Q4 and FY 2025 Update 1 Exhibit 99.1
Highlights 03 Financial Summary 04 Operational Summary 06 Manufacturing & Hardware 08 Supporting Infrastructure 09 AI & Software 10 Services 11 Other Updates 12 Outlook 13 Photos & Charts 14 Key Metrics 24 Financial Statements 27 Additional Information 34 2
S U M M A R YH I G H L I G H T S (1) Excludes SBC (stock-based compensation) & Digital assets gains and losses, net of tax; (2) Free cash flow = operating cash flow less capex; (3) Includes cash, cash equivalents and investments; (4)Active driver supervision required; does not make the vehicle autonomous; Note: all information herein refers to the current quarter unless otherwise noted. Profitability $4.4B GAAP operating income in 2025; $1.4B in Q4 $3.8B GAAP net income in 2025; $0.8B in Q4 $5.9B non-GAAP net income1 in 2025; $1.8B in Q4 2025 marked a critical year for Tesla as we further expanded our mission and continued our transition from a hardware-centric business to a physical AI company. We laid the foundation for the future of Tesla as we further advanced FSD (Supervised)4, launched our Robotaxi service, began installing production lines for Cybercab and fine-tuned our production-primed Optimus design while expanding our AI training infrastructure. Our approach to autonomous vehicles and humanoid robots mirrors the way we approached electric vehicles and energy storage – at the system level where we identify the limiting factor and develop bespoke and scalable solutions (batteries, power electronics, inverters, software, AI silicon, etc.) to optimize for cost, functionality, efficiency and safety. Our vertical integration has enabled us to achieve economies of scale in a profitable manner, quickly troubleshoot bottlenecks in production and iteratively optimize our technologies more rapidly than others. In 2025, we completed the refresh of our vehicle lineup with the launch of the new Model Y, including additional variants. We believe that maintaining an optimized and efficient product portfolio, with a continued focus on high-value features such as long range, best-in-class software and autonomy, is the correct strategy to win the autos market of the future. Similarly, we continued to evolve our energy offerings for commercial, utility and retail customers, as we position ourselves as a supplier of choice for clean, affordable and rapidly deployable energy capacity ahead of expected sustained demand growth for electricity. In 2026, we will further invest in the infrastructure needed to support clean energy and transport and autonomous robots, including the ramp of six new production lines across vehicle, robots, energy storage and battery manufacturing, while further leveraging our existing factory, charging and service center footprint to support future growth. Cash Operating cash flow of $14.7B in 2025; $3.8B in Q4 Free cash flow2 of $6.2B in 2025; $1.4B in Q4 $7.5B increase in our cash and investments3 in 2025 to $44.1B Operations Began removing safety monitor from our Robotaxis in Austin in January Record Q4 & FY’25 energy storage deployments Record vehicle deliveries in APAC 3
F I N A N C I A L S U M M A R Y (Unaudited) ($ in millions, except percentages and per share data) Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 YoY Total automotive revenues 19,798 13,967 16,661 21,205 17,693 -11% Energy generation and storage revenue 3,061 2,730 2,789 3,415 3,837 25% Services and other revenue 2,848 2,638 3,046 3,475 3,371 18% Total revenues 25,707 19,335 22,496 28,095 24,901 -3% Total gross profit 4,179 3,153 3,878 5,054 5,009 20% Total GAAP gross margin 16.3% 16.3% 17.2% 18.0% 20.1% 386 bp Operating expenses 2,596 2,754 2,955 3,430 3,600 39% Income from operations 1,583 399 923 1,624 1,409 -11% Operating margin 6.2% 2.1% 4.1% 5.8% 5.7% -50 bp Adjusted EBITDA (1) (2) 4,333 2,814 3,401 4,227 4,154 -4% Adjusted EBITDA margin (1) (2) 16.9% 14.6% 15.1% 15.0% 16.7% -17 bp Net income attributable to common stockholders (GAAP) (1) 2,128 409 1,172 1,373 840 -61% Net income attributable to common stockholders (non-GAAP) (1) (3) 2,107 934 1,393 1,770 1,761 -16% EPS attributable to common stockholders, diluted (GAAP) (1) 0.60 0.12 0.33 0.39 0.24 -60% EPS attributable to common stockholders, diluted (non-GAAP) (1) (3) 0.60 0.27 0.40 0.50 0.50 -17% Net cash provided by operating activities 4,814 2,156 2,540 6,238 3,813 -21% Capital expenditures (4) (2,780) (1,492) (2,394) (2,248) (2,393) -14% Free cash flow (4) 2,034 664 146 3,990 1,420 -30% Cash, cash equivalents and investments 36,563 36,996 36,782 41,647 44,059 21% 4 (1) As a result of the adoption of the new crypto assets standard, the previously reported quarterly periods in 2024 have been recast. (2) Beginning in Q1'25, Adjusted EBITDA (non-GAAP) is presented net of digital assets gains and losses and all prior periods have been adjusted. (3) Beginning in Q1'25, Net income attributable to common stockholders (non-GAAP) is presented net of digital assets gains and losses and all prior periods have been adjusted. (4) Beginning in Q1'25, Capital expenditures is presented inclusive of purchases of energy generation and storage systems and all prior periods have been adjusted.
