Q1 2023 Update

1
Highlights 03
Financial Summary 04
Operational Summary 06
Vehicle Capacity 07
Core Technology 08
Other Highlights 09
Outlook 10
Photos & Charts 11
Key Metrics 19
Financial Statements 22
Additional Information 28
HIGHLIGHTS SUMMARY

Profitability 11.4% operating margin in Q1 In the current macroeconomic environment, we see this year as a unique
opportunity for Tesla. As many carmakers are working through challenges with the
$2.7B GAAP operating income in Q1 unit economics of their EV programs, we aim to leverage our position as a cost
leader. We are focused on rapidly growing production, investments in autonomy
$2.5B GAAP net income in Q1 and vehicle software, and remaining on track with our growth investments.

$2.9B non-GAAP net income1 in Q1 Our near-term pricing strategy considers a long-term view on per vehicle
profitability given the potential lifetime value of a Tesla vehicle through autonomy,
supercharging, connectivity and service. We expect that our product pricing will
continue to evolve, upwards or downwards, depending on a number of factors.

Cash Operating cash flow of $2.5B Although we implemented price reductions on many vehicle models across regions
in the first quarter, our operating margins reduced at a manageable rate. We
Free cash flow2 of $0.4B in Q1 expect ongoing cost reduction of our vehicles, including improved production
efficiency at our newest factories and lower logistics costs, and remain focused on
$0.2B increase in our cash and investments3 in Q1 to $22.4B operating leverage as we scale.

We are rapidly growing energy storage production capacity at our Megafactory in

Lathrop and we recently announced a new Megafactory in Shanghai. We are also
continuing to execute on our product roadmap, including Cybertruck, our next
generation vehicle platform, autonomy and other AI enabled products.
Operations Cybertruck factory tooling on track; producing Alpha versions
Our balance sheet and net income enable us to continue to make these capital
Model Y was the best-selling vehicle in Europe in Q1 expenditures in line with our future growth. In this environment, we believe it
makes sense to push forward to ensure we lay a proper foundation for the best
Model Y was the best-selling vehicle in the US in Q1 (ex-pickups) possible future.

(1)Excludes SBC (stock-based compensation).

(2) Free cash flow = operating cash flow less capex.
(3) Includes cash, cash equivalents and investments.
 FINANCIAL SUMMARY
(Unaudited)
($ in millions, except percentages and per share data) Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023 YoY
Total automotive revenues 16,861 14,602 18,692 21,307 19,963 18%
Energy generation and storage revenue 616 866 1,117 1,310 1,529 148%
Services and other revenue 1,279 1,466 1,645 1,701 1,837 44%

Total revenues 18,756 16,934 21,454 24,318 23,329 24%

Total gross profit 5,460 4,234 5,382 5,777 4,511 -17%
Total GAAP gross margin 29.1% 25.0% 25.1% 23.8% 19.3% -977 bp

Operating expenses 1,857 1,770 1,694 1,876 1,847 -1%

Income from operations 3,603 2,464 3,688 3,901 2,664 -26%
Operating margin 19.2% 14.6% 17.2% 16.0% 11.4% -779 bp

Adjusted EBITDA 5,023 3,791 4,968 5,404 4,267 -15%

Adjusted EBITDA margin 26.8% 22.4% 23.2% 22.2% 18.3% -849 bp

Net income attributable to common stockholders (GAAP) 3,318 2,259 3,292 3,687 2,513 -24%
Net income attributable to common stockholders (non-GAAP) 3,736 2,620 3,654 4,106 2,931 -22%

EPS attributable to common stockholders, diluted (GAAP)(1) 0.95 0.65 0.95 1.07 0.73 -23%
EPS attributable to common stockholders, diluted (non-GAAP)(1) 1.07 0.76 1.05 1.19 0.85 -21%

Net cash provided by operating activities 3,995 2,351 5,100 3,278 2,513 -37%
Capital expenditures (1,767) (1,730) (1,803) (1,858) (2,072) 17%
Free cash flow 2,228 621 3,297 1,420 441 -80%
Cash, cash equivalents and investments 18,013 18,915 21,107 22,185 22,402 24%

