Tesla Financial Statement Analysis_F

Seather-Brady, Sutanto, White 1

Tesla Financial Statement Analysis

Karen Seather-Brady

Samuel Sutanto

Tsien White

August 23, 2014

Sal Elaameir


Tesla

Tesla Motors (Tesla) is a global enterprise that designs, develops, manufactures and sells

high-performance fully electric vehicles and advanced electric vehicle powertrain components.

Tesla has established a unique business model by building their own network of direct sales and

services instead of selling through dealerships. To combat the issue of finding convenient places

to recharge the battery, Tesla is also building Supercharger stations globally. Their business

model which focuses on sleek eco-friendly design, high margin and direct sales is often

compared to Apple Computer’s business model, while their vehicles, electric vehicle engineering

expertise, and operation structure differentiates them even further from other automobile

manufacturers. The lack of research in electric powered vehicles technology, marketing and

business strategy allowed Tesla to make its own advancements in electric vehicle technology,

business model and marketing approach. The company has capitalized on this unique market

environment and expanded upon the available opportunities.

Tesla is currently producing and selling their second vehicle, the Model S sedan, a four-

door, five-passenger luxury sedan. Much of its technology was inherited from its first vehicle,

the Tesla Roadster, a fully electric two-seat convertible sports car that was commercially

produced and launched in 2008. The Model S’s 60kWh battery pack offers up to 244 miles range

on a single charge, while the 85 kWh battery pack offers up to 306 miles range. Tesla ceased the

Roadster production and launched the model S in 2012. Two years later, in 2014, Tesla has

received high customer satisfaction, multiple industries’ awards, and increased their presence in

several international markets such as China, Japan, UK, and Australia. They expect to launch

their third vehicle, the Model X, in 2015 and launch the third generation of electric vehicle


dubbed as “Gen III” in 2018, which is intended to be a lower price point and produced in higher

volume.

In addition to all electric vehicles, Tesla designs, develops, manufactures and sells

advanced electric vehicle powertrain components to other automotive manufacturers, such as

Daimler and Toyota. The electric powertrain consists of a battery pack, power electronics, motor,

gearbox, and its control software.

As part of their business advancement, Tesla built Supercharger stations in the United

States and Europe, to boost electric vehicle’s infrastructure and to enable drivers cover long

distance with minimal stops. Much like a gas station for petroleum based cars, Superchargers all

Tesla drivers to recharge their cars but unlike a typical gas station, the charge is free. Tesla

continues to add Supercharger stations in US, Europe, an Asia, with expectation that more

drivers can utilize this network once they launch the Model X.

Another business approach that differentiates Tesla from the incumbent automobile

manufacturers, is the sale and service of their electric vehicles independently through company-

owned sales and service network. In contrast, typical automobile sales take place through

dealerships that are much like a franchise. With Tesla, customers can test-drive Tesla vehicles

with Tesla-employed salespersons who are highly trained and knowledgeable sales and service

staff. Most Tesla vehicles are sold online, so the stores do not carry large vehicle inventories,

further lowering operational cost and creating a differentiated buying experience.

Tesla is currently looking to build their Gigafactory, a large-scale factory that allows

them to increase production and reduce cost on their lithium ion batteries. An agreement between

Tesla and Panasonic was reached in July 31, 2014, where Tesla will prepare, provide and


manage the land, buildings and utilities and Panasonic will manufacture and supply cylindrical

lithium-ion cells and invest in the associated equipment, machinery, and other manufacturing

tools based on their mutual approval (Teslamotors, 2014). The Gigafactory is an essential step to

fulfill the capacity needed for Tesla’s Gen III mass production.