F I N A N C I A L S U M M A R Y (Unaudited) ($ in millions, except percentages and per share data) 2021 2022 2023 2024 2025 YoY Total automotive revenues 47,232 71,462 82,419 77,070 69,526 -10% Energy generation and storage revenue 2,789 3,909 6,035 10,086 12,771 27% Services and other revenue 3,802 6,091 8,319 10,534 12,530 19% Total revenues 53,823 81,462 96,773 97,690 94,827 -3% Total gross profit 13,606 20,853 17,660 17,450 17,094 -2% Total GAAP gross margin 25.3% 25.6% 18.2% 17.9% 18.0% 16 bp Operating expenses 7,083 7,197 8,769 10,374 12,739 23% Income from operations 6,523 13,656 8,891 7,076 4,355 -38% Operating margin 12.1% 16.8% 9.2% 7.2% 4.6% -265 bp Adjusted EBITDA (1) 11,722 19,390 16,631 16,056 14,596 -9% Adjusted EBITDA margin (1) 21.8% 23.8% 17.2% 16.4% 15.4% -104 bp Net income attributable to common stockholders (GAAP) 5,519 12,556 14,997 7,091 3,794 -46% Net income attributable to common stockholders (non-GAAP) (2) 7,719 14,276 10,882 7,960 5,858 -26% EPS attributable to common stockholders, diluted (GAAP) 1.63 3.62 4.30 2.04 1.08 -47% EPS attributable to common stockholders, diluted (non-GAAP) (2) 2.28 4.12 3.12 2.29 1.66 -28% Net cash provided by operating activities 11,497 14,724 13,256 14,923 14,747 -1% Capital expenditures (3) (6,514) (7,163) (8,899) (11,342) (8,527) -25% Free cash flow (3) 4,983 7,561 4,357 3,581 6,220 74% Cash, cash equivalents and investments 17,707 22,185 29,094 36,563 44,059 21% 5 (1) Beginning in Q1'25, Adjusted EBITDA (non-GAAP) is presented net of digital assets gains and losses and all prior periods have been adjusted. (2) Beginning in Q1'25, Net income attributable to common stockholders (non-GAAP) is presented net of digital assets gains and losses and all prior periods have been adjusted. (3) Beginning in Q1'25, Capital expenditures is presented inclusive of purchases of energy generation and storage systems and all prior periods have been adjusted.
Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 YoY Model 3/Y production 436,718 345,454 396,835 435,826 422,652 -3% Other models production 22,727 17,161 13,409 11,624 11,706 -48% Total production 459,445 362,615 410,244 447,450 434,358 -5% Model 3/Y deliveries 471,930 323,800 373,728 481,166 406,585 -14% Other models deliveries 23,640 12,881 10,394 15,933 11,642 -51% Total deliveries 495,570 336,681 384,122 497,099 418,227 -16% of which subject to operating lease accounting 26,962 13,721 6,670 10,230 10,996 -59% Cumulative deliveries(1) (all-time; mil) 7.3 7.6 8.0 8.5 8.9 22% Active FSD Subscriptions(2) (mil) 0.8 0.8 0.9 1.0 1.1 38% Total end of quarter operating lease (new vehicle) count(3) 180,523 179,930 172,882 167,163 163,075 -10% Global vehicle inventory (days of supply)(4) 12 22 24 10 15 25% Storage deployed (GWh) 11.0 10.4 9.6 12.5 14.2 29% Tesla locations 1,359 1,390 1,454 1,498 1,553 14% Supercharger stations 6,975 7,131 7,377 7,753 8,182 17% Supercharger connectors 65,495 67,316 70,228 73,817 77,682 19% O P E R A T I O N A L S U M M A R Y (Unaudited) 6 (1) In accordance with our 2025 CEO Performance Award, metric includes all new Tesla vehicles delivered to customers plus any unsupervised Robotaxis placed into commercial operation. For further detail see our 2025 Proxy Statement. (2) In accordance with our 2025 CEO Performance Award, metric includes both up-front payment and monthly subscriptions and excludes free trials. For further detail see our 2025 Proxy Statement. (3) Beginning in Q4’25, end of quarter operating lease count pertains only to new vehicles. Q3’25 has been adjusted to exclude used vehicles. (4) Days of supply is calculated by dividing new vehicle ending inventory by the relevant quarter’s deliveries and using 75 trading days (aligned with Automotive News definition).
2021 2022 2023 2024 2025 YoY Model 3/Y production 906,032 1,298,434 1,775,159 1,679,338 1,600,767 -5% Other models production 24,390 71,177 70,826 94,105 53,900 -43% Total production 930,422 1,369,611 1,845,985 1,773,443 1,654,667 -7% Model 3/Y deliveries 911,242 1,247,146 1,739,707 1,704,093 1,585,279 -7% Other models deliveries 24,980 66,705 68,874 85,133 50,850 -40% Total deliveries 936,222 1,313,851 1,808,581 1,789,226 1,636,129 -9% of which subject to operating lease accounting 60,912 47,582 72,226 60,003 41,617 -31% Cumulative deliveries(1) (all-time; mil) 2.3 3.7 5.5 7.3 8.9 22% Active FSD Subscriptions(2) (mil) 0.4 0.5 0.6 0.8 1.1 38% Total end of year operating lease (new vehicle) count 120,342 140,667 176,564 180,523 163,075 -10% Global vehicle inventory (days of supply)(3) 6 16 16 13 15 15% Storage deployed (GWh) 4.0 6.5 14.7 31.4 46.7 49% Tesla locations 644 963 1,208 1,359 1,553 14% Supercharger stations 3,476 4,678 5,952 6,975 8,182 17% Supercharger connectors 31,498 42,419 54,892 65,495 77,682 19% O P E R A T I O N A L S U M M A R Y (Unaudited) 7 (1) In accordance with our 2025 CEO Performance Award, metric includes all new Tesla vehicles delivered to customers plus any unsupervised Robotaxis placed into commercial operation. For further detail see our 2025 Proxy Statement. (2) In accordance with our 2025 CEO Performance Award, metric includes both up-front payment and monthly subscriptions and excludes free trials. For further detail see our 2025 Proxy Statement. (3) Days of supply is calculated by dividing new vehicle ending inventory by the relevant year’s deliveries and using 300 trading days (aligned with Automotive News definition).
