric vehicles and energy products; our ability to attract, hire and retain key employees and qualified personnel and ramp our installation teams; our ability to maintain the security of our information and production and product systems; our compliance with various regulations and laws applicable to our operations and products, which may evolve from time to time; risks relating to our indebtedness and financing strategies; and adverse foreign exchange movements. More information on potential factors that could affect our financial results is included from time to time in our Securities and Exchange Commission filings and reports, including the risks identified under the section captioned “Risk Factors” in our annual report on Form 10-K filed with the SEC on January 31, 2023. Tesla disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events or otherwise.

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Q3 2023 Update

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hh��Highlights 03 Financial Summary 04 Operational Summary 06 Vehicle Capacity 07 Core Technology 08 Other Highlights 09 Outlook 10 Photos & Charts 11 Key Metrics 16 Financial Statements 19�uh
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hhX�H I G H L I G H T S

Profitability

7.6% operating margin in Q3 $1.8B GAAP operating income in Q3 $1.9B GAAP net income in Q3 $2.3B non-GAAP net income1 in Q3

Cash

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

Operations

4.0 GWh of Energy Storage deployed in Q3

More than doubled AI training compute

S U M M A R Y

Our main objectives remained unchanged in Q3-2023: reducing cost per vehicle, free cash flow generation while maximizing delivery volumes and continued investment in AI 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 AI 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 AI 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)

4

F I N A N C I A L S U M M A R Y (Unaudited)�uh
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hhX�Q3-2022 Q4-2022 Q1-2023 Q2-2023 Q3-2023 YoY 18,692 21,307 19,963 21,268 19,625 5% 1,117 1,310 1,529 1,509 1,559 40% 1,645 1,701 1,837 2,150 2,166 32% 21,454 24,318 23,329 24,927 23,350 9% 5,382 5,777 4,511 4,533 4,178 -22% 25.1% 23.8% 19.3% 18.2% 17.9% -719 bp 1,694 1,876 1,847 2,134 2,414 43% 3,688 3,901 2,664 2,399 1,764 -52% 17.2% 16.0% 11.4% 9.6% 7.6% -964 bp 4,968 5,404 4,267 4,653 3,758 -24% 23.2% 22.2% 18.3% 18.7% 16.1% -706 bp 3,292 3,687 2,513 2,703 1,853 -44% 3,654 4,106 2,931 3,148 2,318 -37% 0.95 1.07 0.73 0.78 0.53 -44% 1.05 1.19 0.85 0.91 0.66 -37% 5,100 3,278 2,513 3,065 3,308 -35% (1,803) (1,858) (2,072) (2,060) (2,460) 36% 3,297 1,420 441 1,005 848 -74% 21,107 22,185 22,402 23,075 26,077 24%�uh
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hhX�($ in millions, except percentages and per share data)

Total automotive revenues

Energy generation and storage revenue

Services and other revenue

Total revenues

Total gross profit

Total GAAP gross margin

Operating expenses

Income from operations

Operating margin

Adjusted EBITDA

Adjusted EBITDA margin

Net income attributable to common stockholders (GAAP)

Net income attributable to common stockholders (non-GAAP)

EPS attributable to common stockholders, diluted (GAAP)

EPS attributable to common stockholders, diluted (non-GAAP)

Net cash provided by operating activities

Capital expenditures

Free cash flow

Cash, cash equivalents and investments

5

F I N A N C I A L S U M M A R Y

Revenue

Total revenue grew 9% YoY in Q3 to $23.4B. YoY, revenue was impacted by the following items:

+ growth in vehicle deliveries + growth in other parts of the business - reduced average selling price (ASP) YoY (excluding FX impact) - negative FX impact of $0.4B1

Profitability

Our operating income decreased YoY to $1.8B in Q3, resulting in a 7.6% operating margin. YoY, operating income was primarily impacted by the following items:

reduced ASP due to pricing and mix - increase in operating expenses driven by Cybertruck, AI and other R&D projects - cost of production ramp and idle cost related to factory upgrades - negative FX impact + growth in vehicle deliveries (despite the margin headwind from underutilization from new factories) + lower cost per vehicle and IRA credit benefit + gross profit growth in Energy Generation and Storage as well as Services and Other + growth in regulatory credit sales

Cash

Quarter-end cash, cash equivalents and investments increased sequentially by $3.0B to $26.1B in Q3, driven by financing activities of $2.3B and free cash flow of $0.8B.

(1) Impact is calculated on a constant currency basis. Actuals are compared against current results converted into USD using average exchange rates from Q3’22.

