10k Exhibits1

Assumptions
cost of sales decreases 2.75% per year from 77% to 46%

depreciation as % of sales
Capex = depreciation
40% tax
take out stock based compensation
gross margin increases 2.2% per year from 22% to 46%
capex = change in fixed assets
SG&A decreases 2% per year
Required Return
11.0%
Tax Rate
40.0%
Terminal Growth Rate
10x EBITDA
Base Case
(in thousands)
Total Cars
Growth rate
EV, BEV, PHEV, FCEV market share
Growth rate of EV market
EV vehicles sold
Tesla Market Share
Tesla Cars Sold
$/Car
Decrease % per Sale
Tesla Sales Revenue
Sales Growth
SG&A (will decrease)
Income Statement
Cars sold
Revenues
Automotive sales
Car sales
ZEV Credits
Powertrains
Development services
Total revenues
Cost of revenues
Automotive sales
Percent of Car Sales
Total cost of revenues
Gross profit
Operating expenses
Research and development
Selling, general and administrative
2013
69,000,000
3.00%
0.20%
138000
16%
22447
$81
$1,818,207
2.00%
22.00%
2014
71,070,000
3.00%
0.211%
5.53%
150000
22%
33000
$81
2015
73,202,100
3.00%
0.300%
42.140%
219606
27%
60000
$81
$2,673,000
47.01%
21.56%
$4,860,000
81.82%
21.13%
Year Ended December 31,

2011
2012
2,650
2013
22,447
148,568
99,008
2,700
46,860
55,674
204,242
385,699
321,944
32,400
31,355
27,557
413,256
1,997,786
1,822,884
129,800
45,102
15,710
2,013,496
98,563
100%
27,165
125,728
342,833
106%
11,531
354,364
1,437,795
79%
13,356
1,451,151
78,514
58,892
562,345
208,981
104,102
273,978
150,372
231,976
285,569
Stock-based compensation *
Total operating expenses
Percent of Sales
EBITDA
Percent of Sales
Depreciation
29,419
313,083
153%
(234,569)
-114.85%
16,919
50,145
424,350
103%
(365,458)
-88.43%
28,825
80,737
517,545
26%
44,800
2.22%
106,083
EBIT
Interest income
Interest expense
Other income (expense), net
(251,488)
255
(43)
(2,646)
(394,283)
288
(254)
(1,828)
(61,283)
189
(32,934)
22,602
EBT
Provision for income taxes
Net Income
Percent of Sales
Net loss per share of common stock,
(253,922)
489
(254,411)
-125%
(2.53)
(396,077)
136
(396,213)
-96%
(3.69)
(71,426)
2,588
(74,014)
-4%
(0.62)
Weighted average shares, diluted
100,388,815
107,349,188
119,421,414
* Not included in calculations
Balance Sheet
Assets
Current assets
Cash and cash equivalents
Restricted cash
Accounts receivable
Inventory
Prepaid expenses and other current assets
December 31, December 31,

2012
2013
Total current assets

Operating lease vehicles, net
Property, plant and equipment, net
Restricted cash
Other assets
Total assets
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable
Accrued liabilities
Deferred revenue
Capital lease obligations, current portion
Customer deposits
Convertible debt, current portion
Long-term debt, current portion
Total current liabilities
201,890
19,094
26,842
268,504
8,438
845,889
3,012
49,109
340,355
27,574
524,768
1,265,939
10,071
552,229
5,159
21,963
382,425
738,494
6,435
23,637
1,114,190
2,416,930
303,382
39,798
1,905
4,365
138,817
50,841
303,969
108,252
91,882
7,722
163,153
182
-
539,108
675,160
Common stock warrant liability

Capital lease obligations, less current portion
Deferred revenue, less current portion
Convertible debt, less current portion
Resale value guarantee
Long-term debt, less current portion
Other long-term liabilities
10,692
9,965
3,060
401,495
25,170
12,855
181,180
586,119
236,299
58,197
Total liabilities
989,490
1,749,810
Stockholders' equity
Common stock at par
Additional paid-in capital
Accumulated deficit
115
1,190,191
(1,065,606)
Total stockholders' equity
123
1,806,617
(1,139,620)
124,700
Total liabilities and stockholders' equity
1,114,190
667,120
$
2,416,930
Free Cash Flow Calculation

