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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-34756

Tesla, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware

 

91-2197729

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

3500 Deer Creek Road

Palo Alto, California

 

94304

(Address of principal executive offices)

 

(Zip Code)

(650) 681-5000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock

TSLA

The Nasdaq Global Select Market

 

Indicate by check mark whether 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 period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate 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 (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate 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,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

 

Large accelerated filer

 

 

 

 

Accelerated filer

 

 

 

 

 

 

 

 

 

 

Non-accelerated filer

 

 

 

 

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of April 21, 2021, there were 963,330,448 shares of the registrant’s common stock outstanding.

 

 

 


 

TESLA, INC.

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2021

INDEX

 

 

 

 

 

Page

PART I. FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Financial Statements (Unaudited)

  

4

 

 

Consolidated Balance Sheets

 

4

 

 

Consolidated Statements of Operations

 

5

 

 

Consolidated Statements of Comprehensive Income (Loss)

 

6

 

 

Consolidated Statements of Redeemable Noncontrolling Interests and Equity

 

7

 

 

Consolidated Statements of Cash Flows

 

8

 

 

Notes to Consolidated Financial Statements

 

9

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

29

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

39

Item 4.

 

Controls and Procedures

 

39

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

40

Item 1A.

 

Risk Factors

 

41

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

54

Item 3.

 

Defaults Upon Senior Securities

 

54

Item 4.

 

Mine Safety Disclosures

 

54

Item 5.

 

Other Information

 

54

Item 6.

 

Exhibits

 

54

 

 

 

Signatures

 

56

 

 

 

i


 

Forward-Looking Statements

The discussions in this Quarterly Report on Form 10-Q contain forward-looking statements reflecting our current expectations that involve risks and uncertainties. These forward-looking statements include, but are not limited to, statements concerning any potential future impact of the coronavirus disease (“COVID-19”) pandemic on our business, our strategy, future operations, future financial position, future revenues, projected costs, profitability, expected cost reductions, capital adequacy, expectations regarding demand and acceptance for our technologies, growth opportunities and trends in the market 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 forward-looking statements contain these identifying words. We may not 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 results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that we make. These forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those in the forward-looking statements, including, without limitation, the risks set forth in Part II, Item 1A, “Risk Factors” in this Quarterly Report on Form 10-Q and in our other filings with the Securities and Exchange Commission (the "SEC"). We do not assume any obligation to update any forward-looking statements.

 

 


 

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Tesla, Inc.

Consolidated Balance Sheets

(in millions, except per share data)

(unaudited)

 

 

 

March 31,

 

 

 December 31,

 

 

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

17,141

 

 

$

19,384

 

Accounts receivable, net

 

 

1,890

 

 

 

1,886

 

Inventory

 

 

4,132

 

 

 

4,101

 

Prepaid expenses and other current assets

 

 

1,542

 

 

 

1,346

 

Total current assets

 

 

24,705

 

 

 

26,717

 

Operating lease vehicles, net

 

 

3,396

 

 

 

3,091

 

Solar energy systems, net

 

 

5,933

 

 

 

5,979

 

Property, plant and equipment, net

 

 

13,868

 

 

 

12,747

 

Operating lease right-of-use assets

 

 

1,647

 

 

 

1,558

 

Digital assets, net

 

 

1,331

 

 

 

 

Intangible assets, net

 

 

299

 

 

 

313

 

Goodwill

 

 

206

 

 

 

207

 

Other non-current assets

 

 

1,587

 

 

 

1,536

 

Total assets

 

$

52,972

 

 

$

52,148

 

Liabilities

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

6,648

 

 

$

6,051

 

Accrued liabilities and other

 

 

4,073

 

 

 

3,855

 

Deferred revenue

 

 

1,592

 

 

 

1,458

 

Customer deposits

 

 

745

 

 

 

752

 

Current portion of debt and finance leases

 

 

1,819

 

 

 

2,132

 

Total current liabilities

 

 

14,877

 

 

 