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hhX�Q3-2022 Q4-2022 Q1-2023 Q2-2023 Q3-2023 YoY Model S/X production 19,935 20,613 19,437 19,489 13,688 -31% Model 3/Y production 345,988 419,088 421,371 460,211 416,800 20% Total production 365,923 439,701 440,808 479,700 430,488 18% Model S/X deliveries 18,672 17,147 10,695 19,225 15,985 -14% Model 3/Y deliveries 325,158 388,131 412,180 446,915 419,074 29% Total deliveries 343,830 405,278 422,875 466,140 435,059 27% of which subject to operating lease accounting 11,004 15,184 22,357 21,883 17,423 58% Total end of quarter operating lease vehicle count Global vehicle inventory (days of supply)(1) 135,054 140,667 153,988 168,058 176,231 30% 8 13 15 16 16 100% Solar deployed (MW) 94 100 67 66 49 -48% Storage deployed (MWh) 2,100 2,462 3,889 3,653 3,980 90% Tesla locations(2) 903 963 1,000 1,068 1,129 25% Mobile service fleet 1,532 1,584 1,692 1,769 1,846 20% Supercharger stations 4,283 4,678 4,947 5,265 5,595 31% Supercharger connectors 38,883 42,419 45,169 48,082 51,105 31%�uh
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hhX�(1)Days of supply is calculated by dividing new car ending inventory by the relevant quarter’s deliveries and using 75 trading days (aligned with Automotive News definition). (2)Starting in Q1-2023, we revised our methodology for reporting Tesla’s physical footprint. This count now includes all sales, service, delivery and body shop locations globally.

6

7

V E H I C L E C A P A C I T Y

During the quarter we brought down several production lines for upgrades at various factories, which led to a sequential decline in production volumes. We made further progress smoothing out the delivery rate across the quarter, with September accounting for ~40% of Q3 deliveries this year, compared to September accounting for ~65% of Q3 deliveries in 2022.

US: California, Nevada and Texas

At Gigafactory Texas, we began pilot production of the Cybertruck, which remains on track for initial deliveries this year. We are expecting the Model Y production rate in Texas to grow very gradually from its current level as we ramp additional supply chain needs in a cost-efficient manner. Production of our higher density 4680 cell is progressing as planned, and we continue building capacity for cathode production and lithium refining in the U.S.

China: Shanghai

Other than scheduled downtime in Q3, our Shanghai factory has been successfully running near full capacity for several quarters, and we do not expect a meaningful increase in weekly production run rate. Giga Shanghai remains our main export hub.

Europe: Berlin-Brandenburg

Model Y remained the best-selling vehicle of any kind in Europe year-to-date (based on the latest available data as of August). Similar to Texas, further production ramp of Model Y will be gradual.

Current Installed Annual Vehicle Capacity�uh
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Region Model Capacity Status California Model S / Model X 100,000 Production Model 3 / Model Y 550,000 Production Model 3 / Model Y >950,000 Production Shanghai Model Y 375,000 Production Berlin Texas Model Y >250,000 Production Cybertruck >125,000 Pilot production Nevada Tesla Semi - Pilot production Various Next Gen Platform - In development TBD Roadster - In development�uh
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hhX�Installed capacity ≠ current production rate and there may be limitations discovered as production rates approach capacity. Production rates depend on a variety of factors, including equipment uptime, component supply, downtime related to factory upgrades, regulatory considerations and other factors.

US/Canada Europe China

Market share of Tesla vehicles by region (TTM) Source: Tesla estimates based on latest available data from ACEA; Autonews.com; CAAM – light- duty vehicles only TTM = Trailing twelve months

8

C O R E T E C H N O L O G Y

Artificial Intelligence Software and Hardware

Software that safely performs tasks in the real world is the key focus of our AI development efforts. We have commissioned one of the world's largest supercomputers to accelerate the pace of our AI development, with compute capacity more than doubling compared to Q2. Our large installed base of vehicles continues to generate anonymized video and other data used to develop our FSD Capability features.

Vehicle and Other Software

All Tesla rentals through Hertz in the U.S. and Canada now allow Tesla app access, allowing renters to use keyless lock/unlock via phone key, remotely precondition the cabin, track charge status and more. Customers who already have a Tesla Profile will have their settings and preferences seamlessly applied, making the rental car feel like their own. The in-app service experience was also redesigned to allow customers to schedule service, access their loaner, track service progress, pay and manage drop- off/pickup. Prospective customers can similarly schedule, locate and test drive a demo vehicle.

