2011
0.00
N/A
N/A

2012
0.00
N/A
N/A

2013
0.00
N/A
N/A

2014
0.00
N/A
N/A

2015
0.00
N/A
N/A

2016
0.00
N/A
N/A

2017
2.64
12.9
88.8

2018
7.40
8.78
92.2

2019
12.0
6.18
94.7

2020
17.3
7.04
93.6

2021
23.1
6.16
94.4

2022
29.1
5.26
95.2

0.00
0.00
0.00
n/a

0.00
0.00
0.00
n/a

0.00
0.00
0.00
n/a

0.00
0.00
0.00
n/a

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

1.95
0.42
0.69
0.27

5.39
1.21
2.01
0.80

8.72
2.09
3.24
1.15

12.4
2.92
4.93
2.01

16.7
3.76
6.42
2.66

21.2
4.50
7.89
3.39

Total Revenue (Bil $)
Model S Capex allocation (% of total)
Gen III (% of total)
Model S NWC & NOA allocation N/A N/A N/A N/A N/A N/A -1.75 -0.98 -0.86 -0.64 -0.56 -0.49
(% of total)
Direct Expense (Bil $)
Indirect Expense (Bil $)
Adjusted EBITDA (Bil $)
Free Cash Flow (Bil $)

In addition, you can see the detailed P&L for the Gen III business in the Appendix (link)

Model X
The most important drivers for the Model X business are:
• Model X
• Model X Gross Profit Margin
— MODEL X —

This represents the revenues generated from the sale of Model X in dollar terms.

Model X ($ Bil)

6
5
4
3
2
1
0
2011 1 2

13

14

15

16

17

18

19

20

21

22

The Model X will enter the market in the second half of 2015, so its historical values are still zero.

TREFIS ANALYSIS for TESLA MOTORS

CONTENT@TREFIS.COM

+ 1 617 394 8763

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