Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 19, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | TSLA | |
Security 12b Title | Common stock | |
Security Exchange Name | NASDAQ | |
Entity Registrant Name | Tesla, Inc. | |
Entity Central Index Key | 0001318605 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,044,490,015 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-34756 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 91-2197729 | |
Entity Address, Address Line One | 1 Tesla Road | |
Entity Address, City or Town | Austin | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 78725 | |
City Area Code | 512 | |
Local Phone Number | 516-8177 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 18,324 | $ 17,576 |
Short-term marketable securities | 591 | 131 |
Accounts receivable, net | 2,081 | 1,913 |
Inventory | 8,108 | 5,757 |
Prepaid expenses and other current assets | 2,118 | 1,723 |
Total current assets | 31,222 | 27,100 |
Property, plant and equipment, net | 21,093 | 18,884 |
Operating lease right-of-use assets | 2,185 | 2,016 |
Digital assets, net | 218 | 1,260 |
Intangible assets, net | 241 | 257 |
Goodwill | 196 | 200 |
Other non-current assets | 2,952 | 2,138 |
Total assets | 68,513 | 62,131 |
Current liabilities | ||
Accounts payable | 11,212 | 10,025 |
Accrued liabilities and other | 6,037 | 5,719 |
Deferred revenue | 1,858 | 1,447 |
Customer deposits | 1,182 | 925 |
Current portion of debt and finance leases | 1,532 | 1,589 |
Total current liabilities | 21,821 | 19,705 |
Debt and finance leases, net of current portion | 2,898 | 5,245 |
Deferred revenue, net of current portion | 2,210 | 2,052 |
Other long-term liabilities | 3,926 | 3,546 |
Total liabilities | 30,855 | 30,548 |
Commitments and contingencies (Note 12) | ||
Redeemable noncontrolling interests in subsidiaries | 421 | 568 |
Stockholders' equity | ||
Preferred stock; $0.001 par value; 100 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock; $0.001 par value; 2,000 shares authorized; [open] and 1,033 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively | 1 | 1 |
Additional paid-in capital | 30,944 | 29,803 |
Accumulated other comprehensive (loss) income | (477) | 54 |
Retained earnings | 5,908 | 331 |
Total stockholders' equity | 36,376 | 30,189 |
Noncontrolling interests in subsidiaries | 861 | 826 |
Total liabilities and equity | 68,513 | 62,131 |
Operating Lease Vehicles [Member] | ||
Current assets | ||
Operating lease vehicles, net | 4,782 | 4,511 |
Solar Energy Systems [Member] | ||
Current assets | ||
Solar energy systems, net | $ 5,624 | $ 5,765 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock par value | $ 0.001 | $ 0.001 |
Preferred stock shares authorized | 100,000,000 | 100,000,000 |
Preferred stock shares issued | 0 | 0 |
Preferred stock shares outstanding | 0 | 0 |
Common stock par value | $ 0.001 | $ 0.001 |
Common stock shares authorized | 2,000,000,000 | 2,000,000,000 |
Common stock shares issued | 1,041,000,000 | 1,033,000,000 |
Common stock shares outstanding | 1,041,000,000 | 1,033,000,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues | ||||
Total revenues | $ 16,934 | $ 11,958 | $ 35,690 | $ 22,347 |
Cost of revenues | ||||
Total cost of revenues | 12,700 | 9,074 | 25,996 | 17,248 |
Gross profit | 4,234 | 2,884 | 9,694 | 5,099 |
Operating expenses | ||||
Research and development | 667 | 576 | 1,532 | 1,242 |
Selling, general and administrative | 961 | 973 | 1,953 | 2,029 |
Restructuring and other | 142 | 23 | 142 | (78) |
Total operating expenses | 1,770 | 1,572 | 3,627 | 3,193 |
Income from operations | 2,464 | 1,312 | 6,067 | 1,906 |
Interest income | 26 | 11 | 54 | 21 |
Interest expense | (44) | (75) | (105) | (174) |
Other income, net | 28 | 45 | 84 | 73 |
Income (loss) before income taxes | 2,474 | 1,293 | 6,100 | 1,826 |
Provision for income taxes | 205 | 115 | 551 | 184 |
Net income | 2,269 | 1,178 | 5,549 | 1,642 |
Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries | 10 | 36 | (28) | 62 |
Net income attributable to common stockholders | $ 2,259 | $ 1,142 | $ 5,577 | $ 1,580 |
Net income (loss) per share of common stock attributable to common stockholders | ||||
Basic | $ 2.18 | $ 1.18 | $ 5.38 | $ 1.64 |
Diluted | $ 1.95 | $ 1.02 | $ 4.82 | $ 1.41 |
Weighted average shares used in computing net income (loss) per share of common stock | ||||
Basic | 1,037 | 971 | 1,036 | 966 |
Diluted | 1,155 | 1,119 | 1,156 | 1,126 |
Automotive Revenues [Member] | ||||
Revenues | ||||
Automotive sales | $ 13,670 | $ 9,520 | $ 29,184 | $ 17,707 |
Automotive regulatory credits | 344 | 354 | 1,023 | 872 |
Automotive leasing | 588 | 332 | 1,256 | 629 |
Total automotive revenues | 14,602 | 10,206 | 31,463 | 19,208 |
Cost of revenues | ||||
Automotive sales | 10,153 | 7,119 | 21,067 | 13,576 |
Automotive leasing | 368 | 188 | 776 | 348 |
Total automotive cost of revenues | 10,521 | 7,307 | 21,843 | 13,924 |
Energy Generation and Storage [Member] | ||||
Revenues | ||||
Revenues | 866 | 801 | 1,482 | 1,295 |
Cost of revenues | ||||
Cost of revenues | 769 | 781 | 1,457 | 1,376 |
Services And Other [Member] | ||||
Revenues | ||||
Revenues | 1,466 | 951 | 2,745 | 1,844 |
Cost of revenues | ||||
Cost of revenues | $ 1,410 | $ 986 | $ 2,696 | $ 1,948 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 2,269 | $ 1,178 | $ 5,549 | $ 1,642 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | (421) | 63 | (517) | (157) |
Unrealized net loss on marketable securities | (6) | (14) | ||
Comprehensive income | 1,842 | 1,241 | 5,018 | 1,485 |
Less: Comprehensive (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries | 10 | 36 | (28) | 62 |
Comprehensive income attributable to common stockholders | $ 1,832 | $ 1,205 | $ 5,046 | $ 1,423 |
Consolidated Statements of Rede
Consolidated Statements of Redeemable Noncontrolling Interest and Stockholders' Equity (Unaudited) - USD ($) | Total | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Redeemable Noncontrolling Interests [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member] Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Accumulated Deficit [Member] | Accumulated Deficit [Member] Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Total Stockholder's Equity [Member] | Total Stockholder's Equity [Member] Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Noncontrolling Interests in Subsidiaries [Member] |
Redeemable Noncontrolling Interests, Balance at Dec. 31, 2020 | $ 604,000,000 | |||||||||||
Balance at Dec. 31, 2020 | $ 23,075,000,000 | $ (263,000,000) | $ 1,000,000 | $ 27,260,000,000 | $ (474,000,000) | $ 363,000,000 | $ (5,399,000,000) | $ 211,000,000 | $ 22,225,000,000 | $ (263,000,000) | $ 850,000,000 | |
Balance, shares at Dec. 31, 2020 | 960,000,000 | |||||||||||
Exercises of conversion feature of convertible senior notes | 5,000,000 | $ 0 | 5,000,000 | 5,000,000 | ||||||||
Exercises of conversion feature of convertible senior notes, Shares | 1,000,000 | |||||||||||
Issuance of common stock for equity incentive awards | 252,000,000 | $ 0 | 252,000,000 | 252,000,000 | ||||||||
Issuance of common stock for equity incentive awards, Shares | 6,000,000 | |||||||||||
Warrants Settlement | 0 | $ 0 | 0 | |||||||||
Warrants Settlement Shares | 17,000,000 | |||||||||||
Stock-based compensation | 1,162,000,000 | 1,162,000,000 | 1,162,000,000 | |||||||||
Contributions from noncontrolling interests | 2,000,000 | |||||||||||
Distributions to noncontrolling interests | (46,000,000) | (26,000,000) | (46,000,000) | |||||||||
Net (loss) income | 1,617,000,000 | 25,000,000 | 1,580,000,000 | 1,580,000,000 | 37,000,000 | |||||||
Other comprehensive loss | (157,000,000) | (157,000,000) | 157,000,000 | |||||||||
Redeemable Noncontrolling Interests, Balance at Jun. 30, 2021 | 605,000,000 | |||||||||||
Balance at Jun. 30, 2021 | 25,645,000,000 | $ 1,000,000 | 28,205,000,000 | 206,000,000 | (3,608,000,000) | 24,804,000,000 | 841,000,000 | |||||
Balance, shares at Jun. 30, 2021 | 984,000,000 | |||||||||||
Redeemable Noncontrolling Interests, Balance at Mar. 31, 2021 | 601,000,000 | |||||||||||
Balance at Mar. 31, 2021 | 23,864,000,000 | $ 1,000,000 | 27,623,000,000 | 143,000,000 | (4,750,000,000) | 23,017,000,000 | 847,000,000 | |||||
Balance, shares at Mar. 31, 2021 | 963,000,000 | |||||||||||
Exercises of conversion feature of convertible senior notes | (6,000,000) | $ 0 | (6,000,000) | (6,000,000) | ||||||||
Exercises of conversion feature of convertible senior notes, Shares | 1,000,000 | |||||||||||
Issuance of common stock for equity incentive awards | 69,000,000 | $ 0 | 69,000,000 | 69,000,000 | ||||||||
Issuance of common stock for equity incentive awards, Shares | 3,000,000 | |||||||||||
Warrants Settlement | 0 | $ 0 | 0 | |||||||||
Warrants Settlement Shares | 17,000,000 | |||||||||||
Stock-based compensation | 519,000,000 | 519,000,000 | 519,000,000 | |||||||||
Contributions from noncontrolling interests | 2,000,000 | |||||||||||
Distributions to noncontrolling interests | (26,000,000) | 14,000,000 | 26,000,000 | |||||||||
Net (loss) income | 1,162,000,000 | 16,000,000 | 1,142,000,000 | 1,142,000,000 | 20,000,000 | |||||||
Other comprehensive loss | 63,000,000 | 63,000,000 | 63,000,000 | |||||||||
Redeemable Noncontrolling Interests, Balance at Jun. 30, 2021 | 605,000,000 | |||||||||||
Balance at Jun. 30, 2021 | 25,645,000,000 | $ 1,000,000 | 28,205,000,000 | 206,000,000 | (3,608,000,000) | 24,804,000,000 | 841,000,000 | |||||
Balance, shares at Jun. 30, 2021 | 984,000,000 | |||||||||||
Redeemable Noncontrolling Interests, Balance at Dec. 31, 2021 | 568,000,000 | 568,000,000 | ||||||||||
Balance at Dec. 31, 2021 | 31,015,000,000 | $ 1,000,000 | 29,803,000,000 | 54,000,000 | 331,000,000 | 30,189,000,000 | 826,000,000 | |||||
Balance, shares at Dec. 31, 2021 | 1,033,000,000 | |||||||||||
Exercises of conversion feature of convertible senior notes | $ 0 | 0 | ||||||||||
Exercises of conversion feature of convertible senior notes, Shares | 0 | |||||||||||
Issuance of common stock for equity incentive awards | 245,000,000 | $ 0 | 245,000,000 | 245,000,000 | ||||||||
Issuance of common stock for equity incentive awards, Shares | 5,000,000 | |||||||||||
Warrants Settlement | $ 0 | 0 | ||||||||||
Warrants Settlement Shares | 3,000,000 | |||||||||||
Stock-based compensation | 904,000,000 | 904,000,000 | ||||||||||
Distributions to noncontrolling interests | (48,000,000) | 25,000,000 | 48,000,000 | |||||||||
Buy-outs of noncontrolling interests | (8,000,000) | (11,000,000) | (8,000,000) | (8,000,000) | ||||||||
Net (loss) income | 5,660,000,000 | (111,000,000) | 5,577,000,000 | 5,577,000,000 | 83,000,000 | |||||||
Other comprehensive loss | (531,000,000) | (531,000,000) | (531,000,000) | |||||||||
Redeemable Noncontrolling Interests, Balance at Jun. 30, 2022 | 421,000,000 | 421,000,000 | ||||||||||
Balance at Jun. 30, 2022 | 37,237,000,000 | $ 1,000,000 | 30,944,000,000 | (477,000,000) | 5,908,000,000 | 36,376,000,000 | 861,000,000 | |||||
Balance, shares at Jun. 30, 2022 | 1,041,000,000 | |||||||||||
Redeemable Noncontrolling Interests, Balance at Mar. 31, 2022 | 459,000,000 | |||||||||||
Balance at Mar. 31, 2022 | 34,947,000,000 | $ 1,000,000 | 30,485,000,000 | (50,000,000) | 3,649,000,000 | 34,085,000,000 | 862,000,000 | |||||
Balance, shares at Mar. 31, 2022 | 1,036,000,000 | |||||||||||
Exercises of conversion feature of convertible senior notes | $ 0 | 0 | ||||||||||
Exercises of conversion feature of convertible senior notes, Shares | 0 | |||||||||||
Issuance of common stock for equity incentive awards | 43,000,000 | $ 0 | 43,000,000 | 43,000,000 | ||||||||
Issuance of common stock for equity incentive awards, Shares | 2,000,000 | |||||||||||
Warrants Settlement | 0 | $ 0 | 0 | 0 | ||||||||
Warrants Settlement Shares | 3,000,000 | |||||||||||
Stock-based compensation | 419,000,000 | 419,000,000 | 419,000,000 | |||||||||
Distributions to noncontrolling interests | (26,000,000) | 13,000,000 | 26,000,000 | |||||||||
Buy-outs of noncontrolling interests | (3,000,000) | (10,000,000) | (3,000,000) | (3,000,000) | ||||||||
Net (loss) income | 2,284,000,000 | (15,000,000) | 2,259,000,000 | 2,259,000,000 | 25,000,000 | |||||||
Other comprehensive loss | (427,000,000) | (427,000,000) | (427,000,000) | |||||||||
Redeemable Noncontrolling Interests, Balance at Jun. 30, 2022 | 421,000,000 | $ 421,000,000 | ||||||||||
Balance at Jun. 30, 2022 | $ 37,237,000,000 | $ 1,000,000 | $ 30,944,000,000 | $ (477,000,000) | $ 5,908,000,000 | $ 36,376,000,000 | $ 861,000,000 | |||||
Balance, shares at Jun. 30, 2022 | 1,041,000,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash Flows from Operating Activities | ||
Net income | $ 5,549 | $ 1,642 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and impairment | 1,802 | 1,302 |
Stock-based compensation | 779 | 1,088 |
Inventory and purchase commitments write-downs | 58 | 88 |
Foreign currency transaction net unrealized gain | (52) | (1) |
Non-cash interest and other operating activities | 52 | 60 |
Digital assets gain, net | 106 | (78) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (233) | (283) |
Inventory | (2,192) | (687) |
Operating lease vehicles | (795) | (916) |
Prepaid expenses and other current assets | (533) | (131) |
Other non-current assets | (1,042) | (289) |
Accounts payable and accrued liabilities | 1,406 | 1,592 |
Deferred revenue | 648 | 279 |
Customer deposits | 292 | 52 |
Other long-term liabilities | 501 | 47 |
Net cash provided by operating activities | 6,346 | 3,765 |
Cash Flows from Investing Activities | ||
Purchases of property and equipment excluding finance leases, net of sales | (3,497) | (2,853) |
Purchases of solar energy systems, net of sales | (5) | (22) |
Purchases of digital assets | (1,500) | |
Proceeds from sales of digital assets | 936 | 272 |
Purchase of intangible assets | (9) | 0 |
Purchases of marketable securities | (476) | 0 |
Receipt of government grants | 0 | 6 |
Net cash used in investing activities | (3,051) | (4,097) |
Cash Flows from Financing Activities | ||
Proceeds from issuances of convertible and other debt | 0 | 4,862 |
Repayments of convertible and other debt | (2,219) | (7,408) |
Collateralized lease repayments | 0 | (8) |
Proceeds from exercises of stock options and other stock issuances | 245 | 253 |
Principal payments on finance leases | (251) | (196) |
Debt issuance costs | 0 | (5) |
Proceeds from investments by noncontrolling interests in subsidiaries | 0 | 2 |
Distributions paid to noncontrolling interests in subsidiaries | (76) | (65) |
Payments for buy-outs of noncontrolling interests in subsidiaries | (19) | 0 |
Net cash used in financing activities | (2,320) | (2,565) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (232) | (179) |
Net decrease in cash and cash equivalents and restricted cash | 743 | (3,076) |
Cash and cash equivalents and restricted cash, beginning of period | 18,144 | 19,901 |
Cash and cash equivalents and restricted cash, end of period | 18,887 | 16,825 |
Supplemental Non-Cash Investing and Financing Activities | ||
Acquisitions of property and equipment included in liabilities | 1,636 | 1,768 |
Leased assets obtained in exchange for finance lease liabilities | 36 | 177 |
Leased assets obtained in exchange for operating lease liabilities | $ 445 | $ 341 |
Overview
Overview | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Overview | Note 1 – Overview Tesla, Inc. (“Tesla”, the “Company”, “we”, “us” or “our”) was incorporated in the State of Delaware on July 1, 2003. We design, develop, manufacture and sell high-performance fully electric vehicles and design, manufacture, install and sell solar energy generation and energy storage products. Our Chief Executive Officer, as the chief operating decision maker (“CODM”), organizes our company, manages resource allocations and measures performance among two operating and reportable segments: (i) automotive and (ii) energy generation and storage. There continues to be widespread impact from the COVID-19 pandemic. Beginning in the first quarter of 2021, there has been a trend in many parts of the world of increasing availability and administration of vaccines against COVID-19, as well as an easing of restrictions on social, business, travel and government activities and functions. On the other hand, infection rates and regulations continue to fluctuate in various regions and there are ongoing global impacts resulting from the pandemic, including challenges and increases in costs for logistics and supply chains, such as increased port congestion, intermittent supplier delays and a shortfall of semiconductor supply. We have been affected by temporary manufacturing closures, employment and compensation adjustments and impediments to administrative activities supporting our product deliveries and deployments. In addition, we have experienced and are experiencing varying levels of inflation resulting in part from various supply chain disruptions, increased shipping and transportation costs, increased raw material and labor costs and other disruptions caused by the COVID‐19 pandemic and general global economic conditions. The inflationary impact on our cost structure has contributed to adjustments in our product pricing, despite a continued focus on reducing our manufacturing costs where possible. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies Unaudited Interim Financial Statements The consolidated balance sheet as of June 30, 2022, the consolidated statements of operations, the consolidated statements of comprehensive income, the consolidated statements of redeemable noncontrolling interests and equity for the three and six months ended June 30, 2022 and 2021 and the consolidated statements of cash flows for the six months ended June 30, 2022 and 2021, as well as other information disclosed in the accompanying notes, are unaudited. The consolidated balance sheet as of December 31, 2021 was derived from the audited consolidated financial statements as of that date. The interim consolidated financial statements and the accompanying notes should be read in conjunction with the annual consolidated financial statements and the accompanying notes contained in our Annual Report on Form 10-K for the year ended December 31, 2021. The interim consolidated financial statements and the accompanying notes have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of the results of operations for the periods presented. The consolidated results of operations for any interim period are not necessarily indicative of the results to be expected for the full year or for any other future years or interim periods. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, costs and expenses and related disclosures in the accompanying notes. Due to the COVID-19 pandemic, there has been uncertainty and disruption in the global economy and financial markets which could impact our estimates and assumptions. The estimates used for, but not limited to, determining significant economic incentive for resale value guarantee arrangements, sales return reserves, the collectability of accounts receivable, inventory valuation, warranties, fair value of long-lived assets, goodwill, fair value of financial instruments, fair value and residual value of operating lease vehicles and solar energy systems subject to leases could be impacted. We have assessed the impact and are not aware of any specific events or circumstances that required an update to our estimates and assumptions or materially affected the carrying value of our assets or liabilities as of the date of issuance of this Quarterly Report on Form 10-Q. These estimates may change as new events occur and additional information is obtained. Actual results could differ materially from these estimates under different assumptions or conditions. Reclassifications Certain prior period balances have been reclassified to conform to the current period presentation in the consolidated financial statements and the accompanying notes. Revenue Recognition Revenue by source The following table disaggregates our revenue by major source (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Automotive sales without resale value guarantee $ 13,518 $ 9,332 $ 28,843 $ 17,345 Automotive sales with resale value guarantee 152 188 341 362 Automotive regulatory credits 344 354 1,023 872 Energy generation and storage sales 717 653 1,220 1,036 Services and other 1,466 951 2,745 1,844 Total revenues from sales and services 16,197 11,478 34,172 21,459 Automotive leasing 588 332 1,256 629 Energy generation and storage leasing 149 148 262 259 Total revenues $ 16,934 $ 11,958 $ 35,690 $ 22,347 Automotive Segment Automotive Sales Revenue Automotive Sales with and without Resale Value Guarantee We recognize revenue when control transfers upon delivery to customers in accordance with ASC 606, Revenue from Contracts with Customers , as a sale with a right of return when we do not believe the customer has a significant economic incentive to exercise the resale value guarantee provided to them at contract inception. The total sales return reserve on vehicles sold with resale value guarantees was $ 130 million and $ 223 million as of June 30, 2022 and December 31, 2021, respectively, of which $ 56 million and $ 91 million was short-term, respectively. Deferred revenue is related to the access to our Full Self Driving (“FSD”) features, internet connectivity, Supercharger network and over-the-air software updates on automotive sales with and without resale value guarantee, which amounted to $ 2.66 billion and $ 2.38 billion as of June 30, 2022 and December 31, 2021, respectively. Deferred revenue is equivalent to the total transaction price allocated to the performance obligations that are unsatisfied, or partially unsatisfied, as of the balance sheet date. Revenue recognized from the deferred revenue balance as of December 31, 2021 and 2020 was $ 121 million and $ 157 million for the six months ended June 30, 2022 and 2021, respectively. Of the total deferred revenue on automotive sales with and without resale value guarantees as