| Metric [Unit: $ Million] | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|--------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Automotive Sales        | N/A     | 18,878  | N/A     | 18,582  | N/A     | 16,460  | 18,530  | 18,831  |
| Automotive Regulatory Credits | N/A | 521     | N/A     | 554     | N/A     | 442     | 890     | 739     |
| Automotive Leasing      | N/A     | 564     | N/A     | 489     | N/A     | 476     | 458     | 446     |
| Total Automotive Revenues | N/A   | 19,963  | 21,268  | 19,625  | 21,563  | 17,378  | 19,878  | 20,016  |
| Energy Generation and Storage | N/A | 1,529  | 1,509   | 1,559   | 1,438   | 1,635   | 3,014   | 2,376   |
| Services and Other      | N/A     | 1,837   | 2,150   | 2,166   | 2,166   | 2,288   | 2,608   | 2,790   |
| Total Revenues          | N/A     | 23,329  | 24,927  | 23,350  | 25,167  | 21,301  | 25,500  | 25,182  |

472099d47c49a7b0dbb657a96ad435cbdcee75006c282d9db693adf5ef298548

Tesla, Inc. is a company that operates in the automotive and energy sectors, focusing on the design, development, manufacturing, sales, and leasing of electric vehicles and energy products **[0001628280-24-002390_tsla-20231231.htm:3]** **[0001628280-24-002390_tsla-20231231.htm:79]** **[0001628280-24-002390_tsla-20231231.htm:131]**. The company sells electric vehicles, including models such as the Model 3, Y, S, X, Cybertruck, and Tesla Semi, along with automotive regulatory credits, used vehicles, and related services **[0001628280-24-002390_tsla-20231231.htm:3]** **[0001628280-24-002390_tsla-20231231.htm:79]** **[0001628280-24-002390_tsla-20231231.htm:131]**. Additionally, Tesla offers energy generation and storage products like the Powerwall and Megapack, contributing to its diversification efforts **[0001628280-24-002390_tsla-20231231.htm:3]** **[0001628280-24-002390_tsla-20231231.htm:79]** **[0001628280-24-002390_tsla-20231231.htm:131]**.

1. **Automotive** - Encompasses the design, development, manufacturing, sales, and leasing of electric vehicles, including the Model 3, Y, S, X, Cybertruck, and Tesla Semi. Includes sales of automotive regulatory credits, used vehicles, non-warranty after-sales vehicle services, body shop and parts, paid Supercharging, vehicle insurance revenue, and retail merchandise **[0001628280-24-002390_tsla-20231231.htm:3]** **[0001628280-24-002390_tsla-20231231.htm:79]** **[0001628280-24-002390_tsla-20231231.htm:131]**.
2. **Energy Generation and Storage** - Involves the design, manufacture, installation, sales, and leasing of solar energy generation and energy storage products, such as Powerwall and Megapack. Includes related services and sales of solar energy systems incentives **[0001628280-24-002390_tsla-20231231.htm:3]** **[0001628280-24-002390_tsla-20231231.htm:79]** **[0001628280-24-002390_tsla-20231231.htm:131]**.

8633eacc3bc858f5a53bf40cbae7c49c34adf43753ab53d1ce9a8c7379178ea5

a5a6c171d499aeac67d68374d45b4417c826d86f89710e858f5ef1bc81afeb5f

52a3bd6dc8b53093daee624c3b8e8c9fe21f6b949dea24b514368445bb1071a0

Here is a table listing the executives of Tesla along with a short biography for each:

| Name             | Age | Position                             | Biography                                                                                                                                                                                                 |
|------------------|-----|--------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Elon Musk**    | 52  | Technoking of Tesla and CEO          | Elon Musk... has served as CEO since October 2008. He is also CEO, CTO, and Chairman of SpaceX, and has held leadership roles at SolarCity, X Corp, and x.AI Corp. He co-founded PayPal and Zip2 Corporation  **[0001104659-24-053333_tm2326076d15_def14a.htm:14]** **[0001104659-24-048040_tm2326076d13_pre14a.htm:15]** . |
| **Vaibhav Taneja** | 46  | Chief Financial Officer             | Vaibhav Taneja has been CFO since August 2023. He previously served as Tesla's Chief Accounting Officer and held various finance roles at SolarCity. He holds a B.Com from Delhi University and is a CPA (inactive)  **[0001104659-24-048040_tm2326076d13_pre14a.htm:144]** **[0001104659-24-053333_tm2326076d15_def14a.htm:143]** . |
| **Xiaotong (Tom) Zhu** | 44  | Senior Vice President, Automotive | Tom Zhu joined Tesla in 2014 and became SVP, Automotive in April 2023. He led the construction and operations of Gigafactory Shanghai. He holds a B.Com in IT from Auckland University of Technology and an MBA from Duke University  **[0001104659-24-048040_tm2326076d13_pre14a.htm:144]** **[0001104659-24-053333_tm2326076d15_def14a.htm:143]** . |

These executives are responsible for leading Tesla's strategic and operational initiatives across various domains.

