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1、UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington,D.C.20549FORM 10-Q(Mark One)xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended June 30,2024ORoTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT O

2、F 1934For the transition period from _ to _Commission File Number:001-34756Tesla,Inc.(Exact name of registrant as specified in its charter)Texas91-2197729(State or other jurisdiction ofincorporation or organization)(I.R.S.EmployerIdentification No.)1 Tesla RoadAustin,Texas78725(Address of principal

3、executive offices)(Zip Code)(512)516-8177(Registrants telephone number,including area code)Securities registered pursuant to Section 12(b)of the Act:Title of each classTrading Symbol(s)Name of each exchange on which registeredCommon stockTSLAThe Nasdaq Global Select MarketIndicate by check mark whet

4、her 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 periodthat the registrant was required to file such reports),and(2)has been subject to such filing requiremen

5、ts for the past 90 days.Yes x No oIndicate 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(orfor such shorter period that the registran

6、t was required to submit such files).Yes x No oIndicate 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,”“smalle

7、r reporting company”and“emerging growth company”in Rule 12b-2 of the Exchange Act:Large accelerated filerxAccelerated fileroNon-accelerated fileroSmaller reporting companyoEmerging growth companyoIf an emerging growth company,indicate by check mark if the registrant has elected not to use the extend

8、ed transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a)of the Exchange Act.oIndicate by check mark whether the registrant is a shell company(as defined in Rule 12b-2 of the Exchange Act).Yes o No xAs of July 18,2024,there were 3,19

9、4,640,415 shares of the registrants common stock outstanding.TESLA,INC.FORM 10-Q FOR THE QUARTER ENDED JUNE 30,2024INDEX PagePART I.FINANCIAL INFORMATIONItem 1.Financial Statements4Consolidated Balance Sheets4Consolidated Statements of Operations5Consolidated Statements of Comprehensive Income6Conso

10、lidated Statements of Redeemable Noncontrolling Interests and Equity7Consolidated Statements of Cash Flows9Notes to Consolidated Financial Statements10Item 2.Managements Discussion and Analysis of Financial Condition and Results of Operations26Item 3.Quantitative and Qualitative Disclosures about Ma

11、rket Risk35Item 4.Controls and Procedures35PART II.OTHER INFORMATIONItem 1.Legal Proceedings36Item 1A.Risk Factors36Item 2.Unregistered Sales of Equity Securities and Use of Proceeds36Item 3.Defaults Upon Senior Securities36Item 4.Mine Safety Disclosures36Item 5.Other Information36Item 6.Exhibits37

12、Signatures381Table of ContentsForward-Looking StatementsThe discussions in this Quarterly Report on Form 10-Q contain forward-looking statements reflecting our current expectations that involve risks and uncertainties.These forward-lookingstatements include,but are not limited to,statements concerni

13、ng supply chain constraints,our strategy,competition,future operations and production capacity,future financial position,futurerevenues,projected costs,profitability,expected cost reductions,capital adequacy,expectations regarding demand and acceptance for our technologies,growth opportunities and t

14、rends in themarkets 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 forwa

15、rd-looking statements contain these identifying words.We maynot 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 resultsor events could differ materially from the plans,i

16、ntentions and expectations disclosed in the forward-looking statements that we make.These forward-looking statements involve risks anduncertainties that could cause our actual results to differ materially from those in the forward-looking statements,including,without limitation,the risks set forth i

17、n Part I,Item 1A,“RiskFactors”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 Securitiesand Exchange Commission(the“SEC”).The discussion of such risks is not an indication that an

18、y such risks have occurred at the time of this filing.We do not assume any obligation to updateany forward-looking statements.Table of ContentsPART I.FINANCIAL INFORMATIONITEM 1.FINANCIAL STATEMENTSTesla,Inc.Consolidated Balance Sheets(in millions,except per share data)(unaudited)June 30,2024Decembe

19、r 31,2023AssetsCurrent assetsCash and cash equivalents$14,635$16,398 Short-term investments16,085 12,696 Accounts receivable,net3,737 3,508 Inventory14,195 13,626 Prepaid expenses and other current assets4,325 3,388 Total current assets52,977 49,616 Operating lease vehicles,net5,541 5,989 Solar ener

20、gy systems,net5,102 5,229 Property,plant and equipment,net32,902 29,725 Operating lease right-of-use assets4,563 4,180 Digital assets,net184 184 Intangible assets,net164 178 Goodwill249 253 Deferred tax assets6,692 6,733 Other non-current assets4,458 4,531 Total assets$112,832$106,618 LiabilitiesCur

21、rent liabilitiesAccounts payable$13,056$14,431 Accrued liabilities and other9,616 9,080 Deferred revenue2,793 2,864 Current portion of debt and finance leases2,264 2,373 Total current liabilities27,729 28,748 Debt and finance leases,net of current portion5,481 2,857 Deferred revenue,net of current p

22、ortion3,357 3,251 Other long-term liabilities9,002 8,153 Total liabilities45,569 43,009 Commitments and contingencies(Note 10)Redeemable noncontrolling interests in subsidiaries72 242 EquityStockholders equityPreferred stock;$0.001 par value;100 shares authorized;no shares issued and outstanding Com

23、mon 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,respectively3 3 Additional paid-in capital36,443 34,892 Accumulated other comprehensive loss(467)(143)Retained earnings30,489 27,882 Total stockholders equity66,46

24、8 62,634 Noncontrolling interests in subsidiaries723 733 Total liabilities and equity$112,832$106,618 The accompanying notes are an integral part of these consolidated financial statements.4Table of ContentsTesla,Inc.Consolidated Statements of Operations(in millions,except per share data)(unaudited)

25、Three Months Ended June 30,Six Months Ended June 30,2024202320242023RevenuesAutomotive sales$18,530$20,419$34,990$39,297 Automotive regulatory credits890 282 1,332 803 Automotive leasing458 567 934 1,131 Total automotive revenues19,878 21,268 37,256 41,231 Energy generation and storage3,014 1,509 4,

26、649 3,038 Services and other2,608 2,150 4,896 3,987 Total revenues25,500 24,927 46,801 48,256 Cost of revenuesAutomotive sales15,962 16,841 29,859 32,263 Automotive leasing245 338 514 671 Total automotive cost of revenues16,207 17,179 30,373 32,934 Energy generation and storage2,274 1,231 3,506 2,59

27、2 Services and other2,441 1,984 4,648 3,686 Total cost of revenues20,922 20,394 38,527 39,212 Gross profit4,578 4,533 8,274 9,044 Operating expensesResearch and development1,074 943 2,225 1,714 Selling,general and administrative1,277 1,191 2,651 2,267 Restructuring and other622 622 Total operating e

28、xpenses2,973 2,134 5,498 3,981 Income from operations1,605 2,399 2,776 5,063 Interest income348 238 698 451 Interest expense(86)(28)(162)(57)Other income,net20 328 128 280 Income before income taxes1,887 2,937 3,440 5,737 Provision for income taxes393 323 802 584 Net income1,494 2,614 2,638 5,153 Ne

29、t income(loss)attributable to noncontrolling interests and redeemable noncontrollinginterests in subsidiaries16(89)31(63)Net income attributable to common stockholders$1,478$2,703$2,607$5,216 Net income per share of common stock attributable to common stockholdersBasic$0.46$0.85$0.83$1.65 Diluted$0.

30、42$0.78$0.76$1.50 Weighted average shares used in computing net income per share of common stockBasic3,1913,1713,1893,168Dil t d3 4813 4783 4833 473Diluted3,4813,4783,4833,473The accompanying notes are an integral part of these consolidated financial statements.5Table of ContentsTesla,Inc.Consolidat

31、ed Statements of Comprehensive Income(in millions)(unaudited)Three Months Ended June 30,Six Months Ended June 30,2024202320242023Net income$1,494$2,614$2,638$5,153 Other comprehensive(loss)income:Foreign currency translation adjustment(72)(184)(324)(54)Unrealized net gain(loss)on investments,net of

32、tax4(5)1 Net loss realized and included in net income 4 4 Comprehensive income1,426 2,429 2,314 5,104 Less:Comprehensive income(loss)attributable to noncontrolling interests andredeemable noncontrolling interests in subsidiaries16(89)31(63)Comprehensive income attributable to common stockholders$1,4

33、10$2,518$2,283$5,167 The accompanying notes are an integral part of these consolidated financial statements.6Table of ContentsTesla,Inc.Consolidated Statements of Redeemable Noncontrolling Interests and Equity(in millions)(unaudited)Three Months Ended June 30,2024RedeemableNoncontrollingInterestsCom

34、mon StockAdditionalPaid-InCapitalAccumulatedOtherComprehensiveLossRetainedEarningsTotalStockholdersEquityNoncontrollingInterests inSubsidiariesTotalEquitySharesAmountBalance as of March 31,2024$73 3,189$3$35,763$(399)$29,011$64,378$729$65,107 Issuance of common stock for equityincentive awards 5 196

35、 196 196 Stock-based compensation 484 484 484 Distributions to noncontrolling interests(2)(21)(21)Net income1 1,478 1,478 15 1,493 Other comprehensive loss (68)(68)(68)Balance as of June 30,2024$72 3,194$3$36,443$(467)$30,489$66,468$723$67,191 Six Months Ended June 30,2024RedeemableNoncontrollingInt

36、erestsCommon StockAdditionalPaid-InCapitalAccumulatedOtherComprehensiveLossRetainedEarningsTotalStockholdersEquityNoncontrollingInterests inSubsidiariesTotalEquitySharesAmountBalance as of December 31,2023$242 3,185$3$34,892$(143)$27,882$62,634$733$63,367 Issuance of common stock for equityincentive

37、 awards 9 447 447 447 Stock-based compensation 1,062 1,062 1,062 Distributions to noncontrolling interests(8)(37)(37)Buy-outs of noncontrolling interests(166)42 42 42 Net income4 2,607 2,607 27 2,634 Other comprehensive loss (324)(324)(324)Balance as of June 30,2024$72 3,194$3$36,443$(467)$30,489$66

38、,468$723$67,191 7Table of ContentsThree Months Ended June 30,2023RedeemableNoncontrollingInterestsCommon StockAdditionalPaid-InCapitalAccumulatedOtherComprehensiveLossRetainedEarningsTotalStockholdersEquityNoncontrollingInterests inSubsidiariesTotalEquitySharesAmountBalance as of March 31,2023$407 3

39、,169$3$32,878$(225)$15,398$48,054$774$48,828 Issuance of common stock for equityincentive awards 5 63 63 63 Stock-based compensation 495 495 495 Distributions to noncontrolling interests(9)(28)(28)Buy-outs of noncontrolling interests(3)Net income(107)2,703 2,703 18 2,721 Other comprehensive income (

40、185)(185)(185)Balance as of June 30,2023$288 3,174$3$33,436$(410)$18,101$51,130$764$51,894 Six Months Ended June 30,2023RedeemableNoncontrollingInterestsCommon StockAdditionalPaid-InCapitalAccumulatedOtherComprehensiveLossRetainedEarningsTotalStockholdersEquityNoncontrollingInterests inSubsidiariesT