of June 30, 2022, we expect to recognize $ 1.02 billion of revenue in the next 12 months. The remaining balance will be recognized at the time of transfer of control of the product or over the performance period, which is generally the expected ownership life of the vehicle. We have been providing loans for financing our automotive deliveries during the six months ended June 30, 2022. We have recorded net financing receivables of $ 320 million which are presented on the consolidated balance sheets as a component of Accounts receivable, net, for the current portion and as Other non-current assets for the long-term portion, as of June 30, 2022. Automotive Regulatory Credits We earn tradable credits in the operation of our automotive business under various regulations related to zero-emission vehicles, greenhouse gas, fuel economy and clean fuel. We sell these credits to other regulated entities who can use the credits to comply with emission standards and other regulatory requirements. Payments for automotive regulatory credits are typically received at the point control transfers to the customer, or in accordance with payment terms customary to the business. We recognize revenue on the sale of automotive regulatory credits, which have negligible incremental costs associated with them, at the time control of the regulatory credits is transferred to the purchasing party. Deferred revenue related to sales of automotive regulatory credits was immaterial as of June 30, 2022 and December 31, 2021. Revenue recognized from the deferred revenue balance as of December 31, 2021 and 2020 was immaterial for the six months ended June 30, 2022 and 2021. During the six months ended June 30, 2022 , we had also recognized $ 288 million in revenue due to changes in regulation which entitled us to additional consideration for credits sold previously. Automotive Leasing Revenue Direct Sales-Type Leasing Program For the three and six months ended June 30, 2022, we recognized $ 133 million and $ 398 million, respectively, of sales-type leasing revenue and $ 82 million and $ 246 million, respectively, of sales-type leasing cost of revenue. For the three and six months ended June 30, 2021 , we recognized $ 55 million and $ 97 million, respectively, of sales-typing leasing revenue and $ 36 million and $ 62 million, respectively, of sales-type leasing cost of revenue. Net investment in sales-type leases, which is the sum of the present value of the future contractual lease payments, is presented on the consolidated balance sheets as a component of Prepaid expenses and other current assets for the current portion and as Other non-current assets for the long-term portion. Lease receivables relating to sales-type leases are presented on the consolidated balance sheets as follows (in millions): June 30, 2022 December 31, 2021 Gross lease receivables $ 682 $ 427 Unearned interest income ( 79 ) ( 50 ) Allowance for expected credit losses ( 3 ) ( 1 ) Net investment in sales-type leases $ 600 $ 376 Reported as: Prepaid expenses and other current assets $ 129 $ 73 Other non-current assets 471 303 Net investment in sales-type leases $ 600 $ 376 Energy Generation and Storage Segment Energy Generation and Storage Sales We record as deferred revenue any non-refundable amounts that are collected from customers related to fees charged for prepayments and remote monitoring service and operations and maintenance service, which is recognized as revenue ratably over the respective customer contract term. As of June 30, 2022 and December 31, 2021, deferred revenue related to such customer payments amounted to $ 678 million and $ 399 million, respectively. Revenue recognized from the deferred revenue balance as of December 31, 2021 and 2020 was $ 79 million and $ 66 million for the six months ended June 30, 2022 and 2021, respectively. As of June 30, 2022, total transaction price allocated to performance obligations that were unsatisfied or partially unsatisfied for contracts with an original expected length of more than one year was $ 211 million. Of this amount, we expect to recognize $ 12 million in the next 12 months and the remaining over a period up to 26 years. We have been providing loans for financing our energy generation products during the six months ended June 30, 2022. We have recorded net financing receivables of $ 238 million which are presented on the consolidated balance sheets as a component of Accounts receivable, net, for the current portion and as Other non-current assets for the long-term portion, as of June 30, 2022. Income Taxes There are transactions that occur during the ordinary course of business for which the ultimate tax determination is uncertain. As of June 30, 2022 and December 31, 2021 , the aggregate balances of our gross unrecognized tax benefits were $ 601 million and $ 531 million, respectively, of which $ 482 million and $ 473 million, respectively, would not give rise to changes in our effective tax rate since these tax benefits would increase a deferred tax asset that is currently fully offset by a valuation allowance. The local government of Shanghai granted a beneficial corporate income tax rate of 15 % to certain eligible enterprises, compared to the 25 % statutory corporate income tax rate in China. Our Gigafactory Shanghai subsidiary was granted this beneficial income tax rate of 15 % for 2019 through 2023. We file income tax returns in the U.S. and various state and foreign jurisdictions. We are currently under examination by the IRS for the years 2015 to 2018 . Additional tax years within the periods 2004 to 2014 and 2019 to 2021 remain subject to examination for federal income tax purposes. All net operating losses and tax credits generated to date are subject to adjustment for U.S. federal and state income tax purposes. Our returns for 2004 and subsequent tax years remain subject to examination in U.S. state and foreign jurisdictions. Given the uncertainty in timing and outcome of our tax examinations, an estimate of the range of the reasonably possible change in gross unrecognized tax benefits within twelve months cannot be made at this time. Net Income per Share of Common Stock Attributable to Common Stockholders Basic net income per share of common stock attributable to common stockholders is calculated by dividing net income attributable to common stockholders by the weighted-average shares of common stock outstanding for the period. Potentially dilutive shares, which are based on the weighted-average shares of common stock underlying outstanding stock-based awards, warrants and convertible senior notes using the treasury stock method or the if-converted method, as applicable, are included when calculating diluted net income per share of common stock attributable to common stockholders when their effect is dilutive. Furthermore, in connection with the offerings of our convertible senior notes, we entered into convertible note hedges and warrants (see Note 10, Debt ). However, our convertible note hedges are not included when calculating potentially dilutive shares since their effect is always anti-dilutive. The strike price on the warrants were below our average share price during the period and were included in the tables below. Warrants are included in the weighted-average shares used in computing basic net income per share of common stock in the period(s) they are settled. The following table presents the reconciliation of net income attributable to common stockholders to net income used in computing basic and diluted net income per share of common stock (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net income attributable to common stockholders $ 2,259 $ 1,142 $ 5,577 $ 1,580 Less: Buy-out of noncontrolling interest 3 — 8 — Net income used in computing basic net income per share of common stock 2,256 1,142 5,569 1,580 Less: Dilutive convertible debt 0 ( 2 ) 1 ( 6 ) Net income used in computing diluted net income per share of common stock $ 2,256 $ 1,144 $ 5,568 $ 1,586 The following table presents the reconciliation of basic to diluted weighted average shares used in computing net income per share of common stock attributable to common stockholders (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Weighted average shares used in computing net income per share of common stock, basic 1,037 971 1,036 966 Add: Stock-based awards 101 93 103 95 Convertible senior notes 1 10 1 16 Warrants 16 45 16 49 Weighted average shares used in computing net income per share of common stock, diluted 1,155 1,119 1,156 1,126 The following table presents the potentially dilutive shares that were excluded from the computation of diluted net income per share of common stock attributable to common stockholders, because their effect was anti-dilutive (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Stock-based awards 1 1 1 0 Convertible senior notes — 0 — 1 Restricted Cash We maintain certain cash balances restricted as to withdrawal or use. Our restricted cash is comprised primarily of cash held to service certain payments under various secured debt facilities. In addition, restricted cash includes cash held as collateral for certain permits as well as sales to lease partners with a resale value guarantee, letters of credit, real estate leases, insurance policies and certain operating leases. We record restricted cash as other assets in the consolidated balance sheets and determine current or non-current classification based on the expected duration of the restriction. Our total cash and cash equivalents and restricted cash, as presented in the consolidated statements of cash flows, was as follows (in millions): June 30, December 31, June 30, December 31, 2022 2021 2021 2020 Cash and cash equivalents $ 18,324 $ 17,576 $ 16,229 $ 19,384 Restricted cash included in prepaid expenses and other 294 345 326 238 Restricted cash included in other non-current assets 269 223 270 279 Total as presented in the consolidated statements of cash flows $ 18,887 $ 18,144 $ 16,825 $ 19,901 Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable primarily include amounts related to receivables from financial institutions and leasing companies offering various financing products to our customers, sales of energy generation and storage products, sales of regulatory credits to other automotive manufacturers, government rebates already passed through to customers and maintenance services on vehicles owned by leasing companies. We provide an allowance against accounts receivable for the amount we expect to be uncollectible. We write-off accounts receivable against the allowance when they are deemed uncollectible. Depending on the day of the week on which the end of a fiscal quarter falls, our accounts receivable balance may fluctuate as we are waiting for certain customer payments to clear through our banking institutions and receipts of payments from our financing partners, which can take up to approximately two weeks based on the contractual payment terms with such partners. Our accounts receivable balances associated with our sales of regulatory credits, which are typically transferred to other manufacturers during the last few days of the quarter, is dependent on contractual payment terms. Additionally, government rebates can take up to a year or more to be collected depending on the customary processing timelines of the specific jurisdictions issuing them. These various factors may have a significant impact on our accounts receivable balance from period to period. As of June 30, 2022 and December 31, 2021 , we had $ 759 million and $ 627 million, respectively, of long-term government rebates receivable in Other non-current assets on our consolidated balance sheets. MyPower Customer Notes Receivable As of June 30, 2022 and December 31, 2021 , the total outstanding balance of MyPower customer notes receivable, net of allowance for expected credit losses, was $ 287 million and $ 299 million, respectively, of which $ 8 million and $ 11 million were due in the next 12 months as of June 30, 2022 and December 31, 2021, respectively. As of June 30, 2022 and December 31, 2021 , the allowance for expected credit losses was $ 41 million. Concentration of Risk Credit Risk Financial instruments that potentially subject us to a concentration of credit risk consist of cash, cash equivalents, marketable securities, restricted cash, accounts receivable and other finance receivables. Our cash balances are primarily on deposit at high credit quality financial institutions or invested in money market funds. These deposits are typically in excess of insured limits. As of June 30, 2022 and December 31, 2021 , no entity represented 10 % or more of our total receivables balance. Supply Risk We are dependent on our suppliers, including single source suppliers, and the inability of these suppliers to deliver necessary components of our products in a timely manner at prices, quality levels and volumes acceptable to us, or our inability to efficiently manage these components from these suppliers, could have a material adverse effect on our business, prospects, financial condition and operating results. Operating Lease Vehicles The gross cost of operating lease vehicles as of June 30, 2022 and December 31, 2021 was $ 5.73 billion and $ 5.28 billion, respectively. Operating lease vehicles on the consolidated balance sheets are presented net of accumulated depreciation of $ 955 million and $ 773 million as of June 30, 2022 and December 31, 2021 , respectively. Warranties We provide a manufacturer’s warranty on all new and used vehicles and a warranty on the installation and components of the energy generation and storage systems we sell for periods typically between 10 to 25 years . We accrue a warranty reserve for the products sold by us, which includes our best estimate of the projected costs to repair or replace items under warranties and recalls if identified. These estimates are based on actual claims incurred to date and an estimate of the nature, frequency and costs of future claims. These estimates are inherently uncertain given our relatively short history of sales, and changes to our historical or projected warranty experience may cause material changes to the warranty reserve in the future. The warranty reserve does not include projected warranty costs associated with our vehicles subject to operating lease accounting and our solar energy systems under lease contracts or Power Purchase Agreements (“PPAs”), as the costs to repair these warranty claims are expensed as incurred. The portion of the warranty reserve expected to be incurred within the next 12 months is included within Accrued liabilities and other, while the remaining balance is included within Other long-term liabilities on the consolidated balance sheets. Warranty expense is recorded as a component of Cost of revenues in the consolidated statements of operations. Due to the magnitude of our automotive business, accrued warranty balance is primarily related to our automotive segment. Accrued warranty activity consisted of the following (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Accrued warranty—beginning of period $ 2,287 $ 1,534 $ 2,101 $ 1,468 Warranty costs incurred ( 187 ) ( 125 ) ( 338 ) ( 241 ) Net changes in liability for pre-existing warranties, 14 7 17 6 Provision for warranty 319 275 653 458 Accrued warranty—end of period $ 2,433 $ 1,691 $ 2,433 $ 1,691 Recent Accounting Pronouncements Recently issued accounting pronouncements not yet adopted In October 2021, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (Topic 805). This ASU requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities (deferred revenue) from acquired contracts using the revenue recognition guidance in Topic 606. At the acquisition date, the acquirer applies the revenue model as if it had originated the acquired contracts. The ASU is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years. Adoption of the ASU should be applied prospectively. Early adoption is also permitted, including adoption in an interim period. If early adopted, the amendments are applied retrospectively to all business combinations for which the acquisition date occurred during the fiscal year of adoption. This ASU is currently not expected to have a material impact on our consolidated financial statements. In March 2022, the FASB issued ASU 2022-02, Troubled Debt Restructurings and Vintage Disclosures. This ASU eliminates the accounting guidance for troubled debt restructurings by creditors that have adopted ASU 2016-13, Measurement of Credit Losses on Financial Instruments, which we adopted on January 1, 2020. This ASU also enhances the disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty. In addition, the ASU amends the guidance on vintage disclosures to require entities to disclose current period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of ASC 326-20. The ASU is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years. Adoption of the ASU would be applied prospectively. Early adoption is also permitted, including adoption in an interim period. This ASU is currently not expected to have a material impact on our consolidated financial statements. Recently adopted accounting pronouncements In November 2021, the FASB issued ASU No. 2021-10, Government Assistance (Topic 832). This ASU requires business entities to disclose information about government assistance they receive if the transactions were accounted for by analogy to either a grant or a contribution accounting model. The disclosure requirements include the nature of the transaction and the related accounting policy used, the line items on the balance sheets and statements of operations that are affected and the amounts applicable to each financial statement line item and the significant terms and conditions of the transactions. The ASU is effective for annual periods beginning after December 15, 2021. The disclosure requirements can be applied either retrospectively or prospectively to all transactions in the scope of the amendments that are reflected in the financial statements at the date of initial application and new transactions that are entered into after the date of initial application. We adopted the ASU prospectively on January 1, 2022. The additional annual disclosures required are not expected to have a material impact on our consolidated financial statements. |
Digital Assets, Net
Digital Assets, Net | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Digital Assets, Net | Note 3 – Digital Assets, Net During the six months ended June 30, 2022 and 2021 , we purchased and/or received an immaterial amount and $ 1.50 billion, respectively, of digital assets. As of June 30, 2022, we have converted approximately 75 % of our purchases into fiat currency. During the three and six months ended June 30, 2022 , we recorded impairment loss of $ 170 million as well as realized gains of $ 64 million in connection with converting our holdings of digital assets into fiat currency. During the six months ended June 30, 2021, we realized gains of $ 128 million in connection with converting our holdings of digital assets into fiat currency. During the three and six months ended June 30, 2021 , we recorded $ 23 million and $ 50 million, respectively, of impairment losses on such digital assets. The gains are presented net of impairment losses in Restructuring and other in the consolidated statements of operations. As of June 30, 2022 and December 31, 2021 , the carrying value of our digital assets held was $ 218 million and $ 1.26 billion, which reflects cumulative impairments of $ 169 million and $ 101 million, each period, respectively. The fair market value of such digital assets held as of June 30, 2022 was $ 222 million. |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2022 | |
Intangible assets disclosure [Abstract] | |