98a1bf67ef7c3fd7af64527116a9070a6db0ce64954808e9cb6410a2912bd78b

9f055f8ec7ff8f25bcd4fa8f6fe1871ff55b409f6f892a71f6014e9fdaa162b0

Adjustments for Non-Cash Items (USD, millions)

Stock-Based Compensation (USD, millions)

Changes in Working Capital (USD, millions)

Capital Expenditures (CapEx) (USD, millions)

Proceeds from / Repayments of Debt (USD, millions)

Share Repurchases (USD, millions)

Dividend Payments (USD, millions)

Net Change in Cash (USD, millions)

90c7333f995e15e3079abd55ce89ca2ac7ecf8121ebdcea7255593312634749b

1. With the reduction in average selling prices due to financing incentives impacting automotive margins  **[TSLA_3403412_8]** , how does Tesla plan to sustain profitability amid increasing cost pressures and competitive pricing in the EV market?
2. Tesla has delayed the Roadster for years, citing focus on higher-impact projects  **[TSLA_3403412_19]** ; can you provide a concrete timeline for its release and explain how it fits into Tesla's overall strategic priorities?
3. With the ambitious goal to achieve full autonomy by Q2 next year  **[TSLA_3403412_4]** , what specific challenges does Tesla face in securing regulatory approval and public acceptance for its autonomous vehicles?
4. Given the collaboration between Tesla and xAI and potential concerns about conflicts of interest  **[TSLA_3403412_24]** , how do you address these concerns and clarify how xAI's development directly benefits Tesla's mission and shareholders?
5. As you focus on expanding in-car software offerings and improving features like the browser  **[TSLA_3403412_15]** , how does Tesla plan to balance the integration of advanced features without compromising driver safety, especially before full autonomy is widely available?

c67a011f81291ee1e8820327655ec9d43ccdaf5a25866149440d407cc3dfc797

1b9266e35fb03b669011226faefa19cecf2735b0d488efe85179657e15433781

| Name               | Position                          | Start Date       | Short Bio                                                                                                                                                                                                 |
|--------------------|-----------------------------------|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Elon Musk          | Technoking of Tesla & CEO         | October 2008     | **Elon Musk** has served as the **Chief Executive Officer of Tesla since October 2008**. He is also known by the title **"Technoking of Tesla"**, a position he appointed himself to on March 15, 2021. Musk has been a director of Tesla since 2004. He is a co-founder of Tesla and has played a crucial role in guiding the company from an early-stage startup to one of the most valuable companies in the world. Musk holds a B.A. in physics and a B.S. in business from the University of Pennsylvania  **[0001104659-24-053333_tm2326076d15_def14a.htm:143]** **[0001104659-24-053333_tm2326076d15_def14a.htm:14]** **[0001104659-24-048040_tm2326076d13_pre14a.htm:488]** . |
| Vaibhav Taneja     | Chief Financial Officer           | August 2023      | **Vaibhav Taneja** has served as Tesla's **Chief Financial Officer since August 2023**. Before his appointment as CFO, he was Tesla's Chief Accounting Officer from March 2019, Corporate Controller from May 2018, and Assistant Corporate Controller between February 2017 and May 2018. He also held various finance and accounting roles at SolarCity starting in March 2016. Mr. Taneja holds a Bachelor's degree in Commerce from Delhi University and is a Certified Public Accountant (inactive)  **[0001104659-24-053333_tm2326076d15_def14a.htm:143]** **[0001104659-24-048040_tm2326076d13_pre14a.htm:144]** . |
| Xiaotong (Tom) Zhu | Senior Vice President, Automotive | April 2023       | **Xiaotong (Tom) Zhu** has served as Tesla's **Senior Vice President, Automotive since April 2023**. He joined Tesla in **April 2014** and held various operational roles before being appointed as Vice President, Greater China, where he led the construction and operations of Gigafactory Shanghai. Mr. Zhu holds a bachelor's degree in commerce in information technology from the Auckland University of Technology and an M.B.A. from Duke University  **[0001104659-24-048040_tm2326076d13_pre14a.htm:144]** **[0001104659-24-053333_tm2326076d15_def14a.htm:143]** **[0001193125-23-094075_d451342ddef14a.htm:39]** . |

03b4f76cd58ebf6c9fa4c220b06e7812a9da974232ca493b3d0e9b239c5f65ec

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: FY 2025
- **Guidance**:
  1. **Vehicle Production and Sales Growth**: Expecting **20% to 30% vehicle growth** next year, assuming no major disruptions  **[TSLA_3403412_1]** .
  2. **Cybercab Production**: Start in 2025, with volume production in 2026, aiming for **2 to 4 million units**  **[TSLA_3403412_1]** .
  3. **Ridehailing Service**: Rollout in **California and Texas** next year, pending regulatory approvals  **[TSLA_3403412_6]** .
  4. **Capital Expenditures (CapEx)**: Exceed **$11 billion** for the year  **[TSLA_3403412_9]** .
  5. **Energy Business**: Lathrop Megapack factory to reach **40 GWh/year**, Shanghai factory to start at **20 GWh/year** in Q1 2025  **[TSLA_3403412_6]** .
  6. **Autonomy**: FSD software expected to be safer than human drivers by **Q2 of next year**  **[TSLA_3403412_4]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Capital Expenditures (CapEx)**: Over **$10 billion** for the year  **[TSLA_3393971_4]** .
  2. **Free Cash Flow**: Positive **$1.3 billion** in Q2 2024  **[TSLA_3393971_4]** .
  3. **Cash and Investments**: Over **$30 billion** at the end of the quarter  **[TSLA_3393971_4]** .
  4. **Energy Business Growth**: Fastest growing segment, with plans to ramp up production and build a mega factory in China  **[TSLA_3393971_2]** .
  5. **Cybertruck and Model 3 Production**: Ramping up production, with potential tariff impacts  **[TSLA_3393971_3]** .
  6. **Autonomy and Robotaxi**: Progressing with FSD, unveiling robotaxi product on October 10, 2024  **[TSLA_3393971_1]** **[TSLA_3393971_5]** .
  7. **Optimus Robot Production**: Several thousand robots expected by end of 2025, with significant ramp-up in 2026  **[TSLA_3393971_2]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: Q2 2024
- **Guidance**:
  1. **Energy Storage Deployments**: Expected to grow at least **75% higher** from 2023  **[TSLA_3380375_3]** .
  2. **Sales Growth**: Higher sales anticipated in 2024 compared to 2023  **[TSLA_3380375_14]** .
  3. **4680 Cell Production**: Aiming to beat supplier cost of nickel-based cells by year-end  **[TSLA_3380375_4]** .
  4. **AI Compute Expansion**: Approximately **85,000 H100 computers** for AI training by year-end  **[TSLA_3380375_1]** .
  5. **Free Cash Flow**: Expected to return to positive in Q2 2024  **[TSLA_3380375_3]** .
  6. **Cost Reductions**: Expected savings to exceed **$1 billion** annually  **[TSLA_3380375_3]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Production and Deliveries**: Record production and deliveries of about **1.8 million vehicles** in 2023, with a run rate of almost **2 million cars a year**  **[TSLA_3370762_1]** .
  2. **Energy Storage Business**: Expected to surpass auto business growth rate in 2024  **[TSLA_3370762_3]** .
  3. **Capital Expenditure**: Expected to exceed **$10 million**  **[TSLA_3370762_3]** .
  4. **Cost Reduction**: Focus on reducing costs across operations  **[TSLA_3370762_8]** .
  5. **Tax Rate**: Booked tax rate aligned with S&P 500, around **25%**  **[TSLA_3370762_3]** **[TSLA_3370762_30]** .
  6. **Cybertruck Production**: Aiming for **250,000 Cybertrucks a year** in North America  **[TSLA_3370762_13]** .
  7. **Next-Gen Vehicle and Manufacturing**: Production expected in the second half of 2025  **[TSLA_3370762_5]** **[TSLA_3370762_2]** .
  8. **Megapack Production**: Lathrop facility to double capacity to **40 GWh** by end of 2024  **[TSLA_3370762_14]** .