Corporate Responsibility

Tesla does not officially produce a Corporate Social Responsibility Report. There are

seven pillars of Corporate Responsibility according to Council for Corporate Responsibility:

Diversity and Inclusion, Environmental Sustainability, Governance, Global Enrichment,

Organizational Health, Philanthropy, and Supply Chain Integrity. Out of the seven pillars, Tesla

is better known for its environmental sustainability because of their commitment to develop

alternative fuel sources for cars and allow it to travel emissions-free. Their goal of reducing

transportation’s dependence on petroleum means increasing demand for alternative energy. In

this case, electricity will eventually increase the power plant and renewable energy’s efficiency.

Although many power plants get their energy from coal, United States has increased its

electricity generation from renewables and less from coal over the past five years, making

electric vehicles cleaner.

Reuse and Recycle are key parts of Tesla’s philosophy. Thus, Tesla is committed to

create a closed loop battery recycling system that involves manufacturing of battery cells,

assembly into battery packs, then vehicles, and finally recycling into raw materials for future use

(Kelty, 2011). Additionally the tires and the battery of every Tesla Motors are recyclable. The

cost of recycling is built into the purchase price of the car.

In a further effort to be environmentally competent, Tesla’s Lithium Ion cells do not


contain heavy metals or any toxic materials such as lead and mercury. In other words, the lithium

ion cells could be disposed of by putting them in a landfill. However Tesla doesn’t intent to put

them into landfill. When the Energy Storage System (ESS) capacity decreases, it can be used as a

power source for off-grid backup or load leveling since the battery requirements for such

application are not as demanding as a vehicle battery. When the ESS has died completely, Tesla

made sure that the recycling plan maximized the amount of materials that can be reused,

maximized the amount of materials that can be recycled, and minimized the energy consumption

utilized during the transportation and recycling process (Kelty, 2008). Fully, 10% of the battery

pack can be reused, while 60% of the battery pack can be recycled.

Tesla is also careful to bring on partners to extend their ability to be environmentally

focused. Umicore, Tesla’s Europe recycling partner, was able to save at least 70% on CO2

emissions at the recovery and refining of the valuable metals by creating “products” and

“byproducts”. Umicore processed the cobalt to produce Lithium Cobalt Oxide (LCO) that can

be resold to battery manufacturers, while the byproduct can be used in construction industry.

Futhermore, to extend the benefits of electronic automobiles, in June 2014 CEO Elon

Musk opened their patented technology for the advancement of electric vehicle technology.

Musk said, “If we clear a path to the creation of compelling electric vehicles, but then lay

intellectual property landmines behind us to inhibit others, we are acting in a manner contrary to

that goal. Tesla will not initiate patent lawsuits against anyone who, in good faith, wants to use

our technology.” (Tesla Blog, 2014) He continued to admit that it is impossible for Tesla to

single-handedly address the carbon crisis. Electric car programs at major manufacturers are

small, comprising an average of less than 1% of their total vehicle sales. Tesla’s true competition


is not other electric cars, but the gasoline cars that continuously produced carbon pollution. They

believe the open source approach will attract and motivate talented engineers around the world.

Corporate Governance

It is clear from Tesla’s 10K that the company intends to preserve the focus and path that

it is on. Tesla’s Corporate Governance includes provisions, which alone or together, could delay

or prevent hostile takeovers and changes in control or changes in management. These provisions

include (Tesla 10K, 2014):

Creating a classified board of directors whose members serve staggered three-year terms;

Authorizing “blank check” preferred stock, which could be issued by the board without

stockholder approval and may contain voting, liquidation, dividend and other rights superior

to our common stock;

Limiting the liability of, and providing indemnification to, our directors and officers;

Limiting the ability of our stockholders to call and bring business before special meetings;

Requiring advance notice of stockholder proposals for business to be conducted at meetings

of our stockholders and for nominations of candidates for election to our board of directors;

Controlling the procedures for the conduct and scheduling of board and stockholder

meetings; and

Providing the board of directors with the express power to postpone previously scheduled

annual meetings and to cancel previously scheduled special meetings.