Operating Cash Flow
Working capital
Change in working capital
CAPEX
Free Cash Flow
Total Present Value 2014-2024
Terminal Value
Total PV of Terminal Value
Total Firm Value
Less: Debt
Plus: Excess Cash
Total Equity Value
Number of Shares after offering
Total Per share Value
P/E
EV/EBITDA
EV/Sales
590,779
2,806,691
150,346,042
52,730,611
55,537,302
0
0
55,537,302
125,380
$442.95
2014
(29,941)
2030849
1440070
218,607
(1,688,618)
2015
(93,876)
3201508
1170659
256,676
(1,521,211)
10
Multiple
2016
18,243
340126
-2861382
351,981
2,527,644
2016
75,398,163
3.00%
0.450%
50.000%
339292
25%
84823
$78.57
3.00%
$6,664,538
37.13%
20.71%
2017
77,660,108
3.00%
0.700%
55.556%
543621
24%
130469
$76.21
3.00%
$9,943,419
49.20%
20.29%
2018
79,989,911
3.00%
1.000%
60.000%
799899
23%
183977
$73.93
3.00%
$13,600,763
36.78%
19.89%
2019
82,389,608
3.00%
1.6000%
55.000%
1318234
22%
290011
$71.71
3.00%
$20,796,347
52.91%
19.49%
2020
84,861,297
3.00%
2.4800%
50.000%
2104560
21%
441958
$69.56
3.00%
$30,741,449
47.82%
19.10%
2021
87,407,136
3.00%
3.720000%
45.000%
3251545
20%
650309
$67.47
3.00%
$43,876,831
42.73%
18.72%
% of Sales
Annualized
2014
32,169
2015
9 Months Ended
Sep. 30, 2013 Sep. 30, 2014
% of Sales
2013
1,386,934
2014
24,127
93.61%
3.29%
3.10%
0.243%
99.76%
3,082,881
2,885,988
101,467
95,427
7,511
3,090,392
4,860,000
11,343
1,398,277
2,312,161
2,164,491
76,100
71,570
5,633
2,317,794
1,090,300
1,615,047
69.68%
2,153,396
3,394,695
8,304
1,098,604
6,674
1,621,721
299,673
619,974
0.29%
8,899
69.97%
2,162,295
changes from 70% to 46%
26.75%
826,632
changes from 22% to 46%
14,028
3,408,723
69.97%
1,303,134
26.75%
163,523
184,080
325,135
406,690
14.03%
17.55%
683,407
1,029,355
433,513
542,253
11,811
4,871,811
21.96%
347,603
6.98%
5.27%
% of Sales
731,825
163,955
(47,930)
97
(26,705)
18,018
(111,851)
907
(72,183)
2,401
(56,520)
1,230
(57,750)
(180,726)
5,685
(186,411)
(0.49)
(1.50)
118,282,194
124,216,526
September 30,
2014
Annualized
2014
25.70%
7.07%
-4.83%
0.04%
-3.11%
0.10%
-7.80%
0.25%
-8.04%
0.00%
0.000%
changes every year
21.13%
975,767
1,252,241
(149,135)
50,893
1.04%
256,676
-205783
218,607
(149,135)
1,209
(96,244)
3,201
(240,968)
7,580
(248,548)
0
(2.0)
1906
-151723
5047
-350552
0.000
(350,552)
-7.20%
165,622,035
2015
2016
2017
102.28%
0.75%
6.77%
32.47%
2.82%
2,370,735
17,331
156,889
752,492
65,467
3160980
23108
209185
1003323
87289
4983089
36428
329768
1581676
137606
6833330
49954
452212
2168959
188700
10195256
74531
674695
3236063
281538
145.09%
3,362,914
4483885
7068567
9693155
14462084
26.65%
60.59%
0.39%
1.88%
617,743
1,404,326
9,090
43,460
823657
1872435
12120
57947
1298445
2951777
19106
91349
1780563
4047784
26201
125268
2656580
6039251
39091
186898
234.60%
5,437,533
7250044
11429245
15672970
23383904
28.02%
8.39%
6.97%
0.41%
9.80%
25.78%
649,362
194,571
161,570
9,592
227,056
597,626
0
865816
259428
215427
12789
302741
796835
0
1364905
408972
339607
20162
477253
1256160
1871700
560825
465704
27648
654459
1722578
2792557
836745
694826
41250
976446
2570068
140.00%
1,839,777
2453036
3867059
9353029
13954619
0.55%
10.97%
79.77%
17.16%
12,806
254,321
1,848,796
397,742
17075
339095
2465061
530323
26917
534562
3886016
836021
36912
733047
5328910
1146439
55072
1093698
7950677
1710474
5.44%
125,997
167996
264835
363170
541845
234.60%
4,417,278
5889704
11429245
15672970
23383904
0.01%
98.54%
-57.21%
125
2,284,010
(1,326,041)
263
4800800
-1944860
360
6583357
-2139346
538
9822298
-2353281
41.34%
958,094
167
3045347
-1768055
10.00%
1277459
2013834
2761579
4120247
234.60%
5,437,533
7250044
11429245
15672970
23383904
2017
246,506
507465
167339
525,152
(445,985)
2018
637,119
694118
186653
718,311
(267,846)
2019
1,299,029
1061347
367228
1,098,339
(166,538)
2020
2,327,016
1568897
507551
1,623,579
195,886
2021
3,901,898
2239265
670367
2,317,312
914,219
2022
5,844,372
2919611
680346
3,021,370
2,142,656
2022
90,029,350
3.000%
5.39400%
40.000%
4856183
18%
874113
$65.45
3.00%
$57,207,730
30.38%
18.34%
2023
92,730,230
3.00%
7.551600%
35.000%
7002616
15%
1050392
$63.48
3.00%
$66,682,284
16.56%
18.00%
2024
95,512,137
3.00%
10.2%
20.000%
9737138
12%
1168457
$61.58
3.00%
$71,952,052
7.90%
18.00%
2016
2017
2018
2019
2020
2021
6,664,538
9,943,419
13,600,763
20,796,347
30,741,449
43,876,831
16,197
6,680,735
24,166
9,967,585
33,054
13,633,817
50,542
20,846,889
74,712
30,816,160
106,635
43,983,466
4,655,160
6,945,448
9,500,092
14,526,186
21,472,809
30,647,833
19,237
4,490,676
67.22%
1,933,969
28.95%
28,701
6,425,932
64.47%
3,104,748
31.15%
39,258
8,414,560
61.72%
4,546,667
33.35%
60,028
12,293,056
58.97%
7,410,746
35.55%
88,734
17,324,321
56.22%
11,632,623
37.75%
126,649
23,517,210
53.47%
17,570,713
39.95%
937,159
1,383,328
1,398,231
2,022,632
1,912,522
2,711,256
2,924,355
4,062,753
4,322,823
5,885,505
6,169,903
8,232,291
assumption
assumption
assumption
assumption
40x 2013 rev
assumption
20.71%
20.29%
19.89%
19.49%
19.10%
18.72%
1,717,203
2,562,048
3,504,409
5,358,443
7,920,924
11,305,422
216,767
3.24%
351,981
-135214.53
542,700
5.44%
525,152
17548.24
1,042,258
7.64%
718,311
323946.73
2,052,303
9.84%
1,098,339
953964.71
3,711,699
12.04%
1,623,579
2088119.39
6,265,291
14.24%
2,317,312
3947979.22
2,614
(208,058)
6,921
-333738
3,901
(310,420)
10,325
-278646
5,335
(424,598)
14,123
-81192
8,158
(649,234)
21,595
334484
12,059
(959,707)
31,922
1172394
17,212
(1,369,776)
45,562
2640977
0.000
(333,738)
-5.00%
0.000
(278,646)
-2.80%
0.000
(81,192)
-0.60%
133,793
200,690
0.96%
468,958
703,436
2.28%
1,056,391
1,584,586
3.60%
2018
2019
2020
2021
2022
2023
13945229
101945
922859
4426337
385093
21323055
155880
1411104
6768124
588829
31520036
230424
2085913
10004735
870415
44988097
328881
2977194
14279615
1242330
58656628
428803
3881741
18618126
1619782
68371143
499820
4524622
21701598
1888045
19781462
30246991
44711522
63816117
83205080
96985228
3633712
8260581
53470
255642
5556154
12630902
81758
390891
8213183
18671174
120856
577821
11722559
26649100
172496
824716
15284172
34745776
224904
1075286
17815486
40500256
262152
1253371
31984866
48906696
72294557
103184988
134535218
156816493
3819702
1144513
950393
56422
1335598
3515379
5840544
1750026
1453206
86273
2042205
5375216
8633573
2586913
2148149
127530
3018816
7945719
12322575
3692264
3066022
182022
4308713
11340811
16066488
4814068
3997558
237325
5617810
14786438
18727366
5611358
4659621
276630
6548213
17235319
19087344
29185645
43142625
61576852
80285470
93582082
75328
1495977
10875059
2339613
115181
2287434
16628590
3577403
170262
3381317
24580612
5288167
243012
4826106
35083556
7547725
316846
6292400
45742835
9840916
369320
7334526
53318611
11470736
741144
1133252
1675189
2390974
3117413
3633708
31984866
48906696
72294557
103184988
134535218
156816493
735
13435092
-2588609
1124
20543026
-2847470
1662
30366986
-3132217
2372
43342366
-3445438
3093
56510882
-3789982
3605
65870026
-4168980
5635737
8617366
12738310
18181208
23705122
27631086
31984866
48906696
72294557
103184988
134535218
156816493
2023
7,694,642
3403147
483536
3,521,759
3,689,347
Terminal
2024
9,254,810
3672091
268944
3,800,077
5,185,789
2022
2023
Terminal
2024
57,207,730
66,682,284
71,952,052
139,034
57,346,764
162,060
66,844,344
174,867
72,126,919
39,959,427
46,577,374
50,258,290
165,128
29,085,302
50.72%
24,170,773
42.15%
192,476
32,064,094
47.97%
29,644,431
44.35%
207,687
32,614,565
45.22%
33,573,964
46.55%
8,044,477
10,518,802
9,376,776
12,031,982
10,117,804
12,982,845
18.34%
18.00%
18.00%
14,740,298
17,181,537
18,539,359
9,430,475
16.44%
3,021,370
6409104.79
12,462,894
18.64%
3,521,759
8941134.92
15,034,604
20.84%
3,800,077
11234527
22,441
(1,785,949)
59,405
4705002
26,158
(2,081,732)
69,244
6954805
28,225
(2,246,247)
74,716
9091221
1,882,001
2,823,001
4.92%
2,781,922
4,172,883
6.24%
3,636,489
5,454,733
7.56%
Terminal
2024
73774378
539320
4882194
23416632
2037253
104649777
19223408
43700910
282870
1352422
169209387
20207352
6054812
5027861
298491
7065705
18597391
100977686
398507
7914159
57532274
12377245
3920873
169209387
3890
71075602
-4585878
29814715
169209387
Values in Millions
Ticker
Company
TSLA
Tesla Motors Inc
BMW.DE BMW
Daimler AG (USA)
DDAIF
Mkt Cap
Enterprise Value
Revenue
Net income
31,560
34,006
2,014
-74
54,570
120,020
77,950
5,830
81,490
161,902
147,725
10,918
TM
Toyota Motor Corp
204,870
323,727
220,968
14,391
Ford Motor Company
58,270
164,510
146,917
7,148
GM
General Motors Co
51,080
68,222
155,427
5,331
HMC
Honda Motor Co
VLKAY
Volkswagen AG (ADR)
NSANY
Nissan Motor Co
57,960
103,762
101,853
4,096
100,030
225,229
246,672
11,450
42,070
88,616
90,157
3,563
EBITDA
P/E
EV/EBITDA EV/Sales
45
-426.4
759.1
16.9
11,760
9.4
10.2
1.5
15,487
7.5
10.5
1.1
31,533
14.2
10.3
1.5
12,098
8.2
13.6
1.1
12,598
9.6
5.4
0.4
13,288
14.1
7.8
1.0
32,367
8.7
7.0
0.9
9,920
11.8
8.9
1.0
Created by EDGAR Online, Inc.

