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 (gross profit/revenues) 16.8%
Operating Margin (operating income/revenues) 9.2%
Return on Assets (operating margin/total sales) 8.7%

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
July 1, 2020
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%
5.0% 5.1% 7.3% 2.0% 5.0% 4.4% 4.0%

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

2,359 2,526 4682 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
CapitalIQ
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% Calculated

-13.7% 7.2% 5.6% Calculated
-5.6% 4.1% 3.1% Calculated

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 0 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
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
Data source CR CR CR
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

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

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
USNWR USNWR
 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

consumer products based on large sample surveys and independent tests of vehicles
hed 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

Germany

43,761 CapitalIQ
2,679 CapitalIQ 15,128
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 2012
Q1 Q2 Q3 Q4 Q1
INCOME STATEMENT
Revenues
Automotive 34 39 43 33 19
Other 15 19 14 7 11
Total revenues 49 58 58 39 30

Cost of Revenues
Automotive 27 31 33 25 14
Other 4 9 8 6 6
Total cost of revenues (COGS) 31 40 40 32 20

Gross profit/(loss) 18 19 17 8 10

Research and development 41 53 54 61 68

Selling, general and administrative 24 25 28 28 31
Total operating expenses 65 77 82 89 99

Earnings (loss) before interest and tax (47) (59) (64) (81) (89)

Net interest expense 0 0 0 0 0

Other income (expense), net (1) (0) (1) (0) (1)
Profit/(loss) before income taxes (49) (59) (65) (81) (90)

Provision for income taxes 0 0 0 0 0

interest tax rate 0% 0% 0% 0% 0%
Net income/(loss) (49) (59) (65) (81) (90)

SELECT BALANCE SHEET DATA

Cash and cash equivalents 101 319 213 255 219
Total current assets 227 418 412 373 359
Total assets 407 646 700 713 761
Total current liabilities 113 139 154 191 236
Long-term debt 8 3 4 9 9
Total stockholders' equity 168 348 294 224 154

WORKING CAPITAL
Accounts receivable 20 23 18 10 14
Inventory 51 54 49 50 55
Prepaid expenses and other current assets 12 10 11 9 7
 Accounts payable 50 57 54 56 64

SELECT CASH FLOW STATEMENT DATA

Depreciation and amortization 4 4 4 5 4
Capital Expenditure (21) (54) (69) (41) (55)
Change in accounts receivable (3) 5 9 (4)
Change in inventory (3) 5 (1) (5)
Change in prepaid expenses and other CA 3 (1) 2 2
Change in accounts payable 8 (4) 3 8

DELIVERIES AND PRODUCTION

Model S deliveries
Model X deliveries
Model S/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 37.24
Tesla market capitalization at year end 2,985
Auto industry index stock price change (%) -27%

SIMPLIFIED FREE CASH FLOW CALCULATION

Q1/2011 Q2/2011 Q3/2011 Q4/2011Q1/2012
Earnings (loss) before interest and tax (47) (59) (64) (81) (89)
+ Depreciation and amortization 4 4 4 5 4
EBITDA (44) (54) (60) (76) (85)
- Capital Expenditure (21) (54) (69) (41) (55)
+/- Change in Working Capital 0 3.72 5.127 11.907 1.108
Simplified Free Cash Flow (108) (159) (184) (181) (223)

Sources:
Financial data from Tesla Motors financial reports and Capital IQ data base
Delivery and production data from Tesla Motors quarterly press releases
Stock market data from Morningstar

Notes:
Automotive revenues include auto sales and leasing
Other revenues include energy generation and storage, and services
Change in working capital in free cash flow calculation is sum of change in accounts receivable, change in inve
 2013 2014
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

22 50 294 555 402 430 611 589 728 800

5 0 12 7 4 1 4 32 42 52
27 50 306 562 405 431 615 621 769 852

20 59 279 462 304 325 454 436 520 553

2 0 4 4 1 4 5 29 37 47
22 59 282 465 305 328 459 465 556 600

5 (9) 24 96 100 103 157 155 213 252

75 62 69 55 52 56 68 82 108 136
36 38 46 47 60 77 101 118 134 155
111 100 115 102 112 133 170 199 242 291

(106) (108) (91) (6) (12) (31) (13) (44) (29) (39)

(0) (0) 0 (0) (20) (6) (6) (12) (31) (29)

1 (2) 1 17 2 (1) 5 7 (1) (3)
(105) (111) (90) 11 (30) (38) (15) (49) (61) (71)