(1)EPS = earnings per share. Prior period results have been retroactively adjusted to reflect the three-for-one stock split effected in the form of a stock dividend in August 2022.
4
 FINANCIAL SUMMARY

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

+ growth in vehicle deliveries

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

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

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

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

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

5
 OPERATIONAL SUMMARY
(Unaudited)
Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023 YoY
Model S/X production 14,218 16,411 19,935 20,613 19,437 37%
Model 3/Y production 291,189 242,169 345,988 419,088 421,371 45%
Total production 305,407 258,580 365,923 439,701 440,808 44%

Model S/X deliveries 14,724 16,162 18,672 17,147 10,695 -27%

Model 3/Y deliveries 295,324 238,533 325,158 388,131 412,180 40%
Total deliveries 310,048 254,695 343,830 405,278 422,875 36%
of which subject to operating lease accounting 12,167 9,227 11,004 15,184 22,357 84%

Total end of quarter operating lease vehicle count 128,402 131,756 135,054 140,667 153,988 20%
Global vehicle inventory (days of supply)(1) 3 4 8 13 15 400%

Solar deployed (MW) 48 106 94 100 67 40%

Storage deployed (MWh) 846 1,133 2,100 2,462 3,889 360%

Tesla locations(2) 787 831 903 963 1,000 27%

Mobile service fleet 1,372 1,453 1,532 1,584 1,692 23%

Supercharger stations 3,724 3,971 4,283 4,678 4,947 33%

Supercharger connectors 33,657 36,165 38,883 42,419 45,169 34%

(1)Days of supply is calculated by dividing new car ending inventory by the relevant quarter’s deliveries and using 75 trading days (aligned with Automotive News definition).
6 (2)Starting in Q1-2023, we revised our methodology for reporting Tesla’s physical footprint. This count now includes all sales, delivery, body shop and service locations globally.
 VEHICLE CAPACITY

Installed Annual Vehicle Capacity

In Q1, we produced a record number of vehicles, thanks to ongoing ramps at our Region Model Capacity Status
factories in Austin and Berlin. We remain committed to reducing the percentage of
California Model S / Model X 100,000 Production
vehicles delivered in the 3rd month and smoothing deliveries throughout the quarter,
which will help to reduce cost per vehicle, while increasing in-transit inventory at the Model 3 / Model Y 550,000 Production
end of each quarter. Shanghai Model 3 / Model Y >750,000 Production

Berlin Model Y >350,000 Production

US: California, Nevada and Texas Texas Model Y >250,000 Production

Cybertruck - Tooling
The Model Y was the best-selling non-pickup vehicle in the US in Q1. We showcased
4680 cell production at our March-2023 Investor Day; production rate continued to Nevada Tesla Semi - Pilot production
improve sequentially in Q1. Equipment installation for Cybertruck production at
TBD Roadster - In development
Gigafactory Texas continued in Q1 and remains on track.
Robotaxi & Others - In development
Installed capacity ≠ current production rate and there may be limitations discovered as production rates
China: Shanghai approach capacity. Production rates depend on a variety of factors, including equipment uptime,
component supply, downtime related to factory upgrades, regulatory considerations and other factors.

US/Canada Europe China

Since our Shanghai factory has been successfully running near full capacity for 4%
several months, we do not expect meaningful increase of weekly production run
rate. We launched sales in Thailand, a new market supplied out of Shanghai. Thus far, 3%
the reception has been very positive. Giga Shanghai remains our main export hub.
2%

1%
Europe: Berlin-Brandenburg

0%
The Model Y production line in Germany produced over 5,000 vehicles in a week
towards the end of Q1. In Q1-2023, Tesla Model Y became the best-selling vehicle, of
any kind, in Europe (EU + EFTA + UK)*.
Market share of Tesla vehicles by region (TTM)

Source: Tesla estimates based on ACEA; Autonews.com; CAAM – light-duty vehicles only
7 *Based on HIS and other latest available data
TTM = Trailing twelve months
 CORE TECHNOLOGY

