Table of ContentsThe following is a summary of our debt and finance leases as of December 31, 2023 (in millions):Net Carrying ValueUnpaidPrincipalBalanceUnusedCommittedAmount (1)ContractualInterest RatesContractualMaturity DateCurrent Long-TermRecourse debt:2024 Notes $ 37 $ — $ 37 $ — 2.00 % May 2024RCF Credit Agreement — — — 5,000 Not applicable January 2028Other— 7 7 284.70-5.75% March 2025-January 2031Total recourse debt 37 7 44 5,028Non-recourse debt:Automotive Asset-backed Notes 1,906 2,337 4,259 — 0.60-6.57% July 2024-May 2031Cash Equity Debt 28 330 367 — 5.25-5.81% July 2033-January 2035Solar Asset-backed Notes4 8 13 —4.80 % December 2026Total non-recourse debt1,938 2,675 4,639 —Total debt1,975 2,682$ 4,683 $ 5,028Finance leases398 175Total debt and finance leases$ 2,373 $ 2,857(1) There are no restrictions on draw-down or use for general corporate purposes with respect to any available committedfunds under our RCF Credit Agreement, except certain specified conditions prior to draw-down. Refer to the notes to theconsolidated financial statements included in our reporting on Form 10-K for the year ended December 31, 2023 for theterms of the facility.(2) The contractual maturity date of the China Working Capital Facility is April 2025, renewable until March 2026 at ourdiscretion. As we have the intent and ability to refinance the loan on a long-term basis, we recorded it in Debt andfinance leases, net of current portion in the consolidated balance sheet.Recourse debt refers to debt that is recourse to our general assets. Non-recourse debt refers to debt that is recourse toonly assets of our subsidiaries. The differences between the unpaid principal balances and the net carrying values are due todebt discounts or deferred issuance costs. As of September 30, 2024, we were in material compliance with all financial debtcovenants.2024 NotesDuring the second quarter of 2024, the 2024 Notes reached maturity and were fully settled. Additionally, during the thirdquarter of 2024, we settled the warrants entered into in connection with the issuance of the 2024 Notes, resulting in the issuanceof 8.5 million shares of our common stock. The remaining warrants were settled in October 2024.Automotive Asset-backed NotesDuring the nine months ended September 30, 2024, we transferred beneficial interests related to certain leased vehiclesand financing receivables into special purpose entities and issued $1.57 billion in aggregate principal amount of AutomotiveAsset-backed Notes, with terms similar to our other previously issued Automotive Asset-backed Notes. The proceeds from theissuance, net of debt issuance costs, were $1.56 billion.In October 2024, we transferred beneficial interests related to certain leased vehicles into a special purpose entity andissued $783 million in aggregate principal amount of Automotive Asset-backed Notes, with terms similar to our otherpreviously issued Automotive-backed Notes.China Working Capital FacilityIn April 2024, one of our subsidiaries entered into a loan agreement (the “China Working Capital Facility”) with lendersin China for an unsecured revolving facility of up to RMB 20.00 billion to be used for certain production expenditures as wellas repayment of certain finance facilities. Borrowed funds bear interest at a rate equal to the Loan Prime Rate published by thePeople’s Bank of China minus 1.18%. The China Working Capital Facility is non-recourse to our assets.19
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