Summary Financial and Operating Data for Select Automobile Manufacturers: 2017

Audi
Select income statement data
Total Revenue ($ millions) 72,200
Revenue Growth (5 year compound average growth rate) 4.3%
Gross Profit ($ millions) 12,110
Research and Development Expenditure ($ millions) 4,311
Operating Income ($ millions) 6,625
EBITDA ($ millions) 9,514
Net Income ($ millions) 4,269

Select balance sheet data

Cash And Equivalents ($ millions) 13,536
Net Property, Plant & Equipment ($ millions) 13,685
Total Assets ($ millions) 76,465
Long-Term Debt ($ millions) 42

Select financial ratios

Gross Margin 16.8%
Operating Margin 9.2%
Return on Assets 5.5%

Other data
Total Employees 91,231
2016 Total vehicle production (thousands of units) 1,903
Share of US car and light truck market 1.2%
Market Capitalization on June 29, 2018 ($ millions) 36,920

Notes:
1) Daimler includes Mercedes-Benz brand
2) Fiat Chrysler includes Chrysler, Dodge, Fiat, and Jeep brands
3) Ford includes Ford, Lincoln, and Mazda brands
4) GM (General Motors) includes Buick, Cadillac, Chevrolet, and GMC brands
BMW Daimler Fiat Chrysler Ford GM Honda Nissan

118,489 197,322 133,028 156,776 145,588 125,553 105,113

5.1% 7.5% 3.8% 3.3% -0.9% 12.0% 0.0%
22,056 39,440 20,359 16,579 20,164 28,102 20,605
4,424 7,085 3,746 8,000 7,300 6,429 6,241
11,643 15,563 8,447 5,052 10,703 7,540 6,657
15,949 20,806 13,810 13,505 22,211 11,883 10,187
10,351 12,638 4,192 7,602 (3,864) 5,530 5,951

8,625 11,425 14,917 8,934 11,212 18,888 9,642

17,956 85,525 31,482 36,901 36,523 28,703 47,311
232,328 306,922 115,633 257,808 212,482 170,028 165,211
59,200 25,258 12,879 12,575 10,544 36,074 2,876

18.6% 20.0% 15.3% 10.6% 13.9% 22.4% 19.6%

9.8% 7.9% 6.4% 3.2% 7.4% 6.0% 6.3%
3.2% 3.3% 4.4% 1.3% 3.1% 2.8% 2.6%

129,932 289,321 235,915 202,000 180,000 211,915 137,250

2,359 2,526 6,429 7,793 4,999 5,556
1.9% 1.9% 12.8% 14.7% 17.9% 8.6% 9.8%
59,704 68,810 29,365 44,114 55,530 52,020 38,048
Tesla Toyota Volkswagen Source

11,759 247,509 276,996 CapitalIQ

95.4% 8.2% 3.7% CapitalIQ
2,223 43,613 48,846 CapitalIQ
1,378 9,305 13,946 CapitalIQ
(1,606) 17,887 15,570 CapitalIQ
1,150 32,335 30,447 CapitalIQ
(2,238) 16,423 13,963 CapitalIQ

3,368 20,243 16,602 CapitalIQ

10,027 91,454 105,295 CapitalIQ
28,655 437,221 504,614 CapitalIQ
9,418 5,188 8,056 CapitalIQ

18.9% 17.6% 17.6% CapitalIQ

-13.6% 7.2% 5.6% CapitalIQ
-3.9% 2.6% 2.7% CapitalIQ

37,543 364,445 642,292 CapitalIQ

83 10,213 10,126 Statista; OICA
0.2% 13.5% 2.0% WSJ
58,233 188,170 86,629 CapitalIQ
Data on Selected Luxury Cars

Unit sales in US market

2011 2012 2013
Tesla Model S n.a. n.a. n.a.
Audi A7 6,270 8,598 8,483
Audi A8 5,700 6,002 6,300
BMW 6-Series 3,903 8,208 9,762
BMW 7-Series 11,299 11,098 10,932
Jaguar XJ 5,481 5,183 5,434
Lexus LS 9,568 8,345 10,727
Mercedes-Benz CLS-Class 5,665 8,521 8,032
Mercedes-Benz S-Class 12,258 12,587 13,303
Porsche Panamera 6,879 7,614 5,421

* includes sales in Canada

Source: Unit sales by year from www.goodcarbadcar.net
Note: Porsche Panamera and Tesla Model S US unit sales from carsalesbase