TESLA MOTORS INC
TABLE1
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
Delaware
(State or other jurisdiction of
incorporation or organization)
91-2197729
(I.R.S. Employer
Identification No.)
3500 Deer Creek Road

Palo Alto, California
(Address of principal executive offices)
(Zip Code)
(650) 681-5000
94304

TESLA MOTORS INC
TABLE2
Form Type: 10-K
Location (1)
Palo Alto, California
Approximate
Size (Building)
in Square Feet
350,000
Tilburg, Netherlands
203,772
Hawthorne, California
Maidenhead, United Kingdom
132,250
8,870
Beijing, China
8,190
Primary Use
Administration, engineering services
and powertrain development services
Administration, engineering services,
powertrain development services, parts
warehousing, final vehicle assembly and
vehicle service
Vehicle engineering and design services
Administration, sales, service and
marketing services
Administration, sales and marketing
services
Lease
Expiration
Date
January 2020
November 2023
December 2022
November 2015
November 2017

TESLA MOTORS INC
TABLE3
Form Type: 10-K
Market Information
Our common stock has traded on The NASDAQ Global Select Market under the symbol
"TSLA" since it began trading on June 29, 2010. Our initial public offering was
priced at $17.00 per share on June 28, 2010. The following table sets forth, for
the time period indicated, the high and low closing sales price of our common
stock as reported on The NASDAQ Global Select Market.
2013
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
High
$
Low
39.48 $
110.33
193.37
193.00
2012
High
32.91 $
40.50
109.05
120.50
37.94
38.01
35.96
35.28
Low
$
22.79
27.56
26.10
27.33

TESLA MOTORS INC
TABLE4
Form Type: 10-K
2013
Consolidated Statements of
Operations Data:
Revenues:
Automotive sales
1,997,786
15,710
2012
(in thousands, except share and per
385,699
27,557
Total revenues
Cost of revenues (1):
Automotive sales
2,013,496
413,256
1,543,878
13,356
371,658
11,531

Gross profit
Operating expenses (1):
(net of development
compensation of $23,249 for
the year ended December 31,
2009)
Selling, general and
administrative
1,557,234
456,262
383,189
30,067
231,976
273,978
285,569
150,372
517,545
424,350
Loss from operations

Interest income
Interest expense (2)
(3)
(61,283)
189
(32,934)
(394,283)
288
(254)
Loss before income taxes

(71,426)
2,588
(396,077)
136
22,602
(1,828)
Net loss
(74,014) $
(396,213)
Net loss per share of

common stock, basic and
diluted (4)
(0.62) $
(3.69)
Weighted average shares

used in computing net loss
per share of common stock,

basic and diluted (4)
119,421,414
107,349,188

2011
(in thousands, except share and per share data)
148,568
55,674
2010
97,078
19,666
2009
111,943
-
204,242
116,744
111,943
115,482
27,165
79,982
6,031
102,408
-
142,647
61,595
86,013
30,731
102,408
9,535
208,981
92,996
19,282
104,102
84,573
42,150
313,083
177,569
61,432
(251,488)
255
(43)
(146,838)
258
(992)
(51,897)
159
(2,531)
(2,646)
(6,583)
(1,445)
(253,922)
489
(154,155)
173
(55,714)
26
(254,411) $
(154,328) $
(55,740)
(2.53) $
(3.04) $
(7.94)
100,388,815
50,718,302
7,021,963

TESLA MOTORS INC
TABLE5
Form Type: 10-K
Cost of revenues
Total
2013
9,071 $
35,494
39,090
2012
2,194
26,580
21,371
83,655
50,145

$
2011
670 $
13,377
15,372
2010
243 $
4,139
16,774
29,419
21,156
2009
61
376
997
1,434

TESLA MOTORS INC
TABLE6
Form Type: 10-K
2013
Consolidated Balance Sheet Data:
Short-term marketable securities
Restricted cash-current (1)
(2)
Working capital (deficit)
Total assets
Convertible preferred stock warrant
liability (3)
Common stock warrant liability (3)
Capital lease obligations, less
current portion
Convertible debt, less current
portion (4)
(5)
Convertible preferred stock
Total stockholders' equity (deficit)
845,889
3,012
738,494
590,779
2,416,930
2012
201,890
19,094
552,229
(14,340)
1,114,190
10,692
12,855
9,965
586,119
667,120
401,495
124,700
As of December 31,
2011
$
255,266
25,061
23,476
2010
$
99,558
73,597
2009
$
69,627
-
298,414
181,499
713,448
114,636
150,321
386,082
23,535
43,070
130,424
8,838
6,088
1,734
-
2,830
496
800
268,335
224,045
71,828
207,048
319,225
(253,523)

TESLA MOTORS INC
TABLE7
Form Type: 10-K
Year Ended
December 31,
2013
2012
Risk-free interest rate:
Stock options
ESPP
Expected term (in years):
Stock options
ESPP
Expected volatility:
Stock options
ESPP
Dividend yield:
Stock options
ESPP
2011
1.30%
0.10%
1.00%
0.20%
2.00%
0.20%
6.10
0.50
5.90
0.50
6.00
0.50
57%
43%
63%
51%
70%
59%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

TESLA MOTORS INC
TABLE9
Form Type: 10-K
Revenues
Automotive Sales
Automotive sales, which include vehicle, options and related sales, and
powertrain component and related sales, consisted of the following for the
periods presented (in thousands):
Vehicle, options and related sales

Powertrain component and related sales
2013
1,952,684
45,102
Total automotive sales
1,997,786
ions and related sales, and

sisted of the following for the

$
2012
354,344 $
31,355
2011
101,708
46,860
385,699
148,568

TESLA MOTORS INC
TABLE8
Form Type: 10-K
2013
Revenues
Automotive sales
1,997,786
15,710
2012
$
385,699
27,557
Total revenues
Cost of revenues
Automotive sales
2,013,496
413,256
1,543,878
13,356
371,658
11,531

Gross profit
Operating expenses
1,557,234
456,262
383,189
30,067
231,976
285,569
273,978
150,372
517,545
424,350

Interest income
Interest expense
(61,283)
189
(32,934)
22,602
(394,283)
288
(254)
(1,828)

(71,426)
2,588
(396,077)
136
(74,014) $
(396,213)
Net loss
2011
$
148,568
55,674
204,242
115,482
27,165
142,647
61,595
208,981
104,102
313,083
(251,488)
255
(43)
(2,646)
(253,922)
489
(254,411)

TESLA MOTORS INC
CASH_FLOW
Form Type: 10-K
Summary of Cash Flows
2013
Net cash provided by (used in) operating
activities
Net cash used in investing activities
Net cash provided by financing activities
257,994
(249,417)
635,422

2012
$
(266,081) $
(206,930)
419,635
2011
(128,034)
(162,258)
446,000

TESLA MOTORS INC
BALANCE_SHEET
Form Type: 10-K
Tesla Motors, Inc.
Consolidated Balance Sheets
December 31,
2013
Assets
Current assets
Restricted cash
Accounts receivable
Inventory
Total current assets
1,265,939
Operating lease vehicles, net

Restricted cash
Other assets
Total assets
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable
Accrued liabilities
Deferred revenue
Capital lease obligations, current portion
Customer deposits
Convertible debt, current portion
Long-term debt, current portion
Total current liabilities
Capital lease obligations, less current portion
Deferred revenue, less current portion
Convertible debt, less current portion
845,889
3,012
49,109
340,355
27,574
382,425
738,494
6,435
23,637
$
2,416,930
303,969
108,252
91,882
7,722
163,153
182
675,160
12,855
181,180
586,119
236,299

58,197
Total liabilities
1,749,810
Commitments and contingencies (Note 12)