41、otalEquitySharesAmountBalance as of December 31,2022$409 3,164$3$32,177$(361)$12,885$44,704$785$45,489 Issuance of common stock for equityincentive awards 10 294 294 294 Stock-based compensation 960 960 960 Distributions to noncontrolling interests(14)(50)(50)Buy-outs of noncontrolling interests(3)5

42、 5(12)(7)Net income(104)5,216 5,216 41 5,257 Other comprehensive income (49)(49)(49)Balance as of June 30,2023$288 3,174$3$33,436$(410)$18,101$51,130$764$51,894 The accompanying notes are an integral part of these consolidated financial statements.8Table of ContentsTesla,Inc.Consolidated Statements

43、of Cash Flows(in millions)(unaudited)Six Months Ended June 30,20242023Cash Flows from Operating ActivitiesNet income$2,638$5,153 Adjustments to reconcile net income to net cash provided by operating activities:Depreciation,amortization and impairment2,524 2,200 Stock-based compensation963 863 Invent

44、ory and purchase commitments write-downs146 217 Foreign currency transaction net unrealized gain(90)(283)Deferred income taxes133(203)Non-cash interest and other operating activities63 59 Changes in operating assets and liabilities:Accounts receivable(285)(504)Inventory(914)(2,116)Operating lease ve

45、hicles(49)(1,387)Prepaid expenses and other assets(1,630)(1,631)Accounts payable,accrued and other liabilities249 2,549 Deferred revenue106 661 Net cash provided by operating activities3,854 5,578 Cash Flows from Investing ActivitiesPurchases of property and equipment excluding finance leases,net of

46、 sales(5,043)(4,132)Purchases of solar energy systems,net of sales(6)(1)Purchases of investments(14,765)(7,090)Proceeds from maturities of investments11,305 5,143 Proceeds from sales of investments200 138 Business combinations,net of cash acquired(76)Net cash used in investing activities(8,309)(6,01

47、8)Cash Flows from Financing ActivitiesProceeds from issuances of debt3,895 Repayments of debt(1,222)(543)Proceeds from exercises of stock options and other stock issuances448 294 Principal payments on finance leases(206)(222)Debt issuance costs(5)(13)Distributions paid to noncontrolling interests in

48、 subsidiaries(50)(67)Payments for buy-outs of noncontrolling interests in subsidiaries(124)(10)Net cash provided by(used in)financing activities2,736(561)Effect of exchange rate changes on cash and cash equivalents and restricted cash(116)(44)Net decrease in cash and cash equivalents and restricted

49、cash(1,835)(1,045)Cash and cash equivalents and restricted cash,beginning of period17,189 16,924 Cash and cash equivalents and restricted cash,end of period$15,354$15,879 Supplemental Non-Cash Investing and Financing ActivitiesAcquisitions of property and equipment included in liabilities$2,099$1,83

50、1 Leased assets obtained in exchange for finance lease liabilities$28$4 Leased assets obtained in exchange for operating lease liabilities$797$1,083 The accompanying notes are an integral part of these consolidated financial statements.9Table of ContentsTesla,Inc.Notes to Consolidated Financial Stat

51、ements(unaudited)Note 1 Overview&Summary of Significant Accounting PoliciesOverviewTesla,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 StatementsThe consolidated fin

52、ancial statements,including the consolidated balance sheet as of June 30,2024,the consolidated statements of operations,the consolidated statements ofcomprehensive income,the consolidated statements of redeemable noncontrolling interests and equity for the three and six months ended June 30,2024 and

53、 2023,and the consolidatedstatements 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 ofDecember 31,2023 was derived from the audited consolidated financial statements as of t

54、hat date.The interim consolidated financial statements and the accompanying notes should be read inconjunction 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 financi

55、al statements and the accompanying notes have been prepared on the same basis as the annual consolidated financial statements and,in the opinion ofmanagement,reflect all adjustments,which include only normal recurring adjustments,necessary for a fair statement of the results of operations for the pe

56、riods presented.The consolidatedresults 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.ReclassificationsCertain prior period balances have been reclassified to conform to the current

57、 period presentation in the consolidated financial statements and the accompanying notes.Revenue RecognitionRevenue by sourceThe following table disaggregates our revenue by major source(in millions):Three Months Ended June 30,Six Months Ended June 30,2024202320242023Automotive sales$18,530$20,419$3

58、4,990$39,297 Automotive regulatory credits890 282 1,332 803 Energy generation and storage sales2,866 1,359 4,388 2,772 Services and other2,608 2,150 4,896 3,987 Total revenues from sales and services24,894 24,210 45,606 46,859 Automotive leasing458 567 934 1,131 Energy generation and storage leasing

59、148 150 261 266 Total revenues$25,500$24,927$46,801$48,256 Automotive SegmentAutomotive SalesDeferred revenue related to the access to our Full Self Driving(Supervised)(“FSD”)Capability features and their ongoing maintenance,internet connectivity,free Superchargingprograms and over-the-air software

60、updates primarily on automotive sales amounted to$3.66 billion and$3.54 billion as of June 30,2024 and December 31,2023,respectively.10Table of ContentsDeferred revenue is equivalent to the total transaction price allocated to the performance obligations that are unsatisfied,or partially unsatisfied

61、,as of the balance sheet date.Revenuerecognized from the deferred revenue balances as of December 31,2023 and 2022 was$482 million and$256 million for the six months ended June 30,2024 and 2023,respectively.Of thetotal deferred revenue balance as of June 30,2024,we expect to recognize$940 million of

62、 revenue in the next 12 months.The remaining balance will be recognized at the time of transfer ofcontrol of the product or over the performance period.We have financing receivables on our consolidated balance sheets related to loans we provide for financing our automotive deliveries.As of June 30,2

63、024 and December 31,2023,wehave current net financing receivables of$244 million and$242 million,respectively,in Accounts receivable,net,and$919 million and$1.04 billion,respectively,in Other non-current assetsfor the long-term portion.We offer resale value guarantees to our commercial banking partn

64、ers in connection with certain vehicle leasing programs.Under these programs,we originate the lease with our endcustomer and immediately transfer the lease and the underlying vehicle to our commercial banking partner,with the transaction being accounted for as a sale under ASC 606,Revenue fromContra

65、cts with Customers.We estimate a guarantee liability in accordance with ASC 460,Guarantees and record it within other liabilities on our consolidated balance sheet.On a quarterlybasis,we assess the estimated market value of vehicles sold under this program to determine whether there have been change

66、s to the amount of expected resale value guarantee payments.Thetotal recorded guarantee liabilities on vehicles sold under this program were immaterial as of June 30,2024 and December 31,2023.Our maximum exposure on the guarantees we provide ifthey are unable to sell the vehicle at or above the vehi

67、cles contractual residual value at the end of the lease term was$807 million and$166 million as of June 30,2024 and December 31,2023,respectively.Automotive Regulatory CreditsAs of June 30,2024,total transaction price allocated to performance obligations that were unsatisfied or partially unsatisfie

68、d for contracts with an original expected length of more thanone year was$4.90 billion.Of this amount,we expect to recognize$459 million in the next 12 months and the rest over the remaining performance obligation period.Additionally,changes inregulations on automotive regulatory credits may signifi

69、cantly impact our remaining performance obligations and revenue to be recognized under these contracts.Automotive Leasing RevenueDirect Sales-Type Leasing ProgramLease receivables relating to sales-type leases are presented on the consolidated balance sheets as follows(in millions):June 30,2024Decem

70、ber 31,2023Gross lease receivables$628$780 Unearned interest income(55)(78)Allowance for expected credit losses(6)(6)Net investment in sales-type leases$567$696 Reported as:Prepaid expenses and other current assets$177$189 Other non-current assets390 507 Net investment in sales-type leases$567$696 1

71、1Table of ContentsEnergy Generation and Storage SegmentEnergy Generation and Storage SalesWe record as deferred revenue any non-refundable amounts that are collected from customers related to prepayments,which is recognized as revenue ratably over the respective customercontract term.As of June 30,2

72、024 and December 31,2023,deferred revenue related to such customer payments amounted to$1.49 billion and$1.60 billion,respectively,mainly due tocontractual payment terms.Revenue recognized from the deferred revenue balances as of December 31,2023 and 2022 was$873 million and$329 million for the six

73、months ended June 30,2024 and 2023,respectively.As of June 30,2024,total transaction price allocated to performance obligations that were unsatisfied or partially unsatisfied for contracts with an original expectedlength of more than one year was$5.71 billion.Of this amount,we expect to recognize$2.

74、56 billion in the next 12 months and the rest over the remaining performance obligation period.We have financing receivables on our consolidated balance sheets related to loans we provide for financing our energy products.As of June 30,2024 and December 31,2023,we havecurrent net financing receivabl

75、es of$28 million and$31 million,respectively,in Accounts receivable,net,and$626 million and$578 million,respectively,in Other non-current assets for thelong-term portion.Income TaxesWe are subject to income taxes in the U.S.and in many foreign jurisdictions.Significant judgment is required in determ

76、ining our provision for income taxes,our deferred tax assets andliabilities and any valuation allowance recorded against our net deferred tax assets that are not more likely than not to be realized.We monitor the realizability of our deferred tax assets takinginto account all relevant factors at eac

77、h reporting period.In completing our assessment of realizability of our deferred tax assets,we consider our history of income(loss)measured at pre-taxincome(loss)adjusted for permanent book-tax differences on a jurisdictional basis,volatility in actual earnings,excess tax benefits related to stock-b

78、ased compensation in recent prior years andimpacts of the timing of reversal of existing temporary differences.We also rely on our assessment of the Companys projected future results of business operations,including uncertainty infuture operating results relative to historical results,volatility in

79、the market price of our common stock and its performance over time,variable macroeconomic conditions impacting our abilityto forecast future taxable income,and changes in business that may affect the existence and magnitude of future taxable income.Our valuation allowance assessment is based on our

80、bestestimate of future results considering all available information.Our provision for or benefit from income taxes for interim periods is determined using an estimate of our annual effective tax rate,adjusted for discrete items,if any,that are taken intoaccount in the relevant period.Each quarter,w

81、e update our estimate of the annual effective tax rate,and if our estimated tax rate changes,we make a cumulative adjustment.Net Income per Share of Common Stock Attributable to Common StockholdersThe following table presents the reconciliation of net income attributable to common stockholders to ne

82、t income used in computing basic and diluted net income per share of commonstock(in millions):Three Months Ended June 30,Six Months Ended June 30,2024202320242023Net income attributable to common stockholders$1,478$2,703$2,607$5,216 Less:Buy-out of noncontrolling interest (42)(5)Net income used in c

83、omputing basic and diluted net income per share of commonstock$1,478$2,703$2,649$5,221 12Table of ContentsThe following table presents the reconciliation of basic to diluted weighted average shares used in computing net income per share of common stock attributable to common stockholders(in millions