M A N U F A C T U R I N G & H A R D W A R E Installed Annual Manufacturing Capacity Region Product Capacity Status Automotive California Model 3 / Model Y >550,000 Production Model S / Model X 100,000 Production Shanghai Model 3 / Model Y >950,000 Production Berlin Model Y >375,000 Production Texas Model Y >250,000 Production Cybertruck >125,000 Production Cybercab - Tooling Nevada Tesla Semi - Tooling TBD Roadster - Design development Energy Generation and Storage California Megapack 40 GWh Production Nevada Powerwall >6 GWh Production Shanghai Megapack 40 GWh Production Texas Megapack - Construction Robotics California Optimus - Construction Installed capacity ≠ current production rate and there may be limitations discovered as production rates 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. Construction includes factory and infrastructure buildout as well as tool installation. Automotive While automotive sales declined sequentially, gross margin (even when excluding the impact of regulatory credits) improved. The APAC region continued to show strength across multiple markets and set a record for deliveries in the quarter. We continued the rollout of Model Y variants across markets in Q4, including the standard and performance versions. Preparations continue in North America for the production ramps of Tesla Semi and Cybercab, both commencing 1H26, and production of the next-generation Roadster. Energy generation and storage We achieved our highest quarterly energy storage deployments, driven by record Megapack deployments. Total gross profit rose, both sequentially and year-over-year, to a record $1.1 billion, marking the fifth consecutive record quarter. We plan to begin Megapack 3 and Megablock production at Megafactory Houston in 2026. In 2025, our global Powerwall network supported more than 89,000 Virtual Power Plant events across over 1 million installed units, allowing homeowners to save over $1 billion in electricity bills as Virtual Power Plant participation continues to scale rapidly. Robotics We made further progress on the Optimus program in 2025. In Q1 of this year, we plan to unveil the Gen 3 version of Optimus, which will include major upgrades from version 2.5, including our latest hand design. The Gen 3 is our first design meant for mass production. Preparations are underway for the first production line, including supply chain readiness, with start of production planned before the end of 2026 and eventual planned capacity of 1 million robots per year. 8
S U P P O R T I N G I N F R A S T R U C T U R E Installed Annual Capacity Region Product Capacity Status AI Training Compute Texas Cortex 1 >100k H100e Production Cortex 2 - Construction Battery Manufacturing Nevada LFP 7 GWh Early Ramp Texas 4680 40 GWh Production Cathode Materials 10 GWh Early Ramp Lithium Refining 30 GWh Early Ramp Installed capacity ≠ current production rate and there may be limitations discovered as production rates 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. Construction includes factory and infrastructure buildout as well as tool installation. AI Training Compute We are currently building Cortex 2 at Gigafactory Texas to further increase our AI training compute capacity. In the first half of 2026, we plan to more than double the size of onsite compute in Texas (in terms of H100 equivalents). We aim to maximize capital efficiency by scaling training compute judiciously, including when the training backlog gets too long or in anticipation of greater demand from our engineers to support our AI-related offerings. Battery Our lithium refinery commenced pilot production and is the first spodumene to lithium hydroxide refinery in North America, leveraging a simpler, cheaper and more environmentally friendly process. This refinery enables us to domestically produce critical minerals in support of energy storage, battery manufacturing and ultimately for EV growth. We have begun to produce battery packs for certain Model Ys with our 4680 cells, unlocking an additional vector of supply to help navigate increasingly complex supply chain challenges caused by trade barriers and tariff risks. We now produce dry-electrode for 4680 cells with both anode and cathode made in Austin. We expect both domestic cathode material in Texas and LFP lines in Nevada to begin production in 2026. Other Supporting Infrastructure We continue to efficiently utilize our existing physical footprint in North America, with targeted augmentation to support the rollout of Robotaxi. While in the short-term, operational workstreams such as charging, cleaning and maintenance can be managed through our existing charging network, service centers and sales and delivery locations, we will have to add more capacity as the service expands. We added over 3,800 net new Supercharging stalls, growing the network 19% year-over-year. 9 Tesla AI Training Capacity Ramp (H100 equivalent GPUs) 0 50,000 100,000 150,000 200,000 250,000 300,000 Existing Capacity Future Planned Capacity
Targeting Step-Function Improvement for our Next-Generation Inference Chip, AI5 A I & S O F T W A R E Cumulative Miles Driven with FSD (Supervised)1 (billions) AI Software We continue to enhance FSD (Supervised)1 via our end-to-end foundation model trained on both customer and Robotaxi real-world data with our latest version, v14. FSD (Supervised)1 increasingly provides safety and convenience functionality that can relieve drivers of many tedious and potentially dangerous aspects of road travel, including giving access to personal transport for those who otherwise have difficulty driving. V14 offers unparalleled driver assistance to safely drive to the customer’s destination, find a free parking spot and park at that location. Our global fleet can collect the equivalent of over 500 years of continuous driving data per day2, allowing us to safely deploy and scale capabilities that can handle the long and fat tail of corner cases across diverse geographies and driving environments. AI Inference Compute Development of our in-house, custom designed AI5 and AI6 inference chips for autonomy progressed during the quarter, with production planned for 2027 and 2028, respectively. We are targeting a 50x improvement in performance for AI5 relative to AI4 thanks to 10x raw compute, 9x memory capacity and 5x hardened block quantization and softmax function (the latter enabling efficient low-precision computing without sacrificing model accuracy). Automotive and Other Software The Robotaxi iOS app no longer has a waitlist in the areas we serve. Our vehicles keep getting better with our over-the-air updates, including: Grok (an AI companion) which now supports navigation commands (allowing users to find, add and edit navigation destinations hands-free); Tesla Photobooth which enables users to take photos in their car and download or share via the Tesla mobile app; Supercharger Site Maps which displays Supercharger layouts, nearby businesses and live availability details; Automatic HOV Lane Routing based on interior camera occupancy detection; Phone Left Behind Chime and SpaceX ISS Docking Simulator Game. 10 (1) Active driver supervision required; does not make the vehicle autonomous (2) Calculated based on continuous hours of driving at an average of 30 miles per hour 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 FSD Miles on V12 and Beyond FSD Miles on V11 and Before
S E R V I C E S Planned Robotaxi Coverage Cumulative Paid Robotaxi Miles 11 State Metro Status California SF Bay Area Safety Driver Texas Austin Ramping Unsupervised Dallas 1H 2026 Houston 1H 2026 Arizona Phoenix 1H 2026 Florida Miami 1H 2026 Orlando 1H 2026 Tampa 1H 2026 Nevada Las Vegas 1H 2026 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 (1) Active driver supervision required; does not make the vehicle autonomous. Robotaxi We began testing driverless Robotaxis in Austin in December and began removing the safety monitor from customer rides in January on a limited basis, which will unlock further expansion of our Robotaxi fleet and coverage area in the Austin-metro. Our Bay Area ride-hailing service began serving the San Jose Airport in October, with plans to expand to other major airports in the Bay Area upon receiving required permitting. FSD (Supervised)1 We launched FSD (Supervised)1 in South Korea, where customers drove over 1 million kilometers using the software in just one month. While we continue to pursue regulatory approval in China and Europe, we began offering ride-along experiences to consumers in Italy, Germany, France and Switzerland. Monthly subscriptions to FSD (Supervised)1 continued to grow sequentially and more than doubled in 2025. Starting this quarter, we are transitioning access to FSD (Supervised)1 to monthly subscriptions only as we begin to sunset the up-front payment option. Automotive Services Services and Other gross profit of approximately $300 million was partly driven by Part Sales and Supercharging. We now offer Tesla Insurance in Florida, as we continue to expand our insurance product to new states. In certain states, customers receive a discount on their insurance premiums when using FSD (Supervised)1. The more you drive with FSD (Supervised)1 enabled, the bigger the discount is on your insurance premium – helping, in certain cases, to completely offset the monthly subscription cost for FSD (Supervised)1.