a0440306d1b0993a86ae40a47f518aa8269931ee42f430999b22d488fe72639a

5a1abecf669db9635c08462311a30e70ec91adf18e90c91874a9c564a8b19543

Energy Storage Products Deployed (GWh)

6a01c5e85881f35e7342b2089a7312e0e7e303c122fd1b36231b31351c83c3f5

United States

China

Netherlands

Norway

Other

Other International

North America

Europe

Asia

Total Revenue

d569931344f298fe017772d2b4515ea1e8b82b9046ba1141a280b9ab0e7186ff

1. **Autonomy as Tesla's Key Value Driver**  
   **Q:** Would losing IRA subsidies impact Tesla's profitability?  
   **A:** Elon Musk stated that while losing subsidies might have some impact, it would devastate competitors. Tesla's value overwhelmingly comes from **autonomy**, which overshadows subsidies. He emphasized that those who don't believe in Tesla's ability to solve autonomy should not hold Tesla stock, and those who do should invest. **[TSLA_3393971_24]**

2. **FSD Licensing to Other OEMs**  
   **Q:** How would FSD licensing to other automakers work?  
   **A:** Elon Musk explained that OEMs would need to integrate Tesla's AI computer and cameras for FSD, which would take **several years** due to the slow pace of the auto industry. Licensing agreements depend on the OEM, and deals are only relevant if they involve significant volumes, like **1 million cars per year**. ** **[TSLA_3393971_12]** **[TSLA_3393971_13]** **

3. **Robotaxi Strategy and Deployment**  
   **Q:** How will Tesla deploy robotaxis given regulatory hurdles?  
   **A:** Tesla's general solution for FSD works **anywhere** without geo-fencing, unlike competitors. Elon Musk believes regulatory approval won't be a limiting factor once they demonstrate safety superior to humans. The entire Tesla fleet can become active instantly, allowing **immediate scale-up via software update**. ** **[TSLA_3393971_15]** **[TSLA_3393971_16]** **[TSLA_3393971_19]** **[TSLA_3393971_20]** **

4. **AI Resource Allocation and XAI**  
   **Q:** Are Tesla's AI resources diverted to XAI?  
   **A:** Elon Musk clarified that reports of redirecting AI compute to XAI are outdated. Tesla had **no data center capacity** at the time, so GPUs would have been wasted. Engineers interested in AGI refused to join Tesla, leading to the formation of XAI. Vaibhav Taneja added that AI is broad, and XAI works on areas Tesla isn't focusing on. **[TSLA_3393971_9]**

5. **Impact of Tariffs on Shanghai Exports**  
   **Q:** How do European tariffs affect Shanghai exports?  
   **A:** Vaibhav Taneja stated that Tesla is adjusting its import strategy to Europe after authorities examined their factory. They have begun building right-hand drive Model Ys in Berlin for the UK and are still importing Model 3s from Shanghai. Tesla is confident they will secure better tariff rates but are **adapting as needed**. **[TSLA_3393971_14]**

6. **Energy Storage Pricing and Competition**  
   **Q:** How is Tesla approaching energy storage pricing amid competition?  
   **A:** Tesla works closely with customers to remain competitive despite **strong competition from Chinese OEMs**. They had a strong contracting quarter and are building a backlog for **2025 and 2026**. Their integrated Megapack, including a proprietary software stack, gives them an edge over competitors. ** **[TSLA_3393971_21]** **[TSLA_3393971_23]** **

7. **Potential Removal of IRA Subsidies**  
   **Q:** What if IRA subsidies are cut under a new administration?  
   **A:** Elon Musk believes losing subsidies might impact Tesla slightly but would **devastate competitors**. Tesla aims to grow without relying on subsidies, focusing on strong business fundamentals and autonomy, which would put them **miles ahead**. **[TSLA_3393971_24]**

8. **Optimus Robot and Future Revenue Segments**  
   **Q:** How will Optimus and energy affect future revenue?  
   **A:** Elon Musk predicts the long-term value of Optimus will **exceed everything else** Tesla produces. He estimates demand for general-purpose humanoid robots to be over **20 billion units**, with Tesla uniquely positioned due to its expertise in AI and manufacturing. **[TSLA_3393971_11]**