Manufacturer Suggested Retail Price (MSRP) and average purchase price for 2017 model year bought new (US$)
2016 (New) 2017
MSRP Average price MSRP
Tesla Model X 75D 84,200 84,200 80,700
Tesla Model S 90D 90,700 90,700 90,700
Audi A7 Premium Plus 69,225 63,444 69,750
Audi A8 L3.0T 82,425 74,149 83,450
BMW 7-Series 740i 82,295 73,942 82,495
Jaguar XJ R-Sport 75,395 69,438 75,395
Lexus LS 460 73,470 67,092 73,515
Mercedes-Benz S-Class S550 96,575 85,584 97,595
Porsche Panamera 4 83,850 75,305 90,650

Source: Manufacturer suggested retail price and average price paid in zip code 02139 from www.kbb.com

Third pary evaluations of luxury cars for 2017 model year

Owner Predicted Overall
Satisfaction Reliability Rating
Maximum possible score 100% 5 100
Tesla Model X 92%
Tesla Model S 94% 4 92
Audi A7 82%
Audi A8 74% 77
BMW 6 Series 77% 3
BMW 7 Series 86% 4 86
Jaguar XJ 2 58
Lexus LS 80% 4
Mercedes-Benz CLS-Class
Mercedes-Benz S 77% 3 78
Porsche Panamera 4 3

Data Source CR CR CR
Source 1: CR = Consumer Reports, a non-profit organization providing reviews of consumer products based o
Source 2: USNWR = US News and World Report, which bases its rtings on published reviews of cars and reli
Note: Consumer Reports owner satisfaction = percentage of car owners surveyed who would definitely purcha
 2014 2015 2016 2017
16,698 25,202 29,421 27,060
8,133 7,721 6,558 4,810
5,904 4,990 4,149 3,127
8,647 8,146 3,950 3,355
9,744 9,292 12,918 9,276
4,329 3,611 3,834 2,721
8,559 7,165 5,514 4,094
7,595 6,152 2,571 1,839
24,524 21,934 18,803 15,888
5,740 4,985 4,403 6,731

year bought new (US$)

2017
Average price
80,700
87,743
62,719
73,920
70,351
69,582
67,060
87,464
87,576

39 from www.kbb.com

Critics Overall
Rating Score
10 10
 9.1 9.1
9.6 9.4
9.2 9.1
8.9 8.5
8.2 8.3
9.1 8.7
8.1 7.9
8.1 8.3
8.5 8.4
9.6 9.2
9.3 9.1

USNWR USNWR
consumer products based on large sample surveys and independent tests of vehicles
ed reviews of cars and reliability data from third parties.
ho would definitely purchase the same car again
Data on Five Automotive Component Suppliers: 2017

Products

Headquarters Country

Total Revenue ($ millions)

Research and Development Expenditure ($ millions)
EBITDA ($ millions)
Total Assets ($ millions)
Market Capitalization June 2018 ($ million)

Total Global OEM Automotive Parts Revenue

% North America
% Europe
% Asia
% Rest of World

Share of Global Automotive Components Market

 Robert Bosch
Gasoline systems, diesel systems, electric systems;
electrical drives, car multimedia, electronics &
steering systems, battery technology

Germany

93,739
8,722
10,576.4
98,307
-

51,200
19%
46%
33%
2%

2.3%
 Continental
Advanced driver assistance systems, electronic brakes,
stability management systems, tires, foundation brakes,
chassis systems, safety system electronics, telematics,
powertrain electronics, injection systems, gasoline
turbochargers, interior modules, instrumentation,
technical elastomers

Germany

52,845
3,727
7,284.9
44,957
46,677

39,500
26%
50%
21%
3%

1.8%
 Magna International
Body, chassis, exterior, seating, powertrain, electronic,
vision & closure & roof systems & modules

Canada

38,946
Not available
4,154.0
25,393
21,142

34,300
56%
34%
9%
1%

1.5%
 DENSO Corporation
Thermal, powertrain control, electronic & electric
systems, small motors & telecommunications

Japan

40,602
Not available
5,146.3
46,195
37,866

31,900
24%
13%
62%
1%

1.4%
 ZF Friedrichshafen Source
Transmissions, chassis omponents & systems, steering
systems, clutches, dampers & active & passive safety
systems

Source

Germany

43,761 CapitalIQ
2,679 CapitalIQ
4,306.0 CapitalIQ
33,421 CapitalIQ
- CapitalIQ

25,400 IBIS
27% PWC
48% PWC
22% PWC
3% PWC

1.1% IBIS
TESLA MOTORS: SELECT FINANCIAL AND OPERATING DATA ($ million and units)

