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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
OR
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to _________
Commission File Number: 001-34756
Tesla, Inc.
(Exact name of registrant as specified in its charter)
Texas91-2197729
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
1 Tesla Road
Austin, Texas
78725
(Address of principal executive offices)(Zip Code)
(512) 516-8177
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading 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 x No o
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 x No o
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
xAccelerated filero
Non-accelerated fileroSmaller reporting companyo
Emerging growth companyo
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. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
As of October 18, 2024, there were 3,210,059,659 shares of the registrant’s common stock outstanding.


TESLA, INC.
FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2024
INDEX
  Page
Item 1A.
Item 2.
Item 5.
 
1
Table of Contents
Forward-Looking Statements
The discussions in this Quarterly Report on Form 10-Q contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions with respect to the future and management’s current expectations, involve certain risks and uncertainties and are not guarantees. These forward-looking statements include, but are not limited to, statements concerning supply chain constraints, our strategy, competition, future operations and production capacity, 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 markets in which we operate, prospects and plans and objectives of management. The words “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “would,” “predicts” 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. Future results may 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 I, Item 1A, “Risk Factors” of the Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and that are otherwise described or updated from time to time in our other filings with the Securities and Exchange Commission (the “SEC”). The discussion of such risks is not an indication that any such risks have occurred at the time of this filing. We do not assume any obligation to update any forward-looking statements.

Table of Contents
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Tesla, Inc.
Consolidated Balance Sheets
(in millions, except per share data)
(unaudited)
September 30,
2024		December 31,
2023
Assets
Current assets
Cash and cash equivalents$18,111 $16,398 
Short-term investments15,537 12,696 
Accounts receivable, net3,313 3,508 
Inventory14,530 13,626 
Prepaid expenses and other current assets4,888 3,388 
Total current assets56,379 49,616 
Operating lease vehicles, net5,380 5,989 
Solar energy systems, net5,040 5,229 
Property, plant and equipment, net36,116 29,725 
Operating lease right-of-use assets4,867 4,180 
Digital assets, net184 184 
Intangible assets, net158 178 
Goodwill253 253 
Deferred tax assets6,486 6,733 
Other non-current assets4,989 4,531 
Total assets$119,852 $106,618 
Liabilities
Current liabilities
Accounts payable$14,654 $14,431 
Accrued liabilities and other10,601 9,080 
Deferred revenue3,031 2,864 
Current portion of debt and finance leases2,291 2,373 
Total current liabilities30,577 28,748 
Debt and finance leases, net of current portion5,405 2,857 
Deferred revenue, net of current portion3,350 3,251 
Other long-term liabilities9,810 8,153 
Total liabilities49,142 43,009 
Commitments and contingencies (Note 10)
Redeemable noncontrolling interests in subsidiaries70 242 
Equity
Stockholders’ equity
Preferred stock; $0.001 par value; 100 shares authorized; no shares issued and outstanding
— — 
Common stock; $0.001 par value; 6,000 shares authorized; 3,207 and 3,185 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively
3 3 
Additional paid-in capital37,286 34,892 
Accumulated other comprehensive loss(14)(143)
Retained earnings32,656 27,882 
Total stockholders’ equity69,931 62,634 
Noncontrolling interests in subsidiaries709 733 
Total liabilities and equity$119,852 $106,618 
The accompanying notes are an integral part of these consolidated financial statements.
4
Table of Contents
Tesla, Inc.
