Q1 2025 Update

1
 Highlights 03
Financial Summary 04
Operational Summary 06
Automotive 07
Core Technology 08
Energy & Services and Other 09
Outlook 10
Photos & Charts 11
Key Metrics 23
Financial Statements 25
Additional Information 31

2
 HIGHLIGHTS SUMMARY

Profitability $0.4B GAAP operating income In Q1, we accomplished an industry first: simultaneously changing over production lines across
all factories for the world’s best-selling vehicle4 – the Model Y. The Tesla team successfully
$0.4B GAAP net income ramped our production lines across four factories while managing supply chains across three
continents without any major disruptions, demonstrating the advancement of our operational
$0.9B non-GAAP net income1 and supply chain management capabilities.

AI is a major pillar of growth for Tesla and the broader economy and key to our pursuit of
sustainable abundance. Furthermore, AI infrastructure is driving rapid load growth, which,
along with traditional utility customer applications, is creating an outsized opportunity for our
Energy storage products to stabilize the grid, shift energy when it is needed most and provide
Cash Operating cash flow of $2.2B additional power capacity. While the current tariff landscape will have a relatively larger impact
on our Energy business compared to automotive, we are taking actions to stabilize the business
Free cash flow2 of $0.7B in the medium to long-term and focus on maintaining its health.

$0.4B increase in our cash and investments3 to $37.0B Uncertainty in the automotive and energy markets continues to increase as rapidly evolving
trade policy adversely impacts the global supply chain and cost structure of Tesla and our peers.
This dynamic, along with changing political sentiment, could have a meaningful impact on
demand for our products in the near-term. We remain committed to expanding our business
model to include delivering autonomous robots across multiple form factors and use cases –
powered by our real-world AI expertise – to our customers and for use in our factories, as we
Operations New Model Y ramp outpacing all past ramps navigate these headwinds.

Megafactory Shanghai produced >100 Megapacks In the face of near-term profitability hurdles, the low-cost, localized manufacturing base that
we have built provides advantages in delivering the best products at the right price to our
Model 3, Model Y and Cybertruck now drive autonomously from customers globally. We continue to make critical, high-value investments while maintaining a
production line to outbound lots in Fremont and Gigafactory Texas strong balance sheet during this uncertain period.
(1) Excludes SBC (stock-based compensation) & Digital assets gains and losses, net of tax; (2) Free cash flow = operating cash flow less capex;
3 (3) Includes cash, cash equivalents and investments; (4) As of 2024; Note: all information herein refers to the current quarter unless otherwise
noted.
 FINANCIAL SUMMARY
(Unaudited)
($ in millions, except percentages and per share data) Q1-2024 Q2-2024 Q3-2024 Q4-2024 Q1-2025 YoY
Total automotive revenues 17,378 19,878 20,016 19,798 13,967 -20%
Energy generation and storage revenue 1,635 3,014 2,376 3,061 2,730 67%
Services and other revenue 2,288 2,608 2,790 2,848 2,638 15%

Total revenues 21,301 25,500 25,182 25,707 19,335 -9%

Total gross profit 3,696 4,578 4,997 4,179 3,153 -15%
Total GAAP gross margin 17.4% 18.0% 19.8% 16.3% 16.3% -104 bp

Operating expenses 2,525 2,973 2,280 2,596 2,754 9%

Income from operations 1,171 1,605 2,717 1,583 399 -66%
Operating margin 5.5% 6.3% 10.8% 6.2% 2.1% -343 bp

Adjusted EBITDA (1) (2) 3,384 3,674 4,665 4,333 2,814 -17%
Adjusted EBITDA margin (1) (2) 15.9% 14.4% 18.5% 16.9% 14.6% -133 bp

Net income attributable to common stockholders (GAAP) (1) 1,390 1,400 2,173 2,128 409 -71%
Net income attributable to common stockholders (non-GAAP) (1) (3) 1,536 1,812 2,505 2,107 934 -39%

EPS attributable to common stockholders, diluted (GAAP) (1) 0.41 0.40 0.62 0.60 0.12 -71%
EPS attributable to common stockholders, diluted (non-GAAP) (1) (3) 0.45 0.52 0.72 0.60 0.27 -40%