140
Autopilot and Full Self-Driving (FSD)
120
Our growing fleet of FSD Beta users has an exponential impact on total FSD Beta
100
miles driven – with over 150 million miles to date and counting. This level of data
collection is unprecedented in the industry. Mass collection of diverse datasets is 80

essential for AI-based approach – the only approach we believe can work for scalable 60
autonomy. In Q1, we enabled the latest FSD Beta software stack for highway driving.
40

20
Vehicle and Other Software
0

While our various vehicles provide different range, acceleration or vehicle size, we
believe the Tesla software experience is the best-in-class across all vehicles. Even the
base Model 3 offers seamless integration of vehicle controls, safety and security Cumulative miles driven with FSD Beta (millions)
features (sentry mode, dog mode) and a full suite of connectivity and entertainment
features (Spotify, other music streaming services, video streaming, 4G, etc.), and
ongoing software updates bring yet more functionality over time. Recently, we
launched home-grown Recruitment and Employee Health & Safety platforms as part of 2018
the broader Tesla OS ecosystem. More details on page 12.

Battery, Powertrain & Manufacturing

Producing electric vehicles profitably is a challenging endeavor. It requires rethinking

how vehicles are designed and produced from the ground up. Our cost journey is 2022

nowhere near finished, which is why we recently announced transition to 48 Volt ~30% decline
architecture for vehicle electronics (starting with Cybertruck), higher penetration of
in-house designed controllers, cheaper, more scalable drive units and further Global Model 3 cost normalized*
innovations in the manufacturing process. Cost reduction remains the main enabler of *Includes material costs, manufacturing costs, inbound and outbound logistics, warranty.
Based on actual results inclusive of trim/region/production mix, normalized to 2018 for changes
delivering on our mission. in market rates of lithium, nickel, steel and aluminum
8
 OTHER HIGHLIGHTS

4
Energy Storage

Energy storage deployments increased by 360% YoY in Q1 to 3.9 GWh, the highest 3
level of deployments we have achieved due to ongoing Megafactory ramp. The ramp
of our 40 GWh Megapack factory in Lathrop, California has been successful with still
2
more room to reach full capacity. This Megapack factory will be the first of many. We
recently announced our second 40 GWh Megafactory, this time in Shanghai, with
1
construction starting later this year.

0
Solar

Solar deployments increased by 40% YoY in Q1 to 67 MW, but declined sequentially in

the quarter, predominantly due to volatile weather and other factors. In addition, the Energy Storage deployments (GWh)
solar industry has been impacted by supply chain challenges.
8%

6%
Services and Other
4%

Both revenue and gross profit from Services and Other reached an all-time high in Q1
2%
2023. Within this business division, growth of used vehicle sales remained strong YoY
and had healthy margins. Supercharging, while still a relatively small part of the 0%
business, continued to grow as we gradually open up the network to non-Tesla
vehicles. -2%

-4%
Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23

Services & Other gross margin

9
 OUTLOOK

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

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 with an acceleration of software-related profits. We continue
to believe that our operating margin will remain among the highest in the industry.

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

10
PHOTOS & CHARTS
 TESLA OPERATING SYSTEM

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

Impact

Eliminates the need for expensive 3rd party

software & cloud subscription fees resulting
in low SG&A costs

Ability to scale product and headcount

growth without excessive incremental cost

Exceptionally low lead time and improved

agility in decision making

Ability to effectively manage information

security risks, customer data and experiences

12
 CYBERTRUCK PILOT LINE

13
 CYBERTRUCK PILOT LINE

14
 GIGAFACTORY TEXAS — TOOLING FOR CYBERTRUCK PRODUCTION LINE

15
 CYBERTRUCK WINTER TESTING

16
 MEGAFACTORY LATHROP, CA — MEGAPACK BODY LINE

17
 GIGAFACTORY TEXAS — 4680 CELL PRODUCTION

18
19
0.0
0.1
0.2
0.3
0.4
0.5
2Q-2020
(Unaudited)