9. **FSD Take Rates After Price Reduction**  
   **Q:** Can you quantify the increase in FSD take rates after price cuts?  
   **A:** Vaibhav Taneja noted a **meaningful increase** in FSD take rates from a low base, though specifics weren't provided. Emphasis is on customers experiencing FSD firsthand to appreciate its capabilities. **[TSLA_3393971_18]**

10. **4680 Battery Technology and Supplier Issues**  
    **Q:** Will supplier lawsuits affect 4680 battery rollout?  
    **A:** Lars Moravy stated that legal issues with a supplier won't impact the 4680 rollout. Tesla has a **strong IP position** and designs much of the equipment in-house, allowing flexibility in manufacturing. **[TSLA_3393971_22]**

29f1f3597c09593a88424dee25c341a50319310b6a388293aad6ccc29020813a

| Name                          | Start Date | End Date | Reason for Change |
|-------------------------------|------------|----------|-------------------|
| PricewaterhouseCoopers LLP    | 2005  **[0001628280-24-002390_tsla-20231231.htm:74]**  | Present  | Current auditor   |

d113567876b03a12fc1bc85f2b02b06ad9744283a6df33f044c20718f46346fa

aa1aff05e30c4001473946acac1825cfa08e9809b9b6e4a4789d06be01c10754

- Tesla is confident in releasing **unsupervised full self-driving** in Austin and several other U.S. cities by the end of this year, with plans to expand nationwide next year. This advancement could significantly enhance Tesla's value through new revenue streams from autonomous driving capabilities.  **[TSLA_3413670_22]**
- Elon Musk believes that the transition to **sustainable, autonomous electric transport is inevitable**, which supports continued growth for Tesla as a market leader in electric vehicles and autonomy technology.  **[TSLA_3413670_28]**
- **Demand for Tesla vehicles remains strong**, with the main constraint being **battery production capacity**, not demand. Tesla is focusing on increasing battery production, suggesting significant future growth once this bottleneck is addressed.  **[TSLA_3413670_29]**

c851bff05916269e1d0ad08602559f3048306d489cbff31dabf81de8d60c70b4

- **Regulatory challenges in Europe and China may delay the rollout of Tesla's Full Self-Driving (FSD) technology, limiting growth in key markets.** Elon Musk acknowledged that releasing FSD in Europe requires navigating "a layer cake of regulations of bureaucracy," and in China, they face difficulties due to data transfer restrictions, stating, "we're in a bit of a quandary."  **[TSLA_3413670_22]**
- **Battery production constraints and factory retooling for the new Model Y may lead to short-term production delays and impact Tesla's ability to meet demand.** Elon Musk mentioned that "the constraint we're trying to solve is battery production" and that "we've got this massive factory retooling for the new Model Y... That obviously has a short-term impact on output."  **[TSLA_3413670_29]**
- **Potential underestimation of regulatory risks related to electric vehicle adoption in the U.S.** When asked about policy changes that could slow EV uptake, Elon Musk dismissed concerns, stating that "sustainable transport is inevitable" and "you can't stop the advent of electric cars," which may suggest underestimating possible impacts of policy reversals.  **[TSLA_3413670_28]**

73a64edcf0a7a233d682fe3317fa9b9e2e2ae3173780fee6488cc8d54d63084e

1. **Unsupervised FSD Deployment**  
   **Q:** When will Tesla deploy unsupervised FSD and robotaxis?  
   **A:** Elon Musk is **very confident** that Tesla will release unsupervised full self-driving in Austin and several other U.S. cities **by the end of this year**.  **[TSLA_3413670_22]**  Autonomous ride-hailing for money in Austin is planned for **June**.  **[TSLA_3413670_25]** 

2. **Battery Production Constraints**  
   **Q:** How is battery production affecting Tesla's output?  
   **A:** Musk stated that the main constraint Tesla is trying to solve is **battery production** rather than demand. Increasing total **gigawatt hours** of battery production this year is crucial.  **[TSLA_3413670_29]** 

3. **Regulatory Hurdles for FSD**  
   **Q:** What challenges are there in deploying FSD internationally?  
   **A:** In Europe, Tesla faces bureaucratic delays, with approval for supervised FSD expected around **May next year**.  **[TSLA_3413670_22]**  In China, restrictions on data transfer require Tesla to use simulations and publicly available videos to train FSD.  **[TSLA_3413670_22]** 

4. **Safety Improvements in Autopilot**  
   **Q:** How has Autopilot improved safety?  
   **A:** Tesla reported **1 crash for every 5.9 million miles** driven with Autopilot engaged, compared to **1 crash every 700,000 miles** without it, making it **8.5 times safer**.  **[TSLA_3413670_27]** 

5. **Automated Driving Policy Impact**  
   **Q:** Will policy changes affect EV adoption?  
   **A:** Musk believes sustainable transport is **inevitable** and cannot be stopped by policy changes. He is **highly confident** that all transport will become autonomous and electric.  **[TSLA_3413670_28]** 

6. **Vision-Based Approach Over LiDAR**  
   **Q:** Does Tesla plan to use LiDAR in vehicles?  
   **A:** Musk reiterated that LiDAR is **simply the wrong solution** for driving cars. Tesla relies on cameras and neural networks, similar to how humans drive.  **[TSLA_3413670_23]** 

7. **U.S. Manufacturing Capabilities**  
   **Q:** Is the U.S. ready for AI advancements in manufacturing?  
   **A:** Musk emphasized the need to make manufacturing **cool again in America**, suggesting talent should shift from law and finance into manufacturing.  **[TSLA_3413670_24]** 