O T H E R U P D A T E S On January 16, 2026, Tesla entered into an agreement to invest approximately $2 billion to acquire shares of Series E Preferred Stock of xAI as part of their recent publicly-disclosed financing round. Tesla’s investment was made on market terms consistent with those previously agreed to by other investors in the financing round. As set forth in Master Plan Part IV, Tesla is building products and services that bring AI into the physical world. Meanwhile, xAI is developing leading digital AI products and services, such as its large language model (Grok). In that context, and as part of Tesla’s broader strategy under Master Plan Part IV, Tesla and xAI also entered into a framework agreement in connection with the investment. Among other things, the framework agreement builds upon the existing relationship between Tesla and xAI by providing a framework for evaluating potential AI collaborations between the companies. Together, the investment and the related framework agreement are intended to enhance Tesla’s ability to develop and deploy AI products and services into the physical world at scale. This investment is subject to customary regulatory conditions with the expectation to close in Q1'2026. 12
O U T L O O K Volume We are focused on maximum capacity utilization at our factories. Deliveries and deployments will be impacted by aggregate demand for our products, supply chain readiness and allocation decisions between sale to customers or use for our owned and operated fleet. Cash We will manage the businesses such that we ensure a strong balance sheet, maintaining sufficient liquidity to fund our product roadmap, long-term capacity expansion plans – including further vertical integration – and other expenses. Profit While we continue to execute on innovations to reduce the cost of manufacturing and operations, over time, we expect our hardware- related profits to be accompanied by an acceleration of AI, software and fleet-based profits. Product We continue to evolve and augment our product lineup with a focus on cost, scale and future monetization opportunities via services powered by our AI software. We remain focused on growing our sales volumes through a differentiated and efficiently managed product portfolio, which includes leveraging and optimizing our existing production capacity before building new factories and production lines. Cybercab, Tesla Semi and Megapack 3 are on schedule for volume production starting in 2026. First generation production lines for Optimus are being installed in anticipation of volume production. 13
P H O T O S & C H A R T S
M O D E L Y – 2 0 2 5 B E S T I N C L A S S E U R O N C A P (1) S M A L L S U V 15 (1) EURO NCAP: European New Car Assessment Programme .
M O D E L 3 – 2 0 2 5 B E S T I N C L A S S E U R O N C A P (1) L A R G E F A M I L Y C A R 16 (1) EURO NCAP: European New Car Assessment Programme
F S D ( S U P E R V I S E D ) 1 – V 1 4 O F F E R S U N P A R A L L E L E D D R I V E R A S S I S T A N C E 17 (1) Active driver supervision required; does not make the vehicle autonomous.
D R I V E R L E S S R O B O T A X I – T E S T I N G I N A U S T I N 18
C Y B E R C A B – C O L D W E A T H E R T E S T I N G I N A L A S K A 19
T E S L A S E M I – P R O D U C T I O N B E G I N N I N G I N 2 0 2 6 20
T E S L A S E M I – M E G A C H A R G E R N E T W O R K P L A N N E D S I T E S F O R 2 0 2 6 21
G I G A F A C T O R Y S H A N G H A I – 9 M I L L I O N T H V E H I C L E P R O D U C E D ( G L O B A L L Y ) 22
G I G A F A C T O R Y N E V A D A – 6 M I L L I O N T H D R I V E U N I T P R O D U C E D 23
Vehicle Deliveries (millions of units) K E Y M E T R I C S Q U A R T E R L Y (Unaudited) Operating Cash Flow ($B) Free Cash Flow ($B) (1) Net Income ($B) (2) Adjusted EBITDA ($B) (2) (3) 24 (1) Beginning in Q1'25, Capital expenditures is presented inclusive of purchases of energy generation and storage systems and all prior periods have been adjusted. (2) As a result of the adoption of the new crypto assets standard, the previously reported quarterly periods in 2024 have been recast. (3) Beginning in Q1'25, Adjusted EBITDA (non-GAAP) is presented net of digital assets gains and losses and all prior periods have been adjusted. 0.0 0.1 0.2 0.3 0.4 0.5 1Q -2 02 3 2Q -2 02 3 3Q -2 02 3 4Q -2 02 3 1Q -2 02 4 2Q -2 02 4 3Q -2 02 4 4Q -2 02 4 1Q -2 02 5 2Q -2 02 5 3Q -2 02 5 4Q -2 02 5 -3 -2 -1 0 1 2 3 4 5 6 7 1Q -2 02 3 2Q -2 02 3 3Q -2 02 3 4Q -2 02 3 1Q -2 02 4 2Q -2 02 4 3Q -2 02 4 4Q -2 02 4 1Q -2 02 5 2Q -2 02 5 3Q -2 02 5 4Q -2 02 5 0 1 2 3 4 5 6 7 8 1Q -2 02 3 2Q -2 02 3 3Q -2 02 3 4Q -2 02 3 1Q -2 02 4 2Q -2 02 4 3Q -2 02 4 4Q -2 02 4 1Q -2 02 5 2Q -2 02 5 3Q -2 02 5 4Q -2 02 5
Operating Cash Flow ($B) Free Cash Flow ($B) (1) K E Y M E T R I C S T R A I L I N G 1 2 M O N T H S ( T T M ) (Unaudited) Net Income ($B) (2) Adjusted EBITDA ($B) (2) (3) Vehicle Deliveries (millions of units) 25 (1) Beginning in Q1'25, Capital expenditures is presented inclusive of purchases of energy generation and storage systems and all prior periods have been adjusted. (2) As a result of the adoption of the new crypto assets standard, the previously reported quarterly periods in 2024 have been recast. (3) Beginning in Q1'25, Adjusted EBITDA (non-GAAP) is presented net of digital assets gains and losses and all prior periods have been adjusted. 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 1Q -2 02 3 2Q -2 02 3 3Q -2 02 3 4Q -2 02 3 1Q -2 02 4 2Q -2 02 4 3Q -2 02 4 4Q -2 02 4 1Q -2 02 5 2Q -2 02 5 3Q -2 02 5 4Q -2 02 5 0 2 4 6 8 10 12 14 16 18 1Q -2 02 3 2Q -2 02 3 3Q -2 02 3 4Q -2 02 3 1Q -2 02 4 2Q -2 02 4 3Q -2 02 4 4Q -2 02 4 1Q -2 02 5 2Q -2 02 5 3Q -2 02 5 4Q -2 02 5 0 2 4 6 8 10 12 14 16 18 20 1Q -2 02 3 2Q -2 02 3 3Q -2 02 3 4Q -2 02 3 1Q -2 02 4 2Q -2 02 4 3Q -2 02 4 4Q -2 02 4 1Q -2 02 5 2Q -2 02 5 3Q -2 02 5 4Q -2 02 5