Intangible Assets | Note 4 – Intangible Assets Information regarding our intangible assets including assets recognized from our acquisitions was as follows (in millions): June 30, 2022 December 31, 2021 Gross Carrying Accumulated Other Net Carrying Gross Carrying Accumulated Other Net Carrying Finite-lived intangible assets: Developed technology $ 299 $ ( 168 ) $ 2 $ 133 $ 299 $ ( 150 ) $ 3 $ 152 Trade names 2 ( 2 ) — — 2 ( 1 ) — 1 Favorable contracts and leases, net 113 ( 44 ) — 69 113 ( 40 ) — 73 Other 36 ( 22 ) 1 15 36 ( 21 ) 1 16 Total finite-lived intangible assets 450 ( 236 ) 3 217 450 ( 212 ) 4 242 Indefinite-lived intangible assets: Gigafactory Nevada water rights 15 — — 15 15 — — 15 Other 9 — — 9 — — — — Total infinite-lived intangible assets 24 — — 24 15 — — 15 Total intangible assets $ 474 $ ( 236 ) $ 3 $ 241 $ 465 $ ( 212 ) $ 4 $ 257 Total future amortization expense for finite-lived intangible assets was estimated as follows (in millions): Six months ending December 31, 2022 $ 25 2023 43 2024 28 2025 28 2026 27 Thereafter 66 Total $ 217 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 5 – Fair Value of Financial Instruments ASC 820 , Fair Value Measurements , states that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. The three-tiered fair value hierarchy, which prioritizes which inputs should be used in measuring fair value, is comprised of: (Level I) observable inputs such as quoted prices in active markets; (Level II) inputs other than quoted prices in active markets that are observable either directly or indirectly and (Level III) unobservable inputs for which there is little or no market data. The fair value hierarchy requires the use of observable market data when available in determining fair value. Our assets and liabilities that were measured at fair value on a recurring basis were as follows (in millions): June 30, 2022 December 31, 2021 Fair Value Level I Level II Level III Fair Value Level I Level II Level III Money market funds $ 8,032 $ 8,032 $ — $ — $ 9,548 $ 9,548 $ — $ — U.S. government securities 211 — 211 — — — — — Corporate debt securities 580 — 580 — 131 — 131 — Interest rate swap liabilities — — — — 31 — 31 — Total $ 8,823 $ 8,032 $ 791 $ — $ 9,710 $ 9,548 $ 162 $ — All of our money market funds were classified within Level I of the fair value hierarchy because they were valued using quoted prices in active markets. Our U.S. government securities and marketable securities are classified within Level II of the fair value hierarchy and the market approach was used to determine fair value of these investments. Our interest rate swaps were classified within Level II of the fair value hierarchy because they were valued using alternative pricing sources or models that utilized market observable inputs, including current and forward interest rates. Our cash, cash equivalents and marketable securities classified by security type as of June 30, 2022 and December 31, 2021 consisted of the following (in millions): June 30, 2022 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and Cash Equivalents Short-Term Marketable Securities Cash $ 10,092 $ — $ — $ 10,092 $ 10,092 $ — Money market funds 8,032 — — 8,032 8,032 — U.S. government securities 212 — ( 1 ) 211 200 11 Corporate debt securities 594 1 ( 15 ) 580 — 580 Total cash, cash equivalents and short-term marketable securities $ 18,930 $ 1 $ ( 16 ) $ 18,915 $ 18,324 $ 591 December 31, 2021 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and Cash Equivalents Short-Term Marketable Securities Cash $ 8,028 $ — $ — $ 8,028 $ 8,028 $ — Money market funds 9,548 — — 9,548 9,548 — Corporate debt securities 132 — ( 1 ) 131 — 131 Total cash, cash equivalents and short-term marketable securities $ 17,708 $ — $ ( 1 ) $ 17,707 $ 17,576 $ 131 We record gross realized gains, losses and credit losses as a component of Other income, net in the consolidated statements of operations. For the three and six months ended June 30, 2022, we did not recognize any material gross realized gains, losses or credit losses. The ending allowance balances for credit losses were immaterial as of June 30, 2022 and December 31, 2021. We have determined that the gross unrealized losses on our marketable securities as of June 30, 2022 and December 31, 2021 were temporary in nature. The following table summarizes the fair value of our marketable securities by stated contractual maturities as of June 30, 2022 (in millions): Due in 1 year or less $ 59 Due in 1 year through 5 years 428 Due in 5 years through 10 years 104 Total $ 591 Interest Rate Swaps We had previously entered into fixed-for-floating interest rate swap agreements to swap variable interest payments on certain debt for fixed interest payments, as required by certain of our lenders. We did not designate our interest rate swaps as hedging instruments. Accordingly, our interest rate swaps were recorded at fair value on the consolidated balance sheets within Other non-current assets or Other long-term liabilities, with any changes in their fair values recognized as Other income, net, in the consolidated statements of operations and with any cash flows recognized as operating activities in the consolidated statements of cash flows. Our interest rate swaps outstanding were as follows (in millions): June 30, 2022 December 31, 2021 Aggregate Notional Gross Asset at Gross Liability at Aggregate Notional Gross Asset at Gross Liability at Interest rate swaps $ — $ — $ — $ 312 $ — $ 31 Our interest rate swaps activity was as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Gross losses $ — $ 9 $ — $ 9 Gross gains $ — $ — $ 10 $ 20 Disclosure of Fair Values Our financial instruments that are not re-measured at fair value include accounts receivable, MyPower customer notes receivable, accounts payable, accrued liabilities, customer deposits and debt. The carrying values of these financial instruments approximate their fair values, other than our 2.375 % Convertible Senior Notes due in 2022 (“2022 Notes”), 2.00 % Convertible Senior Notes due in 2024 (“2024 Notes”) (collectively referred to as “Convertible Senior Notes” below), and Solar Asset and Loan-backed Notes. We estimate the fair value of the Convertible Senior Notes using commonly accepted valuation methodologies and market-based risk measurements that are indirectly observable, such as credit risk (Level II). In addition, we estimate the fair values of our Solar Asset and Loan-backed Notes based on rates currently offered for instruments with similar maturities and terms (Level III). The following table presents the estimated fair values and the carrying values (in millions): June 30, 2022 December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Convertible Senior Notes (1) $ 46 $ 498 $ 119 $ 2,016 Solar Asset and Loan-backed Notes $ 450 $ 425 $ 827 $ 834 (1) The 2022 Notes were fully settled in the first quarter of 2022. |
Inventory
Inventory | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventory | Note 6 – Inventory Our inventory consisted of the following (in millions): June 30, December 31, 2022 2021 Raw materials $ 4,949 $ 2,816 Work in process 1,370 1,089 Finished goods (1) 1,185 1,277 Service parts 604 575 Total $ 8,108 $ 5,757 (1) Finished goods inventory includes vehicles in transit to fulfill customer orders, new vehicles available for sale, used vehicles, energy storage products and Solar Roof products available for sale. We write-down inventory for any excess or obsolete inventories or when we believe that the net realizable value of inventories is less than the carrying value. During the three and six months ended June 30, 2022, we recorded write-downs of $ 23 million and $ 49 million, respectively, in Cost of revenues in the consolidated statements of operations. During the three and six months ended June 30, 2021, we recorded write-downs of $ 33 million and $ 56 million, respectively, in Cost of revenues in the consolidated statements of operations. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | Note 7 – Property, Plant and Equipment, Net Our property, plant and equipment, net, consisted of the following (in millions): June 30, December 31, 2022 2021 Machinery, equipment, vehicles and office furniture $ 11,749 $ 9,953 Tooling 2,417 2,188 Leasehold improvements 2,018 1,826 Land and buildings 6,406 4,675 Computer equipment, hardware and software 1,746 1,414 Construction in progress 4,544 5,559 28,880 25,615 Less: Accumulated depreciation ( 7,787 ) ( 6,731 ) Total $ 21,093 $ 18,884 Construction in progress is primarily comprised of construction of Gigafactory Berlin-Brandenburg and Gigafactory Texas, expansion of Gigafactory Shanghai and equipment and tooling related to the manufacturing of our products. Completed assets are transferred to their respective asset classes and depreciation begins when an asset is ready for its intended use. Interest on outstanding debt is capitalized during periods of significant capital asset construction and amortized over the useful lives of the related assets. During the three and six months ended June 30, 2022, we capitalized interest of an immaterial amount. During the three and six months ended June 30, 2021, we capitalized $ 23 million and $ 38 million, respectively, of interest. Depreciation expense during the three and six months ended June 30, 2022 was $ 578 million and $ 1.13 billion , respectively. Depreciation expense during the three and six months ended June 30, 2021 was $ 461 million and $ 885 million, respectively. Gross property, plant and equipment under finance leases as of June 30, 2022 and December 31, 2021 was $ 2.77 billion and $ 2.75 billion, respectively, with accumulated depreciation of $ 1.44 billion and $ 1.21 billion, respectively. Panasonic has partnered with us on Gigafactory Nevada with investments in the production equipment that it uses to manufacture and supply us with battery cells. Under our arrangement with Panasonic, we plan to purchase the full output from their production equipment at negotiated prices. As the terms of the arrangement convey a finance lease under ASC 842, Leases , we account for their production equipment as leased assets when production commences. We account for each lease and any non-lease components associated with that lease as a single lease component for all asset classes, except production equipment classes embedded in supply agreements. This results in us recording the cost of their production equipment within Property, plant and equipment, net, on the consolidated balance sheets with a corresponding liability recorded to debt and finance leases. Depreciation on Panasonic production equipment is computed using the units-of-production method whereby capitalized costs are amortized over the total estimated productive life of the respective assets. As of June 30, 2022 and December 31, 2021, we had cumulatively capitalized gross costs of $ 2.01 billion and $ 1.98 billion , respectively, on the consolidated balance sheets in relation to the production equipment under our Panasonic arrangement. |
Accrued Liabilities and Other
Accrued Liabilities and Other | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities and Other | Note 8 – Accrued Liabilities and Other Our accrued liabilities and other current liabilities consisted of the following (in millions): June 30, December 31, 2022 2021 Accrued purchases (1) $ 2,130 $ 2,045 Taxes payable (2) 1,045 1,122 Payroll and related costs 1,077 906 Accrued warranty reserve, current portion 778 703 Sales return reserve, current portion 257 265 Operating lease liabilities, current portion 413 368 Other current liabilities 337 310 Total $ 6,037 $ 5,719 (1) Accrued purchases primarily reflects receipts of goods and services for which we had not yet been invoiced. As we are invoiced for these goods and services, this balance will reduce and accounts payable will increase. (2) Taxes payable includes value added tax, sales tax, property tax, use tax and income tax payables. |
Other Long-Term Liabilities
Other Long-Term Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Other Liabilities [Abstract] | |
Other Long-term Liabilities | Note 9 – Other Long-Term Liabilities Our other long-term liabilities consisted of the following (in millions): June 30, December 31, 2022 2021 Operating lease liabilities $ 1,822 $ 1,671 Accrued warranty reserve 1,655 1,398 Sales return reserve 74 133 Deferred tax liability 22 24 Other non-current liabilities 353 320 Total other long-term liabilities $ 3,926 $ 3,546 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Note 10 – Debt The following is a summary of our debt and finance leases as of June 30, 2022 (in millions): Unpaid Unused Net Carrying Value Principal Committed Contractual Contractual Current Long-Term Balance Amount (1) Interest Rates Maturity Date Recourse debt: 2024 Notes $ 1 $ 45 $ 46 $ — 2.00 % May 2024 Credit Agreement — — — 2,265 Not applicable July 2023 Solar Bonds 0 7 7 — 4.70 - 5.75 % March 2025 - January 2031 Total recourse debt 1 52 53 2,265 Non-recourse debt: Automotive Asset-backed Notes 1,021 1,216 2,244 — 0.36 - 5.48 % October 2022 - September 2025 Solar Asset and Loan-backed Notes 12 438 459 — 4.12 - 7.74 % December 2026 - February 2048 Cash Equity Debt 23 376 411 — 5.25 - 5.81 % July 2033 - January 2035 Automotive Lease-backed Credit Facilities — — — 152 Not applicable September 2023 Other Loans — 13 13 21 5.10 % February 2033 Total non-recourse debt 1,056 2,043 3,127 173 Total debt 1,057 2,095 $ 3,180 $ 2,438 Finance leases 475 803 Total debt and finance leases $ 1,532 $ 2,898 The following is a summary of our debt and finance leases as of December 31, 2021 (in millions): Unpaid Unused Net Carrying Value Principal Committed Contractual Contractual Current Long-Term Balance Amount (1) Interest Rates Maturity Date Recourse debt: 2022 Notes $ 29 $ — $ 29 $ — 2.375 % March 2022 2024 Notes 1 89 91 — 2.00 % May 2024 Credit Agreement — 1,250 1,250 920 3.25 % July 2023 Solar Bonds 0 7 7 — 4.00 - 5.75 % January 2022 - January 2031 Total recourse debt 30 1,346 1,377 920 Non-recourse debt: Automotive Asset-backed Notes 1,007 1,706 2,723 — 0.12 %- 5.48 % September 2022 - September 2025 Solar Asset and Loan-backed Notes 27 800 844 — 2.87 %- 7.74 % September 2024 - September 2049 Cash Equity Debt 24 388 422 — 5.25 - 5.81 % July 2033 - January 2035 Automotive Lease-backed Credit Facilities — — — 167 Not applicable September 2023 Other Loans — 14 14 21 5.10 % February 2033 Total non-recourse debt 1,058 2,908 4,003 188 Total debt 1,088 4,254 $ 5,380 $ 1,108 Finance leases 501 991 Total debt and finance leases $ 1,589 $ 5,245 (1) There are no restrictions on draw-down or use for general corporate purposes with respect to any available committed funds under our credit facilities, except certain specified conditions prior to draw-down, including pledging to our lenders sufficient amounts of qualified receivables, inventories, leased vehicles and our interests in those leases or various other assets and as may be described below and in the notes to the consolidated financial statements included in our report on Form 10-K for the year ended December 31, 2021. Recourse debt refers to debt that is recourse to our general assets. Non-recourse debt refers to debt that is recourse to only assets of our subsidiaries. The differences between the unpaid principal balances and the net carrying values are due to debt discounts or deferred financing costs. As of June 30, 2022, we were in material compliance with all financial debt covenants. 2022 Notes and 2024 Notes During the first two quarters of 2022, the closing price of our common stock continued to exceed 130 % of the applicable conversion price of our 2024 Notes on at least 20 of the last 30 consecutive trading days of the quarter, causing the 2024 Notes to be convertible by their holders during the second and third quarters of 2022. Should the closing price conditions continue to be met in a future quarter for the 2024 Notes, the 2024 Notes will be convertible at their holders’ option during the immediately following quarter. During the first two quarters of 2022, $ 29 million and $ 45 million in aggregate principal amount of the 2022 Notes and 2024 Notes, respectively, were converted and settled in cash for their par amount, and the issuance of 0.4 million and 0.7 million shares of our common stock for the applicable conversion premium, respectively. The note hedges we entered into in connection with the issuance of the 2022 Notes and 2024 Notes were automatically settled with the respective conversions of the 2022 Notes and 2024 Notes, resulting in the receipt of 0.4 million and 0.7 million shares of our common stock, respectively. In March 2022, the 2022 Notes were fully settled. Solar Asset and Loan-backed Notes During the first two quarters of 2022, we early repaid $ 380 million in aggregate principal of the Solar Asset and Loan-backed Notes and recorded an extinguishment of debt charge of $ 11 million related to the early repayments in Interest expense in the consolidated statement of operations. Interest Expense The following table presents the interest expense related to the contractual interest coupon and the amortization of debt issuance costs, which include the 1.25 % Convertible Senior Notes due in 2021 (fully settled in March 2021), the 2022 Notes (fully settled in March 2022) and the 2024 Notes (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Contractual interest coupon $ 0 $ 3 $ 1 $ 10 Amortization of debt issuance costs 0 1 1 3 Total $ 0 $ 4 $ 2 $ 13 |
Equity Incentive Plans
Equity Incentive Plans | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Equity Incentive Plans | Note 11 – Equity Incentive Plans 2018 CEO Performance Award In March 2018, our stockholders approved the Board of Directors’ grant of 101.3 million stock option awards, as adjusted to give effect to the five-for-one stock split effected in the form of a stock dividend in August 2020 (“Stock Split”), to our CEO (the “2018 CEO Performance Award”). The 2018 CEO Performance Award consists of 12 vesting tranches with a vesting schedule based entirely on the attainment of both operational milestones (performance conditions) and market conditions, assuming continued employment either as the CEO or as both Executive Chairman and Chief Product Officer and service through each vesting date. Each of the 12 vesting tranches of the 2018 CEO Performance Award will vest upon certification by the Board of Directors that both (i) the market capitalization milestone for such tranche, which begins at $ 100.0 billion for the first tranche and increases by increments of $ 50.0 billion thereafter (based on both a six calendar month trailing average and a 30 calendar day trailing average, counting only trading days), has been achieved, and (ii) any one of the following eight operational milestones focused on total revenue or any one of the eight operational milestones focused on Adjusted EBITDA have been achieved for the four consecutive fiscal quarters on an annualized basis and subsequently reported by us in our consolidated financial statements filed with our Forms 10-Q and/or 10-K. Adjusted EBITDA is defined as net income (loss) attributable to common stockholders before interest expense, provision (benefit) for income taxes, depreciation and amortization and stock-based compensation. Upon vesting and exercise, including the payment of the exercise price of $ 70.01 per share, our CEO must hold shares that he acquires for five years post-exercise, other than a cashless exercise where shares are simultaneously sold to pay for the exercise price and any required tax withholding. The achievement status of the operational milestones as of June 30, 2022 is provided below. Although an operational milestone is deemed achieved in the last quarter of the relevant annualized period, it may be certified only after the financial statements supporting its achievement have been filed with our Forms 10-Q and/or 10-K. Total Annualized Revenue Annualized Adjusted EBITDA Milestone Achievement Status Milestone Achievement Status $ 20.0 Achieved $ 1.5 Achieved $ 35.0 Achieved $ 3.0 Achieved $ 55.0 Achieved $ 4.5 Achieved $ 75.0 Probable $ 6.0 Achieved $ 100.0 - $ 8.0 Achieved $ 125.0 - $ 10.0 Achieved $ 150.0 - $ 12.0 Achieved $ 175.0 - $ 14.0 Achieved Stock-based compensation under the 2018 CEO Performance Award represents a non-cash expense and is recorded as a Selling, general, and administrative operating expense in our consolidated statements of operations. In each quarter since the grant of the 2018 CEO Performance Award, we have recognized expense, generally on a pro-rated basis, for only the number of tranches (up to the maximum of 12 tranches) that corresponds to the number of operational milestones that have been achieved or have been determined probable of being achieved in the future, in accordance with the following principles. On the grant date, a Monte Carlo simulation was used to determine for each tranche (i) a fixed amount of expense for such tranche and (ii) the future time when the market capitalization milestone for such tranche was expected to be achieved, or its “expected market capitalization milestone achievement time.” Separately, based on a subjective assessment of our future financial performance, each quarter we determine whether it is probable that we will achieve each operational milestone that has not previously been achieved or deemed probable of achievement and if so, the future time when we expect to achieve that operational milestone, or its “expected operational milestone achievement time.” When we first determine that an operational milestone has become probable of being achieved, we allocate the entire expense for the related tranche over the number of quarters between the grant date and the then-applicable “expected full achievement time.” The “expected full achievement time” at any given time is the later of (i) the expected operational milestone achievement time (if the related operational milestone has not yet been achieved) and (ii) the expected market capitalization milestone achievement time (if the related market capitalization milestone had not yet been achieved). We immediately recognize a catch-up expense for all accumulated expense for the quarters from the grant date through the quarter in which the operational milestone was first deemed probable of being achieved. Each quarter thereafter, we recognize the prorated portion of the then-remaining expense for the tranche based on the number of quarters between such quarter and the then-applicable expected full achievement time, except that upon the achievement of both a market capitalization milestone and operational milestone with respect to a tranche, all remaining expense for that tranche is immediately recognized. As a result, we have experienced significant catch-up expenses in quarters when one or more operational milestones were first determined to be probable of achievement. Historically, the expected market capitalization achievement times were generally later than the related expected operational milestone achievement times. Therefore, when market capitalization milestones were achieved earlier than originally forecasted due to periods of rapid stock price appreciation, we had higher catch-up expenses and the remaining expenses were being recognized over shorter periods of time at a higher per-quarter rate. All market capitalization milestones were achieved as of the second quarter of 2021. During the first quarter of 2022, three operational milestones were achieved and consequently, we recognized an aggregate catch-up expense of $ 11 million. As of June 30, 2022, we had $ 9 million of total unrecognized stock-based compensation expense remaining, which will be recognized over a weighted-average period of 0.3 years. For the three and six months ended June 30, 2022, we recorded stock-based compensation expense of $ 8 million and $ 57 million, respectively, related to the 2018 CEO Performance Award, and $ 176 million and $ 475 million, respectively, for the same periods in 2021. Other Performance-Based Grants 2021 Performance-Based Stock Option & Restricted Stock Unit ( “ RSU”) Awards During the fourth quarter of 2021, the Compensation Committee of our Board of Directors granted to certain employees RSUs and stock options to purchase an aggregate 0.7 million shares of our common stock to create incentives for continued long-term success and to closely align compensation with our stockholders’ interests in the achievement of certain performance milestones by our company. We begin recording stock-based compensation expense when the performance milestones become probable of achievement. Following achievement, vesting occurs over a two-year period with continued employment. During the first quarter of 2022, the performance milestones related to this grant became probable of achievement and consequently, we recognized an aggregate catch-up expense of $ 30 million. As of June 30, 2022, we had unrecognized stock-based compensation expense of $ 283 million, which will be recognized over a weighted-average period of 3 years. For the three and six months ended June 30, 2022, we recorded $ 34 million and $ 103 million, respectively, of stock-based compensation expense related to this grant, net of forfeitures. Summary Stock-Based Compensation Information The following table summarizes our stock-based compensation expense by line item in the consolidated statements of operations (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Cost of revenues $ 143 $ 108 $ 274 $ 211 Research and development 122 104 265 229 Selling, general and administrative 96 262 240 648 Total $ 361 $ 474 $ 779 $ 1,088 Our income tax benefits recognized from stock-based compensation arrangements in each of the periods presented were immaterial due to cumulative losses and valuation allowances. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 12 – Commitments and Contingencies Operating Lease Arrangement in Buffalo, New York We have an operating lease through the Research Foundation for the State University of New York (the “SUNY Foundation”) with respect to Gigafactory New York. Under the lease and a related research and development agreement, we are continuing to further develop the facility. Under this agreement, we are obligated to, among other things, meet employment targets as well as specified minimum numbers of personnel in the State of New York and in Buffalo, New York and spend or incur $ 5.00 billion in combined capital, operational expenses, costs of goods sold and other costs in the State of New York during the 10-year period beginning April 30, 2018. On an annual basis during the initial lease term, as measured on each anniversary of such date, if we fail to meet these specified investment and job creation requirements, then we would be obligated to pay a $ 41 million “program payment” to the SUNY Foundation for each year that we fail to meet these requirements. Furthermore, if the arrangement is terminated due to a material breach by us, then additional amounts may become payable by us. As we temporarily suspended most of our manufacturing operations at Gigafactory New York pursuant to a New York State executive order issued in March 2020 as a result of the COVID-19 pandemic, we were granted a deferral of our obligation to be compliant with our applicable targets through December 31, 2021 in an amendment memorialized in August 2021. The amendment also extended our overall agreement to spend or incur $ 5.00 billion in combined capital, operational expenses, costs of goods sold and other costs in the State of New York through December 31, 2029 . On February 1, 2022, we reported to the State of New York that we had met and exceeded our annual requirements for jobs and investment in Buffalo and New York State. As of June 30, 2022, we are currently in excess of such targets relating to investments and personnel in the State of New York and Buffalo and do not currently expect any issues meeting our applicable obligations following this expected deferral or in the years beyond. However, if our expectations as to the costs and timelines of our investment and operations at Buffalo or our production ramp of the Solar Roof prove incorrect, we may incur additional expenses or be required to make substantial payments to the SUNY Foundation. Operating Lease Arrangement in Shanghai, China We have an operating lease arrangement for an initial term of 50 years with the local government of Shanghai for land use rights where we are constructing Gigafactory Shanghai. Under the terms of the arrangement, we are required to spend RMB 14.08 billion in capital expenditures by the end of 2023 and to generate RMB 2.23 billion of annual tax revenues starting at the end of 2023. If we are unwilling or unable to meet such target or obtain periodic project approvals, in accordance with the Chinese government’s standard terms for such arrangements, we would be required to revert the site to the local government and receive compensation for the remaining value of the land lease, buildings and fixtures. We expect to meet the capital expenditure and tax revenue requirements based on our current level of spend and sales. Legal Proceedings Litigation Relating to the SolarCity Acquisition Between September 1, 2016 and October 5, 2016, seven lawsuits were filed in the Delaware Court of Chancery by purported stockholders of Tesla challenging our acquisition of SolarCity Corporation (“SolarCity”). Following consolidation, the lawsuit names as defendants the members of Tesla’s board of directors as then constituted and alleges, among other things, that board members breached their fiduciary duties in connection with the acquisition. The complaint asserts both derivative claims and direct claims on behalf of a purported class and seeks, among other relief, unspecified monetary damages, attorneys’ fees and costs. On January 22, 2020, all of the director defendants except Elon Musk reached a settlement to resolve the lawsuit against them for an amount to be paid entirely under the applicable insurance policy. The settlement, which does not involve an admission of any wrongdoing by any party, was approved by the Court on August 17, 2020. Tesla received payment of approximately $ 43 million on September 16, 2020, which has been recognized in our consolidated statements of operations as a reduction to Selling, general and administrative operating expenses for costs previously incurred related to the acquisition of SolarCity. On February 4, 2020, the Court issued a ruling that denied plaintiffs’ previously-filed motion for summary judgment and granted in part and denied in part defendants’ previously-filed motion for summary judgment. The case was set for trial in March 2020 until it was postponed by the Court due to safety precautions concerning COVID-19. The trial was held from July 12 to July 23, 2021 and on August 16, 2021. On October 22, 2021, the Court approved the parties’ joint stipulation that (a) the class is decertified and the action shall continue exclusively as a derivative action under Court of Chancery Rule 23.1 and (b) the direct claims against Elon Musk are dismissed with prejudice. Following post-trial briefing, post-trial argument was held on January 18, 2022. On April 27, 2022, the Court entered judgment in favor of Mr. Musk on all counts. On May 26, 2022, the plaintiff filed a notice of appeal. The parties are in the process of submitting briefing before the Supreme Court of Delaware. These plaintiffs and others filed parallel actions in the U.S. District Court for the District of Delaware on or about April 21, 2017. They include claims for violations of the federal securities laws and breach of fiduciary duties by Tesla’s board of directors. Those actions have been consolidated and stayed pending the above-referenced Chancery Court litigation. Litigation Relating to 2018 CEO Performance Award On June 4, 2018, a purported Tesla stockholder filed a putative class and derivative action in the Delaware Court of Chancery against Elon Musk and the members of Tesla’s board of directors as then constituted, alleging corporate waste, unjust enrichment and that such board members breached their fiduciary duties by approving the stock-based compensation plan awarded to Elon Musk in 2018. The complaint seeks, among other things, monetary damages and rescission or reformation of the stock-based compensation plan. On August 31, 2018, defendants filed a motion to dismiss the complaint; plaintiff filed its opposition brief on November 1, 2018; and defendants filed a reply brief on December 13, 2018. The hearing on the motion to dismiss was held on May 9, 2019. On September 20, 2019, the Court granted the motion to dismiss as to the corporate waste claim but denied the motion as to the breach of fiduciary duty and unjust enrichment claims. Defendants’ answer was filed on December 3, 2019. On January 25, 2021, the Court conditionally certified certain claims and a class of Tesla stockholders as a class action. On September 30, 2021, plaintiff filed a motion for leave to file a verified amended derivative complaint. On October 1, 2021, defendants Kimbal Musk and Steve Jurvetson moved for summary judgment as to the claims against them. Following the motion, plaintiff agreed to voluntarily dismiss the claims against Kimbal Musk and Steve Jurvetson. Plaintiff also moved for summary judgment on October 1, 2021. On October 27, 2021, the Court approved the parties’ joint stipulation that, among other things, (a) all claims against Kimbal Musk and Steve Jurvetson in the Complaint are dismissed with prejudice; (b) the class is decertified and the action shall continue exclusively as a derivative action under Court of Chancery Rule 23.1; and (c) the direct claims against the remaining defendants are dismissed with prejudice. On November 18, 2021, the remaining defendants (a) moved for partial summary judgment, (b) opposed plaintiff’s summary judgment motion and (c) opposed the plaintiff’s motion to amend his complaint. In January 2022, the case was assigned to a different judge. On February 24, 2022, the court (i) granted plaintiff’s motion to amend his complaint, and (ii) canceled oral argument on the summary judgment motions, stating that the court is “skeptical that this litigation can be resolved based on the undisputed facts” and the “case is going to trial,” but that the “parties may reassert their arguments made in support of summary judgment in their pre-trial and post-trial briefs.” Trial is currently set for October 24-31, 2022. Litigation Related to Directors’ Compensation On June 17, 2020, a purported Tesla stockholder filed a derivative action in the Delaware Court of Chancery, purportedly on behalf of Tesla, against certain of Tesla’s current and former directors regarding compensation awards granted to Tesla’s directors, other than Elon Musk, between 2017 and 2020. The suit asserts claims for breach of fiduciary duty and unjust enrichment and seeks declaratory and injunctive relief, unspecified damages and other relief. Defendants filed their answer on September 17, 2020. Trial is set for September 11, 2023. Litigation Relating to Potential Going Private Transaction Between August 10, 2018 and September 6, 2018, nine purported stockholder class actions were filed against Tesla and Elon Musk in connection with Mr. Musk’s August 7, 2018 Twitter post that he was considering taking Tesla private. All of the suits are now pending in the U.S. District Court for the Northern District of California. Although the complaints vary in certain respects, they each purport to assert claims for violations of federal securities laws related to Mr. Musk’s statement and seek unspecified compensatory damages and other relief on behalf of a purported class of purchasers of Tesla’s securities. Plaintiffs filed their consolidated complaint on January 16, 2019 and added as defendants the members of Tesla’s board of directors. The now-consolidated purported stockholder class action was stayed while the issue of selection of lead counsel was briefed and argued before the Ninth Circuit. The Ninth Circuit ruled regarding lead counsel. Defendants filed a motion to dismiss the complaint on November 22, 2019. The hearing on the motion was held on March 6, 2020. On April 15, 2020, the Court denied defendants’ motion to dismiss. The parties stipulated to certification of a class of stockholders, which the court granted on November 25, 2020. On January 11, 2022, plaintiff filed a motion for partial summary judgment. On April 1, 2022, the Court granted in part plaintiffs’ motion for partial summary judgment. The Company disagrees with the ruling and accordingly, on April 22, 2022, asked the Court for reconsideration or, in the alternative, certification to file an interlocutory appeal. On June 16, 2022, in response to Tesla’s motions, the Court denied certification to appeal and declined to reconsider its opinion but clarified its summary judgment ruling to make clear that it had not ruled that any misstatements it identified met the required materiality element under the securities statute. The issue of materiality and reliance will both be questions for the jury to decide at trial, which is set for January 17, 2023. Between October 17, 2018 and March 8, 2021, seven derivative lawsuits were filed in the Delaware Court of Chancery, purportedly on behalf of Tesla, against Mr. Musk and the members of Tesla’s board of directors, as constituted at relevant times, in relation to statements made and actions connected to a potential going private transaction, with certain of the lawsuits challenging additional Twitter posts by Mr. Musk, among other things. Five of those actions were consolidated, and all seven actions have been stayed pending resolution of the above-referenced consolidated purported stockholder class action. In addition to these cases, two derivative lawsuits were filed on October 25, 2018 and February 11, 2019 in the U.S. District Court for the District of Delaware, purportedly on behalf of Tesla, against Mr. Musk and the members of the Tesla board of directors as then constituted. Those cases have also been consolidated and stayed pending resolution of the above-referenced consolidated purported stockholder class action. Unless otherwise stated, the individual defendants named in the stockholder proceedings described above and the Company with respect to the stockholder class action proceedings described above believe that the claims in such proceedings have no merit and intend to defend against them vigorously. We are unable to reasonably estimate the possible loss or range of loss, if any, associated with these claims. On November 15, 2021, JPMorgan Chase Bank (“JP Morgan”) filed a lawsuit against Tesla in the Southern District of New York alleging breach of a stock warrant agreement that was entered into as part of a convertible notes offering in 2014. In 2018, JP Morgan informed Tesla that it had adjusted the strike price based upon Mr. Musk’s August 7, 2018 Twitter post that he was considering taking Tesla private. Tesla disputed JP Morgan’s adjustment as a violation of the parties’ agreement. In 2021, Tesla delivered shares to JP Morgan per the agreement, which they duly accepted. JP Morgan now alleges that it is owed approximately $162 million as the value of additional shares that it claims should have been delivered as a result of the adjustment to the strike price in 2018. On January 24, 2022, Tesla filed multiple counterclaims as part of its answer to the underlying lawsuit, asserting among other points that JP Morgan should have terminated the stock warrant agreement in 2018 rather than make an adjustment to the strike price that it should have known would lead to a commercially unreasonable result. Tesla believes that the adjustments made by JP Morgan were neither proper nor commercially reasonable, as required under the stock warrant agreements. JP Morgan filed a motion for judgment on the pleadings, which Tesla opposed, and that motion is currently pending before the Court. Litigation and Investigations Relating to Alleged Discrimination and Harassment On October 4, 2021, in a case captioned Diaz v. Tesla , a jury in the Northern District of California returned a verdict of $ 136.9 million against Tesla on claims by a former contingent worker that he was subjected to race discrimination while assigned to work at Tesla’s Fremont Factory from 2015-2016. On November 16, 2021, Tesla filed a post-trial motion for relief that included a request for a new trial or reduction of the jury’s damages. The Court held a hearing on Tesla’s motion on January 19, 2022. On April 13, 2022, the Court granted Tesla’s motion in part, reducing the total damages to $ 15 million and conditionally denied the motion for a new trial subject to the plaintiff’s acceptance of the reduced award. On June 21, 2022, the plaintiff rejected the reduced award and, as a result, on June 27, 2022, the Court ordered a new trial to commence on March 27, 2023. Tesla continues to believe that the facts and law do not justify the damages awarded and is assessing its next steps. On February 9, 2022, shortly after the Diaz jury verdict, the California Department of Fair Employment and Housing (“DFEH”) filed a civil complaint against Tesla (and filed an amended complaint on March 11, 2022) in Alameda County, California Superior Court, alleging systemic race discrimination, hostile work environment and pay equity claims, among others. DFEH’s amended complaint seeks monetary damages and injunctive relief. On April 18, 2022, Tesla filed a: (1) motion to stay the case, (2) motion to strike and (3) demurrer seeking dismissal of the lawsuit or, in the alternative, certain claims. On June 8, 2022, the Court denied Tesla’s motion to stay the case. A hearing on the motion to strike and the demurrer seeking dismissal of the lawsuit is scheduled for August 24, 2022. Additionally, on June 1, 2022 the EEOC issued a cause finding against Tesla that closely parallels the DFEH’s allegations. Tesla will begin the mandatory pre-filing conciliation process with the EEOC. On June 16, 2022, two Tesla stockholders filed separate derivative actions in the U.S. District Court for the Western District of Texas, purportedly on behalf of Tesla, against certain of Tesla’s current and former directors. Both suits assert claims for breach of fiduciary duty, unjust enrichment, and violation of the federal securities laws in connection with alleged race and gender discrimination and sexual harassment. Among other things, plaintiffs seek declaratory and injunctive relief, unspecified damages payable to Tesla, and attorneys’ fees. We anticipate that the directors will move to dismiss both actions because neither shareholder made a demand upon the Tesla’s board of directors prior to filing suit. Certain Investigations and Other Matters We receive requests for information from regulators and governmental authorities, such as the National Highway Traffic Safety Administration, the National Transportation Safety Board, the SEC, the Department of Justice (“DOJ”) and various state, federal, and international agencies. We routinely cooperate with such regulatory and governmental requests, including subpoenas, formal and informal requests and other investigations and inquiries. For example, the SEC had issued subpoenas to Tesla in connection with Elon Musk’s prior statement that he was considering taking Tesla private. The take-private investigation was resolved and closed with a settlement entered into with the SEC in September 2018 and as further clarified in April 2019 in an amendment. On November 16, 2021, and June 13, 2022, the SEC issued subpoenas to us seeking information on our governance processes around compliance with the SEC settlement, as amended. Separately, the DOJ previously asked us to voluntarily provide it with information about the above matter related to taking Tesla private and Model 3 production rates. We have not received any further requests from DOJ on these matters since we last provided information in May 2019. There have not been any additional developments in these matters that we deem to be material, and to our knowledge no government agency in any ongoing investigation has concluded that any wrongdoing occurred. As is our normal practice, we have been cooperating and will continue to cooperate with government authorities. We cannot predict the outcome or impact of any ongoing matters. Should the government decide to pursue an enforcement action, there exists the possibility of a material adverse impact on our business, results of operation, prospects, cash flows and financial position. We are also subject to various other legal proceedings and claims that arise from the normal course of business activities. If an unfavorable ruling or development were to occur, there exists the possibility of a material adverse impact on our business, results of operations, prospects, cash flows, financial position and brand. Indemnifications We are contractually obligated to compensate certain fund investors for any losses that they may suffer in certain limited circumstances resulting from reductions in investment tax credits claimed under U.S. federal laws for the installation of solar power facilities and energy storage systems that are charged from a co-sited solar power facility. We believe that any payments to the fund investors in excess of the amounts already recognized by us for this obligation are not probable or material based on the facts known at the filing date. We are eligible to receive certain state and local incentives that are associated with renewable energy generation. The amount of incentives that can be claimed is based on the projected or actual solar energy system size and/or the amount of solar energy produced. We also currently participate in one state’s incentive program that is based on either the fair market value or the tax basis of solar energy systems placed in service. State and local incentives received are allocated between us and fund investors in accordance with the contractual provisions of each fund. We are not contractually obligated to indemnify any fund investor for any losses they may incur due to a shortfall in the amount of state or local incentives actually received. |