Consolidated Statements of Operations
(in millions, except per share data)
(unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Revenues
Automotive sales$18,831 $18,582 $53,821 $57,879 
Automotive regulatory credits739 554 2,071 1,357 
Automotive leasing446 489 1,380 1,620 
Total automotive revenues20,016 19,625 57,272 60,856 
Energy generation and storage2,376 1,559 7,025 4,597 
Services and other2,790 2,166 7,686 6,153 
Total revenues25,182 23,350 71,983 71,606 
Cost of revenues
Automotive sales15,743 15,656 45,602 47,919 
Automotive leasing247 301 761 972 
Total automotive cost of revenues15,990 15,957 46,363 48,891 
Energy generation and storage1,651 1,178 5,157 3,770 
Services and other2,544 2,037 7,192 5,723 
Total cost of revenues20,185 19,172 58,712 58,384 
Gross profit4,997 4,178 13,271 13,222 
Operating expenses
Research and development1,039 1,161 3,264 2,875 
Selling, general and administrative1,186 1,253 3,837 3,520 
Restructuring and other55 — 677 — 
Total operating expenses2,280 2,414 7,778 6,395 
Income from operations2,717 1,764 5,493 6,827 
Interest income429 282 1,127 733 
Interest expense(92)(38)(254)(95)
Other (expense) income, net(270)37 (142)317 
Income before income taxes2,784 2,045 6,224 7,782 
Provision for income taxes601 167 1,403 751 
Net income2,183 1,878 4,821 7,031 
Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries16 25 47 (38)
Net income attributable to common stockholders$2,167 $1,853 $4,774 $7,069 
 
Net income per share of common stock attributable to common stockholders
Basic$0.68 $0.58 $1.51 $2.23 
Diluted$0.62 $0.53 $1.38 $2.03 
Weighted average shares used in computing net income per share of common stock
Basic3,1983,1763,1923,171
Diluted3,4973,4933,4893,481
The accompanying notes are an integral part of these consolidated financial statements.
5
Table of Contents
Tesla, Inc.
Consolidated Statements of Comprehensive Income
(in millions)
(unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Net income$2,183 $1,878 $4,821 $7,031 
Other comprehensive income (loss):
Foreign currency translation adjustment445 (289)121 (343)
Unrealized net gain on investments, net of tax8 7 8 8 
Net loss realized and included in net income— — — 4 
Comprehensive income2,636 1,596 4,950 6,700 
Less: Comprehensive income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries16 25 47 (38)
Comprehensive income attributable to common stockholders$2,620 $1,571 $4,903 $6,738 
The accompanying notes are an integral part of these consolidated financial statements.
6
Table of Contents
Tesla, Inc.
Consolidated Statements of Redeemable Noncontrolling Interests and Equity
(in millions)
(unaudited)
Three Months Ended September 30, 2024
Redeemable
Noncontrolling
Interests
Common StockAdditional
Paid-In
Capital
Accumulated
Other
Comprehensive
Loss
Retained
Earnings
Total
Stockholders’
Equity
Noncontrolling
Interests in
Subsidiaries
Total
Equity
SharesAmount
Balance as of June 30, 2024$72 3,194$3 $36,443 $(467)$30,489 $66,468 $723 $67,191 
Settlement of warrants— 9— — — — — — — 
Issuance of common stock for equity incentive awards— 4— 340 — — 340 — 340 
Stock-based compensation— —— 503 — — 503 — 503 
Distributions to noncontrolling interests(3)—— — — — — (29)(29)
Net income1 —— — — 2,167 2,167 15 2,182 
Other comprehensive income— —— — 453 — 453 — 453 
Balance as of September 30, 2024$70 3,207$3 $37,286 $(14)$32,656 $69,931 $709 $70,640 
Nine Months Ended September 30, 2024
Redeemable
Noncontrolling
Interests
Common StockAdditional
Paid-In
Capital
Accumulated
Other
Comprehensive
Loss
Retained
Earnings
Total
Stockholders’
Equity
Noncontrolling
Interests in
Subsidiaries
Total
Equity
SharesAmount
Balance as of December 31, 2023$242 3,185$3 $34,892 $(143)$27,882 $62,634 $733 $63,367 
Settlement of warrants— 9— — — — — — — 
Issuance of common stock for equity incentive awards— 13— 787 — — 787 — 787 
Stock-based compensation— —— 1,565 — — 1,565 — 1,565 
Distributions to noncontrolling interests(11)—— — — — — (66)(66)
Buy-outs of noncontrolling interests(166)—— 42 — — 42 — 42 
Net income5 —— — — 4,774 4,774 42 4,816 
Other comprehensive income— —— — 129 — 129 — 129 
Balance as of September 30, 2024$70 3,207$3 $37,286 $(14)$32,656 $69,931 $709 $70,640 