Revenue Total quarterly revenue decreased 3% YoY to $24.9B. YoY, revenue was impacted by the following items(1): - decrease in vehicle deliveries - lower regulatory credit revenue + growth in Energy Generation and Storage + growth in Services and Other + positive FX impact of $0.3B1 + growth in other automotive ancillary sales, partly driven by an increase in FSD subscriptions + higher vehicle average selling price (ASP) (excl. FX impact1), inclusive of mix impact Profitability Our quarterly operating income decreased 11% YoY to $1.4B, resulting in a 5.7% operating margin. YoY, operating income was primarily impacted by the following items(1): - increase in SBC and Restructuring and Other charges - increase in operating expenses (excl. SBC and Restructuring and Other) driven by AI and other R&D projects and SG&A - higher average cost per vehicle due to lower fixed cost absorption for certain models and an increase in tariffs - decrease in vehicle deliveries - lower regulatory credit revenue + higher vehicle average gross profit due to mix and pricing impacts + growth in Energy Generation and Storage gross profit + growth in Services and Other gross profit + growth in other automotive ancillary sales, partly driven by an increase in FSD subscriptions Cash Quarter-end cash, cash equivalents and investments was $44.1B. The sequential increase of $2.4B was primarily the result of positive free cash flow. 26 (1) Impact is calculated on a constant currency basis. Actuals are compared against current results converted into USD using average exchange rates from Q4’24. K E Y M E T R I C S Y E A R – O V E R – Y E A R F I N A N C I A L S U M M A R Y
F I N A N C I A L S T A T E M E N T S
In millions of USD or shares as applicable, except per share data Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 REVENUES Automotive sales 18,659 12,925 15,787 20,359 16,750 Automotive regulatory credits 692 595 439 417 542 Automotive leasing 447 447 435 429 401 Total automotive revenues 19,798 13,967 16,661 21,205 17,693 Energy generation and storage 3,061 2,730 2,789 3,415 3,837 Services and other 2,848 2,638 3,046 3,475 3,371 Total revenues 25,707 19,335 22,496 28,095 24,901 COST OF REVENUES Automotive sales 16,268 11,461 13,567 17,365 13,874 Automotive leasing 242 239 228 225 206 Total automotive cost of revenues 16,510 11,700 13,795 17,590 14,080 Energy generation and storage 2,289 1,945 1,943 2,342 2,739 Services and other 2,729 2,537 2,880 3,109 3,073 Total cost of revenues 21,528 16,182 18,618 23,041 19,892 Gross profit 4,179 3,153 3,878 5,054 5,009 OPERATING EXPENSES Research and development 1,276 1,409 1,589 1,630 1,783 Selling, general and administrative 1,313 1,251 1,366 1,562 1,655 Restructuring and other 7 94 — 238 162 Total operating expenses 2,596 2,754 2,955 3,430 3,600 INCOME FROM OPERATIONS 1,583 399 923 1,624 1,409 Interest income 442 400 392 439 449 Interest expense (96) (91) (86) (76) (85) Other income (expense), net (1) 595 (119) 320 (28) (592) INCOME BEFORE INCOME TAXES (1) 2,524 589 1,549 1,959 1,181 Provision for income taxes (1) 381 169 359 570 325 NET INCOME (1) 2,143 420 1,190 1,389 856 Net income attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries 15 11 18 16 16 NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS (1) 2,128 409 1,172 1,373 840 Less: Buy-out of noncontrolling interest 3 — — — — NET INCOME USED IN COMPUTING NET INCOME PER SHARE OF COMMON STOCK (1) 2,125 409 1,172 1,373 840 Net income per share of common stock attributable to common stockholders Basic (1) $ 0.66 $ 0.13 $ 0.36 $ 0.43 $ 0.26 Diluted (1) $ 0.60 $ 0.12 $ 0.33 $ 0.39 $ 0.24 Weighted average shares used in computing net income per share of common stock Basic 3,213 3,218 3,223 3,227 3,231 Diluted 3,517 3,521 3,519 3,526 3,539 S T A T E M E N T O F O P E R A T I O N S (Unaudited) 28 (1) As a result of the adoption of the new crypto assets standard, the previously reported quarterly periods in 2024 have been recast.
B A L A N C E S H E E T (Unaudited) In millions of USD 31-Dec-24 31-Mar-25 30-Jun-25 30-Sep-25 31-Dec-25 ASSETS Current assets Cash, cash equivalents and investments 36,563 36,996 36,782 41,647 44,059 Accounts receivable, net 4,418 3,782 3,838 4,703 4,576 Inventory 12,017 13,706 14,570 12,276 12,392 Prepaid expenses and other current assets 5,362 4,905 5,943 6,027 7,615 Total current assets 58,360 59,389 61,133 64,653 68,642 Operating lease vehicles, net 5,581 5,477 5,230 5,019 4,912 Energy generation and storage systems, net 4,924 4,855 4,788 4,673 4,604 Property, plant and equipment, net 35,836 37,088 38,574 39,407 40,643 Operating lease right-of-use assets 5,160 5,330 5,633 5,783 6,027 Digital assets (2) 1,076 951 1,235 1,315 1,008 Deferred tax assets (2) 6,524 6,687 6,721 6,637 6,925 Other non-current assets 4,609 5,334 5,253 6,248 5,045 Total assets (2) 122,070 125,111 128,567 133,735 137,806 LIABILITIES AND EQUITY Current liabilities Accounts payable 12,474 13,471 13,212 12,819 13,371 Accrued liabilities and other 10,723 10,802 11,519 12,791 13,279 Deferred revenue 3,168 3,243 3,237 3,756 3,424 Current portion of debt and finance leases (1) 2,456 2,237 2,040 1,924 1,640 Total current liabilities 28,821 29,753 30,008 31,290 31,714 Debt and finance leases, net of current portion (1) 5,757 5,292 5,180 5,778 6,736 Deferred revenue, net of current portion 3,317 3,610 3,764 3,746 3,631 Other long-term liabilities 10,495 11,038 11,543 12,205 12,860 Total liabilities 48,390 49,693 50,495 53,019 54,941 Redeemable noncontrolling interests in subsidiaries 63 62 61 59 58 Total stockholders' equity (2) 72,913 74,653 77,314 79,970 82,137 Noncontrolling interests in subsidiaries 704 703 697 687 670 Total liabilities and equity (2) 122,070 125,111 128,567 133,735 137,806 (1) Breakdown of our debt is as follows: Non-recourse debt 7,871 7,238 6,953 7,458 8,150 Recourse debt 7 6 3 3 3 Days sales outstanding 14 19 15 14 17 Days payable outstanding 58 72 65 52 61 29 (2) As a result of the adoption of the new crypto assets standard, the previously reported quarterly periods in 2024 have been recast.
