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1、Q22020UpdateHighlightsFinancialSummaryOperationalSummaryVehicleCapacityCoreTechnologyOtherHighlightsOutlookPhotos&ChartsFinancialStatementsAdditionalInformation03040607080910112025Ourbusinesshasshownstrongresilienceduringtheseunprecedentedtimes.Despitetheclosureofourmainfac
2、toryinFremontfornearlyhalfthequarter,wepostedourfourthsequentialGAAPprofitinQ22020,whilegeneratingpositivefreecashflowof$418M.Ourprofitimprovedsequentiallyduetofundamentaloperational3improvements.Additionally,weexperiencedcostsassociatedwithfactoryshutdowns,whichwereoffsetb
3、yactionstakenduringthequartertoreduceexpenses.Forthetrailing12months,ourGAAPoperatingmarginreachednearly5%.Weexpectouroperatingmarginwillcontinuetogrowovertime,ultimatelyreachingindustry-leadinglevels.Webelievetheprogresswemadeinthefirsthalfofthisyearhaspositionedusforasucc
4、essfulsecondhalfof2020.Productionoutputofourexistingfacilitiescontinuestoimprovetomeetdemand,andweareaddingmorecapacity.Laterthisyear,wewillbebuildingthreefactoriesonthreecontinentssimultaneously.Whileweinvestinourproductroadmap,improvetechnologyandlocalizeproduction,wecont
5、inuetodrivecostefficienciesacrossthebusinessandcloselymanageworkingcapital.Itisimportanttomanageourcashdiligentlyinordertoensurewearereadyforanyscenario.$535MincreaseinourcashandcashequivalentsinQ2to$8.6BOperatingcashflowlesscapex(freecashflow)$418MinQ2CashNextUSGigafactory
6、siteselected;preparationsunderwayIncreasedModelSrangeto402miles(EPA)ModelYandChina-madeModel3productionratescontinuetoincreaseProfitability$327MGAAPoperatingincome;5.4%operatingmargininQ2$104MGAAPnetincome;$451Mnon-GAAPnetincome(ex-SBC)inQ2Fourquartersofsequentialprofitabil
7、ityOperationsSUMMARYHIGHLIGHTSSBC=stock-basedcompensationexpenseSUMMARY4FINANCIAL(Unaudited)($inmillions,exceptpercentagesandpersharedata)Q2-2019Q3-2019Q4-2019Q1-2020Q2-2020QoQYoYAutomotiverevenues5,3765,3536,3685,1325,1791%-4%ofwhichregulatorycredits11113413335442821%286%A
8、utomotivegrossprofit1,0161,2221,4341,3111,3170%30%Automotivegrossmargin18.9%22.8%2