2011
Q1 Q2 Q3 Q4
INCOME STATEMENT
Revenues
Automotive 34 39 43 33
Other 15 19 14 7
Total revenues 49 58 58 39

Cost of Revenues
Automotive 27 31 33 25
Other 4 9 8 6
Total cost of revenues (COGS) 31 40 40 32

Gross profit/(loss) 18 19 17 8

Research and development 41 53 54 61

Selling, general and administrative 24 25 28 28
Total operating expenses 65 77 82 89

Operating profit/(loss) (47) (59) (64) (81)

Net interest expense 0 0 0 0

Other income (expense), net (1) (0) (1) (0)
Profit/(loss) before income taxes (49) (59) (65) (81)

Provision for income taxes 0 0 0 0

Net income/(loss) (49) (59) (65) (81)

SELECT BALANCE SHEET DATA

Cash and cash equivalents 101 319 213 255
Total current assets 227 418 412 373
Total assets 407 646 700 713
Total current liabilities 113 139 154 191
Long-term debt 8 3 4 9
Total stockholders' equity 168 348 294 224

WORKING CAPITAL
Accounts receivable 20 23 18 10
Inventory 51 54 49 50
 Prepaid expenses and other current assets 12 10 11 9
Accounts payable 50 57 54 56

SELECT CASH FLOW STATEMENT DATA

Depreciation and amortization 4 4 4 5
Capital Expenditure (21) (54) (69) (41)
Change in accounts receivable (3) 5 9
Change in inventory (3) 5 (1)
Change in prepaid expenses and other CA 3 (1) 2
Change in accounts payable 8 (4) 3

DELIVERIES AND PRODUCTION

Model S deliveries
Model X deliveries
Model 3 deliveries
Total deliveries
Total vehicle production

STOCK MARKET PERFORMANCE

Tesla stock price at end of quarter 27.75 29.13 24.39 28.56
Tesla market capitalization at year end 2,985
U.S. automobile index annual stock price change (%) -5%

Sources:
Financial data from Tesla Motors financial reports and CapitalIQ database
Delivery and production data from Tesla Motors quarterly press releases
U.S. automobile stock market data from MSCI

Notes:
Automotive revenues include auto sales and leasing
Other revenues include energy generation and storage, and services
2012 2013 2014
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

19 22 50 294 555 402 430 611 589 728

11 5 0 12 7 4 1 4 32 42
30 27 50 306 562 405 431 615 621 769

14 20 59 279 462 304 325 454 436 520

6 2 0 4 4 1 4 5 29 37
20 22 59 282 465 305 328 459 465 556

10 5 (9) 24 96 100 103 157 155 213

68 75 62 69 55 52 56 68 82 108
31 36 38 46 47 60 77 101 118 134
99 111 100 115 102 112 133 170 199 242

(89) (106) (108) (91) (6) (12) (31) (13) (44) (29)

0 (0) (0) 0 (0) (20) (6) (6) (12) (31)

(1) 1 (2) 1 17 2 (1) 5 7 (1)
(90) (105) (111) (90) 11 (30) (38) (15) (49) (61)

0 0 0 (0) 0 0 1 1 1 1

(90) (106) (111) (90) 11 (31) (38) (16) (50) (62)

219 211 86 202 214 746 795 846 2,394 2,675

359 317 285 525 526 1,130 1,219 1,266 3,156 3,442
761 777 809 1,114 1,144 1,888 2,166 2,417 4,500 5,054
236 287 386 539 536 487 1,169 675 1,413 1,576
9 9 2 3 5 68 131 586 1,520 1,767
154 62 (28) 125 169 629 564 667 912 952

14 11 9 27 46 114 48 49 72 97
55 67 159 269 238 255 348 340 451 597
 7 7 8 8 11 14 27 28 49 62
64 79 162 303 304 262 302 304 376 444

4 4 8 13 18 22 28 38 44 55
(55) (58) (62) (64) (58) (41) (77) (89) (141) (176)
(4) 3 2 (18) (19) (67) 66 (2) (23) (24)
(5) (11) (92) (109) 31 (17) (93) 7 (110) (146)
2 0 (1) (1) (3) (3) (14) (0) (21) (13)
8 14 83 141 1 (42) 40 2 72 68

321 2,400 4,900 5,150 5,500 6,892 6,457 7,579

321 2,400 4,900 5,150 5,500 6,892 6,457 7,579

4,900 5,150 5,500 6,892 7,535 8,763

37.24 31.29 29.28 33.87 37.89 107.36 193.37 150.43 208.45 240.06
3,868 18,516
-10% 73%

-
 2015 2016
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

800 1,076 893 878 853 1,117 1,026 1,182 2,149 1,994
52 (119) 47 77 84 97 121 88 150 291
852 957 940 955 937 1,214 1,147 1,270 2,298 2,285