8. **Customer Use of Unsupervised FSD**  
   **Q:** When can Tesla owners use unsupervised FSD?  
   **A:** Customers may be able to use unsupervised FSD in their own vehicles **next year**, after Tesla ensures the system works flawlessly and any issues are resolved.  **[TSLA_3413670_25]** **[TSLA_3413670_26]** 

9. **Drivers Taking Eyes Off the Road**  
   **Q:** Will Tesla allow drivers to check emails while driving?  
   **A:** Musk acknowledged the need for confidence in safety before allowing drivers to take their eyes off the road. He expects this capability to be available in **low single-digit months**.  **[TSLA_3413670_26]** 

10. **Selling Cars at Lower Margins**  
    **Q:** Will Tesla reduce margins to increase vehicle sales?  
    **A:** Musk indicated that the constraint is **battery production**, not demand, and did not discuss lowering margins to boost sales.  **[TSLA_3413670_29]** 

8ab99a9e36582a906fdb421f3ba66227694c2cb9f62bc3dedbea2f8f69f6ab6b

Tesla Q4 2024: Demand stays robust, but battery production is the real bottleneck. Musk expects unsupervised FSD in several U.S. cities by year-end, boosting potential revenue. Autopilot is 1 crash/5.9M miles vs 1/700k otherwise—8.5x safer.

fd96e42d0dbb056ee12245224287b42b28a825e0176af7a723c264cfaa50c721

06c8d478e12f26753ac23ffcca596938c0fd437782b40dc9eeb4e48a4cfc31d3

**There are no metrics with directly comparable guidance between the Q3 2024 and Q4 2024 issuances. Therefore, no metrics were raised, lowered, or kept the same. The following metrics appear only in the Q4 2024 guidance (most recent), with no prior guidance to compare:**

**Annual guidance for FY 2025:**
- **Operating expenses**: Expected to increase  **[TSLA_3413670_6]**  (no prior guidance)  
- **Capital expenditures (CapEx)**: Expected to remain flat year-over-year  **[TSLA_3413670_6]**  (no prior guidance)  
- **Energy storage deployments**: Expected to grow by at least 50% year-over-year  **[TSLA_3413670_5]**  (no prior guidance)  
- **New product launches**: Several new products planned throughout the year  **[TSLA_3413670_5]**  (no prior guidance)  
- **Full self-driving (FSD)**: Aims to release unsupervised FSD in the U.S.  **[TSLA_3413670_22]**  (no prior guidance)  
- **Production of new Model Y**: All factories to begin producing in February 2025  **[TSLA_3413670_5]**  (no prior guidance)

5e88bcec7fe926bfa7c2920a767911d124aece3ccb80935b214464ab184f8ab5

80840bee0504c036d0dc9189ec947dc884ad10c357bf6600bdf9c98b3f1dbd16

Change in combined Model 3 and Model Y cash deliveries (units)

Change in deliveries of other models (units)

164f6907b23c8be312a81e89f56f537baedb510ff5de50bb6ba724d5ca6a6121

| Year | Amount Due (in millions) | Debt Type                     | Interest Rate (%)       | % of Total Debt                                                                 |
|----------|------------------------------|-----------------------------------|-----------------------------|------------------------------------------------------------------------------------|
| 2025     | $2,353 **[0001628280-25-003063_tsla-20241231.htm:110]**               | Recourse & Non-recourse Debt     | 1.92% - 6.57% **[0001628280-25-003063_tsla-20241231.htm:108]**       | 29.7% = (2,353 / 7,910) * 100 **[0001628280-25-003063_tsla-20241231.htm:36]** **[0001628280-25-003063_tsla-20241231.htm:110]**                                     |
| 2026     | $4,116 **[0001628280-25-003063_tsla-20241231.htm:110]**               | Energy Asset-backed Notes        | 4.80% **[0001628280-25-003063_tsla-20241231.htm:108]**               | 52.0% = (4,116 / 7,910) * 100 **[0001628280-25-003063_tsla-20241231.htm:36]** **[0001628280-25-003063_tsla-20241231.htm:110]**                                     |
| 2027     | $699 **[0001628280-25-003063_tsla-20241231.htm:110]**                 | Automotive Asset-backed Notes    | 3.45% - 6.57% **[0001628280-25-003063_tsla-20241231.htm:108]**       | 8.8% = (699 / 7,910) * 100 **[0001628280-25-003063_tsla-20241231.htm:36]** **[0001628280-25-003063_tsla-20241231.htm:110]**                                        |
| 2028     | $243 **[0001628280-25-003063_tsla-20241231.htm:110]**                 | RCF Credit Agreement             | Not Applicable **[0001628280-25-003063_tsla-20241231.htm:108]**      | 3.1% = (243 / 7,910) * 100 **[0001628280-25-003063_tsla-20241231.htm:36]** **[0001628280-25-003063_tsla-20241231.htm:110]**                                        |
| 2029     | $95 **[0001628280-25-003063_tsla-20241231.htm:110]**                  | Automotive Asset-backed Notes    | 3.45% - 6.57% **[0001628280-25-003063_tsla-20241231.htm:108]**       | 1.2% = (95 / 7,910) * 100 **[0001628280-25-003063_tsla-20241231.htm:36]** **[0001628280-25-003063_tsla-20241231.htm:110]**                                         |
| 2033-2035| $401 **[0001628280-25-003063_tsla-20241231.htm:110]**                 | Cash Equity Debt                 | 5.25% - 5.81% **[0001628280-25-003063_tsla-20241231.htm:108]**       | 5.1% = (401 / 7,910) * 100 **[0001628280-25-003063_tsla-20241231.htm:36]** **[0001628280-25-003063_tsla-20241231.htm:110]**                                        |
| 2050     | $3 **[0001628280-25-003063_tsla-20241231.htm:110]**                   | Energy Asset-backed Notes        | 4.80% - 6.25% **[0001628280-25-003063_tsla-20241231.htm:108]**       | 0.0% = (3 / 7,910) * 100 **[0001628280-25-003063_tsla-20241231.htm:36]** **[0001628280-25-003063_tsla-20241231.htm:110]**                                          |