14,248

 

Debt and finance leases, net of current portion

 

 

9,053

 

 

 

9,556

 

Deferred revenue, net of current portion

 

 

1,294

 

 

 

1,284

 

Other long-term liabilities

 

 

3,283

 

 

 

3,330

 

Total liabilities

 

 

28,507

 

 

 

28,418

 

Commitments and contingencies (Note 12)

 

 

 

 

 

 

Redeemable noncontrolling interests in subsidiaries

 

 

601

 

 

 

604

 

Convertible senior notes (Note 10)

 

 

 

 

 

51

 

Equity

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

 

Preferred stock; $0.001 par value; 100 shares authorized;
   
no shares issued and outstanding

 

 

 

 

 

 

Common stock; $0.001 par value; 2,000 shares authorized; 963 and
   
960 shares issued and outstanding as of March 31, 2021 and December 31,
   2020, respectively

 

1

 

 

 

1

 

Additional paid-in capital

 

 

27,623

 

 

 

27,260

 

Accumulated other comprehensive income

 

 

143

 

 

 

363

 

Accumulated deficit

 

 

(4,750

)

 

 

(5,399

)

Total stockholders' equity

 

 

23,017

 

 

 

22,225

 

Noncontrolling interests in subsidiaries

 

 

847

 

 

 

850

 

Total liabilities and equity

 

$

52,972

 

 

$

52,148

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

4


 

Tesla, Inc.

 

Consolidated Statements of Operations

(in millions, except per share data)

(unaudited)

 

 

 

Three Months Ended March 31,

 

 

 

2021

 

 

2020

 

Revenues

 

 

 

 

 

 

Automotive sales

 

$

8,705

 

 

$

4,893

 

Automotive leasing

 

 

297

 

 

 

239

 

Total automotive revenues

 

 

9,002

 

 

 

5,132

 

Energy generation and storage

 

 

494

 

 

 

293

 

Services and other

 

 

893

 

 

 

560

 

Total revenues

 

 

10,389

 

 

 

5,985

 

Cost of revenues

 

 

 

 

 

 

Automotive sales

 

 

6,457

 

 

 

3,699

 

Automotive leasing

 

 

160

 

 

 

122

 

Total automotive cost of revenues

 

 

6,617

 

 

 

3,821

 

Energy generation and storage

 

 

595

 

 

 

282

 

Services and other

 

 

962

 

 

 

648

 

Total cost of revenues

 

 

8,174

 

 

 

4,751

 

Gross profit

 

 

2,215

 

 

 

1,234

 

Operating expenses

 

 

 

 

 

 

Research and development

 

 

666

 

 

 

324

 

Selling, general and administrative

 

 

1,056

 

 

 

627

 

Restructuring and other

 

 

(101

)

 

 

 

Total operating expenses

 

 

1,621

 

 

 

951

 

Income from operations

 

 

594

 

 

 

283

 

Interest income

 

 

10

 

 

 

10

 

Interest expense

 

 

(99

)

 

 

(169

)

Other income (expense), net

 

 

28

 

 

 

(54

)

Income before income taxes

 

 

533

 

 

 

70

 

Provision for income taxes

 

 

69

 

 

 

2

 

Net income

 

 

464

 

 

 

68

 

Net income attributable to noncontrolling interests and
   redeemable noncontrolling interests in subsidiaries

 

 

26

 

 

 

52

 

Net income attributable to common stockholders

 

$

438

 

 

$

16

 

 

 

 

 

 

 

 

Net income per share of common stock attributable
   to common stockholders (1)

 

 

 

 

 

 

Basic

 

$

0.46

 

 

$

0.02

 

Diluted

 

$

0.39

 

 

$

0.02

 

Weighted average shares used in computing net
   income per share of common stock (1)

 

 

 

 

 

 

Basic

 

 

961

 

 

 

915

 

Diluted

 

 

1,133

 

 

 

994

 

 

(1)
Prior period results have been adjusted to reflect the five-for-one stock split effected in the form of a stock dividend in August 2020.