3Q-2020

4Q-2020

1Q-2021

2Q-2021

3Q-2021

4Q-2021

1Q-2022
KEY METRICS QUARTERLY

(millions of units)
Vehicle Deliveries
2Q-2022

3Q-2022

4Q-2022

1Q-2023

0
1
2
3
4
5
6

2Q-2020

3Q-2020

4Q-2020

1Q-2021

2Q-2021

3Q-2021

4Q-2021

1Q-2022
Free Cash Flow ($B)

2Q-2022
Operating Cash Flow ($B)

3Q-2022

4Q-2022

1Q-2023
0
1
2
3
4
5
6

2Q-2020

3Q-2020

4Q-2020

1Q-2021

2Q-2021

3Q-2021

4Q-2021
Net Income ($B)

1Q-2022

2Q-2022
Adjusted EBITDA ($B)

3Q-2022

4Q-2022

1Q-2023
20
1.0
1.2
1.4
1.6

0.0
0.2
0.4
0.6
0.8
2Q-2020
(Unaudited)

3Q-2020

4Q-2020

1Q-2021

2Q-2021

3Q-2021

4Q-2021

1Q-2022

(millions of units)
Vehicle Deliveries
2Q-2022

3Q-2022

4Q-2022

1Q-2023
10
12
14
16
18

0
2
4
6
8
20
KEY METRICS TRAILING 12 MONTHS (TTM)

2Q-2020

3Q-2020

4Q-2020

1Q-2021

2Q-2021

3Q-2021

4Q-2021

1Q-2022
Free Cash Flow ($B)

2Q-2022
Operating Cash Flow ($B)

3Q-2022

4Q-2022

1Q-2023
10
12
14
16
18

0
2
4
6
8
20

2Q-2020

3Q-2020

4Q-2020

1Q-2021

2Q-2021

3Q-2021

4Q-2021
Net Income ($B)

1Q-2022

2Q-2022
Adjusted EBITDA ($B)

3Q-2022

4Q-2022

1Q-2023
 KEY METRICS TRAILING 12 MONTHS (TTM)
(Unaudited)

