Summary P&L for Tesla Motors continued
2011 2012
Development Services (% of total)
n/a n/a

2013
n/a

2014 2015 2016 2017 2018 2019 2020 2021
n/a 0.02 0.04 0.04 0.04 0.04 0.04 0.05

2022
0.05

Detailed P&L for the Model S business
The most important drivers for the Model S business are discussed above, here is the detailed P&L.
Model S: Detailed P&L
2011
Revenues
Model S Capex allocation (Bil $)
Model S Capex allocation ($ Bil)
Model S NWC & NOA allocation
(Mil $)

Inventory Turnover Ratio
Account Receivable Days
Other Current Assets as % of
Revenue (%)
Account Payable Days
Accrued Liabilities as a % of
Revenues (%)
Other Assets as % of Revenue (%)
Other Liabilities as % of Revenue
(%)

Model S (Bil $)
Revenue per Unit of Model S
Sold ($ K)
Model S Market Share (%)
EV/HEV as % of Total Passenger
Vehicle Market (%)
Total Passenger Vehicle Market
Size (Mil)
Total Revenues (Bil $)
Expenses
Direct Expenses (Bil $)
Model S Gross Profit Margin (%)
Indirect Expenses (Bil $)
Effective Taxes ($ Bil)
SG&A as % of Gross Profits (%)
R&D as a % of Revenues (%)
Total Expenses (Bil $)

2012

2013

2014 2015

2016 2017

2018

0.00 0.18
0.00 0.18

0.26
0.26

0.93
0.93

1.26
1.26

1.94
1.94

1.30
1.30

0.96 0.74
0.96 0.74

0.95
0.95

0.00 -22.9 12.4

123

-317

53.2

-176

-107

-102

-86.8 -83.7 -80.2

89.5
17.0

237
23.7

61.7
8.90

108
25.9

98.8
25.9

108
25.9

103
25.9

103
25.9

103
25.9

103
25.9

103
25.9

103
25.9

4.61

2.04

1.37

2.96

2.96

2.96

2.96

2.96

2.96

2.96

2.96

2.96

100

267

55.1

88.8

98.8

103

103

103

103

103

103

103

15.7

9.63

5.38

8.41

9.41

9.41

9.41

9.41

9.41

9.41

9.41

9.41

11.0

5.31

1.17

1.35

1.35

1.35

1.35

1.35

1.35

1.35

1.35

1.35

7.30

6.09 2.89

5.42

5.42

5.42

5.42

5.42

5.42

5.42

5.42

5.42

n/a

0.31

1.94

3.08

6.90 7.89

8.96

10.1

11.3

12.7

14.1

15.6

86.5

97.3

102

102

101

101

101

101

101

101

n/a

0.20 1.35

1.17

2.17

2.18

2.19

2.20

2.21

2.22

2.23

2.24

1.31

1.64

1.96

3.09

3.42

3.75

4.08

4.41

4.74

5.07

5.40

5.73

76.1

80.7

84.8

87.2

90.7

94.4

98.1

102

106

110

114

119

0.00 0.46 2.21

4.14

7.83

9.88

10.1

11.0

12.0

13.5

14.9

16.4

0.00
0.00
0.00
0.00
124
92.7
0.00

2.24
27.4
0.66
0.01
32.4
12.4
2.90

5.00
27.5
1.37
-0.04
34.4
11.4
6.36

5.72
27.5
1.52
-0.05
35.4
10.4
7.24

6.49
27.5
1.60
-0.09
36.4
9.40
8.10

7.23
28.5
1.80
-0.04
37.4
8.40
9.02

8.05
29.0
2.09
0.24
36.4
7.40
10.1

8.95
29.3
2.28
0.52
35.4
6.40
11.2

9.93
29.4
2.43
0.86
34.4
5.40
12.4

11.0
29.6
2.53
1.21
33.4
4.40
13.5

0.00 116

TREFIS ANALYSIS for TESLA MOTORS

0.29
4.21
0.26
0.00
321
58.5
0.55

1.51
22.3
0.32
0.00
30.1
9.72
1.83

CONTENT@TREFIS.COM

2019 2020 2021

+ 1 617 394 8763

0.92
0.92

2022
0.86
0.86

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