Tesla, Inc.

Monday, 30 June, 2025

Financial Projections for F2022E - F2025E
Based on: Worst Case Senario

Index:
1 #VALUE!
2 #VALUE!
3 #VALUE!
4 #VALUE!
5 #VALUE!
6 #VALUE!
7 #VALUE!

Note:
This Excel model is for educational purposes only and should not be used for any other reason.

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 Tesla, Inc. Target Price $ 226.7
Valuation Date: 3-Sep-22 Recommendation: Sell

Company Overview: Current Market Capitalization ( LTM basis )Historical Share Price Performance:
* Tesla design, develop, manufacture, sell & lease high- $ 450
performance fully electric vechicles & energy generation & Current Share Price ($ / Per share) $ 270.2
storage systems & also offers services related to our products. $ 400
Market Capitalization $ 845,757.3
* Sell products directly to customers through our websites, retail Total Debt $ 6,660.0 $ 350
locations.
Cash Balance $ 18,920.0 $ 300
* Tesla more emphasize performance, attractive styling and the
safety of our users and workforce in the design and manufacture of Enterprise Value $ 833,497.3 $ 250
our products and are continuing to develop full self-driving technology
for improved safety. $ 200
* Also, Tesla strive to lower the cost of ownership for our customers F2022E F2023E
EV / Revenue 51.2x 50.3x $ 150
through continuous efforts to reduce manufacturing costs and by
offering financial and other services tailored to our products. EV / EBITDA 75.7x 67.2x $ 100
* Tesla mission to accelerate the world’s transition to sustainable
energy, engineering expertise, vertically integrated business model P/E 130.1x 121.7x $ 50
and focus on user experience differentiate us from other companies.
$0
---> Tesla, Inc. was incorporated in the state of Delaware on July
Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22
1, 2003.
* Its reporting segments are Automotive, Energy generation &
storage.
Financial performance Valuation Summary
55,616

48,118
Revenue from F2017A to F2026E ( $ EBITDA vs Net Profit Average $ 204.7 $ 343.8
MM's )
39,687

$ 206.9 $ 414.5

32,404
52 Week
27,950

22,771
Equity Analyst $ 270.5 $ 276.7
16,584
16,290

12,407
11,012
13,606

9,434
Comp's $ 124.3 $ 355.1
6,630

4,316
4,069
4,042

2,085
1,513
2,223

DCF $ 217.3 $ 328.9

F2017A 04

F2018A

F2019A

F2020A

F2021A

F2022A

F2023A

F2024A

F2025A

F2026A
F2

F2

F2

F2

F2

F2

F2

F2

F2

F2

This chart isn't available in your version of Excel. Valuation Table

Segment Revenue for F2022E
5% Editing this shape or saving this workbook into a different file format
7% will permanently break the chart. Low Average High
2%
Automotive sales
DCF $ 217.3 $ 226.7 $ 328.9
Automotive leasing Comp's $ 124.3 $ 230.8 $ 355.1
Energy generation and storage Equity Analyst $ 270.5 $ 6.3 $ 276.7
52 Week $ 206.9 $ 207.6 $ 414.5
Services and other
Average $ 204.7 $ 167.8 $ 343.8
86%

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ir.tesla.com Page 3 of 40 06/30/2025 16:55:30
 Tesla, Inc.
#VALUE!

Tesla, Inc. was incorporated in the state of Delaware on July 1, 2003. EV Eco-system

* Tesla design, develop, manufacture, sell & lease high-performance fully electric vechicles & energy generation & storage Manufacture Sell or Lease
systems & also offers services related to our products.
* Sell products directly to customers through our websites, retail locations. Retail / Website
* Continues growth of customer-facing infrastructure through a global network of vehicle service centers, Mobile Service Design
technicians, body shops, Supercharger stations and Destination Chargers to accelerate the widespread adoption of our
products. Resale
* Tesla more emphasize performance, attractive styling and the safety of our users and workforce in the design and
manufacture of our products and are continuing to develop full self-driving technology for improved safety.
Services ( Insurance /
* Also, Tesla strive to lower the cost of ownership for our customers through continuous efforts to reduce manufacturing vechicles services )
costs and by offering financial and other services tailored to our products.
* Tesla mission to accelerate the world’s transition to sustainable energy, engineering expertise, vertically integrated
business model and focus on user experience differentiate us from other companies.

Its reporting segments are Automotive, Energy generation & storage

Automotive * Design, development, manufacturing, sales and leasing of electric vehicles as well as sales of automotive regulatory credits, resale of vechicles, vechicle

Energy generation & storag * Energy generation and storage segment includes the design, manufacture, installation, sales and leasing of solar energy
generation and energy storage products and related services and sales of solar energy systems incentives.

Products & Services:

Automotive:
1 Model 3 * Four-door mid-size sedan that we designed for manufacturability with a base price for mass-market
2 Model Y * Compact sport utility vehicle (“SUV”) built on the Model 3 platform with seating for up to seven adults
3 Model S & Model X * Model S is a four-door full-size sedan & Model X is a mid-size SUV with seating for up to seven adults.
4 Cybertruck, Tesla Semi, Tesla Roadster * Specialized consumer electric vehicles - Cybertruck, Tesla Roadster & commercial electric vehicle in Tesla Semi.

Energy Generation and Storage:

1 Energy Storage Products: * Powerwall and Megapack are our lithium-ion battery energy storage products.
a) Powerwall is designed to store energy at a home or small commercial facility
b) Megapack is an energy storage solution for commercial, industrial, utility and energy generation customers, multiple of which may be grouped together to form
larger installations of gigawatt hours (“GWh”) or greater capacity.
* We also continue to develop software capabilities for remotely controlling and dispatching our energy storage systems across a wide range of markets and applications, including
through our real-time energy control and optimization platforms.

2 Solar Energy Offerings: We sell retrofit solar energy systems to customers and channel partners and also make them available through power purchase agreement (“PPA”) arrange

* We sell our Solar Roof, which combines premium glass roof tiles with energy generation, directly to customers, as well as through channel customers. We continue to improve our
installation capability and efficiency, including through collaboration with real estate developers and builders on new homes.

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 Tesla, Inc.
#VALUE!

Elon Musk the product designer & CEO:

F2022E 2,026.0
1 Production Expected 1,450,000.0 2,500,000.0
2 Cumulative profitablity Since Inception vs Retained earnCPSI become positive from 2021 & Retained earnings become positive from 2022. Will expected to
3 Strong Free Cash Flows Positive. Will expected same
4 Focusing on AI on self driving R&D
5 Operating Margin Approx 15% + Higher in whole industry
6 Model Y Highest generator
7 Model Y Highest by both revenue & Unit volume.
8 Another factory End of the yr. Will be announcement
9 Factory - Giga Decade 10 - 12 factories 1.5 to 2million's output.
Energy Produced 25.4 Energy production - Solar & Wind
10 More energy produced than used Belives in Sustainability Stationary battery packs + StoreFuture
the en is sustainable
Energy Consumed 25.3 Electric transportation
* Energy Consumed = Energy used for factories for last 10yr's + Energy used to charge all tesla vechicles from charging stations + at home

11 Battery recylcing is underway & scalingup.

12 Investment scaling will made from macro-economic standpoint - to make fully sustainable economy for better planet
13 Investments into Electronics advancements in AI + battery advancements
14 Continuous energy reduction per vehicle Factory layout improvement
15 Tesla Moat Hard to replicate tesla manufacturing technology ( Long term standpoint )
16 Superchargers Improvement - Directly connect to backend for feedback (Expanding)

* Tesla autopilot AI will able to see if a crash about to occur.

17 Fully self driving beta growing unprecedented rate

Q2 - 2022 Q&A

1 Strongest production growth rate than ever

2 Revenue Point of View. Focus more on North America customers.
3 Cash Flows restabilization
4 Car will price reduce. Bez tesla expecting the inflation will normalize by end of year.
5 we currently expect our capital expenditures to be between $5.00 to $7.00 billion in 2022 and each of the next two fiscal years.
5 Will be grown to the range of $11.0 to $16.0 by 2026

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 Tesla, Inc.
#VALUE!
$ MM's ( unless otherwise specified ) Based on: Worst Case Senario

General Assumptions Working Capital

First Financial Forecasting Year Yr's F2022E Current Assets: F2022E - 23E F2024E - 26E
Financial Closing Date MMM-DD December-31 st
Accounts receivable, net 13.5 13.0
Recent Reported Date DD-MMM-YY 30-Jun-22 Inventory 53.0 50.0
* Four senarios have been used, for building the model: Revenue Per Car (direct, Lease), Production , Cost per Car Prepaid expenses and other current assets 93.0 90.0
Pricing Senarios Current Liabilities:
Total_Prod Cost_vechicle Rev_Direct Rev_Lease Accounts payable 92.5 93.5
Best Case +1.5 ( 1.5 ) +1.5 +1.5 Accrued liabilities and other 49.5 51.0
Base Case As per schedule As per schedule As per schedule As per schedule Deferred revenue 3.0% 4.5%
Worst Case ( 1.5 ) +1.5 ( 1.5 ) ( 1.5 ) Customer deposits 2.5% 3.5%
Revenue Schedule Deferred revenue - Non Current 4.0% 5.0%
Automotive sales F2022E - 23E F2024E F2025E F2026E
Average Revenue irect / 000's 53.0 53.5 54.0 54.5 Capex Schedule
Portion % of Total % 95.5% 95.5% 96.0% 96.0% F2022E - 23E F2024E - 26E
Automotive leasing Capex as % of Revenue for Operating Lease 3.0% 3.5%
Average Revenue ease / 000's 28.0 28.5 29.0 29.5 Capex as % of Energy Revenue for Solar 1.5% 2.0%
Portion % of Total % 3.5% 3.5% 3.0% 3.0% Capex as % of Automotive Revenue for PP&E 8.0% 8.5%
Total Production Lkh's 14.5 18.0 21.5 25.0 Capex as % of Cost of Revenue for Operating Leas 1.3% 1.5%
Energy generation and storage 30.0% 33.0% 36.0% 39.0% Operating Lease
Services and other 45.0% 48.0% 51.0% 54.0% Interest rate 5.0%
* Expected production & deliveries based on article electrek & earning report Depreciation for Operating Lease F2022E - 26E
Old 3.0
Cost Schedule New 4.0
F2022E - 23E F2024E - 26E Depreciation for Solar Energy
Cost per Vehicle 36.0 34.0 Old 20.0
Energy generation and storage 36.0% 21.0% New 35.0
Services and other 35.0% 20.0% Depreciation for PP&E
* Expected cost per vechicle is based on hindustantimes article Old 15.0
New 30.0
Operating Expense Schedule Depreciation for Operating Lease-Right-to-use-of-Assets
F2022E F2023E F2024E F2025E F2026E Old 6.0
Expected cost per Vehicle New 12.0
R&D 2.6 2.5 2.4 2.2 2.1 Depreciation forFinance Lease 8.0
SG&A 4.3 4.2 4.1 3.9 3.8
Restructuring and other 142.0 - - - - Intangible Assets
Other income (expense), net 84.0 - - - - Intangibles: F2022E F2023E -24E
Non-controlling interests (NI) 100.0 105.0 110.0 115.0 120.0 Bitcon's Conversion % 92.0% 25.0%
* 142 mm's till june-22. Expecting no exp incur next & for other income / exp as per 10-Q no more int Impairment Loss 23.0 25.0
Goodwill:
Income Tax Schedule Impairment 4.0 -
F2022E - 26E Other intangible assets 814.0 -
Effective tax rate 15.0% * For Intangibles expecting constant for future yr's from F2023E. For F2022E considered values are