In millions of USD Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 CASH FLOWS FROM OPERATING ACTIVITIES Net income (1) 2,143 420 1,190 1,389 856 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization and impairment 1,496 1,447 1,433 1,625 1,643 Stock-based compensation 579 573 635 663 954 Deferred income taxes (1) 6 (43) 52 225 (111) Digital assets (gain) loss, net (1) (347) 125 (284) (80) 307 Other (93) 188 187 333 378 Changes in operating assets and liabilities 1030 (554) (673) 2,083 (214) Net cash provided by operating activities 4,814 2,156 2,540 6,238 3,813 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (2) (2,780) (1,492) (2,394) (2,248) (2,393) Purchases of investments (15,158) (6,015) (7,485) (11,402) (12,207) Proceeds from maturities of investments 10,335 5,856 6,935 9,295 8,072 Net cash used in investing activities (7,603) (1,651) (2,944) (4,355) (6,528) CASH FLOWS FROM FINANCING ACTIVITIES Net cash flows from other debt activities (108) (50) (23) 410 963 Net borrowings (repayments) under vehicle and energy product financing 677 (674) (400) 81 (377) Net cash flows from noncontrolling interests – Solar (37) (22) (14) (20) (22) Other 453 414 215 512 146 Net cash provided by (used in) financing activities 985 (332) (222) 983 710 Effect of exchange rate changes on cash and cash equivalents and restricted cash (133) 40 111 (17) 37 Net (decrease) increase in cash and cash equivalents and restricted cash (1,937) 213 (515) 2,849 (1,968) Cash and cash equivalents and restricted cash at beginning of period 18,974 17,037 17,250 16,735 19,584 Cash and cash equivalents and restricted cash at end of period 17,037 17,250 16,735 19,584 17,616 S T A T E M E N T O F C A S H F L O W S (Unaudited) 30 (1) As a result of the adoption of the new crypto assets standard, the previously reported quarterly periods in 2024 have been recast. (2) Beginning in Q1'25, Capital expenditures is presented inclusive of purchases of energy generation and storage systems and all prior periods have been adjusted.
In millions of USD or shares as applicable, except per share data Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 Net income attributable to common stockholders (GAAP) (1) 2,128 409 1,172 1,373 840 Stock-based compensation expense, net of tax 249 428 443 459 682 Digital assets (gain) loss, net of tax (1) (270) 97 (222) (62) 239 Net income attributable to common stockholders (non-GAAP) (1) (2) 2,107 934 1,393 1,770 1,761 Less: Buy-outs of noncontrolling interests 3 — — — — Net income used in computing diluted EPS attributable to common stockholders (non-GAAP) (1) (2) 2,104 934 1,393 1,770 1,761 EPS attributable to common stockholders, diluted (GAAP) (1) 0.60 0.12 0.33 0.39 0.24 Stock-based compensation expense, net of tax, per share 0.08 0.12 0.13 0.13 0.19 Digital assets (gain) loss, net of tax, per share (1) (0.08) 0.03 (0.06) (0.02) 0.07 EPS attributable to common stockholders, diluted (non-GAAP) (1) (2) 0.60 0.27 0.40 0.50 0.50 Shares used in EPS calculation, diluted (GAAP and non-GAAP) 3,517 3,521 3,519 3,526 3,539 Net income attributable to common stockholders (GAAP) (1) 2,128 409 1,172 1,373 840 Interest expense 96 91 86 76 85 Provision for income taxes (1) 381 169 359 570 325 Depreciation, amortization and impairment 1,496 1,447 1,433 1,625 1,643 Stock-based compensation expense 579 573 635 663 954 Digital assets (gain) loss, net (1) (347) 125 (284) (80) 307 Adjusted EBITDA (non-GAAP) (1) (3) 4,333 2,814 3,401 4,227 4,154 Total revenues 25,707 19,335 22,496 28,095 24,901 Adjusted EBITDA margin (non-GAAP) (1) (3) 16.9% 14.6% 15.1% 15.0% 16.7% Automotive gross margin (GAAP) 16.6% 16.2% 17.2% 17.0% 20.4% Less: Total regulatory credit revenue recognized 3.0% 3.7% 2.2% 1.6% 2.5% Automotive gross margin excluding regulatory credit sales (non-GAAP) 13.6% 12.5% 15.0% 15.4% 17.9% R E C O N C I L I A T I O N O F G A A P T O N O N – G A A P F I N A N C I A L I N F O R M A T I O N (Unaudited) 31 (1) As a result of the adoption of the new crypto assets standard, the previously reported quarterly periods in 2024 have been recast. (2) Beginning in Q1'25, Net income attributable to common stockholders (non-GAAP) is presented net of digital assets gains and losses and all prior periods have been adjusted. (3) Beginning in Q1'25, Adjusted EBITDA (non-GAAP) is presented net of digital assets gains and losses and all prior periods have been adjusted.