Battery, Powertrain & Manufacturing

Despite macroeconomic headwinds, our planned factory shutdowns in Q3 and ongoing ramp at new factories, our average vehicle cost was ~$37,500, and we continue to work to reduce the cost further. For very heavy vehicles, a high voltage powertrain architecture brings notable cost savings, which is why Cybertruck will adopt an 800-volt architecture.

600  500  400  300  200  100  0 

Cumulative miles driven with FSD Beta (millions)

$40,000  $39,500  $39,000  $38,500  $38,000  $37,500  $37,000  $36,500  $36,000  Q3 2022  Q4 2022  Q1 2023  Q2 2023  Q3 2023 

Cost of goods sold per vehicle

9

O T H E R H I G H L I G H T S�uh
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hhX�Energy Storage

Energy storage deployments increased by 90% YoY in Q3 to 4.0 GWh, our highest quarterly deployment ever. Continued growth in deployments was driven by the ongoing ramp of our Megafactory in Lathrop, CA toward full capacity of 40 GWh with the phase two expansion. Production rate improved further sequentially in Q3.

Solar

Solar deployments declined on a sequential and YoY basis to 49 MW. Sustained high interest rates and the end of net metering in California have created downward pressure on solar demand.

Services and Other business

As our global fleet size grows, our Services and Other business continues to grow successfully, with Supercharging, insurance and body shop & part sales being the core drivers of profit growth YoY. Pay-per-use Supercharging remains a profitable business for the company, even as we scale capital expenditures. Our team is focused on materially expanding Supercharging capacity and further improving capacity management in anticipation of other OEMs joining our network.

Energy Storage deployments (GWh)

 200   150   100   50  —   (50)   (100)   (150)   (200) 

Services & Other gross profit ($M)

10

O U T L O O K

Volume

Cash

Profit�uh
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Product

We are planning to grow production as quickly as possible in alignment with the 50% CAGR target we began guiding to in early 2021. In some years we may grow faster and some we may grow slower, depending on a number of factors. For 2023, we expect to remain ahead of the long-term 50% CAGR with around 1.8 million vehicles for the year.

We have ample liquidity to fund our product roadmap, long-term capacity expansion plans and other expenses. Furthermore, we will manage the business such that we maintain a strong balance sheet during this uncertain period.

While we continue to execute on innovations to reduce the cost of manufacturing and operations, over time, we expect our hardware-related profits to be accompanied by an acceleration of AI, software and fleet-based profits.

Cybertruck deliveries remain on track for later this year. In addition, we continue to make progress on our next generation platform.

P H O T O S & C H A R T S

M O D E L Y S T A R T I N G P R I C E I N C L U S I V E O F N A T I O N A L A N D S T A T E L E V E L S U B S I D I E S*

4 $36,490 in all other states CO $31,490 PA $34,490 | IL $32,490 et VT $33,990 MA $32,990 CT $34,240 NJ $32,490 DE $33,990 MD $33,490

*Not all consumers are eligible for all subsidies. Exclusive of local and utility subsidies. Please see additional details at https://www.tesla.com/support/incentives.

13

C Y B E R T R U C K D E L I V E R I E S B E G I N I N N O V E M B E R 2 0 2 3

14

M E G A P A C K F A C T O R Y I N L A T H R O P , C A L I F O R N I A

15

G I G A F A C T O R Y S H A N G H A I - O N E M I L L I O N T H M O D E L Y P R O D U C E D

16

K E Y M E T R I C S Q U A R T E R L Y (Unaudited)

0.5  0.4  0.3  0.2  0.1  0.0  1 2 0 2 - Q 3  3 2 0 2 - Q 3  2 2 0 2 - Q 3  1 2 0 2 - Q  3 2 0 2 - Q  2 2 0 2 - Q  1 2 0 2 - Q 4  2 2 0 2 - Q 4  0 2 0 2 - Q 4  1 2 0 2 - Q 2  3 2 0 2 - Q 2  2 2 0 2 - Q 2  1  1  1 

Vehicle Deliveries (millions of units)

6

5

4

3

2

1

0

1 2 0 2 - Q 3  2 2 0 2 - Q 3  1 2 0 2 - Q  3 2 0 2 - Q  2 2 0 2 - Q  1 2 0 2 - Q 4  2 2 0 2 - Q 4  0 2 0 2 - Q 4  1 2 0 2 - Q 2  3 2 0 2 - Q 2  2 2 0 2 - Q 2  1  1  1 

Operating Cash Flow ($B) Free Cash Flow ($B)