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 Tesla, Inc.
#VALUE!
$ MM's ( unless otherwise specified ) Based on: Worst Case Senario

Other Assets / Liabilities Debt Schedule

F2022E F2023E -26E Repayment Current Non-Current
Incrument of Assets 814.0 - Notes-2022 29.0 1,294.0
Interest Income 6.0% 8.0% Notes-2023 - 2025 1.0 52.0
Loan back Notes 2.0 865.0
Stock Based Compensation Asset back Notes from 2022 - 2048 1,056.0 2,043.0
F2022E - 25E Finance Lease 26.0 188.0
Till recent report quarter 895.0 Finance Lease - Outstanding 475.0 803.0
Unrecognized SBC Interest rate % for Debt 5.1% 5.5%
* will be recognized in 0.3yrs 9.0 Interest rate % for Finance Lease 5.8% 5.8%
* will be recognized in 3yrs 283.0 Finance Lease yr's 4.0 8.0
Issuance of Common Stock for equity incentive 245.0 Debt Repayment yr's 26.0 26.0

Outstanding Shares Other Non recurring Expenses

F2022E F2023E -26E F2022E -26E
Basic 1,036.0 Constant Buy-out of noncontrolling interest -
Diluted 1,156.0 Constant
https://www.cnbc.com/2022/08/24/tesla-stock-set-for-3-for-1-split-after-market-close.html#:~:text=Tesla%20shares%20will%20begin%20trading,annual%20meeting%20in%20early%20Aug

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 Tesla, Inc.
#VALUE!
$ MM's ( unless otherwise specified ) Based on: Worst Case Senario

3 Historical Forecasted
F2017A F2018A F2019A F2020A F2021A F2022E F2023E F2024E F2025E F2026E

Live Case

Total Production 1.1 2.6 3.7 5.1 9.3 13.0 13.0 16.5 20.0 23.5
Cost per Vehicle 49.6 44.7 36.3 31.8 30.5 37.5 37.5 35.5 35.5 35.5
Revenue Direct Sales per Vehicle 82.8 72.0 55.7 56.4 52.0 51.5 51.5 52.0 52.5 53.0
Revenue Lease Sales per Vechicle - - - 30.5 27.4 26.5 26.5 27.0 27.5 28.0

Best Case

Total Production +1.5 1.1 2.6 3.7 5.1 9.3 16.0 16.0 19.5 23.0 26.5
Cost per Vehicle ( 1.5 ) 49.6 44.7 36.3 31.8 30.5 34.5 34.5 32.5 32.5 32.5
Revenue Direct Sales per Vehicle +1.5 82.8 72.0 55.7 56.4 52.0 54.5 54.5 55.0 55.5 56.0
Revenue Lease Sales per Vechicle +1.5 - - - 30.5 27.4 29.5 29.5 30.0 30.5 31.0

Base Case

Total Production Lkh's 1.1 2.6 3.7 5.1 9.3 14.5 14.5 18.0 21.5 25.0
Cost per Vehicle 000's 49.6 44.7 36.3 31.8 30.5 36.0 36.0 34.0 34.0 34.0
Revenue Direct Sales per Vehicle 000's 82.8 72.0 55.7 56.4 52.0 53.0 53.0 53.5 54.0 54.5
Revenue Lease Sales per Vechicle 000's - - - 30.5 27.4 28.0 28.0 28.5 29.0 29.5

Worst Case

Total Production ( 1.5 ) 1.1 2.6 3.7 5.1 9.3 13.0 13.0 16.5 20.0 23.5
Cost per Vehicle +1.5 49.6 44.7 36.3 31.8 30.5 37.5 37.5 35.5 35.5 35.5
Revenue Direct Sales per Vehicle ( 1.5 ) 82.8 72.0 55.7 56.4 52.0 51.5 51.5 52.0 52.5 53.0
Revenue Lease Sales per Vechicle ( 1.5 ) - - - 30.5 27.4 26.5 26.5 27.0 27.5 28.0

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 Tesla, Inc.
Income Statement
$ MM's ( unless otherwise specified ) Based on: Worst Case Senario

Historical Forecasted
F2017A F2018A F2019A F2020A F2021A F2022E F2023E F2024E F2025E F2026E
Revenue 11,759.0 21,461.0 24,578.0 31,536.0 53,823.0 74,281.6 77,850.1 101,597.8 128,839.9 160,903.7
Cost of revenue 9,536.0 17,419.0 20,509.0 24,906.0 40,217.0 57,991.6 61,265.8 73,648.0 89,152.8 105,287.4
Gross Profit 2,223.0 4,042.0 4,069.0 6,630.0 13,606.0 16,290.0 16,584.3 27,949.8 39,687.1 55,616.2
Gross profit ( % ) 18.9% 18.8% 16.6% 21.0% 25.3% 21.9% 21.3% 27.5% 30.8% 34.6%

Operating Expenses
Research and development 1,378.0 1,460.0 1,343.0 1,491.0 2,593.0 3,380.0 3,224.0 3,894.0 4,480.0 4,982.0
Selling, general and administrative 2,477.0 2,835.0 2,646.0 3,145.0 4,517.0 5,590.0 5,434.0 6,699.0 7,880.0 8,977.0
Restructuring and other - 135.0 149.0 - ( 27.0 ) 142.0 - - - -
Operating Expenses 3,855.0 4,430.0 4,138.0 4,636.0 7,083.0 9,112.0 8,658.0 10,593.0 12,360.0 13,959.0

Operating Profit ( 1,632.0 ) ( 388.0 ) ( 69.0 ) 1,994.0 6,523.0 7,178.0 7,926.3 17,356.8 27,327.1 41,657.2
Operating Margin ( % ) ( 13.9% ) ( 1.8% ) ( 0.3% ) 6.3% 12.1% 9.7% 10.2% 17.1% 21.2% 25.9%

Interest income 19.0 24.0 44.0 30.0 56.0 41.9 55.9 55.9 55.9 55.9
Interest expense ( 471.0 ) ( 663.0 ) ( 685.0 ) ( 748.0 ) ( 371.0 ) 460.9 319.4 296.2 286.1 284.5
Other income (expense), net ( 125.0 ) 22.0 45.0 ( 122.0 ) 135.0 84.0 - - - -
Non Operating Income / Expense ( 577.0 ) ( 617.0 ) ( 596.0 ) ( 840.0 ) ( 180.0 ) 586.8 375.3 352.1 342.1 340.4

Income (loss) before income taxes ( 2,209.0 ) ( 1,005.0 ) ( 665.0 ) 1,154.0 6,343.0 7,764.9 8,301.6 17,708.9 27,669.2 41,997.7
Provision for income taxes 32.0 58.0 110.0 292.0 699.0 1,164.7 1,245.2 2,656.3 4,150.4 6,299.6
Net income (loss) ( 2,241.0 ) ( 1,063.0 ) ( 775.0 ) 862.0 5,644.0 6,600.1 7,056.3 15,052.6 23,518.8 35,698.0
NI attributable to noncontrolling interes ( 279.0 ) ( 87.0 ) 87.0 141.0 125.0 100.0 105.0 110.0 115.0 120.0
Net income / loss attributable to CS ( 1,962.0 ) ( 976.0 ) ( 862.0 ) 721.0 5,519.0 6,500.1 6,951.3 14,942.6 23,403.8 35,578.0
Less: Buy-out of noncontrolling interest - - 8.0 31.0 ( 5.0 ) - - - - -
Net income / loss attributable to CS ( 1,962.0 ) ( 976.0 ) ( 870.0 ) 690.0 5,524.0 6,500.1 6,951.3 14,942.6 23,403.8 35,578.0

Net income (loss) per share of common stock

Basic ( 11.8 ) ( 1.1 ) ( 1.0 ) 0.7 5.6 2.1 2.2 4.8 7.5 11.4
Diluted ( 11.8 ) ( 1.1 ) ( 1.0 ) 0.6 4.9 2.1 2.2 4.8 7.5 11.4

Weighted average shares

Basic 166.0 853.0 887.0 933.0 986.0 3,108.0 3,108.0 3,108.0 3,108.0 3,108.0
Diluted 166.0 853.0 887.0 1,083.0 1,129.0 3,108.0 3,108.0 3,108.0 3,108.0 3,108.0

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 Tesla, Inc.
Balance Sheet
$ MM's ( unless otherwise specified ) Based on: Worst Case Senario