c1ba48e920503a90f89dc12ed107d4d96748ac83b43b411f911cfc89618ce35e

1. **Cost Reduction Pace**  
   **Q:** Can you sustain the current cost reduction pace?  
   **A:** Tesla is constantly seeking ways to reduce costs further.  **[TSLA_3370762_16]**  However, they caution that the previous pace of cost reductions may not fully continue due to limitations with the current platform.  **[TSLA_3370762_16]**  They do not believe they will maintain the same pace seen over the past few years.  **[TSLA_3370762_16]** 

2. **2024 Cost Outlook**  
   **Q:** Can costs go below $36,000 per car in 2024?  
   **A:** Tesla is aware of upcoming cost increases due to wage increases but sees more opportunities to reduce costs further.  **[TSLA_3370762_29]**  Elon Musk noted that even a **1% cost improvement equals $1 billion**.  **[TSLA_3370762_29]**  They believe there is definitely more opportunity to bring down costs, though no specific target was provided.  **[TSLA_3370762_29]** 

3. **Tax Rate Increase**  
   **Q:** Will tax rates jump to S&P 500 levels next year?  
   **A:** The tax rate will immediately increase due to an accounting change, but there's no impact on cash taxes.  **[TSLA_3370762_30]**  Previously, certain jurisdictions didn't require accruing book taxes, but now deferred tax assets are recognized, raising the tax rate.  **[TSLA_3370762_30]** 

4. **Chinese Competition**  
   **Q:** How will Chinese EV makers affect western markets?  
   **A:** Elon Musk noted Chinese car companies are extremely competitive and could "demolish most other car companies in the world" if no trade barriers are established.  **[TSLA_3370762_23]**  Tesla does not see an opportunity to partner with them, except possibly on Supercharging or licensing Full Self-Driving.  **[TSLA_3370762_23]** 

5. **Next-Gen Platform Timing**  
   **Q:** What are the gating factors for the next-gen platform?  
   **A:** Tesla is validating new manufacturing technologies for the next-gen vehicle, designing specialized machines that have never existed before.  **[TSLA_3370762_25]** **[TSLA_3370762_27]**  Cybertruck is not a gating factor for the next-gen platform.  **[TSLA_3370762_25]** 

6. **Dojo and AI Progress**  
   **Q:** Where does Dojo stand in improving FSD?  
   **A:** Dojo is operational and training jobs are being run, but it's considered a high-risk, high-reward project.  **[TSLA_3370762_28]**  Tesla is pursuing both NVIDIA GPUs and Dojo for AI training, with Dojo having potential but not a sure thing.  **[TSLA_3370762_28]** 

7. **Addressable Market**  
   **Q:** What's the size of your addressable market with current models?  
   **A:** Tesla does not have a firm estimate, as it's hard to say exactly.  **[TSLA_3370762_21]**  EVs still make up a small market share, and Tesla aims to capture as much of the **100 million** per year vehicle market as possible.  **[TSLA_3370762_22]**  They currently account for about **2%** of that market, leaving **98%** more to capture.  **[TSLA_3370762_22]** 

8. **AI Day Plans**  
   **Q:** Will there be a Tesla AI Day this year?  
   **A:** They might hold an update later this year, but must be cautious as competitors closely analyze their presentations.  **[TSLA_3370762_23]**  The main goal of AI Days is recruiting and changing Tesla's perception to an AI robotics company.  **[TSLA_3370762_23]** 

9. **48-Volt Architecture**  
   **Q:** Is Cybertruck a proving ground for new tech like 48-volt systems?  
   **A:** 48-volt architecture is an evolution in vehicle design but is not gating the next-gen platform.  **[TSLA_3370762_25]** **[TSLA_3370762_26]**  Tesla hopes the industry adopts 48-volt systems, which reduce copper usage.  **[TSLA_3370762_26]** 

48df63c1740bebdee1f8827242011dd5d9fcd5ccaf6b451c37e0ae3fc8081d71

- **Tesla's collaboration with xAI has been beneficial**, improving Tesla's AI capabilities in scaling and training, without competition for talent or technology  **[TSLA_3403412_24]** .
- **Tesla uniquely combines world-class AI and chip design teams**, strengthening their position in autonomous vehicles; no other automaker or cloud company matches this integration  **[TSLA_3403412_24]** .
- **Tesla is investing heavily in AI compute to enhance real-world AI**, particularly for autonomous driving, leveraging massive data and improving training efficiency  **[TSLA_3403412_18]** .

2c311f1817ba443fbb0f445f9d53025414383223542faf1b02561a0c2fadf39a

- **Tesla's growth rate in 2024 is expected to be notably lower than in 2023, raising concerns about sustaining past growth levels.**  **[TSLA_3380375_14]**
- **Operational challenges, including supply constraints, factory attacks, and ramp-up issues with Model 3 and Cybertruck, could impact future deliveries and growth.**  **[TSLA_3380375_21]**
- **Elon Musk's multiple commitments across various companies may impact his focus on Tesla, raising concerns about leadership and execution in the coming years.**  **[TSLA_3380375_13]**

