Tesla Motors
ANALYSIS for NYSE : TSLA

170

$

MARCH 31, 2015

191

$

$21.3 B MKT CAP

$24 B MKT CAP

Trefis Estimate

Market Price

See the Full Analysis for Tesla Motors on Trefis
— CORPORATE SNAPSHOT —

Tesla Motors is a Silicon Valley based automobile manufacturer focusing
solely on the design, manufacture, and sale of battery electric vehicles (BEVs)
and related technologies. In 2008, the company launched its first model, an
electric sports car called the Tesla Roadster, which at the time was the only
highway capable electric car available in the U.S. Tesla has ambitious plans
for the future, looking to shift from a niche producer of electric sports cars, to
an established volume automobile manufacturer. The company has achieved
the first stage of this transformation with the launch of the Model S in June
2012. The Model S is an electric luxury sedan priced upwards of $70,000 and
competes with established luxury sedan manufacturers such as BMW, Audi,
and Mercedes Benz. Tesla will leverage the Model S platform to launch other
vehicles beginning in 2015, the first of which is a crossover vehicle, the Model
X. In 2017, Tesla plans to introduce its third major vehicle, currently referred
to as the Gen III. The vehicle will target the mass-market electric cars and
would be priced at a base price of $35,000. Apart from manufacturing electric
cars, Tesla is also a supplier of electric power train components (batteries,
chargers, motors, power management systems) to other automobile
manufacturers such as Toyota and Daimler. Toyota is a significant customer
and strategic partner for Tesla, having invested $50 million in Tesla's IPO.
Tesla could emerge as a significant supplier of power trains as most
automobile manufacturers are looking to introduce their own electric cars.
— VALUATION HIGHLIGHTS —

1. Model S constitutes 44% of the Trefis price estimate for Tesla Motors's
stock.
2. Gen III constitutes 34% of the Trefis price estimate for Tesla Motors's
stock.
3. Model X constitutes 16% of the Trefis price estimate for Tesla Motors's
stock.

MODEL S

Revenue per Unit of Model S Sold 6
EV/HEV as % of Total Passenger
Vehicle Market 7
Model S Market Share 8
Total Passenger Vehicle Market
Size 10
Model S Gross Profit Margin 11
GEN III

Revenue per Unit of Gen III Sold 13
EV/HEV as % of Total Passenger
Vehicle Market 14
Gen III Market Share 14
Total Passenger Vehicle Market
Size 15
Gen III Gross Profit Margin 15
MODEL X
Model X 17

Model X Gross Profit Margin 18
ROADSTER

Account Payable Days 20
Accrued Liabilities as a % of
Revenues 21
Roadster Gross Profit Margin 21
ELECTRIC POWERTRAIN
SALES
Account Payable Days 23

Accrued Liabilities as a % of
Revenues 23
Powertrain Components & Sales Gross
Profit Margin 23
DEVELOPMENT SERVICES
Account Payable Days 25

Accrued Liabilities as a % of
Revenues 25
Development Services Gross Profit
Margin 25