Historical Forecasted
F2017A F2018A F2019A F2020A F2021A F2022E F2023E F2024E F2025E F2026E
Assets:
Current assets
Cash & cash equivalents, restricted cas 3,965.0 4,277.0 6,783.0 19,901.0 18,144.0 26,167.3 30,908.2 49,587.7 71,553.4 105,330.5
Short-term marketable securities - - - - 131.0 131.0 131.0 131.0 131.0 131.0
Accounts receivable, net 515.4 949.0 1,324.0 1,886.0 1,913.0 2,747.4 2,879.4 3,608.7 4,588.8 5,730.8
Inventory 2,263.5 3,113.0 3,552.0 4,101.0 5,757.0 8,420.7 8,896.1 10,061.2 12,212.7 14,422.9
Prepaid expenses and other current ass 268.4 366.0 444.0 829.0 1,155.0 1,424.3 1,384.6 1,647.3 1,943.0 2,213.5
Total current assets 7,012.2 8,705.0 12,103.0 26,717.0 27,100.0 38,890.7 44,199.2 65,035.9 90,428.9 127,828.8
Operating lease vehicles, net 4,116.6 2,090.0 2,447.0 3,091.0 4,511.0 4,425.8 3,867.8 3,543.6 4,503.9 5,079.5
Solar energy systems, net 6,347.5 6,271.0 6,138.0 5,979.0 5,765.0 5,534.5 5,323.1 5,157.7 5,015.1 4,900.3
Property, plant and equipment, net 10,027.5 11,330.0 10,396.0 12,747.0 18,884.0 22,573.2 26,088.7 31,253.5 37,738.9 45,502.8
Operating lease right-of-use assets - - 1,218.0 1,558.0 2,016.0 2,371.1 2,702.3 3,249.8 3,918.4 4,697.4
Digital assets, net - - - - 1,260.0 77.8 33.3 0.0 0.0 0.0
Intangible assets, net 361.5 282.0 339.0 313.0 257.0 208.0 165.0 137.0 109.0 81.0
Goodwill 60.2 68.0 198.0 207.0 200.0 204.0 204.0 204.0 204.0 204.0
Other non-current assets 729.8 994.0 1,470.0 1,536.0 2,138.0 2,952.0 2,952.0 2,952.0 2,952.0 2,952.0
Total assets 28,655.4 29,740.0 34,309.0 52,148.0 62,131.0 77,237.0 85,535.5 111,533.4 144,870.2 191,245.7
Liabilities:
Current liabilities
Accounts payable 2,390.3 3,405.0 3,771.0 6,051.0 10,025.0 14,696.5 15,526.3 18,814.4 22,837.8 26,970.9
Accrued liabilities and other 2,618.7 2,597.0 3,222.0 3,855.0 5,719.0 8,322.6 8,720.7 10,628.4 12,776.0 14,943.4
Deferred revenue 1,015.3 630.0 1,163.0 1,458.0 1,447.0 2,228.4 2,335.5 4,571.9 5,797.8 7,240.7
Customer deposits 853.9 793.0 726.0 752.0 925.0 1,857.0 1,946.3 3,555.9 4,509.4 5,631.6
Current portion of debt and finance lea 796.5 2,568.0 1,785.0 2,132.0 1,589.0 1,531.0 1,371.6 1,212.3 1,052.9 893.5
Total current liabilities 7,674.7 9,993.0 10,667.0 14,248.0 19,705.0 28,635.6 29,900.3 38,782.9 46,973.9 55,680.1
Debt and finance leases, net of current p 9,418.3 9,404.0 11,634.0 9,556.0 5,245.0 2,846.0 2,667.0 2,488.1 2,309.1 2,130.2
Deferred revenue, net of current portion 1,177.8 991.0 1,207.0 1,284.0 2,052.0 2,971.3 3,114.0 5,079.9 6,442.0 8,045.2
Other long-term liabilities 4,752.2 3,039.0 2,691.0 3,330.0 3,546.0 3,443.1 3,362.3 3,543.8 3,893.4 4,440.4
Total liabilities 23,023.0 23,427.0 26,199.0 28,418.0 30,548.0 37,895.9 39,043.7 49,894.7 59,618.4 70,295.9
Redeemable noncontrolling interests in s 397.7 556.0 643.0 604.0 568.0 568.0 568.0 568.0 568.0 568.0
Convertible senior notes (Note 11) 0.1 - - 51.0 - -- -- -- -- --
Common stock 0.2 - 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Additional paid-in capital 9,178.0 10,249.0 12,736.0 27,260.0 29,803.0 30,961.0 31,055.3 31,149.7 31,244.0 31,244.0
Accumulated other comprehensive inco 33.3 ( 8.0 ) ( 36.0 ) 363.0 54.0 54.0 54.0 54.0 54.0 54.0
Retained earnings (accumulated deficit) ( 4,974.3 ) ( 5,318.0 ) ( 6,083.0 ) ( 5,399.0 ) 331.0 6,831.1 13,782.5 28,725.1 52,128.8 87,706.9
Total stockholders' equity 4,237.2 4,923.0 6,618.0 22,225.0 30,189.0 37,847.1 44,892.8 59,929.7 83,427.8 119,005.9
Noncontrolling interests in subsidiaries 997.3 834.0 849.0 850.0 826.0 926.0 1,031.0 1,141.0 1,256.0 1,376.0
Total liabilities and equity 28,655.4 29,740.0 34,309.0 52,148.0 62,131.0 77,237.0 85,535.5 111,533.4 144,870.2 191,245.7
Check 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

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 Tesla, Inc.
Cash Flows Statement
$ MM's ( unless otherwise specified ) Based on: Worst Case Senario

Historical Forecasted
F2017A F2018A F2019A F2020A F2021A F2022E F2023E F2024E F2025E F2026E

Cash Flows from Operating Activities

Net Income ( 2,241.0 ) ( 1,063.0 ) ( 775.0 ) 862.0 5,644.0 6,600.1 7,056.3 15,052.6 23,518.8 35,698.0
Adjustments:
Depreciation, Amortization & Impairme 1,636.0 1,901.0 2,154.0 2,322.0 2,911.0 3,833.8 4,480.6 5,414.3 5,076.9 6,460.4
Stock-based compensation 467.0 749.0 898.0 1,734.0 2,121.0 913.0 94.3 94.3 94.3 -
Non-cash interest & other operating acti 135.0 49.0 186.0 228.0 245.0 ( 814.0 ) - - - -
Other Non-Cash Expenses 439.0 404.0 291.0 613.0 58.0
Change in Working Cap:
Accounts receivable ( 25.0 ) ( 497.0 ) (367.0 ) ( 652.0 ) ( 130.0 ) ( 834.4 ) ( 132.0 ) ( 729.3 ) ( 980.2 ) ( 1,142.0 )
Inventory ( 179.0 ) ( 1,023.0 ) (429.0 ) ( 422.0 ) ( 1,709.0 ) ( 2,663.7 ) ( 475.4 ) ( 1,165.1 ) ( 2,151.5 ) ( 2,210.2 )
Operating lease vehicles ( 1,523.0 ) ( 215.0 ) (764.0 ) ( 1,072.0 ) ( 2,114.0 )
Prepaid expenses & other current asset ( 72.0 ) ( 82.0 ) (288.0 ) ( 251.0 ) ( 271.0 ) ( 269.3 ) 39.7 ( 262.7 ) ( 295.7 ) ( 270.5 )
Other non-current assets ( 15.0 ) ( 207.0 ) 115.0 ( 344.0 ) ( 1,291.0 )
Accounts payable & accrued liabilities 388.0 1,723.0 682.0 2,102.0 4,578.0 7,185.1 1,273.8 5,241.9 6,217.9 6,387.5
Deferred revenue 469.0 406.0 801.0 321.0 793.0 1,700.7 249.8 4,202.3 2,588.0 3,046.1
Customer deposits 170.0 ( 96.0 ) ( 58.0 ) 7.0 186.0 932.0 89.2 1,609.7 953.5 1,122.2
Other long-term liabilities 290.0 49.0 ( 41.0 ) 495.0 476.0
Net operating Cash Flows ( 61.0 ) 2,098.0 2,405.0 5,943.0 11,497.0 16,583.4 12,676.4 29,458.0 35,022.0 49,091.5
Cash Flows from Investing Activities
Purchases of property and equipment ( 3,415.0 ) ( 2,101.0 ) ( 1,327.0 ) ( 3,157.0 ) ( 6,482.0 ) ( 5,211.4 ) ( 5,211.4 ) ( 7,097.4 ) ( 8,708.3 ) ( 10,331.1 )
Purchases of solar energy systems ( 666.0 ) ( 218.0 ) ( 105.0 ) ( 75.0 ) ( 32.0 ) ( 59.5 ) ( 81.0 ) ( 130.6 ) ( 158.0 ) ( 191.2 )
Other capex ( 115.0 ) ( 18.0 ) ( 4.0 ) 100.0 ( 1,354.0 ) ( 709.1 ) ( 1,846.9 ) ( 2,800.2 ) ( 3,485.7 ) ( 4,134.8 )
Net Investing Cash Flows ( 4,196.0 ) ( 2,337.0 ) ( 1,436.0 ) ( 3,132.0 ) ( 7,868.0 ) ( 5,980.1 ) ( 7,139.3 ) ### ### ###
Cash Flows from Financing Activities
Issue or repayment of Long term debt 3,142.0 929.0 1,508.0 ( 1,910.0 ) ( 5,284.0 ) ( 2,211.0 ) ( 78.6 ) ( 78.6 ) ( 78.6 ) ( 78.6 )
Repayment of short term debt ( 165.0 ) ( 100.0 ) - - -
Collateralized lease repayments 511.0 ( 559.0 ) ( 389.0 ) ( 240.0 ) ( 9.0 ) ( 368.0 ) ( 458.0 ) ( 412.0 ) ( 366.0 ) ( 319.0 )
Principal payments on finance leases ( 103.0 ) ( 181.0 ) ( 321.0 ) ( 338.0 ) ( 439.0 ) ( 246.0 ) ( 259.7 ) ( 259.7 ) ( 259.7 ) ( 259.7 )
Issue or repayment of Common Stock 337.0 ( 15.0 ) 811.0 12,263.0 ( 9.0 ) 245.0
Other 693.0 500.0 ( 80.0 ) 198.0 538.0
Net Financing cash Flows 4,415.0 574.0 1,529.0 9,973.0 ( 5,203.0 ) ( 2,580.0 ) ( 796.3 ) ( 750.3 ) ( 704.3 ) ( 657.3 )

Exchange rate effect 40.0 ( 23.0 ) 8.0 334.0 ( 183.0 )

