Drivers

Selected case 1
Company Tesla, Inc
Currency USD
Domestic Country USA
10-year treasury yield (Apr 12 2025) 4.50%
Market risk premium US 2.50%
Company beta (Apr 12 2025) 2.58
Tesla share price (Apr 12 2025) $ 252.31
Bond Yield (Apr 9 2025) 5.99%
Corporate tax rate 14.75% Change this based on the selected case
Expected inflation 4%

10-year treasury yield 4.50%

BBB credit rating bond spread (Apr 9 2025) 1.49%
Synthetic cost of debt 5.99%
Input -->
P&L Input

2020 2021 2022 2023

(in $ millions) Act Act Act Act
Total automotive revenues 27,236 47,232 71,462 82,419
Energy generation and storage segment 1,994 2,789 3,909 6,035
Services and other 2,306 3,802 6,091 8,319
Total revenues 31,536 53,823 81,462 96,773
Automotive cost of revenues (20,259) (33,393) (51,108) (66,389)
Energy generation and storage segment cost of revenues (1,976) (2,918) (3,621) (4,894)
Services and other cost of revenues (2,671) (3,906) (5,880) (7,830)
Gross Profit 6,630 13,606 20,853 17,660
Research and development (1,491) (2,593) (3,075) (3,969)
Selling, general and administrative (3,145) (4,517) (3,946) (4,800)
Restructuring and other (27) (176)
EBIT 1,994 6,469 13,656 8,891
Interest income 30 56 297 1,066
Interest expense (748) (371) (191) (156)
Other income (expense), net (122) 135 (43) 172
EBT 1,154 6,289 13,719 9,973
Provision for income tax (292) (699) (1,132) 5,001
Net profit incl. minority interest 862 5,590 12,587 14,974
Minority interests (141) (125) (31) 23
Net profit 721 5,465 12,556 14,997
 2024
Act
77,070
10,086
10,534
97,690
(62,873)
(7,446)
(9,921)
17,450
(4,540)
(5,150)
(684)
7,076
1,569
(350)
695
8,990
(1,837)
7,153
(62)
7,091
Balance Sheet Input

31 Dec 31 Dec
(in $ millions) 2020 2021
Cash and cash equivalents 19,384 17,576
Short-term investments 131
Restricted cash and marketable securities 238 345
Accounts receivables, net 1,886 1,913
Inventory 4,101 5,757
Prepaid expenses and other current assets 1,108 1,378
Total current assets 26,717 27,100
Operating lease vehicles, net 3,091 4,511
Solar energy systems, net 5,979 5,765
Property, plant and equipment, net 12,747 18,884
Operating lease right-of-use assets 1,558 2,016
Digital assets, net 1,260
Intangible assets, net 313 257
Goodwill 207 200
Deferred tax assets
Other non-current assets 1,536 2,138
Total assets 52,148 62,131
Accounts payable 6,051 10,025
Accrued liabilities and other 4,607 6,644
Deferred revenue 1,458 1,447
Current portion of long-term debt and capital leases 2,132 1,589
Total current liabilities 14,248 19,705
Debt and finance leases, net of current portion 9,556 5,245
Deferred revenue, net of current portion 1,284 2,052
Other long-term liabilities 3,330 3,546
Total liabilities 14,170 10,843
Total stokcholder's equity 22,225 30,189
Noncontrolling interest in subsdiaries 850 826
Total liabilities and equity 37,245 41,858
31 Dec 31 Dec 31 Dec
2022 2023 2024
16,253 16,398 16,139
5,932 12,696 20,424
294 494 543
2,952 3,508 4,418
12,839 13,626 12,017
2,647 2,894 4,819
40,917 49,616 58,360
5,035 5,989 5,581
5,489 5,229 4,924
23,548 29,725 35,836
2,563 4,180 5,160
184 184 1,076
215 178 150
194 253 244
328 6,733 6,524
3,865 4,531 4,215
82,338 106,618 122,070
15,255 14,431 12,474
8,205 9,080 10,723
1,747 2,864 3,168
1,502 2,373 2,456
26,709 28,748 28,821
1,597 2,857 5,757
2,804 3,251 3,317
5,330 8,153 10,495
9,731 14,261 19,569
44,704 62,634 72,913
785 733 704
55,220 77,628 93,186
Deliveries
Te
2020 2021 2022 2023 2024 2025
Vehicle Act Act Act Act Act Fcst
Tesla Model 3 358,441 476,356 485,984 526,169 478,981 498,140
Tesla Model Y 84,167 434,790 761,162 1,213,538 1,225,112 1,274,116
Tesla Cybertruck 190 32,120
Tesla Model X 37,945 9,985 37,449 45,000 40,512
Tesla Model S 19,095 14,950 29,256 23,684 12,102
Tesla Model X & S 57,040 24,935 66,705 68,684 52,614
Tesla Model 3 & Y 442,608 911,146 1,247,146 1,739,707 1,704,093
Semi
Total 999,296 1,872,162 2,627,702 3,616,972 3,545,534

y-o-y growth %
Tesla Model 3 n.a. 33% 2% 8% -9% 4%
Tesla Model Y n.a. 417% 75% 59% 1% 4%
Tesla Cybertruck n.a. n.a. n.a. n.a. 16805%
Tesla Model X n.a. -74% 275% 20% -10%
Tesla Model S n.a. -22% 96% -19% -49%
Tesla Model X & S n.a. -56% 168% 3% -23% 4%
Tesla Model 3 & Y n.a. 106% 37% 39% -2% 3%
Semi n.a. n.a. n.a. n.a. n.a.

Assumed growth after introduction

2 years 10%
2 years 8%
onwards 4%
 Tesla Deliveries
2026 2027 2028 2029 2030 2031 2032 2033
Fcst Fcst Fcst Fcst Fcst Fcst Fcst Fcst
518,066 538,788 560,340 582,754 606,064 630,306 655,519 681,739
1,325,081 1,378,084 1,433,208 1,490,536 1,550,158 1,612,164 1,676,650 1,743,716

4% 4% 4% 4% 4% 4% 4% 4%
4% 4% 4% 4% 4% 4% 4% 4%

4% 4% 4% 4% 4% 4% 4% 4%
3% 3% 3% 3% 3% 3% 3% 3%
2034
Fcst
709,009
1,813,465

4%
4%

4%
3%