In millions of USD or shares as applicable, except per share data 2021 2022 2023 2024 2025 Net income attributable to common stockholders (GAAP) 5,519 12,556 14,997 7,091 3,794 Stock-based compensation expense, net of tax 2,121 1,560 1,812 1,328 2,012 Digital assets loss (gain), net of tax 79 160 — (459) 52 Release of valuation allowance on deferred tax assets — — (5,927) — — Net income attributable to common stockholders (non-GAAP) (1) 7,719 14,276 10,882 7,960 5,858 Less: Buy-outs of noncontrolling interests (5) (27) (2) (39) — Less: Dilutive convertible debt (9) (1) — — — Net income used in computing diluted EPS attributable to common stockholders (non-GAAP) (1) 7,733 14,304 10,884 7,999 5,858 EPS attributable to common stockholders, diluted (GAAP) 1.63 3.62 4.30 2.04 1.08 Stock-based compensation expense, net of tax, per share 0.63 0.45 0.52 0.38 0.57 Digital assets loss (gain), net of tax, per share 0.02 0.05 — (0.13) 0.01 Release of valuation allowance on deferred tax assets — — (1.70) — — EPS attributable to common stockholders, diluted (non-GAAP) (1) 2.28 4.12 3.12 2.29 1.66 Shares used in EPS calculation, diluted (GAAP and non-GAAP) 3,386 3,475 3,485 3,498 3,528 Net income attributable to common stockholders (GAAP) 5,519 12,556 14,997 7,091 3,794 Interest expense 371 191 156 350 338 Provision for (benefit from) income taxes 699 1132 (5,001) 1,837 1,423 Depreciation, amortization and impairment 2,911 3,747 4,667 5,368 6,148 Stock-based compensation expense 2,121 1,560 1,812 1,999 2,825 Digital assets loss (gain), net 101 204 — (589) 68 Adjusted EBITDA (non-GAAP) (2) 11,722 19,390 16,631 16,056 14,596 Total revenues 53,823 81,462 96,773 97,690 94,827 Adjusted EBITDA margin (non-GAAP) (2) 21.8% 23.8% 17.2% 16.4% 15.4% Automotive gross margin (GAAP) 29.3% 28.5% 19.4% 18.4% 17.8% Less: Total regulatory credit revenue recognized 2.3% 1.8% 1.7% 3.0% 2.4% Automotive gross margin excluding regulatory credit sales (non-GAAP) 27.0% 26.7% 17.7% 15.4% 15.4% R E C O N C I L I A T I O N O F G A A P T O N O N – G A A P F I N A N C I A L I N F O R M A T I O N (Unaudited) 32 (1) Beginning in Q1'25, Net income attributable to common stockholders (non-GAAP) is presented net of digital assets gains and losses and all prior periods have been adjusted. (2) Beginning in Q1'25, Adjusted EBITDA (non-GAAP) is presented net of digital assets gains and losses and all prior periods have been adjusted.
R E C O N C I L I A T I O N O F G A A P T O N O N – G A A P F I N A N C I A L I N F O R M A T I O N (Unaudited) In millions of USD 1Q-2023 2Q-2023 3Q-2023 4Q-2023 1Q-2024 2Q-2024 3Q-2024 4Q-2024 1Q-2025 2Q-2025 3Q-2025 4Q-2025 Net cash provided by operating activities – TTM (GAAP) 13,242 13,956 12,164 13,256 10,985 11,532 14,479 14,923 16,837 15,765 15,748 14,747 Capital expenditures – TTM (1) (7,464) (7,794) (8,450) (8,899) (9,603) (9,815) (10,869) (11,342) (10,057) (10,179) (8,914) (8,527) Free cash flow – TTM (non-GAAP) (1) 5,778 6,162 3,714 4,357 1,382 1,717 3,610 3,581 6,780 5,586 6,834 6,220 In millions of USD 1Q-2023 2Q-2023 3Q-2023 4Q-2023 1Q-2024 2Q-2024 3Q-2024 4Q-2024 1Q-2025 2Q-2025 3Q-2025 4Q-2025 Net income attributable to common stockholders – TTM (GAAP) (2) 11,751 12,195 10,756 14,997 13,874 12,571 12,891 7,091 6,110 5,882 5,082 3,794 Interest expense – TTM 159 143 128 156 203 261 315 350 365 365 349 338 Provision for (benefit from) income taxes – TTM (2) 1,047 1,165 1,027 (5,001) (4,779) (4,731) (4,296) 1,837 1,523 1,511 1,479 1,423 Depreciation, amortization and impairment – TTM 3,913 4,145 4,424 4,667 4,867 4,991 5,104 5,368 5,569 5,724 6,001 6,148 Stock-based compensation expense – TTM 1,560 1,644 1,747 1,812 1,918 1,912 1,904 1,999 2,048 2,244 2,450 2,825 Digital assets loss (gain), net – TTM (2) 204 34 34 — (335) (235) (242) (589) (129) (513) (586) 68 Adjusted EBITDA – TTM (non-GAAP) (2) (3) 18,634 19,326 18,116 16,631 15,748 14,769 15,676 16,056 15,486 15,213 14,775 14,596 In millions of USD 2Q-2022 3Q-2022 4Q-2022 1Q-2023 2Q-2023 3Q-2023 4Q-2023 1Q-2024 2Q-2024 3Q-2024 4Q-2024 1Q-2025 2Q-2025 3Q-2025 4Q-2025 Net cash provided by operating activities (GAAP) 2,351 5,100 3,278 2,513 3,065 3,308 4,370 242 3,612 6,255 4,814 2,156 2,540 6,238 3,813 Capital expenditures (1) (1,730) (1,803) (1,858) (2,073) (2,060) (2,459) (2,307) (2,777) (2,272) (3,513) (2,780) (1,492) (2,394) (2,248) (2,393) Free cash flow (non-GAAP) (1) 621 3,297 1,420 440 1,005 849 2,063 (2,535) 1,340 2,742 2,034 664 146 3,990 1,420 In millions of USD 2Q-2022 3Q-2022 4Q-2022 1Q-2023 2Q-2023 3Q-2023 4Q-2023 1Q-2024 2Q-2024 3Q-2024 4Q-2024 1Q-2025 2Q-2025 3Q-2025 4Q-2025 Net income attributable to common stockholders (GAAP) (2) 2,259 3,292 3,687 2,513 2,703 1,853 7,928 1,390 1,400 2,173 2,128 409 1,172 1,373 840 Interest expense 44 53 33 29 28 38 61 76 86 92 96 91 86 76 85 Provision for (benefit from) income taxes (2) 205 305 276 261 323 167 (5,752) 483 371 602 381 169 359 570 325 Depreciation, amortization and impairment 922 956 989 1,046 1,154 1,235 1,232 1,246 1,278 1,348 1,496 1,447 1,433 1,625 1,643 Stock-based compensation expense 361 362 419 418 445 465 484 524 439 457 579 573 635 663 954 Digital assets loss (gain), net (2) 170 — 34 — — — — (335) 100 (7) (347) 125 (284) (80) 307 Adjusted EBITDA (non-GAAP) (2) (3) 3,961 4,968 5,438 4,267 4,653 3,758 3,953 3,384 3,674 4,665 4,333 2,814 3,401 4,227 4,154 33 TTM = Trailing twelve months (1) Beginning in Q1'25, Capital expenditures is presented inclusive of purchases of energy generation and storage systems and all prior periods have been adjusted. (2) As a result of the adoption of the new crypto assets standard, the previously reported quarterly periods in 2024 have been recast. (3) Beginning in Q1'25, Adjusted EBITDA (non-GAAP) is presented net of digital assets gains and losses and all prior periods have been adjusted.