Change in Cash position 198.0 312.0 2,506.0 13,118.0 ( 1,757.0 ) 8,023.3 4,740.9 18,679.6 21,965.6 33,777.1
Opening Cash includes restricted cash 3,767.0 3,965.0 4,277.0 6,783.0 19,901.0 18,144.0 26,167.3 30,908.2 49,587.7 71,553.4
Closing Cash includes restricted cas 3,965.0 4,277.0 6,783.0 19,901.0 18,144.0 26,167.3 30,908.2 49,587.7 71,553.4 105,330.5

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 Tesla, Inc.
Revenue Schedule
$ MM's ( unless otherwise specified ) Based on: Worst Case Senario

Historical Forecasted
F2017A F2018A F2019A F2020A F2021A F2022E F2023E F2024E F2025E F2026E

Deliveries 103,020.0 244,920.0 357,998.5 464,412.3 876,122.3 1,241,500.0 1,241,500.0 1,575,750.0 1,920,000.0 2,256,000.0
Operating Lease - - - 34,507.7 59,827.7 45,500.0 45,500.0 57,750.0 60,000.0 70,500.0
Total Deliveries 103,020.0 244,920.0 357,998.5 498,920.0 935,950.0 ### ### ### ### ###
Total production 107,477.0 257,910.0 368,101.0 509,737.0 930,422.0 1,300,000.0 1,300,000.0 1,650,000.0 2,000,000.0 2,350,000.0
Energy generation and storageGrowth (%) 39.3% ( 1.5% ) 30.2% 39.9% 30.0% 30.0% 33.0% 36.0% 39.0%
Services and other Growth (%) 39.0% 60.0% 3.6% 64.9% 45.0% 45.0% 48.0% 51.0% 54.0%

Revenue per vehicle ( Direct Sale ) 82.8 72.0 55.7 56.4 52.0 51.5 51.5 52.0 52.5 53.0
Revenue per vehicle ( Lease ) - - - 30.5 27.4 26.5 26.5 27.0 27.5 28.0

Segmented Revenue:

Automotive sales 8,535.0 17,632.0 19,952.0 26,184.0 45,590.0 63,937.3 63,937.3 81,939.0 100,800.0 119,568.0
Automotive leasing 1,107.0 883.0 869.0 1,052.0 1,642.0 1,205.8 1,205.8 1,559.3 1,650.0 1,974.0
Total automotive revenues 9,642.0 18,515.0 20,821.0 27,236.0 47,232.0 65,143.0 65,143.0 83,498.3 102,450.0 121,542.0
Energy generation and storage 1,116.0 1,555.0 1,531.0 1,994.0 2,789.0 3,625.7 4,713.4 6,268.8 8,525.6 11,850.6
Services and other 1,001.0 1,391.0 2,226.0 2,306.0 3,802.0 5,512.9 7,993.7 11,830.7 17,864.3 27,511.1
Total revenues 11,759.0 21,461.0 24,578.0 31,536.0 53,823.0 74,281.6 77,850.1 101,597.8 128,839.9 160,903.7

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 Tesla, Inc.
Cost Schedule
$ MM's ( unless otherwise specified ) Based on: Worst Case Senario

Historical Forecasted
F2017A F2018A F2019A F2020A F2021A F2022E F2023E F2024E F2025E F2026E

Total Automotive Cost 7,433.0 14,174.0 16,398.0 20,259.0 33,393.0 48,750.0 48,750.0 58,575.0 71,000.0 83,425.0
- Depreciation, Amortization & Impairme 1,636.0 1,901.0 2,154.0 2,322.0 2,911.0 3,833.8 4,480.6 5,414.3 5,076.9 6,460.4
- Stock Based compensation 467.0 749.0 898.0 1,734.0 2,121.0 913.0 94.3 94.3 94.3
Cost of Manufacturing Vehicles 5,330.0 11,524.0 13,346.0 16,203.0 28,361.0 44,003.2 44,175.0 53,066.4 65,828.8 76,964.6
Total production 107,477.0 257,910.0 368,101.0 509,737.0 930,422.0 1,300,000.0 1,300,000.0 1,650,000.0 2,000,000.0 2,350,000.0
Energy generation and storageGrowth (%) 56.2% ( 1.8% ) 47.4% 47.7% 36.0% 36.0% 21.0% 21.0% 21.0%
Services and other Growth (%) 53.0% 47.3% ( 3.6% ) 46.2% 35.0% 35.0% 20.0% 20.0% 20.0%

Cost per Vehicle 49.6 44.7 36.3 31.8 30.5 37.5 37.5 35.5 35.5 35.5

Cost of revenue
###
### Total Automotive Cost 7,433.0 14,174.0 16,398.0 20,259.0 33,393.0 48,750.0 48,750.0 58,575.0 71,000.0 83,425.0
### - Depreciation, Amortization & Impairm 1,636.0 1,901.0 2,154.0 2,322.0 2,911.0 3,833.8 4,480.6 5,414.3 5,076.9 6,460.4
- Stock Based compensation 467.0 749.0 898.0 1,734.0 2,121.0 913.0 94.3 94.3 94.3
### Cost of Manufacturing Vehicles 5,330.0 11,524.0 13,346.0 16,203.0 28,361.0 44,003.2 44,175.0 53,066.4 65,828.8 76,964.6
### Energy generation and storage 874.0 1,365.0 1,341.0 1,976.0 2,918.0 3,968.5 5,397.1 6,530.5 7,901.9 9,561.3
### Services and other 1,229.0 1,880.0 2,770.0 2,671.0 3,906.0 5,273.1 7,118.7 8,542.4 10,250.9 12,301.1
### Cost of revenue 9,536.0 17,419.0 20,509.0 24,906.0 40,217.0 57,991.6 61,265.8 73,648.0 89,152.8 105,287.4

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 Tesla, Inc.
Operating Cost Schedule
$ MM's ( unless otherwise specified ) Based on: Worst Case Senario

Historical Forecasted
F2017A F2018A F2019A F2020A F2021A F2022E F2023E F2024E F2025E F2026E

Research and development 1,378.0 1,460.0 1,343.0 1,491.0 2,593.0

Selling, general and administrative 2,477.0 2,835.0 2,646.0 3,145.0 4,517.0
Restructuring and other
Total production 107,477.0 257,910.0 368,101.0 509,737.0 930,422.0 1,300,000.0 1,300,000.0 1,650,000.0 2,000,000.0 2,350,000.0

Average R&D Exp on per vehicle 12.8 5.7 3.6 2.9 2.8 2.6 2.5 2.4 2.2 2.1
Average SG&A Exp on per vehicle 23.0 11.0 7.2 6.2 4.9 4.3 4.2 4.1 3.9 3.8

Research and development 1,378.0 1,460.0 1,343.0 1,491.0 2,593.0 3,380.0 3,224.0 3,894.0 4,480.0 4,982.0
Selling, general and administrative 2,477.0 2,835.0 2,646.0 3,145.0 4,517.0 5,590.0 5,434.0 6,699.0 7,880.0 8,977.0

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 Tesla, Inc.
Working Capital
$ MM's ( unless otherwise specified ) Based on: Worst Case Senario

Historical Forecasted
F2017A F2018A F2019A F2020A F2021A F2022E F2023E F2024E F2025E F2026E

Days in Year 365.0 365.0 365.0 366.0 365.0 365.0 365.0 366.0 365.0 365.0
Revenue 11,759.0 21,461.0 24,578.0 31,536.0 53,823.0 74,281.6 77,850.1 101,597.8 128,839.9 160,903.7
Cost of Revenue 9,536.0 17,419.0 20,509.0 24,906.0 40,217.0 57,991.6 61,265.8 73,648.0 89,152.8 105,287.4
Selling, general and administrative 2,477.0 2,835.0 2,646.0 3,145.0 4,517.0 5,590.0 5,434.0 6,699.0 7,880.0 8,977.0
Days:
Current Assets:
Accounts receivable, net 16.0 16.1 19.7 21.9 13.0 13.5 13.5 13.0 13.0 13.0
Inventory 86.6 65.2 63.2 60.3 52.2 53.0 53.0 50.0 50.0 50.0
Prepaid expenses and other current ass 39.5 47.1 61.2 96.5 93.3 93.0 93.0 90.0 90.0 90.0
Current Liabilities:
Accounts payable 91.5 71.3 67.1 88.9 91.0 92.5 92.5 93.5 93.5 93.5
Accrued liabilities and other 100.2 54.4 53.3 52.4 48.6 49.5 49.5 51.0 51.0 51.0
Operating lease right-of-use liabilities, current portion
Deferred revenue 8.6% 2.9% 4.7% 4.6% 2.7% 3.0% 3.0% 4.5% 4.5% 4.5%
Customer deposits 7.3% 3.7% 3.0% 2.4% 1.7% 2.5% 2.5% 3.5% 3.5% 3.5%
Non-Current Liabilities:
Deferred revenue 10.0% 4.6% 4.9% 4.1% 3.8% 4.0% 4.0% 5.0% 5.0% 5.0%

USD in Million's
Current Assets:
Accounts receivable, net 515.4 949.0 1,324.0 1,886.0 1,913.0 2,747.4 2,879.4 3,608.7 4,588.8 5,730.8
Inventory 2,263.5 3,113.0 3,552.0 4,101.0 5,757.0 8,420.7 8,896.1 10,061.2 12,212.7 14,422.9
Prepaid expenses and other current ass 268.4 366.0 444.0 829.0 1,155.0 1,424.3 1,384.6 1,647.3 1,943.0 2,213.5
Current Liabilities:
Accounts payable 2,390.3 3,405.0 3,771.0 6,051.0 10,025.0 14,696.5 15,526.3 18,814.4 22,837.8 26,970.9
Accrued liabilities and other 2,618.7 2,597.0 2,994.0 3,569.0 5,351.0 7,864.6 8,308.7 10,262.4 12,457.0 14,711.4
Operating lease right-of-use liabilities, - - 228.0 286.0 368.0 458.0 412.0 366.0 319.0 232.0
Deferred revenue 1,015.3 630.0 1,163.0 1,458.0 1,447.0 2,228.4 2,335.5 4,571.9 5,797.8 7,240.7
Customer deposits 853.9 793.0 726.0 752.0 925.0 1,857.0 1,946.3 3,555.9 4,509.4 5,631.6
Non-Current Liabilities:
Deferred revenue 1,177.8 991.0 1,207.0 1,284.0 2,052.0 2,971.3 3,114.0 5,079.9 6,442.0 8,045.2

