UNITEDSTATESSECURITIESANDEXCHANGECOMMISSION

WASHINGTON,DC20549

FORM8-K

CURRENTREPORTPursuanttoSection13or15(d)ofthe

SecuritiesExchangeActof1934

Dateofreport(Dateofearliesteventreported):April26,2021

Tesla,Inc.(ExactNameofRegistrantasSpecifiedinCharter)

Delaware 001-34756 91-2197729(StateorOtherJurisdiction

ofIncorporation) (CommissionFileNumber)

(I.R.S.EmployerIdentificationNo.)

3500DeerCreekRoadPaloAlto,California94304

(AddressofPrincipalExecutiveOffices,andZipCode)

(650)681-5000Registrant’sTelephoneNumber,IncludingAreaCode

ChecktheappropriateboxbelowiftheForm8-Kfilingisintendedtosimultaneouslysatisfythefilingobligationoftheregistrantunderanyofthefollowingprovisions(seeGeneralInstructionA.2.below):

☐ WrittencommunicationpursuanttoRule425undertheSecuritiesAct(17CFR230.425)

☐ SolicitingmaterialpursuanttoRule14a-12undertheExchangeAct(17CFR240.14a-12)

☐ Pre-commencementcommunicationpursuanttoRule14d-2(b)undertheExchangeAct(17CFR240.14d-2(b))

☐ Pre-commencementcommunicationpursuanttoRule13e-4(c)undertheExchangeAct(17CFR240.13e-4(c))SecuritiesregisteredpursuanttoSection12(b)oftheAct:

Titleofeachclass TradingSymbol(s) NameofeachexchangeonwhichregisteredCommonstock TSLA TheNasdaqGlobalSelectMarket

IndicatebycheckmarkwhethertheregistrantisanemerginggrowthcompanyasdefinedinRule405oftheSecuritiesActof1933(17CFR§230.405)orRule12b-2oftheSecuritiesExchangeActof1934(17CFR§240.12b-2).

Emerginggrowthcompany☐

Ifanemerginggrowthcompany,indicatebycheckmarkiftheregistranthaselectednottousetheextendedtransitionperiodforcomplyingwithanyneworrevisedfinancialaccountingstandardsprovidedpursuanttoSection13(a)oftheExchangeAct.☐

Item2.02 ResultsofOperationsandFinancialCondition.OnApril26,2021,Tesla,Inc.releaseditsfinancialresultsforthequarterendedMarch31,2021bypostingitsFirstQuarter2021Updateonitswebsite.ThefulltextoftheupdateisattachedheretoasExhibit99.1andisincorporatedhereinbyreference.ThisinformationisintendedtobefurnishedunderItem2.02ofForm8-K,“ResultsofOperationsandFinancialCondition”andshallnotbedeemed“filed”forpurposesofSection18oftheSecuritiesExchangeActof1934,asamended(the“ExchangeAct”),orincorporatedbyreferenceinanyfilingundertheSecuritiesActof1933,asamended,ortheExchangeAct,exceptasshallbeexpresslysetforthbespecificreferenceinsuchafiling.Item9.01 FinancialStatementsandExhibits.(d) Exhibits.ExhibitNo. Description

99.1104

Tesla,Inc.FirstQuarter2021Update,datedApril26,2021.CoverPageInteractiveDataFile(embeddedwithintheInlineXBRLdocument).

SIGNATURES

PursuanttotherequirementsoftheSecuritiesExchangeActof1934,theregistranthasdulycausedthisreporttobesignedonitsbehalfbytheundersignedhereuntodulyauthorized.

TESLA,INC. By: /s/ZacharyJ.Kirkhorn

ZacharyJ.KirkhornChiefFinancialOfficer

Date:April26,2021

Q12021UpdateExhibit99.1

Highlights03FinancialSummary04OperationalSummary06VehicleCapacity07CoreTechnology08OtherHighlights09Outlook10Photos11KeyMetrics21FinancialStatements23AdditionalInformation29