Variable Interest Entity Arrang
Variable Interest Entity Arrangements | 6 Months Ended |
Jun. 30, 2022 | |
Variable Interest Entity Disclosure [Abstract] | |
Variable Interest Entity Arrangements | Note 13 – Variable Interest Entity Arrangements We have entered into various arrangements with investors to facilitate the funding and monetization of our solar energy systems and vehicles. In particular, our wholly owned subsidiaries and fund investors have formed and contributed cash and assets into various financing funds and entered into related agreements. We have determined that the funds are variable interest entities (“VIEs”) and we are the primary beneficiary of these VIEs by reference to the power and benefits criterion under ASC 810, Consolidation . We have considered the provisions within the agreements, which grant us the power to manage and make decisions that affect the operation of these VIEs, including determining the solar energy systems and the associated customer contracts to be sold or contributed to these VIEs, redeploying solar energy systems and managing customer receivables. We consider that the rights granted to the fund investors under the agreements are more protective in nature rather than participating. As the primary beneficiary of these VIEs, we consolidate in the financial statements the financial position, results of operations and cash flows of these VIEs, and all intercompany balances and transactions between us and these VIEs are eliminated in the consolidated financial statements. Cash distributions of income and other receipts by a fund, net of agreed upon expenses, estimated expenses, tax benefits and detriments of income and loss and tax credits, are allocated to the fund investor and our subsidiary as specified in the agreements. Generally, our subsidiary has the option to acquire the fund investor’s interest in the fund for an amount based on the market value of the fund or the formula specified in the agreements. Upon the sale or liquidation of a fund, distributions would occur in the order and priority specified in the agreements. Pursuant to management services, maintenance and warranty arrangements, we have been contracted to provide services to the funds, such as operations and maintenance support, accounting, lease servicing and performance reporting. In some instances, we have guaranteed payments to the fund investors as specified in the agreements. A fund’s creditors have no recourse to our general credit or to that of other funds. None of the assets of the funds had been pledged as collateral for their obligations. The aggregate carrying values of the VIEs’ assets and liabilities, after elimination of any intercompany transactions and balances, in the consolidated balance sheets were as follows (in millions): June 30, December 31, 2022 2021 Assets Current assets Cash and cash equivalents $ 65 $ 79 Accounts receivable, net 45 22 Prepaid expenses and other current assets 301 152 Total current assets 411 253 Solar energy systems, net 3,924 4,108 Other non-current assets 388 265 Total assets $ 4,723 $ 4,626 Liabilities Current liabilities Accrued liabilities and other $ 66 $ 74 Deferred revenue 10 10 Current portion of debt and finance leases 1,045 1,031 Total current liabilities 1,121 1,115 Deferred revenue, net of current portion 143 153 Debt and finance leases, net of current portion 1,592 2,093 Other long-term liabilities 11 11 Total liabilities $ 2,867 $ 3,372 |
Segment Reporting and Informati
Segment Reporting and Information about Geographic Areas | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting and Information about Geographic Areas | Note 14 – Segment Reporting and Information about Geographic Areas We have two operating and reportable segments: (i) automotive and (ii) energy generation and storage. The automotive segment includes the design, development, manufacturing, sales and leasing of electric vehicles as well as sales of automotive regulatory credits. Additionally, the automotive segment is also comprised of services and other, which includes non-warranty after-sales vehicle services, sales of used vehicles, retail merchandise, sales by our acquired subsidiaries to third party customers and vehicle insurance revenue. The energy generation and storage segment includes the design, manufacture, installation, sales and leasing of solar energy generation and energy storage products and related services and sales of solar energy systems incentives. Our CODM does not evaluate operating segments using asset or liability information. The following table presents revenues and gross profit by reportable segment (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Automotive segment Revenues $ 16,068 $ 11,157 $ 34,208 $ 21,052 Gross profit $ 4,137 $ 2,864 $ 9,669 $ 5,180 Energy generation and storage segment Revenues $ 866 $ 801 $ 1,482 $ 1,295 Gross profit $ 97 $ 20 $ 25 $ ( 81 ) The following table presents revenues by geographic area based on the sales location of our products (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 United States $ 9,614 $ 5,205 $ 18,348 $ 9,629 China 3,787 2,859 8,437 5,902 Other 3,533 3,894 8,905 6,816 Total $ 16,934 $ 11,958 $ 35,690 $ 22,347 The following table presents long-lived assets by geographic area (in millions): June 30, December 31, 2022 2021 United States $ 20,278 $ 19,026 Germany 3,186 2,606 China 2,561 2,415 Other International 692 602 Total $ 26,717 $ 24,649 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Unaudited Interim Financial Statements | Unaudited Interim Financial Statements The consolidated balance sheet as of June 30, 2022, the consolidated statements of operations, the consolidated statements of comprehensive income, the consolidated statements of redeemable noncontrolling interests and equity for the three and six months ended June 30, 2022 and 2021 and the consolidated statements of cash flows for the six months ended June 30, 2022 and 2021, as well as other information disclosed in the accompanying notes, are unaudited. The consolidated balance sheet as of December 31, 2021 was derived from the audited consolidated financial statements as of that date. The interim consolidated financial statements and the accompanying notes should be read in conjunction with the annual consolidated financial statements and the accompanying notes contained in our Annual Report on Form 10-K for the year ended December 31, 2021. The interim consolidated financial statements and the accompanying notes have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of the results of operations for the periods presented. The consolidated results of operations for any interim period are not necessarily indicative of the results to be expected for the full year or for any other future years or interim periods. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, costs and expenses and related disclosures in the accompanying notes. Due to the COVID-19 pandemic, there has been uncertainty and disruption in the global economy and financial markets which could impact our estimates and assumptions. The estimates used for, but not limited to, determining significant economic incentive for resale value guarantee arrangements, sales return reserves, the collectability of accounts receivable, inventory valuation, warranties, fair value of long-lived assets, goodwill, fair value of financial instruments, fair value and residual value of operating lease vehicles and solar energy systems subject to leases could be impacted. We have assessed the impact and are not aware of any specific events or circumstances that required an update to our estimates and assumptions or materially affected the carrying value of our assets or liabilities as of the date of issuance of this Quarterly Report on Form 10-Q. These estimates may change as new events occur and additional information is obtained. Actual results could differ materially from these estimates under different assumptions or conditions. |
Reclassifications | Reclassifications Certain prior period balances have been reclassified to conform to the current period presentation in the consolidated financial statements and the accompanying notes. |
Revenue Recognition | Revenue Recognition Revenue by source The following table disaggregates our revenue by major source (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Automotive sales without resale value guarantee $ 13,518 $ 9,332 $ 28,843 $ 17,345 Automotive sales with resale value guarantee 152 188 341 362 Automotive regulatory credits 344 354 1,023 872 Energy generation and storage sales 717 653 1,220 1,036 Services and other 1,466 951 2,745 1,844 Total revenues from sales and services 16,197 11,478 34,172 21,459 Automotive leasing 588 332 1,256 629 Energy generation and storage leasing 149 148 262 259 Total revenues $ 16,934 $ 11,958 $ 35,690 $ 22,347 Automotive Segment Automotive Sales Revenue Automotive Sales with and without Resale Value Guarantee We recognize revenue when control transfers upon delivery to customers in accordance with ASC 606, Revenue from Contracts with Customers , as a sale with a right of return when we do not believe the customer has a significant economic incentive to exercise the resale value guarantee provided to them at contract inception. The total sales return reserve on vehicles sold with resale value guarantees was $ 130 million and $ 223 million as of June 30, 2022 and December 31, 2021, respectively, of which $ 56 million and $ 91 million was short-term, respectively. Deferred revenue is related to the access to our Full Self Driving (“FSD”) features, internet connectivity, Supercharger network and over-the-air software updates on automotive sales with and without resale value guarantee, which amounted to $ 2.66 billion and $ 2.38 billion as of June 30, 2022 and December 31, 2021, respectively. Deferred revenue is equivalent to the total transaction price allocated to the performance obligations that are unsatisfied, or partially unsatisfied, as of the balance sheet date. Revenue recognized from the deferred revenue balance as of December 31, 2021 and 2020 was $ 121 million and $ 157 million for the six months ended June 30, 2022 and 2021, respectively. Of the total deferred revenue on automotive sales with and without resale value guarantees as of June 30, 2022, we expect to recognize $ 1.02 billion of revenue in the next 12 months. The remaining balance will be recognized at the time of transfer of control of the product or over the performance period, which is generally the expected ownership life of the vehicle. We have been providing loans for financing our automotive deliveries during the six months ended June 30, 2022. We have recorded net financing receivables of $ 320 million which are presented on the consolidated balance sheets as a component of Accounts receivable, net, for the current portion and as Other non-current assets for the long-term portion, as of June 30, 2022. Automotive Regulatory Credits We earn tradable credits in the operation of our automotive business under various regulations related to zero-emission vehicles, greenhouse gas, fuel economy and clean fuel. We sell these credits to other regulated entities who can use the credits to comply with emission standards and other regulatory requirements. Payments for automotive regulatory credits are typically received at the point control transfers to the customer, or in accordance with payment terms customary to the business. We recognize revenue on the sale of automotive regulatory credits, which have negligible incremental costs associated with them, at the time control of the regulatory credits is transferred to the purchasing party. Deferred revenue related to sales of automotive regulatory credits was immaterial as of June 30, 2022 and December 31, 2021. Revenue recognized from the deferred revenue balance as of December 31, 2021 and 2020 was immaterial for the six months ended June 30, 2022 and 2021. During the six months ended June 30, 2022 , we had also recognized $ 288 million in revenue due to changes in regulation which entitled us to additional consideration for credits sold previously. Automotive Leasing Revenue Direct Sales-Type Leasing Program For the three and six months ended June 30, 2022, we recognized $ 133 million and $ 398 million, respectively, of sales-type leasing revenue and $ 82 million and $ 246 million, respectively, of sales-type leasing cost of revenue. For the three and six months ended June 30, 2021 , we recognized $ 55 million and $ 97 million, respectively, of sales-typing leasing revenue and $ 36 million and $ 62 million, respectively, of sales-type leasing cost of revenue. Net investment in sales-type leases, which is the sum of the present value of the future contractual lease payments, is presented on the consolidated balance sheets as a component of Prepaid expenses and other current assets for the current portion and as Other non-current assets for the long-term portion. Lease receivables relating to sales-type leases are presented on the consolidated balance sheets as follows (in millions): June 30, 2022 December 31, 2021 Gross lease receivables $ 682 $ 427 Unearned interest income ( 79 ) ( 50 ) Allowance for expected credit losses ( 3 ) ( 1 ) Net investment in sales-type leases $ 600 $ 376 Reported as: Prepaid expenses and other current assets $ 129 $ 73 Other non-current assets 471 303 Net investment in sales-type leases $ 600 $ 376 Energy Generation and Storage Segment Energy Generation and Storage Sales We record as deferred revenue any non-refundable amounts that are collected from customers related to fees charged for prepayments and remote monitoring service and operations and maintenance service, which is recognized as revenue ratably over the respective customer contract term. As of June 30, 2022 and December 31, 2021, deferred revenue related to such customer payments amounted to $ 678 million and $ 399 million, respectively. Revenue recognized from the deferred revenue balance as of December 31, 2021 and 2020 was $ 79 million and $ 66 million for the six months ended June 30, 2022 and 2021, respectively. As of June 30, 2022, total transaction price allocated to performance obligations that were unsatisfied or partially unsatisfied for contracts with an original expected length of more than one year was $ 211 million. Of this amount, we expect to recognize $ 12 million in the next 12 months and the remaining over a period up to 26 years. We have been providing loans for financing our energy generation products during the six months ended June 30, 2022. We have recorded net financing receivables of $ 238 million which are presented on the consolidated balance sheets as a component of Accounts receivable, net, for the current portion and as Other non-current assets for the long-term portion, as of June 30, 2022. |
Income Taxes | Income Taxes There are transactions that occur during the ordinary course of business for which the ultimate tax determination is uncertain. As of June 30, 2022 and December 31, 2021 , the aggregate balances of our gross unrecognized tax benefits were $ 601 million and $ 531 million, respectively, of which $ 482 million and $ 473 million, respectively, would not give rise to changes in our effective tax rate since these tax benefits would increase a deferred tax asset that is currently fully offset by a valuation allowance. The local government of Shanghai granted a beneficial corporate income tax rate of 15 % to certain eligible enterprises, compared to the 25 % statutory corporate income tax rate in China. Our Gigafactory Shanghai subsidiary was granted this beneficial income tax rate of 15 % for 2019 through 2023. We file income tax returns in the U.S. and various state and foreign jurisdictions. We are currently under examination by the IRS for the years 2015 to 2018 . Additional tax years within the periods 2004 to 2014 and 2019 to 2021 remain subject to examination for federal income tax purposes. All net operating losses and tax credits generated to date are subject to adjustment for U.S. federal and state income tax purposes. Our returns for 2004 and subsequent tax years remain subject to examination in U.S. state and foreign jurisdictions. Given the uncertainty in timing and outcome of our tax examinations, an estimate of the range of the reasonably possible change in gross unrecognized tax benefits within twelve months cannot be made at this time. |
Net Income per Share of Common Stock Attributable to Common Stockholders | Net Income per Share of Common Stock Attributable to Common Stockholders Basic net income per share of common stock attributable to common stockholders is calculated by dividing net income attributable to common stockholders by the weighted-average shares of common stock outstanding for the period. Potentially dilutive shares, which are based on the weighted-average shares of common stock underlying outstanding stock-based awards, warrants and convertible senior notes using the treasury stock method or the if-converted method, as applicable, are included when calculating diluted net income per share of common stock attributable to common stockholders when their effect is dilutive. Furthermore, in connection with the offerings of our convertible senior notes, we entered into convertible note hedges and warrants (see Note 10, Debt ). However, our convertible note hedges are not included when calculating potentially dilutive shares since their effect is always anti-dilutive. The strike price on the warrants were below our average share price during the period and were included in the tables below. Warrants are included in the weighted-average shares used in computing basic net income per share of common stock in the period(s) they are settled. The following table presents the reconciliation of net income attributable to common stockholders to net income used in computing basic and diluted net income per share of common stock (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net income attributable to common stockholders $ 2,259 $ 1,142 $ 5,577 $ 1,580 Less: Buy-out of noncontrolling interest 3 — 8 — Net income used in computing basic net income per share of common stock 2,256 1,142 5,569 1,580 Less: Dilutive convertible debt 0 ( 2 ) 1 ( 6 ) Net income used in computing diluted net income per share of common stock $ 2,256 $ 1,144 $ 5,568 $ 1,586 The following table presents the reconciliation of basic to diluted weighted average shares used in computing net income per share of common stock attributable to common stockholders (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Weighted average shares used in computing net income per share of common stock, basic 1,037 971 1,036 966 Add: Stock-based awards 101 93 103 95 Convertible senior notes 1 10 1 16 Warrants 16 45 16 49 Weighted average shares used in computing net income per share of common stock, diluted 1,155 1,119 1,156 1,126 The following table presents the potentially dilutive shares that were excluded from the computation of diluted net income per share of common stock attributable to common stockholders, because their effect was anti-dilutive (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Stock-based awards 1 1 1 0 Convertible senior notes — 0 — 1 |
Restricted Cash | Restricted Cash We maintain certain cash balances restricted as to withdrawal or use. Our restricted cash is comprised primarily of cash held to service certain payments under various secured debt facilities. In addition, restricted cash includes cash held as collateral for certain permits as well as sales to lease partners with a resale value guarantee, letters of credit, real estate leases, insurance policies and certain operating leases. We record restricted cash as other assets in the consolidated balance sheets and determine current or non-current classification based on the expected duration of the restriction. Our total cash and cash equivalents and restricted cash, as presented in the consolidated statements of cash flows, was as follows (in millions): June 30, December 31, June 30, December 31, 2022 2021 2021 2020 Cash and cash equivalents $ 18,324 $ 17,576 $ 16,229 $ 19,384 Restricted cash included in prepaid expenses and other 294 345 326 238 Restricted cash included in other non-current assets 269 223 270 279 Total as presented in the consolidated statements of cash flows $ 18,887 $ 18,144 $ 16,825 $ 19,901 |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable primarily include amounts related to receivables from financial institutions and leasing companies offering various financing products to our customers, sales of energy generation and storage products, sales of regulatory credits to other automotive manufacturers, government rebates already passed through to customers and maintenance services on vehicles owned by leasing companies. We provide an allowance against accounts receivable for the amount we expect to be uncollectible. We write-off accounts receivable against the allowance when they are deemed uncollectible. Depending on the day of the week on which the end of a fiscal quarter falls, our accounts receivable balance may fluctuate as we are waiting for certain customer payments to clear through our banking institutions and receipts of payments from our financing partners, which can take up to approximately two weeks based on the contractual payment terms with such partners. Our accounts receivable balances associated with our sales of regulatory credits, which are typically transferred to other manufacturers during the last few days of the quarter, is dependent on contractual payment terms. Additionally, government rebates can take up to a year or more to be collected depending on the customary processing timelines of the specific jurisdictions issuing them. These various factors may have a significant impact on our accounts receivable balance from period to period. As of June 30, 2022 and December 31, 2021 , we had $ 759 million and $ 627 million, respectively, of long-term government rebates receivable in Other non-current assets on our consolidated balance sheets. |