Net cash provided by operating activities 242 3,612 6,255 4,814 2,156 791%
Capital expenditures (4) (2,777) (2,272) (3,513) (2,780) (1,492) -46%
Free cash flow (4) (2,535) 1,340 2,742 2,034 664 126%
Cash, cash equivalents and investments 26,863 30,720 33,648 36,563 36,996 38%
(1) Asa result of the adoption of the new crypto assets standard, the previously reported quarterly periods in 2024 have been recast.
(2) Beginning in Q1'25, Adjusted EBITDA (non-GAAP) is presented net of digital assets gains and losses and all prior periods have been adjusted.
4 (3) Beginning in Q1'25, Net income attributable to common stockholders (non-GAAP) is presented net of digital assets gains and losses and all prior periods have been adjusted.
(4) Beginning in Q1'25, Capital expenditures is presented inclusive of purchases of solar energy systems and all prior periods have been adjusted.
 FINANCIAL SUMMARY

Revenue Total revenue decreased 9% YoY to $19.3B. YoY, revenue was impacted by the following items:

- decline in vehicle deliveries, in part due to the Model Y update across all four vehicle factories
- reduced vehicle average selling price (ASP) (excl. FX impact1), due to mix and sales incentives
- negative FX impact of $0.3B1
+ growth in Energy Generation and Storage and Services and Other
+ higher regulatory credit revenue

Profitability Our operating income decreased 66% YoY to $0.4B, resulting in a 2.1% operating margin. YoY, operating income was primarily impacted
by the following items:

- reduced vehicle ASP

- decline in vehicle deliveries
- increase in operating expenses driven by AI and other R&D projects partially offset by a decrease in SG&A
+ growth in Energy Generation and Storage gross profit
+ lower cost associated with Cybertruck production ramp in Q1’24
+ lower cost per vehicle, including lower raw material costs partially offset by lower fixed cost absorption primarily from Model Y production
decrease YoY
+ higher regulatory credit revenue

Cash Quarter-end cash, cash equivalents and investments was $37.0B. The sequential increase of $0.4B was primarily the result of positive free cash
flow of $0.7B.

5 (1) Impact is calculated on a constant currency basis. Actuals are compared against current results converted into USD using average exchange rates from Q1’24.
 OPERATIONAL SUMMARY
(Unaudited)
Q1-2024 Q2-2024 Q3-2024 Q4-2024 Q1-2025 YoY
Model 3/Y production 412,376 386,576 443,668 436,718 345,454 -16%
Other models production 20,995 24,255 26,128 22,727 17,161 -18%
Total production 433,371 410,831 469,796 459,445 362,615 -16%

Model 3/Y deliveries 369,783 422,405 439,975 471,930 323,800 -12%

Other models deliveries 17,027 21,551 22,915 23,640 12,881 -24%
Total deliveries 386,810 443,956 462,890 495,570 336,681 -13%
of which subject to operating lease accounting 8,365 10,227 14,449 26,962 13,721 64%

Total end of quarter operating lease vehicle count 173,131 171,353 168,867 180,523 179,930 4%
Global vehicle inventory (days of supply)(1) 28 18 19 12 22 -21%

Storage deployed (GWh) 4.1 9.4 6.9 11.0 10.4 154%

Tesla locations 1,258 1,286 1,306 1,359 1,390 10%

Mobile service fleet 1,897 1,896 1,933 1,895 1,799 -5%

Supercharger stations 6,249 6,473 6,706 6,975 7,131 14%

Supercharger connectors 57,579 59,596 62,421 65,495 67,316 17%

6 (1) Days of supply is calculated by dividing new vehicle ending inventory by the relevant quarter’s deliveries and using 75 trading days (aligned with Automotive News definition).
 AUTOMOTIVE

Current Installed Annual Vehicle Capacity

As guided, switchover of production lines for the New Model Y resulted in several weeks of lost Region Model Capacity Status
production. During the switchover, we also prepared our factories for the launch of new models California Model S / Model X 100,000 Production
later this year. Given economic uncertainty resulting from changing trade policy, more
Model 3 / Model Y >550,000 Production
affordable options are as critical as ever.
Shanghai Model 3 / Model Y >950,000 Production
US: California, Nevada and Texas Berlin Model Y >375,000 Production
In April, Gigafactory Texas produced its 400,000th vehicle and the team launched the Long Range Texas Model Y >250,000 Production
Cybertruck with 362 miles of range, starting under $63k after incentives. Gigafactory Nevada Cybertruck >125,000 Production
achieved record battery pack production. Model 3 and Model Y deliveries in the U.S. are now
Cybercab - Construction
made with 100% U.S.-built battery packs. We continued progress on the installation of lines for
Tesla Semi in Nevada and the Cybercab in Texas. Both remain on track for volume production Nevada Tesla Semi - Construction
next year. TBD Roadster - Design development
Installed capacity ≠ current production rate and there may be limitations discovered as production rates approach
APAC: Shanghai capacity. Production rates depend on a variety of factors, including equipment uptime, component supply,
downtime related to factory upgrades, regulatory considerations and other factors. Construction includes factory
We achieved record orders for a single day in the APAC region when we launched New Model Y. and infrastructure buildout as well as tool installation.
This is significant given the region is the most competitive EV market and is also a validation of US/Canada Europe China
4%
our cost structure and competitive positioning. While conventional wisdom is that competition
will be bad for Tesla, we have long believed that it accelerates broader EV adoption and is 3%
positive for our sales long-term. The Shanghai Model Y factory fully ramped production in six-
2%
weeks, our quickest ramp of any vehicle ever. We launched FSD (Supervised)1 in China – the first
market outside of North America – with positive reception. 1%

