Tesla Motors 2015 03 31.pdf


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Model S
The Model S division constitutes 44.2% of our $170 price estimate for this stock, based on our sum of the parts analysis.
The most important drivers for the Model S business are:
• Revenue per Unit of Model S Sold
• EV/HEV as % of Total Passenger Vehicle Market
• Model S Market Share
• Total Passenger Vehicle Market Size
• Model S Gross Profit Margin
— REVENUE PER UNIT OF MODEL S SOLD —

This represents the revenue Tesla receives for each unit of Model S sold. This includes the revenues generated due to the
sale of ZEV credits earned by Tesla.

Revenue per Unit of Model S Sold ($ K)

100
75
50
25
0
2011 1 2

13

14

15

16

17

18

19

20

21

22

Tesla's Model S is priced in the range of $70,000-100,000 although the inclusion of options such as 'High Power Home
Charging' and 'Parking Sensors' could raise the price even further. Additionally, the company also earns significant
revenues from the sale of ZEV (Zero Emission Vehicle) sales. In 2013, the figure stood at $129.8 million. Tesla also
generates additional sales from after sale services. Due to revenues generated from these additional sources, there is a
substantial difference in the retail price of a Model S and the average revenue generated from the sale of the car. In 2012,
Tesla earned more than $115,000 from the sale of a Model S. This figure declined to about 107,000, as a greater proportion
of lower priced options reduced the overall average revenue earned per unit.In 2014, the figure declined to around $97,000
as the proportion of signature vehicles among total vehicles sold declined. Going forward, we expect the figure to rise
gradually.
Forecast Rationale

TREFIS ANALYSIS for TESLA MOTORS

CONTENT@TREFIS.COM

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