Post on 08-Sep-2014
description
© Copyright 2012 Tesla Motors, Inc.
Tesla Motors Investor PresentationSpring 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 forward-
looking statements.
© Copyright 2012 Tesla Motors, Inc.
• Past Success …
Enables our Future
Progress Timeline
Foundation for
Success
Focused Value
Creation
Lead the
Way Forward
© Copyright 2012 Tesla Motors, Inc.
Electric VehicleIntellectual Property
RoadsterSuccess
PartnershipsPlatform For
Growth
• Range Leader
(single charge)
• Cost Leader
(battery pack)
• Proven battery pack
safety, reliability and life
• Branded Tesla as EV
leader
• Safety & reliability
validated
• Proved EV driving could
be exciting & preferable
• Investments from
Daimler, Toyota &
Panasonic
(10% combined)
• Sales to Daimler &
Toyota validates our
technology
• Tesla-owned stores &
service centers
• Tesla Factory
World Class Tech & Auto Management Team
Past Success … Enables our Future
© Copyright 2012 Tesla Motors, Inc.
• Past Success …
Enables our Future• Deliver an Exceptional
Model S by July 2012
Progress Timeline
Foundation for
Success
Focused Value
Creation
Lead the
Way Forward
© Copyright 2012 Tesla Motors, Inc.
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• 0–60mph in 4.4 seconds (Performance Model)
• Low Cg + High Torsional Rigidity
• Smooth & Quiet
© Copyright 2012 Tesla Motors, Inc.
Model S Redefines the Premium Sedan
Goal: 5 Star Safety Rating• Superior Frontal Crumple Zones
• Minimal Side Impact Intrusion
• Alum. Body = Strong & Lightweight
© Copyright 2012 Tesla Motors, Inc.
Model S Redefines the Premium Sedan
Improved Reliability• Fewer Moving Parts &
Modular Design
= Service That Comes to You
• No Oil Changes
• Longer Brake Life
© Copyright 2012 Tesla Motors, Inc.
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• Significantly More Efficient than
Gasoline Power
• Zero Tailpipe Emissions
• Recyclable Battery Pack
© Copyright 2012 Tesla Motors, Inc.
Model X – A New Vehicle Category
Functionality, Style & Performance
World’s First 2-Motor All Wheel Drive
Over 500 Reservations in 24 Hours
Falcon Wing Doors DeployedTesla Motors Model X
© Copyright 2012 Tesla Motors, Inc.
• Past Success …
Enables our Future• Deliver an Exceptional
Model S by July
• Demonstrate
Economic Potential
Progress Timeline
Foundation for
Success
Focused Value
Creation
Lead the
Way Forward
© Copyright 2012 Tesla Motors, Inc.
Long Term Growth Targets
Year Vehicles
Vehicle
Units
Global
Segment
Mkt. Share*
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 25%
Operating Margin Low – Mid teens %
Demonstrate Economic Potential
Historical Plant Capacity Exceeded 400,000
Vehicles per Year!* - similar vehicles including
Mercedes E-Class, BMW 5
Series, Audi A6, Porsche
Cayenne, Land Rover, Audi Q7
© Copyright 2012 Tesla Motors, Inc.
Minimum $5,000 refundable reservation price
Limited marketing effort
Reservations Show Strong Demand
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11
Cumulative Model S Reservations
U.S. Signature Series Sold Out in Q4’11
© Copyright 2012 Tesla Motors, Inc.
Sufficient Liquidity to Reach Our Goals
Sufficient liquidity to reach profitability
Cash & Restricted Cash
$304M
RemainingDoE Facility
$189M
$493M of Total LiquidityAs of 12/31/11
© Copyright 2012 Tesla Motors, Inc.
• Past Success …
Enables our Future• Deliver an Exceptional
Model S by July
• Demonstrate
Economic Potential
• Tesla: Built to Win
Progress Timeline
Foundation for
Success
Focused Value
Creation
Lead the
Way Forward
© Copyright 2012 Tesla Motors, Inc.