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Three Months Ended September 30, 2023
Redeemable
Noncontrolling
Interests
Common StockAdditional
Paid-In
Capital
Accumulated
Other
Comprehensive
Loss
Retained
Earnings
Total
Stockholders’
Equity
Noncontrolling
Interests in
Subsidiaries
Total
Equity
SharesAmount
Balance as of June 30, 2023$288 3,174$3 $33,436 $(410)$18,101 $51,130 $764 $51,894 
Issuance of common stock for equity incentive awards— 5— 254 — — 254 — 254 
Stock-based compensation— —— 513 — — 513 — 513 
Distributions to noncontrolling interests(10)—— — — — — (33)(33)
Buy-outs of noncontrolling interests(5)—— (2)— — (2)— (2)
Net income4 —— — — 1,853 1,853 21 1,874 
Other comprehensive loss— —— — (282)— (282)— (282)
Balance as of September 30, 2023$277 3,179$3 $34,201 $(692)$19,954 $53,466 $752 $54,218 
Nine Months Ended September 30, 2023
Redeemable
Noncontrolling
Interests
Common StockAdditional
Paid-In
Capital
Accumulated
Other
Comprehensive
Loss
Retained
Earnings
Total
Stockholders’
Equity
Noncontrolling
Interests in
Subsidiaries
Total
Equity
SharesAmount
Balance as of December 31, 2022$409 3,164$3 $32,177 $(361)$12,885 $44,704 $785 $45,489 
Issuance of common stock for equity incentive awards— 15— 548 — — 548 — 548 
Stock-based compensation— —— 1,473 — — 1,473 — 1,473 
Distributions to noncontrolling interests(24)—— — — — — (83)(83)
Buy-outs of noncontrolling interests(8)—— 3 — — 3 (12)(9)
Net (loss) income(100)—— — — 7,069 7,069 62 7,131 
Other comprehensive loss— —— — (331)— (331)— (331)
Balance as of September 30, 2023$277 3,179$3 $34,201 $(692)$19,954 $53,466 $752 $54,218 
The accompanying notes are an integral part of these consolidated financial statements.
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Tesla, Inc.
Consolidated Statements of Cash Flows
(in millions)
(unaudited)
 Nine Months Ended September 30,
 20242023
Cash Flows from Operating Activities
Net income$4,821 $7,031 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and impairment3,872 3,435 
Stock-based compensation1,420 1,328 
Inventory and purchase commitments write-downs247 361 
Foreign currency transaction net unrealized loss (gain)197 (317)
Deferred income taxes418 (316)
Non-cash interest and other operating activities83 94 
Changes in operating assets and liabilities:
Accounts receivable144 377 
Inventory(1,107)(1,953)
Operating lease vehicles(82)(1,858)
Prepaid expenses and other assets(2,639)(1,992)
Accounts payable, accrued and other liabilities2,504 1,922 
Deferred revenue231 774 
Net cash provided by operating activities
10,109 8,886 
Cash Flows from Investing Activities
Purchases of property and equipment excluding finance leases, net of sales(8,556)(6,592)
Purchases of solar energy systems, net of sales(6)— 
Purchases of investments(20,797)(13,221)
Proceeds from maturities of investments17,975 8,959 
Proceeds from sales of investments200 138 
Business combinations, net of cash acquired— (64)
Net cash used in investing activities
(11,184)(10,780)
Cash Flows from Financing Activities
Proceeds from issuances of debt4,360 2,526 
Repayments of debt(1,783)(887)
Proceeds from exercises of stock options and other stock issuances788 548 
Principal payments on finance leases(291)(340)
Debt issuance costs(6)(23)
Distributions paid to noncontrolling interests in subsidiaries(76)(105)
Payments for buy-outs of noncontrolling interests in subsidiaries(124)(17)
Net cash provided by financing activities
2,868 1,702 
Effect of exchange rate changes on cash and cash equivalents and restricted cash(8)(142)
Net increase (decrease) in cash and cash equivalents and restricted cash
1,785 (334)
Cash and cash equivalents and restricted cash, beginning of period17,189 16,924 
Cash and cash equivalents and restricted cash, end of period$18,974 $16,590 
Supplemental Non-Cash Investing and Financing Activities
Acquisitions of property and equipment included in liabilities$2,727 $1,717 
Leased assets obtained in exchange for finance lease liabilities$32 $1 
Leased assets obtained in exchange for operating lease liabilities$1,232 $1,548 
The accompanying notes are an integral part of these consolidated financial statements.