While Tesla does not have a Corporate Social Responsibility Statement, it is clear that they have

a social responsibility mission and their policies and provisions attempt to protect that mission.


Auditor’s Report

The members of the Audit Committee are Independent and are not employees of the

Company. According to the Audit Committee Charter taken from the corporate web site (2014),

the purposes of Audit Committee Board of Directors are to:

1. Provide oversight of the company’s accounting and financial reporting processes and the

audit of the company’s financial statements,

2. To assist the board in oversight of the integrity of the Company’s financial statements, the

independent auditor’s qualification, independence and performance, the organization and

performance of the company’s internal audit function, and the company’s internal accounting

and financial control.

3. And to provide the board with necessary information to make aware of significant financial

matters.

PricewaterhouseCoopers LLP acted as their Independent Registered Public Accounting

Firm. Their responsibility is to express opinions on these financial statements and on the

Company’s internal control over financial reporting based on their integrated audits. PwC’s

audits of the financial statements included examining, on a test basis, evidence supporting the

amounts and disclosures in the financial statements, assessing the accounting principles used and

significant estimates made by management, and evaluating the overall financial statement

presentation.

The Auditor’s Report (Tesla Website, 2014) found that Tesla’s cash equivalents are

primarily invested in money market funds with high credit quality financial institutions in the

United States. Tesla’s investment policy provides guidelines and limits regarding credit quality,

investment concentration, investment type, and maturity that they believe will provide liquidity


while reducing risk of loss of capital. Historically, when held, investments were of a short-term

nature and included investments in corporate debt securities. As of December 31, 2013 and 2012,

their accounts receivable were derived primarily from sales of regulatory credits, as well as the

development and sales of powertrain components and systems to OEMs. Accounts receivable

also included amounts to be received from commercial financial institutions for approved

financing arrangements between our customers and the financial institutions.

Another issue that was found was that although there may be multiple suppliers available,

many of the components used in Tesla’s vehicles are purchased from a single source. If these

single source suppliers fail to satisfy requirements on a timely basis at competitive prices, the

company could suffer manufacturing delays, a possible loss of revenues, or incur higher cost of

sales, any of which could adversely affect the operating results.

Financial Statement Analysis

The current financial health of Tesla Motors is questionable. Its financial strength comes

almost exclusively from its stock offerings. As of December 31, 2013, Tesla Motor’s had

common stock outstanding of 123,090,990 which has resulted in paid in capital of $1,806,617 for

the company. In May of 2013, the company issued a public offering of 3.9 million shares of

stock at $92.20 per share, and in the same month the company had a private placement of

596,272 shares at $92.20 per share, there were 3.9 million shares exercise, and 518,743 shares

issued to employee stock purchase plan. The company currently does not have any preferred

stock outstanding.

Tesla has never declared or paid cash on dividends; the company does not anticipate

paying out any cash dividend in the near future. The dividend declaration will be on the decision


of the BOD. No dividend declared could be the result of the company’s net loss in three

consecutive years.

Liquidity ratios are ratios that demonstrate whether a company can meet their short term

obligations to their lenders; the higher the ratio (except AR turnover) the higher the liquidity.

Below is a table depicting Tesla’s current liquidity ratios.

As of yearend Dec 31, 2013, Tesla had a current ratio of 1.88 as compare to the industry standard

of 1.50. That ratio indicated that Tesla had enough cash to cover the short term liabilities. In

looking at the acid test ratio, Tesla has a high liquidity ratio as compared to the industry average.

Tesla posted a strong position and should there be an emergency which needs to be funded, the

company will be able to cover the debt. In contract with the first two ratios, however, Tesla

posted an alarmingly high receivable turnover ratio. It takes the company 53.02 days to collect

on owed cash, as compared to the industry average of 3.30 days. There is little doubt that if

Tesla improved their AR turnover ratio it would improve their overall financial prospect.