84、):Three Months Ended June 30,Six Months Ended June 30,2024202320242023Weighted average shares used in computing net income per share of common stock,basic3,1913,1713,1893,168Add:Stock-based awards278294282292Convertible senior notes1212Warrants11111111Weighted average shares used in computing net in

85、come per share of common stock,diluted3,4813,4783,4833,473The following table presents the potentially dilutive shares that were excluded from the computation of diluted net income per share of common stock attributable to commonstockholders,because their effect was anti-dilutive(in millions):Three

86、Months Ended June 30,Six Months Ended June 30,2024202320242023Stock-based awards25152417Restricted CashOur total cash and cash equivalents and restricted cash,as presented in the consolidated statements of cash flows,was as follows(in millions):June 30,2024December 31,2023June 30,2023December 31,202

87、2Cash and cash equivalents$14,635$16,398$15,296$16,253 Restricted cash included in prepaid expenses and other current assets374 543 384 294 Restricted cash included in other non-current assets345 248 199 377 Total as presented in the consolidated statements of cash flows$15,354$17,189$15,879$16,924

88、Accounts Receivable and Allowance for Doubtful AccountsDepending on the day of the week on which the end of a fiscal quarter falls,our accounts receivable balance may fluctuate as we are waiting for certain customer payments to clearthrough our banking institutions and receipts of payments from our

89、financing partners,which can take up to approximately two weeks based on the contractual payment terms with suchpartners.Our accounts receivable balances associated with sales of energy storage products are dependent on billing milestones and payment terms negotiated for each contract,and ouraccount

90、s receivable balances associated with our sales of regulatory credits are dependent on contractual payment terms.Additionally,government rebates can take up to a year or more to becollected depending on the customary processing timelines of the specific jurisdictions issuing them.These various facto

91、rs may have a significant impact on our accounts receivable balancefrom period to period.As of June 30,2024 and December 31,2023,government rebates receivable was$419 million and$378 million,respectively,in Accounts receivable,net for the currentportion and$44 million and$207 million,respectively,in

92、 Other non-current assets for the long-term portion in our consolidated balance sheets.Financing ReceivablesAs of June 30,2024 and December 31,2023,the vast majority of our financing receivables were at current status with an immaterial balance being past due.As of June 30,2024 andDecember 31,2023,t

93、he majority of our financing receivables,excluding MyPower notes receivable,were originated in 2023 and 2022.13Table of ContentsAs of June 30,2024 and December 31,2023,the total outstanding balance of MyPower customer notes receivable,net of allowance for expected credit losses,was$256 million and$2

94、66million,respectively,of which$5 million was due in the next 12 months.As of June 30,2024 and December 31,2023,the allowance for expected credit losses was$36 million.Concentration of RiskCredit RiskFinancial instruments that potentially subject us to a concentration of credit risk consist of cash,

95、cash equivalents,investments,restricted cash,accounts receivable and other financereceivables.Our cash and investments balances are primarily on deposit at high credit quality financial institutions or invested in highly rated,investment-grade securities.These deposits aretypically in excess of insu

96、red limits.As of June 30,2024 and December 31,2023,no entity represented 10%or more of our total receivables balance.Supply RiskWe are dependent on our suppliers,including single source suppliers,and the inability of these suppliers to deliver necessary components of our products in a timely manner

97、at prices,quality levels and volumes acceptable to us,or our inability to efficiently manage these components from these suppliers,could have a material adverse effect on our business,prospects,financial condition and operating results.WarrantiesAccrued warranty activity consisted of the following(i

98、n millions):Three Months Ended June 30,Six Months Ended June 30,2024202320242023Accrued warrantybeginning of period$5,353$3,965$5,152$3,505 Warranty costs incurred(340)(296)(668)(576)Net changes in liability for pre-existing warranties,including expirations and foreignexchange impact72 188 51 396 Pr

99、ovision for warranty710 608 1,260 1,140 Accrued warrantyend of period$5,795$4,465$5,795$4,465 Recent Accounting PronouncementsRecently issued accounting pronouncements not yet adoptedIn November 2023,the Financial Accounting Standards Board(“FASB”)issued Accounting Standards Update(“ASU”)No.2023-07,

100、Improvements to Reportable Segment Disclosures(Topic 280).This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief OperatingDecision Maker(“CODM”)and included within each reported measure

101、of a segments profit or loss.This ASU also requires disclosure of the title and position of the individual identified as theCODM and an explanation of how the CODM uses the reported measures of a segments profit or loss in assessing segment performance and deciding how to allocate resources.The ASU

102、iseffective for annual periods beginning after December 15,2023,and interim periods within fiscal years beginning after December 15,2024.Adoption of the ASU should be appliedretrospectively to all prior periods presented in the financial statements.Early adoption is also permitted.This ASU will like

103、ly result in us including the additional required disclosures whenadopted.We are currently evaluating the provisions of this ASU and expect to adopt them for the year ending December 31,2024.14Table of ContentsIn December 2023,the FASB issued ASU No.2023-08,Accounting for and Disclosure of Crypto As

104、sets(Subtopic 350-60).This ASU requires certain crypto assets to be measured at fairvalue separately on the balance sheet with changes reported in the income statement each reporting period.This ASU also enhances the other intangible asset disclosure requirements byrequiring the name,cost basis,fair

105、 value,and number of units for each significant crypto asset holding.The ASU is effective for annual periods beginning after December 15,2024,includinginterim periods within those fiscal years.Adoption of the ASU requires a cumulative-effect adjustment to the opening balance of retained earnings as

106、of the beginning of the annual reportingperiod in which an entity adopts the amendments.Early adoption is also permitted,including adoption in an interim period.However,if the ASU is early adopted in an interim period,an entitymust adopt the ASU as of the beginning of the fiscal year that includes t

107、he interim period.This ASU will result in gains and losses recorded in the consolidated financial statements of operationsand additional disclosures when adopted.We are currently evaluating the adoption of this ASU and it could materially affect the carrying value of our crypto assets held and the g

108、ains and lossesrelating thereto,depending on the fair value at adoption.In December 2023,the FASB issued ASU No.2023-09,Improvements to Income Tax Disclosures(Topic 740).The ASU requires disaggregated information about a reporting entityseffective tax rate reconciliation as well as additional inform

109、ation on income taxes paid.The ASU is effective on a prospective basis for annual periods beginning after December 15,2024.Earlyadoption is also permitted for annual financial statements that have not yet been issued or made available for issuance.This ASU will likely result in the required addition

110、al disclosures beingincluded in our consolidated financial statements,once adopted.Note 2 Fair Value of Financial InstrumentsASC 820,Fair Value Measurements(“ASC 820”)states that fair value is an exit price,representing the amount that would be received to sell an asset or paid to transfer a liabili

111、ty in anorderly transaction between market participants.As such,fair value is a market-based measurement that should be determined based on assumptions that market participants would use inpricing an asset or a liability.The three-tiered fair value hierarchy,which prioritizes which inputs should be

112、used in measuring fair value,is comprised of:(Level I)observable inputs such asquoted prices in active markets;(Level II)inputs other than quoted prices in active markets that are observable either directly or indirectly and(Level III)unobservable inputs for which there islittle or no market data.Th

113、e fair value hierarchy requires the use of observable market data when available in determining fair value.Our assets and liabilities that were measured at fair value ona recurring basis were as follows(in millions):June 30,2024December 31,2023 Fair ValueLevel ILevel IILevel IIIFair ValueLevel ILeve

114、l IILevel IIICertificates of deposit and time deposits$8,488$8,488$6,996$6,996$Commercial paper4,311 4,311 470 470 U.S.government securities3,312 3,312 5,136 5,136 Corporate debt securities372 372 480 480 Money market funds10 10 109 109 Total$16,493$10$16,483$13,191$109$13,082$All of our money marke

115、t funds were classified within Level I of the fair value hierarchy because they were valued using quoted prices in active markets.Our U.S.government securities,certificates of deposit,commercial paper,time deposits and corporate debt securities are classified within Level II of the fair value hierar

116、chy and the market approach was used to determine fairvalue of these investments.15Table of ContentsOur cash,cash equivalents and investments classified by security type as of June 30,2024 and December 31,2023 consisted of the following(in millions):June 30,2024 Adjusted CostGross UnrealizedGainsGro

117、ss UnrealizedLossesFair ValueCash and CashEquivalentsShort-TermInvestmentsCash$14,227$14,227$14,227$Certificates of deposit and time deposits8,488 8,488 8,488 Commercial paper4,311 2(2)4,311 4,311 U.S.government securities3,314 (2)3,312 398 2,914 Corporate debt securities374 (2)372 372 Money market

118、funds10 10 10 Total cash,cash equivalents and short-term investments$30,724$2$(6)$30,720$14,635$16,085 December 31,2023 Adjusted CostGross UnrealizedGainsGross UnrealizedLossesFair ValueCash and CashEquivalentsShort-TermInvestmentsCash$15,903$15,903$15,903$Certificates of deposit and time deposits6,

119、995 1 6,996 6,996 U.S.government securities5,136 1(1)5,136 277 4,859 Corporate debt securities485 1(6)480 480 Commercial paper470 470 109 361 Money market funds109 109 109 Total cash,cash equivalents and short-term investments$29,098$3$(7)$29,094$16,398$12,696 We record gross realized gains,losses a

120、nd credit losses as a component of Other income,net in the consolidated statements of operations.For the three and six months ended June 30,2024 and 2023,we did not recognize any material gross realized gains,losses or credit losses.The ending allowance balances for credit losses were immaterial as

121、of June 30,2024 andDecember 31,2023.We have determined that the gross unrealized losses on our investments as of June 30,2024 and December 31,2023 were temporary in nature.The following table summarizes the fair value of our investments by stated contractual maturities as of June 30,2024(in millions

122、):Due in 1 year or less$15,832 Due in 1 year through 5 years234 Due in 5 years through 10 years19 Total$16,085 Disclosure of Fair ValuesOur financial instruments that are not re-measured at fair value include accounts receivable,financing receivables,other receivables,digital assets,accounts payable

123、,accrued liabilities,customer deposits and debt.The carrying values of these financial instruments materially approximate their fair values,other than our 2.00%Convertible Senior Notes due in 2024(“2024Notes”),which matured in the second quarter of 2024,and digital assets.16Table of ContentsWe estim

124、ated the fair value of the 2024 Notes using commonly accepted valuation methodologies and market-based risk measurements that are indirectly observable,such as credit risk(Level II).In addition,we estimate the fair values of our digital assets based on quoted prices in active markets(Level I).The fo

125、llowing table presents the estimated fair values and the carryingvalues(in millions):June 30,2024December 31,2023 Carrying ValueFair ValueCarrying ValueFair Value2024 Notes$37$443 Digital assets,net$184$722$184$487 Note 3 InventoryOur inventory consisted of the following(in millions):June 30,2024Dec