A D D I T I O N A L I N F O R M A T I O N WEBCAST INFORMATION Tesla will provide a live webcast of its fourth quarter 2025 financial results conference call beginning at 4:30 p.m. CT on January 28, 2026 at ir.tesla.com. This webcast will also be available for replay for approximately one year thereafter. CERTAIN TERMS When used in this update, certain terms have the following meanings. Our vehicle deliveries include only vehicles that have been transferred to end customers with all paperwork correctly completed. Our energy product deployment volume includes both customer units when installed and equipment sales at time of delivery. “Net income attributable to common stockholders (non-GAAP)" is equal to (i) net income attributable to common stockholders before (ii)(a) stock-based compensation expense, net of tax, (b) digital assets (gain) loss, net of tax and (c) release of valuation allowance on deferred tax assets. "Adjusted EBITDA (non-GAAP)" is equal to (i) net income attributable to common stockholders before (ii)(a) interest expense, (b) provision for (benefit from) income taxes, (c) depreciation, amortization and impairment, (d) stock-based compensation expense and (e) digital assets loss (gain), net. "Free cash flow" is operating cash flow less capital expenditures. Average cost per vehicle is cost of automotive sales divided by new vehicle deliveries (excluding operating leases). “Days sales outstanding” is equal to (i) average accounts receivable, net for the period divided by (ii) total revenues and multiplied by (iii) the number of days in the period. “Days payable outstanding” is equal to (i) average accounts payable for the period divided by (ii) total cost of revenues and multiplied by (iii) the number of days in the period. “Days of supply” is calculated by dividing new car ending inventory by the relevant period's deliveries and using trading days. Constant currency impacts are calculated by comparing actuals against current results converted into USD using average exchange rates from the prior period. NON-GAAP FINANCIAL INFORMATION Consolidated financial information has been presented in accordance with GAAP as well as on a non-GAAP basis to supplement our consolidated financial results. Our non-GAAP financial measures include non-GAAP net income (loss) attributable to common stockholders, non-GAAP net income (loss) attributable to common stockholders on a diluted per share basis (calculated using weighted average shares for GAAP diluted net income (loss) attributable to common stockholders), Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP automotive gross margin and free cash flow. These non-GAAP financial measures also facilitate management’s internal comparisons to Tesla’s historical performance as well as comparisons to the operating results of other companies. Management believes that it is useful to supplement its GAAP financial statements with this non-GAAP information because management uses such information internally for its operating, budgeting and financial planning purposes. Management also believes that presentation of the non-GAAP financial measures provides useful information to our investors regarding our financial condition and results of operations, so that investors can see through the eyes of Tesla management regarding important financial metrics that Tesla uses to run the business and allowing investors to better understand Tesla’s performance. Non-GAAP information is not prepared under a comprehensive set of accounting rules and therefore, should only be read in conjunction with financial information reported under U.S. GAAP when understanding Tesla’s operating performance. A reconciliation between GAAP and non-GAAP financial information is provided above. FORWARD-LOOKING STATEMENTS Certain statements in this update, including, but not limited to, statements in the “Outlook” section; statements relating to the development, strategy, ramp, production and capacity, demand and market growth, cost, pricing and profitability, investment, deliveries, deployment, availability and other features and improvements and timing of existing and future Tesla products and services and supporting infrastructure; statements regarding operating margin, operating profits, spending and liquidity; and statements regarding expansion, improvements and/or ramp and related timing at our facilities are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions and management’s current expectations, involve certain risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed in any forward-looking statement. The following important factors, without limitation, could cause actual results to differ materially from those in the forward-looking statements: the risk of delays in launching and/or manufacturing our products, services and features cost-effectively; our ability to build and/or grow our products and services, sales, delivery, installation, servicing and charging capabilities and effectively manage this growth; our ability to successfully and timely develop, introduce and scale, as well as our consumers’ demand for, products and services based on artificial intelligence, robotics and automation, electric vehicles, advanced driver assistance systems, and ride-hailing services generally and our vehicles and services specifically; the ability of suppliers to deliver components according to schedules, prices, quality and volumes acceptable to us, and our ability to manage such components effectively; any issues with lithium-ion cells or other components manufactured at our factories; our ability to ramp our factories in accordance with our plans; our ability to procure supply of battery cells, including through our own manufacturing; risks relating to international operations and expansion, including unfavorable and uncertain regulatory, political, economic, tax, tariff, export controls and labor conditions; any failures by Tesla products to perform as expected or if product recalls occur; the risk of product liability claims; competition in the automotive, transportation and energy product and services and robotics markets; our ability to maintain public credibility and confidence in our long-term business prospects; our ability to manage risks relating to our various product financing programs; the status of government and economic incentives for electric vehicles and energy products; our ability to attract, hire and retain key employees and qualified personnel; our ability to maintain the security of our information and production and product systems; our compliance with various regulations and laws applicable to our operations and products, which may evolve from time to time; risks relating to our indebtedness and financing strategies; and adverse foreign exchange movements. More information on potential factors that could affect our financial results is included from time to time in our Securities and Exchange Commission filings and reports, including the risks identified under the section captioned “Risk Factors” in our annual report on Form 10-K filed with the SEC on January 30, 2025 and subsequent quarterly reports on Form 10-Q. Tesla disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events or otherwise. 34