 

The accompanying notes are an integral part of these consolidated financial statements.

5


 

Tesla, Inc.

Consolidated Statements of Comprehensive Income (Loss)

(in millions)

(unaudited)

 

 

 

Three Months Ended March 31,

 

 

 

2021

 

 

2020

 

Net income

 

$

464

 

 

$

68

 

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

(220

)

 

 

(77

)

Comprehensive income (loss)

 

 

244

 

 

 

(9

)

Less: Comprehensive income attributable to
   noncontrolling interests and redeemable
   noncontrolling interests in subsidiaries

 

 

26

 

 

 

52

 

Comprehensive income (loss) attributable to common stockholders

 

$

218

 

 

$

(61

)

 

The accompanying notes are an integral part of these consolidated financial statements.

6


 

Tesla, Inc.

Consolidated Statements of Redeemable Noncontrolling Interests and Equity

(in millions, except per share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

Other

 

 

Total

 

 

Noncontrolling

 

 

 

 

 

 

Noncontrolling

 

 

 

Common Stock

 

 

Paid-In

 

 

Accumulated

 

 

Comprehensive

 

 

Stockholders'

 

 

Interests in

 

 

Total

 

 

 

Interests

 

 

 

Shares (1)

 

 

Amount (1)

 

 

Capital (1)

 

 

Deficit

 

 

Loss

 

 

Equity

 

 

Subsidiaries

 

 

Equity

 

Balance as of December 31, 2019

 

$

643

 

 

 

 

905

 

 

$

1

 

 

$

12,736

 

 

$

(6,083

)

 

$

(36

)

 

$

6,618

 

 

$

849

 

 

$

7,467

 

Adjustments for prior periods from
   adopting ASU 2016-13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(37

)

 

 

 

 

 

(37

)

 

 

 

 

 

(37

)

Reclassification between equity and
   mezzanine equity for convertible
   senior notes

 

 

 

 

 

 

 

 

 

 

 

 

(60

)

 

 

 

 

 

 

 

 

(60

)

 

 

 

 

 

(60

)

Issuance of common stock for equity
   incentive awards

 

 

 

 

 

 

7

 

 

 

0

 

 

 

160

 

 

 

 

 

 

 

 

 

160

 

 

 

 

 

 

160

 

Issuance of common stock in Feb
   2020 public offering, net of
   issuance costs of $
28

 

 

 

 

 

 

15

 

 

 

0

 

 

 

2,309

 

 

 

 

 

 

 

 

 

2,309

 

 

 

 

 

 

2,309

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

244

 

 

 

 

 

 

 

 

 

244

 

 

 

 

 

 

244

 

Contributions from noncontrolling
   interests

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17

 

 

 

17

 

Distributions to noncontrolling
   interests

 

 

(14

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(50

)

 

 

(50

)

Net income

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

16

 

 

 

 

 

 

16

 

 

 

51

 

 

 

67

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(77

)

 

 

(77

)

 

 

 

 

 

(77

)

Balance as of March 31, 2020

 

$

632

 

 

 

 

927

 

 

$

1

 

 

$

15,389

 

 

$

(6,104

)

 

$

(113

)

 

$

9,173

 

 

$

867

 

 

$

10,040

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

Other

 

 

Total

 

 

Noncontrolling

 

 

 

 

 

 

Noncontrolling

 

 

 

Common Stock

 

 

Paid-In

 

 

Accumulated

 

 

Comprehensive

 

 

Stockholders'

 

 

Interests in

 

 

Total

 

 

 

Interests

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

(Loss) Income

 

 

Equity

 

 

Subsidiaries

 

 

Equity

 

Balance as of December 31, 2020

 

$

604

 

 

 

 

960

 

 

$

1

 

 

$

27,260

 

 

$

(5,399

)

 

$

363

 

 

$

22,225

 

 

$

850

 

 

$

23,075

 

Adjustments for prior periods from
   adopting ASU 2020-06

 