126、ember 31,2023Raw materials$5,768$5,390 Work in process1,977 2,016 Finished goods(1)5,254 5,049 Service parts1,196 1,171 Total$14,195$13,626(1)Finished goods inventory includes products-in-transit to fulfill customer orders,new vehicles,used vehicles and energy products available for sale.We write-do

127、wn inventory for any excess or obsolete inventory or when we believe that the net realizable value of inventory is less than the carrying value.During the three and sixmonths ended June 30,2024,we recorded write-downs of$29 million and$68 million,respectively,in Cost of revenues in the consolidated

128、statements of operations.During the three and sixmonths ended June 30,2023,we recorded write-downs of$66 million and$105 million,respectively,in Cost of revenues in the consolidated statements of operations.Note 4 Property,Plant and Equipment,NetOur property,plant and equipment,net,consisted of the

129、following(in millions):June 30,2024December 31,2023Machinery,equipment,vehicles and office furniture$17,363$16,309 Land and buildings10,280 9,498 Leasehold improvements3,398 3,136 Tooling3,616 3,129 Computer equipment,hardware and software2,649 2,409 AI infrastructure2,468 1,510 Construction in prog

130、ress6,776 5,791 46,550 41,782 Less:Accumulated depreciation(13,648)(12,057)Total$32,902$29,725 Construction in progress is primarily comprised of ongoing construction and expansion of our facilities,equipment and tooling related to the manufacturing of our products as well as AI-related assets which

131、 have not yet been placed in service.Depreciation expense during the three and six months ended June 30,2024 was$981 million and$1.91 billion,respectively.Depreciation expense during the three and six months endedJune 30,2023 was$816 million and$1.54 billion,respectively.17Table of ContentsNote 5 Ac

132、crued Liabilities and OtherOur accrued liabilities and other current liabilities consisted of the following(in millions):June 30,2024December 31,2023Accrued purchases(1)$2,428$2,721 Accrued warranty reserve,current portion1,713 1,546 Payroll and related costs1,487 1,325 Taxes payable(2)1,100 1,204 C

133、ustomer deposits949 876 Operating lease liabilities,current portion748 672 Sales return reserve,current portion169 219 Other current liabilities1,022 517 Total$9,616$9,080(1)Accrued purchases primarily reflects receipts of goods and services for which we had not yet been invoiced.As we are invoiced

134、for these goods and services,this balance will reduce andaccounts payable will increase.(2)Taxes payable primarily includes value added tax,income tax,sales tax,property tax and use tax payables.Note 6 Other Long-Term LiabilitiesOur other long-term liabilities consisted of the following(in millions)

135、:June 30,2024December 31,2023Operating lease liabilities$4,022$3,671 Accrued warranty reserve4,082 3,606 Other non-current liabilities898 876 Total other long-term liabilities$9,002$8,153 Note 7 DebtThe following is a summary of our debt and finance leases as of June 30,2024(in millions):Net Carryin

136、g ValueUnpaidPrincipalBalanceUnusedCommittedAmount(1)ContractualInterest RatesContractualMaturity Date CurrentLong-TermRecourse debt:RCF Credit Agreement$5,000 Not applicableJanuary 2028Other4 3 7 4 4.70-5.75%March 2025-January 2031Total recourse debt4 3 7 5,004 Non-recourse debt:Automotive Asset-ba

137、cked Notes1,987 2,261 4,263 1.12-6.57%December 2024-June 2035China Working Capital Facility 2,751 2,751 2.27%April 2025(2)Cash Equity Debt29 317 355 5.25-5.81%July 2033-January 2035Solar Asset-backed Notes4 6 11 4.80%December 2026Total non-recourse debt2,020 5,335 7,380 Total debt2,024 5,338$7,387$5

138、,004 Finance leases240 143 Total debt and finance leases$2,264$5,481 18Table of ContentsThe following is a summary of our debt and finance leases as of December 31,2023(in millions):Net Carrying ValueUnpaidPrincipalBalanceUnusedCommittedAmount(1)ContractualInterest RatesContractualMaturity DateCurre

139、ntLong-TermRecourse debt:2024 Notes$37$37$2.00%May 2024RCF Credit Agreement 5,000 Not applicableJanuary 2028Other 7 7 28 4.70-5.75%March 2025-January 2031Total recourse debt37 7 44 5,028 Non-recourse debt:Automotive Asset-backed Notes1,906 2,337 4,259 0.60-6.57%July 2024-May 2031Cash Equity Debt28 3

140、30 367 5.25-5.81%July 2033-January 2035Solar Asset-backed Notes4 8 13 4.80%December 2026Total non-recourse debt1,938 2,675 4,639 Total debt1,975 2,682$4,683$5,028 Finance leases398 175 Total debt and finance leases$2,373$2,857(1)There are no restrictions on draw-down or use for general corporate pur

141、poses with respect to any available committed funds under our RCF Credit Agreement,except certain specifiedconditions prior to draw-down.Refer to the notes to the consolidated financial statements included in our reporting on Form 10-K for the year ended December 31,2023 for the terms ofthe facility

142、.(2)The contractual maturity date of the China Working Capital Facility is April 2025,renewable until March 2026 at our discretion.As we have the intent and ability to refinance the loan ona long-term basis,we recorded it in Debt and finance leases,net of current portion in the consolidated balance

143、sheet.Recourse debt refers to debt that is recourse to our general assets.Non-recourse debt refers to debt that is recourse to only assets of our subsidiaries.The differences between the unpaidprincipal balances and the net carrying values are due to debt discounts or deferred issuance costs.As of J

144、une 30,2024,we were in material compliance with all financial debt covenants.2024 NotesDuring the second quarter of 2024,the 2024 Notes reached maturity and were fully settled.Automotive Asset-backed NotesDuring the first and second quarters of 2024,we transferred beneficial interests related to cer

145、tain leased vehicles and financing receivables into special purpose entities and issued$1.10billion in aggregate principal amount of Automotive Asset-backed Notes,with terms similar to our other previously issued Automotive Asset-backed Notes.China Working Capital FacilityIn April 2024,one of our su

146、bsidiaries entered into a loan agreement(the“China Working Capital Facility”)with lenders in China for an unsecured revolving facility of up to RMB20.00 billion to be used for certain production expenditures as well as repayment of certain finance facilities.Borrowed funds bear interest at a rate eq

147、ual to the Loan Prime Rate published bythe Peoples Bank of China minus 1.18%.The China Working Capital Facility is non-recourse to our assets.Note 8 Equity Incentive PlansOther Performance-Based GrantsFrom time to time,the Compensation Committee of our Board of Directors grants certain employees per

148、formance-based restricted stock units and stock options.As of June 30,2024,we had unrecognized stock-based compensation expense of$506 million under these grants to purchase or receive an aggregate 4.2 million shares of our commonstock.For awards probable of achievement,we estimate the unrecognized

149、stock-based compensation expense of$80 million will be recognized over a weighted-average period of 4.0 years.19Table of ContentsFor the three and six months ended June 30,2024 and 2023,stock-based compensation expense related to these grants,net of forfeitures,were immaterial.Summary Stock-Based Co

150、mpensation InformationThe following table summarizes our stock-based compensation expense by line item in the consolidated statements of operations(in millions):Three Months Ended June 30,Six Months Ended June 30,2024202320242023Cost of revenues$180$181$382$373 Research and development169 168 381 30

151、2 Selling,general and administrative88 96 198 188 Restructuring and other2 2 Total$439$445$963$863 Note 9 Income TaxesOur effective tax rate was 21%and 23%for the three and six months ended June 30,2024,respectively,compared to 11%and 10%for the three and six months ended June 30,2023,respectively.T

152、he increase in our effective tax rate is primarily due to the impact of releasing the valuation allowance on our U.S.deferred tax assets in the fourth quarter of 2023 and changes inthe mix of our jurisdictional earnings.Our effective tax rates for the three and six months of 2024 and 2023 as compare

153、d to the U.S.federal statutory rate of 21%were primarily impacted by the mix of our jurisdictionalearnings subject to different tax rates,valuation allowances on our deferred tax assets,and benefits from our U.S.tax credits and the Inflation Reduction Act of 2022(“IRA”)manufacturingcredits.We are su

154、bject to tax examinations in the U.S.federal,state,and foreign jurisdictions.Given the uncertainty in timing and outcome of our tax examinations,an estimate of the range ofthe reasonably possible change in gross unrecognized tax benefits within twelve months cannot be made at this time.Note 10 Commi

155、tments and ContingenciesOperating Lease Arrangements in Buffalo,New York and Shanghai,ChinaFor a description of our operating lease arrangements in Buffalo,New York,and Shanghai,China,refer to Note 15,Commitments and Contingencies,in our Annual Report on Form 10-Kfor the year ended December 31,2023.

156、As of June 30,2024,we expect to meet the requirements under these arrangements,as may be modified from time to time,based on our current andanticipated level of operations.20Table of ContentsLegal ProceedingsLitigation Relating to 2018 CEO Performance AwardOn June 4,2018,a purported Tesla stockholde

157、r filed a putative class and derivative action in the Delaware Court of Chancery against Elon Musk and the members of Teslas board ofdirectors as then constituted,alleging corporate waste,unjust enrichment and that such board members breached their fiduciary duties by approving the stock-based compe

158、nsation plan awardedto Elon Musk in 2018(the“2018 CEO Performance Award”).Trial was held November 14-18,2022.On January 30,2024,the Court issued an opinion finding that the 2018 CEO PerformanceAward should be rescinded.Plaintiffs counsel have filed a brief seeking a fee award of 29,402,900 Tesla sha

159、res,plus expenses of$1,120,115.50.Tesla opposed the fee request on June 7,2024,and a hearing was held on July 8,2024.At Teslas 2024 Annual Meeting of Stockholders,72%of the disinterested voting shares of Tesla,excluding shares owned by Mr.Musk and KimbalMusk,voted to ratify the 2018 CEO Performance

160、Award.On June 28,2024,because Teslas disinterested stockholders voted to ratify the 2018 CEO Performance Award,Mr.Musk and the otherdirector defendants,joined by Tesla,filed a brief seeking to revise the Courts January 30,2024 opinion,and a hearing is scheduled for August 2,2024.Litigation Related t

161、o Directors CompensationOn June 17,2020,a purported Tesla stockholder filed a derivative action in the Delaware Court of Chancery,purportedly on behalf of Tesla,against certain of Teslas current and formerdirectors regarding compensation awards granted to Teslas directors,other than Elon Musk,betwee

162、n 2017 and 2020.The suit asserts claims for breach of fiduciary duty and unjust enrichmentand seeks declaratory and injunctive relief,unspecified damages and other relief.Defendants filed their answer on September 17,2020.On July 14,2023,the parties filed a Stipulation and Agreement of Compromise an

163、d Settlement,which does not involve an admission of any wrongdoing by any party.If the settlement isapproved by the Court,this action will be fully settled and dismissed with prejudice.Pursuant to the terms of the agreement,Tesla provided notice of the proposed settlement to stockholders ofrecord as