3 2 0 2 - Q 3

6

5  4  3  2  1  0  1 2 0 2 - Q 3  3 2 0 2 - Q 3  2 2 0 2 - Q 3  1 2 0 2 - Q  3 2 0 2 - Q  2 2 0 2 - Q  1 2 0 2 - Q 4  2 2 0 2 - Q 4  0 2 0 2 - Q 4  1 2 0 2 - Q 2  3 2 0 2 - Q 2  2 2 0 2 - Q 2  1  1  1 

Net Income ($B) Adjusted EBITDA ($B)

17

K E Y M E T R I C S T R A I L I N G 1 2 M O N T H S ( T T M ) (Unaudited)

2.0  1.8  1.6  1.4  1.2  1.0  0.8  0.6  0.4  0.2  0.0  1 2 0 2 - Q 3  3 2 0 2 - Q 3  2 2 0 2 - Q 3  1 2 0 2 - Q  3 2 0 2 - Q  2 2 0 2 - Q  1 2 0 2 - Q 4  2 2 0 2 - Q 4  0 2 0 2 - Q 4  1 2 0 2 - Q 2  3 2 0 2 - Q 2  2 2 0 2 - Q 2  1  1  1 

Vehicle Deliveries (millions of units)

20

18

16

14

12

10

8

6

4

2

0

1 2 0 2 - Q 3  3 2 0 2 - Q 3  2 2 0 2 - Q 3  1 2 0 2 - Q  3 2 0 2 - Q  2 2 0 2 - Q  1 2 0 2 - Q 4  2 2 0 2 - Q 4  0 2 0 2 - Q 4  1 2 0 2 - Q 2  3 2 0 2 - Q 2  2 2 0 2 - Q 2  1  1  1 

Operating Cash Flow ($B) Free Cash Flow ($B)

20  18  16  14  12  10  8  6  4  2  0  1 2 0 2 - Q 3  3 2 0 2 - Q 3  2 2 0 2 - Q 3  1 2 0 2 - Q  3 2 0 2 - Q  2 2 0 2 - Q  1 2 0 2 - Q 4  2 2 0 2 - Q 4  0 2 0 2 - Q 4  1 2 0 2 - Q 2  3 2 0 2 - Q 2  2 2 0 2 - Q 2  1  1  1 

Net Income ($B) Adjusted EBITDA ($B)

18

K E Y M E T R I C S T R A I L I N G 1 2 M O N T H S ( T T M ) (Unaudited)�uh
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hhX�YoY Revenue Growth

Operating Margin

90%  80%  70%  60%  50%  40%  30%  20%  10%  0%  -10%  -20%  9 1 0 2 - 3 Q  1 2 0 2 - 3 Q  3 2 0 2 - 3 Q  9 1 0 2 - 4 Q  2 2 0 2 - 3 Q  0 2 0 2 - 3 Q  1 2 0 2 - 1  3 2 0 2 - 1  2 2 0 2 - 1  0 2 0 2 - 1  1 2 0 2 - 4 Q  2 2 0 2 - 4 Q  0 2 0 2 - 4 Q  1 2 0 2 - 2 Q  3 2 0 2 - 2 Q  2 2 0 2 - 2 Q  0 2 0 2 - 2 Q  Q  Q  Q  Q  Tesla  Auto Industry  S&P 500 

18%

16%  14%  12%  10%  8%  6%  4%  2%  0%  -2%  -4%  9 1 0 2 - 3 Q  1 2 0 2 - 3 Q  3 2 0 2 - 3 Q  9 1 0 2 - 4 Q  2 2 0 2 - 3 Q  0 2 0 2 - 3 Q  1 2 0 2 - 1  3 2 0 2 - 1  2 2 0 2 - 1  0 2 0 2 - 1  1 2 0 2 - 4 Q  2 2 0 2 - 4 Q  0 2 0 2 - 4 Q  1 2 0 2 - 2 Q  3 2 0 2 - 2 Q  2 2 0 2 - 2 Q  0 2 0 2 - 2 Q  Q  Q  Q  Q  Tesla  Auto Industry  S&P 500 

Source: OEM financial disclosures, Bloomberg Auto Industry includes: Tesla, BMW, Mercedes-Benz, Ford, GM, Honda, Hyundai, Nissan, Toyota and VW. Stellantis is excluded given limited historical disclosures due to the recent merger between FCA and PSA. Auto Industry operating margin is calculated by dividing the sum of USD equivalent operating profits for the entire industry by the USD equivalent revenues for respective periods.