 

 

 

 

 

 

 

 

 

 

 

(474

)

 

 

211

 

 

 

 

 

 

(263

)

 

 

 

 

 

(263

)

Exercises of conversion feature of
   convertible senior notes

 

 

 

 

 

 

0

 

 

 

0

 

 

 

11

 

 

 

 

 

 

 

 

 

11

 

 

 

 

 

 

11

 

Issuance of common stock for equity
   incentive awards

 

 

 

 

 

 

3

 

 

 

0

 

 

 

183

 

 

 

 

 

 

 

 

 

183

 

 

 

 

 

 

183

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

643

 

 

 

 

 

 

 

 

 

643

 

 

 

 

 

 

643

 

Distributions to noncontrolling
   interests

 

 

(12

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(20

)

 

 

(20

)

Net income

 

 

9

 

 

 

 

 

 

 

 

 

 

 

 

 

438

 

 

 

 

 

 

438

 

 

 

17

 

 

 

455

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(220

)

 

 

(220

)

 

 

 

 

 

(220

)

Balance as of March 31, 2021

 

$

601

 

 

 

 

963

 

 

$

1

 

 

$

27,623

 

 

$

(4,750

)

 

$

143

 

 

$

23,017

 

 

$

847

 

 

$

23,864

 

 

(1)
Prior period results have been adjusted to reflect the five-for-one stock split effected in the form of a stock dividend in August 2020.

The accompanying notes are an integral part of these consolidated financial statements.

7


 

Tesla, Inc.

Consolidated Statements of Cash Flows

(in millions)

(unaudited)

 

 

 

Three Months Ended March 31,

 

 

 

2021

 

 

2020

 

Cash Flows from Operating Activities

 

 

 

 

 

 

Net income

 

$

464

 

 

$

68

 

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

 

 

 

 

 

 

Depreciation, amortization and impairment

 

 

621

 

 

 

553

 

Stock-based compensation

 

 

614

 

 

 

211

 

Inventory and purchase commitments write-downs

 

 

49

 

 

 

45

 

Foreign currency transaction net (gain) loss

 

 

(2

)

 

 

19

 

Non-cash interest and other operating activities

 

 

8

 

 

 

111

 

Digital assets gain, net

 

 

(101

)

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

(24

)

 

 

(14

)

Inventory

 

 

(106

)

 

 

(981

)

Operating lease vehicles

 

 

(426

)

 

 

(197

)

Prepaid expenses and other current assets

 

 

(143

)

 

 

(154

)

Other non-current assets

 

 

(168

)

 

 

40

 

Accounts payable and accrued liabilities

 

 

672

 

 

 

(265

)

Deferred revenue

 

 

162

 

 

 

53

 

Customer deposits

 

 

(2

)

 

 

88

 

Other long-term liabilities

 

 

23

 

 

 

(17

)

Net cash provided by (used in) operating activities

 

 

1,641

 

 

 

(440

)

Cash Flows from Investing Activities

 

 

 

 

 

 

Purchases of property and equipment excluding finance leases, net of sales

 

 

(1,348

)

 

 

(455

)

Purchases of solar energy systems, net of sales

 

 

(12

)

 

 

(26

)

Purchases of digital assets

 

 

(1,500

)

 

 

 

Proceeds from sales of digital assets

 

 

272

 

 

 

 

Receipt of government grants

 

 

6

 

 

 

1

 

Net cash used in investing activities

 

 

(2,582

)

 

 

(480

)

Cash Flows from Financing Activities

 

 

 

 

 

 

Proceeds from issuances of common stock in public offerings, net of issuance costs

 

 

 

 

 

2,309

 

Proceeds from issuances of convertible and other debt

 

 

2,983

 

 

 

2,802

 

Repayments of convertible and other debt

 

 

(4,038

)

 

 

(2,318

)

Collateralized lease repayments

 

 

(6

)

 

 

(97

)

Proceeds from exercises of stock options and other stock issuances

 

 

183

 

