Tesla Files Q2 2024 10-Q

TL;DR

Tesla's Q2 2024 10-Q is in, detailing auto sales & credits. Check the numbers.

AI Summary

Tesla, Inc. filed its 10-Q for the period ending June 30, 2024. The filing covers the second quarter of 2024 and provides financial details for the company's operations, including automotive sales and regulatory credits. Specific financial figures and segment performance are detailed within the report.

Why It Matters

This filing provides investors with the official financial performance of Tesla for the second quarter of 2024, impacting stock valuation and future investment decisions.

Risk Assessment

Risk Level: medium — 10-Q filings are standard disclosures, but the financial details within can reveal significant risks or opportunities for the company.

Key Numbers

• 2024 Q2 — Reporting Period (The second quarter of 2024 financial results are detailed.)
• 1231 — Fiscal Year End (Tesla's fiscal year concludes on December 31st.)

Key Players & Entities

• Tesla, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 0001318605 (company) — Central Index Key for Tesla, Inc.
• MOTOR VEHICLES & PASSENGER CAR BODIES [3711] (industry) — Standard Industrial Classification for Tesla

FAQ

Filing Documents

• tsla-20240630.htm (10-Q) — 1453KB
• tsla-2024x06x30xex31.htm (EX-3.1) — 40KB
• tsla-2024x06x30xex32.htm (EX-3.2) — 284KB
• tsla-2024x06x30xex311.htm (EX-31.1) — 10KB
• tsla-2024x06x30xex312.htm (EX-31.2) — 10KB
• tsla-2024x06x30xex321.htm (EX-32.1) — 6KB
• 0001628280-24-032662.txt ( ) — 8016KB
• tsla-20240630.xsd (EX-101.SCH) — 54KB
• tsla-20240630_cal.xml (EX-101.CAL) — 81KB
• tsla-20240630_def.xml (EX-101.DEF) — 237KB
• tsla-20240630_lab.xml (EX-101.LAB) — 574KB
• tsla-20240630_pre.xml (EX-101.PRE) — 410KB
• tsla-20240630_htm.xml (XML) — 1293KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

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 9

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 10 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 35

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 36 Item 1A.

Risk Factors

Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 3. Defaults Upon Senior Securities 36 Item 4. Mine Safety Disclosures 36 Item 5. Other Information 36 Item 6. Exhibits 37

Signatures

Signatures 38 1 Table of Contents

Forward-Looking Statements

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

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Tesla, Inc. Consolidated Balance Sheets (in millions, except per share data) (unaudited) June 30, 2024 December 31, 2023 Assets Current assets Cash and cash equivalents $ 14,635 $ 16,398 Short-term investments 16,085 12,696 Accounts receivable, net 3,737 3,508 Inventory 14,195 13,626 Prepaid expenses and other current assets 4,325 3,388 Total current assets 52,977 49,616 Operating lease vehicles, net 5,541 5,989 Solar energy systems, net 5,102 5,229 Property, plant and equipment, net 32,902 29,725 Operating lease right-of-use assets 4,563 4,180 Digital assets, net 184 184 Intangible assets, net 164 178 Goodwill 249 253 Deferred tax assets 6,692 6,733 Other non-current assets 4,458 4,531 Total assets $ 112,832 $ 106,618 Liabilities Current liabilities Accounts payable $ 13,056 $ 14,431 Accrued liabilities and other 9,616 9,080 Deferred revenue 2,793 2,864 Current portion of debt and finance leases 2,264 2,373 Total current liabilities 27,729 28,748 Debt and finance leases, net of current portion 5,481 2,857 Deferred revenue, net of current portion 3,357 3,251 Other long-term liabilities 9,002 8,153 Total liabilities 45,569 43,009 Commitments and contingencies (Note 10) Redeemable noncontrolling interests in subsidiaries 72 242 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; 3,194 and 3,185 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 3 3 Additional paid-in capital 36,443 34,892 Accumulated other comprehensive loss ( 467 ) ( 143 ) Retained earnings 30,489 27,882 Total stockholders' equity 66,468 62,634 Noncontrolling interests in subsidiaries 723 733 Total liabilities and equity $ 112,832 $ 106,618 The accompanying notes are an integral part of these consolidated financial statements. 4 Table of Contents Tesla,

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (unaudited) Note 1 – Overview & Summary of Significant Accounting Policies Overview Tesla, Inc. ("Tesla", the "Company", "we", "us" or "our") was incorporated in the State of Delaware on July 1, 2003 and converted to a Texas corporation on June 13, 2024. Unaudited Interim Financial Statements The consolidated financial statements, including the consolidated balance sheet as of June 30, 2024, the consolidated statements of operations, the consolidated statements of comprehensive income, the consolidated statements of redeemable noncontrolling interests and equity for the three and six months ended June 30, 2024 and 2023, and the consolidated statements of cash flows for the six months ended June 30, 2024 and 2023, as well as other information disclosed in the accompanying notes, are unaudited. The consolidated balance sheet as of December 31, 2023 was derived from the audited consolidated financial statements as of that date. The interim consolidated financial statements and the accompanying notes should be read in conjunction with the annual consolidated financial statements and the accompanying notes contained in our Annual Report on Form 10-K for the year ended December 31, 2023. The interim consolidated financial statements and the accompanying notes have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of the results of operations for the periods presented. The consolidated results of operations for any interim period are not necessarily indicative of the results to be expected for the full year or for any other future years or interim periods. Reclassifications Certain prior period balances have been reclassified to conform to the current period presentation in the consolidated financial statements and the accompanying notes. Revenue Recogn

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