164、 of July 14,2023.The Court held a hearing regarding the settlement on October 13,2023,after which it took the settlement and plaintiff counsels fee request under advisement.Thesettlement is not expected to have an adverse impact on our results of operations,cash flows or financial position.Litigatio

165、n Relating to Potential Going Private TransactionBetween August 10,2018 and September 6,2018,nine purported stockholder class actions were filed against Tesla and Elon Musk in connection with Mr.Musks August 7,2018 Twitterpost that he was considering taking Tesla private.On January 16,2019,Plaintiff

166、s filed their consolidated complaint in the United States District Court for the Northern District of California andadded as defendants the members of Teslas board of directors.The consolidated complaint asserts claims for violations of the federal securities laws and seeks unspecified damages and o

167、therrelief.The parties stipulated to certification of a class of stockholders,which the court granted on November 25,2020.Trial started on January 17,2023,and on February 3,2023,a juryrendered a verdict in favor of the defendants on all counts.After trial,plaintiffs filed a motion for judgment as a

168、matter of law and a motion for new trial,which the Court denied and judgementwas entered in favor of defendants on July 11,2023.On July 14,2023,plaintiffs filed a notice of appeal.The appeal,which is pending in the United States Court of Appeals for the NinthCircuit,has been fully briefed by the par

169、ties.Between October 17,2018 and March 8,2021,seven derivative lawsuits were filed in the Delaware Court of Chancery,purportedly on behalf of Tesla,against Mr.Musk and themembers of Teslas board of directors,as constituted at relevant times,in relation to statements made and actions connected to a p

170、otential going private transaction,with certain of the lawsuitschallenging additional Twitter posts by Mr.Musk,among other things.Five of those actions were consolidated,and all seven actions have been stayed pending resolution of the appeal in theabove-referenced consolidated purported stockholder

171、class action.In addition to these cases,two derivative lawsuits were filed on October 25,2018 and February 11,2019 in the U.S.DistrictCourt for the District of Delaware,purportedly on behalf of Tesla,against Mr.Musk and the members of the Tesla board of directors as then constituted.Those cases have

172、 also beenconsolidated and stayed pending resolution of the appeal in the above-referenced consolidated purported stockholder class action.On October 21,2022,a lawsuit was filed in the Delaware Court of Chancery by a purported shareholder of Tesla alleging,among other things,that board members breac

173、hed theirfiduciary duties in connection with their oversight of the Companys 2018 settlement with the SEC,as amended.Among other things,the plaintiff seeks reforms to the Companys corporategovernance and internal procedures,unspecified damages,and attorneys fees.The parties reached an agreement to s

174、tay the case until September 16,2024.21Table of ContentsOn November 15,2021,JPMorgan Chase Bank(“JP Morgan”)filed a lawsuit against Tesla in the Southern District of New York alleging breach of a stock warrant agreement that wasentered into as part of a convertible notes offering in 2014.In 2018,JP

175、Morgan informed Tesla that it had adjusted the strike price based upon Mr.Musks August 7,2018 Twitter post that hewas considering taking Tesla private.Tesla disputed JP Morgans adjustment as a violation of the parties agreement.In 2021,Tesla delivered shares to JP Morgan per the agreement,which they

176、duly accepted.JP Morgan now alleges that it is owed approximately$162 million as the value of additional shares that it claims should have been delivered as a result of the adjustment to thestrike price in 2018.On January 24,2022,Tesla filed multiple counterclaims as part of its answer to the underl

177、ying lawsuit,asserting among other points that JP Morgan should have terminatedthe stock warrant agreement in 2018 rather than make an adjustment to the strike price that it should have known would lead to a commercially unreasonable result.Tesla believes that theadjustments made by JP Morgan were n

178、either proper nor commercially reasonable,as required under the stock warrant agreements.JP Morgan filed a motion for judgment on the pleadings,which Tesla opposed,and that motion is currently pending before the Court.Certain Derivative Lawsuits in DelawareBefore converting from a Delaware to Texas

179、corporation on June 13,2024,three separate derivative actions brought by purported Tesla stockholders were filed in the Delaware Court ofChancery on May 24,June 10 and June 13,2024,purportedly on behalf of Tesla,against current and former directors regarding topics involving Elon Musk and others,X C

180、orp.(formerlyTwitter)and x.AI.These suits assert various claims,including breach of fiduciary duty and breach of contract,and seek unspecified damages and other relief.Litigation and Investigations Relating to Alleged Discrimination and HarassmentOn February 9,2022,the California Civil Rights Depart

181、ment(“CRD,”formerly“DFEH”)filed a civil complaint against Tesla in Alameda County,California Superior Court,allegingsystemic race discrimination,hostile work environment and pay equity claims,among others.CRDs amended complaint seeks monetary damages and injunctive relief.On September 22,2022,Tesla

182、filed a cross complaint against CRD,alleging that it violated the Administrative Procedures Act by failing to follow statutory pre-requisites prior to filing suit and that cross complaint wassubject to a sustained demurrer,which Tesla later amended and refiled.The case is currently in discovery.Tria

183、l is scheduled for September 15,2025.Additionally,on June 1,2022 the Equal Employment Opportunity Commission(“EEOC”)issued a cause finding against Tesla that closely parallels the CRDs allegations.On September28,2023,the EEOC filed a civil complaint against Tesla in the United States District Court

184、for the Northern District of California asserting claims for race harassment and retaliation andseeking,among other things,monetary and injunctive relief.On June 16,2022,two Tesla stockholders filed separate derivative actions in the U.S.District Court for the Western District of Texas,purportedly o

185、n behalf of Tesla,against certain ofTeslas current and former directors.Both suits assert claims for breach of fiduciary duty,unjust enrichment,and violation of the federal securities laws in connection with alleged race andgender discrimination and sexual harassment.Among other things,plaintiffs se

186、ek declaratory and injunctive relief,unspecified damages payable to Tesla,and attorneys fees.On July 22,2022,the Court consolidated the two cases and on September 6,2022,plaintiffs filed a consolidated complaint.On November 7,2022,the defendants filed a motion to dismiss the case and onSeptember 15,

187、2023,the Court dismissed the action but granted plaintiffs leave to file an amended complaint.On November 2,2023,plaintiff filed an amended complaint purportedly on behalfof Tesla,against Elon Musk.On December 19,2023,the defendants moved to dismiss the amended complaint,which the Court granted on A

188、pril 12,2024,with leave for plaintiffs to amend.OnMay 15,2024,plaintiffs filed a second amended consolidated complaint purportedly on behalf of Tesla,against Mr.Musk.On July 1,2024,the defendants moved to dismiss the secondamended consolidated complaint.22Table of ContentsOther Litigation Related to

189、 Our Products and ServicesWe are also subject to various lawsuits that seek monetary and other injunctive relief.These lawsuits include proposed class actions and other consumer claims that allege,among otherthings,purported defects and misrepresentations related to our products and services.For exa

190、mple,on September 14,2022,a proposed class action was filed against Tesla,Inc.and relatedentities in the U.S.District Court for the Northern District of California,alleging various claims about the Companys driver assistance technology systems under state and federal law.This casewas later consolida

191、ted with several other proposed class actions,and a Consolidated Amended Complaint was filed on October 28,2022,which seeks damages and other relief on behalf of allpersons who purchased or leased from Tesla between January 1,2016,to the present.On October 5,2022,a proposed class action complaint wa

192、s filed in the U.S.District Court for the EasternDistrict of New York asserting similar state and federal law claims against the same defendants.On September 30,2023,the Court dismissed this action with leave to amend the complaint.OnNovember 20,2023,the plaintiff moved to amend the complaint,which

193、Tesla opposed.On March 22,2023,the plaintiffs in the Northern District of California consolidated action filed a motionfor a preliminary injunction to order Tesla to(1)cease using the term“Full Self-Driving Capability”(FSD Capability),(2)cease the sale and activation of FSD Capability and deactivate

194、 FSDCapability on Tesla vehicles,and(3)provide certain notices to consumers about proposed court-findings about the accuracy of the use of the terms Autopilot and FSD Capability.Tesla opposedthe motion.On September 30,2023,the Court denied the request for a preliminary injunction,compelled four of f

195、ive plaintiffs to arbitration,and dismissed the claims of the fifth plaintiff withleave to amend the complaint.On October 31,2023,the remaining plaintiff in the Northern District of California action filed an amended complaint,which Tesla moved to dismiss,and on May15,2024,the Court granted in part

196、and denied in part Teslas motion.On October 2,2023,a similar proposed class action was filed in San Diego County Superior Court in California.Teslasubsequently removed the San Diego County case to federal court and on January 8,2024,the federal court granted Teslas motion to transfer the case to the

197、 U.S.District Court for the NorthernDistrict of California.Tesla moved to compel arbitration,which the plaintiff did not oppose,and on June 27,2024,the Court stayed the case pending arbitration.On February 27,2023,a proposed class action was filed in the U.S.District Court for the Northern District

198、of California against Tesla,Inc.,Elon Musk and certain current and formerCompany executives.The complaint alleges that the defendants made material misrepresentations and omissions about the Companys Autopilot and FSD Capability technologies and seeksmoney damages and other relief on behalf of perso

199、ns who purchased Tesla stock between February 19,2019,and February 17,2023.An amended complaint was filed on September 5,2023,naming only Tesla,Inc.and Elon Musk as defendants.On November 6,2023,Tesla moved to dismiss the amended complaint.On March 14,2023,a proposed class action was filed against T

200、esla,Inc.in the U.S.District Court for the Northern District of California.Several similar complaints were also filed in thesame court and these cases have now all been consolidated.These complaints allege that Tesla violates federal antitrust and warranty laws through its repair,service,and mainten

201、ance practicesand seeks,among other relief,damages for persons who paid Tesla for repairs services or Tesla compatible replacement parts from March 2019 to March 2023.On July 17,2023,these plaintiffsfiled a consolidated amended complaint.On September 27,2023,the court granted Teslas motion to compel

202、 arbitration as to three of the plaintiffs,and on November 17,2023,the court grantedTeslas motion to dismiss without prejudice.The plaintiffs filed a Consolidated Second Amended Complaint on December 12,2023,which Tesla moved to dismiss.Plaintiffs also appealed thecourts arbitration order,which was

203、denied.On June 17,2024,the Court granted in part and denied in part Teslas motion to dismiss the Consolidated Second Amended Complaint.The Company intends to vigorously defend itself in these matters;however,we cannot predict the outcome or impact.We are unable to reasonably estimate the possible lo

204、ss or range ofloss,if any,associated with these claims,unless noted.Certain Investigations and Other MattersWe regularly receive requests for information,including subpoenas,from regulators and governmental authorities such as the National Highway Traffic Safety Administration,theNational Transporta

205、tion Safety Board,the Securities and Exchange Commission(“SEC”),the Department of Justice(“DOJ”),and various local,state,federal,and international agencies.Theongoing requests for information include topics such as operations,technology(e.g.,vehicle functionality,Autopilot and FSD Capability),compli