YoY Revenue Growth Operating Margin

90% 18%

80% 16%

70% 14%

60% 12%

50% 10%

40% 8%

30% 6%

20% 4%

10% 2%

0% 0%

-10% -2%

-20% -4%
Q3-2019

Q3-2019
Q1-2019

Q3-2021

Q1-2019
Q4-2019

Q3-2020

Q1-2021

Q3-2022

Q4-2019

Q3-2021

Q3-2022
Q2-2019

Q1-2020

Q4-2021

Q1-2022

Q1-2023

Q3-2020

Q1-2021
Q1-2020
Q4-2020

Q4-2022

Q2-2019

Q4-2021

Q1-2022

Q1-2023
Q2-2021

Q4-2020

Q4-2022
Q2-2021
Q2-2020

Q2-2022

Q2-2020

Q2-2022
Tesla Auto Industry S&P 500 Tesla Auto Industry S&P 500

Source: OEM financial disclosures, Bloomberg

21 Autos Industry includes: Tesla, BMW, Mercedes-Benz, Ford, GM, Honda, Hyundai, Nissan, Toyota and VW. Stellantis is excluded given limited historical disclosures due to the recent merger between FCA and PSA.
Autos Industry operating margin is calculated by dividing the sum of USD equivalent operating profits for the entire industry by the USD equivalent revenues for respective periods.
FINANCIAL STATEMENTS
 STATEMENT OF OPERATIONS
(Unaudited)
In millions of USD or shares as applicable, except per share data Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023
REVENUES
Automotive sales 15,514 13,670 17,785 20,241 18,878
Automotive regulatory credits 679 344 286 467 521
Automotive leasing 668 588 621 599 564
Total automotive revenues 16,861 14,602 18,692 21,307 19,963
Energy generation and storage 616 866 1,117 1,310 1,529
Services and other 1,279 1,466 1,645 1,701 1,837
Total revenues 18,756 16,934 21,454 24,318 23,329
COST OF REVENUES
Automotive sales 10,914 10,153 13,099 15,433 15,422
Automotive leasing 408 368 381 352 333
Total automotive cost of revenues 11,322 10,521 13,480 15,785 15,755
Energy generation and storage 688 769 1,013 1,151 1,361
Services and other 1,286 1,410 1,579 1,605 1,702
Total cost of revenues 13,296 12,700 16,072 18,541 18,818
Gross profit 5,460 4,234 5,382 5,777 4,511
OPERATING EXPENSES
Research and development 865 667 733 810 771
Selling, general and administrative 992 961 961 1,032 1,076
Restructuring and other — 142 — 34 —
Total operating expenses 1,857 1,770 1,694 1,876 1,847
INCOME FROM OPERATIONS 3,603 2,464 3,688 3,901 2,664
Interest income 28 26 86 157 213
Interest expense (61) (44) (53) (33) (29)
Other income (expense), net 56 28 (85) (42) (48)
INCOME BEFORE INCOME TAXES 3,626 2,474 3,636 3,983 2,800
Provision for income taxes 346 205 305 276 261
NET INCOME 3,280 2,269 3,331 3,707 2,539
Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests in
(38) 10 39 20 26
subsidiaries
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS 3,318 2,259 3,292 3,687 2,513

Net income per share of common stock attributable to common stockholders(1)

Basic $ 1.07 $ 0.73 $ 1.05 $ 1.18 $ 0.80
Diluted $ 0.95 $ 0.65 $ 0.95 $ 1.07 $ 0.73
Weighted average shares used in computing net income per share of common stock(1)
Basic 3,103 3,111 3,146 3,160 3,166
Diluted 3,472 3,464 3,468 3,471 3,468

23 (1) Prior period results have been retroactively adjusted to reflect the three-for-one stock split effected in the form of a stock dividend in August 2022.
 BALANCE SHEET
(Unaudited)
In millions of USD 31-Mar-22 30-Jun-22 30-Sep-22 31-Dec-22 31-Mar-23
ASSETS
Current assets
Cash, cash equivalents and investments 18,013 18,915 21,107 22,185 22,402
Accounts receivable, net 2,311 2,081 2,192 2,952 2,993
Inventory 6,691 8,108 10,327 12,839 14,375
Prepaid expenses and other current assets 2,035 2,118 2,364 2,941 3,227
Total current assets 29,050 31,222 35,990 40,917 42,997
Operating lease vehicles, net 4,745 4,782 4,824 5,035 5,473
Solar energy systems, net 5,686 5,624 5,562 5,489 5,427
Property, plant and equipment, net 20,027 21,093 21,926 23,548 24,969
Operating lease right-of-use assets 2,181 2,185 2,251 2,563 2,800
Digital assets, net 1,261 218 218 184 184
Goodwill and intangible assets, net 454 437 419 409 399
Other non-current assets 2,634 2,952 3,236 4,193 4,584
Total assets 66,038 68,513 74,426 82,338 86,833
LIABILITIES AND EQUITY
Current liabilities
Accounts payable 11,171 11,212 13,897 15,255 15,904
Accrued liabilities and other 5,906 6,037 6,246 7,142 7,321
Deferred revenue 1,594 1,858 1,928 1,747 1,750
Customer deposits 1,125 1,182 1,083 1,063 1,057
Current portion of debt and finance leases (1) 1,659 1,532 1,457 1,502 1,404
Total current liabilities 21,455 21,821 24,611 26,709 27,436
Debt and finance leases, net of current portion (1) 3,153 2,898 2,096 1,597 1,272
Deferred revenue, net of current portion 2,185 2,210 2,265 2,804 2,911
Other long-term liabilities 3,839 3,926 4,330 5,330 5,979
Total liabilities 30,632 30,855 33,302 36,440 37,598
Redeemable noncontrolling interests in subsidiaries 459 421 421 409 407
Total stockholders' equity 34,085 36,376 39,851 44,704 48,054
Noncontrolling interests in subsidiaries 862 861 852 785 774
Total liabilities and equity 66,038 68,513 74,426 82,338 86,833