Finally, Tesla’s inventory turnover ratio is 5.12 times per year as compare to the industry

average of 9.50 times. This is a low ratio and indicates a lack of ability to produce as quickly as

demand may exist.

Solvency ratios measure whether a company can survive for a longer period of time and

pay their debt as they become mature. The table below depicts Tesla Motor’s solvency ratios as

of the end of December, 2013.


Creditors usually refer to the debt to asset ratio to see if the company is able to withstand a loss

without hurting the creditor; therefore, the lower the ratio the better the buffer the company will

be. The ratio also has an effect on the company should there be additional financing needed.

The company can clearly manage its debts at this time should the need arise. Regarding the time

interest earned ratio which indicates a company’s ability to cover the interest expense, Tesla was

not able to cover their interest expense due to a reported net loss before interest expense of

($41,080). This indicates some of the financial weakness within the company.

Profitability ratios are used to measure the company’s success or failure for a given

period of time. Below is Tesla’s performance as of December 31, 2013.

As shown above, Tesla has a negative profit margin which was mainly due to the cost of goods

sold of 77%. Because of the higher cost the company did not have enough to cover the SG&A

expense and resulted in a loss in net income.


As can be seen above, the asset turnover rate was 1.14 times as compare to the industry average

of 11.00. This significant difference could be result of the new product that was costly or

inconvenient to the consumer. For example, the issue of recharging the batter is a significant one

and may interfere with sales. As with asset turn over, the return on asset was below the industry

average mainly due to their negative profit margin. Regarding the return on Stockholder equity,

a negative of 18.69% was cause by higher rate of cost of goods sold. Further, the earnings per

share was negative due to large number of shares outstanding as a result of issuing more shares

to cover the debt of the business. Finally, the cash position provides information about the

entity’s cash receipts and cash payments during the period. Based on Tesla 2013 year-end

financial statement, Tesla has acquired most of their funding by issuing stock or warrants. The

total proceeds from those issuance totaled $1,230,625. The other big expenditure for Tesla

included a ($463,570) expense on inventory and operating lease vehicles.

Qualitative Comparison

In some respects, Tesla’s cars are in a unique class of their own not only because of its

current financial state but also because of the product itself. The company manufactures all-

electric, luxury vehicles one model at a time. Its first model, the Tesla Roadster sold for over

$100,000. It’s second and currently only offered model, the Model S, sells for over $70,000.

The Model S has been characterized as one of the best automobiles manufactured at this time.

The only other electric luxury model is the BMW i3 that sells for $41,350 but only goes 80-100


miles per charge versus the Model S’s distance of 265. Other luxury models are hybrids as

opposed to all electric. The other all-electric models – the Nissan Leaf, the Chevy Spark, the

Ford Focus, the Mitsubishi I Mi, the Fiat 500e, the Scion iQ, the Honda Fit, that the Rav4 EV -

are less expensive, are not luxury models and only travel between 38 and 103 miles per charge.

Thus, Tesla’s vehicles cannot be compared easily to the other all electric vehicles.

Strengths

The stock price of Tesla has increased dramatically during the past year. “At $267, the

stock is up about 800% in the past two years, and about 75% year to date.” (Sparks, D.,

2014) The stock trades at a higher rate than other much larger automotive manufacturers.

For example, Toyota stock is at $116. 82 and BMW at $117.00. Although Tesla’s stock

may be a “bubble”, it is clear that there is excitement about the company and the product.

The Model S has received exceptionally positive reviews from notable automobile and

product reviewers for safety, comfort, and performance. “The National Highway Traffic

Safety Administration gives the sedan five stars—its highest rating—in every safety

category: frontal crash, side crash, rollover and overall.” (Anderson, 2014) In 2013,

Tesla’s Model S was named Motor Trend’s car of the year. (Oilweek, 2013) Consumer

Reports also gave the Model S top ratings in 2013 and “issued a rave review, calling it

the best vehicle they've ever tested” and gave it 99 out of a possible 100 points. (Muller,

2013)

The warranty offered by Tesla for the Model S is exceptional. For the 60 kWh battery

there is an 8 year, 125,000 mile battery and drive unit warranty while the 85 kWh battery

carries an 8 year, unlimited mile warranty. The warranty covers damage from improper


charging and battery fire even if these are due to driver error. (Tesla Website, n.d.)

