Table of ContentsResults of OperationsRevenuesThree Months EndedSeptember 30,ChangeNine Months EndedSeptember 30, Change(Dollars in millions)2024 2023 $ % 2024 2023 $ %Automotive sales$ 18,831 $ 18,582 $ 249 1 %$ 53,821 $ 57,879 $ (4,058) (7)%Automotive regulatory credits739 554 185 33 %2,071 1,357 714 53 %Automotive leasing446 489 (43)(9)%1,380 1,620 (240)(15)%Total automotive revenues 20,016 19,625 391 2 % 57,272 60,856 (3,584) (6)%Services and other2,790 2,166 624 29 %7,686 6,153 1,533 25 %Total automotive & services and othersegment revenue 22,806 21,791 1,015 5 % 64,958 67,009 (2,051) (3)%Energy generation and storage segmentrevenue2,376 1,559 817 52 %7,025 4,597 2,428 53 %Total revenues$ 25,182 $ 23,350 $ 1,832 8 %$ 71,983 $ 71,606 $ 377 1 %Automotive & Services and Other SegmentAutomotive sales revenue increased $249 million, or 1%, in the three months ended September 30, 2024 as compared tothe three months ended September 30, 2023, due to an increase of approximately 23,000 combined Model 3 and Model Y cashdeliveries and an increase of 8,000 deliveries of other models primarily due to our production ramp of Cybertruck.Additionally, we recognized $326 million of FSD revenue for Cybertruck and certain features such as Actually Smart Summonin the third quarter of 2024. The increases were partially offset by lower average selling price on our vehicles driven by overallprice reductions and attractive financing options provided year over year as well as mix.Automotive sales revenue decreased $4.06 billion, or 7%, in the nine months ended September 30, 2024 as compared tothe nine months ended September 30, 2023, primarily due to lower average selling price on our vehicles driven by overall pricereductions and attractive financing options provided year over year as well as mix. Additionally, there was a decrease ofapproximately 17,000 combined Model 3 and Model Y cash deliveries partially due to the early phase of the production rampof the updated Model 3 at our Fremont factory. The decreases were partially offset by an increase of approximately 19,000deliveries of other models primarily due to our production ramp of Cybertruck and an increase in FSD revenue compared to theprior period, as discussed above.Automotive regulatory credits revenue increased $185 million, or 33%, in the three months ended September 30, 2024as compared to the three months ended September 30, 2023. Automotive regulatory credits revenue increased $714 million, or53%, in the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023. Theseincreases were driven by demand for credits in North America as other automobile manufacturers scale back on their batteryelectric vehicle plans.Automotive leasing revenue decreased $43 million, or 9%, in the three months ended September 30, 2024 as comparedto the three months ended September 30, 2023. Automotive leasing revenue decreased $240 million, or 15%, in the ninemonths ended September 30, 2024 as compared to the nine months ended September 30, 2023. The decreases were primarilydue to lower direct sales-type leasing deliveries and a decrease in lease buyouts.Services and other revenue increased $624 million, or 29%, in the three months ended September 30, 2024 as comparedto the three months ended September 30, 2023. Services and other revenue increased $1.53 billion, or 25%, in the nine monthsended September 30, 2024 as compared to the nine months ended September 30, 2023. The increases were primarily due toincreases in non-warranty maintenance services and collision revenue, used vehicle revenue, paid Supercharging revenue,insurance services revenue and part sales revenue.Energy Generation and Storage SegmentEnergy generation and storage revenue increased $817 million, or 52%, in the three months ended September 30, 2024as compared to the three months ended September 30, 2023. Energy generation and storage revenue increased $2.43 billion, or53%, in the nine months ended