InQ1,weachievedourhighestevervehicleproductionanddeliveries.Thiswasinspiteofmultiplechallenges,includingseasonality,supplychaininstabilityandthetransitiontothenewModelSandModelX.OurGAAPnetincomereached$438M,andournon-GAAPnetincomesurpassed$1Bforthefirsttimeinourhistory.WhiletheASP2ofourvehiclesdeclinedinQ1,ourautogrossmarginincreasedsequentially,asourcostsdecreasedevenfaster.Reducingtheaveragecostofthevehiclesweproduceisessentialtoourmission.In2017,aswebeganproductionofModel3,ouraveragecostpervehicleacrossthefleetwas~$84,000.DuetothelaunchofnewproductsandnewfactoriesandthereducedmixofModelSandModelX,ouraveragecostdeclinedtosub-$38,000pervehicleinQ1.Aboutthreeandahalfyearsintoitsproduction,andevenwithoutaEuropeanfactory,Model3wasthebest-sellingpremiumsedanintheworld,3outsellinglong-timeindustryleaderssuchasthe3SeriesandE-Class.Thisdemonstratesthatanelectricvehiclecanbeacategoryleaderandoutsellitsgas-poweredcounterparts.WebelieveModelYcanbecomenotjustacategoryleader,butalsothebest-sellingvehicleofanykindglobally.FirstdeliveriesofthenewModelSshouldstartveryshortly,ModelYproductionrateinShanghaicontinuestoimprovequicklyandtwonewfactories–BerlinandTexas–aremakingprogress.Thereisalottobeexcitedaboutin2021.Operatingcashflowlesscapex(freecashflow)of$293MinQ1Debtandfinanceleasereductionof$1.2BinQ1Netcashoutflowof$1.2BrelatedtoBitcoininQ1Intotal,$2.2BdecreaseinourcashandcashequivalentsinQ1to$17.1BCashModel3wasthebest-sellingpremiumsedanintheworld3ProductionrampofModelYinShanghaiprogressingwellRecordvehicleproductionanddeliveriesinQ1Profitability$594MGAAPoperatingincome;5.7%operatingmargininQ1$438MGAAPnetincome;$1.1Bnon-GAAPnetincome(ex-SBC1)inQ1SBCexpenseof$614MinQ1OperationsSUMMARYHIGHLIGHTS3(1)SBC=stock-basedcompensation(2)ASP=averagesellingprice(3)BasedonmostrecentcomparablepubliclyavailableOEMdata

FINANCIALSUMMARY(Unaudited)4(1)Priorperiodresultshavebeenretroactivelyadjustedtoreflectthefive-for-onestockspliteffectedintheformofastockdividendinAugust2020.EPS=Earningspershare

FINANCIALSUMMARYRevenueProfitabilityCashTotalrevenuegrew74%YoYinQ1.Thiswasprimarilyachievedthroughsubstantialgrowthinvehicledeliveries,aswellasgrowthinotherpartsofthebusiness.Atthesametime,vehicleASPdeclinedby13%YoYasModelSandModelXdeliveriesreducedinQ1duetotheproductupdatesandaslowerASPChina-madevehiclesbecamealargerpercentageofourmix.OuroperatingincomeimprovedinQ1comparedtothesameperiodlastyearto$594M,resultingina5.7%operatingmargin.ThisprofitlevelwasreachedwhileincurringSBCexpenseattributabletothe2018CEOawardof$299MinQ1,drivenbyanincreaseinmarketcapitalizationandanewoperationalmilestonebecomingprobable.Yearoveryear,positiveimpactsfromvolumegrowth,regulatorycreditrevenuegrowth,grossmarginimprovementdrivenbyfurtherproductcostreductionsandsaleofBitcoin($101Mpositiveimpact,netofrelatedimpairments,in“Restructuring&Other”line)weremainlyoffsetbyalowerASP,increasedSBC,additionalsupplychaincosts,R&Dinvestmentsandotheritems.ModelSandModelXchangeovercostsnegativelyimpactedbothgrossprofitaswellasR&Dexpenses.Quarter-endcashandcashequivalentsdecreasedto$17.1BinQ1,drivenmainlybyanetcashoutflowof$1.2Bincryptocurrency(Bitcoin)purchases,netdebtandfinanceleaserepaymentsof$1.2B,partiallyoffsetbyfreecashflowof$293M.5

(1)Daysofsupplyiscalculatedbydividingnewcarendinginventorybytherelevantquarter’sdeliveriesandusing75tradingdays(alignedwithAutomotiveNewsdefinition).6OPERATIONALSUMMARY(Unaudited)