206、ance,finance,data privacy,and other mattersrelated to Teslas business,its personnel,and related parties.We routinely cooperate with such formal and informal requests for information,investigations,and other inquiries.To ourknowledge no government agency in any ongoing investigation has concluded tha

207、t any wrongdoing occurred.We cannot predict the outcome or impact of any ongoing matters.Should thegovernment decide to pursue an enforcement action,there exists the possibility of a material adverse impact on our business,results of operation,prospects,cash flows,financial position orbrand.23Table

208、of ContentsWe are also subject to various other legal proceedings,risks and claims that arise from the normal course of business activities.For example,during the second quarter of 2023,a foreignnews outlet reported that it obtained certain misappropriated data including,purportedly non-public Tesla

209、 business and personal information.Tesla has made notifications to potentially affectedindividuals(current and former employees)and regulatory authorities and we are working with certain law enforcement and other authorities.On August 5,2023,a putative class action wasfiled in the United States Dist

210、rict Court for the Northern District of California,purportedly on behalf of all U.S.individuals impacted by the data incident,followed by several additionallawsuits,that each assert claims under various state laws and seeks monetary damages and other relief.If an unfavorable ruling or development we

211、re to occur in these or other possible legalproceedings,risks and claims,there exists the possibility of a material adverse impact on our business,results of operations,prospects,cash flows,financial position or brand.Note 11 Variable Interest Entity ArrangementsThe aggregate carrying values of the

212、variable interest entities assets and liabilities,after elimination of any intercompany transactions and balances,in the consolidated balance sheetswere as follows(in millions):June 30,2024December 31,2023Assets Current assets Cash and cash equivalents$46$66 Accounts receivable,net26 13 Prepaid expe

213、nses and other current assets269 361 Total current assets341 440 Solar energy systems,net2,556 3,278 Other non-current assets193 369 Total assets$3,090$4,087 Liabilities Current liabilities Accrued liabilities and other$31$67 Deferred revenue7 6 Current portion of debt and finance leases1,839 1,564

214、Total current liabilities1,877 1,637 Deferred revenue,net of current portion83 99 Debt and finance leases,net of current portion1,915 2,041 Total liabilities$3,875$3,777 Note 12 Segment Reporting and Information about Geographic AreasWe have two operating and reportable segments:(i)automotive and(ii

215、)energy generation and storage.The following table presents revenues and gross profit by reportable segment(inmillions):Three Months Ended June 30,Six Months Ended June 30,2024202320242023Automotive segment Revenues$22,486$23,418$42,152$45,218 Gross profit$3,838$4,255$7,131$8,598 Energy generation a

216、nd storage segment Revenues$3,014$1,509$4,649$3,038 Gross profit$740$278$1,143$446 24Table of ContentsThe following table presents revenues by geographic area based on the sales location of our products(in millions):Three Months Ended June 30,Six Months Ended June 30,2024202320242023United States$13

217、,256$11,332$23,018$22,579 China4,636 5,731 9,228 10,622 Other international7,608 7,864 14,555 15,055 Total$25,500$24,927$46,801$48,256 The following table presents long-lived assets by geographic area(in millions):June 30,2024December 31,2023United States$29,652$26,629 Germany4,228 4,258 Other inter

218、national4,124 4,067 Total$38,004$34,954 The following table presents inventory by reportable segment(in millions):June 30,2024December 31,2023Automotive$12,192$11,139 Energy generation and storage2,003 2,487 Total$14,195$13,626 Note 13 Restructuring and OtherIn the second quarter of 2024,we initiate

219、d and substantially completed certain restructuring actions to reduce costs and improve efficiency.As a result,we recognized$583 million ofemployee termination expenses in Restructuring and other in our consolidated income statement.These expenses were substantially paid during the quarter with the

220、remaining unpaidimmaterial accrual recorded in Accrued liabilities and other in our consolidated balance sheet as of June 30,2024.25Table of ContentsITEM 2.MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe following discussion and analysis should be read in conj

221、unction with the consolidated financial statements and the related notes included elsewhere in this Quarterly Report on Form10-Q.OverviewOur mission is to accelerate the worlds transition to sustainable energy.We design,develop,manufacture,lease and sell high-performance fully electric vehicles,sola

222、r energy generationsystems and energy storage products.We also offer maintenance,installation,operation,charging,insurance,financial and other services related to our products.Additionally,we areincreasingly focused on products and services based on AI,robotics and automation.In 2024,we produced app

223、roximately 844,000 consumer vehicles and delivered approximately 831,000 consumer vehicles through the second quarter.We are focused on profitablegrowth,including by leveraging existing factories and production lines to introduce new and more affordable products,further improving and deploying our F

224、SD capabilities,including throughour planned robotaxi product,reducing costs,increasing vehicle production,utilized capacity and delivery capabilities,improving and developing our vehicles and battery technologies,vertically integrating and localizing our supply chain,and expanding our global infras

225、tructure,including our service and charging infrastructure.In 2024,we deployed 13.46 GWh of energy storage products through the second quarter.We are focused on ramping the production and increasing the market penetration of our energystorage products.During the three and six months ended June 30,20

226、24,we recognized total revenues of$25.50 billion and$46.80 billion,respectively,representing an increase of$573 million and adecrease of$1.46 billion,respectively,compared to the same periods in the prior year.During the three and six months ended June 30,2024,our net income attributable to common s

227、tockholderswas$1.48 billion and$2.61 billion,respectively,representing decreases of$1.23 billion and$2.61 billion,respectively,compared to the same periods in the prior year.We continue to rampproduction and build and optimize our manufacturing capacity,expand our operations while focusing on furthe

228、r cost reductions and operational efficiencies to enable increased deliveries anddeployments of our products,and invest in research and development to accelerate our AI,software,and fleet-based profits for further revenue growth.We ended the second quarter of 2024 with$30.72 billion in cash and cash

229、 equivalents and investments,representing an increase of$1.63 billion from the end of 2023.Our cash flowsprovided by operating activities were$3.85 billion during the six months ended June 30,2024,compared to$5.58 billion during the same period ended June 30,2023,representing a decrease of$1.72 bill

230、ion.Capital expenditures amounted to$5.04 billion during the six months ended June 30,2024,compared to$4.13 billion during the same period ended June 30,2023,representing anincrease of$911 million.Overall growth has allowed our business to generally fund itself,and we will continue investing in a nu

231、mber of capital-intensive projects and research and developmentin upcoming periods.Management Opportunities,Challenges and Uncertainties and 2024 OutlookAutomotiveProductionThe following is a summary of the status of production of each of our announced vehicle models in production and under developm

232、ent,as of the date of this Quarterly Report on Form10-Q:Production LocationVehicle Model(s)Production StatusFremont FactoryModel S/Model XActive Model 3/Model YActiveGigafactory ShanghaiModel 3/Model YActiveGigafactory Berlin-BrandenburgModel YActiveGigafactory TexasModel YActive CybertruckActiveGig

233、afactory NevadaTesla SemiPilot productionVariousNext Generation PlatformIn developmentTBDRoadsterIn development26Table of ContentsWe are focused on growing our manufacturing capacity,which includes capacity for manufacturing new vehicle models such as our Cybertruck,Tesla Semi and future vehicles ut

234、ilizingaspects of our next generation platform,and ramping the production at our Gigafactories to their installed production capacities as well as increasing production rate and efficiency at our currentfactories.The next phase of production growth will depend on the continued ramp at our factories

235、and be initiated by advances in autonomy and the introduction of new products,includingthose built on our next generation vehicle platform,as well as our ability to add to our available sources of battery cell supply by manufacturing our own cells that we are developing to havehigh-volume output,low

236、er capital and production costs and longer range.Our goals are to improve vehicle performance,decrease production costs and increase affordability and customerawareness.These plans are subject to uncertainties inherent in establishing and ramping manufacturing operations,which may be exacerbated by

237、new product and manufacturing technologies weintroduce,the number of concurrent international projects,any industry-wide component constraints,labor shortages and any future impact from events outside of our control.For example,during the first quarter of 2024,we experienced a sequential decline in

238、production volumes partially caused by the early phase of the production ramp of the updated Model 3 at our Fremontfactory,and factory shutdowns at Gigafactory Berlin-Brandenburg resulting from shipping diversions caused by the Red Sea conflict and an arson attack.Moreover,we have set ambitioustechn

239、ological targets with our plans for battery cells as well as for iterative manufacturing and design improvements for our vehicles with each new factory.AutomotiveDemand,Sales,Deliveries and InfrastructureOur cost reduction efforts,cost innovation strategies,and additional localized procurement and m

240、anufacturing are key to our vehicles affordability and have allowed us to competitivelyprice our vehicles.We will also continue to generate demand by improving our vehicles performance and functionality,including through product offerings and features based on artificialintelligence such as Autopilo

241、t,FSD(Supervised),and other software,and delivering new vehicles and vehicle options.In addition,we have been increasing awareness,and expanding ourvehicle financing programs,including attractive leasing terms for our customers.Moreover,we expect to continue to benefit from ongoing electrification o

242、f the automotive sector and increasingenvironmental regulations and initiatives.However,we operate in a cyclical industry that is sensitive to political and regulatory uncertainty,including with respect to trade and the environment,all of which can be compoundedby inflationary pressures,rising energ

243、y prices,interest rate fluctuations and the liquidity of enterprise customers.For example,inflationary pressures have increased across the markets in whichwe operate.In an effort to curb this trend,central banks in developed countries raised interest rates rapidly and substantially,impacting the aff

244、ordability of vehicle lease and financearrangements.Further,sales of vehicles in the automotive industry also tend to be cyclical in many markets,which may expose us to increased volatility as we expand and adjust our operations.Moreover,as additional competitors enter the marketplace and help bring

245、 the world closer to sustainable transportation,we will have to adjust and continue to execute well to maintain ourmomentum.Additionally,our suppliers liquidity and allocation plans may be affected by current challenges in the North American automotive industry,which could reduce our access tocompon

246、ents or result in unfavorable changes to cost.These macroeconomic and industry trends have had,and will likely continue to have,an impact on the pricing of,and order rate for ourvehicles,and in turn our operating margin.Changes in government and economic incentives or tariffs may also impact our sal

247、es,cost structure and the competitive landscape.We will continueto adjust accordingly to such developments,and we believe our ongoing cost reduction,including improved production innovation and efficiency at our newest factories and lower logisticscosts,and focus on operating leverage will continue

248、to benefit us in relation to our competitors,while our new products will help enable future growth.As our production increases,we must work constantly to similarly increase vehicle delivery capability so that it does not become a bottleneck on our total deliveries.We are alsocommitted to reducing th

249、e percentage of vehicles delivered in the third month of each quarter,which will help to reduce the cost per vehicle.As we expand our manufacturing operationsglobally,we will also have to continue to increase and staff our delivery,servicing and charging infrastructure accordingly,maintain our vehic

250、le reliability and optimize our Superchargerlocations to ensure cost effectiveness and customer satisfaction.In particular,as other automotive manufacturers have announced their adoption of the North American Charging Standard(“NACS”)and agreements with us to utilize our Superchargers,we must corres