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Tesla, Inc.
Notes to Consolidated Financial Statements
(unaudited)
Note 1 – Overview & Summary of Significant Accounting Policies
Overview
Tesla, Inc. (“Tesla”, the “Company”, “we”, “us” or “our”) was incorporated in the State of Delaware on July 1, 2003 and converted to a Texas corporation on June 13, 2024.
Unaudited Interim Financial Statements
The consolidated financial statements, including the consolidated balance sheet as of September 30, 2024, the consolidated statements of operations, the consolidated statements of comprehensive income, the consolidated statements of redeemable noncontrolling interests and equity for the three and nine months ended September 30, 2024 and 2023, and the consolidated statements of cash flows for the nine months ended September 30, 2024 and 2023, as well as other information disclosed in the accompanying notes, are unaudited. The consolidated balance sheet as of December 31, 2023 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, 2023.
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.
Reclassifications
Certain prior period balances have been reclassified to conform to the current period presentation in the consolidated financial statements and the accompanying notes.
Revenue Recognition
Revenue by source
The following table disaggregates our revenue by major source (in millions):
 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Automotive sales$18,831 $18,582 $53,821 $57,879 
Automotive regulatory credits739 554 2,071 1,357 
Energy generation and storage sales2,228 1,416 6,616 4,188 
Services and other2,790 2,166 7,686 6,153 
Total revenues from sales and services24,588 22,718 70,194 69,577 
Automotive leasing446 489 1,380 1,620 
Energy generation and storage leasing148 143 409 409 
Total revenues$25,182 $23,350 $71,983 $71,606 
Automotive Segment
Automotive Sales
Deferred revenue related to the access to our Full Self Driving (Supervised) (“FSD”) Capability features and their ongoing maintenance, internet connectivity, free Supercharging programs and over-the-air software updates primarily on automotive sales amounted to $3.61 billion and $3.54 billion as of September 30, 2024 and December 31, 2023, respectively.
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Deferred revenue is equivalent to the total transaction price allocated to the performance obligations that are unsatisfied, or partially unsatisfied, as of the balance sheet date. Revenue recognized from the deferred revenue balances as of December 31, 2023 and 2022 was $711 million and $360 million for the nine months ended September 30, 2024 and 2023, respectively. Of the total deferred revenue balance as of September 30, 2024, we expect to recognize $821 million of revenue in the next 12 months. The remaining balance will be recognized at the time of transfer of control of the product or over the performance period.
We have financing receivables on our consolidated balance sheets related to loans we provide for financing our automotive deliveries. As of September 30, 2024 and December 31, 2023, we had current net financing receivables of $245 million and $242 million, respectively, in Accounts receivable, net, and $868 million and $1.04 billion, respectively, in Other non-current assets for the long-term portion.
We offer resale value guarantees to our commercial banking partners in connection with certain vehicle leasing programs. Under these programs, we originate the lease with our end customer and immediately transfer the lease and the underlying vehicle to our commercial banking partner, with the transaction being accounted for as a sale under ASC 606, Revenue from Contracts with Customers. We estimate a guarantee liability in accordance with ASC 460, Guarantees and record it within other liabilities on our consolidated balance sheet. On a quarterly basis, we assess the estimated market value of vehicles sold under this program to determine whether there have been changes to the amount of expected resale value guarantee liabilities. The total recorded guarantee liabilities on vehicles sold under this program were immaterial as of September 30, 2024 and December 31, 2023. Our maximum exposure on the guarantees we provide if they are unable to sell the vehicle at or above the vehicle’s contractual residual value at the end of the lease term was $1.04 billion and $166 million as of September 30, 2024 and December 31, 2023, respectively.
Automotive Regulatory Credits
As of September 30, 2024, total transaction price allocated to performance obligations that were unsatisfied or partially unsatisfied for contracts with an original expected length of more than one year was $4.72 billion. Of this amount, we expect to recognize $683 million in the next 12 months and the rest over the remaining performance obligation period. Additionally, changes in regulations on automotive regulatory credits may significantly impact our remaining performance obligations and revenue to be recognized under these contracts.
