tsla-20240331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________

Commission File Number: 001-34756

Tesla, Inc.

(Exact name of registrant as specified in its charter)


Delaware						91-2197729
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


1 Tesla Road Austin, Texas						78725
(Address of principal executive offices)						(Zip Code)

(512) 516-8177

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock	TSLA	The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (“Exchange Act”) during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of April 18, 2024, there were 3,189,196,167 shares of the registrant’s common stock outstanding.

TESLA, INC.

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2024

INDEX


		Page
PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements	4
	Consolidated Balance Sheets	4
	Consolidated Statements of Operations	5
	Consolidated Statements of Comprehensive Income	6
	Consolidated Statements of Redeemable Noncontrolling Interests and Equity	7
	Consolidated Statements of Cash Flows	8
	Notes to Consolidated Financial Statements	9
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	25
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	33
Item 4.	Controls and Procedures	33

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	34
Item 1A.	Risk Factors	34
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	34
Item 3.	Defaults Upon Senior Securities	34
Item 4.	Mine Safety Disclosures	34
Item 5.	Other Information	34
Item 6.	Exhibits	35

Signatures		36

Table of Contents

Forward-Looking Statements

The discussions in this Quarterly Report on Form 10-Q contain forward-looking statements reflecting our current expectations that involve risks and uncertainties. These forward-looking statements include, but are not limited to, statements concerning supply chain constraints, our strategy, competition, future operations and production capacity, future financial position, future revenues, projected costs, profitability, expected cost reductions, capital adequacy, expectations regarding demand and acceptance for our technologies, growth opportunities and trends in the markets in which we operate, prospects and plans and objectives of management. The words “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that we make. These forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those in the forward-looking statements, including, without limitation, the risks set forth in Part I, Item 1A, “Risk Factors” of the Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and that are otherwise described or updated from time to time in our other filings with the Securities and Exchange Commission (the “SEC”). The discussion of such risks is not an indication that any such risks have occurred at the time of this filing. We do not assume any obligation to update any forward-looking statements.

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Tesla, Inc.

Consolidated Balance Sheets

(in millions, except per share data)

(unaudited)


	March 31, 2024		December 31, 2023
Assets
Current assets
Cash and cash equivalents	$	11,805	$	16,398
Short-term investments	15,058		12,696
Accounts receivable, net	3,887		3,508
Inventory	16,033		13,626
Prepaid expenses and other current assets	3,752		3,388
Total current assets	50,535		49,616
Operating lease vehicles, net	5,736		5,989
Solar energy systems, net	5,162		5,229
Property, plant and equipment, net	31,436		29,725
Operating lease right-of-use assets	4,367		4,180
Digital assets, net	184		184
Intangible assets, net	171		178
Goodwill	250		253
Deferred tax assets	6,769		6,733
Other non-current assets	4,616		4,531
Total assets	$	109,226	$	106,618
Liabilities
Current liabilities
Accounts payable	$	14,725	$	14,431
Accrued liabilities and other	9,243		9,080
Deferred revenue	3,024		2,864
Current portion of debt and finance leases	2,461		2,373
Total current liabilities	29,453		28,748
Debt and finance leases, net of current portion	2,899		2,857
Deferred revenue, net of current portion	3,214		3,251
Other long-term liabilities	8,480		8,153
Total liabilities	44,046		43,009
Commitments and contingencies (Note 10)
Redeemable noncontrolling interests in subsidiaries	73		242
Equity
Stockholders’ equity
Preferred stock; $0.001 par value; 100 shares authorized; no shares issued and outstanding	—		—
Common stock; $0.001 par value; 6,000 shares authorized; 3,189 and 3,185 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	3		3
Additional paid-in capital	35,763		34,892
Accumulated other comprehensive loss	(399)		(143)
Retained earnings	29,011		27,882
Total stockholders’ equity	64,378		62,634
Noncontrolling interests in subsidiaries	729		733
Total liabilities and equity	$	109,226	$	106,618

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

Tesla, Inc.

Consolidated Statements of Operations

(in millions, except per share data)

(unaudited)


	Three Months Ended March 31,
	2024		2023
Revenues
Automotive sales	$	16,460	$	18,878
Automotive regulatory credits	442		521
Automotive leasing	476		564
Total automotive revenues	17,378		19,963
Energy generation and storage	1,635		1,529
Services and other	2,288		1,837
Total revenues	21,301		23,329
Cost of revenues
Automotive sales	13,897		15,422
Automotive leasing	269		333
Total automotive cost of revenues	14,166		15,755
Energy generation and storage	1,232		1,361
Services and other	2,207		1,702
Total cost of revenues	17,605		18,818
Gross profit	3,696		4,511
Operating expenses
Research and development	1,151		771
Selling, general and administrative	1,374		1,076
Total operating expenses	2,525		1,847
Income from operations	1,171		2,664
Interest income	350		213
Interest expense	(76)		(29)
Other income (expense), net	108		(48)
Income before income taxes	1,553		2,800
Provision for income taxes	409		261
Net income	1,144		2,539
Net income attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries	15		26
Net income attributable to common stockholders	$	1,129	$	2,513

Net income per share of common stock attributable to common stockholders
Basic	$	0.37	$	0.80
Diluted	$	0.34	$	0.73
Weighted average shares used in computing net income per share of common stock
Basic	3,186		3,166
Diluted	3,484		3,468

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

Tesla, Inc.

Consolidated Statements of Comprehensive Income

(in millions)

(unaudited)


	Three Months Ended March 31,
	2024		2023
Net income	$	1,144	$	2,539
Other comprehensive (loss) income:
Foreign currency translation adjustment	(252)		130
Unrealized net (loss) gain on investments, net of tax	(4)		6
Comprehensive income	888		2,675
Less: Comprehensive income attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries	15		26
Comprehensive income attributable to common stockholders	$	873	$	2,649

The accompanying notes are an integral part of these consolidated financial statements.

SEC Form 10-Q filed by Tesla Inc.