Tesla Results Presentation Deck
April 2020, 25 slides
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update | Tesla
highlights financial summary operational summary vehicle capacity core technology other highlights outlook photos charts financial statements additional information | Tesla
highlights summary cash operating cash flow less free cash flow negative in of which outflow due to inventory growth net income in the seasonally weak first quarter despite global operational challenges we were able to achieve our best first quarter for both production and deliveries profitability operating income operating margin in although impacted by inefficiencies related to the temporary suspension of production and deliveries in many locations our gross margin remained strong at shanghai further volume growth resulted in a material improvement in margins of locally made model vehicles in addition model contributed profits which is the first time net income non net income in in our history that a new product has been profitable in its first quarter gross margin at shanghai approaching level of us made model model gross margin positive in operations model deliveries began significantly ahead of schedule increased model range to miles with no increase in battery capacity reached production of solar roofs in a single week despite the expiration of various government incentives at the end of last year was pacing to be the quarter of deliveries until our operations were interrupted in march as a result we remain confident in growing global production capacity as quickly as possible we are continuing to significantly invest in our product including improvements in technology as well as localizing production in shanghai and berlin at the same time we are diligently managing working capital reducing non critical spend and driving productivity improvements we believe we are well positioned to manage near term uncertainty while achieving our long term plans | Tesla
unaudited in millions except percentages and per share data automotive revenues of which regulatory credits automotive gross profit automotive gross margin total revenues total gross profit total gross margin operating expenses loss income from operations operating margin adjusted adjusted margin net loss income attributable to common stockholders net loss income attributable to common stockholders non attributable to common stockholders basic attributable to common stockholders basic non net cash used in provided by operating activities capital expenditures free cash flow cash and cash equivalents yoy a a a a | Tesla
financial summary revenue in we reached our highest ever revenue for a seasonally first quarter as our total revenue grew yoy sequentially our revenue was mainly impacted by lower deliveries driven primarily by limitations on our ability to deliver vehicles towards the end of the quarter as expected our average selling price asp declined further as our mix continues to shift from model and model to the more affordable model and model profitability our automotive gross margin of as well as total gross margin of both reached their highest levels in months sequentially gross margin was impacted by improved profitability of shanghai higher regulatory credit revenue lower delivery volume model and solar roof ramp cost and lower volumes of solar and storage cash quarter end cash and cash equivalents increased by to driven mainly by our recent capital raise and offset by negative quarterly free cash flow of sequential inventory growth impacted our operating cash flow negatively by which was primarily attributed to the interruption of our operations at the end of the quarter capital expenditures increased sequentially mainly due to investments in model preparations in and shanghai | Tesla
unaudited a model production model production total production of which subject to lease accounting model deliveries of which subject to lease accounting total deliveries global inventory days of supply solar deployed storage deployed store and service locations mobile service fleet supercharger stations supercharger connectors a our finished vehicle inventory levels increased to days of supply at the end of as we were unable to deliver cars at a normal pace towards the end of the quarter our fast charging supercharger network is currently approaching stations | Tesla
vehicle capacity in early we began production of model in using a combination of new production lines as well as shared capacity with model our simplified and scalable approach to manufacturing is starting to take effect we were able to build more model vehicles in its first quarter of production than in the first two in model production also exceeded the first quarter quarters of model of production of model in shanghai demonstrating continued improvements in program execution additionally we achieved positive gross margin for model in its first production quarter shanghai our shanghai ramp is progressing according to plan due to better than expected progress we believe model will achieve a production rate of have been able to ensure component supply in order to continue operations at the facility in we produced only the standard range plus version of model as part of our planned in we opened the for a long range version as well as for a performance version model model model model shanghai berlin model model model model united states semi roadster production production production construction in development construction in development in development in development is all main sedan competitors illy berlin we recently finished the land preparation phase and are about to break ground on the construction phase of this project based on the current progress we are on track to start the first model deliveries from berlin in crossover competitors i i i i i model market potential us deliveries in the last quarters | Tesla
core technology autopilot full self driving we enabled stop sign and traffic light recognition and braking for our early access program users at the end of and to the public in as we have done with previous releases of major new features drivers will be vehicle among many other security and functionality improvements we launched view footage recorded by autopilot cameras directly on the car screen with the latest update our users can now view their sentry mode videos know right away if the sentry mode recording requires further attention battery the maximum range of both model and model has been extended further even without increasing the size of the battery pack customers consider long range as one of the most important factors when switching from a combustion for model and miles for model we recently introduced the new heat pump system including the being traffic light recognition and braking range extending the range gap | Tesla
other highlights energy business a battery pack of up to that is at as a single unit is gaining traction we have seen an inflection point in interest for utility level storage primarily driven by progress in reducing costs at the moment the demand level for this product remains above our capacity our order book continues to expand due to multiple projects in the pipeline that are far bigger than our battery in south which is still the ion battery solar roof in new york reached a significant milestone in a single week solar roof production exceeded enough for up to homes we will continue | Tesla
outlook introduction volume cash flow profit product is difficult to predict how quickly vehicle manufacturing and its global supply chain will return to prior levels due to it the wide range of potential outcomes near term guidance of net income and free cash flow would likely be inaccurate we will again revisit our guidance in our update we have the capacity to exceed vehicle deliveries this year despite announced production interruptions for our us factories it remains uncertain how quickly we and our suppliers will be able to ramp production after resuming operations we are closely with each supplier and associated government while near term cash flow guidance is currently on hold we are continuing to significantly invest in our product and long term capacity expansion plans as we have sufficient liquidity model production lines in shanghai and berlin remain our most important near term projects while near term profit guidance is currently on hold we believe we will achieve industry leading operating margins and profitability with capacity expansion and localization plans underway we expect that production of both model in and model in shanghai will continue to ramp gradually through we are continuing to build capacity for model at berlin and shanghai and remain on track to start deliveries from both locations in lastly we are shifting our first semi deliveries to | Tesla
photos charts | Tesla
shanghai future model factory | Tesla
shanghai battery module pack factory | Tesla
shanghai battery module pack production line | Tesla
simplification of vehicle structure and manufacturing model rear underbody pieces of metal model rear underbody pieces of metal eventually a single piece | Tesla
simplification of vehicle structure and manufacturing model rear underbody pieces of metal model rear underbody pieces of metal eventually a single piece | Tesla
key metrics quarterly vehicle deliveries units operating cash flow free cash flow a net income | Tesla
key metrics trailing months a a i a a a a a i a vehicle deliveries units operating cash flow free cash flow net income | Tesla
financial statements | Tesla
statement of operations unaudited | Tesla
balance sheet unaudited | Tesla
unaudited | Tesla
reconciliation of to non financial unaudited information adjusted margin non | Tesla
additional information | Tesla
| Tesla
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