Automotive Leasing Revenue
Direct Sales-Type Leasing Program
Lease receivables relating to sales-type leases are presented on the consolidated balance sheets as follows (in millions):
 September 30, 2024December 31, 2023
Gross lease receivables$584 $780 
Unearned interest income(48)(78)
Allowance for expected credit losses(7)(6)
Net investment in sales-type leases$529 $696 
Reported as:
Prepaid expenses and other current assets$171 $189 
Other non-current assets358 507 
Net investment in sales-type leases$529 $696 
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Energy Generation and Storage Segment
Energy Generation and Storage Sales
We record as deferred revenue any non-refundable amounts that are collected from customers related to prepayments, which is recognized as revenue ratably over the respective customer contract term. As of September 30, 2024 and December 31, 2023, deferred revenue related to such customer payments amounted to $1.73 billion and $1.60 billion, respectively, mainly due to contractual payment terms. Revenue recognized from the deferred revenue balances as of December 31, 2023 and 2022 was $1.09 billion and $511 million for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, total transaction price allocated to performance obligations that were unsatisfied or partially unsatisfied for contracts with an original expected length of more than one year was $6.61 billion. Of this amount, we expect to recognize $4.23 billion in the next 12 months and the rest over the remaining performance obligation period.
We have financing receivables on our consolidated balance sheets related to loans we provide for financing our energy products. As of September 30, 2024 and December 31, 2023, we had current net financing receivables of $32 million and $31 million, respectively, in Accounts receivable, net, and $641 million and $578 million, respectively, in Other non-current assets for the long-term portion.
Income Taxes
We are subject to income taxes in the U.S. and in many foreign jurisdictions. Significant judgment is required in determining our provision for income taxes, our deferred tax assets and liabilities and any valuation allowance recorded against our net deferred tax assets that are not more likely than not to be realized. We monitor the realizability of our deferred tax assets taking into account all relevant factors at each reporting period. In completing our assessment of realizability of our deferred tax assets, we consider our history of income (loss) measured at pre-tax income (loss) adjusted for permanent book-tax differences on a jurisdictional basis, volatility in actual earnings, excess tax benefits related to stock-based compensation in recent prior years and impacts of the timing of reversal of existing temporary differences. We also rely on our assessment of the Company’s projected future results of business operations, including uncertainty in future operating results relative to historical results, volatility in the market price of our common stock and its performance over time, variable macroeconomic conditions impacting our ability to forecast future taxable income, and changes in business that may affect the existence and magnitude of future taxable income. Our valuation allowance assessment is based on our best estimate of future results considering all available information.
Our provision for or benefit from income taxes for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, we update our estimate of the annual effective tax rate, and if our estimated tax rate changes, we make a cumulative adjustment.
Net Income per Share of Common Stock Attributable to Common Stockholders
The following table presents the reconciliation of net income attributable to common stockholders to net income used in computing basic and diluted net income per share of common stock (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Net income attributable to common stockholders$2,167 $1,853 $4,774 $7,069 
Less: Buy-outs of noncontrolling interest— 2 (42)(3)
Net income used in computing basic and diluted net income per share of common stock$2,167 $1,851 $4,816 $7,072 
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The following table presents the reconciliation of basic to diluted weighted average shares used in computing net income per share of common stock attributable to common stockholders (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Weighted average shares used in computing net income per share of common stock, basic3,1983,1763,1923,171
Add:
Stock-based awards290304286297
Convertible senior notes— 212
Warrants9111011
Weighted average shares used in computing net income per share of common stock, diluted3,4973,4933,4893,481
The following table presents the potentially dilutive shares that were excluded from the computation of diluted net income per share of common stock attributable to common stockholders, because their effect was anti-dilutive (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Stock-based awards15131812
Restricted Cash
Our total cash and cash equivalents and restricted cash, as presented in the consolidated statements of cash flows, was as follows (in millions):
 September 30,
2024		December 31,
2023		September 30,
2023		December 31,
2022
Cash and cash equivalents$18,111 $16,398 $15,932 $16,253 
Restricted cash included in prepaid expenses and other current assets483 543 453 294 
Restricted cash included in other non-current assets380 248 205 377 
Total as presented in the consolidated statements of cash flows$18,974 $17,189 $16,590 $16,924 
Accounts Receivable and Allowance for Doubtful Accounts
Depending on the day of the week on which the end of a fiscal quarter falls, our accounts receivable balance may fluctuate as we are waiting for certain customer payments to clear through our banking institutions and receipts of payments from our financing partners, which can take up to approximately two weeks based on the contractual payment terms with such partners. Our accounts receivable balances associated with sales of energy storage products are dependent on billing milestones and payment terms negotiated for each contract, and our accounts receivable balances associated with our sales of regulatory credits are dependent on contractual payment terms. Additionally, government rebates can take up to a year or more to be collected depending on the customary processing timelines of the specific jurisdictions issuing them. These various factors may have a significant impact on our accounts receivable balance from period to period. As of September 30, 2024 and December 31, 2023, government rebates receivable was $315 million and $378 million, respectively, in Accounts receivable, net for the current portion and an immaterial amount and $207 million, respectively, in Other non-current assets for the long-term portion in our consolidated balance sheets.