0 0 (0) 0 0 1 1 1 1 4
0% 0% 0% -3% -3% -3% -10% -2% -4% -10%
(106) (111) (90) 11 (31) (38) (16) (50) (62) (75)

211 86 202 214 746 795 846 2,394 2,675 2,371

317 285 525 526 1,130 1,219 1,266 3,156 3,442 3,363
777 809 1,114 1,144 1,888 2,166 2,417 4,500 5,054 5,438
287 386 539 536 487 1,169 675 1,413 1,576 1,840
9 2 3 5 68 131 586 1,520 1,767 1,787
62 (28) 125 169 629 564 667 912 952 958

11 9 27 46 114 48 49 72 97 157
67 159 269 238 255 348 340 451 597 752
7 8 8 11 14 27 28 49 62 65
 79 162 303 304 262 302 304 376 444 649

4 8 13 18 22 28 38 44 55 65
(58) (62) (64) (58) (41) (77) (89) (141) (176) (284)
3 2 (18) (19) (67) 66 (2) (23) (24) (60)
(11) (92) (109) 31 (17) (93) 7 (110) (146) (156)
0 (1) (1) (3) (3) (14) (0) (21) (13) (4)
14 83 141 1 (42) 40 2 72 68 206

321 2,400 4,900 5,150 5,500 6,892 6,457 7,579 7,785

321 2,400 4,900 5,150 5,500 6,892 6,457 7,579 7,785

321 2,400 4,900 5,150 5,500 6,892 6,457 7,579 7,785

4,900 5,150 5,500 6,892 7,535 8,763 7,785

31.29 29.28 33.87 37.89 107.36 193.37 150.43 208.45 240.06 242.68
3,868 18,516
36% 31%

Q2/2012 Q3/2012 Q4/2012 Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q1/2014 Q2/2014 Q3/2014
(106) (108) (91) (6) (12) (31) (13) (44) (29) (39)
4 8 13 18 22 28 38 44 55 65
(102) (101) (78) 12 10 (2) 24 0 26 26
(58) (62) (64) (58) (41) (77) (89) (141) (176) (284)
5.775 -7.951 13.56 9.749 -129.243 -0.05 6.877 -83.132 -115.321 -13.964
(256) (272) (207) (23) (149) (81) (34) (224) (239) (246)

ts receivable, change in inventory, change in prepaid expenses and other current assets (CA) and change in accounts payable
 2015 2016
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

1,076 893 878 853 1,117 1,026 1,182 2,149 1,994

(119) 47 77 84 97 121 88 150 291
957 940 955 937 1,214 1,147 1,270 2,298 2,285

801 632 666 629 896 779 909 1,517 1,544

(106) 48 75 77 99 115 86 145 305
695 680 742 705 996 895 995 1,662 1,849

262 260 213 231 219 252 275 637 435

140 167 182 179 190 182 192 214 246

197 195 202 236 289 318 321 337 456
337 363 384 415 479 501 513 551 702

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

(28) (26) (24) (29) (38) (41) (46) (47) (65)

(1) (22) 13 (15) (17) 10 (5) (9) 115
(104) (151) (181) (228) (315) (278) (290) 30 (217)

4 3 3 2 5 4 4 8 12
-5% -3% -2% -1% -2% -2% -2% 9% -4%
(108) (154) (184) (230) (320) (282) (293) 22 (228)

1,906 1,510 1,151 1,426 1,197 1,442 3,246 3,084 3,393

3,199 2,921 2,629 2,999 2,792 3,240 5,204 5,172 6,259
5,849 6,120 6,468 7,547 8,092 9,192 11,869 12,592 22,664
2,107 2,192 2,384 2,554 2,816 3,188 3,766 4,082 5,827
1,807 1,889 1,988 1,966 2,040 2,484 2,620 2,443 5,860
912 826 716 1,315 1,089 970 2,520 2,680 4,752

227 200 139 120 169 318 179 327 499

954 1,055 1,212 1,294 1,278 1,302 1,610 1,605 2,067
95 136 106 134 125 154 145 133 195
 778 732 772 825 916 1,013 1,115 1,606 1,860

68 77 91 110 144 156 183 280 328

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

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
9,834 10,045 11,532 11,574 17,400 14,820 14,370 24,500 22,200