574a1f7016f28460ace5aa59ba5efaaf73af310405a580c87c71a1657c448662

- **Elon Musk remains committed to Tesla and ensures that it will continue to be prosperous in the future.**  **[TSLA_3380375_13]**
- **Tesla expects higher sales in 2024 compared to last year**, with improvements anticipated in Q2 due to resolved supply chain issues and a simplified sales process.  **[TSLA_3380375_21]** **[TSLA_3380375_14]**
- **Tesla is progressing rapidly in AI and autonomy**, planning to expand **Full Self-Driving (FSD)** to new markets, including **China**, positioning the company as an **AI and robotics leader** beyond just an automaker.  **[TSLA_3380375_20]** **[TSLA_3380375_15]**

cd8ae562111c549175f4fbe164f959089935aea6a8dec0bc843d4242b90930ec

- **Tesla has paused the development of Giga Mexico due to political uncertainties, including potential heavy tariffs on vehicles produced in Mexico if Trump wins the election**.  **[TSLA_3393971_8]**  This could delay Tesla's expansion plans and affect future production capacity.
- **Affordability concerns are impacting Tesla's margins**, as the company is offering reduced financing options to offset sustained high interest rates, which has impacted revenue per unit in the quarter and will persist into Q3.  **[TSLA_3393971_3]**
- **Tariffs on raw materials and finished goods are increasing Tesla's costs**, which may adversely affect profitability in the near term despite efforts to offset them.  **[TSLA_3393971_4]**

a21fa879009253c8cd7c605e4c28748b2d47039cc3a21007ab34008c108319c3

- **Tesla's energy business is growing rapidly**, with energy storage deployments **more than doubling**, resulting in **record revenues and profit** for the energy business. The company is expanding production capacity to meet high demand, including **building a Megapack factory in China**.  **[TSLA_3393971_3]** **[TSLA_3393971_2]**
- **Unsupervised Full Self-Driving (FSD) is highly probable next year**, according to Elon Musk. Achieving FSD autonomy is expected to **massively increase Tesla's valuation**, potentially to **the order of $5 trillion**.  **[TSLA_3393971_5]** **[TSLA_3393971_2]** **[TSLA_3393971_25]**
- **Tesla plans to begin production of its Optimus humanoid robot**, with limited production starting **early next year** for internal use, and ramping up to provide robots to external customers by **2026**. This could open up a significant new market for the company.  **[TSLA_3393971_2]**

a5e601c776f76bd3ad77836a1a0b1c3291c5431ef176fd74684948e584d0f3c6

- **Investor concerns about the relationship between Tesla and xAI** suggest potential competition for resources, including talent and Elon Musk's time, which could negatively impact Tesla's operations.  **[TSLA_3403412_24]**
- **Significant investments in AI compute resources without current training constraints** may lead to escalating costs without immediate returns, potentially affecting Tesla's profitability.  **[TSLA_3403412_22]**
- **Regulatory challenges in rolling out autonomous ride-hailing services in California and Texas** could delay Tesla's plans, impacting expected revenue from these services.  **[TSLA_3403412_22]**

e7429f12f5d097645121c85d7b96835040ebce46e3e2f1f71d937c679e945d85

- **Tesla's innovative cost reduction strategies are leading to significant decreases in cost of goods sold (COGS), with COGS per car decreasing by over 2% sequentially on average over the last 5-6 quarters, equating to a 10% annual reduction, an achievement unheard of in the auto industry.**  **[TSLA_3370762_16]**
- **Tesla is developing revolutionary manufacturing technology for its next-generation low-cost vehicle, which is expected to start production towards the end of 2025. This new manufacturing system will be far more advanced than any other automotive manufacturing system in the world, significantly improving Tesla's production capabilities and cost position.**  **[TSLA_3370762_5]**
- **Tesla's Optimus humanoid robot project has the potential to far exceed the value of everything else at Tesla combined. The advanced AI technologies developed for Tesla vehicles translate well to humanoid robots, and Tesla is arguably already the biggest robot maker in the world.**  **[TSLA_3370762_11]**

dbdd660db0fee8bec24825adccb86bf0a2ae2aa7886721e0be900103da53d9c5

- **Tesla is approaching the limits of cost reductions on their current platforms**, which may hinder future margin improvements. Vaibhav Taneja stated, "*with our current platform, we are getting to a place wherein there is -- there are limitations.*"  **[TSLA_3370762_16]**
- **Cost increases due to hourly wage hikes and diminishing benefits from raw material cost reductions** may negatively impact margins. Analysts noted that **raw material cost benefits are almost played out**, and wage increases will add to costs.  **[TSLA_3370762_29]**
- **Affordability remains a significant barrier for potential customers**, and if **interest rates don't come down quickly, margins won't be that good**, according to Elon Musk. Many people want to buy a Tesla but "*simply cannot afford it*," impacting demand.  **[TSLA_3370762_9]**

3af48d088c0aa175635158d3b0aafc2b24e823c0a93f26eb4a8342df6fbf1a74

1. **Driverless Teslas Timeline**  
   **Q:** When will driverless Teslas provide paid rides?  
   **A:** Elon Musk stated that Tesla expects to have driverless cars offering paid rides **sometime next year**.  **[TSLA_3403412_23]**  They plan to follow state regulations regarding safety drivers but aim to operate without human supervisors when safety allows.  **[TSLA_3403412_23]** 

2. **Tesla's Relationship with xAI**  
   **Q:** How does xAI benefit Tesla, and are they competing?  
   **A:** Elon Musk explained that xAI has been helpful to Tesla in areas like scaling and training improvements.  **[TSLA_3403412_24]**  While xAI is working on **artificial general intelligence**, Tesla focuses on **real-world AI** for autonomous cars and robots.  **[TSLA_3403412_24]**  The two companies tackle different problems and are **not in competition**; they occasionally collaborate but generally address separate issues.  **[TSLA_3403412_24]** 