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 Tesla, Inc.
Operating Lease Vehicles
$ MM's ( unless otherwise specified ) Based on: Worst Case Senario

Historical Forecasted
F2017A F2018A F2019A F2020A F2021A F2022E F2023E F2024E F2025E F2026E

Capex - ( 2,302.3 ) 305.4 684.0 1,747.0 1,891.3 1,891.3 2,833.5 3,485.7 4,134.8
Automotive sales 8,535.0 17,632.0 19,952.0 26,184.0 45,590.0 63,937.3 63,937.3 81,939.0 100,800.0 119,568.0
Capex % of Sales - ( 13.1% ) 1.5% 2.6% 3.8% 3.0% 3.0% 3.5% 3.5% 3.5%

Depreciation for Operating Lease

Old 3.0 1,503.7 1,503.7 1,503.7

New 4.0
F2022E 472.8 472.8 472.8 472.8 472.8
F2023E 472.8 472.8 472.8 472.8
F2024E 708.4 708.4 708.4
F2025E 871.4 871.4
F2026E 1,033.7
Total Depreciation 1,976.5 2,449.3 3,157.7 2,525.5 3,559.2

Opening Balance 4,116.6 2,090.0 2,447.0 3,091.0 4,511.0 4,425.8 3,867.8 3,543.6 4,503.9
+ Capex ( 2,302.3 ) 305.4 684.0 1,747.0 1,891.3 1,891.3 2,833.5 3,485.7 4,134.8
- Depreciation / Sale 275.7 51.6 ( 40.0 ) ( 327.0 ) ( 1,976.5 ) ( 2,449.3 ) ( 3,157.7 ) ( 2,525.5 ) ( 3,559.2 )
Closing Balance 4,116.6 2,090.0 2,447.0 3,091.0 4,511.0 4,425.8 3,867.8 3,543.6 4,503.9 5,079.5

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 Tesla, Inc.
Solar Energy Schedule
$ MM's ( unless otherwise specified ) Based on: Worst Case Senario

Historical Forecasted
F2017A F2018A F2019A F2020A F2021A F2022E F2023E F2024E F2025E F2026E

Capex 445.3 224.0 48.0 25.0 59.5 81.0 130.6 158.0 191.2
Finance Lease - 30.0 29.0 27.0 23.6 20.3 16.9 13.5 10.1
Energy generation and storage 1,365.0 1,341.0 1,976.0 2,918.0 3,968.5 5,397.1 6,530.5 7,901.9 9,561.3
Capex % of Sales 32.6% 16.7% 2.4% 0.9% 1.5% 1.5% 2.0% 2.0% 2.0%

Depreciation for Solar Energy:

Old 20.0 285.0 285.0 285.0 285.0 285.0

New 35.0
F2022E 1.7 1.7 1.7 1.7 1.7
F2023E 2.3 2.3 2.3 2.3
F2024E 3.7 3.7 3.7
F2025E 4.5 4.5
F2026E 5.5
Total Depreciation 286.7 289.0 292.7 297.2 302.7

Opening Balance 5,864.6 6,034.0 6,061.0 5,906.0 5,699.0 5,471.9 5,263.9 5,101.8 4,962.6
+ Finance Lease - 30.0 29.0 27.0 23.6 20.3 16.9 13.5 10.1
+ Capex / Sale 445.3 224.0 48.0 25.0 59.5 81.0 130.6 158.0 191.2
- Depreciation ( 275.9 ) ( 227.0 ) ( 232.0 ) ( 232.0 ) ( 286.7 ) ( 289.0 ) ( 292.7 ) ( 297.2 ) ( 302.7 )
Closing Balance 5,864.6 6,034.0 6,061.0 5,906.0 5,726.0 5,495.5 5,284.1 5,118.7 4,976.1 4,861.3
Solar energy systems under construction 243.8 68.0 18.0 28.0 18.0 18.0 18.0 18.0 18.0 18.0
Solar energy systems pending interconn 239.1 169.0 59.0 45.0 21.0 21.0 21.0 21.0 21.0 21.0
Solar energy systems, net 6,347.5 6,271.0 6,138.0 5,979.0 5,765.0 5,534.5 5,323.1 5,157.7 5,015.1 4,900.3

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 Tesla, Inc.
PP&E Schedule
$ MM's ( unless otherwise specified ) Based on: Worst Case Senario

Historical Forecasted
F2017A F2018A F2019A F2020A F2021A F2022E F2023E F2024E F2025E F2026E

Capex / Sales - 2,277.7 ( 1,499.0 ) 2,269.0 6,215.0 5,211.4 5,211.4 7,097.4 8,708.3 10,331.1
Finance Lease - - 1,600.0 1,465.0 1,536.0 1,344.0 1,152.0 960.0 768.0 576.0
Total automotive revenues 9,642.0 18,515.0 20,821.0 27,236.0 47,232.0 65,143.0 65,143.0 83,498.3 102,450.0 121,542.0
Capex % of Sales - 12.3% ( 7.2% ) 8.3% 13.2% 8.0% 8.0% 8.5% 8.5% 8.5%

Depreciation for PP&E:

Old 15.0 1,156.5 1,156.5 1,156.5 1,156.5 1,156.5

New 30.0
F2022E 173.7 173.7 173.7 173.7 173.7
F2023E 173.7 173.7 173.7 173.7
F2024E 236.6 236.6 236.6
F2025E 290.3 290.3
F2026E 344.4
Total Depreciation 1,330.2 1,504.0 1,740.5 2,030.8 2,375.2

Opening Balance 10,027.5 11,330.0 10,396.0 12,747.0 17,348.0 21,229.2 24,936.7 30,293.5 36,970.9
+ Finance Lease - 1,600.0 1,465.0 1,536.0 1,344.0 1,152.0 960.0 768.0 576.0
+ Capex / Sales 2,277.7 ( 1,499.0 ) 2,269.0 6,215.0 5,211.4 5,211.4 7,097.4 8,708.3 10,331.1
- Depreciation ( 975.2 ) ( 1,035.0 ) ( 1,383.0 ) ( 1,614.0 ) ( 1,330.2 ) ( 1,504.0 ) ( 1,740.5 ) ( 2,030.8 ) ( 2,375.2 )
Closing Balance 10,027.5 11,330.0 10,396.0 12,747.0 18,884.0 22,573.2 26,088.7 31,253.5 37,738.9 45,502.8

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 Tesla, Inc.
Finance Lease
$ MM's ( unless otherwise specified ) Based on: Worst Case Senario

Historical Forecasted
F2017A F2018A F2019A F2020A F2021A F2022E F2023E F2024E F2025E F2026E

Solar energy systems, net - - 30.0 29.0 27.0

Property, plant and equipment, net - - 1,600.0 1,465.0 1,536.0

Solar energy systems, net

Opening Balance - - 30.0 29.0 27.0 23.6 20.3 16.9 13.5

- Amortization 8.0 - 30.0 ( 1.0 ) ( 2.0 ) ( 3.4 ) ( 3.4 ) ( 3.4 ) ( 3.4 ) ( 3.4 )
Closing Balance - - 30.0 29.0 27.0 23.6 20.3 16.9 13.5 10.1

Property, plant and equipment, net

Opening Balance - - 1,600.0 1,465.0 1,536.0 1,344.0 1,152.0 960.0 768.0

- Amortization 8.0 - 1,600.0 ( 135.0 ) 71.0 ( 192.0 ) ( 192.0 ) ( 192.0 ) ( 192.0 ) ( 192.0 )
Closing Balance - - 1,600.0 1,465.0 1,536.0 1,344.0 1,152.0 960.0 768.0 576.0

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 Tesla, Inc.
Operating lease right-of-use assets
$ MM's ( unless otherwise specified ) Based on: Worst Case Senario

Historical Forecasted
F2017A F2018A F2019A F2020A F2021A F2022E F2023E F2024E F2025E F2026E

Capex - - 616.0 188.0 486.0 753.9 796.5 1,104.7 1,337.3 1,579.3

Cost of revenue 9,536.0 17,419.0 20,509.0 24,906.0 40,217.0 57,991.6 61,265.8 73,648.0 89,152.8 105,287.4
Capex % of Sales - - 3.0% 0.8% 1.2% 1.3% 1.3% 1.5% 1.5% 1.5%

Amortization of Lease:
Old 6.0 336.0 336.0 336.0 336.0 336.0

New 12.0
F2022E 62.8 62.8 62.8 62.8 62.8
F2023E 66.4 66.4 66.4 66.4
F2024E 92.1 92.1 92.1
F2025E 111.4 111.4
F2026E 131.6
Total Principal Payments 398.8 465.2 557.3 668.7 800.3

Opening Balance 1,218.0 1,558.0 2,016.0 2,371.1 2,702.3 3,249.8 3,918.4

+ Capex - 616.0 188.0 486.0 753.9 796.5 1,104.7 1,337.3 1,579.3
+ Interest / Other adjustments 603.0 599.0
- Amortization - ( 426.0 ) ( 451.0 ) ( 627.0 ) ( 398.8 ) ( 465.2 ) ( 557.3 ) ( 668.7 ) ( 800.3 )
Closing Balance - - 1,218.0 1,558.0 2,016.0 2,371.1 2,702.3 3,249.8 3,918.4 4,697.4

Operating Lease Liability:

PV of Lease Payments - - 1,184.0 1,540.0 2,039.0

Current Maturity - - 228.0 286.0 368.0 458.0 412.0 366.0 319.0 232.0

Gross Opening Balance 1,671.0 1,568.1 1,487.3 1,668.8 2,018.4

- Current Maturity ( 458.0 ) ( 412.0 ) ( 366.0 ) ( 319.0 ) ( 232.0 )
Gross Closing Balance 1,213.0 1,156.1 1,121.3 1,349.8 1,786.4
+ Capex 753.9 796.5 1,104.7 1,337.3 1,579.3
- Lease principal Payments ( 398.8 ) ( 465.2 ) ( 557.3 ) ( 668.7 ) ( 800.3 )
Existing Lease Closing Balance - - 956.0 1,254.0 1,671.0 1,568.1 1,487.3 1,668.8 2,018.4 2,565.4

