1、Certain statements in this presentation,including,but not limited to,statements relating to the future development,ramp,production capacity and output rates,supply chain,demand and market growth,cost,pricing and profitability,deliveries,deployment,availability and other features and improvements and

2、 timing of existing and future Tesla products and technologies such as Model 3,Model Y,Model X,Model S,Cybertruck,Tesla Semi,Robotaxi,our next generation vehicle platform,our Autopilot,Full Self-Driving and other vehicle software and our energy storage and solar products;statements regarding operati

3、ng margin,operating profits,spending and liquidity;and statements regarding expansion,improvements and/or ramp and related timing at existing or new factories are“forward-looking statements”that are subject to risks and uncertainties.These forward-looking statements are based on managements current

4、expectations,and as a result of certain risks and uncertainties,actual results may differ materially from those projected.The following important factors,without limitation,could cause actual results to differ materially from those in the forward-looking statements:uncertainties in future macroecono

5、mic and regulatory conditions arising from the current global pandemic;the risk of delays in launching and manufacturing our products and features cost-effectively;our ability to grow our sales,delivery,installation,servicing and charging capabilities and effectively manage this growth;consumers dem

6、and for electric vehicles generally and our vehicles specifically;the ability of suppliers to deliver components according to schedules,prices,quality and volumes acceptable to us,and our ability to manage such components effectively;any issues with lithium-ion cells or other components manufactured

7、 at Gigafactory Nevada and Gigafactory Shanghai;our ability to ramp Gigafactory Shanghai,Gigafactory Berlin-Brandenburg,Gigafactory Texas and new factories in accordance with our plans;our ability to procure supply of battery cells,including through our own manufacturing;risks relating to internatio

8、nal expansion;any failures by Tesla products to perform as expected or if product recalls occur;the risk of product liability claims;competition in the automotive and energy product markets;our ability to maintain public credibility and confidence in our long-term business prospects;our ability to m

9、anage risks relating to our various product financing programs;the status of government and economic incentives for electric vehicles and energy products;our ability to attract,hire and retain key employees and qualified personnel and ramp our installation teams;our ability to maintain the security

10、of our information and production and product systems;our compliance with various regulations and laws applicable to our operations and products,which may evolve from time to time;risks relating to our indebtedness and financing strategies;and adverse foreign exchange movements.More information on p

11、otential factors that could affect our financial results is included from time to time in our Securities and Exchange Commission filings and reports,including the risks identified under the section captioned“Risk Factors”in our annual report on Form 10-K filed with the SEC on January 31,2023.Tesla d

12、isclaims any obligation to update information contained in these forward-looking statements whether as a result of new information,future events or otherwise.Sustainable Energy For All of EarthOur Energy Economy Is Dirty&Wasteful Current StateSUSTAINABLEFOSSIL FUELS165 PWh/yrPrimary Energy Consumpti

13、onOver 80%of Global Energy Comes From Fossil FuelsOnly 1/3 of Global Energy Delivers Useful Work or HeatBut theres a better wayA Sustainable Energy Economy Is Within Reach&We Should Accelerate ItCurrent StateFOSSIL FUELSSUSTAINABLE SOURCES82 PWh/yrSustainable Energy EconomySUSTAINABLEPrimary Energy

14、Consumption165 PWh/yrEnd Use EfficiencyA Sustainable Energy Economy Is Within Reach&We Should Accelerate It$10TManufacturing Investment30TWRenewable Power 240TWhStorage0.2%Land Area RequiredZEROInsurmountable Resource Challenges10%2022 World GDP1/2The Energy RequiredHOW THE MASTER PLAN WORKSThe Plan

15、 To Eliminate Fossil FuelsRenewably Power The Existing Grid46 PWh/yr35%28 PWh/yr21%29 PWh/yr22%22 PWh/yr17%7 PWh/yr5%Switch to Electric VehiclesSwitch to Heat PumpsHigh Temp Heat Delivery&HydrogenSustainably Fuel Planes&BoatsReduction In Fossil Fuel UseDisplaced Fossil Fuels1.Repower the Existing Gr

16、id With RenewablesFull Sustainability$0.8TManufacturing Investment24TWhStationary Storage10TWSolar+Wind35%Reduction In Fossil Fuel Use2.Switch to Electric VehiclesFull Sustainability21%$7.0TManufacturing Investment Needs115TWhVehicle Batteries&Stationary Storage4TWSolar+WindReduction In Fossil Fuel

