Tesla Files Q3 2024 10-Q

TL;DR

Tesla's Q3 2024 10-Q is in: financials and segment data released.

AI Summary

Tesla, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Key financial figures and segment performances are presented, reflecting the company's ongoing activities in automotive sales, regulatory credits, and solar energy systems.

Why It Matters

This filing provides investors and analysts with the latest official financial data and operational insights for Tesla, crucial for understanding the company's current performance and future outlook.

Risk Assessment

Risk Level: medium — 10-Q filings are standard disclosures, but the content within can reveal significant financial or operational risks.

Key Numbers

• 2024 Q3 — Reporting Period (The specific quarter covered by the filing.)
• 12-31 — Fiscal Year End (Indicates Tesla's fiscal year concludes on December 31st.)

Key Players & Entities

• Tesla, Inc. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241024 (date) — Filing date
• 3500 DEER CREEK RD, PALO ALTO, CA 94304 (address) — Tesla's business and mailing address

FAQ

Filing Documents

• tsla-20240930.htm (10-Q) — 1467KB
• tsla-2024x09x30xex311.htm (EX-31.1) — 10KB
• tsla-2024x09x30xex312.htm (EX-31.2) — 10KB
• tsla-2024x09x30xex321.htm (EX-32.1) — 6KB
• 0001628280-24-043486.txt ( ) — 7801KB
• tsla-20240930.xsd (EX-101.SCH) — 54KB
• tsla-20240930_cal.xml (EX-101.CAL) — 80KB
• tsla-20240930_def.xml (EX-101.DEF) — 240KB
• tsla-20240930_lab.xml (EX-101.LAB) — 593KB
• tsla-20240930_pre.xml (EX-101.PRE) — 419KB
• tsla-20240930_htm.xml (XML) — 1303KB

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 within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions with respect to the future and management's current expectations, involve certain risks and uncertainties and are not guarantees. 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," "predicts" 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. Future results may 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

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Tesla, Inc. Consolidated Balance Sheets (in millions, except per share data) (unaudited) September 30, 2024 December 31, 2023 Assets Current assets Cash and cash equivalents $ 18,111 $ 16,398 Short-term investments 15,537 12,696 Accounts receivable, net 3,313 3,508 Inventory 14,530 13,626 Prepaid expenses and other current assets 4,888 3,388 Total current assets 56,379 49,616 Operating lease vehicles, net 5,380 5,989 Solar energy systems, net 5,040 5,229 Property, plant and equipment, net 36,116 29,725 Operating lease right-of-use assets 4,867 4,180 Digital assets, net 184 184 Intangible assets, net 158 178 Goodwill 253 253 Deferred tax assets 6,486 6,733 Other non-current assets 4,989 4,531 Total assets $ 119,852 $ 106,618 Liabilities Current liabilities Accounts payable $ 14,654 $ 14,431 Accrued liabilities and other 10,601 9,080 Deferred revenue 3,031 2,864 Current portion of debt and finance leases 2,291 2,373 Total current liabilities 30,577 28,748 Debt and finance leases, net of current portion 5,405 2,857 Deferred revenue, net of current portion 3,350 3,251 Other long-term liabilities 9,810 8,153 Total liabilities 49,142 43,009 Commitments and contingencies (Note 10) Redeemable noncontrolling interests in subsidiaries 70 242 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; 3,207 and 3,185 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 3 3 Additional paid-in capital 37,286 34,892 Accumulated other comprehensive loss ( 14 ) ( 143 ) Retained earnings 32,656 27,882 Total stockholders' equity 69,931 62,634 Noncontrolling interests in subsidiaries 709 733 Total liabilities and equity $ 119,852 $ 106,618 The accompanying notes are an integral part of these consolidated financial statements. 4 Table of Contents

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 September 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 nine months ended September 30, 2024 and 2023, and the consolidated statements of cash flows for the nine months ended September 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

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View this 10-Q filing on SEC EDGAR