251、pondingly expand our network in order to ensure adequate availability to meet customer demands.We alsoremain focused on continued enhancements of the capability and efficiency of our servicing operations.27Table of ContentsEnergy Generation and Storage Demand,Production and DeploymentThe long-term s

252、uccess of this business is dependent upon incremental volume growth.We continue to increase the production of our energy storage products to meet high levels ofdemand,including the construction of a new Megafactory in Shanghai and the ongoing ramp at our Megafactory in Lathrop,California.For Megapac

253、k,energy storage deployments can varymeaningfully quarter to quarter depending on the timing of specific project milestones and logistics.As these product lines grow,we will have to maintain adequate battery cell supply for ourenergy storage products.At the same time,changes in government and econom

254、ic incentives or tariffs may also impact our sales,cost structure and the competitive landscape.Cash Flow and Capital Expenditure TrendsOur capital expenditures are typically difficult to project beyond the short-term given the number and breadth of our core projects at any given time,and may furthe

255、r be impacted byuncertainties in future global market conditions.We are simultaneously developing and ramping new products,building or ramping manufacturing facilities on three continents,piloting thedevelopment and manufacture of new battery cell technologies,expanding our Supercharger network and

256、investing in autonomy and other artificial intelligence enabled training and products,and the pace of our capital spend may vary depending on overall priority among projects,the pace at which we meet milestones,production adjustments to and among our various products,increased capital efficiencies a

257、nd the addition of new projects.Owing and subject to the foregoing as well as the pipeline of announced projects under development,all other continuinginfrastructure growth and varying levels of inflation,we currently expect our capital expenditures to exceed$10.00 billion in 2024 and be between$8.0

258、0 to$10.00 billion in each of thefollowing two fiscal years.Our business has generally been consistently generating cash flow from operations in excess of our level of capital spend,and with better working capital management resulting in shorterdays sales outstanding than days payable outstanding,ou

259、r sales growth is also generally facilitating positive cash generation.We have and will continue to utilize such cash flows,among otherthings,to invest in autonomy,do more vertical integration,expand our product roadmap and provide financing options to our customers.At the same time,we are likely to

260、 see heightened levelsof capital expenditures during certain periods depending on the specific pace of our capital-intensive projects and other potential variables such as rising material prices and increases in supplychain and labor expenses resulting from changes in global trade conditions and lab

261、or availability.Overall,we expect our ability to be self-funding to continue as long as macroeconomic factorssupport current trends in our sales.Critical Accounting Policies and EstimatesFor a description of our critical accounting policies and estimates,refer to Part II,Item 7,Critical Accounting P

262、olicies and Estimates in our Annual Report on Form 10-K for the yearended December 31,2023.There have been no material changes to our critical accounting policies and estimates since our Annual Report on Form 10-K for the year ended December 31,2023.Recent Accounting PronouncementsSee Note 1,Overvie

263、w&Summary of Significant Accounting Policies,to the consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.28Table of ContentsResults of OperationsRevenues Three Months Ended June 30,ChangeSix Months Ended June 30,Change(Dollars in millions)20242023$%20242023$%Aut

264、omotive sales$18,530$20,419$(1,889)(9)%$34,990$39,297$(4,307)(11)%Automotive regulatory credits890 282 608 216%1,332 803 529 66%Automotive leasing458 567(109)(19)%934 1,131(197)(17)%Total automotive revenues19,878 21,268(1,390)(7)%37,256 41,231(3,975)(10)%Services and other2,608 2,150 458 21%4,896 3

265、,987 909 23%Total automotive&services and other segment revenue22,486 23,418(932)(4)%42,152 45,218(3,066)(7)%Energy generation and storage segment revenue3,014 1,509 1,505 100%4,649 3,038 1,611 53%Total revenues$25,500$24,927$573 2%$46,801$48,256$(1,455)(3)%Automotive&Services and Other SegmentAutom

266、otive sales revenue decreased$1.89 billion,or 9%,in the three months ended June 30,2024 as compared to the three months ended June 30,2023,primarily due to lower averageselling price on our vehicles driven by overall price reductions and attractive financing options provided year over year.Additiona

267、lly,there was a decrease of approximately 13,000 combinedModel 3 and Model Y cash deliveries partially due to the early phase of the production ramp of the updated Model 3 at our Fremont factory.The decreases were partially offset by an increase ofapproximately 4,000 deliveries of other models,inclu

268、ding Model S,Model X and Cybertruck,primarily due to our production ramp of Cybertruck.Automotive sales revenue decreased$4.31 billion,or 11%,in the six months ended June 30,2024 as compared to the six months ended June 30,2023,primarily due to lower averageselling price on our vehicles driven by ov

269、erall price reductions and attractive financing options provided year over year.Additionally,there was a decrease of approximately 40,000 combinedModel 3 and Model Y cash deliveries partially due to the early phase of the production ramp of the updated Model 3 at our Fremont factory and factory shut

270、downs resulting from shippingdiversions caused by the Red Sea conflict and an arson attack at Gigafactory Berlin-Brandenburg.The decreases were partially offset by an increase of approximately 11,000 deliveries of othermodels,including Model S,Model X and Cybertruck,primarily due to our production r

271、amp of Cybertruck.Automotive regulatory credits revenue increased$608 million,or 216%,in the three months ended June 30,2024 as compared to the three months ended June 30,2023.Automotiveregulatory credits revenue increased$529 million,or 66%,in the six months ended June 30,2024 as compared to the si

272、x months ended June 30,2023.These increases were driven by demandfor credits in North America as other automobile manufacturers scale back on their battery electric vehicle plans.Automotive leasing revenue decreased$109 million,or 19%,in the three months ended June 30,2024 as compared to the three m

273、onths ended June 30,2023.Automotive leasing revenuedecreased$197 million,or 17%,in the six months ended June 30,2024 as compared to the six months ended June 30,2023.The decreases were primarily due to lower direct sales-type leasingdeliveries compared to the prior periods.Services and other revenue

274、 increased$458 million,or 21%,in the three months ended June 30,2024 as compared to the three months ended June 30,2023.Services and other revenueincreased$909 million,or 23%,in the six months ended June 30,2024 as compared to the six months ended June 30,2023.The increases were primarily due to inc

275、reases in non-warrantymaintenance services and collision revenue,used vehicle revenue,insurance services revenue,paid Supercharging revenue and part sales revenue.Energy Generation and Storage SegmentEnergy generation and storage revenue increased$1.51 billion,or 100%,in the three months ended June

276、30,2024 as compared to the three months ended June 30,2023.Energygeneration and storage revenue increased$1.61 billion,or 53%,in the six months ended June 30,2024 as compared to the six months ended June 30,2023.The increases were primarily due toincreases in Megapack deployments compared to the pri

277、or periods.29Table of ContentsCost of Revenues and Gross MarginThree Months Ended June 30,ChangeSix Months Ended June 30,Change(Dollars in millions)20242023$%20242023$%Cost of revenuesAutomotive sales$15,962$16,841$(879)(5)%$29,859$32,263$(2,404)(7)%Automotive leasing245 338(93)(28)%514 671(157)(23)

278、%Total automotive cost of revenues16,207 17,179(972)(6)%30,373 32,934(2,561)(8)%Services and other2,441 1,984 457 23%4,648 3,686 962 26%Total automotive&services and other segment cost ofrevenues18,648 19,163(515)(3)%35,021 36,620(1,599)(4)%Energy generation and storage segment2,274 1,231 1,043 85%3

279、,506 2,592 914 35%Total cost of revenues$20,922$20,394$528 3%$38,527$39,212$(685)(2)%Gross profit total automotive$3,671$4,089$6,883$8,297 Gross margin total automotive18.5%19.2%18.5%20.1%Gross profit total automotive&services and other segment$3,838$4,255$7,131$8,598 Gross margin total automotive&s

280、ervices and other segment17.1%18.2%16.9%19.0%Gross profit energy generation and storage segment$740$278$1,143$446 Gross margin energy generation and storage segment24.6%18.4%24.6%14.7%Total gross profit$4,578$4,533$8,274$9,044 Total gross margin18.0%18.2%17.7%18.7%Automotive&Services and Other Segme

281、ntCost of automotive sales revenue decreased$879 million,or 5%,in the three months ended June 30,2024 as compared to the three months ended June 30,2023.Cost of automotive salesrevenue decreased$2.40 billion,or 7%,in the six months ended June 30,2024 as compared to the six months ended June 30,2023.

282、Cost of automotive sales revenue decreased due to a decreasein the average combined cost per unit of our vehicles primarily from lower raw material costs,freight and duties and higher IRA manufacturing credits in addition to the volume changes indeliveries year over year as discussed above.These dec

283、reases were partially offset by higher costs for Cybertruck and the updated Model 3 at our Fremont factory as a result of the temporaryunder-utilization of manufacturing capacity as production ramps.Cost of automotive leasing revenue decreased$93 million,or 28%,in the three months ended June 30,2024

284、 as compared to the three months ended June 30,2023.Cost of automotiveleasing revenue decreased$157 million,or 23%,in the six months ended June 30,2024 as compared to the six months ended June 30,2023.The decreases were primarily due to a decrease indirect sales-type leasing cost of revenue driven b

285、y lower deliveries compared to the prior periods.Cost of services and other revenue increased$457 million,or 23%,in the three months ended June 30,2024 as compared to the three months ended June 30,2023.Cost of services andother revenue increased$962 million,or 26%,in the six months ended June 30,20

286、24 as compared to the six months ended June 30,2023.The increases were generally in line with the changesin services and other revenue as discussed above.Gross margin for total automotive decreased from 19.2%to 18.5%in the three months ended June 30,2024 as compared to the three months ended June 30

287、,2023.Gross margin for totalautomotive decreased from 20.1%to 18.5%in the six months ended June 30,2024 as compared to the six months ended June 30,2023.The decreases were driven by lower average sellingprice on our vehicles and temporary under-utilization of manufacturing capacity during production

288、 ramps,partially offset by increases in regulatory credits revenue and lower average combinedcost per unit of our vehicles,as discussed above.30Table of ContentsGross margin for total automotive&services and other segment decreased from 18.2%to 17.1%in the three months ended June 30,2024 as compared

289、 to the three months ended June 30,2023.Gross margin for total automotive&services and other segment decreased from 19.0%to 16.9%in the six months ended June 30,2024 as compared to the six months ended June 30,2023,primarily due to the automotive gross margin decreases discussed above.Energy Generat

290、ion and Storage SegmentCost of energy generation and storage revenue increased$1.04 billion,or 85%,in the three months ended June 30,2024 as compared to the three months ended June 30,2023.Cost ofenergy generation and storage revenue increased$914 million,or 35%,in the six months ended June 30,2024

291、as compared to the six months ended June 30,2023.The increases were primarilydue to increases in Megapack deployments,partially offset by increases in IRA manufacturing credits recognized as compared to the prior periods.Gross margin for energy generation and storage increased from 18.4%to 24.6%in t

