Tesla(TSLA) - 2025 Q1 - Quarterly Report

Financial Performance - Total revenues for the three months ended March 31, 2025, were $19.34 billion, a decrease of$1.97 billion or 9% compared to the same period in 2024[102]. - Net income attributable to common stockholders for the first quarter of 2025 was $409 million, down$981 million or 71% from the prior year[102]. - Total gross profit decreased from $3.70 billion to$3.15 billion, resulting in a total gross margin decline from 17.4% to 16.3%[121]. - Net cash provided by operating activities increased by $1.91 billion to$2.16 billion for the three months ended March 31, 2025[145]. Revenue Breakdown - Automotive sales revenue decreased by $3.54 billion, or 21$1.10 billion, or 67%, driven by higher deployments of Megapack and Powerwall products[120]. - Automotive regulatory credits revenue increased by $153 million, or 35$350 million, or 15%, primarily from increased Supercharging and insurance services revenue[119]. - Automotive sales revenue decreased by $2.44 billion, or 18$11.46 billion for the three months ended March 31, 2025, compared to the same period in 2024[122]. - Total cost of revenues decreased by $1.42 billion, or 8$16.18 billion for the three months ended March 31, 2025[121]. Expenses - Research and development expenses increased by $258 million, or 22$1.41 billion, representing 7% of revenues for the three months ended March 31, 2025[128]. - Selling, general and administrative expenses decreased by $123 million, or 9$1.25 billion for the three months ended March 31, 2025[129]. - The provision for income taxes decreased by $314 million, or 65$169 million for the three months ended March 31, 2025[133]. Capital Expenditures - Capital expenditures for the first quarter of 2025 were $1.49 billion, a decrease of$1.29 billion compared to $2.78 billion in the same period in 2024[103]. - The company plans to exceed$10.00 billion in capital expenditures for 2025, focusing on long-term growth opportunities despite near-term challenges[112]. Vehicle Production and Deliveries - The company produced approximately 363,000 consumer vehicles and delivered about 337,000 vehicles through the first quarter of 2025[100]. Foreign Currency Risks - The company faces foreign currency risks primarily related to the Chinese yuan and euro, affecting revenue, costs, and operating expenses[148]. - The company is a net receiver of currencies other than the U.S. dollar for its foreign subsidiaries, leading to fluctuations in operating results due to exchange rate changes[148]. - Historical trends indicate a potential adverse change of 10% in foreign currency exchange rates could impact net income in the near term[150]. - A 10% adverse change in foreign currency exchange rates could result in a gain or loss of $1.14 billion at March 31, 2025, and$1.15 billion at December 31, 2024, assuming no hedging[150]. - The company has experienced fluctuations in net income due to gains or losses on the settlement and re-measurement of monetary assets and liabilities[149]. Interest Income - Interest income increased by $50 million, or 14$400 million for the three months ended March 31, 2025[130].