Interest Expenses 5.0% 83.6 78.4 74.4 83.4 100.9

Lease Payment rincipal + Int 482.4 543.6 631.6 752.1 901.2

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 Tesla, Inc.
Other Long term Liabilities
$ MM's ( unless otherwise specified ) Based on: Worst Case Senario

Historical Forecasted
F2017A F2018A F2019A F2020A F2021A F2022E F2023E F2024E F2025E F2026E

Other noncurrent liabilities 4,752.2 3,039.0 1,735.0 2,076.0 1,875.0

Operating Lease Liability (Long-Term) - - 956.0 1,254.0 1,671.0

Other Long term Liabilities

Other noncurrent liabilities 4,752.2 3,039.0 1,735.0 2,076.0 1,875.0 1,875.0 1,875.0 1,875.0 1,875.0 1,875.0
Operating Lease Liability (Long-Term) - - 956.0 1,254.0 1,671.0 1,568.1 1,487.3 1,668.8 2,018.4 2,565.4
Other Long term Liabilities 4,752.2 3,039.0 2,691.0 3,330.0 3,546.0 3,443.1 3,362.3 3,543.8 3,893.4 4,440.4

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 Tesla, Inc.
Digital assets
$ MM's ( unless otherwise specified ) Based on: Worst Case Senario

Historical Forecasted
F2017A F2018A F2019A F2020A F2021A F2022E F2023E F2024E F2025E F2026E

Digital assets, net - - - - 1,260.0

Impairment loss 23.0 25.0 25.0
sales of Bitcoin's 92.0% 25.0% 25.0%

Opening Balance - - - - 1,260.0 77.8 33.3 - -

- Cash Convertion ( 1,159.2 ) ( 19.4 ) ( 8.3 ) - -
- Impairments ( 23.0 ) ( 25.0 ) ( 25.0 ) - -
Closing Balance - - - - 1,260.0 77.8 33.3 - - -

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 Tesla, Inc.
Intangible assets
$ MM's ( unless otherwise specified ) Based on: Worst Case Senario

Historical Forecasted
F2017A F2018A F2019A F2020A F2021A F2022E F2023E F2024E F2025E F2026E

Gross Closing Balance 401.5 348.0 383.0 364.0 308.0

Amortization Expense 40.0 66.0 44.0 51.0 51.0 49.0 43.0 28.0 28.0 28.0

Intangible Assets

Gross Closing Balance 401.5 348.0 383.0 364.0 308.0 257.0 208.0 165.0 137.0 109.0
- Amortization Expense ( 40.0 ) ( 66.0 ) ( 44.0 ) ( 51.0 ) ( 51.0 ) ( 49.0 ) ( 43.0 ) ( 28.0 ) ( 28.0 ) ( 28.0 )
Closing intangible assets 361.5 282.0 339.0 313.0 257.0 208.0 165.0 137.0 109.0 81.0

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 Tesla, Inc.
GoodWill
$ MM's ( unless otherwise specified ) Based on: Worst Case Senario

Historical Forecasted
F2017A F2018A F2019A F2020A F2021A F2022E F2023E F2024E F2025E F2026E

Gross Closing Balance - 60.2 68.0 198.0 207.0

Impairments - 7.8 130.0 9.0 ( 7.0 ) 4.0 - -

Goodwill:

Gross Closing Balance 60.2 68.0 198.0 207.0 200.0 204.0 204.0 204.0 204.0
- Impairments 7.8 130.0 9.0 ( 7.0 ) 4.0 - - - -
Closing Goodwill Balance 60.2 68.0 198.0 207.0 200.0 204.0 204.0 204.0 204.0 204.0

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 Tesla, Inc.
Other Non-current assets
$ MM's ( unless otherwise specified ) Based on: Worst Case Senario

Historical Forecasted
F2017A F2018A F2019A F2020A F2021A F2022E F2023E F2024E F2025E F2026E

Other non-current assets 729.8 994.0 1,470.0 1,536.0 2,138.0

Incrument 814.0 - - - -

Other non-current assets

Gross Closing Balance 729.8 994.0 1,470.0 1,536.0 2,138.0 2,952.0 2,952.0 2,952.0 2,952.0
+ / Current year Adjustments 264.2 476.0 66.0 602.0 814.0 - - - -
Closing Balance 729.8 994.0 1,470.0 1,536.0 2,138.0 2,952.0 2,952.0 2,952.0 2,952.0 2,952.0

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 Tesla, Inc.
Current Debt & Lease
$ MM's ( unless otherwise specified ) Based on: Worst Case Senario

Historical Forecasted
F2017A F2018A F2019A F2020A F2021A F2022E F2023E F2024E F2025E F2026E

Recourse debt 350.6 1,455.0 253.0 709.0 30.0 ( 29.0 )

Non Recourse debt 449.3 767.0 1,146.0 1,049.0 1,058.0 ( 3.0 )
Finance Lease ( 3.3 ) 346.0 386.0 374.0 501.0 ( 26.0 )

Current Maturity

Gross Debt 1,088.0 1,056.0 1,015.4 974.8 934.2

- Amortization 26.0 ( 32.0 ) ( 40.6 ) ( 40.6 ) ( 40.6 ) ( 40.6 )
Closing Debt Balance 799.8 2,222.0 1,399.0 1,758.0 1,088.0 1,056.0 1,015.4 974.8 934.2 893.5
Interest Expense 5.1% 55.4 53.8 51.7 49.7 47.6
Finance Lease

Gross Debt 501.0 475.0 356.3 237.5 118.8

- Amortization 4.0 ( 26.0 ) ( 118.8 ) ( 118.8 ) ( 118.8 ) ( 118.8 )
Gross Closing Balance ( 3.3 ) 346.0 386.0 374.0 501.0 475.0 356.3 237.5 118.8 -
Interest Expense 5.8% 29.1 27.5 20.7 13.8 6.9

Current Maturity 796.5 2,568.0 1,785.0 2,132.0 1,589.0 1,531.0 1,371.6 1,212.3 1,052.9 893.5
Total Amortization of Finance Lease for Current 58.0 159.4 159.4 159.4 159.4
Short term debt + Lease ( Interest) 84.5 81.3 72.4 63.4 54.5

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 Tesla, Inc.
Non-Current Debt & Lease
$ MM's ( unless otherwise specified ) Based on: Worst Case Senario

Historical Forecasted
F2017A F2018A F2019A F2020A F2021A F2022E F2023E F2024E F2025E F2026E

Recourse debt 6,404.8 5,626.0 7,010.0 4,951.0 1,346.0 ( 1,294.0 )

Non Recourse debt 2,424.2 2,785.0 3,392.0 3,511.0 2,908.0 ( 917.0 )
Finance Lease 589.3 993.0 1,232.0 1,094.0 991.0 ( 188.0 )

Long term Finance Lease:

Gross Opening Balance 991.0 803.0 702.6 602.3 501.9

- Amortization 8.0 ( 188.0 ) ( 100.4 ) ( 100.4 ) ( 100.4 ) ( 100.4 )
Gross Closing Balance 589.3 993.0 1,232.0 1,094.0 991.0 803.0 702.6 602.3 501.9 401.5
Interest Expense 5.8% 57.5 46.6 40.8 34.9 29.1
Total Debt

Gross Opening Balance 4,254.0 2,043.0 1,964.4 1,885.8 1,807.3

- Repayment 26.0 ( 2,211.0 ) ( 78.6 ) ( 78.6 ) ( 78.6 ) ( 78.6 )
Gross Closing Balance 8,829.0 8,411.0 10,402.0 8,462.0 4,254.0 2,043.0 1,964.4 1,885.8 1,807.3 1,728.7

Non-Current Debt & Lease 9,418.3 9,404.0 11,634.0 9,556.0 5,245.0 2,846.0 2,667.0 2,488.1 2,309.1 2,130.2
Interest Expense 5.5% 235.4 113.0 108.7 104.3 100.0

Total Amortization of Finance Lease for Non - Current 188.0 100.4 100.4 100.4 100.4
Total Amortization on Finance Lease 246.0 259.7 259.7 259.7 259.7
Long term debt + Lease ( Interest) 292.9 159.6 149.5 139.3 129.1

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 Tesla, Inc.
Other Equity Schedule
$ MM's ( unless otherwise specified ) Based on: Worst Case Senario

Historical Forecasted
F2017A F2018A F2019A F2020A F2021A F2022E F2023E F2024E F2025E F2026E

Retained Earnings ( 4,974.3 ) ( 5,318.0 ) ( 6,083.0 ) ( 5,399.0 ) 331.0

Additional paid-in capital 9,178.0 10,249.0 12,736.0 27,260.0 29,803.0
Noncontrolling interests in subsidiaries 997.3 834.0 849.0 850.0 826.0
Current Year Profit / Loss 6,500.1 6,951.3 14,942.6 23,403.8 35,578.0
Current Year Profit / Loss to Non-controlling Interest 100.0 105.0 110.0 115.0 120.0
Stock Based Compensation 913.0 94.3 94.3 94.3 -

Retained Earnings:

Opening Balance 331.0 6,831.1 13,782.5 28,725.1 52,128.8

+ Current Year profit / Loss 6,500.1 6,951.3 14,942.6 23,403.8 35,578.0
Closing Balance ( 4,974.3 ) ( 5,318.0 ) ( 6,083.0 ) ( 5,399.0 ) 331.0 6,831.1 13,782.5 28,725.1 52,128.8 87,706.9

Non-controlling interest:

Opening Balance 826.0 926.0 1,031.0 1,141.0 1,256.0

+ Current Year profit / Loss 100.0 105.0 110.0 115.0 120.0
Closing Balance 997.3 834.0 849.0 850.0 826.0 926.0 1,031.0 1,141.0 1,256.0 1,376.0

Additional paid-in capital:

Opening Balance 29,803.0 30,961.0 31,055.3 31,149.7 31,244.0

+ Current Year profit / Loss 913.0 94.3 94.3 94.3 -
+ Issuance of Common Stock for equity 245.0
Closing Balance 9,178.0 10,249.0 12,736.0 27,260.0 29,803.0 30,961.0 31,055.3 31,149.7 31,244.0 31,244.0