0%
Europe and the Middle East: Berlin-Brandenburg
Gigafactory Berlin built its 500,000th Model Y. We recently began deliveries of Model 3 and
Model Y and plan to begin deliveries of Cybertruck later this year in Saudi Arabia – the first Market share of Tesla vehicles by region (TTM)
Cybertruck market outside of North America. We continue to prepare for the launch of FSD Source: Tesla estimates based on latest available data from ACEA; Autonews.com; CAAM – light-
7
(Supervised)1 in Europe this year, pending regulatory approval. duty vehicles only; TTM = Trailing twelve months; Q1 data for Europe unavailable as of
4/22/25.(1) Active driver supervision required; does not make the vehicle autonomous
 CORE TECHNOLOGY

Artificial Intelligence Software and Hardware 4.0

FSD Miles on V12 and Beyond FSD Miles on V11 and Before
We believe that our approach to autonomy – a vision-only architecture with end-to-end neural 3.5

networks trained on billions of examples of real-world data – will result in scalable and safe 3.0

deployment across diverse geographies and use cases. This was validated with the launch of FSD 2.5

(Supervised)1 in China, which was achieved without access to country-specific training data. 2.0

Model 3, Model Y and Cybertruck now drive autonomously – without human supervision – from 1.5
1.0
the production line to the outbound logistics lot at our U.S. factories. We remain on track for
0.5
pilot launch of Robotaxi in Austin by June and builds of Optimus on our Fremont pilot
0.0
production line in 2025, with wider deployment of bots doing useful work across our factories.

Vehicle and Other Software

Cumulative miles driven with FSD (Supervised)1 (billions)
A major benefit of our software-defined products is continual improvement of functionality
through over-the-air updates. Recent updates to eligible vehicles include Adaptive Headlights to
prevent glare for other road occupants by selectively dimming individual pixels of the headlight
and Rear Cross-Traffic Chime that emits a warning sound from the direction of a crossing vehicle
or pedestrian while reversing. In China, we launched our own interactive Onboarding Tutorial
app to improve the customer delivery experience.

Battery, Powertrain and Manufacturing

We launched an IRA-compliant 4680 cell, making the Cybertruck eligible for the $7,500
consumer tax credit. Building on our efforts to reduce supply risk, we have developed our 4680
supply to ensure each component is sourced from at least two countries of origin. Our lithium
refining and cathode production plants are on track to start production in 2025, on-shoring
Model Y driving autonomously (unsupervised) to outbound lot at GFTX
production of critical battery materials to the U.S.
(1) Active driver supervision required; does not make the vehicle autonomous
8
 ENERGY & SERVICES AND OTHER

Energy storage deployments continued to grow on a trailing twelve-month (TTM) basis. While 4,000

we expect sequential deployments to remain volatile, we anticipate that expanding capacity for 3,500
3,000
both Powerwall and Megapack will drive continued growth in TTM deployment volumes.
2,500
Although increasing tariffs may cause market volatility and near-term impacts to supply and 2,000
demand, we see electrification of the economy and growth of AI increasing the need for energy 1,500
storage as a source of base load and grid stability. 1,000
500
0
Energy Generation and Storage -500
-1,000
We achieved a fourth sequential record for Powerwall deployments, crossing 1 GWh for the first
time, and continue to be supply constrained. Gross margin for the Energy Business improved
sequentially. Megafactory Shanghai volumes did not contribute to quarterly deployments;
however, the factory produced over 100 Megapacks, with the Megapacks en-route to a Energy and Services and Other gross profit (TTM; $M)
customer. With a highly localized supply chain, 20 GWh of current annual capacity and the
40
ability to double to 40 GWh, Megafactory Shanghai will be an important asset for meeting global
36
energy storage demand during a time of uncertain cost structure in the U.S. 32
28
24
Services and Other 20
Services and Other gross profit grew 25% year-over-year, thanks to improvement in non- 16
12
warranty maintenance service and collision gross profit. We opened over 1,800 new
8
Supercharging stalls, growing the network 17% year-over-year. We delivered 1.4 TWh of 4
electricity to Tesla and non-Tesla customers across 42 million charging sessions, year-over-year 0
growth of 26% and 27%, respectively.