Stockholders' equity:
Preferred stock; $0.001 par value; 100,000,000 shares
authorized; no shares issued and outstanding
Common stock; $0.001 par value; 2,000,000,000 shares
authorized as of December 31, 2013 and 2012,
respectively; 123,090,990 and 114,214,274 shares
issued and outstanding as of December 31, 2013 and
2012, respectively
Additional paid-in capital
Accumulated deficit
123
1,806,617
(1,139,620)
Total stockholders' equity

Total liabilities and stockholders' equity
667,120
$
2,416,930
December 31,
2012
201,890
19,094
26,842
268,504
8,438
524,768
10,071
552,229
5,159
21,963
1,114,190
303,382
39,798
1,905
4,365
138,817
50,841
539,108
10,692
9,965
3,060
-
401,495
25,170
989,490
115
1,190,191
(1,065,606)
124,700
$
1,114,190

TESLA MOTORS INC
INCOME_STATEMENT
Form Type: 10-K
Tesla Motors, Inc.
Consolidated Statements of Operations
2013
Revenues
Automotive sales
1,997,786
15,710
Total revenues
Cost of revenues
Automotive sales
2,013,496

Gross profit
Operating expenses
1,557,234
456,262
1,543,878
13,356
231,976
285,569
517,545

Interest income
Interest expense
(61,283)
189
(32,934)
22,602

(71,426)
2,588
Net loss
(74,014)

basic and diluted
(0.62)
Weighted average shares used in

computing net loss per share of common
stock, basic and diluted
119,421,414

2012
$
385,699
27,557
2011
$
148,568
55,674
413,256
204,242
371,658
11,531
115,482
27,165
383,189
30,067
142,647
61,595
273,978
150,372
208,981
104,102
424,350
313,083
(394,283)
288
(254)
(1,828)
(251,488)
255
(43)
(2,646)
(396,077)
136
(253,922)
489
(396,213) $
(254,411)
(3.69) $
(2.53)
107,349,188
100,388,815

TESLA MOTORS INC
STOCKHOLDERS_EQUITY
Form Type: 10-K
Tesla Motors, Inc.
Consolidated Statements of Stockholders' Equity
Common Stock
Shares
Balance as of December 31, 2010
Issuance of common stock in June
2011 public offering at $28.76 per
share, net of issuance costs of $305
Issuance of common stock in June
2011 concurrent private placements
at $28.76 per share
Issuance of common stock upon
exercise of stock options, net of
repurchases
Issuance of common stock under
employee stock purchase plan
Stock-based compensation
Comprehensive loss:
Net loss
Unrealized loss on short-term
marketable securities, net
Total comprehensive loss
Issuance of common stock in October
2012 public offering at $28.25 per
share, net of issuance costs of $584
exercise of stock options, net of
repurchases
Comprehensive loss:
Net loss
94,908,370
Amount
$
95
6,095,000
2,053,475
1,250,002
223,458
-
104,530,305
104
7,964,601
1,345,842
373,526
-
1
-
Unrealized loss on short-term

marketable securities, net
Total comprehensive loss

Issuance of common stock in May 2013
public offering at $92.20 per share,
net of issuance costs of $6,367
Issuance of common stock in May 2013
concurrent private placements at
$92.20 per share
Conversion feature of convertible
senior notes due 2018
Purchase of bond hedges
Sales of warrant
exercise of stock options
release of restricted stock units,
net of shares withheld for employee
taxes
Net loss
114,214,274
115
3,902,862
596,272
123,090,990
3,852,673
6,166
518,743
-
123
Additional
Paid-In
Capital
$
Accumulated
Other
Accumulated
Comprehensive
Deficit
Loss
621,935 $
(414,982) $
-
Total
Stockholders'
Equity
$
207,048
172,403
172,409
59,056
59,058
6,642
6,643
3,882
29,419
3,882
29,419
(254,411)
(254,411)
893,337
(3)
-
(669,393)
(3)
(254,414)
(3)
224,045
221,483
221,491
16,498
16,500
8,388
50,485
8,389
50,485
(396,213)
(396,213)
1,190,191
(1,065,606)
(396,210)
124,700
353,629
353,632
55,000
55,001
82,842
(177,540)
120,318
82,842
(177,540)
120,318
82,570
82,573
(1,116)
(1,116)
13,848
86,875
-
(74,014)
13,849
86,875
(74,014)
(1,139,620) $
1,806,617
667,120

TESLA MOTORS INC
CASH_FLOW2
Form Type: 10-K
Tesla Motors, Inc.
Consolidated Statements of Cash Flows
(in thousands)
2013
Cash Flows From Operating Activities
Net loss
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Depreciation and amortization
Amortization of discount on convertible debt
Inventory write-downs
Write-off of Department of Energy (DOE) loan
origination costs
Change in fair value of DOE warrant liability
Other non-cash operating activities
Foreign currency transaction gain
Changes in operating assets and liabilities
Accounts receivable
Inventories and operating lease vehicles
Other assets
Accounts payable
Accrued liabilities
Deferred revenue
Customer deposits
Net cash provided by (used in) operating
activities
Cash Flows From Investing Activities
Purchases of property and equipment excluding
capital leases
Withdrawals out of our dedicated Department of
Energy account, net
(Increase) decrease in other restricted cash
(74,014)
106,083
80,737
9,143
8,918
5,558
(10,692)
3,611
3,655
(21,917)
(463,270)
(17,466)
(342)
(243)
66,567
268,153
24,243
236,299
32,971
257,994
(264,224)
14,752
55
Purchases of marketable securities

Maturities of short-term marketable securities
Net cash used in investing activities
(249,417)
Cash Flows From Financing Activities

Proceeds from convertible debt
Proceeds from issuance of common stock in public
offering
Proceeds from issuance of warrants
Proceeds from exercise of stock options and
other stock issuances
Proceeds from issuance of common stock in
private placement
Principal payments on DOE loans
Purchase of convertible note hedges
Common stock and convertible debt issuance costs
Principal payments on capital leases and other
debt
Proceeds from DOE loans
660,000
360,000
120,318
95,307
55,000
(452,337)
(177,540)
(16,901)
(8,425)
-
Net cash provided by financing activities
635,422
Net increase (decrease) in cash and cash

equivalents
Cash and cash equivalents at beginning of period
643,999
201,890
Cash and cash equivalents at end of period

Supplemental Disclosures
Interest paid
Income taxes paid
Supplemental noncash investing activities
Acquisition of property and equipment
845,889
9,041
257
38,789

2012
$
(396,213) $
2011
(254,411)
28,825
50,145
4,929
16,919
29,419
1,828
1,854
1,560
-
2,750
233
-
(17,303)
(194,726)
1,121
(482)
187,821
9,603
(526)
47,056
10,255
(2,829)
(13,638)
(248)
(288)
19,891
10,620
(1,927)
61,006
2,641
(266,081)
(128,034)
(239,228)
(184,226)
8,620
(1,330)
50,121
(3,201)
(14,992)
40,000
(64,952)
40,000
(206,930)
(162,258)
221,496
-
172,410
-
24,885
10,525
(12,710)
-
59,058
-
(2,832)
188,796
(416)
204,423
419,635
446,000
(53,376)
255,266
155,708
99,558
201,890
255,266
6,938
117
3,472
282
44,890
15,592

TESLA MOTORS INC
TABLE10
Form Type: 10-K
Contractual Obligations
The following table sets forth, as of December 31, 2013 certain significant cash
obligations that will affect our future liquidity (in thousands):
Operating lease obligations

Capital lease obligations
Convertible debt
Total
Total
$
161,488
21,790
704,536
887,814
2014
27,004 $
8,927
10,102
2015
27,372
7,752
9,897
46,033
45,021
gnificant cash
2016
26,621 $
4,512
9,897
2018 and
2017 thereafter
24,706 $
55,785
595
4
9,897
664,743
41,030
35,198
720,532

TESLA MOTORS INC
INCOME_STATEMENT
Form Type: 10-K
Tesla Motors, Inc.
Consolidated Statements of Operations
2013
Revenues
Automotive sales
1,997,786
15,710
Total revenues
Cost of revenues
Automotive sales
2,013,496