17、Use2.Switch to Electric VehiclesFull Sustainability21%$7.0TManufacturing Investment115TWhVehicle Batteries&Stationary Storage4TWSolar+Wind40M700M380M300M20MReduction In Fossil Fuel UseGlobal Electric FleetEVs Use Energy Far More EfficientlyFull Sustainability21%4xMore Efficient Oil Well to Wheel Tes

18、la Model 3Toyota CorollaReduction In Fossil Fuel Use3.Switch To Heat Pumps in Homes,Businesses&IndustryFull Sustainability22%$0.3TManufacturing Investment6TWhStationary Storage5TWSolar+WindReduction In Fossil Fuel UseHeat Pumps Move Heat,They Dont Create It0Primary Energy/Heat Delivered0.40.60.81.0G

19、as FurnaceHeat Pump1.21.43x Reduction Full Sustainability22%Reduction In Fossil Fuel UseFull Sustainability17%$0.8TManufacturing Investment48TWhStationary Storage6TWSolar+WindReduction In Fossil Fuel Use4.Electrify High Temp Heat Delivery&Hydrogen4.Electrify High Temp Heat Delivery&HydrogenFull Sust

20、ainability17%$1.0TManufacturing Investment48TWhStationary Storage6TWSolar+WindReduction In Fossil Fuel Use5.Sustainably Fuel Planes&BoatsFull Sustainability5%$0.8TManufacturing Investment44TWhVehicle Batteries&Stationary Storage4TWSolar+WindReduction In Fossil Fuel UseStacking Up the Investments in

21、Our Sustainable Future210456Solar&Wind FarmsTodayRenewable Energy Grid Switch to EVsHeat PumpsHigh Temp Thermal111548246TodayRenewable Energy Grid Switch to EVsHeat PumpsHigh Temp ThermalVehicle&Stationary Batteries7.00.80.80.3Renewable Energy Grid Switch to EVsHeat PumpsHigh Temp ThermalManufacturi

22、ng Capex4Planes and Ships44Planes and Ships1.0Planes and Ships30TW240TWh$10TIts Entirely FeasibleIf We Grow our Production Capacity as Shown by 2030 We Can Be 100%Sustainable by 20502022 DeploymentRequired Deployment Per YearSolar&Wind Deployment(TW/Yr)Vehicle,Stationary,&Thermal Battery Production

23、TWh/YrElectric Vehicle Production Millions/Yr.361.02022 DeploymentRequired Deployment Per Year.542022 DeploymentRequired Deployment Per Year8851611x29x3xA Sustainable Energy Economy Is 60%The Cost of Continuing Fossil Fuel Investments$-Dollars of Capital Investment Trillions$2$4$6$8$10$12$14$1620 Ye

24、ars of Investment In Fossil Fuels at 2022 Rate20 Years Investment in Sustainable Energy EconomyCoalNatural GasOil$10T$14TMore Than Enough Renewable Resources Available Solar Direct Land Area 0.14%of LandWind Direct Land Area 0.03%of LandMore Than Enough Renewable Resources Available Solar Direct Lan

25、d Area 0.14%of LandWind Direct Land Area 0.03%of LandTotal Earth Land Area=32,111,167,147 Acres 12.5%of Land Use for Agriculture =4B Acres =2x Contiguous US A Sustainable Energy Economy Involves Less Mineral ExtractionEACH TRUCK IS 1 GIGATONEverything ElseFossil Fuel ExtractionEACH TRUCK IS 1 GIGATO

26、NA Sustainable Energy Economy Involves Less Mineral ExtractionSustainable Economy MaterialsEverything ElseThe Resources Are There To Support the TransitionGRAPHITEALUMINUMMANGANESEIRONCOBALTCOPPERZINCLITHIUMNICKEL70%60%50%40%0%30%20%10%80%90%100%Cumulative Demand Until 2050,Relative to 2023 USGS Est

27、imated ResourcesAnd History Teaches:The More We Look,The More We Find0What People Think Happens123456789Reserves,Normalized To 2000 ReservesWhat Actually Happens020663456789CoNiLiReservesCuRecycling Will Further Reduce Mineral DemandRecyclingRefiningCathode ProductionCell Produ