Energy Storage deployments (TTM; GWh)

9
 OUTLOOK

Volume It is difficult to measure the impacts of shifting global trade policy on the automotive and energy supply chains, our cost structure and
demand for durable goods and related services. While we are making prudent investments that will set up both our vehicle and energy
businesses for growth, the rate of growth this year will depend on a variety of factors, including the rate of acceleration of our autonomy
efforts, production ramp at our factories and the broader macroeconomic environment. We will revisit our 2025 guidance in our Q2
update.

Cash 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.

Profit 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.

Product Plans for new vehicles, including more affordable models, remain on track for start of production in the first half of 2025. These vehicles
will utilize aspects of the next generation platform as well as aspects of our current platforms and will be produced on the same
manufacturing lines as our current vehicle lineup.

This approach will result in achieving less cost reduction than previously expected but enables us to prudently grow our vehicle volumes in
a more capex efficient manner during uncertain times. This should help us fully utilize our current expected maximum capacity of close to
three million vehicles, enabling more than 60% growth over 2024 production before investing in new manufacturing lines.

Our purpose-built Robotaxi product – Cybercab – will continue to pursue a revolutionary “unboxed” manufacturing strategy and is
scheduled for volume production starting in 2026.

10
PHOTOS & CHARTS
 NEW MODEL Y DELIVERY EVENT - GIGAFACTORY TEXAS

12
 NEW MODEL Y DELIVERY EVENT - GIGAFACTORY TEXAS

13
 NEW MODEL Y DELIVERY EVENT - GIGAFACTORY SHANGHAI

14
 NEW MODEL Y DELIVERY EVENT - GIGAFACTORY BERLIN–BRANDENBURG

15
 NEW MODEL Y DELIVERY EVENT - FREMONT FACTORY

16
 TESLA DINER - COMING SOON

17
 SEMI FACTORY - CONSTRUCTION PROGRESS CONTINUED IN Q1

18
 CYBERTRUCK - FIVE STAR CRASH SAFETY RATING

19
 POWERWALL 3 RAMP - 1,500 UNITS IN A SINGLE SHIFT MILESTONE

20
 MEGAFACTORY SHANGHAI - FIRST MEGAPACK OFF THE LINE

21
 OPTIMUS - FREMONT PILOT PRODUCTION LINE

22
 KEY METRICS QUARTERLY
(Unaudited)

0.5 7 8

6
7
0.4 5
6
4
5
0.3 3

2 4

0.2 1
3
0
2
0.1 -1
1
-2

0.0 -3 0
2Q-2022
3Q-2022
4Q-2022
1Q-2023
2Q-2023
3Q-2023
4Q-2023
1Q-2024
2Q-2024
3Q-2024
4Q-2024
1Q-2025

2Q-2022
3Q-2022
4Q-2022
1Q-2023
2Q-2023
3Q-2023
4Q-2023
1Q-2024
2Q-2024
3Q-2024
4Q-2024
1Q-2025

2Q-2022
3Q-2022
4Q-2022
1Q-2023
2Q-2023
3Q-2023
4Q-2023
1Q-2024
2Q-2024
3Q-2024
4Q-2024
1Q-2025
Vehicle Deliveries Operating Cash Flow ($B) Net Income ($B) (2)
(millions of units) Free Cash Flow ($B) (1) Adjusted EBITDA ($B) (2) (3)

(1) Beginning in Q1'25, Capital expenditures is presented inclusive of purchases of solar energy systems and all prior periods have been adjusted.
(2) Asa result of the adoption of the new crypto assets standard, the previously reported quarterly periods in 2024 have been recast.
23 (3) Beginning in Q1'25, Adjusted EBITDA (non-GAAP) is presented net of digital assets gains and losses and all prior periods have been adjusted.
 KEY METRICS TRAILING 12 MONTHS (TTM)
(Unaudited)