553 801 632 666 629 896 779 909 1,517 1,544
47 (106) 48 75 77 99 115 86 145 305
600 695 680 742 705 996 895 995 1,662 1,849

252 262 260 213 231 219 252 275 637 435

136 140 167 182 179 190 182 192 214 246
155 197 195 202 236 289 318 321 337 456
291 337 363 384 415 479 501 513 551 702

(39) (75) (102) (170) (184) (260) (248) (238) 86 (267)

(29) (28) (26) (24) (29) (38) (41) (46) (47) (65)
(3) (1) (22) 13 (15) (17) 10 (5) (9) 115
(71) (104) (151) (181) (228) (315) (278) (290) 30 (217)

4 4 3 3 2 5 4 4 8 12

(75) (108) (154) (184) (230) (320) (282) (293) 22 (228)

2,371 1,906 1,510 1,151 1,426 1,197 1,442 3,246 3,084 3,393
3,363 3,199 2,921 2,629 2,999 2,792 3,240 5,204 5,172 6,259
5,438 5,849 6,120 6,468 7,547 8,092 9,192 11,869 12,592 22,664
1,840 2,107 2,192 2,384 2,554 2,816 3,188 3,766 4,082 5,827
1,787 1,807 1,889 1,988 1,966 2,040 2,484 2,620 2,443 5,860
958 912 826 716 1,315 1,089 970 2,520 2,680 4,752

157 227 200 139 120 169 318 179 327 499
752 954 1,055 1,212 1,294 1,278 1,302 1,610 1,605 2,067
 65 95 136 106 134 125 154 145 133 195
649 778 732 772 825 916 1,013 1,115 1,606 1,860

65 68 77 91 110 144 156 183 280 328

(284) (369) (426) (405) (392) (411) (217) (295) (248) (520)
(60) (70) 27 61 19 (49) (149) 139 (148) (172)
(156) (201) (101) (157) (81) 16 (24) (308) 5 (462)
(4) (29) (41) 29 (27) 9 (29) 9 12 (62)
206 129 (46) 39 53 91 97 102 491 254

7,785 9,834 10,045 11,532 11,574 17,192 12,420 9,745 15,800 12,700
208 2,400 4,625 8,700 9,500

7,785 9,834 10,045 11,532 11,574 17,400 14,820 14,370 24,500 22,200
7,785 11,627 11,160 12,807 13,091 14,037 14,820 18,345 25,185 24,882

242.68 222.41 188.77 268.26 248.40 240.01 229.77 212.28 204.03 213.69
27,954 31,543 34,420
10% 7% -16%
2017 2018
Q1 Q2 Q3 Q4 Q1 Q2

2,290 2,287 2,363 2,702 2,735 3,358

407 503 622 586 673 645
2,696 2,790 2,985 3,288 3,409 4,002

1,663 1,648 1,931 2,191 2,196 2,667

366 475 605 658 756 717
2,028 2,123 2,536 2,849 2,952 3,383

668 667 449 439 457 619

322 369 331 354 367 386

603 537 653 682 686 751
925 906 984 1,037 1,054 1240

(257) (239) (535) (598) (597) (621)

(96) (104) (112) (140) (144) -163

(18) (41) (24) (42) (38) 51
(371) (384) (671) (780) (779) -729

25 16 (0) (9) 6 14

(396) (400) (670) (771) (785) (743)

4,006 3,035 3,530 3,368 2,666 2236

7,027 6,359 7,068 6,571 6,384 6700
25,053 26,043 28,107 28,655 27,271 27910
6,245 6,546 6,468 7,675 8,650 9141
7,148 7,122 9,581 9,418 8,764 9571
4,987 5,105 5,774 4,237 4,451 3906

440 454 607 515 653 570

2,220 2,438 2,471 2,264 2,566 3,325
 271 313 321 268 379 422
2,075 2,539 2,385 1,731 1,898 3,030

378 766 1,166 470 416 485

(553) (947) (1,700) (787) (656) (610)
59 (14) (154) 92 (137) 83
(153) (218) (33) 207 (302) (759)
(77) (42) (8) 53 (111) (43)
215 464 (154) (654) 167 1132

13,450 12,000 14,065 15,200 11,730 10,930

11,500 10,000 11,865 13,120 10,000 11,370
220 1,550 8,180 18,449
24,950 22,000 26,150 29,870 29,910 40,749
25,418 25,708 25,336 24,565 34,494 53,339

278.30 361.61 331.53 311.35 266.13 342.95

52,330
40%