28、ctionLifetime UsageMiningA Sustainable Energy Economy Is Within Reach&We Should Accelerate It$10TManufacturing Investment30TWRenewable Power 240TWhStorage40%Reduction In Manufacturing FootprintLEGACY FOOTPRINTNEW FOOTPRINTCost of Goods Sold/CarModel 3/YNext Gen50%Reduction in Cost Innovation&Size02P

29、owertrainColin CampbellFaster Than a Porsche,More Efficient Than a PriusSmall SUVs(AWD)EPA Range in Miles/kWh543210Model YVW 1D.4Ford Mach-EJaguar iPaceRelentless Focus on Efficiency Source:OEM Websites&Other Publicly Available SourcesAudi e-tronEfficiency Helps Us ScaleMODEL 3 POWERTRAIN FROM 2017-

30、202220%Lighter Drive Unit25%Less Rare Earth Materials75%Smaller Powertrain Factory65%Cheaper Powertrain FactoryThe Key:Holistic ThinkingCustom Microprocessor for High-Power ElectronicsCustom Designed Packages&Microprocessors for Power ElectronicsBEFOREAFTERPowerful In-House SoftwareKEY SIMULATION TO

31、OLS DEVELOPED BY TESLAPowerful In-House SoftwareSTATORROTORKEY SIMULATION TOOLS DEVELOPED BY TESLAPowerful In-House SoftwareKEY SIMULATION TOOLS DEVELOPED BY TESLAIn-House Manufacturing Line&Automation DesignOur Next Drive Unit Will Be Even More Scalable75%Reduction In Silicon CarbideANYBattery Chem

32、istry Accepted$1,000All-In Cost50%Reduction In Factory FootprintRare Earths Required500gRare Earth 110gRare Earth 210gRare Earth 3MODEL YRare Earths Required0gRare Earth 10gRare Earth 20gRare Earth 3NEXT GENERATION PERMANENT MAGNET MOTORLower Cost&Higher Efficiency Drive Units Using Zero Rare Earths

33、03Electronic ArchitecturePete BannonModel S 2012COMPLEX LOW VOLTAGE ARCHITECTUREIts Been MessyProgress So FarFrom Model S to Model 3 IMPROVED LOW VOLTAGE ARCHITECTUREMODEL SMODEL 3Designed Our Own Controllers,With More To ComeSwitched From Fuse&Relay to Electronic FusesReplaced Lead Acid With Lithiu

34、m Ion BatteriesLEAD-ACID BATTERYLITHIUM ION BATTERY87%Mass Reduction4-YEAR REPLACEMENTLIFETIMEReduced Costs of Model 3/Y Center DisplayWhats Next The Future of Low Voltage ArchitectureCYBERTRUCK,OPTIMUS,&FUTURE VEHICLES ALL 48VCybertruckFURTHER IMPROVING LOW VOLTAGE ARCHITECTUREFuture of Tesla Low V

35、oltage2012 MODEL SCYBERTRUCKNEXT GENERATION VEHICLESimpler&Cheaper Electronic Architecture,With 100%of Controllers Designed In-House04SoftwareDavid LauRelentless Improvement Via Updates&Data InsightsReal World Crash Tests:Fewer Dummies,More SmartsFRONTAL IMPACTSRIGHT HAND IMPACTSLEFT HAND IMPACTSREA

36、R IMPACTSEnabling Plaid-Speed Product Development02012-1090B100B80B70B60B50B40B30B20B10B-------022023-02Total Vehicle Miles,All Platforms123M MILES DRIVEN PER DAY|1.9M CHARGE SESSIONS EVERY DAY Software That Spa

37、ns the Entire SystemLeveraging Vertical IntegrationPREDICTIVE AIR SUSPENSIONRougher RoadVehicle Software as an Integral Part of the Assembly LineBuilding the Foundations of Autonomous Fleet ManagementTESLA PROFILES|SHARED PHONE KEY|LOGISTICS APPSoftware Enables Efficiency,Cost Reduction&SpeedEnablin

38、g Robotaxi FleetEmpowering ManufacturingReducing Service at Mass Scale05Full Self-DrivingAshok ElluswamyArchitecture for a Generalized Vision SystemRegNetFPNMain CameraTransformerVideo ModuleRegNetFPNLeft Pillar CameraRegNetFPNBackup CameraNavigation MapMAP COMPONENTLanes InstancesAutoregressive Dec

39、oderAdjacency Matrix(Dense World Tensor)(Sparse Lane Outputs)Lane Guidance ModuleLANGUAGE COMPONENTVISION COMPONENTUsing State-of-the-Art AI for ModelingAlso Solve Complex Planning Problems Using AI10msJoint Planning for Each Configuration50msDesired Planner Execution TimeAutomated Labeling by Multi