Gross profit
Operating expenses
1,557,234
456,262
1,543,878
13,356
231,976
285,569
517,545

Interest income
Interest expense
(61,283)
189
(32,934)
22,602

(71,426)
2,588
Net loss
(74,014)

basic and diluted
(0.62)
Weighted average shares used in

computing net loss per share of common
stock, basic and diluted
119,421,414

2012
$
385,699
27,557
2011
$
148,568
55,674
413,256
204,242
371,658
11,531
115,482
27,165
383,189
30,067
142,647
61,595
273,978
150,372
208,981
104,102
424,350
313,083
(394,283)
288
(254)
(1,828)
(251,488)
255
(43)
(2,646)
(396,077)
136
(253,922)
489
(396,213) $
(254,411)
(3.69) $
(2.53)
107,349,188
100,388,815

TESLA MOTORS INC
TABLE11
Form Type: 10-K
Tesla Motors, Inc.
Consolidated Statements of Comprehensive Loss
(in thousands)
Net loss
2013
74,014
Other comprehensive income (loss), net of tax:

Unrealized net loss on short-term marketable
securities
Reclassification adjustment for gain included in
net loss
Other comprehensive income (loss)
Comprehensive loss
74,014

$
2012
396,213 $
2011
254,411
(3)
3
3
$
396,210
(3)
$
254,414

TESLA MOTORS INC
TABLE12
Form Type: 10-K
Automotive Sales
Automotive sales consisted of the following for the periods presented (in
thousands):
Vehicle, options and related sales

Powertrain component and related sales
2013
1,952,684
45,102
Total automotive sales
1,997,786
or the periods presented (in

$
2012
354,344 $
31,355
2011
101,708
46,860
385,699
148,568

TESLA MOTORS INC
TABLE13
Form Type: 10-K
Year ended
December 31, 2013
Operating lease vehicles under the resale value guarantee
program-beginning of period
Increase in operating lease vehicles under the resale
value guarantee program
Depreciation expense recorded in cost of automotive sales
Additional depreciation expense recorded in cost of
automotive sales as a result of early cancellation of
resale value guarantee
Operating lease vehicles under the resale value guarantee
program-end of period
Deferred revenue related to the resale value guarantee
program-beginning of period
Increase in deferred revenue related to Model S deliveries
with resale value guarantee
Amortization of deferred revenue recorded in automotive
sales
Additional revenue recorded in automotive sales as a
result of early cancellation of resale value guarantee
Deferred revenue related to the resale value guarantee
program-end of period
396,361
17,171
2,211
376,979
259,962
27,654
1,452
230,856
Resale value guarantee liability-beginning of period

Increase in resale value guarantee
Additional revenue recorded in automotive sales as a
result of early cancellation of resale value guarantee
237,620
Resale value guarantee liability-end of period
1,322
236,298

TESLA MOTORS INC
TABLE14
Form Type: 10-K
Customer A
Customer B
December 31,
December 31,
2013
2012
30%
56%
9%
15%

TESLA MOTORS INC
TABLE15
Form Type: 10-K
Property, Plant and Equipment
Property, plant and equipment are recognized at cost less accumulated
depreciation. Depreciation is generally computed using the straight-line method
over the estimated useful lives of the related assets as follows:
Computer equipment and software

Office furniture, machinery and equipment
Building and building improvements
3 years
3 to 12 years
30 years

TESLA MOTORS INC
TABLE16
Form Type: 10-K
Accrued warranty-beginning of period

Warranty costs incurred
Net changes in liability for pre-existing
warranties, including expirations
Provision for warranty
Accrued warranty-end of period

2013
2012
13,013 $
6,315
(19,160)
(3,424)
(2,072)
61,401
53,182
10,122
$
13,013
2011
5,417
(2,750)
3,648
6,315

TESLA MOTORS INC
TABLE17
Form Type: 10-K
Stock options
Convertible senior notes
Employee stock purchase plan
Restricted stock units
DOE warrant
Common stock subject to repurchase
2013
13,881,355
411,560
23,296
224
1,061,439
-

2012
25,007,776
59,763
2,342,353
-
2011
15,806,663
39,131
2,220,617
278

TESLA MOTORS INC
TABLE18
Form Type: 10-K
Inventory
As of December 31, 2013 and 2012, our inventory consisted of the following (in
thousands):
December 31,
Raw materials
Work in process
Finished goods
Service parts
Total
December 31,
2013
184,665 $
42,500
69,324
43,866
2012
163,637
24,535
62,559
17,773
340,355
268,504

TESLA MOTORS INC
TABLE19
Form Type: 10-K
Property, Plant and Equipment
As of December 31, 2013 and 2012, our property, plant and equipment, net,
consisted of the following (in thousands):
December 31,
Machinery, equipment and office furniture
Tooling
Leasehold improvements
Building and building improvements
Land
Computer equipment and software
Construction in progress
878,636
(140,142)
Less: Accumulated depreciation and amortization

Total
2013
322,394
230,385
94,763
67,707
45,020
42,073
76,294
738,494
December 31,
$
2012
223,745
172,584
39,224
50,574
26,391
22,125
75,129
609,772
(57,543)
552,229

TESLA MOTORS INC
TABLE20
Form Type: 10-K
Other Assets
As of December 31, 2013 and 2012, our other assets consisted of the following
(in thousands):
Emission permits
Debt issuance costs, net
Loan facility issuance costs, net
Other
Total
December 31,
December 31,
2013
2012
$
13,930 $
14,267
7,315
5,759
2,392
1,937
$
23,637
21,963

TESLA MOTORS INC
TABLE21
Form Type: 10-K
Accrued Liabilities
As of December 31, 2013 and 2012, our accrued liabilities consisted of the
following (in thousands):
December 31,
Taxes payable
Payroll and related costs
Accrued warranty, current portion
Accrued purchases
Environmental liabilities, current portion
Other
Total
2013
38,067
26,535
19,917
19,023
2,132
2,578
108,252
December 31,
2012
$
9,710
15,525
3,056
10,334
1,173
$
39,798

TESLA MOTORS INC
TABLE22
Form Type: 10-K
Other Long-Term Liabilities
As of December 31, 2013 and 2012, our other long-term liabilities consisted of
the following (in thousands):
Accrued warranty, less current portion

Deferred rent liability
Deferred tax liabilities
Environmental liabilities, less current portion
Other
Total
December 31,
December 31,
2013
2012
$
33,265 $
9,957
9,886
6,075
6,821
330
3,364
5,300
4,861
3,508
$
58,197
25,170

TESLA MOTORS INC
TABLE23
Form Type: 10-K
Money market funds

December 31, 2013

Fair Value
Level I
Level II
$
460,313 $
460,313 $
$
$
$
-
Level III
$
$
-
December 31, 2012

Fair Value
Level I
Level II
$
60,272 $
60,272 $
$
10,692 $
$
-
Level III
$
$
10,692

TESLA MOTORS INC
TABLE24
Form Type: 10-K
Fair value, beginning of period

Change in fair value
Fair value, end of period

2013
2012
10,692 $
8,838
(10,692)
1,854
-
10,692

TESLA MOTORS INC
TABLE25
Form Type: 10-K
Outstanding Stock Options
Balance, December 31, 2010

Additional options reserved
Granted
Exercised
Cancelled
Shares Available
Number of
for Grant
Options
9,407,975
3,796,342
(4,011,973)
726,763
13,738,122
4,011,973
(1,216,669)
(726,763)

Granted
Exercised
Cancelled
9,919,107
1,064,046
(11,854,941)
1,341,319
15,806,663
11,854,941
(1,312,439)
(1,341,389)

Granted
Exercised
Cancelled
Released
469,531
3,426,428
(3,345,899)
1,170,445
-
25,007,776
2,643,821
(3,852,673)
(1,157,982)
-
1,720,505
22,640,942
Outstanding RSUs
Weighted
Average
Number
Exercise Price
of RSUs
$
8.62
27.49
5.41
15.26
13.35
31.18
12.52
25.51
21.20
Weighted
Average Grant
Date Fair
Value
$
-
74.17
21.42
36.47
-
702,078
(12,463)
(12,031)
26.70
677,584
155.51
154.92
160.98
$
155.41