Warranties for the Nissan Leaf and Ford Focus could not be found on their websites. The

Model S is an expensive car at $78k and above so this warranty allows some reassurance

to the purchasers about the longevity of the car.

Tesla’s Model S is able to travel up to 360 miles on one charge while the Nissan Leaf is

able to go up to 84 miles per charge and the Ford Focus up to 76 miles. This is an

extraordinary distance on a single charge. To make this capability even more appealing,

Tesla Motors is building super charging stations around the U.S. (106 stations), Asia (13

stations) and Europe (56 stations). (Tesla Website, n.d.) These stations allow a battery to

be half charged in about 20 minutes, free of charge.

Weaknesses

Financially, the company has not performed well as noted above and until recently in

spite of the increase in the stock price. More recently their performance has been uneven.

Their first profit was not realized until the first quarter of 2013, more than 10 years after

the business started. During the first quarter of 2014, the company had a $50 million

loss. (Hull, D., 2014) According to Morning Star (2014), Tesla currently has an

operating margin percentage of -4.8 and a net operating margin percentage of -6.8. The

debt/equity is 1.9 which is twice the industry average. Although revenues for the second

quarter of 2014 were 89.9% year over year and the total 2014 revenues improved 43%

year over year, the net loss was $111.7 million compared to a net loss of $19.3 million in

2013. By early August, 2014 sales “jumped 55% to $858 mil; analysts had expected

$811 mil.” (Investor’s Business Daily, 2014) The uneven financial performance is a

weakness for the company.


Tesla currently produces only one type of car – the Model S – and it produces a small

number (35,000 is the goal for the year) in comparison to other automobile manufactures.

Additionally, the car is expensive as it starts at about $78,000. The cost is not only

related to the quality of the vehicle but also to the small number built and the lack of

economy of scale that might be achieved with higher numbers. The price tag

significantly limits the number of consumers and also makes Tesla vulnerable to

significant competition from other luxury car makers who are planning to introduce or

have introduced electric or hybrid cars including BMW, Mercedes, and Cadillac.

(Woodyard, C., Snavely, B., and Bomey, N., 2013) The lack of variety and the small

number of cars produced creates a weakness for the company.

Opportunities

Tesla has moved beyond simply creating a dynamic electric car to plans to produce ion

batteries that it can use in its own cars as well as sell to other car manufacturers. In a

partnership with Panasonic, Tesla plans to open an ion battery manufacturing plant in the

U.S. The intent is to possibly build two separate factories, close to the raw material mines

to reduce cost. (Sparks, D., 2014). This allows Tesla to both diversify its operations

while supplying its own automotive company with ion batteries at less than the cost that

it is currently taking to manufacture them.

In addition to improving technology that pushes Tesla ahead of many of its competitors,

the price of gasoline and the societal push towards green technology is an opportunity for

Tesla. Gas prices continue to increase. In the mean time, there is an increasing interest

in green technology. Both trends increase Tesla’s attractiveness in the market place.


Threats

Tesla uses a sales model similar to Apple in that Tesla manufactures and sells its own

products either on-line or through its own stores. It does not use franchise car dealers as

is the case of most car companies. This has resulted in some difficulties for the company

as many states prohibit this form of sales and dealerships are legally challenging the

factory direct sales model. (Wilson, A., 2014) Furthermore, the lack of dealerships

means there is a lack of a network for help when it is needed. Nor is there a network

available to recharge the battery as needed in comparison to the network available to gas

powered cars to refuel. (Hannah, E., 2014) The factory direct sales system allows Tesla

to have full control of the entire manufacture and sales of their automobiles but the model

has introduced some struggles for the company that it would otherwise not have to deal

with.