40、-Trip ReconstructionAutomatically Produce Challenging SimulationsData Alone Can Improve Corner Cases80859095100SepJanMarAprOctVehicle Movement AccuracyEvaluation SetTraining set+14K VIDEOSTriage Shadow TestingMine FleetEvaluation SetSimulation Auto Label Human LabelTraining SetTrain Online ModelTrai

41、n Offline ModelCorrrect Inaccuracy DATA ENGINESIMULATION AUTO LABEL HUMAN LABELTesla FleetDeployTrained With Large Dataset14K GPUs30PB DISTRIBUTED VIDEO CACHE4K For Auto Labeling10K for Training160B Frames500K Videos Rotating Through Cache/Day400K Video Instantiations per Second:OCCUPANCY NETWORK RE

42、CIPEPick 1.44B framesTrain for 100.000 GPU-hours at 90 CLarge Networks Need Large ClustersScalable FSD=AI+Data+ComputeTesla Vehicles Using FSD BetaUS Average3.2M0.5MHigher UtilizationHigher SafetyMiles Driven Per 1 Collision06ChargingRebecca TinucciHolistic Charging Experience1.5MWeekly Superchargin

43、g Sessions 99%Roadtrips Possible99.9%Site-Level Uptime9 TWh OF CHARGING PROVIDED IN 2022How We Got HereIndustrys Lowest Deployment Costs0Supercharger Hardware&Installation Cost$20K$40K$60KAustraliaCalifornia-35%$80K$100K$120K$140K$160K$180K$200KNew York-55%-75%Competitor AverageTesla0$200North Ameri

44、caEurope-20%-50%Competitor AverageTeslaResidential AC Retail Hardware Cost$400$600$800$1,000$1,200Pre-Built Superchargers Save Weeks of Install Time&Cost40%Improvement in Per kWh CostsPer kWh Supercharger Cost(Not Including Energy Costs)Trip Planner Powers Efficient Routing0.0%2019Wait Time Is Down&

45、Site Utilization Is Up 1.0%2.0%2020202015050%Of Customer WaitingDaily kWh per post30%Quicker Charge Times Average Supercharging Time-Transition to V3-Efficient Routing With Trip Planner-Supercharger Density Increasing-Vehicle Efficiency -Battery Pre-Heating-Customer Education(Min)Ready To

46、 Serve All VehiclesMaximize Convenient,Renewably-Powered Daytime Charging Lots of Vehicles Parked During Day00Match Vehicle Charging With Renewable Generation51015200.20.40.60.81.01.21.41.61.8Hour of DayVehicle ChargingFew Vehicles Parked During DayWind+Solar GenerationWhat It Takes To Get ThereScal

47、e CapacityMore Renewable ChargingOpen Up to Non-TeslasCant Forget To Do Cool S*07Supply ChainKarn Budhiraj,Roshan ThomasTesla Supply ChainTIER 1 PARTSTIER 2 PARTS3.4K2.1K2.8K7K19K21KThe Most Powerful In-Vehicle Computer7K+Components1.4msBetween Each Component Assembled Into a Car Computer95%Reductio

48、n in LaborInbound ComplexityIMG TBD16MPallets&Racks Received in 20221BElectronic Components Shipped Each Week45Countries685Global Service LocationsSupply Chain HellScaling Against the Odds0200Q1 0Q1 19Q1 20Q1 21Q1 22Q4 22THOUSANDS OF VEHICLES TTMSemiconductor Industry Can Suppo

49、rt Our GrowthVEHICLESSILICON WAFERS USED 12”EQUIVALENTGLOBAL WAFER CAPACITYTESLA SHARE2023FUTURE1.8M+0.7M135M0.5%5%20M8M200MTesla with FSD Hardware Uses More Semiconductors Than an ICE VehicleRELATIVE USAGEBefore Heat PumpLegacy Model S/XLegacy Model 3Next Generation Thermal ArchitectureSUBCOMPONENT

50、S100+Numerous Manufacturing Processes:Forging,Stamping,Injection Molding,Brazing,Heat Treatment,Plastic Welding,Water Jetting,Machining,Ultrasonic Cleaning,Air Flushing,Soldering,Leak Testing,Complex AssemblyHEAT PUMPEvolution of the Heat Pump LineMANUALSIMULATEDSEMI-AUTOMATEDAUTOMATEDWHERE WE START