TESLA MOTORS INC
TABLE26
Form Type: 10-K
Options Outstanding
Range of Exercise Price

$0.15 - $6.15
$6.63 - $6.63
$9.96 - $28.35
$28.43 - $31.07
$31.07 - $31.07
$31.49 - $34.00
$34.57 - $141.60
$144.70 - $147.38
$160.70 - $160.70
$179.72 - $179.72
Number
Weighted
Average
Exercise
Price
523,182 $
7,096,725
2,266,058
2,136,721
5,715,734
2,288,998
2,266,350
252,945
18,975
75,254
22,640,942
Weighted
Average
Remaining
Contractual
Life (in
years)
3.16
6.63
22.08
29.48
31.17
32.07
60.57
147.31
160.70
179.72
26.70 6.37
Options Exercisable
Number
Weighted
Average
Exercise
Price
516,728 $
7,093,020
1,302,499
864,050
91,541
707,052
127,674
11,542
10,714,106
Weighted
Average
Remaining
Contractual
Life (in
years)
3.16
6.63
19.70
29.24
31.17
31.98
45.62
147.38
12.37 4.01

TESLA MOTORS INC
TABLE27
Form Type: 10-K
Options Outstanding
Range of Exercise Price

$0.15 $
$6.63 $
$9.96 $
$
27.25
$
$
29.25
$
$
31.17
$
$
31.49
$
$
33.22
$
$
34.57
$
$
36.01
$
Number
6.15
6.63
25.27
29.12
31.07
31.17
33.15
34.00
34.57
36.01
Weighted
Average
Exercise
Price
1,037,664 $
7,475,413
2,682,735
2,522,885
1,680,276
5,865,560
2,686,684
390,314
475,275
190,970
25,007,776
Weighted
Average
Remaining
Contractual
Life (in
years)
3.08
6.63
19.00
28.18
30.14
31.17
31.80
33.29
34.57
36.01
21.20 6.99
Options Exercisable
Number
Weighted
Average
Exercise
Price
924,801 $
6,456,263
1,446,362
801,246
158,300
19,524
318,914
103,184
1,750
1,549
10,231,893
Weighted
Average
Remaining
Contractual
Life (in
years)
2.98
6.63
17.98
28.30
30.36
31.17
31.51
33.22
34.57
36.01
11.07 5.35

TESLA MOTORS INC
TABLE28
Form Type: 10-K
Fair Value Adoption
We utilize the fair value method in recognizing stock-based compensation
expense. Under the fair value method, we estimated the fair value of each option
award and the ESPP on the grant date generally using the Black-Scholes option
pricing model and the weighted average assumptions noted in the following table.

2013
2012
Risk-free interest rate:
Stock options
ESPP
Expected term (in years):
Stock options
ESPP
Expected volatility:
Stock options
ESPP
Dividend yield:
Stock options
ESPP
2011
1.30%
0.10%
1.00%
0.20%
2.00%
0.20%
6.10
0.50
5.90
0.50
6.00
0.50
57%
43%
63%
51%
70%
59%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

TESLA MOTORS INC
TABLE29
Form Type: 10-K
Summary Stock Based Compensation Information
The following table summarizes the stock-based compensation expense by line item
in the consolidated statements of operations (in thousands):
Cost of sales
Total
2013
9,071
35,494
39,090
83,655
ed compensation expense by line item

$
2012
2,194 $
26,580
21,371
2011
670
13,377
15,372
50,145
29,419

TESLA MOTORS INC
TABLE30
Form Type: 10-K
Domestic
International

2013
2012
75,279 $
396,549
(3,853)
(472)
71,426
396,077
2011
254,761
(839)
253,922

TESLA MOTORS INC
TABLE31
Form Type: 10-K
2013
2012
Current:
Federal
State
Foreign
Total current
Deferred:
Federal
State
Foreign
Total deferred
Total provision for income taxes
178
2,349
2011
$
23
282
29
437
2,527
305
466
61
(169)
61
(169)
2,588
136
23
23
$
489

TESLA MOTORS INC
TABLE32
Form Type: 10-K
December 31,
December 31,
2013
Deferred tax assets:

Net operating loss carry-forwards
Research and development credits
Other tax credits
Deferred revenue
Inventory and warranty reserves
Convertible debt
Accruals and others
Total deferred tax assets

Valuation allowance
Deferred tax assets, net of valutaion allowance
Deferred tax liabilities:
Section 481(a) and others
Total deferred tax liabilities
Deferred tax assets, net of valuation allowance
and deferred tax liabilities
341,172
32,175
166
42,491
23,260
68
27,663
22,930
21,795
2012
$
365,472
21,427
120
719
8,272
74
18,135
5,314
511,720
(472,375)
419,533
(403,006)
39,345
16,527
(39,244)
(400)
(15,961)
(39,244)
(16,361)
101
166

TESLA MOTORS INC
TABLE33
Form Type: 10-K
Tax at statutory federal rate

State tax, net of federal benefit
Nondeductible expenses
Foreign income rate differential
U.S. tax credits
Other reconciling items
Change in valuation allowance

2013
2012
(25,001) $
(134,702)
178
(12,580)
733
9,897
(253)
262
(6,682)
(2,785)
1,317
525
32,296
139,519
2,588
136
2011
(86,333)
(8,118)
10,742
(56)
(5,049)
1,589
87,714
489

TESLA MOTORS INC
TABLE34
Form Type: 10-K
Uncertain Tax Positions
The aggregate changes in the balance of our gross unrecognized tax benefits
during the years ended December 31, 2013, 2012 and 2011 were as follows (in
thousands):
December 31, 2010

Increases in balances related to tax positions taken during current year
December 31, 2011
Increases in balances related to tax positions taken during current year
December 31, 2012
Decreases in balances related to prior year tax positions
Increases in balances related to current year tax positions
December 31, 2013
16,393
1,037
17,430
640
18,070
(7,802)
3,102
$
13,370

TESLA MOTORS INC
TABLE35
Form Type: 10-K
Revenues
North America
Europe
Asia

2013
2012
1,545,413 $
355,325 $
467,079
50,318
1,004
7,613
Total
2,013,496
413,256
2011
109,233
84,397
10,612
204,242

TESLA MOTORS INC
TABLE36
Form Type: 10-K
Long-lived Assets
December 31,
United States
International
Total
December 31,
2013
2012
1,091,487 $
552,302
29,432
9,998
1,120,919
562,300

TESLA MOTORS INC
TABLE37
Form Type: 10-K
2014
2015
2016
2017
2018 and thereafter
Total minimum lease payments
Operating
Leases
$
Capital
Leases
27,004 $
27,372
26,621
24,706
55,785
161,488
8,927
7,752
4,512
595
4
21,790
Less: Amounts representing interest not yet incurred
1,205
Present value of capital lease obligations
20,585
7,723
Less: Current portion

Long-term portion of capital lease obligations
12,862

TESLA MOTORS INC
TABLE38
Form Type: 10-K
Three months ended
June 30
March 31
2013
Total revenues
Gross profit
Net income (loss)
Net income (loss) per share, basic
Net income (loss) per share, diluted
2012
Total revenues
Gross profit (loss)
Net loss
Net loss per share, basic and diluted
561,792
96,320
11,248
0.10
0.00
405,139
100,483
(30,502)
(0.26)
(0.26)
30,167 $
10,210
(89,873)
(0.86)
26,653
4,762
(105,603)
(1.00)
September 30
December 31
431,346 $
102,868
(38,496)
(0.32)
(0.32)
615,219
156,590
(16,264)
(0.13)
(0.13)
50,104 $
(8,761)
(110,804)
(1.05)
306,332
23,857
(89,932)
(0.79)

TESLA MOTORS INC
OPTIONS
Form Type: 10-K
Name
Deepak Ahuja
Jeffrey B. Straubel
Greg Reichow
Jerome Guillen
Date of
Grant
1/13/2014
1/13/2014
1/13/2014
1/13/2014
Number of
Shares
Underlying
Option
45,000
220,000
65,000
55,000
Exercise
Price
$
139.34
139.34
139.34
139.34