2.0 20 20

1.8 18 18

1.6 16 16

1.4 14 14

1.2 12 12

1.0 10 10

0.8 8 8

0.6 6 6

0.4 4 4

0.2 2 2

0.0 0 0
2Q-2022
3Q-2022
4Q-2022
1Q-2023
2Q-2023
3Q-2023
4Q-2023
1Q-2024
2Q-2024
3Q-2024
4Q-2024
1Q-2025

2Q-2022
3Q-2022
4Q-2022
1Q-2023
2Q-2023
3Q-2023
4Q-2023
1Q-2024
2Q-2024
3Q-2024
4Q-2024
1Q-2025

2Q-2022
3Q-2022
4Q-2022
1Q-2023
2Q-2023
3Q-2023
4Q-2023
1Q-2024
2Q-2024
3Q-2024
4Q-2024
1Q-2025
Vehicle Deliveries Operating Cash Flow ($B) Net Income ($B) (2)
(millions of units) Free Cash Flow ($B) (1) Adjusted EBITDA ($B) (2) (3)

(1) Beginning in Q1'25, Capital expenditures is presented inclusive of purchases of solar energy systems and all prior periods have been adjusted.
(2) As a result of the adoption of the new crypto assets standard, the previously reported quarterly periods in 2024 have been recast.
24 (3) Beginning in Q1'25, Adjusted EBITDA (non-GAAP) is presented net of digital assets gains and losses and all prior periods have been adjusted.
FINANCIAL STATEMENTS
 STATEMENT OF OPERATIONS
(Unaudited)
In millions of USD or shares as applicable, except per share data Q1-2024 Q2-2024 Q3-2024 Q4-2024 Q1-2025
REVENUES
Automotive sales 16,460 18,530 18,831 18,659 12,925
Automotive regulatory credits 442 890 739 692 595
Automotive leasing 476 458 446 447 447
Total automotive revenues 17,378 19,878 20,016 19,798 13,967
Energy generation and storage 1,635 3,014 2,376 3,061 2,730
Services and other 2,288 2,608 2,790 2,848 2,638
Total revenues 21,301 25,500 25,182 25,707 19,335
COST OF REVENUES
Automotive sales 13,897 15,962 15,743 16,268 11,461
Automotive leasing 269 245 247 242 239
Total automotive cost of revenues 14,166 16,207 15,990 16,510 11,700
Energy generation and storage 1,232 2,274 1,651 2,289 1,945
Services and other 2,207 2,441 2,544 2,729 2,537
Total cost of revenues 17,605 20,922 20,185 21,528 16,182
Gross profit 3,696 4,578 4,997 4,179 3,153
OPERATING EXPENSES
Research and development 1,151 1,074 1,039 1,276 1,409
Selling, general and administrative 1,374 1,277 1,186 1,313 1,251
Restructuring and other — 622 55 7 94
Total operating expenses 2,525 2,973 2,280 2,596 2,754
INCOME FROM OPERATIONS 1,171 1,605 2,717 1,583 399
Interest income 350 348 429 442 400
Interest expense (76) (86) (92) (96) (91)
Other income (expense), net (1) 443 (80) (263) 595 (119)
INCOME BEFORE INCOME TAXES (1) 1,888 1,787 2,791 2,524 589
Provision for income taxes (1) 483 371 602 381 169
NET INCOME (1) 1,405 1,416 2,189 2,143 420
Net income attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries 15 16 16 15 11
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS (1) 1,390 1,400 2,173 2,128 409
Less: Buy-out of noncontrolling interest (42) — — 3 —
NET INCOME USED IN COMPUTING NET INCOME PER SHARE OF COMMON STOCK (1) 1,432 1,400 2,173 2,125 409