MyPower Customer Notes Receivable | MyPower Customer Notes Receivable As of June 30, 2022 and December 31, 2021 , the total outstanding balance of MyPower customer notes receivable, net of allowance for expected credit losses, was $ 287 million and $ 299 million, respectively, of which $ 8 million and $ 11 million were due in the next 12 months as of June 30, 2022 and December 31, 2021, respectively. As of June 30, 2022 and December 31, 2021 , the allowance for expected credit losses was $ 41 million. |
Concentration of Risk | Concentration of Risk Credit Risk Financial instruments that potentially subject us to a concentration of credit risk consist of cash, cash equivalents, marketable securities, restricted cash, accounts receivable and other finance receivables. Our cash balances are primarily on deposit at high credit quality financial institutions or invested in money market funds. These deposits are typically in excess of insured limits. As of June 30, 2022 and December 31, 2021 , no entity represented 10 % or more of our total receivables balance. Supply Risk We are dependent on our suppliers, including single source suppliers, and the inability of these suppliers to deliver necessary components of our products in a timely manner at prices, quality levels and volumes acceptable to us, or our inability to efficiently manage these components from these suppliers, could have a material adverse effect on our business, prospects, financial condition and operating results. |
Operating Lease Vehicles | Operating Lease Vehicles The gross cost of operating lease vehicles as of June 30, 2022 and December 31, 2021 was $ 5.73 billion and $ 5.28 billion, respectively. Operating lease vehicles on the consolidated balance sheets are presented net of accumulated depreciation of $ 955 million and $ 773 million as of June 30, 2022 and December 31, 2021 , respectively. |
Warranties | Warranties We provide a manufacturer’s warranty on all new and used vehicles and a warranty on the installation and components of the energy generation and storage systems we sell for periods typically between 10 to 25 years . We accrue a warranty reserve for the products sold by us, which includes our best estimate of the projected costs to repair or replace items under warranties and recalls if identified. These estimates are based on actual claims incurred to date and an estimate of the nature, frequency and costs of future claims. These estimates are inherently uncertain given our relatively short history of sales, and changes to our historical or projected warranty experience may cause material changes to the warranty reserve in the future. The warranty reserve does not include projected warranty costs associated with our vehicles subject to operating lease accounting and our solar energy systems under lease contracts or Power Purchase Agreements (“PPAs”), as the costs to repair these warranty claims are expensed as incurred. The portion of the warranty reserve expected to be incurred within the next 12 months is included within Accrued liabilities and other, while the remaining balance is included within Other long-term liabilities on the consolidated balance sheets. Warranty expense is recorded as a component of Cost of revenues in the consolidated statements of operations. Due to the magnitude of our automotive business, accrued warranty balance is primarily related to our automotive segment. Accrued warranty activity consisted of the following (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Accrued warranty—beginning of period $ 2,287 $ 1,534 $ 2,101 $ 1,468 Warranty costs incurred ( 187 ) ( 125 ) ( 338 ) ( 241 ) Net changes in liability for pre-existing warranties, 14 7 17 6 Provision for warranty 319 275 653 458 Accrued warranty—end of period $ 2,433 $ 1,691 $ 2,433 $ 1,691 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently issued accounting pronouncements not yet adopted In October 2021, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (Topic 805). This ASU requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities (deferred revenue) from acquired contracts using the revenue recognition guidance in Topic 606. At the acquisition date, the acquirer applies the revenue model as if it had originated the acquired contracts. The ASU is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years. Adoption of the ASU should be applied prospectively. Early adoption is also permitted, including adoption in an interim period. If early adopted, the amendments are applied retrospectively to all business combinations for which the acquisition date occurred during the fiscal year of adoption. This ASU is currently not expected to have a material impact on our consolidated financial statements. In March 2022, the FASB issued ASU 2022-02, Troubled Debt Restructurings and Vintage Disclosures. This ASU eliminates the accounting guidance for troubled debt restructurings by creditors that have adopted ASU 2016-13, Measurement of Credit Losses on Financial Instruments, which we adopted on January 1, 2020. This ASU also enhances the disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty. In addition, the ASU amends the guidance on vintage disclosures to require entities to disclose current period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of ASC 326-20. The ASU is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years. Adoption of the ASU would be applied prospectively. Early adoption is also permitted, including adoption in an interim period. This ASU is currently not expected to have a material impact on our consolidated financial statements. Recently adopted accounting pronouncements In November 2021, the FASB issued ASU No. 2021-10, Government Assistance (Topic 832). This ASU requires business entities to disclose information about government assistance they receive if the transactions were accounted for by analogy to either a grant or a contribution accounting model. The disclosure requirements include the nature of the transaction and the related accounting policy used, the line items on the balance sheets and statements of operations that are affected and the amounts applicable to each financial statement line item and the significant terms and conditions of the transactions. The ASU is effective for annual periods beginning after December 15, 2021. The disclosure requirements can be applied either retrospectively or prospectively to all transactions in the scope of the amendments that are reflected in the financial statements at the date of initial application and new transactions that are entered into after the date of initial application. We adopted the ASU prospectively on January 1, 2022. The additional annual disclosures required are not expected to have a material impact on our consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Disaggregation of Revenue by Major Source | The following table disaggregates our revenue by major source (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Automotive sales without resale value guarantee $ 13,518 $ 9,332 $ 28,843 $ 17,345 Automotive sales with resale value guarantee 152 188 341 362 Automotive regulatory credits 344 354 1,023 872 Energy generation and storage sales 717 653 1,220 1,036 Services and other 1,466 951 2,745 1,844 Total revenues from sales and services 16,197 11,478 34,172 21,459 Automotive leasing 588 332 1,256 629 Energy generation and storage leasing 149 148 262 259 Total revenues $ 16,934 $ 11,958 $ 35,690 $ 22,347 |
Lease Receivable Relating to Sales-Type Lease | Lease receivables relating to sales-type leases are presented on the consolidated balance sheets as follows (in millions): June 30, 2022 December 31, 2021 Gross lease receivables $ 682 $ 427 Unearned interest income ( 79 ) ( 50 ) Allowance for expected credit losses ( 3 ) ( 1 ) Net investment in sales-type leases $ 600 $ 376 Reported as: Prepaid expenses and other current assets $ 129 $ 73 Other non-current assets 471 303 Net investment in sales-type leases $ 600 $ 376 |
Schedule of Reconciliation of Net Income Used in Computing Basic and Diluted Net Income Per Share of Common Stock and Basic to Diluted Weighted Average Shares Used in Computing Net Income Per Share of Common Stock | The following table presents the reconciliation of net income attributable to common stockholders to net income used in computing basic and diluted net income per share of common stock (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net income attributable to common stockholders $ 2,259 $ 1,142 $ 5,577 $ 1,580 Less: Buy-out of noncontrolling interest 3 — 8 — Net income used in computing basic net income per share of common stock 2,256 1,142 5,569 1,580 Less: Dilutive convertible debt 0 ( 2 ) 1 ( 6 ) Net income used in computing diluted net income per share of common stock $ 2,256 $ 1,144 $ 5,568 $ 1,586 The following table presents the reconciliation of basic to diluted weighted average shares used in computing net income per share of common stock attributable to common stockholders (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Weighted average shares used in computing net income per share of common stock, basic 1,037 971 1,036 966 Add: Stock-based awards 101 93 103 95 Convertible senior notes 1 10 1 16 Warrants 16 45 16 49 Weighted average shares used in computing net income per share of common stock, diluted 1,155 1,119 1,156 1,126 |
Schedule of Potentially Dilutive Shares that were Excluded from Computation of Diluted Net Income per Share of Common Stock | The following table presents the potentially dilutive shares that were excluded from the computation of diluted net income per share of common stock attributable to common stockholders, because their effect was anti-dilutive (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Stock-based awards 1 1 1 0 Convertible senior notes — 0 — 1 |
Schedule of Cash and Cash Equivalents and Restricted Cash | Our total cash and cash equivalents and restricted cash, as presented in the consolidated statements of cash flows, was as follows (in millions): June 30, December 31, June 30, December 31, 2022 2021 2021 2020 Cash and cash equivalents $ 18,324 $ 17,576 $ 16,229 $ 19,384 Restricted cash included in prepaid expenses and other 294 345 326 238 Restricted cash included in other non-current assets 269 223 270 279 Total as presented in the consolidated statements of cash flows $ 18,887 $ 18,144 $ 16,825 $ 19,901 |
Schedule of Accrued Warranty Activity | Accrued warranty activity consisted of the following (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Accrued warranty—beginning of period $ 2,287 $ 1,534 $ 2,101 $ 1,468 Warranty costs incurred ( 187 ) ( 125 ) ( 338 ) ( 241 ) Net changes in liability for pre-existing warranties, 14 7 17 6 Provision for warranty 319 275 653 458 Accrued warranty—end of period $ 2,433 $ 1,691 $ 2,433 $ 1,691 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Intangible assets disclosure [Abstract] | |
Summary of Acquired Intangible Assets | Information regarding our intangible assets including assets recognized from our acquisitions was as follows (in millions): June 30, 2022 December 31, 2021 Gross Carrying Accumulated Other Net Carrying Gross Carrying Accumulated Other Net Carrying Finite-lived intangible assets: Developed technology $ 299 $ ( 168 ) $ 2 $ 133 $ 299 $ ( 150 ) $ 3 $ 152 Trade names 2 ( 2 ) — — 2 ( 1 ) — 1 Favorable contracts and leases, net 113 ( 44 ) — 69 113 ( 40 ) — 73 Other 36 ( 22 ) 1 15 36 ( 21 ) 1 16 Total finite-lived intangible assets 450 ( 236 ) 3 217 450 ( 212 ) 4 242 Indefinite-lived intangible assets: Gigafactory Nevada water rights 15 — — 15 15 — — 15 Other 9 — — 9 — — — — Total infinite-lived intangible assets 24 — — 24 15 — — 15 Total intangible assets $ 474 $ ( 236 ) $ 3 $ 241 $ 465 $ ( 212 ) $ 4 $ 257 |
Total Future Amortization Expense for Finite-lived Intangible Assets | Total future amortization expense for finite-lived intangible assets was estimated as follows (in millions): Six months ending December 31, 2022 $ 25 2023 43 2024 28 2025 28 2026 27 Thereafter 66 Total $ 217 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | Our assets and liabilities that were measured at fair value on a recurring basis were as follows (in millions): June 30, 2022 December 31, 2021 Fair Value Level I Level II Level III Fair Value Level I Level II Level III Money market funds $ 8,032 $ 8,032 $ — $ — $ 9,548 $ 9,548 $ — $ — U.S. government securities 211 — 211 — — — — — Corporate debt securities 580 — 580 — 131 — 131 — Interest rate swap liabilities — — — — 31 — 31 — Total $ 8,823 $ 8,032 $ 791 $ — $ 9,710 $ 9,548 $ 162 $ — |
Schedule of Cash, Cash Equivalents and Marketable Securities | Our cash, cash equivalents and marketable securities classified by security type as of June 30, 2022 and December 31, 2021 consisted of the following (in millions): June 30, 2022 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and Cash Equivalents Short-Term Marketable Securities Cash $ 10,092 $ — $ — $ 10,092 $ 10,092 $ — Money market funds 8,032 — — 8,032 8,032 — U.S. government securities 212 — ( 1 ) 211 200 11 Corporate debt securities 594 1 ( 15 ) 580 — 580 Total cash, cash equivalents and short-term marketable securities $ 18,930 $ 1 $ ( 16 ) $ 18,915 $ 18,324 $ 591 December 31, 2021 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and Cash Equivalents Short-Term Marketable Securities Cash $ 8,028 $ — $ — $ 8,028 $ 8,028 $ — Money market funds 9,548 — — 9,548 9,548 — Corporate debt securities 132 — ( 1 ) 131 — 131 Total cash, cash equivalents and short-term marketable securities $ 17,708 $ — $ ( 1 ) $ 17,707 $ 17,576 $ 131 |
Summary of Fair Value of Marketable Securities by Contractual Maturities | The following table summarizes the fair value of our marketable securities by stated contractual maturities as of June 30, 2022 (in millions): Due in 1 year or less $ 59 Due in 1 year through 5 years 428 Due in 5 years through 10 years 104 Total $ 591 |
Schedule of Interest Rate Swaps Outstanding | Our interest rate swaps outstanding were as follows (in millions): June 30, 2022 December 31, 2021 Aggregate Notional Gross Asset at Gross Liability at Aggregate Notional Gross Asset at Gross Liability at Interest rate swaps $ — $ — $ — $ 312 $ — $ 31 Our interest rate swaps activity was as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Gross losses $ — $ 9 $ — $ 9 Gross gains $ — $ — $ 10 $ 20 |
Schedule of Estimated Fair Values and Carrying Values | The following table presents the estimated fair values and the carrying values (in millions): June 30, 2022 December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Convertible Senior Notes (1) $ 46 $ 498 $ 119 $ 2,016 Solar Asset and Loan-backed Notes $ 450 $ 425 $ 827 $ 834 (1) The 2022 Notes were fully settled in the first quarter of 2022. |
Inventory (Tables)
Inventory (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Our inventory consisted of the following (in millions): June 30, December 31, 2022 2021 Raw materials $ 4,949 $ 2,816 Work in process 1,370 1,089 Finished goods (1) 1,185 1,277 Service parts 604 575 Total $ 8,108 $ 5,757 (1) Finished goods inventory includes vehicles in transit to fulfill customer orders, new vehicles available for sale, used vehicles, energy storage products and Solar Roof products available for sale. |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment, Net | Our property, plant and equipment, net, consisted of the following (in millions): June 30, December 31, 2022 2021 Machinery, equipment, vehicles and office furniture $ 11,749 $ 9,953 Tooling 2,417 2,188 Leasehold improvements 2,018 1,826 Land and buildings 6,406 4,675 Computer equipment, hardware and software 1,746 1,414 Construction in progress 4,544 5,559 28,880 25,615 Less: Accumulated depreciation ( 7,787 ) ( 6,731 ) Total $ 21,093 $ 18,884 |
Accrued Liabilities and Other (
Accrued Liabilities and Other (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities and Other Current Liabilities | Our accrued liabilities and other current liabilities consisted of the following (in millions): June 30, December 31, 2022 2021 Accrued purchases (1) $ 2,130 $ 2,045 Taxes payable (2) 1,045 1,122 Payroll and related costs 1,077 906 Accrued warranty reserve, current portion 778 703 Sales return reserve, current portion 257 265 Operating lease liabilities, current portion 413 368 Other current liabilities 337 310 Total $ 6,037 $ 5,719 (1) Accrued purchases primarily reflects receipts of goods and services for which we had not yet been invoiced. As we are invoiced for these goods and services, this balance will reduce and accounts payable will increase. (2) Taxes payable includes value added tax, sales tax, property tax, use tax and income tax payables. |
Other Long-Term Liabilities (Ta
Other Long-Term Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other Liabilities [Abstract] | |
Schedule of Other Long-term Liabilities | Our other long-term liabilities consisted of the following (in millions): June 30, December 31, 2022 2021 Operating lease liabilities $ 1,822 $ 1,671 Accrued warranty reserve 1,655 1,398 Sales return reserve 74 133 Deferred tax liability 22 24 Other non-current liabilities 353 320 Total other long-term liabilities $ 3,926 $ 3,546 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Debt and Finance Leases | The following is a summary of our debt and finance leases as of June 30, 2022 (in millions): Unpaid Unused Net Carrying Value Principal Committed Contractual Contractual Current Long-Term Balance Amount (1) Interest Rates Maturity Date Recourse debt: 2024 Notes $ 1 $ 45 $ 46 $ — 2.00 % May 2024 Credit Agreement — — — 2,265 Not applicable July 2023 Solar Bonds 0 7 7 — 4.70 - 5.75 % March 2025 - January 2031 Total recourse debt 1 52 53 2,265 Non-recourse debt: Automotive Asset-backed Notes 1,021 1,216 2,244 — 0.36 - 5.48 % October 2022 - September 2025 Solar Asset and Loan-backed Notes 12 438 459 — 4.12 - 7.74 % December 2026 - February 2048 Cash Equity Debt 23 376 411 — 5.25 - 5.81 % July 2033 - January 2035 Automotive Lease-backed Credit Facilities — — — 152 Not applicable September 2023 Other Loans — 13 13 21 5.10 % February 2033 Total non-recourse debt 1,056 2,043 3,127 173 Total debt 1,057 2,095 $ 3,180 $ 2,438 Finance leases 475 803 Total debt and finance leases $ 1,532 $ 2,898 The following is a summary of our debt and finance leases as of December 31, 2021 (in millions): Unpaid Unused Net Carrying Value Principal Committed Contractual Contractual Current Long-Term Balance Amount (1) Interest Rates Maturity Date Recourse debt: 2022 Notes $ 29 $ — $ 29 $ — 2.375 % March 2022 2024 Notes 1 89 91 — 2.00 % May 2024 Credit Agreement — 1,250 1,250 920 3.25 % July 2023 Solar Bonds 0 7 7 — 4.00 - 5.75 % January 2022 - January 2031 Total recourse debt 30 1,346 1,377 920 Non-recourse debt: Automotive Asset-backed Notes 1,007 1,706 2,723 — 0.12 %- 5.48 % September 2022 - September 2025 Solar Asset and Loan-backed Notes 27 800 844 — 2.87 %- 7.74 % September 2024 - September 2049 Cash Equity Debt 24 388 422 — 5.25 - 5.81 % July 2033 - January 2035 Automotive Lease-backed Credit Facilities — — — 167 Not applicable September 2023 Other Loans — 14 14 21 5.10 % February 2033 Total non-recourse debt 1,058 2,908 4,003 188 Total debt 1,088 4,254 $ 5,380 $ 1,108 Finance leases 501 991 Total debt and finance leases $ 1,589 $ 5,245 (1) There are no restrictions on draw-down or use for general corporate purposes with respect to any available committed funds under our credit facilities, except certain specified conditions prior to draw-down, including pledging to our lenders sufficient amounts of qualified receivables, inventories, leased vehicles and our interests in those leases or various other assets and as may be described below and in the notes to the consolidated financial statements included in our report on Form 10-K for the year ended December 31, 2021. |
Schedule of Interest Expense | The following table presents the interest expense related to the contractual interest coupon and the amortization of debt issuance costs, which include the 1.25 % Convertible Senior Notes due in 2021 (fully settled in March 2021), the 2022 Notes (fully settled in March 2022) and the 2024 Notes (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Contractual interest coupon $ 0 $ 3 $ 1 $ 10 Amortization of debt issuance costs 0 1 1 3 Total $ 0 $ 4 $ 2 $ 13 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Operational Milestone Based on Revenue or Adjusted EBITDA | The achievement status of the operational milestones as of June 30, 2022 is provided below. Although an operational milestone is deemed achieved in the last quarter of the relevant annualized period, it may be certified only after the financial statements supporting its achievement have been filed with our Forms 10-Q and/or 10-K. Total Annualized Revenue Annualized Adjusted EBITDA Milestone Achievement Status Milestone Achievement Status $ 20.0 Achieved $ 1.5 Achieved $ 35.0 Achieved $ 3.0 Achieved $ 55.0 Achieved $ 4.5 Achieved $ 75.0 Probable $ 6.0 Achieved $ 100.0 - $ 8.0 Achieved $ 125.0 - $ 10.0 Achieved $ 150.0 - $ 12.0 Achieved $ 175.0 - $ 14.0 Achieved |
Summary of Stock-Based Compensation Expense | The following table summarizes our stock-based compensation expense by line item in the consolidated statements of operations (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Cost of revenues $ 143 $ 108 $ 274 $ 211 Research and development 122 104 265 229 Selling, general and administrative 96 262 240 648 Total $ 361 $ 474 $ 779 $ 1,088 |
Variable Interest Entity Arra_2
Variable Interest Entity Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Variable Interest Entity Disclosure [Abstract] | |