The car industry is very competitive and some of the larger, more financially stable car

manufacturer offerings tend to be less expensive and therefore affordable to more

consumers. Tesla runs the risk of being pushed out of the automobile industry by larger,

more establish companies including those companies that manufacture luxury vehicles.

Many companies already have electric or hybrid options including by market share:

Toyota, Ford, Chevrolet, Nissan, Hyundai, Honda, BMW, Subaru, Lexus, Lincoln, and

Buick. Tesla Motors does not even show up on the list of the top 50 automobile sales

companies in the world. (Focus to Move, 2013)


Summary

Tesla Motors is an innovative, unique, exciting company that is not only changing the

way automobiles are made but also the way they are sold and discarded after a useful life. Their

commitment to environment by creating a nearly completely recyclable electric car with no

emissions as well as opening their patents to other manufacturers is unprecedented. The

company and its promise of innovation, has captured the imagination of its investors which is

clear from the explosive increase in the stock price over the past two years - all of this without

any real marketing. The excitement of its investors by way of stock sales belies the current

financial weakness of the company. It is clear that people are investing in the current company

offerings as well as the vision and business expansion plans. The question remains, however,

whether the company can fulfil those visions and plans.


References

Anderson, J. (2014). Tesla Takes Off. Kiplinger's Personal Finance, 68 (1), 74-75.

Focus to Move. (2013). World Car Market: Top 50 Brands Ranking in August 2013- Ford’s

Breath on Volkswagen Shoulders. Retrieved from http://focus2move.com/world-car-

market-top-50-brands-ranking- in-august-2013-fords-breath-on-volkswagen-shoulders/

Investor’s Business Daily. (2014) Tesla Slows Profit, Revs Sales. p.B02. Retrieved from

http://news.investors.com/080811-580791-tesla.htm

Hannah, E. (2014). V Mercedes Head: Tesla Has No Network, Limited Potential. Forbes.com.

19.

Hull, D. (2014). Tesla Motors Reports $50 Million Loss. San Jose Mercury News, Retrieved

from http://www.mercurynews.com/business/ci_25716388/tesla-motors-reports-50-

million- loss-shares-slide

Kam K. (March 2014). Why Tesla Is The Apple Of The Auto Industry: Part One. Retrieved from

http://www.forbes.com/sites/kenkam/2014/03/28/why-tesla-is-the-apple-of-the-auto-

industry-part-one/

Kam, K. (April 2014). Why Tesla Is The Apple Of The Auto Industry: Part Two. Retrieved from

http://www.forbes.com/sites/kenkam/2014/04/04/why-tesla-is-the-apple-of-the-auto-

industry-part-two/

Kelty, K. (March 2008). Mythbusters Part 3: Recycling our Non-Toxic Battery Packs. Tesla

Motors Blog. Retrieved from http://www.teslamotors.com/blog/mythbusters-part-3-

recycling-our-non-toxic-battery-packs

Mangram, M. (July 2012). The globalization of Tesla Motors: a strategic marketing plan analysis.

Journal of Strategic Marketing Vol. 20, No. 4, 289–312. Retrieved from

http://www.tandfonline.com/doi/abs/10.1080/0965254X.2012.657224#preview


McIntosh, M. (Dec 2013). Editorial. The Journal of Corporate Citizenship. Issue 52. Retrieved

from http://www.greenleaf-publishing.com/content/pdfs/JCC_52_editorial.pdf

Milstead, D. (2013) Tesla Takes Off. Kiplinger's Personal Finance, 67(11), 41. Retrieved from

http://web.a.ebscohost.com.proxy.cityu.edu/ehost/pdfviewer/pdfviewer?vid=3&sid=1244