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 Tesla, Inc.
Common Shares
$ MM's ( unless otherwise specified ) Based on: Worst Case Senario

Historical Forecasted
F2017A F2018A F2019A F2020A F2021A F2022E F2023E F2024E F2025E F2026E

Redeemable noncontrolling interests in s 397.7 556.0 643.0 604.0 568.0

Common stock 0.2 - 1.0 1.0 1.0
Accumulated other comprehensive inco 33.3 ( 8.0 ) ( 36.0 ) 363.0 54.0

Redeemable noncontrolling interests in s 397.7 556.0 643.0 604.0 568.0 568.0 568.0 568.0 568.0 568.0
Common stock 0.2 - 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Accumulated other comprehensive inco 33.3 ( 8.0 ) ( 36.0 ) 363.0 54.0 54.0 54.0 54.0 54.0 54.0

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 Tesla, Inc.
Calculation of EBITDA & FCFF
$ MM's ( unless otherwise specified ) Based on: Worst Case Senario

Historical Forecasted
F2017A F2018A F2019A F2020A F2021A F2022E F2023E F2024E F2025E F2026E

Computataion of EBITDA:

Operating Profit ( 1,632.0 ) ( 388.0 ) ( 69.0 ) 1,994.0 6,523.0 7,178.0 7,926.3 17,356.8 27,327.1 41,657.2
+ Depreciation, Amortization & Impairments 1,636.0 1,901.0 2,154.0 2,322.0 2,911.0 3,833.8 4,480.6 5,414.3 5,076.9 6,460.4
EBITDA 4.0 1,513.0 2,085.0 4,316.0 9,434.0 11,011.8 12,406.9 22,771.1 32,404.0 48,117.6

Computataion of FCFF:

Operating Profit ( 1,632.0 ) ( 388.0 ) ( 69.0 ) 1,994.0 6,523.0 7,178.0 7,926.3 17,356.8 27,327.1 41,657.2
- Tax rate - - - 299.1 978.4 1,076.7 1,188.9 2,603.5 4,099.1 6,248.6
NOPAT ### ( 388.0 ) ( 69.0 ) 1,694.9 5,544.6 6,101.3 6,737.4 14,753.3 23,228.0 35,408.7
( + ) Non-Cash Expenses
Depreciation, Amortization & Impairment 1,636.0 1,901.0 2,154.0 2,322.0 2,911.0 3,833.8 4,480.6 5,414.3 5,076.9 6,460.4
Stock-based compensation 467.0 749.0 898.0 1,734.0 2,121.0 913.0 94.3 94.3 94.3 -
Non-cash interest & other operating activit 135.0 49.0 186.0 228.0 245.0 ( 814.0 ) - - - -
( + / - ) Working Capital
Accounts receivable ( 25.0 ) ( 497.0 ) ( 367.0 ) ( 652.0 ) ( 130.0 ) ( 834.4 ) ( 132.0 ) ( 729.3 ) ( 980.2 ) ( 1,142.0 )
Inventory ( 179.0 ) ( 1,023.0 ) ( 429.0 ) ( 422.0 ) ( 1,709.0 ) ( 2,663.7 ) ( 475.4 ) ( 1,165.1 ) ( 2,151.5 ) ( 2,210.2 )
Prepaid expenses & other current assets ( 72.0 ) ( 82.0 ) ( 288.0 ) ( 251.0 ) ( 271.0 ) ( 269.3 ) 39.7 ( 262.7 ) ( 295.7 ) ( 270.5 )
Accounts payable & accrued liabilities 388.0 1,723.0 682.0 2,102.0 4,578.0 7,185.1 1,273.8 5,241.9 6,217.9 6,387.5
Deferred revenue 469.0 406.0 801.0 321.0 793.0 1,700.7 249.8 4,202.3 2,588.0 3,046.1
Customer deposits 170.0 ( 96.0 ) ( 58.0 ) 7.0 186.0 932.0 89.2 1,609.7 953.5 1,122.2
Operating Cash Flows 1,357.0 2,742.0 3,510.0 7,083.9 14,268.6 16,084.5 12,357.5 29,158.7 34,731.2 48,802.2
( - ) Capex ( 3,415.0 ) ( 2,101.0 ) ( 1,327.0 ) ( 3,157.0 ) ( 6,482.0 ) ( 5,211.4 ) ( 5,211.4 ) ( 7,097.4 ) ( 8,708.3 ) ###
Free Cash Flows to Firm ### 641.0 2,183.0 3,926.9 7,786.5 10,873.1 7,146.0 22,061.4 26,023.0 38,471.1

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 Tesla, Inc.
WACC Calculation
$ MM's ( unless otherwise specified ) Based on: Worst Case Senario

Comparable Companies Beta Tesla WACC Calculation:

Total Mkt. Val. Debt / Country Levered Unlevered Target Capital Structure:
Name Debt Equity EquityEffective TR Beta (5yr's) Beta F2021A F2022E

Tesla 6,660.0 863,620.0 0.0x 21.0% 2.2x 2.2x Debt portion 0.0x 0.1x

Toyota Motor Corporation ### 201,660.0 144.2x 23.2% 0.6x 0.0x Equity portion 1.0x 0.9x
BYD Company Limited 31,570.0 101,420.0 0.3x 25.0% 0.5x 0.4x Debt / Equity 0.0x 0.1x
Ford Motor Company 130,230.0 61,270.0 2.1x 21.0% 1.3x 0.5x
Mercedes-Benz Group AG 116,020.0 58,840.0 2.0x 15.8% 1.4x 0.5x Cost of Debt:
General Motors Company 112,110.0 57,610.0 1.9x 21.0% 1.3x 0.5x Interest rate 5.5%
Volkswagen 207,750.0 83,830.0 2.5x 15.8% 1.5x 0.5x Effective Tax rate as per Company 10-k 15.0%
NIO Inc. 22,090.0 32,010.0 0.7x 25.0% 2.0x 1.3x Kd 4.7%
Li Auto Inc. 10,710.0 29,160.0 0.4x 25.0% 0.3x 0.2x
Rivian Automotive, Inc. 1,660.0 29,420.0 0.1x 21.0% 0.0x 0.0x Cost of Equity:
Lucid Group, Inc. 2,240.0 27,050.0 0.1x 21.0% 0.0x 0.0x Risk free rate 3.2%
XPeng Inc. - 16,050.0 0.0x 25.0% 0.0x 0.0x Equity risk premium 5.6%
Average 0.4x Country risk premium -
Levered Beta 0.4x
Ke 5.4%
Data Source:
https://finance.yahoo.com/ WACC as per Levered Beta 5.3%
https://worldpopulationreview.com/country-rankings/effective-corporate-tax-rate-by-country
https://www.bloomberg.com/markets/rates-bonds/government-bonds/us
https://www.statista.com/statistics/664840/average-market-risk-premium-usa/#:~:text=The%20average%20market%20risk%20premium,and%205.7%20percent%20since%202011.

WACC as per Regression Analysis:

Cost of Equity: Cost of Debt: Capital Structure:

Risk free rate 3.2% Interest rate 5.5% Debt 0.1x
Equity risk premium 5.6% Effective Tax rate as per Company 10-k 15.0% Equity 0.9x
Country risk premium - Kd 4.7%
Beta as per Regression 1.4x
Ke 11.3% WACC as per Regression Analysis 10.6%

Average WACC 8.0%

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 Tesla, Inc.
Discounted Cash Flows Valuation
$ MM's ( unless otherwise specified ) Based on: Worst Case Senario

Time Periods
Valuation Date 30-Jun-22
### 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26
Dates for NPV Calculation 30-Jun-22
### 30-Sep-22 1-Jul-23 1-Jul-24 1-Jul-25 1-Jul-26
Year Fraction 0.5 1.0 1.0 1.0 1.0
EBITDA 11,011.8 12,406.9 22,771.1 32,404.0 48,117.6
Free Cash Flows to Firm 10,873.1 7,146.0 22,061.4 26,023.0 38,471.1
Terminal Cash Flows:
Exist Method 21.0x ###
Perpetuity Method 623,726.4
Growth rate 1.7%
WACC 8.0%
Average Terminal Value 817,098.4
Free Cash Flows to Firm ###
- 10,873.1 7,146.0 22,061.4 26,023.0 38,471.1
Terminal Value ###
- - - - - 817,098.4
Free Cash Flows ###
- 10,873.1 7,146.0 22,061.4 26,023.0 855,569.5

Implied Equity Per Share Calculation: Target Price Range as per DCF Analysis:

Implied Enterprise Value 686,100.9 Exit Growth Average

- Total Debt ( 7,820.1 ) Implied range 328.9 217.3 226.7
+ Cash Balance 26,167.3 This chart isn't available in your version of Excel.
Implied Equity Value 704,448.1 Editing this shape or saving this workbook into a different file format will permanently break
Fully Diluted Outstanding Shares 3,108.0 the chart.
Implied Equity Share Price 226.7

Sensitivity Input: ( Only affect Valuation section )

Discount rate
Terminal Value / EBITDA Multiple

Sensitivity Table Exist Multiple

19.0x 20.0x 21.0x 22.0x 23.0x

Discount rate

6.0% 226.7 226.7 226.7 226.7 226.7

7.0% 226.7 226.7 226.7 226.7 226.7
8.0% 226.7 226.7 226.7 226.7 226.7
9.0% 226.7 226.7 226.7 226.7 226.7
10.0% 226.7 226.7 226.7 226.7 226.7

* Sensitivity Table is hardcorded. While changing any multiple pls make change table to see effect

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 Tesla, Inc.
#VALUE!
$ MM's ( unless otherwise specified ) Based on: Worst Case Senario

Company Names Mrkt Cap Net Debt Enterprise Value EV / Revenue EV / EBITDA EV / Net Income Mrkt Cap / NI Markt Cap / FCFF