Net income per share of common stock attributable to common stockholders

Basic (1) $ 0.45 $ 0.44 $ 0.68 $ 0.66 $ 0.13
Diluted (1) $ 0.41 $ 0.40 $ 0.62 $ 0.60 $ 0.12
Weighted average shares used in computing net income per share of common stock
Basic 3,186 3,191 3,198 3,213 3,218
Diluted 3,484 3,481 3,497 3,517 3,521
26 (1) As a result of the adoption of the new crypto assets standard, the previously reported quarterly periods in 2024 have been recast.
 BALANCE SHEET
(Unaudited)
In millions of USD 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 31-Mar-25
ASSETS
Current assets
Cash, cash equivalents and investments 26,863 30,720 33,648 36,563 36,996
Accounts receivable, net 3,887 3,737 3,313 4,418 3,782
Inventory 16,033 14,195 14,530 12,017 13,706
Prepaid expenses and other current assets 3,752 4,325 4,888 5,362 4,905
Total current assets 50,535 52,977 56,379 58,360 59,389
Operating lease vehicles, net 5,736 5,541 5,380 5,581 5,477
Solar energy systems, net 5,162 5,102 5,040 4,924 4,855
Property, plant and equipment, net 31,436 32,902 36,116 35,836 37,088
Operating lease right-of-use assets 4,367 4,563 4,867 5,160 5,330
Digital assets, net (2) 822 722 729 1,076 951
Goodwill and intangible assets, net 421 413 411 394 392
Deferred tax assets (2) 6,628 6,573 6,366 6,524 6,687
Other non-current assets 4,616 4,458 4,989 4,215 4,942
Total assets (2) 109,723 113,251 120,277 122,070 125,111
LIABILITIES AND EQUITY
Current liabilities
Accounts payable 14,725 13,056 14,654 12,474 13,471
Accrued liabilities and other 9,243 9,616 10,601 10,723 10,802
Deferred revenue 3,024 2,793 3,031 3,168 3,243
Current portion of debt and finance leases (1) 2,461 2,264 2,291 2,456 2,237
Total current liabilities 29,453 27,729 30,577 28,821 29,753
Debt and finance leases, net of current portion (1) 2,899 5,481 5,405 5,757 5,292
Deferred revenue, net of current portion 3,214 3,357 3,350 3,317 3,610
Other long-term liabilities 8,480 9,002 9,810 10,495 11,038
Total liabilities 44,046 45,569 49,142 48,390 49,693
Redeemable noncontrolling interests in subsidiaries 73 72 70 63 62
Total stockholders' equity (2) 64,875 66,887 70,356 72,913 74,653
Noncontrolling interests in subsidiaries 729 723 709 704 703
Total liabilities and equity (2) 109,723 113,251 120,277 122,070 125,111

(1) Breakdown of our debt is as follows:

Non-recourse debt 4,820 7,355 7,379 7,871 7,238
Recourse debt 54 7 11 7 6

Days sales outstanding 16 14 13 14 19

Days payable outstanding 75 60 63 58 72

27 (2) As a result of the adoption of the new crypto assets standard, the previously reported quarterly periods in 2024 have been recast.
 STATEMENT OF CASH FLOWS
(Unaudited)
In millions of USD Q1-2024 Q2-2024 Q3-2024 Q4-2024 Q1-2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (1) 1,405 1,416 2,189 2,143 420
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and impairment 1,246 1,278 1,348 1,496 1,447
Stock-based compensation 524 439 457 579 573
Deferred income taxes (1) 63 122 286 6 (43)
Digital assets (gain) loss, net (1) (335) 100 (7) (347) 125
Other — 119 408 (93) 188
Changes in operating assets and liabilities (2,661) 138 1,574 1030 (554)
Net cash provided by operating activities 242 3,612 6,255 4,814 2,156
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (2) (2,777) (2,272) (3,513) (2,780) (1,492)
Purchases of investments (6,622) (8,143) (6,032) (15,158) (6,015)
Proceeds from maturities of investments 4,315 6,990 6,670 10,335 5,856
Proceeds from sales of investments — 200 — — —
Net cash used in investing activities (5,084) (3,225) (2,875) (7,603) (1,651)
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash flows from other debt activities (140) 2,598 (75) (108) (50)
Net borrowings (repayments) under vehicle and energy product financing 216 (212) (107) 677 (674)
Net cash flows from noncontrolling interests – Solar (131) (43) (26) (37) (22)
Other 251 197 340 453 414
Net cash provided by (used in) financing activities 196 2,540 132 985 (332)

Effect of exchange rate changes on cash and cash equivalents and restricted cash (79) (37) 108 (133) 40
Net (decrease) increase in cash and cash equivalents and restricted cash (4,725) 2,890 3,620 (1,937) 213
Cash and cash equivalents and restricted cash at beginning of period 17,189 12,464 15,354 18,974 17,037
Cash and cash equivalents and restricted cash at end of period 12,464 15,354 18,974 17,037 17,250

(1) As a result of the adoption of the new crypto assets standard, the previously reported quarterly periods in 2024 have been recast.
28 (2) Beginning in Q1'25, Capital expenditures is presented inclusive of purchases of solar energy systems and all prior periods have been adjusted.
 RECONCILIATION OF GAAP TO NON–GAAP FINANCIAL INFORMATION
(Unaudited)
In millions of USD or shares as applicable, except per share data Q1-2024 Q2-2024 Q3-2024 Q4-2024 Q1-2025