Financing Receivables
As of September 30, 2024 and December 31, 2023, the vast majority of our financing receivables were at current status with an immaterial balance being past due. As of September 30, 2024 and December 31, 2023, the majority of our financing receivables, excluding MyPower notes receivable, were originated in 2023 and 2022.
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As of September 30, 2024 and December 31, 2023, the total outstanding balance of MyPower customer notes receivable, net of allowance for expected credit losses, was $250 million and $266 million, respectively, of which $5 million was due in the next 12 months. As of September 30, 2024 and December 31, 2023, the allowance for expected credit losses was $36 million.
Concentration of Risk
Credit Risk
Financial instruments that potentially subject us to a concentration of credit risk consist of cash, cash equivalents, investments, restricted cash, accounts receivable and other finance receivables. Our cash and investments balances are primarily on deposit at high credit quality financial institutions or invested in highly rated, investment-grade securities. These deposits are typically in excess of insured limits. As of September 30, 2024 and December 31, 2023, no entity represented 10% or more of our total receivables balance.
Supply Risk
We are dependent on our suppliers, including single source suppliers, and the inability of these suppliers to deliver necessary components of our products in a timely manner at prices, quality levels and volumes acceptable to us, or our inability to efficiently manage these components from these suppliers, could have a material adverse effect on our business, prospects, financial condition and operating results.
Warranties
Accrued warranty activity consisted of the following (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Accrued warranty - beginning of period$5,795 $4,465 $5,152 $3,505 
Warranty costs incurred(380)(335)(1,048)(911)
Net changes in liability for pre-existing warranties, including expirations and foreign exchange impact231 15 295 426 
Provision for warranty717 577 1,964 1,702 
Accrued warranty - end of period$6,363 $4,722 $6,363 $4,722 
Recent Accounting Pronouncements
Recently issued accounting pronouncements not yet adopted
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment's profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is also permitted. This ASU will likely result in us including the additional required disclosures when adopted. We are currently evaluating the provisions of this ASU and expect to adopt them for the year ending December 31, 2024.
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In December 2023, the FASB issued ASU No. 2023-08, Accounting for and Disclosure of Crypto Assets (Subtopic 350-60). This ASU requires certain crypto assets to be measured at fair value separately on the balance sheet with changes reported in the statement of operations each reporting period. This ASU also enhances the other intangible asset disclosure requirements by requiring the name, cost basis, fair value, and number of units for each significant crypto asset holding. The ASU is effective for annual periods beginning after December 15, 2024, including interim periods within those fiscal years. Adoption of the ASU requires a cumulative-effect adjustment to the opening balance of retained earnings as of the beginning of the annual reporting period in which an entity adopts the amendments. Early adoption is also permitted, including adoption in an interim period. However, if the ASU is early adopted in an interim period, an entity must adopt the ASU as of the beginning of the fiscal year that includes the interim period. This ASU will result in gains and losses recorded in the consolidated financial statements and additional disclosures when adopted. We are currently evaluating the adoption of this ASU and it could materially affect the carrying value of our crypto assets held and the gains and losses relating thereto, depending on the fair value at adoption.
In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. This ASU will likely result in the required additional disclosures being included in our consolidated financial statements, once adopted.