3. **Utilizing Additional Compute Power**  
   **Q:** Are you using more compute for larger models or improving current ones?  
   **A:** Elon Musk noted that Tesla is **not currently compute-constrained**.  **[TSLA_3403412_22]**  Instead of creating larger models like GPT-4, Tesla focuses on heavy training to improve their existing models for real-world AI applications.  **[TSLA_3403412_22]**  They emphasize **efficient inference** in the car due to limited onboard compute power, making up for it with extensive training.  **[TSLA_3403412_22]** 

6a3cd26959ee364f3301f8b224ce7ce69e710d7f076183e0efe0eb696a3f4b4d

1. **2024 Sales Growth**  
   **Q:** Will Tesla's sales grow in 2024?  
   **A:** Elon Musk affirmed that Tesla expects **higher sales this year than last year**, indicating confidence in continued growth despite market challenges.  **[TSLA_3380375_14]** 

2. **FSD Licensing to Other OEMs**  
   **Q:** How is FSD licensing progressing?  
   **A:** Tesla is seeing progress in licensing Full Self-Driving (FSD) technology to other automakers. Elon Musk mentioned there's a **good chance** of signing deals this year, though integration into cars may take around **3 years** due to OEMs' lengthy product cycles.  **[TSLA_3380375_18]** 

3. **Pricing Strategy and Free Cash Flow**  
   **Q:** Can Tesla lower prices and stay cash flow positive?  
   **A:** Elon Musk stated Tesla can meaningfully lower prices while remaining **free cash flow positive**. The focus is on making cars more affordable without sacrificing profitability, ensuring a **great product at a great price** accessible to more people.  **[TSLA_3380375_19]** 

4. **Operating Expenses and Headcount Reduction**  
   **Q:** What are the impacts of headcount reductions?  
   **A:** Tesla underwent company-wide headcount reductions to eliminate redundancies and inefficiencies, positioning for the next phase of growth. Management emphasized that they are **not giving up any significant activities** and expect to be stronger and more resilient moving forward.  **[TSLA_3380375_17]** 

5. **4680 Battery Cell Production**  
   **Q:** What's the status of the 4680 cell ramp?  
   **A:** Progress is being made on 4680 cells, with expectations to **exceed supplier competitiveness by the end of the year**. The ramp is aligned with Cybertruck production, and internal cell production serves as a **hedge against supplier cost fluctuations**.  **[TSLA_3380375_23]** 

6. **Elon Musk's Commitment**  
   **Q:** Will Elon Musk lessen his involvement with Tesla?  
   **A:** Elon Musk affirmed that Tesla constitutes the **majority of his work time** and he works nearly **every day**. He intends to ensure Tesla's prosperity and does not expect to lessen his involvement over the next **three years**.  **[TSLA_3380375_13]** 

7. **Competition and Autonomy**  
   **Q:** How quickly can Chinese competitors copy Tesla's advancements?  
   **A:** Elon Musk expressed that Tesla is **doing better than competitors in China**, emphasizing that Tesla should be viewed as an **AI or robotics company**, not just an automaker. He stated that if someone doesn't believe Tesla will solve autonomy, they **shouldn't invest** in the company.  **[TSLA_3380375_15]** 

8. **Expansion of FSD to New Markets**  
   **Q:** When will FSD launch in new geographies?  
   **A:** Tesla plans to release FSD as a supervised autonomy system in any market where regulatory approval is granted, including **China**. The end-to-end neural network approach allows FSD to work well with minimal modifications in different countries.  **[TSLA_3380375_20]** 

9. **Utilizing Idle Compute Power**  
   **Q:** How will Tesla use idle compute power in cars?  
   **A:** Tesla aims to utilize the idle compute capacity in its vehicles for distributed computing tasks, potentially offering significant computing power when cars are not in use. This approach is likened to **Amazon Web Services** leveraging excess capacity.  **[TSLA_3380375_22]** 

10. **Transferable Cost Reductions**  
    **Q:** Are cost reductions transferable to new products?  
    **A:** Tesla's advancements in powertrains, batteries, and manufacturing are transferable to new vehicles. The engineering work on subsystems can be utilized to optimize both current and future products, maximizing **cost savings and efficiency**.  **[TSLA_3380375_24]** 

11. **Battery Cell Sales to Other Automakers**  
    **Q:** Will Tesla sell 4680 cells to other automakers?  
    **A:** Elon Musk noted that orders for batteries from other automakers have **declined dramatically**, leading to excess capacity among suppliers. Tesla focuses on understanding the upstream supply chain to reduce overall costs but did not indicate plans to sell cells to competitors.  **[TSLA_3380375_25]** 

12. **Q1 Delivery Constraints**  
    **Q:** Did supply constraints impact Q1 deliveries?  
    **A:** Management acknowledged that various factors impacted Q1 results, including seasonality, macroeconomic pressures, factory attacks, and ramping of new models like the Cybertruck and updated Model 3. They expressed confidence that these issues will **not recur**, expecting a **better Q2**.  **[TSLA_3380375_21]** 

13. **Distributed Inference Approach**  
    **Q:** What is Tesla unlocking with distributed inference?  
    **A:** Tesla's distributed inference approach aims to fully utilize the computing power in cars when not driving, potentially solving scientific problems or other compute-intensive tasks. This leverages the cars' capabilities and Tesla's control over the systems.  **[TSLA_3380375_22]** 

14. **Farewell to Martin Viecha**  
    **Q:** What's the announcement about Martin Viecha?  
    **A:** Martin Viecha announced he is stepping down from Investor Relations after **seven years**, expressing gratitude for his time at Tesla. Elon Musk thanked him for his contributions, acknowledging that his analysis of Tesla was the **best he'd seen**.  **[TSLA_3380375_26]** 

80c2041498d532b7e4660d5a89c672f43ede5f7539917eec1ed447a014f63ebd

Tesla Inc (TSLA)

Financials