Tesla 845,757.3 (12,260.0) 833,497.3 12.4x 59.4x 87.6x 88.8x 141.9x

Toyota Motor Corporation 199,417.2 22,380,000.0 22,579,417.2 0.7x 5.5x 8.4x 0.1x -
BYD Company Limited 80,081.0 (14,550.0) 65,531.0 0.2x 3.0x 11.9x 14.6x 2.1x
Ford Motor Company 59,882.0 102,010.0 161,892.0 1.1x 9.3x 13.9x 5.1x 4.4x
Mercedes-Benz Group AG 61,610.6 100,880.0 162,490.6 1.2x 8.3x 15.0x 5.7x 13.7x
General Motors Company 56,166.2 90,580.0 146,746.2 1.1x 8.9x 19.0x 7.3x -
Volkswagen 91,432.5 164,930.0 256,362.5 1.0x 9.0x 15.1x 5.4x 7.1x
NIO Inc. 29,609.1 (27,320.0) 2,289.1 0.1x - - - -
Li Auto Inc. 25,684.8 (39,730.0) (14,045.2) - 20.2x 39.6x - 8.1x
Rivian Automotive, Inc. 28,330.6 (13,260.0) 15,070.6 29.3x - - - -
Lucid Group, Inc. 25,468.8 (2,050.0) 23,418.8 128.9x - - - -
XPeng Inc. 14,308.8 (2,148.8) 12,160.0 - - - - -

Average 1,111,491.3 (12,260.0) 1,099,231.3 16.4x

295,844.5 (12,260.0) 283,584.5 20.2x
389,089.6 (12,260.0) 376,829.6 39.6x
138,865.4 14.6x
81,599.8 13.7x

EV / Revenue EV / Net Income

Implied Range 355.1 124.3

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 Tesla, Inc.
Equity Research Target Prices
$ MM's ( unless otherwise specified ) Based on: Worst Case Senario

Brokerage Name Date Rating Low High

Piper Sandler Overweighted $ 344.0 $ 360.0

Deutsche Bank Aktiengesellschaft Buy $ 375.0 $ 375.0
Argus Buy $ 374.0 $ 374.0
Morgan Stanley Overweighted $ 383.3 $ 383.3
Wedbush Outperform $ 360.0 $ 360.0
Loop Capital Sell $ 33.3 $ 33.3
Canaccord Genuity Group Buy $ 271.7 $ 293.7
Citigroup Target Reached $ 125.0 $ 141.4
Daiwa Capital Markets Buy $ 310.0 $ 310.0
JPMorgan Chase & Co. Target Reached $ 128.3 $ 136.7

Equity Research Target Prices - Average $ 270.5 $ 276.7

52th Week Range $ 206.9 $ 414.5

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 Tesla, Inc.
Income Statement

Vertical Analysis Horizontal Analysis

F2017A F2018A F2019A F2020A F2021A F2017A F2018A F2019A F2020A F2021A

Revenue 100.0% 100.0% 100.0% 100.0% 100.0% 82.5% 14.5% 28.3% 70.7%
Cost of revenue 81.1% 81.2% 83.4% 79.0% 74.7% 82.7% 17.7% 21.4% 61.5%
Gross Profit 18.9% 18.8% 16.6% 21.0% 25.3% 81.8% 0.7% 62.9% 105.2%

Operating Expenses
Research and development 11.7% 6.8% 5.5% 4.7% 4.8% 6.0% ( 8.0% ) 11.0% 73.9%
Selling, general and administrative 21.1% 13.2% 10.8% 10.0% 8.4% 14.5% ( 6.7% ) 18.9% 43.6%
Restructuring and other - 0.6% 0.6% - ( 0.1% ) 10.4% ( 100.0% )
Operating Expenses 32.8% 20.6% 16.8% 14.7% 13.2% 14.9% ( 6.6% ) 12.0% 52.8%

Operating Profit ( 13.9% ) ( 1.8% ) ( 0.3% ) 6.3% 12.1% ( 76.2% ) ( 82.2% ) ( 2989.9% ) 227.1%

Interest income 0.2% 0.1% 0.2% 0.1% 0.1% 26.3% 83.3% ( 31.8% ) 86.7%
Interest expense ( 4.0% ) ( 3.1% ) ( 2.8% ) ( 2.4% ) ( 0.7% ) 40.8% 3.3% 9.2% ( 50.4% )
Other income (expense), net ( 1.1% ) 0.1% 0.2% ( 0.4% ) 0.3% ( 117.6% ) 104.5% ( 371.1% ) ( 210.7% )
Non Operating Income / Expense ( 4.9% ) ( 2.9% ) ( 2.4% ) ( 2.7% ) ( 0.3% ) 6.9% ( 3.4% ) 40.9% ( 78.6% )

Income (loss) before income taxes ( 18.8% ) ( 4.7% ) ( 2.7% ) 3.7% 11.8% ( 54.5% ) ( 33.8% ) ( 273.5% ) 449.7%
Provision for income taxes 0.3% 0.3% 0.4% 0.9% 1.3% 81.3% 89.7% 165.5% 139.4%
Net income (loss) ( 19.1% ) ( 5.0% ) ( 3.2% ) 2.7% 10.5% ( 52.6% ) ( 27.1% ) ( 211.2% ) 554.8%
NI attributable to noncontrolling interests ( 2.4% ) ( 0.4% ) 0.4% 0.4% 0.2% ( 68.8% ) ( 200.0% ) 62.1% ( 11.3% )
Net income / loss attributable to CS ( 16.7% ) ( 4.5% ) ( 3.5% ) 2.3% 10.3% ( 50.3% ) ( 11.7% ) ( 183.6% ) 665.5%
Less: Buy-out of noncontrolling interest - - 0.0% 0.1% ( 0.0% ) 287.5% ( 116.1% )
Net income / loss attributable to CS ( 16.7% ) ( 4.5% ) ( 3.5% ) 2.2% 10.3% ( 50.3% ) ( 10.9% ) ( 179.3% ) 700.6%

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 Tesla, Inc.
Income Statement Breakup

Vertical Analysis Horizontal Analysis

F2017A F2018A F2019A F2020A F2021A F2017A F2018A F2019A F2020A F2021A

Segmented Revenue:

Automotive sales 72.6% 82.2% 81.2% 83.0% 84.7% 106.6% 13.2% 31.2% 74.1%
Automotive leasing 9.4% 4.1% 3.5% 3.3% 3.1% ( 20.2% ) ( 1.6% ) 21.1% 56.1%
Total automotive revenues 82.0% 86.3% 84.7% 86.4% 87.8% 92.0% 12.5% 30.8% 73.4%
Energy generation and storage 9.5% 7.2% 6.2% 6.3% 5.2% 39.3% ( 1.5% ) 30.2% 39.9%
Services and other 8.5% 6.5% 9.1% 7.3% 7.1% 39.0% 60.0% 3.6% 64.9%
Total revenues 100.0% 100.0% 100.0% 100.0% 100.0% 82.5% 14.5% 28.3% 70.7%

Cost of revenue

Automotive sales 70.5% 78.6% 77.7% 79.1% 80.6% 103.5% 16.5% 23.6% 64.6%
Automotive leasing 7.4% 2.8% 2.2% 2.3% 2.4% ( 31.1% ) ( 5.9% ) 22.7% 73.7%
Total Automotive Cost 77.9% 81.4% 80.0% 81.3% 83.0% 90.7% 15.7% 23.5% 64.8%
Energy generation and storage 9.2% 7.8% 6.5% 7.9% 7.3% 56.2% ( 1.8% ) 47.4% 47.7%
Services and other 12.9% 10.8% 13.5% 10.7% 9.7% 53.0% 47.3% ( 3.6% ) 46.2%
Cost of revenue 100.0% 100.0% 100.0% 100.0% 100.0% 82.7% 17.7% 21.4% 61.5%

Weighted average shares

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 Weighted average shares used in computing net in 1.7% 4.9% 4.3% 3.7% 2.5% 413.9% 4.0% 5.2% 5.7%
###
Stock-based awards - - - 0.3% 0.2% 48.5%
Convertible senior notes - - - 0.2% 0.0% ( 78.7% )
Warrants - - - 0.1% 0.1% ( 5.4% )
Weighted average shares used in computing net in 1.7% 4.9% 4.3% 4.3% 2.8% 413.9% 4.0% 22.1% 4.2%

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 Tesla, Inc.
Balance Sheet

Vertical Analysis Horizontal Analysis

F2017A F2018A F2019A F2020A F2021A F2017A F2018A F2019A F2020A F2021A

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 Tesla, Inc.
#VALUE!

Automotive:

Direct Sales: Tesla sell vehicles on there websites & international network of company owned stores. However, Sales of vehicles in the automobile industry tend
to be cyclical in many markets, which may expose to volatility from time to time.

Used Vehicle SalesSelling these used vehicles for Replacement, to existing tesla customers or new customers

Public Charging: Also provide charging services for fee or free in some sale programs. The cost of re-locating the super chargers will also be low. As tesla uses solar
& energy storage systems. Tesla will install crowed areas, near homes on request, residental place & Complex's

In-App Upgrades: As our vehicles are capable of being updated remotely over-the-air. Tesla customers may purchase additional paid options & other features
through tesla app.
Expecting in future, company will earn revenue from this services also viva subscriptions.
Energy Generation and Storage:
Sells solar and energy storage products to residential, commercial and industrial customers and utilities through a variety of channels. Which
includes websites, stores, galleries. Also sells commercial & utility scale energy storage systems to customers through various channels, Also install
solar energy systems with or without storage to commercial customers through cash, lease, PPA agreements. ( Power Purchase agreements )

Services: Tesla provide service for our electric vehicles at our company-owned service locations and through Tesla Mobile Service technicians

Energy Generation and Storage & Solar Energy Systems: We provide service and repairs to our energy product customers, including under warranty where applicable

Financial Services:We offer leasing, financing arrangements for our customers in certain jurisdictions in North America, Europe & Asia through various institutions. Also includ

Income Statement:
Direct Recognition will be, when the control of a vehicle transfers.
Revenue Sell with resale value Recognition will be, when delivery happens.
Automotive Regulatory Credit When control transfer
Automotive Leasing Revenue Will be given vehicles on lease. The payment to tesla, will be considered as revenue from leases over 4yr's
Upfront payments Considered as deferred revenue.

Cost of Direct sales Cost incurred for manufacture + depreciation on Mach

Cost of revenue Automotive Leasing Revenue Lease amortization

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