$650+
$345
$-
$100
$200
$300
$400
$500
$600
$700
2010 [1] 2020 [1] Tesla Model S
[2]
Electric Powertrain - Leadership on Range & Cost
[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
Tesla Leads on Cost (battery pack cost – $/kWh)
Tesla Leads on Range (maximum miles per single charge) * - Estimated
+ - EPA 2-cycle city/highway test
† - EPA derived 5-cycle test
35
73
76
245
300
Chevy Volt †
Nissan Leaf †
Ford Focus †
Tesla Roadster +
Tesla Model S *+
© Copyright 2012 Tesla Motors, Inc.
18650 Cells Battery Pack Power Electronics Motor Gear Box
• Power Mgmt Software
• 2 Way Inverter
• Charge Mgmt Software
• On Board Charger
• Flux Phasing & Mgmt
• Compact Design
• Thermal Mgmt Software
• Proprietary Design
• Up to 18,000 RPM
• No Shifting
• In House Mfg
• Instant Peak Torque
• A/C Induction Motor
• No Rare Earth
Metals
• 87% Avg Efficiency
• In House Mfg
• 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
Integration = A System that is Greater than Sum-of-the-Parts
Intellectual Property and Patent Protection Throughout
Over 50 Patents Awarded
Over 230 Patent Applications Pending
Tesla Powertrain – Proprietary from End-to-End
© Copyright 2012 Tesla Motors, Inc.
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
Successful Smart fortwo and A-Class programs
Starting development program for a new M-B vehicle
with a full Tesla powertrain
© Copyright 2012 Tesla Motors, Inc.
EV Platform = Rapid, Low-Cost Development
Leveraging the unique benefits of the electric powertrain
•Fewer Parts
•No Transmission
•No Emissions
Control Systems
•Common
Powertrain
•Revolutionary
Packaging
•Adaptable
Chassis Platform
Model S Model X
© Copyright 2012 Tesla Motors, Inc.
High Product Refresh Rate
Tesla Roadster
• Shipping since 2008
• Over 2,100 sold in over 30 countries
• Over 20 million miles driven
Tesla Model S
• 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 Model X
• Production begins late 2013/Deliveries early 2014*
• 10,000 – 15,000 units per year*
• Based on Model S platform
Tesla Gen III
• Smaller vehicle platform; pricing starting at $30,000*
• Positioned for “mass-premium” market appeal and volume
• Availability TBD
* - Estimated dates, volumes & pricing (net of US tax credit of $7,500 for purchase of alt. fuel vehicles; credit may expire)
Tesla’s
“S” Platform
Tesla’s
“Gen III”
Platform
Modified
Lotus Elise
Platform
© Copyright 2012 Tesla Motors, Inc.
• 5 million ft2 / 200+ acres
• 400,000+ unit historical
capacity
• $42MM purchase price
• Equipment purchased at
attractive prices
Final Assembly
Material Handling
Press Shop
Paint Shop
Plastics
Offices
Body In White
Planned Model S Facilities Future Programs
Fremont Facility – Room for Significant Growth
Tesla Factory
Fremont, CA
© Copyright 2012 Tesla Motors, Inc.
Agile Manufacturing – Latest Technology
Press Center
Body Assembly Center
Model S & Paint Center
Indoor Test Track
Model S on Automated
Guided Vehicle
Plastics Injection Molding
© Copyright 2012 Tesla Motors, Inc.
Existing Planned
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)
© Copyright 2012 Tesla Motors, Inc.
Storefront
Interior
• Technology that
informs customers
• “Product Specialists”
to answer questions
• Display vehicles open
for customers to sit in
• Conveniently located
parking area for test-drives
and Tesla vehicle charging
• Transparent and
inviting
• Affluent, high-traffic
locations
Better Customer Experience
Stores designed to:
Engage
Excite
Inform
Test Drive Cars
© Copyright 2012 Tesla Motors, Inc.
• Past Success …
Enables our Future• Deliver an Exceptional
Model S by July
• Demonstrate
Economic Potential
• Tesla: Built to Win
Summary
Foundation for
Success
Focused Value
Creation
Lead the
Way Forward