F I N A N C I A L S T A T E M E N T S

20

S T A T E M E N T O F O P E R A T I O N S (Unaudited)�uh
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hhX�Q3-2022 Q4-2022 Q1-2023 Q2-2023 Q3-2023 17,785 286 621 18,692 1,117 1,645 21,454 20,241 467 599 21,307 1,310 1,701 24,318 18,878 521 564 19,963 1,529 1,837 23,329 20,419 282 567 21,268 1,509 2,150 24,927 18,582 554 489 19,625 1,559 2,166 23,350 13,099 381 13,480 1,013 1,579 16,072 5,382 15,433 352 15,785 1,151 1,605 18,541 5,777 15,422 333 15,755 1,361 1,702 18,818 4,511 16,841 338 17,179 1,231 1,984 20,394 4,533 15,656 301 15,957 1,178 2,037 19,172 4,178 Total automotive cost of revenues Total cost of revenues Gross profit 733 961 — 1,694 3,688 86 (53) (85) 3,636 305 3,331 810 1,032 34 1,876 3,901 157 (33) (42) 3,983 276 3,707 771 1,076 — 1,847 2,664 213 (29) (48) 2,800 261 2,539 943 1,191 — 2,134 2,399 238 (28) 328 2,937 323 2,614 1,161 1,253 — 2,414 1,764 282 (38) 37 2,045 167 1,878 39 20 26 (89) 25 3,292 3,687 2,513 2,703 1,853 Basic Diluted $ 1.05 $ 0.95 $ 1.18 $ 1.07 $ 0.80 $ 0.73 $ 0.85 $ 0.78 $ 0.58 $ 0.53 Basic Diluted 3,146 3,468 3,160 3,471 3,166 3,468 3,171 3,478 3,176 3,493�uh
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hhX�In millions of USD or shares as applicable, except per share data REVENUES Automotive sales Automotive regulatory credits Automotive leasing

Total automotive revenues Energy generation and storage Services and other Total revenues COST OF REVENUES Automotive sales Automotive leasing

Energy generation and storage Services and other

OPERATING EXPENSES Research and development Selling, general and administrative Restructuring and other

Total operating expenses INCOME FROM OPERATIONS

Interest income Interest expense Other (expense) income, net INCOME BEFORE INCOME TAXES Provision for income taxes NET INCOME Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

Net income per share of common stock attributable to common stockholders

Weighted average shares used in computing net income per share of common stock

21

B A L A N C E S H E E T (Unaudited)�uh
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hhX/In millions of USD ASSETS Current assets 30-Sep-22 31-Dec-22 31-Mar-23 30-Jun-23 30-Sep-23 Cash, cash equivalents and investments Accounts receivable, net Inventory Prepaid expenses and other current assets 21,107 2,192 10,327 2,364 35,990 4,824 5,562 21,926 2,251 218 419 3,236 74,426 22,185 2,952 12,839 2,941 40,917 5,035 5,489 23,548 2,563 184 409 4,193 82,338 22,402 2,993 14,375 3,227 42,997 5,473 5,427 24,969 2,800 184 399 4,584 86,833 23,075 3,447 14,356 2,997 43,875 5,935 5,365 26,389 3,352 184 465 5,026 90,591 26,077 2,520 13,721 2,708 45,026 6,119 5,293 27,744 3,637 184 441 5,497 93,941 Total current assets Operating lease vehicles, net Solar energy systems, net Property, plant and equipment, net Operating lease right-of-use assets Digital assets, net Goodwill and intangible assets, net Other non-current assets Total assets LIABILITIES AND EQUITY Current liabilities Accounts payable Accrued liabilities and other Deferred revenue Customer deposits Current portion of debt and finance leases (1) 13,897 6,246 1,928 1,083 1,457 24,611 2,096 2,265 4,330 33,302 421 39,851 852 74,426 15,255 7,142 1,747 1,063 1,502 26,709 1,597 2,804 5,330 36,440 409 44,704 785 82,338 15,904 7,321 1,750 1,057 1,404 27,436 1,272 2,911 5,979 37,598 407 48,054 774 86,833 15,273 7,658 2,176 1,026 1,459 27,592 872 3,021 6,924 38,409 288 51,130 764 90,591 13,937 7,636 2,206 894 1,967 26,640 2,426 3,059 7,321 39,446 277 53,466 752 93,941 Total current liabilities Debt and finance leases, net of current portion (1) Deferred revenue, net of current portion Other long-term liabilities Total liabilities Redeemable noncontrolling interests in subsidiaries Total stockholders' equity Noncontrolling interests in subsidiaries Total liabilities and equity (1) Breakdown of our debt is as follows: Vehicle and energy product financing (non-recourse) 2,335 2,001 1,708 1,475 3,660 Other non-recourse debt Recourse debt 11 51 62 — 44 44 — 44 44 — 44 44 — 44 44 Total debt excluding vehicle and energy product financing Days sales outstanding Days payable outstanding 9 72 10 72 11 75 12 70 12 70�uh
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S T A T E M E N T O F C A S H F L O W S (Unaudited)�uh
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hhX~Q3-2022 Q4-2022 Q1-2023 Q2-2023 Q3-2023 3,331 3,707 2,539 2,614 1,878 956 989 1,046 1,154 1,235 362 419 418 445 465 220 354 40 (47) 145 231 (2,191) (1,530) (1,101) (415) 5,100 3,278 2,513 3,065 3,308 (1,803) (1,858) (2,072) (2,060) (2,460) (0) (0) (1) (0) 1 (991) (4,368) (2,015) (5,075) (6,131) 3 19 1,604 3,539 3,816 — — — 138 — — 76 — — — — — — (76) 12 (2,791) (6,131) (2,484) (3,534) (4,762) (133) (162) (127) (124) (140) (766) (335) (294) (233) 2,194 (42) (65) (43) (34) (45) 229 67 231 63 254 (712) (495) (233) (328) 2,263 (335) 123 50 (94) (98) 1,262 (3,225) (154) (891) 711 18,887 20,149 16,924 16,770 15,879�uh
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hhX&In millions of USD CASH FLOWS FROM OPERATING ACTIVITIES