Carrying Values of Assets and Liabilities of Subsidiary in Consolidated Balance Sheets | The aggregate carrying values of the VIEs’ assets and liabilities, after elimination of any intercompany transactions and balances, in the consolidated balance sheets were as follows (in millions): June 30, December 31, 2022 2021 Assets Current assets Cash and cash equivalents $ 65 $ 79 Accounts receivable, net 45 22 Prepaid expenses and other current assets 301 152 Total current assets 411 253 Solar energy systems, net 3,924 4,108 Other non-current assets 388 265 Total assets $ 4,723 $ 4,626 Liabilities Current liabilities Accrued liabilities and other $ 66 $ 74 Deferred revenue 10 10 Current portion of debt and finance leases 1,045 1,031 Total current liabilities 1,121 1,115 Deferred revenue, net of current portion 143 153 Debt and finance leases, net of current portion 1,592 2,093 Other long-term liabilities 11 11 Total liabilities $ 2,867 $ 3,372 |
Segment Reporting and Informa_2
Segment Reporting and Information about Geographic Areas (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Total Revenues and Gross Profit by Reportable Segment | The following table presents revenues and gross profit by reportable segment (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Automotive segment Revenues $ 16,068 $ 11,157 $ 34,208 $ 21,052 Gross profit $ 4,137 $ 2,864 $ 9,669 $ 5,180 Energy generation and storage segment Revenues $ 866 $ 801 $ 1,482 $ 1,295 Gross profit $ 97 $ 20 $ 25 $ ( 81 ) |
Schedule of Revenues by Geographic Area | The following table presents revenues by geographic area based on the sales location of our products (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 United States $ 9,614 $ 5,205 $ 18,348 $ 9,629 China 3,787 2,859 8,437 5,902 Other 3,533 3,894 8,905 6,816 Total $ 16,934 $ 11,958 $ 35,690 $ 22,347 |
Schedule of Long-Lived Assets by Geographic Area | The following table presents long-lived assets by geographic area (in millions): June 30, December 31, 2022 2021 United States $ 20,278 $ 19,026 Germany 3,186 2,606 China 2,561 2,415 Other International 692 602 Total $ 26,717 $ 24,649 |
Overview - Additional Informati
Overview - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2022 Segment | |
Accounting Policies [Abstract] | |
Number of operating segment | 2 |
Number of reportable segment | 2 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Disaggregation of Revenue by Major Source (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | $ 16,934 | $ 11,958 | $ 35,690 | $ 22,347 |
Services and Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | 1,466 | 951 | 2,745 | 1,844 |
Sales and Services [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | 16,197 | 11,478 | 34,172 | 21,459 |
Automotive Leasing [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | 588 | 332 | 1,256 | 629 |
Automotive [Member] | Automotive Sales without Resale Value Guarantee [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | 13,518 | 9,332 | 28,843 | 17,345 |
Automotive [Member] | Automotive Sales with Resale Value Guarantee [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | 152 | 188 | 341 | 362 |
Automotive [Member] | Automotive Regulatory Credits [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | 344 | 354 | 1,023 | 872 |
Energy Generation and Storage [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 866 | 801 | 1,482 | 1,295 |
Energy Generation and Storage [Member] | Energy Generation and Storage Sales [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | 717 | 653 | 1,220 | 1,036 |
Energy Generation and Storage [Member] | Energy Generation and Storage Leasing [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | $ 149 | $ 148 | $ 262 | $ 259 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 USD ($) $ / shares | Jun. 30, 2021 USD ($) $ / shares | Jun. 30, 2022 USD ($) Customer $ / shares | Jun. 30, 2021 USD ($) $ / shares | Dec. 31, 2021 USD ($) Customer | Dec. 31, 2020 USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||||
Deferred revenue | $ 2,660,000 | $ 2,660,000 | $ 2,380,000 | |||
Deferred revenue recognized out of prior period balance | 157,000 | $ 157,000 | 121,000 | $ 121,000 | ||
Deferred revenue recognized in next 12 months | 1,020 | |||||
Revenue Due to Changes in Regulation | 288,000 | |||||
Financing receivable, Net | 320,000 | 320,000 | ||||
Total sales return reserve from buyback options | 130,000 | 130,000 | 223,000 | |||
Sales return reserve from short term buyback options | 56,000 | $ 56,000 | $ 91,000 | |||
Number of customers representing more than ten percentage of accounts receivable | Customer | 0 | 0 | ||||
Allowance for credit losses | $ 41,000 | |||||
MyPower customer notes receivable, net of allowance for credit losses | 287,000 | $ 287,000 | 299,000 | |||
MyPower customer notes receivable, net of allowance for credit losses, current | 8,000 | 8,000 | 11,000 | |||
Other non-current assets | 2,952,000 | $ 2,952,000 | $ 2,138,000 | |||
Accounts receivable from OEM customers excess percentage | 10% | 10% | ||||
Gross cost of operating lease vehicles | 5,730,000 | $ 5,730,000 | $ 5,280,000 | |||
Net accumulated depreciation related to leased vehicles | 955,000 | $ 955,000 | 773,000 | |||
Product warranty description | a warranty on the installation and components of the energy generation and storage systems we sell for periods typically between 10 to 25 years | |||||
Sales-type leasing revenue | 133,000 | $ 55,000 | $ 398,000 | 97,000 | ||
Sales-type leasing cost of revenue | $ 82,000 | $ 36,000 | 246,000 | 62,000 | ||
Purchases of digital assets, amount | $ 1,500,000 | $ 1,500,000 | ||||
Earnings Per Share, Diluted | $ / shares | $ 1.95 | $ 1.02 | $ 4.82 | $ 1.41 | ||
Unrecognized tax benefits | $ 601,000 | $ 601,000 | 531,000 | |||
Unrecognized tax benefits, that would not affect effective tax rate | 482,000 | $ 482,000 | 473,000 | |||
Minimum [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Income tax examination, years | 2019 | |||||
Maximum [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Income tax examination, years | 2021 | |||||
Government Rebates Receivables [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Other non-current assets | 759,000 | $ 759,000 | 627,000 | |||
Federal [Member] | Minimum [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Income tax examination, years | 2004 | |||||
Federal [Member] | Maximum [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Income tax examination, years | 2014 | |||||
IRS [Member] | Minimum [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Income tax examination, years | 2015 | |||||
IRS [Member] | Maximum [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Income tax examination, years | 2018 | |||||
Shanghai, China [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Corporate income tax rate to certain enterprises | 15% | |||||
Corporate income tax rate | 25% | |||||
Beneficial income tax rate | 15% | |||||
Energy Generation and Storage [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Financing receivable, Net | 238,000 | $ 238,000 | ||||
Customer payments [Member] | Energy Generation and Storage [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Deferred revenue | 678,000 | 678,000 | 399,000 | |||
Deferred revenue recognized in next 12 months | 12,000 | |||||
Revenue recognized | 66,000 | $ 66,000 | $ 79,000 | $ 79,000 | ||
Unbilled transaction price allocated to performance obligations, expected of more than one year | $ 211,000 | $ 211,000 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Additional Information (Detail1) | Jun. 30, 2022 |
Customer payments [Member] | Energy Generation and Storage [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | |
Summary Of Significant Accounting Policies [Line Items] | |
Deferred revenue, expected to recognize period | 26 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Lease Receivable Relating to Sales -Type Lease (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Summary Of Significant Accounting Policies [Line Items] | ||
Gross lease receivables | $ 682 | $ 427 |
Unearned interest income | (79) | (50) |
Allowance for expected credit losses | (3) | (1) |
Net investment in sales-type leases | 600 | 376 |
Prepaid Expenses and Other Current Assets [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Net investment in sales-type leases | 129 | 73 |
Other Noncurrent Assets [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Net investment in sales-type leases | $ 471 | $ 303 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Schedule of Reconciliation of Net Income Used in Computing Basic and Diluted Net Income Per Share of Common Stock and Basic to Diluted Weighted Average Shares Used in Computing Net Income Per Share of Common Stock (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Accounting Policies [Abstract] | ||||
Net income (loss) attributable to common stockholders | $ 2,259 | $ 1,142 | $ 5,577 | $ 1,580 |
Less: Buy-out of noncontrolling interest | 3 | 0 | 8 | 0 |
Net income (loss) used in computing net income per share of common stock | 2,256 | 1,142 | 5,569 | 1,580 |
Less: Dilutive convertible debt | 0 | 2 | (1) | 6 |
Net income (loss) used in computing diluted net income (loss) per share of common stock | $ 2,256 | $ 1,144 | $ 5,568 | $ 1,586 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Schedule of Reconciliation of Basic to Diluted Weighted Average Shares Used in Computing Net Income Per Share of Common Stock Attributable to Common Stockholders (Detail) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Accounting Policies [Abstract] | ||||
Weighted average shares used in computing net income per share of common stock, basic | 1,037 | 971 | 1,036 | 966 |
Stock-based awards | 101 | 93 | 103 | 95 |
Convertible senior notes | 1 | 10 | 1 | 16 |
Warrants | 16 | 45 | 16 | 49 |
Weighted average shares used in computing net income per share of common stock, diluted | 1,155 | 1,119 | 1,156 | 1,126 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Shares that were Excluded from Computation of Diluted Net Income per Share of Common Stock (Detail) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Potential common shares excluded from computation of net income (loss) per share | 1 | |||
Stock-based awards [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Potential common shares excluded from computation of net income (loss) per share | 1 | 1 | 0 | |
Convertible Senior Notes [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Potential common shares excluded from computation of net income (loss) per share | 0 | 0 | 0 | 1 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 18,324 | $ 17,576 | $ 16,229 | $ 19,384 |
Restricted cash included in prepaid expenses and other current assets | 294 | 345 | 326 | 238 |
Restricted cash included in other non-current assets | 269 | 223 | 270 | 279 |
Total as presented in the consolidated statements of cash flows | $ 18,887 | $ 18,144 | $ 16,825 | $ 19,901 |
Summary of Significant Accou_12
Summary of Significant Accounting Policies - Schedule of Accrued Warranty Activity (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Standard Product Warranty Disclosure [Abstract] | ||||
Accrued warranty—beginning of period | $ 2,287 | $ 1,534 | $ 2,101 | $ 1,468 |
Warranty costs incurred | (187) | (125) | (338) | (241) |
Net changes in liability for pre-existing warranties, including expirations and foreign exchange impact | 14 | 7 | 17 | 6 |
Provision for warranty | 319 | 275 | 653 | 458 |
Accrued warranty—end of period | $ 2,433 | $ 1,691 | $ 2,433 | $ 1,691 |
Digital Assets, Net - Additiona
Digital Assets, Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||||||
Purchases of digital assets, amount | $ 1,500 | $ 1,500 | ||||
Percentage of conversion for digital assets | 75% | |||||
Impairment losses | $ 170 | $ 23 | $ 170 | $ 50 | ||
Gain on sale | 64 | $ 128 | 64 | |||
Digital assets, net | 218 | 218 | $ 1,260 | |||
Cumulative impairments | 169 | 169 | $ 101 | |||
Fair market value of digital assets | $ 222 | $ 222 |
Intangible Assets - Summary of
Intangible Assets - Summary of Acquired Intangible Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Acquired Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross Carrying Amount | $ 450 | $ 450 |
Finite-lived intangible assets, Accumulated Amortization | (236) | (212) |
Finite-lived intangible assets, Other | 3 | 4 |
Finite-lived intangible assets, Net Carrying Amount | 217 | 242 |
Indefinite-lived intangible assets, Gross Carrying Amount | 24 | 15 |
Indefinite-lived intangible assets, Net Carrying Amount | 24 | 15 |
Intangible Assets, Gross Carrying Amount | 474 | 465 |
Intangible assets, Other | 3 | 4 |
Intangible Assets, Net Carrying Amount | 241 | 257 |
Gigafactory Nevada Water Rights [Member] | ||
Acquired Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets, Gross Carrying Amount | 15 | 15 |
Indefinite-lived intangible assets, Net Carrying Amount | 15 | 15 |
Other [Member] | ||
Acquired Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets, Gross Carrying Amount | 9 | |
Indefinite-lived intangible assets, Net Carrying Amount | 9 | |
Developed Technology [Member] | ||
Acquired Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross Carrying Amount | 299 | 299 |
Finite-lived intangible assets, Accumulated Amortization | (168) | (150) |
Finite-lived intangible assets, Other | 2 | 3 |
Finite-lived intangible assets, Net Carrying Amount | 133 | 152 |
Trade names [Member] | ||
Acquired Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross Carrying Amount | 2 | 2 |
Finite-lived intangible assets, Accumulated Amortization | (2) | (1) |
Finite-lived intangible assets, Net Carrying Amount | 0 | 1 |
Favorable Contracts and Leases, Net [Member] | ||
Acquired Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross Carrying Amount | 113 | 113 |
Finite-lived intangible assets, Accumulated Amortization | (44) | (40) |
Finite-lived intangible assets, Net Carrying Amount | 69 | 73 |
Other infinite-lived intangible asset [Member] | ||
Acquired Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross Carrying Amount | 36 | 36 |
Finite-lived intangible assets, Accumulated Amortization | (22) | (21) |
Finite-lived intangible assets, Other | 1 | 1 |
Finite-lived intangible assets, Net Carrying Amount | $ 15 | $ 16 |
Intangible Assets - Total Futur
Intangible Assets - Total Future Amortization Expense for Finite-lived Intangible Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Six months ending December 31, 2022 | $ 25 | |
2023 | 43 | |
2024 | 28 | |
2025 | 28 | |
2026 | 27 | |
Thereafter | 66 | |
Finite-lived intangible assets, Net Carrying Amount | $ 217 | $ 242 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | $ 8,823 | $ 9,710 |
Corporate debt securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial assets, Fair Value | 580 | 131 |
U.S. government securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial assets, Fair Value | 211 | 0 |
Money market funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial assets, Fair Value | 8,032 | 9,548 |
Interest rate swap liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial liabilities, Fair Value | 0 | 31 |
Level I [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 8,032 | 9,548 |
Level I [Member] | Corporate debt securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial assets, Fair Value | 0 | 0 |
Level I [Member] | U.S. government securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial assets, Fair Value | 0 | 0 |
Level I [Member] | Money market funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial assets, Fair Value | 8,032 | 9,548 |
Level I [Member] | Interest rate swap liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial assets, Fair Value | 0 | |
Financial liabilities, Fair Value | 0 | |
Level II [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 791 | 162 |
Level II [Member] | Corporate debt securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial assets, Fair Value | 580 | 131 |
Level II [Member] | U.S. government securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial assets, Fair Value | 211 | 0 |
Level II [Member] | Money market funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial assets, Fair Value | 0 | 0 |
Level II [Member] | Interest rate swap liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial liabilities, Fair Value | 0 | 31 |
Level III [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 0 | 0 |
Level III [Member] | Corporate debt securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial assets, Fair Value | 0 | 0 |
Level III [Member] | U.S. government securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial assets, Fair Value | 0 | 0 |
Level III [Member] | Money market funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial assets, Fair Value | 0 | 0 |
Level III [Member] | Interest rate swap liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial assets, Fair Value | $ 0 | |
Financial liabilities, Fair Value | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Schedule of Cash, Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Marketable Securities [Line Items] | ||
Adjusted Cost | $ 18,930 | $ 17,708 |
Gross Unrealized Gains | 1 | 0 |
Gross Unrealized Losses | (16) | (1) |
Fair Value | 18,915 | 17,707 |
Marketable Securities | 591 | 131 |
U.S. government securities [Member] | ||
Marketable Securities [Line Items] | ||
Adjusted Cost | 212 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (1) | |
Fair Value | 211 | |
Marketable Securities | 11 | |
Cash and Cash Equivalents | 200 | |
Cash [Member] | ||
Marketable Securities [Line Items] | ||
Adjusted Cost | 10,092 | 8,028 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 10,092 | 8,028 |
Marketable Securities | 0 | 0 |
Cash and Cash Equivalents | 10,092 | 8,028 |
Money Market Funds [Member] | ||
Marketable Securities [Line Items] | ||
Adjusted Cost | 8,032 | 9,548 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 8,032 | 9,548 |
Marketable Securities | 0 | 0 |
Cash and Cash Equivalents | 8,032 | 9,548 |
Cash and Cash Equivalents [Member] | ||
Marketable Securities [Line Items] | ||
Cash and Cash Equivalents | 18,324 | 17,576 |
Corporate debt securities [Member] | ||
Marketable Securities [Line Items] | ||
Adjusted Cost | 594 | 132 |
Gross Unrealized Gains | 1 | 0 |
Gross Unrealized Losses | (15) | (1) |
Fair Value | 580 | 131 |
Marketable Securities | 580 | 131 |
Cash and Cash Equivalents | $ 0 | $ 0 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Summary of Fair Value of Marketable Securities by Contractual Maturities (Details) $ in Millions | Jun. 30, 2022 USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Due in 1 year or less | $ 59 |
Due in 1 year through 5 years | 428 |
Due in 5 years through 10 years | 104 |
Total | $ 591 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Schedule of Interest Rate Swaps Outstanding (Detail) - Interest rate swap liabilities [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Aggregate Notional Amount | $ 0 | $ 0 | $ 312 | ||
Gross Asset at Fair Value | 0 | 0 | 0 | ||
Gross Liability at Fair Value | 0 | 0 | $ 31 | ||
Gross losses | 0 | $ 9 | 0 | $ 9 | |
Gross gains | $ 0 | $ 0 | $ 10 | $ 20 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Additional Information (Detail) | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
2.375% Convertible Senior Notes due in 2022 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest Rate | 2.375% | |
Maturity year | 2022 | |
2.375% Convertible Senior Notes due in 2022 [Member] | Recourse debt [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest Rate | 2.375% | |
2.00% Convertible Senior Notes due in 2024 [Member] | Recourse debt [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest Rate | 2% | 2% |
Maturity year | 2024 |
Fair Value of Financial Instr_8
Fair Value of Financial Instruments - Schedule of Estimated Fair Values and Carrying Values (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Carrying Value | $ 2,095 | $ 4,254 | |
Convertible Senior Notes [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Carrying Value | [1] | 46 | 119 |
Fair Value | [1] | 498 | 2,016 |
Solar Asset and Loan-Backed Notes [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Carrying Value | 450 | 827 | |
Fair Value | $ 425 | $ 834 | |
[1] The 2022 Notes were fully settled in the first quarter of 2022. |
Inventory - Schedule of Invento
Inventory - Schedule of Inventory (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |||
Raw materials | $ 4,949 | $ 2,816 | |
Work in process | 1,370 | 1,089 | |
Finished goods | [1] | 1,185 | 1,277 |
Service parts | 604 | 575 | |
Total | $ 8,108 | $ 5,757 | |
[1] Finished goods inventory includes vehicles in transit to fulfill customer orders, new vehicles available for sale, used vehicles, energy storage products and Solar Roof products available for sale. |
Inventory - Additional Informat
Inventory - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Inventory [Line Items] | ||||
Inventory write-downs | $ 58 | $ 88 | ||
Cost of Revenues [Member] | ||||
Inventory [Line Items] | ||||
Inventory write-downs | $ 23 | $ 33 | $ 49 | $ 56 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Property Plant And Equipment [Line Items] | |||||
Interest expense capitalized | $ 23 | $ 38 | |||
Depreciation expense | $ 578 | $ 461 | $ 1,130 | $ 885 | |
Gross finance leased assets | 2,770 | 2,770 | $ 2,750 | ||
Accumulated depreciation on property and equipment under finance leases | 1,440 | 1,440 | 1,210 | ||
Property, plant and equipment, net | 21,093 | 21,093 | 18,884 | ||
Property, plant and equipment, gross | 28,880 | 28,880 | 25,615 | ||
Production Equipment [Member] | |||||
Property Plant And Equipment [Line Items] | |||||
Property, plant and equipment, gross | $ 2,010 | $ 2,010 | $ 1,980 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment, Net (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 28,880 | $ 25,615 |
Less: Accumulated depreciation | (7,787) | (6,731) |
Property, plant and equipment, net | 21,093 | 18,884 |
Machinery, equipment, vehicles and office furniture [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 11,749 | 9,953 |
Tooling [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,417 | 2,188 |