51、EDWHERE WE ARE NOWDoing More With Less99%99.995%7 secReduction in laborOf heat pumps received at Tesla are of high qualityBetween each heat pump rolling off a supplier lineEfficiency,Automation&CostFewer Parts,Fewer ComponentsDeep Involvement With SuppliersDo More With Less08ManufacturingTom Zhu,Dre

52、w Baglino65KManufacturing Employees4Vehicle FactoriesWe Build Ultra High Volume Factories2MTotal Annual Build CapacityCompleted Gigafactory Shanghai in 9.5 MonthsFirst Million 12 YearsHitting New Milestones in 2023FOR TOTAL VEHICLE PRODUCTIONFourth Million 7 MonthsWhat It Takes To Ramp a Gigafactory

53、21 Q321 Q422 Q322 Q4OutputOutput22 Q122 Q221 Q321 Q422 Q322 Q422 Q122 Q2Shanghai MY OutputShanghai MY Labor HoursFremont MY OutputFremont MY Labor HoursLabor HoursLabor Hours90%OVERALL EQUIPMENT EFFECTIVENESS&45 SECOND CYCLE TIMEQuestionDeleteSimplifyAccelerateAutomateRemove the minus sign from in f

54、ront of each number since it says reduction in the unit16%Early Service ReductionStrengthened Feedback Loop Between Manufacturing&Service9%Service Appointment Wait Time Reduction11%Time in Service Reduction(Last 6 Months)Tesla Vehicle Footprint&MORE TO COME;)AustinShanghaiBerlinFremontThere Is No Sp

55、oonFuture Cell Factories,TooTHERE IS NO SPOONThere Is No SpoonTHERE IS NO SPOONFuture Cell Factories,TooSimplicity Up,Investment Down,Scale UpGFTX 4680Fremont 4680Typical 2170 CylindricalGFNV Future 4680Parts Processes11521And Upstream Materials Where Necessary50 GWh/Year Corpus Christi L

56、ithium RefinerySTARTS COMMISSIONING END OF 2023Manufacturing is the Cornerstone of a Sustainable FutureBuild Production Lines FasterNew Waves of Production Lines IncomingRamp Faster Through Learnings09EnergyDrew Baglino,Mike SnyderBuilding Mission-Aligned Projects Globally for 10 YearsGrowth Is Acce

57、lerating 65%CAGR SINCE 2016How Did We Get HereMANIACAL FOCUS ON ALL ASPECTS OF DELIVERING STATIONARY STORAGE VALUENot Just a Big Box of Batteries14 Years of in-House Power Electronics Expertise1.4+TW DEPLOYEDRetiring Fossil Fueled Power Plants With SoftwareHow Did We Get HereRELENTLESS FOCUS ON SPEE

58、D OF EXECUTIONBuild Megafactories FasterFIRST MEGAFACTORY BUILT IN LESS THAN ONE YEARInstall Projects Faster4X INSTALLATION&COMMISSIONING SPEED SINCE 2019Tesla Electric Unlocks the Full Value of Distributed Energy&StorageTesla Electric Value Creation$61/monthBased on 5,000 Australia Customers in 202

59、2Add Solar and Powerwall,without Grid InteractionDefault Utility Service$142/month$69/monthTesla Electric Real-Time Dispatch of Solar and Powerwall to Benefit the GridCost of Providing Electricity to the Average Retail Customer$130 ENABLING OUR CUSTOMERS TO BECOME THEIR OWN UTILITYTesla Electric Rol

60、lout PlanTesla Electric Rollout PlaningThis Is Just the BeginningWe are hereCumulative Tesla Storage DeployedFocus on Building Capacity&Ramping FastTesla Is an Electricity RetailerImpact at Tesla 01ImpactLaurie Shelby,Brandon EhrhartWho We AreThe Team is Growing Rapidly 020,000201040,00060,00080,000

61、100,000Tesla Global Employee Count202220000202021129k1/2 WORK IN MANUFACTURING120,000Engineers Want to Work HereTotal ApplicantsUS Engineering Students Rankings0500,00020191,000,0001,500,0002,000,0002,500,000202020213,000,000Employer2022 RankingSpaceXTeslaNASALockhee