TESLA MOTORS INC
TABLE39
Form Type: 10-K
Exhibit
Number
Exhibit Description
Incorporated by Reference
Form File No.
Exhibit
3.10 Amended and Restated

Certificate of Incorporation
of the Registrant
S-1
333-164593
3.10
3.20 Amended and Restated Bylaws of

the Registrant
S-1
333-164593
3.20
4.10 Specimen common stock

certificate of the Registrant
S-1/A 333-164593
4.10
4.20 Fifth Amended and Restated

Investors' Rights Agreement,
dated as of August 31, 2009,
between Registrant and certain
holders of the Registrant's
capital stock named therein
S-1
4.20
333-164593
4.2A
Amendment to Fifth Amended and

Restated Investors' Rights
Agreement, dated as of May 20,
2010, between Registrant and
certain holders of the
Registrant's capital stock
named therein
S-1/A 333-164593
4.2A
4.2B

Restated Investors' Rights
Agreement between Registrant,
Toyota Motor Corporation and
named therein
S-1/A 333-164593
4.2B
4.2C

Restated Investor's Rights
Agreement, dated as of June
14, 2010, between Registrant
and certain holders of the
named therein
S-1/A 333-164593
4.2C
4.2D

Agreement, dated as of
November 2, 2010, between
Registrant and certain holders
of the Registrant's capital
stock named therein
8-K
001-34756
4.2E
Waiver to Fifth Amended and

named therein
S-1/A 333-174466
4.10
4.2E
Filing Date
January 29, 2010
January 29, 2010
May 27, 2010
January 29, 2010
May 27, 2010
May 27, 2010
June 15, 2010
Filed
Herewith
November 4, 2010
June 2, 2011

TESLA MOTORS INC
TABLE40
Form Type: 10-K
Exhibit
Number
Exhibit Description
Form File No.
Exhibit
4.2F

named therein
8-K
001-34756
4.10
4.2G
Sixth Amendment to Fifth

Amended and Restated
Investors' Rights Agreement,
dated as of May 15, 2013 among
Tesla Motors, Inc., the Elon
Musk Revocable Trust dated
July 22, 2003 and certain
other holders of the capital
stock of Tesla Motors, Inc.
named therein.
8-K
001-34756
4.10
4.2H
Waiver to Fifth Amended and

2013, between Tesla Motors,
Inc. and certain holders of
the capital stock of Tesla
Motors, Inc. named therein.
8-K
001-34756
4.20
4.30 Indenture, dated as of May 22,

2013, by and between Tesla
Motors, Inc. and U.S. Bank
National Association.
8-K
001-34756
4.10
4.40 First Supplemental Indenture,

dated as of May 22, 2013, by
and between Tesla Motors, Inc.
and U.S. Bank National
Association.
8-K
001-34756
4.20
4.50 Form of 1.50% Convertible

Senior Note Due June 1, 2018
(included in Exhibit 4.4).
8-K
001-34756
4.30
10.3A
10.10 Form of Indemnification

Agreement between the
Registrant and its directors
and officers
S-1/A 333-164593
10.10
10.20 2003 Equity Incentive Plan
S-1/A 333-164593
10.20
10.30 Form of Stock Option Agreement

under 2003 Equity Incentive
Plan
S-1
10.30
Grant Notice and Stock Option

Registrant and Elon Musk
10.40 Amended and Restated 2010
Equity Incentive Plan
333-164593
S-1/A 333-164593
10-Q
333-164593
10.3A
10.40
Filing Date
June 1, 2011
May 20, 2013
May 20, 2013
May 22, 2013
May 22, 2013
May 22, 2013
Filed
Herewith
June 15, 2010
May 27, 2010

January 29, 2010
March 29, 2010
August 2, 2012

TESLA MOTORS INC
TABLE41
Form Type: 10-K
Exhibit
Number
Exhibit Description
Form File No.
Exhibit
10.50 Form of Stock Option

Agreement under 2010 Equity
Incentive Plan
S-1/A 333-164593
10.50
10.60 Form of Restricted Stock Unit

Award Agreement under 2010
Equity Incentive Plan
S-1/A 333-164593
10.60
10.70 2010 Employee Stock Purchase

Plan
S-1/A 333-164593
10.70
10.80 Form of Purchase Agreement

under 2010 Employee Stock
Purchase Plan
S-1/A 333-164593
10.80
10.90 Offer Letter between the

Registrant and Elon Musk
dated October 13, 2008
S-1
333-164593
10.90

Registrant and Deepak Ahuja
dated June 13, 2008, and
amended June 4, 2009
S-1
333-164593
10.10
10.11 Relocation Agreement between

the Registrant and Deepak
Ahuja effective October 31,
2008 and amended June 4, 2009
S-1
333-164593
10.11

Registrant and Jeffrey B.
Straubel dated May 6, 2004
S-1
333-164593
10.12
10.13 Commercial Single-Tenant

Lease between the Registrant
and James R. Hull dated
August 16, 2006
S-1
333-164593
10.19
10.14 License Agreement between the

Registrant and MS Kearny
Northrop Avenue, LLC dated
S-1
333-164593
10.21
July 23, 2009

10.15 Commercial Lease between the
Registrant and The Board of
Trustees of The Leland
Stanford Jr. University dated
August 6, 2009
S-1
333-164593
10.22
10.16
Supply Agreement between

Eberspacher (UK) Ltd. and the
Registrant dated September 1,
2006
S-1/A 333-164593
10.24
10.17

Perei Group (UK) Ltd. and the
2006
S-1/A 333-164593
10.25
10.18

Burgaflex (UK) Ltd. and the
2006
S-1/A 333-164593
10.26
Filing Date
March 29, 2010
March 29, 2010
May 27, 2010
June 15, 2010
January 29, 2010
January 29, 2010
January 29, 2010
January 29, 2010
January 29, 2010
January 29, 2010
Filed
Herewith
January 29, 2010
March 29, 2010
March 29, 2010
March 29, 2010

TESLA MOTORS INC
TABLE42
Form Type: 10-K
Exhibit
Number
Exhibit Description
Form File No.
Exhibit
10.19
Supply Agreement by and

among Sanyo Electric Co.
Ltd. Mobile Energy Company,
Sanyo Energy (USA)
Corporation and the
Registrant dated February 1,
2007
S-1
333-164593
10.19A
Amendment No. 1 to Supply

Agreement by and among Sanyo
Electric Co. Ltd. Mobile
Energy Company and Sanyo
Energy (USA) Corporation and
the Registrant effective as
of February 1, 2007
S-1
333-164593
10.20
Supply Agreement by and

between Taiway Ltd. and the
Registrant dated February
12, 2007
S-1
333-164593
10.28
10.21

Chroma ATE Inc. and the
Registrant dated April 19,
2007
S-1/A 333-164593
10.29
10.22

Polytec Holden Ltd. and the
Registrant dated April 13,
2007
S-1/A 333-164593
10.30
10.23
Modification to Terms and

Conditions between
BorgWarner TorqTransfer
Systems Inc. and the
Registrant dated
September 22, 2008
S-1
333-164593
10.31
10.24
ZEV Credits Agreement

between American Honda Motor
Co., Inc. and the Registrant
S-1/A 333-164593
10.32
10.27
10.27A
dated February 12, 2009

10.24A
Addendum to ZEV Credits

Agreement between American
Honda Motor Co., Inc. and
the Registrant dated
February 20, 2009
S-1/A 333-164593
10.32A
10.24B
Supplemental ZEV Credits

Agreement between American
Honda Motor Co., Inc. and
the Registrant dated March
20, 2009
S-1/A 333-164593
10.32B
10.24C
Second Supplemental ZEV

Credits Agreement between
American Honda Motor Co.,
Inc. and the Registrant
dated February 8, 2010
S-1/A 333-164593
10.32C
Filing Date
January 29, 2010
January 29, 2010
March 29, 2010
March 29, 2010
March 29, 2010
January 29, 2010
May 27, 2010
Filed
Herewith
May 27, 2010
May 27, 2010
May 27, 2010