292、he three months ended June 30,2024 as compared to the three months ended June 30,2023.Grossmargin for energy generation and storage increased from 14.7%to 24.6%in the six months ended June 30,2024 as compared to the six months ended June 30,2023.The increases wereprimarily due to increases in IRA ma

293、nufacturing credits and a higher proportion of our storage business,which operated at a higher gross margin,within the segment as compared to the priorperiods.Research and Development ExpenseThree Months Ended June 30,ChangeSix Months Ended June 30,Change(Dollars in millions)20242023$%20242023$%Rese

294、arch and development$1,074$943$131 14%$2,225$1,714$511 30%As a percentage of revenues4%4%5%4%Research and development(“R&D”)expenses increased$131 million,or 14%,in the three months ended June 30,2024 as compared to the three months ended June 30,2023.R&Dexpenses increased$511 million,or 30%,in the

295、six months ended June 30,2024 as compared to the six months ended June 30,2023.The overall increases were primarily driven by additionalcosts year over year related to AI and other programs.R&D expenses as a percentage of revenue stayed consistent at 4%in the three months ended June 30,2024 as compa

296、red to the three months ended June 30,2023.R&D expenses as apercentage of revenue increased from 4%to 5%in the six months ended June 30,2024 as compared to the six months ended June 30,2023 as we continue to expand our product roadmap andtechnologies.Selling,General and Administrative ExpenseThree M

297、onths Ended June 30,ChangeSix Months Ended June 30,Change(Dollars in millions)20242023$%20242023$%Selling,general and administrative$1,277$1,191$86 7%$2,651$2,267$384 17%As a percentage of revenues5%5%6%5%Selling,general and administrative(“SG&A”)expenses increased$86 million,or 7%,in the three mont

298、hs ended June 30,2024 as compared to the three months ended June 30,2023.This was driven by a$73 million increase in facilities related expenses and a$32 million increase in employee and labor costs,including professional services.SG&A expenses increased$384 million,or 17%,in the six months ended Ju

299、ne 30,2024 as compared to the six months ended June 30,2023.This was driven by a$208 million increasein employee and labor costs,including professional services,and a$135 million increase in facilities related expenses.31Table of ContentsRestructuring and OtherThree Months Ended June 30,ChangeSix Mo

300、nths Ended June 30,Change(Dollars in millions)20242023$%20242023$%Restructuring and other$622$622 Not meaningful$622$622 Not meaningfulIn the second quarter of 2024,we initiated and substantially completed certain restructuring actions to reduce costs and improve efficiency.As a result,we recognized

301、$583 million ofemployee termination expenses in Restructuring and other in our consolidated income statement.These expenses were substantially paid during the quarter with the remaining unpaidimmaterial accrual recorded in Accrued liabilities and other in our consolidated balance sheet as of June 30

302、,2024.Interest IncomeThree Months Ended June 30,ChangeSix Months Ended June 30,Change(Dollars in millions)20242023$%20242023$%Interest income$348$238$110 46%$698$451$247 55%Interest income increased$110 million,or 46%,in the three months ended June 30,2024 and increased$247 million,or 55%,in the six

303、 months ended June 30,2024 as compared to thethree and six months ended June 30,2023,respectively.The increases were primarily due to higher interest earned on our cash and cash equivalents and short-term investments compared to theprior periods due to rising interest rates and increases in our port

304、folio balance.Other Income,NetThree Months Ended June 30,ChangeSix Months Ended June 30,Change(Dollars in millions)20242023$%20242023$%Other income,net$20$328$(308)(94)%$128$280$(152)(54)%Other income,net,changed unfavorably by$308 million in the three months ended June 30,2024 as compared to the th

305、ree months ended June 30,2023.Other income,net changedunfavorably by$152 million in the six months ended June 30,2024 as compared to the six months ended June 30,2023.The unfavorable changes were primarily due to fluctuations in foreigncurrency exchange rates on our intercompany balances.As our inte

306、rcompany balances are significant in nature and we do not typically hedge foreign currency risk,we can experiencesignificant fluctuations in foreign currency exchange rate gains and losses from period to period.Provision for Income TaxesThree Months Ended June 30,ChangeSix Months Ended June 30,Chang

307、e(Dollars in millions)20242023$%20242023$%Provision for income taxes$393$323$70 22%$802$584$218 37%Effective tax rate21%11%23%10%Our provision for income taxes increased by$70 million in the three months ended June 30,2024 and increased by$218 million in the six months ended June 30,2024 as compared

308、 tothe three and six months ended June 30,2023,respectively.Our effective tax rate increased from 11%to 21%in the three months ended June 30,2024 and increased from 10%to 23%in the sixmonths ended June 30,2024 as compared to the three and six months ended June 30,2023,respectively.These increases ar

309、e primarily due to the impact of releasing the valuation allowance onour U.S.deferred tax assets in the fourth quarter of 2023 and changes in mix of jurisdictional earnings.See Note 9,Income Taxes,to the consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for f

310、urther details.32Table of ContentsLiquidity and Capital ResourcesWe expect to continue to generate net positive operating cash flow as we have done in the last five fiscal years.The cash we generate from our core operations enables us to fund ongoingoperations and production,our research and develop

311、ment projects for new products and technologies including our proprietary battery cells,additional manufacturing ramps at existingmanufacturing facilities,the construction of future factories,and the continued expansion of our retail and service locations,body shops,Mobile Service fleet,Supercharger

312、,including to supportNACS,energy product installation capabilities and autonomy and other artificial intelligence enabled products.In addition,because a large portion of our future expenditures will be to fund our growth,we expect that if needed we will be able to adjust our capital and operating ex

313、penditures byoperating segment.For example,if our near-term manufacturing operations decrease in scale or ramp more slowly than expected,including due to global economic or business conditions,wemay choose to correspondingly slow the pace of our capital expenditures.Finally,we continually evaluate o

314、ur cash needs and may decide it is best to raise additional capital or seek alternativefinancing sources to fund the rapid growth of our business,including through drawdowns on existing or new debt facilities or financing funds.Conversely,we may also from time to timedetermine that it is in our best

315、 interests to voluntarily repay certain indebtedness early.Accordingly,we believe that our current sources of funds will provide us with adequate liquidity during the 12-month period following June 30,2024,as well as in the long-term.See the sections below for more details regarding the material req

316、uirements for cash in our business and our sources of liquidity to meet such needs.Material Cash RequirementsFrom time to time in the ordinary course of business,we enter into agreements with vendors for the purchase of components and raw materials to be used in the manufacture of ourproducts.Howeve

317、r,due to contractual terms,variability in the precise growth curves of our development and production ramps,and opportunities to renegotiate pricing,we generally do nothave binding and enforceable purchase orders under such contracts beyond the short-term,and the timing and magnitude of purchase ord

318、ers beyond such period is difficult to accurately project.As discussed in and subject to the considerations referenced in Part I,Item 2,Managements Discussion and Analysis of Financial Condition and Results of OperationsManagementOpportunities,Challenges and Uncertainties and 2024 OutlookCash Flow a

319、nd Capital Expenditure Trends in this Quarterly Report on Form 10-Q,we currently expect our capitalexpenditures to support our projects globally to exceed$10.00 billion in 2024 and be between$8.00 to$10.00 billion in each of the following two fiscal years.We also have certain obligationsin connectio

320、n with our operations at Gigafactory New York and Gigafactory Shanghai,as outlined in Part II,Item 7,Managements Discussion and Analysis of Financial Condition and Resultsof OperationsLiquidity and Capital ResourcesMaterial Cash Requirements in our Annual Report on Form 10-K for the year ended Decem

321、ber 31,2023.As of June 30,2024,we and our subsidiaries had outstanding$7.39 billion in aggregate principal amount of indebtedness,of which$2.03 billion is current.For details regarding ourindebtedness,refer to Note 7,Debt,to the consolidated financial statements included elsewhere in this Quarterly

322、Report on Form 10-Q.Sources and Conditions of LiquidityOur sources to fund our material cash requirements are predominantly from our deliveries and servicing of new and used vehicles,sales and installations of our energy storage products,interest income,and proceeds from debt facilities and equity o

323、fferings,when applicable.As of June 30,2024,we had$14.64 billion and$16.09 billion of cash and cash equivalents and short-term investments,respectively.Balances held in foreign currencies had a U.S.dollarequivalent of$4.09 billion and consisted primarily of Chinese yuan and euros.We had$5.00 billion

324、 of unused committed credit amounts as of June 30,2024.For details regarding ourindebtedness,refer to Note 7,Debt,to the consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.We continue adapting our strategy to meet our liquidity and risk objectives,such as inve

325、sting in U.S.government securities and other investments,invest in autonomy,do more verticalintegration,expand our product roadmap and provide financing options to our customers.33Table of ContentsSummary of Cash Flows Six Months Ended June 30,(Dollars in millions)20242023Net cash provided by operat

326、ing activities$3,854$5,578 Net cash used in investing activities$(8,309)$(6,018)Net cash provided by(used in)financing activities$2,736$(561)Cash Flows from Operating ActivitiesNet cash provided by operating activities decreased by$1.72 billion to$3.85 billion during the six months ended June 30,202

327、4 from$5.58 billion during the six months ended June 30,2023.This decrease was primarily due to the decrease in net income excluding non-cash expenses,gains and losses of$1.63 billion,and unfavorable changes in net operating assets andliabilities of$95 million.Cash Flows from Investing ActivitiesCas

328、h flows from investing activities and their variability across each period related primarily to capital expenditures,which were$5.04 billion for the six months ended June 30,2024 and$4.13 billion for the six months ended June 30,2023,mainly for global factory expansion,machinery and equipment and AI

329、-related capital expenditures as we expand and enhance our productroadmap.We also purchased$3.26 billion and$1.81 billion of short-term investments,net of proceeds from maturities and sales,for the six months ended June 30,2024 and 2023,respectively.Cash Flows from Financing ActivitiesNet cash flows

330、 from financing activities changed by$3.30 billion to$2.74 billion net cash provided by financing activities during the six months ended June 30,2024 from$561 millionnet cash used in financing activities during the six months ended June 30,2023.The change was primarily due to a$3.90 billion increase

331、 in proceeds from issuances of debt,partially offset by a$679 million increase in repayments of debt.See Note 7,Debt,to the consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for further details regardingour debt obligations.34Table of ContentsITEM 3.QUANTITAT

332、IVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKForeign Currency RiskWe transact business globally in multiple currencies and hence have foreign currency risks related to our revenue,costs of revenue and operating expenses denominated in currenciesother than the U.S.dollar(primarily the Chinese yua

333、n and euro in relation to our current year operations).In general,we are a net receiver of currencies other than the U.S.dollar for our foreignsubsidiaries.Accordingly,changes in exchange rates affect our operating results as expressed in U.S.dollars as we do not typically hedge foreign currency risk.We have also experienced,and will continue to experience,fluctuations in our net income as a resul