Note 2 – Fair Value of Financial Instruments
ASC 820, Fair Value Measurements (“ASC 820”) states that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. The three-tiered fair value hierarchy, which prioritizes which inputs should be used in measuring fair value, is comprised of: (Level I) observable inputs such as quoted prices in active markets; (Level II) inputs other than quoted prices in active markets that are observable either directly or indirectly and (Level III) unobservable inputs for which there is little or no market data. The fair value hierarchy requires the use of observable market data when available in determining fair value. Our assets and liabilities that were measured at fair value on a recurring basis were as follows (in millions):
 September 30, 2024December 31, 2023
 Fair ValueLevel ILevel IILevel IIIFair ValueLevel ILevel IILevel III
Certificates of deposit and time deposits$10,329 $— $10,329 $— $6,996 $— $6,996 $— 
Commercial paper4,162 — 4,162 — 470 — 470 — 
U.S. government securities3,393 — 3,393 — 5,136 — 5,136 — 
Corporate debt securities196 — 196 — 480 — 480 — 
Money market funds1,784 1,784 — — 109 109 — — 
Total$19,864 $1,784 $18,080 $— $13,191 $109 $13,082 $— 
All of our money market funds were classified within Level I of the fair value hierarchy because they were valued using quoted prices in active markets. Our U.S. government securities, certificates of deposit, commercial paper, time deposits and corporate debt securities are classified within Level II of the fair value hierarchy and the market approach was used to determine fair value of these investments.
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Our cash, cash equivalents and investments classified by security type as of September 30, 2024 and December 31, 2023 consisted of the following (in millions):
 September 30, 2024
 Adjusted CostGross Unrealized GainsGross Unrealized Losses Fair ValueCash and Cash EquivalentsShort-Term Investments
Cash$13,784 $— $— $13,784 $13,784 $— 
Certificates of deposit and time deposits10,327 2 — 10,329 600 9,729 
Commercial paper4,160 3 (1)4,162 945 3,217 
U.S. government securities3,391 3 (1)3,393 998 2,395 
Corporate debt securities195 1 — 196 — 196 
Money market funds1,784 — — 1,784 1,784 — 
Total cash, cash equivalents and short-term investments$33,641 $9 $(2)$33,648 $18,111 $15,537 
 December 31, 2023
 Adjusted CostGross Unrealized GainsGross Unrealized Losses Fair ValueCash and Cash EquivalentsShort-Term Investments
Cash$15,903 $— $— $15,903 $15,903 $— 
Certificates of deposit and time deposits6,995 1 — 6,996 — 6,996 
U.S. government securities5,136 1 (1)5,136 277 4,859 
Corporate debt securities485 1 (6)480 — 480 
Commercial paper470 — — 470 109 361 
Money market funds109 — — 109 109 — 
Total cash, cash equivalents and short-term investments$29,098 $3 $(7)$29,094 $16,398 $12,696 
The following table summarizes the fair value of our investments by stated contractual maturities as of September 30, 2024 (in millions):
Due in 1 year or less$15,336 
Due in 1 year through 5 years201 
Total$15,537 
Disclosure of Fair Values
Our financial instruments that are not re-measured at fair value include accounts receivable, financing receivables, other receivables, digital assets, accounts payable, accrued liabilities, customer deposits and debt. The carrying values of these financial instruments materially approximate their fair values, other than our 2.00% Convertible Senior Notes due in 2024 (“2024 Notes”), which matured in the second quarter of 2024, and digital assets.
We estimated the fair value of the 2024 Notes using commonly accepted valuation methodologies and market-based risk measurements that are indirectly observable, such as credit risk (Level II). In addition, we estimate the fair values of our digital assets based on quoted prices in active markets (Level I). The following table presents the estimated fair values and the carrying values (in millions):
 September 30, 2024December 31, 2023
 Carrying ValueFair ValueCarrying ValueFair Value
2024 Notes$— $— $37 $443 
Digital assets, net$184 $729 $184 $487 
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Note 3 – Inventory
Our inventory consisted of the following (in millions):
 September 30,
2024		December 31,
2023
Raw materials$5,555 $5,390 
Work in process1,791 2,016 
Finished goods (1)5,950 5,049 
Service parts1,234 1,171 
Total$14,530 $13,626 
(1)Finished goods inventory includes products-in-transit to fulfill customer orders, new vehicles, used vehicles and energy products available for sale.
