Tesla Motors Investor Presentation Spring 2012 © Copyright 2012 Tesla Motors, Inc. Forward-Looking Statements Certain statements in this presentation, including statements relating to the development, testing, performance, pricing, attributes, schedule of development, launch, and volume expectations of Model S, Model X and Gen III; the ability to achieve revenue, gross margin, spending and profitability targets; the ability of Tesla to produce vehicles at its factory; the products and schedules related to, and the financial results expected from, Tesla’s development programs with Daimler and Toyota; the sufficiency of current available funds to develop Model S and Model X; and the ability of Tesla to execute on its new interactive retail strategy and future store opening plans are “forward-looking statements” that are subject to risks and uncertainties. These forward-looking statements are based on management’s current 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: market acceptance of electric vehicles in general and new Tesla vehicle models, specifically Model S and Model X; delays in the design, manufacture, launch and financing of Model S, including the build-out of its manufacturing facility; the risk associated with a decline in revenues prior to the launch of Model S; achieving expected results from powertrain systems; competition in the automotive market; Tesla’s ability to establish, maintain and strengthen the Tesla brand; the unavailability, reduction or elimination of governmental and economic incentives for electric vehicles; Tesla’s ability to execute on its plans for its new interactive retail strategy and for new store openings as well as the risks and uncertainties identified under the sections captioned “Risk Factors” and “MD&A” in its Form 10-K filed on February 27, 2012. Tesla disclaims any obligation to update information contained in these forwardlooking statements. © Copyright 2012 Tesla Motors, Inc. Progress Timeline Foundation for Success • Past Success … Enables our Future © Copyright 2012 Tesla Motors, Inc. Focused Value Creation Lead the Way Forward Past Success … Enables our Future Electric Vehicle Intellectual Property Roadster Success • Range Leader (single charge) • Branded Tesla as EV leader • Cost Leader (battery pack) • Safety & reliability validated • Proven battery pack safety, reliability and life • Proved EV driving could be exciting & preferable Platform For Growth Partnerships • Investments from Daimler, Toyota & Panasonic (10% combined) • Tesla-owned stores & service centers • Tesla Factory • Sales to Daimler & Toyota validates our technology World Class Tech & Auto Management Team © Copyright 2012 Tesla Motors, Inc. Progress Timeline Foundation for Success • Past Success … Enables our Future © Copyright 2012 Tesla Motors, Inc. Focused Value Creation • Deliver an Exceptional Model S by July 2012 Lead the Way Forward Model S – Better By Design Battery Pack Powertrain © Copyright 2012 Tesla Motors, Inc. Model S Redefines the Premium Sedan Designed to be a better vehicle from the ground up Harnessing ALL the benefits of an EV approach © Copyright 2012 Tesla Motors, Inc. Model S Redefines the Premium Sedan Stunning Interior • • • Seats 5 Adults + 2 Children Storage Front & Back 17” Touchscreen Console © Copyright 2012 Tesla Motors, Inc. Model S Redefines the Premium Sedan Leading Performance & Handling • • • © Copyright 2012 Tesla Motors, Inc. 0–60mph in 4.4 seconds (Performance Model) Low Cg + High Torsional Rigidity Smooth & Quiet Model S Redefines the Premium Sedan Goal: 5 Star Safety Rating • • • © Copyright 2012 Tesla Motors, Inc. Superior Frontal Crumple Zones Minimal Side Impact Intrusion Alum. Body = Strong & Lightweight Model S Redefines the Premium Sedan Improved Reliability • • • © Copyright 2012 Tesla Motors, Inc. Fewer Moving Parts & Modular Design = Service That Comes to You No Oil Changes Longer Brake Life Model S Redefines the Premium Sedan Lower Operating Cost • • Saves ≈$2,000*/yr in Fuel Cost No Oil Changes * - Operating Cost Assumptions 300 mi. range Model S operating cost is 3.3 cents/mi. (based on DoE Natl. avg. elec. cost of 11.8 cents/kWh ) Sports sedan operating cost is $0.20 (based on $4/gal gasoline / 20mpg = 20 cents/mi.) ($0.20 - $0.033) x 12,000 miles/yr = $2,000 /yr. © Copyright 2012 Tesla Motors, Inc. Model S Redefines the Premium Sedan More Efficient = Eco-friendly • • • © Copyright 2012 Tesla Motors, Inc. Significantly More Efficient than Gasoline Power Zero Tailpipe Emissions Recyclable Battery Pack Model X – A New Vehicle Category Functionality, Style & Performance World’s First 2-Motor All Wheel Drive Over 500 Reservations in 24 Hours Tesla Motors Model X © Copyright 2012 Tesla Motors, Inc. Falcon Wing Doors Deployed Progress Timeline Foundation for Success • Past Success … Enables our Future © Copyright 2012 Tesla Motors, Inc. Focused Value Creation • Deliver an Exceptional Model S by July • Demonstrate Economic Potential Lead the Way Forward Demonstrate Economic Potential Long Term Growth Targets Global Segment Mkt. Share* Year Vehicles Vehicle Units 2012 Roadster & S 5,300+ < 1% 2013 Model S 20,000 ≈1% 2014 S and X 30,000+ ≈2% Future Lower Priced Third Generation Platform Long Term Operating Margins Targets Gross Margin Operating Margin 25% Low – Mid teens % Historical Plant Capacity Exceeded 400,000 Vehicles per Year! © Copyright 2012 Tesla Motors, Inc. * - similar vehicles including