Net income

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation, amortization and impairment

Stock-based compensation

Other

Changes in operating assets and liabilities

Net cash provided by operating activities

CASH FLOWS FROM INVESTING ACTIVITIES

Capital expenditures

Purchases of solar energy systems, net of sales

Purchases of investments

Proceeds from maturities of investments

Proceeds from sales of investments

Receipt of government grants

Business combinations, net of cash acquired

Net cash used in investing activities

CASH FLOWS FROM FINANCING ACTIVITIES

Net cash flows from other debt activities

Net (repayments) borrowings under vehicle and energy product financing

Net cash flows from noncontrolling interests – Solar

Other

Net cash (used in) provided by financing activities

Effect of exchange rate changes on cash and cash equivalents and restricted cash

Net increase (decrease) in cash and cash equivalents and restricted cash

Cash and cash equivalents and restricted cash at beginning of period

Cash and cash equivalents and restricted cash at end of period

23

R E C O N C I L I A T I O N O F G A A P T O N O N – G A A P F I N A N C I A L I N F O R M A T I O N (Unaudited)�uh
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hhX�
Q3-2022 Q4-2022 Q1-2023 Q2-2023 Q3-2023 3,292 3,687 2,513 2,703 1,853 362 419 418 445 465 3,654 4,106 2,931 3,148 2,318 — (35) (5) — 2 0 0 0 0 0 3,654 4,141 2,936 3,148 2,316 0.95 1.07 0.73 0.78 0.53 0.10 0.12 0.12 0.13 0.13 1.05 1.19 0.85 0.91 0.66 3,468 3,471 3,468 3,478 3,493 3,292 3,687 2,513 2,703 1,853 53 33 29 28 38 305 276 261 323 167 956 989 1,046 1,154 1,235 362 419 418 445 465 4,968 5,404 4,267 4,653 3,758 21,454 24,318 23,329 24,927 23,350 23.2% 22.2% 18.3% 18.7% 16.1%�uh
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hhXIn millions of USD or shares as applicable, except per share data

Net income attributable to common stockholders (GAAP)

Stock-based compensation expense

Net income attributable to common stockholders (non-GAAP)

Less: Buy-out of noncontrolling interest

Less: Dilutive convertible debt

Net income used in computing diluted EPS attributable to common stockholders (non-GAAP)

EPS attributable to common stockholders, diluted (GAAP)

Stock-based compensation expense per share

EPS attributable to common stockholders, diluted (non-GAAP)

Shares used in EPS calculation, diluted (GAAP and non-GAAP)

Net income attributable to common stockholders (GAAP)

Interest expense

Provision for income taxes

Depreciation, amortization and impairment

Stock-based compensation expense

Adjusted EBITDA (non-GAAP)

Total revenues

Adjusted EBITDA margin (non-GAAP)

R E C O N C I L I A T I O N O F G A A P T O N O N – G A A P F I N A N C I A L I N F O R M A T I O N (Unaudited)

