1、Q3 2025 Update1Highlights03Financial Summary04Operational Summary06Automotive07Core Technology08Energy&Services and Other09Outlook10Photos&Charts11Key Metrics20Financial Statements22Additional Information282S U M M A R YH I G H L I G H T S(1)Excludes SBC(stock-based compensation)&Digital assets gain

2、s and losses,net of tax;(2)Free cash flow=operating cash flow less capex;(3)Includes cash,cash equivalents and investments;Note:all information herein refers to the current quarter unless otherwise noted.Profitability$1.6B GAAP operating income$1.4B GAAP net income$1.8B non-GAAP net income1In Q3,the

3、 Tesla team achieved record vehicle deliveries globally,showing strength and growth across all regions,while also achieving record energy storage deployments across the residential,industrial and utility sectors.This strong performance resulted in both record revenue and free cash flow generation in

4、 the quarter.We continue to launch new products that excite our customers across automotive and energy.We launched the Model YL and Model Y Performance and further expanded our vehicle offering with the Model 3 and Model Y Standard,our most affordable vehicles.We also unveiled the Megapack 3 and Meg

5、ablock,which will further simplify large battery installations by reducing cost and time to deploy.We believe our scale and cost structure will enable us to navigate the shifting market dynamics across the globe more effectively than our peers,with advances in AI making our products the most compell

6、ing in the market.Our focus remains on scaling our core hardware business by maximizing our deliveries and deployments,as these products will deliver increasing value to our customers over time via services powered by AI.Every Tesla vehicle delivered today is designed for autonomy while every Tesla