(1) Breakdown of our debt is as follows:

Vehicle and energy product financing (non-recourse) 3,333 3,086 2,335 2,001 1,708

Other non-recourse debt 14 13 11 — —

Recourse debt 74 53 51 44 44
Total debt excluding vehicle and energy product financing 88 66 62 44 44

Days sales outstanding 10 12 9 10 11

Days payable outstanding 72 80 72 72 75

24
 STATEMENT OF CASH FLOWS
(Unaudited)
In millions of USD Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income 3,280 2,269 3,331 3,707 2,539
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and impairment 880 922 956 989 1,046
Stock-based compensation 418 361 362 419 418
Other 19 145 220 354 40
Changes in operating assets and liabilities, net of effect of business combinations (602) (1,346) 231 (2,191) (1,530)
Net cash provided by operating activities 3,995 2,351 5,100 3,278 2,513
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (1,767) (1,730) (1,803) (1,858) (2,072)
Purchases of solar energy systems, net of sales (5) (0) 0 (0) (1)
Proceeds from sales of digital assets — 936 — — —
Purchases of investments (386) (90) (991) (4,368) (2,015)
Proceeds from maturities of investments — — 3 19 1,604
Receipt of government grants — — — 76 —
Purchase of intangible assets (9) — — — —
Net cash used in investing activities (2,167) (884) (2,791) (6,131) (2,484)
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash flows from other debt activities (1,436) (154) (133) (162) (127)
Net repayments under vehicle and energy product financing (632) (248) (766) (335) (294)
Net cash flows from noncontrolling interests – Solar (48) (47) (42) (65) (43)
Other 202 43 229 67 231
Net cash used in financing activities (1,914) (406) (712) (495) (233)

Effect of exchange rate changes on cash and cash equivalents and restricted cash (18) (214) (335) 123 50
Net (decrease) increase in cash and cash equivalents and restricted cash (104) 847 1,262 (3,225) (154)
Cash and cash equivalents and restricted cash at beginning of period 18,144 18,040 18,887 20,149 16,924
Cash and cash equivalents and restricted cash at end of period 18,040 18,887 20,149 16,924 16,770

25
 RECONCILIATION OF GAAP TO NON–GAAP FINANCIAL INFORMATION
(Unaudited)
In millions of USD or shares as applicable, except per share data Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023

Net income attributable to common stockholders (GAAP) 3,318 2,259 3,292 3,687 2,513
Stock-based compensation expense 418 361 362 419 418
Net income attributable to common stockholders (non-GAAP) 3,736 2,620 3,654 4,106 2,931
Less: Buy-out of noncontrolling interest 5 3 — (35) (5)
Less: Dilutive convertible debt (0) (0) (0) (0) (0)
Net income used in computing diluted EPS attributable to common stockholders (non-GAAP) 3,731 2,617 3,654 4,141 2,936

(1)
EPS attributable to common stockholders, diluted (GAAP) 0.95 0.65 0.95 1.07 0.73
(1)
Stock-based compensation expense per share 0.12 0.11 0.10 0.12 0.12
(1)
EPS attributable to common stockholders, diluted (non-GAAP) 1.07 0.76 1.05 1.19 0.85
(1)
Shares used in EPS calculation, diluted (GAAP and non-GAAP) 3,472 3,464 3,468 3,471 3,468

Net income attributable to common stockholders (GAAP) 3,318 2,259 3,292 3,687 2,513
Interest expense 61 44 53 33 29
Provision for income taxes 346 205 305 276 261
Depreciation, amortization and impairment 880 922 956 989 1,046
Stock-based compensation expense 418 361 362 419 418
Adjusted EBITDA (non-GAAP) 5,023 3,791 4,968 5,404 4,267
Total revenues 18,756 16,934 21,454 24,318 23,329
Adjusted EBITDA margin (non-GAAP) 26.8% 22.4% 23.2% 22.2% 18.3%