Net income attributable to common stockholders (GAAP) (1) 1,390 1,400 2,173 2,128 409
Stock-based compensation expense, net of tax 407 334 338 249 428
Digital assets (gain) loss, net of tax (1) (261) 78 (6) (270) 97
Net income attributable to common stockholders (non-GAAP) (1) (2) 1,536 1,812 2,505 2,107 934
Less: Buy-outs of noncontrolling interests (42) — — 3 —
Net income used in computing diluted EPS attributable to common stockholders (non-GAAP) (1) (2) 1,578 1,812 2,505 2,104 934

EPS attributable to common stockholders, diluted (GAAP) (1) 0.41 0.40 0.62 0.60 0.12
Stock-based compensation expense, net of tax, per share 0.11 0.10 0.10 0.08 0.12
Digital assets (gain) loss, net of tax, per share (1) (0.07) 0.02 — (0.08) 0.03
EPS attributable to common stockholders, diluted (non-GAAP) (1) (2) 0.45 0.52 0.72 0.60 0.27
Shares used in EPS calculation, diluted (GAAP and non-GAAP) 3,484 3,481 3,497 3,517 3,521

Net income attributable to common stockholders (GAAP) (1) 1,390 1,400 2,173 2,128 409
Interest expense 76 86 92 96 91
Provision for income taxes (1) 483 371 602 381 169
Depreciation, amortization and impairment 1,246 1,278 1,348 1,496 1,447
Stock-based compensation expense 524 439 457 579 573
Digital assets (gain) loss, net (1) (335) 100 (7) (347) 125
Adjusted EBITDA (non-GAAP) (1) (3) 3,384 3,674 4,665 4,333 2,814
Total revenues 21,301 25,500 25,182 25,707 19,335
Adjusted EBITDA margin (non-GAAP) (1) (3) 15.9% 14.4% 18.5% 16.9% 14.6%

(1) Asa result of the adoption of the new crypto assets standard, the previously reported quarterly periods in 2024 have been recast.
29 (2) Beginning in Q1'25, Net income attributable to common stockholders (non-GAAP) is presented net of digital assets gains and losses and all prior periods have been adjusted.
(3) Beginning in Q1'25, Adjusted EBITDA (non-GAAP) is presented net of digital assets gains and losses and all prior periods have been adjusted.
 RECONCILIATION OF GAAP TO NON–GAAP FINANCIAL INFORMATION
(Unaudited)
In millions of USD 3Q-2021 4Q-2021 1Q-2022 2Q-2022 3Q-2022 4Q-2022 1Q-2023 2Q-2023 3Q-2023 4Q-2023 1Q-2024 2Q-2024 3Q-2024 4Q-2024 1Q-2025
Net cash provided by operating activities (GAAP) 3,147 4,585 3,995 2,351 5,100 3,278 2,513 3,065 3,308 4,370 242 3,612 6,255 4,814 2,156
Capital expenditures (1) (1,825) (1,814) (1,772) (1,730) (1,803) (1,858) (2,073) (2,060) (2,459) (2,307) (2,777) (2,272) (3,513) (2,780) (1,492)
Free cash flow (non-GAAP) (1) 1,322 2,771 2,223 621 3,297 1,420 440 1,005 849 2,063 (2,535) 1,340 2,742 2,034 664

In millions of USD 3Q-2021 4Q-2021 1Q-2022 2Q-2022 3Q-2022 4Q-2022 1Q-2023 2Q-2023 3Q-2023 4Q-2023 1Q-2024 2Q-2024 3Q-2024 4Q-2024 1Q-2025
Net income attributable to common stockholders (GAAP) (2) 1,618 2,321 3,318 2,259 3,292 3,687 2,513 2,703 1,853 7,928 1,390 1,400 2,173 2,128 409
Interest expense 126 71 61 44 53 33 29 28 38 61 76 86 92 96 91
Provision for (benefit from) income taxes (2) 223 292 346 205 305 276 261 323 167 (5,752) 483 371 602 381 169
Depreciation, amortization and impairment 761 848 880 922 956 989 1,046 1,154 1,235 1,232 1,246 1,278 1,348 1,496 1,447
Stock-based compensation expense 475 558 418 361 362 419 418 445 465 484 524 439 457 579 573
Digital assets loss (gain), net (2) 51 — — 170 — 34 — — — — (335) 100 (7) (347) 125
Adjusted EBITDA (non-GAAP) (2) (3) 3,254 4,090 5,023 3,961 4,968 5,438 4,267 4,653 3,758 3,953 3,384 3,674 4,665 4,333 2,814