We write-down inventory for any excess or obsolete inventory or when we believe that the net realizable value of inventory is less than the carrying value. During the three and nine months ended September 30, 2024, we recorded write-downs of $46 million and $114 million, respectively, in Cost of revenues in the consolidated statements of operations. During the three and nine months ended September 30, 2023, we recorded write-downs of $43 million and $148 million, respectively, in Cost of revenues in the consolidated statements of operations.
Note 4 – Property, Plant and Equipment, Net
Our property, plant and equipment, net, consisted of the following (in millions):
September 30,
2024		December 31,
2023
Machinery, equipment, vehicles and office furniture$18,227 $16,309 
Land and buildings10,680 9,498 
Leasehold improvements3,584 3,136 
Tooling3,782 3,129 
Computer equipment, hardware and software2,818 2,409 
AI infrastructure3,693 1,510 
Construction in progress8,026 5,791 
 50,810 41,782 
Less: Accumulated depreciation(14,694)(12,057)
Total$36,116 $29,725 
Construction in progress is primarily comprised of ongoing construction and expansion of our facilities, equipment and tooling related to the manufacturing of our products as well as AI-related assets which have not yet been placed in service.
Depreciation expense during the three and nine months ended September 30, 2024 was $1.05 billion and $2.96 billion, respectively. Depreciation expense during the three and nine months ended September 30, 2023 was $897 million and $2.44 billion, respectively.    
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Note 5 – Accrued Liabilities and Other
Our accrued liabilities and other current liabilities consisted of the following (in millions):
September 30,
2024		December 31,
2023
Accrued purchases (1)$2,424 $2,721 
Accrued warranty reserve, current portion1,839 1,546 
Payroll and related costs1,513 1,325 
Taxes payable (2)1,265 1,204 
Customer deposits994 876 
Operating lease liabilities, current portion797 672 
Sales return reserve, current portion226 219 
Other current liabilities1,543 517 
Total$10,601 $9,080 
(1)Accrued purchases primarily reflects receipts of goods and services for which we had not yet been invoiced. As we are invoiced for these goods and services, this balance will reduce and accounts payable will increase.
(2)Taxes payable primarily includes value added tax, income tax, sales tax, property tax and use tax payables.
Note 6 – Other Long-Term Liabilities
Our other long-term liabilities consisted of the following (in millions):
September 30,
2024		December 31,
2023
Operating lease liabilities$4,290 $3,671 
Accrued warranty reserve4,524 3,606 
Other non-current liabilities996 876 
Total other long-term liabilities$9,810 $8,153 
Note 7 – Debt
The following is a summary of our debt and finance leases as of September 30, 2024 (in millions):
 Net Carrying ValueUnpaid
Principal
Balance		Unused
Committed
Amount (1)		Contractual
Interest Rates		Contractual
Maturity Date
 CurrentLong-Term
Recourse debt:   
RCF Credit Agreement$— $— $— $5,000 Not applicableJanuary 2028
Other8 3 11 — 
3.96-5.75%
March 2025-January 2031
Total recourse debt8 3 11 5,000 
Non-recourse debt:
Automotive Asset-backed Notes2,073 2,107 4,195 — 
3.95-6.57%
August 2025-June 2035
China Working Capital Facility— 2,851 2,851 — 2.27 %
April 2025 (2)
Cash Equity Debt30 309 348 — 
5.25-5.81%
July 2033-January 2035
Solar Asset-backed Notes4 5 10 — 4.80 %December 2026
Total non-recourse debt2,107 5,272 7,404 — 
Total debt2,115 5,275 $7,415 $5,000 
Finance leases176 130 
Total debt and finance leases$2,291 $5,405 
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The following is a summary of our debt and finance leases as of December 31, 2023 (in millions):
Net Carrying ValueUnpaid
Principal
Balance		Unused
Committed
Amount (1)		Contractual
Interest Rates		Contractual
Maturity Date
CurrentLong-Term
Recourse debt:   
2024 Notes$37 $— $37 $— 2.00 %May 2024
RCF Credit Agreement— — — 5,000 Not applicableJanuary 2028
Other— 7 7 28 
4.70-5.75%
March 2025-January 2031
Total recourse debt37 7 44 5,028 
Non-recourse debt:
Automotive Asset-backed Notes1,906 2,337 4,259 — 
0.60-6.57%