26 (1) Prior period results have been retroactively adjusted to reflect the three-for-one stock split effected in the form of a stock dividend in August 2022.
 RECONCILIATION OF GAAP TO NON–GAAP FINANCIAL INFORMATION
(Unaudited)
In millions of USD 3Q-2019 4Q-2019 1Q-2020 2Q-2020 3Q-2020 4Q-2020 1Q-2021 2Q-2021 3Q-2021 4Q-2021 1Q-2022 2Q-2022 3Q-2022 4Q-2022 1Q-2023
Net cash provided by (used in) operating activities (GAAP) 756 1,425 (440) 964 2,400 3,019 1,641 2,124 3,147 4,585 3,995 2,351 5,100 3,278 2,513
Capital expenditures (385) (412) (455) (546) (1,005) (1,151) (1,348) (1,505) (1,819) (1,810) (1,767) (1,730) (1,803) (1,858) (2,072)
Free cash flow (non-GAAP) 371 1,013 (895) 418 1,395 1,868 293 619 1,328 2,775 2,228 621 3,297 1,420 441

In millions of USD 3Q-2019 4Q-2019 1Q-2020 2Q-2020 3Q-2020 4Q-2020 1Q-2021 2Q-2021 3Q-2021 4Q-2021 1Q-2022 2Q-2022 3Q-2022 4Q-2022 1Q-2023
Net income attributable to common stockholders (GAAP) 143 105 16 104 331 270 438 1,142 1,618 2,321 3,318 2,259 3,292 3,687 2,513
Interest expense 185 170 169 170 163 246 99 75 126 71 61 44 53 33 29
Provision for income taxes 26 42 2 21 186 83 69 115 223 292 346 205 305 276 261
Depreciation, amortization and impairment 530 577 553 567 584 618 621 681 761 848 880 922 956 989 1,046
Stock-based compensation expense 199 281 211 347 543 633 614 474 475 558 418 361 362 419 418
Adjusted EBITDA (non-GAAP) 1,083 1,175 951 1,209 1,807 1,850 1,841 2,487 3,203 4,090 5,023 3,791 4,968 5,404 4,267

In millions of USD 2Q-2020 3Q-2020 4Q-2020 1Q-2021 2Q-2021 3Q-2021 4Q-2021 1Q-2022 2Q-2022 3Q-2022 4Q-2022 1Q-2023
Net cash provided by operating activities – TTM (GAAP) 2,705 4,349 5,943 8,024 9,184 9,931 11,497 13,851 14,078 16,031 14,724 13,242
Capital expenditures – TTM (1,798) (2,418) (3,157) (4,050) (5,009) (5,823) (6,482) (6,901) (7,126) (7,110) (7,158) (7,463)
Free cash flow – TTM (non-GAAP) 907 1,931 2,786 3,974 4,175 4,108 5,015 6,950 6,952 8,921 7,566 5,779

In millions of USD 2Q-2020 3Q-2020 4Q-2020 1Q-2021 2Q-2021 3Q-2021 4Q-2021 1Q-2022 2Q-2022 3Q-2022 4Q-2022 1Q-2023
Net income attributable to common stockholders – TTM (GAAP) 368 556 721 1,143 2,181 3,468 5,519 8,399 9,516 11,190 12,556 11,751
Interest expense – TTM 694 672 748 678 583 546 371 333 302 229 191 159
Provision for income taxes – TTM 91 251 292 359 453 490 699 976 1,066 1,148 1,132 1,047
Depreciation, amortization and impairment – TTM 2,227 2,281 2,322 2,390 2,504 2,681 2,911 3,170 3,411 3,606 3,747 3,913
Stock-based compensation expense – TTM 1,038 1,382 1,734 2,137 2,264 2,196 2,121 1,925 1,812 1,699 1,560 1,560
Adjusted EBITDA – TTM (non-GAAP) 4,418 5,142 5,817 6,707 7,985 9,381 11,621 14,803 16,107 17,872 19,186 18,430

27 TTM = Trailing twelve months

 ADDITIONAL INFORMATION

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

CERTAIN TERMS

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

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

28