 

 

160

 

Principal payments on finance leases

 

 

(101

)

 

 

(100

)

Debt issuance costs

 

 

(5

)

 

 

 

Proceeds from investments by noncontrolling interests in subsidiaries

 

 

 

 

 

19

 

Distributions paid to noncontrolling interests in subsidiaries

 

 

(32

)

 

 

(67

)

Net cash (used in) provided by financing activities

 

 

(1,016

)

 

 

2,708

 

Effect of exchange rate changes on cash and cash equivalents and restricted cash

 

 

(221

)

 

 

(24

)

Net (decrease) increase in cash and cash equivalents and restricted cash

 

 

(2,178

)

 

 

1,764

 

Cash and cash equivalents and restricted cash, beginning of period

 

 

19,901

 

 

 

6,783

 

Cash and cash equivalents and restricted cash, end of period

 

$

17,723

 

 

$

8,547

 

Supplemental Non-Cash Investing and Financing Activities

 

 

 

 

 

 

Acquisitions of property and equipment included in liabilities

 

$

1,061

 

 

$

415

 

Leased assets obtained in exchange for finance lease liabilities

 

$

64

 

 

$

32

 

Leased assets obtained in exchange for operating lease liabilities

 

$

179

 

 

$

60

 

 

The accompanying notes are an integral part of these consolidated financial statements.

8


 

Tesla, Inc.

Notes to Consolidated Financial Statements

(unaudited)

 

Note 1 – Overview

Tesla, Inc. (“Tesla”, the “Company”, “we”, “us” or “our”) was incorporated in the State of Delaware on July 1, 2003. We design, develop, manufacture and sell high-performance fully electric vehicles and design, manufacture, install and sell solar energy generation and energy storage products. Our Chief Executive Officer, as the chief operating decision maker (“CODM”), organizes our company, manages resource allocations and measures performance among two operating and reportable segments: (i) automotive and (ii) energy generation and storage.

Beginning in the first quarter of 2021, there has been a trend in many parts of the world of increasing availability and administration of vaccines against COVID-19, as well as an easing of restrictions on social, business, travel and government activities and functions. On the other hand, infection rates and regulations continue to fluctuate in various regions and there are ongoing global impacts resulting from the pandemic, including challenges and increases in costs for logistics and supply chains, such as increased port congestion, intermittent supplier delays and a shortfall of microchip supply. We have also previously been affected by temporary manufacturing closures, employment and compensation adjustments, and impediments to administrative activities supporting our product deliveries and deployments.

 

Note 2 – Summary of Significant Accounting Policies

Unaudited Interim Financial Statements

The consolidated balance sheet as of March 31, 2021, the consolidated statements of operations, the consolidated statements of comprehensive income, the consolidated statements of redeemable noncontrolling interests and equity, and the consolidated statements of cash flows for the three months ended March 31, 2021 and 2020, as well as other information disclosed in the accompanying notes, are unaudited. The consolidated balance sheet as of December 31, 2020 was derived from the audited consolidated financial statements as of that date. The interim consolidated financial statements and the accompanying notes should be read in conjunction 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, 2020.

The interim consolidated financial statements and the accompanying notes have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of the results of operations for the periods presented. The consolidated results 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.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, costs and expenses and related disclosures in the accompanying notes.

Due to the COVID-19 pandemic, there has been uncertainty and disruption in the global economy and financial markets which could impact our estimates and assumptions. We have assessed the impact and are not aware of any specific events or circumstances that required an update to our estimates and assumptions or materially affected the carrying value of our assets or liabilities as of the date of issuance of this Quarterly Report on Form 10-Q. These estimates may change as new events occur and additional information is obtained. Actual results could differ materially from these estimates under different assumptions or conditions.

9


 

Revenue Recognition

Revenue by source

The following table disaggregates our revenue by major source (in millions):

 

 

 

Three Months Ended March 31,

 

 

 

2021

 

 

2020

 

Automotive sales without resale value guarantee

 

$

8,013