62、d MartinBoeingAppleGoogleMicrosoftNorthrop GrummanRaytheon TechnologiesAs Employee Engagement Increases,Safety ImprovesEmployee Suggestions From GFNVWork Related Injuries RateEmployee SuggestionsQ1Q2Q3Q402,0003,0004,0005,0006,0007,0001,0001.72.12.32.52.72.93.11.9Work related injuries Rate

63、 From GFNV2022Tesla SolarEnergy StorageAutobidderTesla CellsTesla VehiclesFSDMaximizing Utilization Through SoftwareSustainability&Impact is Everything We Do Our Products Generate More Energy Than Our Products&Factories ConsumeTesla Cumulative Net Energy Impact:2012-2021Energy Produced Tesla Solar P

64、anelsEnergy Consumed Tesla Factories&Other Facilities25.3925.27Energy Used at Tesla Factories&Other FacilitiesEnergy Used to charge all Tesla vehicles(TWh)(TWh)Our Vehicles Emit Less Emissons Than Gas Vehicles 0100Model 3Y Personal Use(US Avg Grid)200300400500Average Premium ICEAverage Lifecycle Emi

65、ssions in U.S.gCO2e/miManufacturing PhaseUse PhaseINCLUDING BOTH MANUFACTURING&USE02FinancialsZach KirkhornWe Continue To Reduce Cost of Our Existing Products20182022Includes material costs,manufacturing costs,inbound and outbound logistics,warranty Normalized for changes in market rates of lithium,

66、nickel,steel and aluminum Model 3 Cost Per Car-Normalized30%ReductionCost Reductions Come From EverywhereVolume GrowthProductivityOverhead EfficiencyProduct ImprovementsLocalizationEngineering ChangesSupplier ScaleNew Gen Vehicle Will Enable Step Change in Cost&VolumeCurrent Volume ProductVehicleBat

67、tery&PowertrainManufacturing&OtherNext Gen VehicleCost50%TargetTotal Cost of Ownership per Mile Over 5 YearsNext GenModel 3 BaseToyota CorollaTight Operating Expense Control To Enable Operating Cash FlowOperating Expenses as a%of Revenue(Non-GAAP)20021Q4 202220220.0%2.0%4.0%6.0%8.0%10.0%1

68、2.0%14.0%16.0%18.0%20.0%17.7%13.7%6.6%7.5%9.4%10.1%Excludes digital assets gain/loss,stock-based compensation,material one-time items 2021 figure excludes$340M payroll tax on CEO award option exerciseIndustry Leading SG&A per Car Enabling Improved Affordability TraditionalTeslaSelling,General&Admini

69、strative Expenses per Vehicles60-70%Lower Than TraditionalBenchmark:GAAP Operating Expenses,publicly traded OEM SG&A per vehicle+dealer SG&A per vehicle Publicly traded OEM SG&A includes average of GM,Ford,BMW,Toyota,Volkswagen,Mercedes Benz Dealer SG&A per car includes average of Autonation,Lithia,

70、Group 1 Automotive,Sonic Automotive,Asbury Automotive Efficiency Improvements FINANCE CASE STUDYFactoryWarehousingServiceCustomerMobile AppFinanceHuman ResourcesRecruitingData AnalyticsTesla Operating SystemContinued Improvement in Internal Process Efficiency Efficiency ImprovementPerformance&Capabi

71、lities Order ModificationCaptive Lease/Loan ServicingCaptive InsuranceReal Time Data Visibility10Q&10K TimelineNorth American Sales4xOrder Operations4xFinancial Services5xAccounts Payable6xDocument Generation7xWe Expect our Pace of Investment to Scale With Operating Cash Flow Growth 1 TWh Annual Ene

72、rgy Storage ProductionEstimated Total Investment Investment to Date Funded by Operating Cash Flow$150-175B$28B20M Annual Vehicle ProductionExpand Cell Production,Service and ChargingCapital Allocation1.Daily Operations 2.Growth 3.Opportunistic 4.ExcessWorking CapitalCaptive Financing(Market Gaps)Dow

73、nside ProtectionR&DCapital Expenditures(Growth)Capital Expenditures(Elective)Captive Financing(Elective)Acquisitions Debt ReductionBuyback/DividendAccelerate the Worlds Transition to Sustainable EnergyReinvest to Achieve Unprecedented ScaleImproved AffordabilityInnovation Driven Cost&EfficiencyAchieving the Master PlanGigafactory MexicoMANUFACTURING NEXT GEN VEHICLEQ&A