Mercedes E-Class, BMW 5 Series, Audi A6, Porsche Cayenne, Land Rover, Audi Q7 Reservations Show Strong Demand Cumulative Model S Reservations 9,000 U.S. Signature Series Sold Out in Q4’11 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 - Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Minimum $5,000 refundable reservation price Limited marketing effort © Copyright 2012 Tesla Motors, Inc. Q3 11 Q4 11 Sufficient Liquidity to Reach Our Goals $493M of Total Liquidity As of 12/31/11 Remaining DoE Facility $189M Cash & Restricted Cash $304M Sufficient liquidity to reach profitability © Copyright 2012 Tesla Motors, Inc. Progress Timeline Focused Value Creation Lead the Way Forward • Deliver an Exceptional Model S by July • Tesla: Built to Win • Demonstrate Economic Potential Foundation for Success • Past Success … Enables our Future © Copyright 2012 Tesla Motors, Inc. Electric Powertrain - Leadership on Range & Cost Tesla Leads on Range (maximum miles per single charge) Tesla Model S *+ 300 Tesla Roadster + 245 Ford Focus † 76 Nissan Leaf † 73 Chevy Volt † * - Estimated + - EPA 2-cycle city/highway test † - EPA derived 5-cycle test 35 Tesla Leads on Cost (battery pack cost – $/kWh) $700 $650+ $600 $500 $400 [1] Cost Survey: Roland Berger Study LiB Value Chain and Cost Model (March 2011) [2] Tesla Model S – Projected cost not disclosed. Includes all cells, electronics, packaging and labor costs $345 [2] 2020 [1] Tesla Model S $300 $200 $100 $2010 [1] © Copyright 2012 Tesla Motors, Inc. Tesla Powertrain – Proprietary from End-to-End Integration = A System that is Greater than Sum-of-the-Parts 18650 Cells Battery Pack Power Electronics Motor Gear Box Intellectual Property and Patent Protection Throughout • Unique Chemistry • Proprietary Cathode Geometry • Automotive-Grade Construction • Passive Safety Features • Modified Cell Case • High Energy Density • Active Cooling • Mfg Trade Secrets • Charge Balancing • Active Safety Features • Power Mgmt Software • 2 Way Inverter • Charge Mgmt Software • On Board Charger • Flux Phasing & Mgmt • Compact Design • Thermal Mgmt Software • Instant Peak Torque • A/C Induction Motor • No Rare Earth Metals • 87% Avg Efficiency • In House Mfg Over 50 Patents Awarded Over 230 Patent Applications Pending © Copyright 2012 Tesla Motors, Inc. • Proprietary Design • Up to 18,000 RPM • No Shifting • In House Mfg EV Powertrain Business – World Leader World’s Largest Vendor of EV Powertrains Toyota RAV4 EV – Available 2012 Providing full powertrain under multi-year agreement Expanding Relationship with Mercedes-Benz © Copyright 2012 Tesla Motors, Inc. Successful Smart fortwo and A-Class programs Starting development program for a new M-B vehicle with a full Tesla powertrain EV Platform = Rapid, Low-Cost Development Model S Model X •Common Powertrain •Fewer Parts •Revolutionary Packaging •No Transmission •Adaptable Chassis Platform •No Emissions Control Systems Leveraging the unique benefits of the electric powertrain © Copyright 2012 Tesla Motors, Inc. High Product Refresh Rate • Shipping since 2008 • Over 2,100 sold in over 30 countries • Over 20 million miles driven Modified Lotus Elise Platform Tesla Roadster • Available by July 2012* - Release Candidate phase in progress • 20,000 units per year, pricing starting at $49,900* • World’s first, production intent all-EV vehicle Tesla’s “S” Platform Tesla Model S • Production begins late 2013/Deliveries early 2014* • 10,000 – 15,000 units per year* • Based on Model S platform Tesla Model X • Smaller vehicle platform; pricing starting at $30,000* • Positioned for “mass-premium” market appeal and volume • Availability TBD Tesla Gen III * - Estimated dates, volumes & pricing (net of US tax credit of $7,500 for purchase of alt. fuel vehicles; credit may expire) © Copyright 2012 Tesla Motors, Inc. Tesla’s “Gen III” Platform Fremont Facility – Room for Significant Growth Offices Paint Shop • 5 million ft2 / 200+ acres • 400,000+ unit historical capacity Final Assembly • $42MM purchase price • Equipment purchased at attractive prices Body In White Plastics Press Shop Material Handling Tesla Factory Fremont, CA Planned Model S Facilities © Copyright 2012 Tesla Motors, Inc. Future Programs Agile Manufacturing – Latest Technology Body Assembly Center Model S & Paint Center Press Center Model S on Automated Guided Vehicle Indoor Test Track © Copyright 2012 Tesla Motors, Inc. Plastics Injection Molding Tesla-Owned Distribution & Service • Manage the entire customer experience; Accelerate time to market • Sales at retail price; Lower costs of facilities, inventory & service • 2011: 20 Stores 2012: ≈ 30 stores 2013: ≈ 50 stores (store totals exclude additional service centers) Existing © Copyright 2012 Tesla Motors, Inc. Planned Better Customer Experience Storefront Stores designed to: Engage Excite Inform Interior Test Drive Cars • Transparent and inviting • Affluent, high-traffic locations • Technology that informs customers • “Product Specialists” to answer questions • Display vehicles open for customers to sit in © Copyright 2012 Tesla Motors, Inc. • Conveniently located parking area for test-drives and Tesla vehicle charging Summary Focused Value Creation Lead the Way Forward • Deliver an Exceptional Model S by July • Tesla: Built to Win • Demonstrate Economic Potential Foundation for Success • Past Success … Enables our Future © Copyright 2012 Tesla Motors, Inc.
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