Table of ContentsTesla, Inc.Notes to Consolidated Financial Statements(unaudited)Note 1 – Overview & Summary of Significant Accounting PoliciesOverviewTesla, Inc. (“Tesla”, the “Company”, “we”, “us” or “our”) was incorporated in the State of Delaware on July 1, 2003 andconverted to a Texas corporation on June 13, 2024.Unaudited Interim Financial StatementsThe consolidated financial statements, including the consolidated balance sheet as of September 30, 2024, theconsolidated statements of operations, the consolidated statements of comprehensive income, the consolidated statements ofredeemable noncontrolling interests and equity for the three and nine months ended September 30, 2024 and 2023, and theconsolidated statements of cash flows for the nine months ended September 30, 2024 and 2023, as well as other informationdisclosed in the accompanying notes, are unaudited. The consolidated balance sheet as of December 31, 2023 was derived fromthe audited consolidated financial statements as of that date. The interim consolidated financial statements and theaccompanying notes should be read in conjunction with the annual consolidated financial statements and the accompanyingnotes 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 theannual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normalrecurring adjustments, necessary for a fair statement of the results of operations for the periods presented. The consolidatedresults of operations for any interim period are not necessarily indicative of the results to be expected for the full year or for anyother future years or interim periods.ReclassificationsCertain prior period balances have been reclassified to conform to the current period presentation in the consolidatedfinancial statements and the accompanying notes.Revenue RecognitionRevenue by sourceThe following table disaggregates our revenue by major source (in millions):Three Months Ended September 30, Nine Months Ended September 30,2024 2023 2024 2023Automotive sales $ 18,831 $ 18,582 $ 53,821 $ 57,879Automotive regulatory credits 739 554 2,071 1,357Energy generation and storage sales 2,228 1,416 6,616 4,188Services and other2,790 2,166 7,686 6,153Total revenues from sales and services 24,588 22,718 70,194 69,577Automotive leasing 446 489 1,380 1,620Energy generation and storage leasing148 143 409 409Total revenues$ 25,182 $ 23,350 $ 71,983 $ 71,606Automotive SegmentAutomotive SalesDeferred revenue related to the access to our Full Self Driving (Supervised) (“FSD”) Capability features and theirongoing maintenance, internet connectivity, free Supercharging programs and over-the-air software updates primarily onautomotive sales amounted to $3.61 billion and $3.54 billion as of September 30, 2024 and December 31, 2023, respectively.10
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