Leasehold improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,018 | 1,826 |
Land and buildings [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 6,406 | 4,675 |
Computer equipment, hardware and software [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,746 | 1,414 |
Construction in progress [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 4,544 | $ 5,559 |
Accrued Liabilities and Other -
Accrued Liabilities and Other - Schedule of Accrued Liabilities and Other Current Liabilities (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |||
Accrued purchases | [1] | $ 2,130 | $ 2,045 |
Taxes payable | [2] | 1,045 | 1,122 |
Payroll and related costs | 1,077 | 906 | |
Accrued warranty reserve, current portion | 778 | 703 | |
Sales return reserve, current portion | 257 | 265 | |
Operating lease liabilities, current portion | 413 | 368 | |
Other current liabilities | 337 | 310 | |
Total | $ 6,037 | $ 5,719 | |
[1] Accrued purchases primarily reflects receipts of goods and services for which we had not yet been invoiced. As we are invoiced for these goods and services, this balance will reduce and accounts payable will increase. Taxes payable includes value added tax, sales tax, property tax, use tax and income tax payables. |
Other Long-Term Liabilities - S
Other Long-Term Liabilities - Schedule of Other Long-term Liabilities (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Liabilities, Noncurrent [Abstract] | ||
Operating lease liabilities | $ 1,822 | $ 1,671 |
Accrued warranty reserve | 1,655 | 1,398 |
Sales return reserve | 74 | 133 |
Deferred tax liability | 22 | 24 |
Other non-current liabilities | 353 | 320 |
Total other long-term liabilities | $ 3,926 | $ 3,546 |
Debt - Summary of Debt and Fina
Debt - Summary of Debt and Finance Leases (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | ||
Debt Instrument [Line Items] | |||
Net Carrying Value, Current | $ 1,057 | $ 1,088 | |
Net Carrying Value, Long-Term | 2,095 | 4,254 | |
Unpaid Principal Balance | 3,180 | 5,380 | |
Unused Committed Amount | [1] | 2,438 | 1,108 |
Net Carrying Value Finance leases, Current | 475 | 501 | |
Net Carrying Value Finance leases, Long-Term | 803 | 991 | |
Current portion of debt and finance leases | 1,532 | 1,589 | |
Net Carrying Value Total debt and finance leases, Long-Term | $ 2,898 | 5,245 | |
2.375% Convertible Senior Notes due in 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Interest Rate Stated Percentage | 2.375% | ||
Solar Asset and Loan-Backed Notes [Member] | |||
Debt Instrument [Line Items] | |||
Net Carrying Value, Long-Term | $ 450 | 827 | |
Recourse debt [Member] | |||
Debt Instrument [Line Items] | |||
Net Carrying Value, Current | 1 | 30 | |
Net Carrying Value, Long-Term | 52 | 1,346 | |
Unpaid Principal Balance | 53 | 1,377 | |
Unused Committed Amount | [1] | 2,265 | 920 |
Recourse debt [Member] | 2.375% Convertible Senior Notes due in 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Net Carrying Value, Current | 29 | ||
Unpaid Principal Balance | $ 29 | ||
Debt Instrument Interest Rate Stated Percentage | 2.375% | ||
Contractual Maturity Date | 2022-03 | ||
Recourse debt [Member] | 2.00% Convertible Senior Notes due in 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Net Carrying Value, Current | 1 | $ 1 | |
Net Carrying Value, Long-Term | 45 | 89 | |
Unpaid Principal Balance | 46 | $ 91 | |
Unused Committed Amount | [1] | $ 0 | |
Debt Instrument Interest Rate Stated Percentage | 2% | 2% | |
Contractual Maturity Date | 2024-05 | 2024-05 | |
Recourse debt [Member] | Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Net Carrying Value, Current | $ 0 | ||
Net Carrying Value, Long-Term | 0 | $ 1,250 | |
Unpaid Principal Balance | 0 | 1,250 | |
Unused Committed Amount | [1] | $ 2,265 | $ 920 |
Debt Instrument Interest Rate Stated Percentage | 3.25% | ||
Contractual Maturity Date | 2023-07 | 2023-07 | |
Recourse debt [Member] | Solar Bonds [Member] | |||
Debt Instrument [Line Items] | |||
Net Carrying Value, Current | $ 0 | $ 0 | |
Net Carrying Value, Long-Term | 7 | 7 | |
Unpaid Principal Balance | 7 | $ 7 | |
Unused Committed Amount | [1] | $ 0 | |
Contractual Maturity Date, Start | 2025-03 | 2022-01 | |
Contractual Maturity Date, End | 2031-01 | 2031-01 | |
Recourse debt [Member] | Solar Bonds [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Interest Rate Stated Percentage | 4.70% | 4% | |
Recourse debt [Member] | Solar Bonds [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Interest Rate Stated Percentage | 5.75% | 5.75% | |
Non-recourse debt [Member] | |||
Debt Instrument [Line Items] | |||
Net Carrying Value, Current | $ 1,056 | $ 1,058 | |
Net Carrying Value, Long-Term | 2,043 | 2,908 | |
Unpaid Principal Balance | 3,127 | 4,003 | |
Unused Committed Amount | [1] | 173 | 188 |
Non-recourse debt [Member] | Automotive Asset-backed Notes [Member] | |||
Debt Instrument [Line Items] | |||
Net Carrying Value, Current | 1,021 | 1,007 | |
Net Carrying Value, Long-Term | 1,216 | 1,706 | |
Unpaid Principal Balance | 2,244 | $ 2,723 | |
Unused Committed Amount | [1] | $ 0 | |
Contractual Maturity Date, Start | 2022-10 | 2022-09 | |
Contractual Maturity Date, End | 2025-09 | 2025-09 | |
Non-recourse debt [Member] | Automotive Asset-backed Notes [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Interest Rate Stated Percentage | 0.36% | 0.12% | |
Non-recourse debt [Member] | Automotive Asset-backed Notes [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Interest Rate Stated Percentage | 5.48% | 5.48% | |
Non-recourse debt [Member] | Solar Asset and Loan-Backed Notes [Member] | |||
Debt Instrument [Line Items] | |||
Net Carrying Value, Current | $ 12 | $ 27 | |
Net Carrying Value, Long-Term | 438 | 800 | |
Unpaid Principal Balance | 459 | $ 844 | |
Unused Committed Amount | [1] | $ 0 | |
Contractual Maturity Date, Start | 2026-12 | 2024-09 | |
Contractual Maturity Date, End | 2048-02 | 2049-09 | |
Non-recourse debt [Member] | Solar Asset and Loan-Backed Notes [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Interest Rate Stated Percentage | 4.12% | 2.87% | |
Non-recourse debt [Member] | Solar Asset and Loan-Backed Notes [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Interest Rate Stated Percentage | 7.74% | 7.74% | |
Non-recourse debt [Member] | Cash Equity Debt [Member] | |||
Debt Instrument [Line Items] | |||
Net Carrying Value, Current | $ 23 | $ 24 | |
Net Carrying Value, Long-Term | 376 | 388 | |
Unpaid Principal Balance | 411 | $ 422 | |
Unused Committed Amount | [1] | $ 0 | |
Contractual Maturity Date, Start | 2033-07 | 2033-07 | |
Contractual Maturity Date, End | 2035-01 | 2035-01 | |
Non-recourse debt [Member] | Cash Equity Debt [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Interest Rate Stated Percentage | 5.25% | 5.25% | |
Non-recourse debt [Member] | Cash Equity Debt [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Interest Rate Stated Percentage | 5.81% | 5.81% | |
Non-recourse debt [Member] | Automotive Lease-backed Credit Facilities [Member] | |||
Debt Instrument [Line Items] | |||
Net Carrying Value, Current | $ 0 | ||
Net Carrying Value, Long-Term | 0 | ||
Unpaid Principal Balance | 0 | ||
Unused Committed Amount | [1] | $ 152 | $ 167 |
Contractual Maturity Date | 2023-09 | 2023-09 | |
Non-recourse debt [Member] | Other Loans [Member] | |||
Debt Instrument [Line Items] | |||
Net Carrying Value, Current | $ 0 | ||
Net Carrying Value, Long-Term | 13 | $ 14 | |
Unpaid Principal Balance | 13 | 14 | |
Unused Committed Amount | [1] | $ 21 | $ 21 |
Debt Instrument Interest Rate Stated Percentage | 5.10% | 5.10% | |
Contractual Maturity Date | 2033-02 | 2033-02 | |
[1] There are no restrictions on draw-down or use for general corporate purposes with respect to any available committed funds under our credit facilities, except certain specified conditions prior to draw-down, including pledging to our lenders sufficient amounts of qualified receivables, inventories, leased vehicles and our interests in those leases or various other assets and as may be described below and in the notes to the consolidated financial statements included in our report on Form 10-K for the year ended December 31, 2021. |
Debt - 2022 Notes and 2024 Note
Debt - 2022 Notes and 2024 Notes (Additional Information) (Details) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 USD ($) shares | Mar. 31, 2022 USD ($) shares | Jun. 30, 2022 Days shares | |
2.375% Convertible Senior Notes due in 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Convertible principal amount | $ | $ 29 | ||
Shares issued upon conversion of each $1000 principal amount | 0.4 | ||
Number of common shares received | 0.4 | 0.4 | |
2.00% Convertible Senior Notes due in 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Convertible principal amount | $ | $ 45 | ||
Shares issued upon conversion of each $1000 principal amount | 0.7 | ||
Number of common shares received | 0.7 | 0.7 | |
Senior Notes [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Convertible Conversion Price Percentage | 130% | 130% | |
Senior Notes [Member] | Minimum [Member] | One Hundred Thirty Percent Applicable Conversion Price [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument convertible trading days | Days | 20 | ||
Senior Notes [Member] | Maximum [Member] | One Hundred Thirty Percent Applicable Conversion Price [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument convertible trading days | Days | 30 |
Debt - Solar Asset and Loan-bac
Debt - Solar Asset and Loan-backed Notes (Additional Information) (Details) - Solar Asset and Loan-Backed Notes [Member] - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2022 | Mar. 31, 2022 | |
Debt Instrument [Line Items] | ||
Repayments of lines of credit | $ 380 | $ 380 |
Extinguishment of debt related to the early repayments | $ 11 | $ 11 |
Debt - Interest Expenses (Addit
Debt - Interest Expenses (Additional Information) (Details) | Mar. 31, 2021 |
Convertible Senior Notes Due 2021 | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 1.25% |
Debt - Schedule of Interest Exp
Debt - Schedule of Interest Expense (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Debt Disclosure [Abstract] | ||||
Contractual interest coupon | $ 0 | $ 3 | $ 1 | $ 10 |
Amortization of debt issuance costs | 0 | 1 | 1 | 3 |
Total | $ 0 | $ 4 | $ 2 | $ 13 |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Detail) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2018 USD ($) Milestone Tranches shares | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 shares | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) $ / shares | Jun. 30, 2021 USD ($) | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock-based compensation | $ 779 | $ 1,088 | |||||
2018 CEO Performance Award [Member] | Chief Executive Officer [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of stock options grant | shares | 101,300,000 | ||||||
Number of vesting tranches CEO Performance Award consists | Tranches | 12 | ||||||
Award vesting description | Each of the 12 vesting tranches of the 2018 CEO Performance Award will vest upon certification by the Board of Directors that both (i) the market capitalization milestone for such tranche, which begins at $100.0 billion for the first tranche and increases by increments of $50.0 billion thereafter (based on both a six calendar month trailing average and a 30 calendar day trailing average, counting only trading days), has been achieved, and (ii) any one of the following eight operational milestones focused on total revenue or any one of the eight operational milestones focused on Adjusted EBITDA have been achieved for the four consecutive fiscal quarters on an annualized basis and subsequently reported by us in our consolidated financial statements filed with our Forms 10-Q and/or 10-K. | ||||||
Increase to market capitalization for each remaining milestone | $ 50,000 | ||||||
Number of operational milestones focused on total revenue | Milestone | 8 | ||||||
Number of operational milestones focused on adjusted EBITDA | Milestone | 8 | ||||||
Payment of exercise price per share | $ / shares | $ 70.01 | ||||||
Holding period of shares post-exercise | 5 years | ||||||
Stock-based compensation | $ 8 | $ 176 | $ 57 | $ 475 | |||
2018 CEO Performance Award [Member] | Chief Executive Officer [Member] | Operational Milestones Probable of Being Achieved [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Recognized catch-up expense during period | $ 11 | ||||||
Unrecognized compensation expense | 9 | $ 9 | |||||
Weighted-average period of recognition of unrecognized compensation, in years | 3 months 18 days | ||||||
2018 CEO Performance Award [Member] | Chief Executive Officer [Member] | First Tranche Milestone [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Market capitalization | $ 100,000 | ||||||
Performance Based Stock Option [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Vesting period, in years | 2 years | ||||||
Stock-based compensation | 34 | $ 103 | |||||
Number of RSUs, Granted | shares | 700,000 | ||||||
2021 Performance-Based Stock Option & RSU Awards [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Weighted-average period of recognition of unrecognized compensation, in years | 3 years | ||||||
Aggregate catch-up expense | $ 30 | ||||||
2021 Performance-Based Stock Option & RSU Awards [Member] | Chief Executive Officer [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Unrecognized compensation expense | $ 283 | $ 283 |
Equity Incentive Plans - Summar
Equity Incentive Plans - Summary of Operational Milestone Based on Revenue or Adjusted EBITDA (Detail) - Chief Executive Officer [Member] - 2018 CEO Performance Award [Member] $ in Billions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Total annualized revenue of operational milestone, one | $ 20 |
Total annualized revenue of operational milestone, two | 35 |
Total annualized revenue of operational milestone, three | 55 |
Total annualized revenue of operational milestone, four | 75 |
Total annualized revenue of operational milestone, five | 100 |
Total annualized revenue of operational milestone, six | 125 |
Total annualized revenue of operational milestone, seven | 150 |
Total annualized revenue of operational milestone, eight | $ 175 |
Total annualized revenue of operational milestone, achievement status, one | Achieved |
Total annualized revenue of operational milestone, achievement status, two | Achieved |
Total annualized revenue of operational milestone, achievement status, three | Achieved |
Total annualized revenue of operational milestone, achievement status, four | Probable |
Annualized Adjusted EBITDA of operational milestone, one | $ 1.5 |
Annualized Adjusted EBITDA of operational milestone, two | 3 |
Annualized Adjusted EBITDA of operational milestone, three | 4.5 |
Annualized Adjusted EBITDA of operational milestone, four | 6 |
Annualized Adjusted EBITDA of operational milestone, five | 8 |
Annualized Adjusted EBITDA of operational milestone, six | 10 |
Annualized Adjusted EBITDA of operational milestone, seven | 12 |
Annualized Adjusted EBITDA of operational milestone, eight | $ 14 |
Annualized Adjusted EBITDA of operational milestone, achievement status, one | Achieved |
Annualized Adjusted EBITDA of operational milestone, achievement status, two | Achieved |
Annualized Adjusted EBITDA of operational milestone, achievement status, three | Achieved |
Annualized Adjusted EBITDA of operational milestone, achievement status, four | Achieved |
Annualized Adjusted EBITDA of operational milestone, achievement status, five | Achieved |
Annualized Adjusted EBITDA of operational milestone, achievement status, six | Achieved |
Annualized Adjusted EBITDA of operational milestone, achievement status, seven | Achieved |
Annualized Adjusted EBITDA of operational milestone, achievement status, eight | Achieved |
Equity Incentive Plans - Summ_2
Equity Incentive Plans - Summary of Stock-Based Compensation Expense (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 361 | $ 474 | $ 779 | $ 1,088 |
Cost of revenues [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 143 | 108 | 274 | 211 |
Research and development [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 122 | 104 | 265 | 229 |
Selling, general and administrative [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 96 | $ 262 | $ 240 | $ 648 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) ¥ in Millions, $ in Millions | 1 Months Ended | 4 Months Ended | 29 Months Ended | ||||||
Apr. 13, 2022 USD ($) | Oct. 04, 2021 USD ($) | Sep. 16, 2020 USD ($) | Sep. 06, 2018 Plaintiff | Oct. 05, 2016 Plaintiff | Feb. 11, 2019 Plaintiff | Mar. 08, 2021 Plaintiff | Jun. 30, 2022 USD ($) | Jun. 30, 2022 CNY (¥) | |
Commitments And Contingencies [Line Items] | |||||||||
Loss contingency number of purported stockholder class actions filed | Plaintiff | 9 | ||||||||
Number of lawsuits filed | Plaintiff | 2 | 7 | |||||||
Litigation Relating to Alleged Race Discrimination | $ 136.9 | ||||||||
Total damages awarded relating to alleged race discrimination | $ 15 | ||||||||
Lawsuit in the Court of Chancery of the State of Delaware by purported stockholders of Tesla challenging SolarCity Acquisition [Member] | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Number of lawsuits filed | Plaintiff | 7 | ||||||||
Received payment from litigation | $ 43 | ||||||||
Shanghai, China [Member] | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Operating lease arrangement, initial term | 50 years | 50 years | |||||||
Capital expenditures | ¥ | ¥ 14,080 | ||||||||
Annual tax revenues to be generated end of 2023 | ¥ | ¥ 2,230 | ||||||||
SUNY Foundation [Member] | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Operating lease arrangement, initial term | 10 years | 10 years | |||||||
Build-to-suit Lease Arrangement [Member] | SUNY Foundation [Member] | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Lease arrangement, amount obligated to spend or incur | $ 5,000 | ||||||||
Contractual obligation | $ 41 |
Variable Interest Entity Arra_3
Variable Interest Entity Arrangements - Carrying Values of Assets and Liabilities of Subsidiary in Consolidated Balance Sheets (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets | ||||
Cash and cash equivalents | $ 18,324 | $ 17,576 | $ 16,229 | $ 19,384 |
Accounts receivable, net | 2,081 | 1,913 | ||
Prepaid expenses and other current assets | 2,118 | 1,723 | ||
Total current assets | 31,222 | 27,100 | ||
Non-current assets | ||||
Other non-current assets | 2,952 | 2,138 | ||
Total assets | 68,513 | 62,131 | ||
Current liabilities | ||||
Accrued liabilities and other | 6,037 | 5,719 | ||
Deferred revenue | 1,858 | 1,447 | ||
Current portion of debt and finance leases | 1,532 | 1,589 | ||
Total current liabilities | 21,821 | 19,705 | ||
Deferred revenue, net of current portion | 2,210 | 2,052 | ||
Debt and finance leases, net of current portion | 2,898 | 5,245 | ||
Other long-term liabilities | 3,926 | 3,546 | ||
Total liabilities | 30,855 | 30,548 | ||
Variable Interest Entities (VIEs) [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 65 | 79 | ||
Accounts receivable, net | 45 | 22 | ||
Prepaid expenses and other current assets | 301 | 152 | ||
Total current assets | 411 | 253 | ||
Non-current assets | ||||
Other non-current assets | 388 | 265 | ||
Total assets | 4,723 | 4,626 | ||
Current liabilities | ||||
Accrued liabilities and other | 66 | 74 | ||
Deferred revenue | 10 | 10 | ||
Current portion of debt and finance leases | 1,045 | 1,031 | ||
Total current liabilities | 1,121 | 1,115 | ||
Deferred revenue, net of current portion | 143 | 153 | ||
Debt and finance leases, net of current portion | 1,592 | 2,093 | ||
Other long-term liabilities | 11 | 11 | ||
Total liabilities | 2,867 | 3,372 | ||
Variable Interest Entities (VIEs) [Member] | Solar Energy Systems [Member] | ||||
Non-current assets | ||||
Operating lease net | $ 3,924 | $ 4,108 |
Segment Reporting and Informa_3
Segment Reporting and Information about Geographic Areas - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2022 Segment | |
Segment Reporting [Abstract] | |
Number of operating segment | 2 |
Number of reportable segment | 2 |
Segment Reporting and Informa_4
Segment Reporting and Information about Geographic Areas - Schedule of Total Revenues and Gross Profit by Reportable Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Revenue Reconciling Item [Line Items] | ||||
Revenues | $ 16,934 | $ 11,958 | $ 35,690 | $ 22,347 |
Gross profit | 4,234 | 2,884 | 9,694 | 5,099 |
Automotive Segment [Member] | ||||
Segment Reporting Revenue Reconciling Item [Line Items] | ||||
Revenues | 16,068 | 11,157 | 34,208 | 21,052 |
Gross profit | 4,137 | 2,864 | 9,669 | 5,180 |
Energy Generation and Storage [Member] | ||||
Segment Reporting Revenue Reconciling Item [Line Items] | ||||
Revenues | 866 | 801 | 1,482 | 1,295 |
Gross profit | $ 97 | $ 20 | $ 25 | $ (81) |
Segment Reporting and Informa_5
Segment Reporting and Information about Geographic Areas - Schedule of Revenues by Geographic Area (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $ 16,934 | $ 11,958 | $ 35,690 | $ 22,347 |
United States [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 9,614 | 5,205 | 18,348 | 9,629 |
China [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 3,787 | 2,859 | 8,437 | 5,902 |
Other [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $ 3,533 | $ 3,894 | $ 8,905 | $ 6,816 |
Segment Reporting and Informa_6
Segment Reporting and Information about Geographic Areas - Schedule of Long-Lived Assets by Geographic Area (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived Assets | $ 26,717 | $ 24,649 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived Assets | 20,278 | 19,026 |
Germany[Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived Assets | 3,186 | 2,606 |
China [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived Assets | 2,561 | 2,415 |
Other international [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived Assets | $ 692 | $ 602 |