4173-ff82-4334-a29c-f170409a2a22%40sessionmgr4004&hid=4201

The Motley Fool (2014) Tesla Motors. Retrieve from : http://www.fool.com/quote/nasdaq/tesla-

motors/tsla/financial-ratios

Muller, J. (2013). The Real Reason Tesla Is Still Alive (And Other Green Car Companies

Aren't). Forbes.com, p7, Retrieved from http://www.forbes.com/sites/joannmuller

/2013/05/11/the-real-reason-tesla- is-still-alive-and-other-green-car-companies-arent/

Musk, E. (June 2014). All Our Patent Are Belong To You. Tesla Motors Blog. Retrieved from

http://www.teslamotors.com/blog/all-our-patent-are-belong-you

Oilweek. (2013). Top Honors for Tesla. 64(1), 14, Retrieved from http://proxy.cityu.edu/

login?url=http://search.proquest.com/docview/1267543345?accountid=1230

PWC. (n.d.). What is an audit? Retrieved from

http://www.pwc.com.au/assurance/financial/statements/audit.htm

Smith, J. (December 2012). The Companies With the Best CSR Reputations. Retrieved from

http://www.forbes.com/sites/jacquelynsmith/2012/12/10/the-companies-with-

the-best-csr-reputations/3/

Sparks, D. (2014) Tesla Motors, Inc. Big Gigafactory Aspirations. The Motley Fool. Retrieved

from http://www.fool.com/investing/general/2014/05/18/tesla-motors- incs-big-

gigafactory-aspirations.aspx

http://proxy.cityu.edu/


Sparks, D. (2014) Tesla Motors, Inc. Stock Hits All Time All-High – What You Need to Know.

The Motley Fool. Retrieved from http://www.fool.com/investing/general/2014/08/18/

tesla-motors-inc-stock-hits-all-time-highs-what-yo.aspx

Tesla Investor (Feb 26, 2014) Annual Report SEC 10K filling. Retrieve from:

http://ir.teslamotors.com/sec.cfm?SortOrder=Type%20Ascending&DocType=&DocTypeExclude

=&Year=&FormatFilter=&CIK=

Tesla Motors. (June 2012). Audit Committee Chair. Retrieved from

http://ir.teslamotors.com/documentdisplay.cfm?DocumentID=7150

Tesla Motors. (2014). Environment. Retrieved from http://www.teslamotors.com/

goelectric/environment

Tesla Motors. (n.d.). Go Electric. Retrieved from http://www.teslamotors.com/goelectric

Tesla Motors. (February 2014). Form 10-K. Retrieved from

http://ir.teslamotors.com/secfiling.cfm?filingID=1193125-13-96241&CIK=1318605

Tesla Motors. (2014). Gigafactory. Retrieved from

http://www.teslamotors.com/sites/default/files/blog_attachments/gigafactory.pdf

Tesla Motors. (n.d.) Tesla Sustainability and Corporate Social Responsibility. Forum. Retrieved

from http://www.teslamotors.com/forum/forums/tesla-sustainability-and-corporate-

social-responsibility

US Corporate Responsibility. (n.d.). The Seven Pillars of Corporate Responsibility. Council for

Corporate Responsibility. Retrieved from http://uscorporateresponsibility.org/the-seven-

pillars/


Wilson, A. (2014). State Franchise Laws, Sparked by Tesla, Go Too Far, Other Automakers

Charge. Automotive News, 88(6625), 1-53. Retrieved from http://www.autonews.com/

article/20140616/RETAIL07/306169943/state- franchise- laws-sparked-by-tesla-go-too-

far-other-automakers

Woodyard, C., Snavely, B., and Bomey, N. (2013) Tesla shares sizzle on hot profit and hotter

review. USA Today, n.p. Retrieved from http://usatoday30.usatoday.com/MONEY/

usaedition/2013-05-14-Tesla-shares-sizzle-but-is-it-a-tech-stock-_ST_U.htm

Documents

Tesla Financial Statement Analysis_F