In millions of USD 1Q-2020 2Q-2020 3Q-2020 4Q-2020 1Q-2021 2Q-2021 3Q-2021 4Q-2021 1Q-2022 2Q-2022 3Q-2022 4Q-2022 1Q-2023 2Q-2023 3Q-2023 Net cash (used in) provided by operating activities (GAAP) (440) 964 2,400 3,019 1,641 2,124 3,147 4,585 3,995 2,351 5,100 3,278 2,513 3,065 3,308 Capital expenditures (455) (546) (1,005) (1,151) (1,348) (1,505) (1,819) (1,810) (1,767) (1,730) (1,803) (1,858) (2,072) (2,060) (2,460) Free cash flow (non-GAAP) (895) 418 1,395 1,868 293 619 1,328 2,775 2,228 621 3,297 1,420 441 1,005 848

In millions of USD

1Q-2020 2Q-2020 3Q-2020 4Q-2020 1Q-2021 2Q-2021 3Q-2021 4Q-2021 1Q-2022 2Q-2022 3Q-2022 4Q-2022 1Q-2023 2Q-2023 3Q-2023

Net income attributable to common stockholders (GAAP)

16

104

331

270

438

1,142

1,618

2,321

3,318

2,259

3,292

3,687

2,513

2,703

Interest expense

169

170

163

246

99

75

126

71

61

44

53

33

29

28

Provision for income taxes

2

21

186

83

69

115

223

292

346

205

305

276

261

323

Depreciation, amortization and impairment

553

567

584

618

621

681

761

848

880

922

956

989

1,046

1,154�uh
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hh��Stock-based compensation expense

211

347

543

633

614

474

475

558

418

361

362

419

418

445

Adjusted EBITDA (non-GAAP)

951

1,209

1,807

1,850

1,841

2,487

3,203

4,090

5,023

3,791

4,968

5,404

4,267

4,653�uh
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hhX�In millions of USD 4Q-2020 1Q-2021 2Q-2021 3Q-2021 4Q-2021 1Q-2022 2Q-2022 3Q-2022 4Q-2022 1Q-2023 2Q-2023 3Q-2023 Net cash provided by operating activities – TTM (GAAP) 5,943 8,024 9,184 9,931 11,497 13,851 14,078 16,031 14,724 13,242 13,956 12,164 Capital expenditures – TTM (3,157) (4,050) (5,009) (5,823) (6,482) (6,901) (7,126) (7,110) (7,158) (7,463) (7,793) (8,450) Free cash flow – TTM (non-GAAP) 2,786 3,974 4,175 4,108 5,015 6,950 6,952 8,921 7,566 5,779 6,163 3,714 In millions of USD Net income attributable to common stockholders – TTM (GAAP) 4Q-2020 1Q-2021 2Q-2021 3Q-2021 4Q-2021 1Q-2022 2Q-2022 3Q-2022 4Q-2022 1Q-2023 2Q-2023 3Q-2023 721 1,143 2,181 3,468 5,519 8,399 9,516 11,190 12,556 11,751 12,195 10,756 Interest expense – TTM 748 678 583 546 371 333 302 229 191 159 143 128 Provision for income taxes – TTM 292 359 453 490 699 976 1,066 1,148 1,132 1,047 1,165 1,027 Depreciation, amortization and impairment – TTM 2,322 2,390 2,504 2,681 2,911 3,170 3,411 3,606 3,747 3,913 4,145 4,424 Stock-based compensation expense – TTM 1,734 2,137 2,264 2,196 2,121 1,925 1,812 1,699 1,560 1,560 1,644 1,747 Adjusted EBITDA – TTM (non-GAAP) 5,817 6,707 7,985 9,381 11,621 14,803 16,107 17,872 19,186 18,430 19,292 18,082�uh
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hhX�TTM = Trailing twelve months 24

1,853

38

167

1,235

465

3,758

25

A D D I T I O N A L I N F O R M A T I O N

WEBCAST INFORMATION

Tesla will provide a live webcast of its third quarter 2023 financial results conference call beginning at 4:30 p.m. CT on October 18, 2023 at ir.tesla.com. This webcast will also be available for replay for approximately one year thereafter.