TESLA MOTORS INC
TABLE43
Form Type: 10-K
Exhibit
Number
Exhibit Description
Form File No.
Exhibit
10.25
Supply Agreement by and among

Panasonic Industrial Company,
Panasonic Corporation, acting
through Energy Company, and
the Registrant dated July 21,
2009
S-1
333-164593
10.33
10.26
Exclusivity and Intellectual

Property Agreement between
Daimler North America
Corporation and the
Registrant dated May 11, 2009
S-1/A 333-164593
10.34
10.27 Side Agreement between the

Registrant and Blackstar
InvestCo LLC dated May 11,
2009
S-1
333-164593
10.35
10.28 Letter Agreement between the

Elon Musk Revocable Trust
dated July 22, 2003 and
Blackstar InvestCo LLC, dated
May 11, 2009
S-1
333-164593
10.36
Development Contract between

Daimler AG and Tesla Motors
Ltd. dated May 10, 2010
S-1/A 333-164593
10.43
10.30 Settlement Agreement between

the Registrant and entities
affiliated with Valor Equity
Partners dated May 20, 2010
S-1/A 333-164593
10.44
10.31 Letter Agreement between the

Registrant and New United
Motor Manufacturing, Inc.
dated May 26, 2010
S-1/A 333-164593
10.45
10-Q
10.30
10.29
10.31A
Amendment No. 1 to the Letter

001-34756

dated June 15, 2010
10.31B

10-Q
001-34756
10.40
10.31C

10-Q
001-34756
10.50
Filing Date
January 29, 2010
March 29, 2010
January 29, 2010
January 29, 2010
May 27, 2010
May 27, 2010
May 27, 2010
November 12, 2010
Filed
Herewith
November 12, 2010
November 12, 2010

TESLA MOTORS INC
TABLE44
Form Type: 10-K
Exhibit
Number
Exhibit
Exhibit Description
Form File No.
10.31D
Amendment No. 4 to the

Letter Agreement between the
10-Q 001-34756
10.60
10.31E

10-Q 001-34756
10.70
10.31F

10-Q 001-34756
10.80
10.32
Sale and Purchase Agreement

between Registrant and New
United Motor Manufacturing,
Inc., dated August 13, 2010
10-Q 001-34756
10.10
10.32A
Addendum No. 1 to the Sale

and Purchase Agreement
between Registrant and New
United Motor Manufacturing,
Inc., dated September 23,
2010
10-Q 001-34756
10.20
10.33
Phase 1 Contract Services

Agreement between Registrant
and Toyota Motor Corporation
10-K 001-34756
10.47
10.34
Supply and Services

Agreement between Toyota
Motor Engineering &
Manufacturing North America,
Inc. and the Registrant
dated July 15, 2011
10-Q 001-34756
10.10
10.35

Panasonic Corporation and
the Registrant dated October
5, 2011
10.35A
Amendment No. 1 to Supply

Agreement between Panasonic
Corporation and the
Registrant dated October 29,
2013
10.36
10.37
10-K 001-34756
10.50
Form of Call Option

Confirmation.
8-K
001-34756
10.10
Form of Warrant
Confirmation.
8-K
001-34756
10.20
ncorporated by Reference
Filing Date
November 12, 2010
November 12, 2010
November 12, 2010
November 12, 2010
November 12, 2010
March 3, 2011
November 14, 2011
Filed
Herewith
February 27, 2012
May 22, 2013
May 22, 2013

TESLA MOTORS INC
TABLE45
Form Type: 10-K
Exhibit
Number
Exhibit Description
Form
File No.
Exhibit
12.10 Statement regarding

Computation of Ratio of
Earnings to Fixed Charges
23.10 Consent of
PricewaterhouseCoopers,
Independent Registered Public
Accounting Firm
31.10 Rule 13a-14(a) / 15(d)-14(a)

Certification of Principal
Executive Officer
31.20 Rule 13a-14(a) / 15(d)-14(a)

Certification of Principal
Financial Officer
32.1*
Section 1350 Certifications
101.INS**
XBRL Instance Document
101.SCH**
XBRL Taxonomy Extension Schema

Document
101.CAL**
XBRL Taxonomy Extension

Calculation Linkbase Document.
101.DEF**

Definition Linkbase Document
101.LAB**
XBRL Taxonomy Extension Label

Linkbase Document
101.PRE**

Presentation Linkbase Document
Filing Date
Filed
Herewith
X

TESLA MOTORS INC
TABLE46
Form Type: 10-K
2014-2015
Price for Li-Ion Cell [***] (Tesla
Part No. [***]) 1
Quantity (millions)
1Q14 2Q14* 3Q14* 4Q14* 1Q15* 2Q15* 3Q15* 4Q15*
2016-2017
Price for Li-Ion Cell [***] (Tesla
Part No. [***]) 1
Quantity (millions)
1Q16* 2Q16* 3Q16* 4Q16* 1Q17* 2Q17* 3Q17* 4Q17*
[***]
[***]
[***]
[***]
[***]
[***]
[***]
[***]
[***]
[***]
[***]
[***]
[***]
[***]
[***]
[***]
[***]
[***]
[***]
[***]
[***]
[***]
[***]
[***]

TESLA MOTORS INC
TABLE47
Form Type: 10-K
2014-2015
[***] cost per cell
[***] cost per cell
[***] cost per cell
[***] cost per cell
4Q13
[***]
[***]
[***]
[***]
1Q14
[***]
[***]
[***]
[***]
2Q14
[***]
[***]
[***]
[***]
3Q14
[***]
[***]
[***]
[***]
4Q14
[***]
[***]
[***]
[***]
1Q15
[***]
[***]
[***]
[***]
2Q15
[***]
[***]
[***]
[***]
3Q15
[***]
[***]
[***]
[***]
4Q15
[***]
[***]
[***]
[***]

TESLA MOTORS INC
TABLE48
Form Type: 10-K
[***] Content (g)
[***] Price (USD/kg)
[***] Content (g)
[***] Content (g)
[***] Content (g)
Exchange rate (Yen/$)
[***]
[***]
[***]
[***]
[***]
[***]
[***]
[***]
[***]

TESLA MOTORS INC
TABLE49
Form Type: 10-K
[***]
[***]
[***]
[***]
[***]
[***]
[***]
[***]
[***]
[***]
[***]

10k Exhibits1

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Assumptions

cost of sales decreases 2.75% per year from 77% to 46%

Year Ended December 31,

Weighted average shares, diluted

* Not included in calculations

December 31, December 31,

Total current assets

Common stock warrant liability

Total stockholders' equity

Total liabilities and stockholders' equity

Free Cash Flow Calculation

changes every year

Tesla Motors Inc

Toyota Motor Corp

Ford Motor Company

Created by EDGAR Online, Inc.

3500 Deer Creek Road

Created by EDGAR Online, Inc.

Created by EDGAR Online, Inc.

Created by EDGAR Online, Inc.

Total cost of revenues

Total operating expenses

Loss from operations

Loss before income taxes

Net loss per share of

Weighted average shares

per share of common stock,

Year Ended December 31,

Created by EDGAR Online, Inc.

Year Ended December 31,

Created by EDGAR Online, Inc.

Created by EDGAR Online, Inc.

Created by EDGAR Online, Inc.

Vehicle, options and related sales

Total automotive sales

ions and related sales, and

Year Ended December 31,

Created by EDGAR Online, Inc.

Total cost of revenues

Total operating expenses

Loss from operations

Loss before income taxes

Created by EDGAR Online, Inc.

Year Ended December 31,

Created by EDGAR Online, Inc.

Total current assets

Operating lease vehicles, net

Long-term debt, less current portion

Commitments and contingencies (Note 12)

Total stockholders' equity

Created by EDGAR Online, Inc.

Total cost of revenues

Total operating expenses

Loss from operations

Loss before income taxes

Net loss per share of common stock,

Weighted average shares used in

Year Ended December 31,

Created by EDGAR Online, Inc.