In millions of USD 2Q-2022 3Q-2022 4Q-2022 1Q-2023 2Q-2023 3Q-2023 4Q-2023 1Q-2024 2Q-2024 3Q-2024 4Q-2024 1Q-2025
Net cash provided by operating activities – TTM (GAAP) 14,078 16,031 14,724 13,242 13,956 12,164 13,256 10,985 11,532 14,479 14,923 16,837
Capital expenditures – TTM (1) (7,141) (7,119) (7,163) (7,464) (7,794) (8,450) (8,899) (9,603) (9,815) (10,869) (11,342) (10,057)
Free cash flow – TTM (non-GAAP) (1) 6,937 8,912 7,561 5,778 6,162 3,714 4,357 1,382 1,717 3,610 3,581 6,780

In millions of USD 2Q-2022 3Q-2022 4Q-2022 1Q-2023 2Q-2023 3Q-2023 4Q-2023 1Q-2024 2Q-2024 3Q-2024 4Q-2024 1Q-2025
Net income attributable to common stockholders – TTM (GAAP) (2) 9,516 11,190 12,556 11,751 12,195 10,756 14,997 13,874 12,571 12,891 7,091 6,110
Interest expense – TTM 302 229 191 159 143 128 156 203 261 315 350 365
Provision for (benefit from) income taxes – TTM (2) 1,066 1,148 1,132 1,047 1,165 1,027 (5,001) (4,779) (4,731) (4,296) 1,837 1,523
Depreciation, amortization and impairment – TTM 3,411 3,606 3,747 3,913 4,145 4,424 4,667 4,867 4,991 5,104 5,368 5,569
Stock-based compensation expense – TTM 1,812 1,699 1,560 1,560 1,644 1,747 1,812 1,918 1,912 1,904 1,999 2,048
Digital assets loss (gain), net (2) 221 170 204 204 34 34 — (335) (235) (242) (589) (129)
Adjusted EBITDA – TTM (non-GAAP) (2) (3) 16,328 18,042 19,390 18,634 19,326 18,116 16,631 15,748 14,769 15,676 16,056 15,486

TTM = Trailing twelve months

(1) Beginning in Q1'25, Capital expenditures is presented inclusive of purchases of solar energy systems and all prior periods have been adjusted.

30 (2) As a result of the adoption of the new crypto assets standard, the previously reported quarterly periods in 2024 have been recast.
(3) Beginning in Q1'25, Adjusted EBITDA (non-GAAP) is presented net of digital assets gains and losses and all prior periods have been adjusted.
 ADDITIONAL INFORMATION

WEBCAST INFORMATION
Tesla will provide a live webcast of its first quarter 2025 financial results conference call beginning at 4:30 p.m. CT on April 22, 2025 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 when installed and equipment sales at time of delivery. “Net income attributable to common stockholders (non-GAAP)" is equal to (i) net income attributable to common stockholders before (ii)(a) stock-based compensation expense,
net of tax and (b) digital assets loss (gain), net of tax. "Adjusted EBITDA (non-GAAP)" is equal to (i) net income attributable to common stockholders before (ii)(a) interest expense, (b) provision for income taxes, (c) depreciation, amortization and
impairment, (d) stock-based compensation expense and (e) digital assets loss (gain), net. "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 period's deliveries and using 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.

FORWARD-LOOKING STATEMENTS

Certain statements in this update, including, but not limited to, statements in the “Outlook” section; statements relating to the development, strategy, 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 services; statements regarding operating margin, operating profits, spending and liquidity; and statements regarding
expansion, improvements and/or ramp and related timing at our factories and refinery are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions
and management’s current expectations, involve certain risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed in any forward-looking statement. The following important factors, without limitation,
could cause actual results to differ materially from those in the forward-looking statements: the risk of delays in launching and/or manufacturing our products, services and features cost-effectively; our ability to build and/or grow our products and
services, sales, delivery, installation, servicing and charging capabilities and effectively manage this growth; our ability to successfully and timely develop, introduce and scale, as well as our consumers’ demand for, products and services based on
artificial intelligence, robotics and automation, electric vehicles, Autopilot and FSD (Supervised) features, and ride-hailing services generally and our vehicles and services 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 operations and expansion, including unfavorable and uncertain regulatory, political, economic, tax, tariff, export controls and labor
conditions; any failures by Tesla products to perform as expected or if product recalls occur; the risk of product liability claims; competition in the automotive, transportation and energy product and services 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; 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 30, 2025 and subsequent quarterly reports on Form 10-Q.
Tesla disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events or otherwise.
31