CERTAIN TERMS

When used in this update, certain terms have the following meanings. Our vehicle deliveries include only vehicles that have been transferred to end customers with all paperwork correctly completed. Our energy product deployment volume includes both customer units installed and equipment sales; we report installations at time of commissioning for storage projects or inspection for solar projects, and equipment sales at time of delivery. "Adjusted EBITDA" is equal to (i) net income (loss) attributable to common stockholders before (ii)(a) interest expense, (b) provision for income taxes, (c) depreciation, amortization and impairment and (d) stock-based compensation expense, which is the same measurement for this term pursuant to the performance-based stock option award granted to our CEO in 2018. "Free cash flow" is operating cash flow less capital expenditures. Average cost per vehicle is cost of automotive sales divided by new vehicle deliveries (excluding operating leases). “Days sales outstanding” is equal to (i) average accounts receivable, net for the period divided by (ii) total revenues and multiplied by (iii) the number of days in the period. “Days payable outstanding” is equal to (i) average accounts payable for the period divided by (ii) total cost of revenues and multiplied by (iii) the number of days in the period. “Days of supply” is calculated by dividing new car ending inventory by the relevant quarter’s deliveries and using 75 trading days. Constant currency impacts are calculated by comparing actuals against current results converted into USD using average exchange rates from the prior period.�uh
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hhX�NON-GAAP FINANCIAL INFORMATION

Consolidated financial information has been presented in accordance with GAAP as well as on a non-GAAP basis to supplement our consolidated financial results. Our non-GAAP financial measures include non-GAAP net income (loss) attributable to common stockholders, non-GAAP net income (loss) attributable to common stockholders on a diluted per share basis (calculated using weighted average shares for GAAP diluted net income (loss) attributable to common stockholders), Adjusted EBITDA, Adjusted EBITDA margin and free cash flow. These non-GAAP financial measures also facilitate management’s internal comparisons to Tesla’s historical performance as well as comparisons to the operating results of other companies. Management believes that it is useful to supplement its GAAP financial statements with this non-GAAP information because management uses such information internally for its operating, budgeting and financial planning purposes. Management also believes that presentation of the non-GAAP financial measures provides useful information to our investors regarding our financial condition and results of operations, so that investors can see through the eyes of Tesla management regarding important financial metrics that Tesla uses to run the business and allowing investors to better understand Tesla’s performance. Non-GAAP information is not prepared under a comprehensive set of accounting rules and therefore, should only be read in conjunction with financial information reported under U.S. GAAP when understanding Tesla’s operating performance. A reconciliation between GAAP and non-GAAP financial information is provided above.�uh
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FORWARD-LOOKING STATEMENTS

Certain statements in this update, including statements in the “Outlook” section; statements relating to the future development, ramp, production and capacity, demand and market growth, cost, pricing and profitability, investment, deliveries, deployment, availability and other features and improvements and timing of existing and future Tesla products and technologies such as Model 3, Model Y, Model X, Model S, Cybertruck, our next generation vehicle platform, our Dojo training computers, our Autopilot, Full Self-Driving and other vehicle software and AI enabled products, our battery cells, our Supercharging network and our energy storage and solar products; statements regarding operating margin, operating profits, spending and liquidity; and statements regarding expansion, improvements and/or ramp and related timing at our factories are “forward-looking statements” that are subject to risks and uncertainties. These forward-looking statements are based on management’s current expectations, and as a result of certain risks and uncertainties, actual results may differ materially from those projected. The following important factors, without limitation, could cause actual results to differ materially from those in the forward-looking statements: uncertainties in future macroeconomic and regulatory conditions arising from the current global pandemic; the risk of delays in launching and manufacturing our products and features cost-effectively; our ability to grow our sales, delivery, installation, servicing and charging capabilities and effectively manage this growth; consumers’ demand for electric vehicles generally and our vehicles specifically; the ability of suppliers to deliver components according to schedules, prices, quality and volumes acceptable to us, and our ability to manage such components effectively; any issues with lithium-ion cells or other components manufactured at our factories; our ability to ramp our factories in accordance with our plans; our ability to procure supply of battery cells, including through our own manufacturing; risks relating to international expansion; any failures by Tesla products to perform as expected or if product recalls occur; the risk of product liability claims; competition in the automotive and energy product markets; our ability to maintain public credibility and confidence in our long-term business prospects; our ability to manage risks relating to our various product financing programs; the status of government and economic incentives for electric vehicles and energy products; our ability to attract, hire and retain key employees and qualified personnel and ramp our installation teams; our ability to maintain the security of our information and production and product systems; our compliance with various regulations and laws applicable to our operations and products, which may evolve from time to time; risks relating to our indebtedness and financing strategies; and adverse foreign exchange movements. More information on potential factors that could affect our financial results is included from time to time in our Securities and Exchange Commission filings and reports, including the risks identified under the section captioned “Risk Factors” in our annual report on Form 10-K filed with the SEC on January 31, 2023. Tesla disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events or otherwise.

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