9,834 10,045 11,532 11,574 17,400 14,820 14,370 24,500 22,200

11,627 11,160 12,807 13,091 14,037 14,820 18,345 25,185 24,882

222.41 188.77 268.26 248.40 240.01 229.77 212.28 204.03 213.69

27,954 31,543 34,420
0% -1%

Q4/2014 Q1/2015 Q2/2015 Q3/2015 Q4/2015 Q1/2016 Q2/2016 Q3/2016 Q4/2016

(75) (102) (170) (184) (260) (248) (238) 86 (267)
68 77 91 110 144 156 183 280 328
(7) (25) (79) (73) (117) (92) (55) 366 61
(369) (426) (405) (392) (411) (217) (295) (248) (520)
-171.565 -161.266 -27.403 -36.955 66.675 -105 -58 360 -441.5
(554) (638) (590) (576) (578) (506) (463) 844 (839)

in accounts payable
2017 2018
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2,290 2,287 2,363 2,702 2,735 3,358 6,099 6,323

407 503 622 586 673 645 726 903
2,696 2,790 2,985 3,288 3,409 4,002 6,824 7,226

1,663 1,648 1,931 2,191 2,196 2,667 4,525 4,786

366 475 605 658 756 717 776 997
2,028 2,123 2,536 2,849 2,952 3,383 5,301 5,783

668 667 449 439 457 619 1,524 1,443

322 369 331 354 367 386 351 356

603 537 653 682 686 751 730 667
925 906 984 1,037 1,054 1240 1,107 1,029

(257) (239) (535) (598) (597) (621) 417 414

(96) (104) (112) (140) (144) -163 (168) (167)

(18) (41) (24) (42) (38) 51 23 (14)
(371) (384) (671) (780) (779) -729 271 232

25 16 (0) (9) 6 14 17 22
-10% -6% 0% 2% -1% -2% 4% 5%
(396) (400) (670) (771) (785) (743) 255 210

4,006 3,035 3,530 3,368 2,666 2236 2,968 3,686

7,027 6,359 7,068 6,571 6,384 6700 7,920 8,306
25,053 26,043 28,107 28,655 27,271 27910 29,263 29,740
6,245 6,546 6,468 7,675 8,650 9141 9,775 9,992
7,148 7,122 9,581 9,418 8,764 9571 9,673 9,404
4,987 5,105 5,774 4,237 4,451 3906 4,509 4,923

440 454 607 515 653 570 1,155 949

2,220 2,438 2,471 2,264 2,566 3,325 3,314 3,113
271 313 321 268 379 422 325 366
 2,075 2,359 2,385 2,390 2,604 3,030 3,597 3,404

378 766 1,166 470 416 485 503 497

(553) (947) (1,700) (787) (656) (610) (510) (325)
59 (14) (154) 92 (137) 83 (585) 206
(153) (218) (33) 207 (302) (759) 11 201
(77) (42) (8) 53 (111) (43) 97 (40)
215 284 26 5 214 426 567 (193)

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

11,500 10,000 11,865 13,120 10,000 11,370
24,950 22,000 25,930 28,320 21,730 22,300 27,710 27,607
220 1,550 8,180 18,449 56,065 63,359
24,950 22,000 26,150 29,870 29,910 40,749 83,775 90,966
25,418 25,708 25,336 24,565 34,494 53,339 86,555

278.30 361.61 331.53 311.35 266.13 342.95

52,330

Q1/2017 Q2/2017 Q3/2017 Q4/2017 Q1/2018 Q2/2018 Q3/2018 Q4/2018

(257) (239) (535) (598) (597) (621) 417 414
378 766 1,166 470 416 485 503 497
121 526 631 (128) (181) (136) 920 910
(553) (947) (1,700) (787) (656) (610) (510) (325)
44.5 10.5 -168.5 356.717 -336.77 -292.947 90 174
(267) 115 (606) (687) (1,354) (1,174) 1,419 1,669
2019
Q1 Q2

3,724 5,376
818 973
4,541 6,350

2,973 4,360
1,002 1,069
3,976 5,429

566 921

340 324
704 647
1,088 1,089

(522) (167)

(149) (162)
26 (41)
(645) (370)

19 23
-4% -14%
(668) (389)

2,198 4,955
7,678 2,070
28,913 31,873
9,243 9,589
9,788 11,234
4,606 5,715

1,047 1,147
3,837 3,382
465 570
 3,249 3,134

468 579
(280) (250)
(98) (100)
(723) 454
(99) (105)
(156) (115)

12,091 17,722
50,928 77,634
63,019 95,356
77,138 87,048

Q1/2019 Q2/2019
(522) (167)
468 579
(54) 411
(280) (250)
(1,076) 134
(1,465) 707