VEHICLECAPACITYICEvehiclescomprised97%ofcarssoldgloballyin2020and98%ofTeslatrade-ins.1AsmoreOEMsjoinourmissionbylaunchingEVs,webelieveconsumerconfidenceinEVscontinuestoincreaseandmorecustomersarewillingtomaketheswitch.OurQ1orderrate2wasthestrongestinourhistoryandwearemovingasquicklyaspossibletoaddmoreproductioncapacity.US:CaliforniaandTexasInFremont,ModelYproductioncontinuedtorampsuccessfullyandisapproachingfullcapacity.InTexas,thefactorybuildoutcontinuestoprogressquickly,remainingontracktostartproductionanddeliverieslatethisyear.Werecentlybeganmovingequipmentintothebuildingandareintheprocessofcommissioningthemincertainareas.China:ShanghaiModelYrampinShanghaiisprogressingwell.WeexpectthatourShanghaifactorywillcontinuetoincreasequarterlyproductionoutputthroughtheyear.Werecentlyimprovedourdomesticsupplysourcingratiotoover90%.VehicleexportstoEuropeandAPACcontinuetoprogressasplanned.Europe:Berlin-BrandenburgInEurope,buildoutofGigafactoryBerliniscontinuingtomoveforward,withproductionanddeliveriesremainingontrackforlate2021.Machineryforpaint,stamping,castings,etc.,continuestobemovedintothebuilding.Inthemeantime,wewillcontinuetoincreaseimportvolumestoEurope.7Installedcapacity≠Currentproductionrate.Productionratedependsonpaceoffactoryramp,supplychainramp,downtimerelatedtofactoryupgrades,nationalholidaysandotherfactors.(1)Trade-insforModel3andModelYintheUSoverthepast2years,excludingTeslatrade-ins(2)Netordersforvehiclesinproduction

CORETECHNOLOGYAutopilotandFullSelfDriving(FSD)OurteamcontinuestofocusontheV9versionofFSDCityStreetsbeta,whichwillsoonbecomemorewidelyavailableintheUnitedStates.Webelievethatavision-onlysystemisultimatelyallthatisneededforfullautonomy.OurAI-basedsoftwarearchitecturehasbeenincreasinglyreliantoncameras,tothepointwhereradarisbecomingunnecessaryearlierthanexpected.Asaresult,ourFSDteamisfullyfocusedonevolvingtoavision-basedautonomoussystemandwearenearlyreadytoswitchtheUSmarkettoTeslaVision.VehicleSoftwareWhileover-the-airsoftwareupdatesofmapsandinfotainmentsystemsarebecomingmorecommon,firmwareupdatesremainrareintheautomotiveindustry.InQ1,wewereabletonavigatethroughglobalchipsupplyshortageissuesinpartbypivotingextremelyquicklytonewmicrocontrollers,whilesimultaneouslydevelopingfirmwarefornewchipsmadebynewsuppliers.BatteryandPowertrainTherangeofourvehicleshasincreasedsignificantlyovertheyearsandwillcontinuetoincreasethankstoimprovementsincellchemistry,celldesign,batterypackarchitecture,powertrainefficiency,newthermalsystemsandvehicleplatformdesign.BecauseachievinglongerrangeisessentialforconvertingmoreICEvehicleownerstoEVs,rangeimprovementsremainoneofourmainpriorities.Globalpremiumvehiclesales18ImprovementsofModelSEPA-estimatedrangecontinuetoaccelerate(1)ReflectscurrentlypubliclyavailabledatafromOEMs

OTHERHIGHLIGHTSEnergyStorageEnergystoragedeploymentsgrew71%YoYinQ1,mainlydrivenbythepopularityofPowerwall.DemandforPowerwallcontinuestofarexceedourproductionrate.Asaresult,werecentlyshiftedPowerwalldeliveriestosolarcustomersonly.Asweincreaseourproductionrate,wemaymakeitavailableonceagainasastand-aloneproduct.TherecentsnowstorminTexasandotherblackouteventscontinuetodrivecustomerstowardhomeenergystoragesolutions.Energystoragedeploymentscanvarymeaningfullyquartertoquarterdependingonthetimingofspecificprojectmilestones,whichisthedriverbehindthesequentialdeclineinMWh.Productionofenergystorageproductsimprovedfurthersequentiallyasourbacklogremainslong.SolarRetrofitandSolarRoofSolardeploymentsreached92MWinQ1—ourstrongestquarterin2.5years.SolarRoofdeploymentsgrew9xcomparedtothesameperiodlastyear.ServiceandOtherOurusedTeslavehiclebusinesscontinuestogrowintotalvolumeandimprovefinancially.Thevolumeinthisbusinessisafunctionofhistoricalnewcardeliveries,whichsuggestsourusedcarbusinesshasastrongfoundationforgrowth.Additionally,weremainfocusedonglobalgrowthinservicecapacity,reducedcustomerwaittimesandimprovedoperationalefficiency.9UsedTeslavehiclesalesRecoveryofTeslaSolardeploymentsinMW0

OUTLOOKVolumeCashProfitProductWeplantogrowourmanufacturingcapacityasquicklyaspossible.Overamulti-yearhorizon,weexpecttoachieve50%averageannualgrowthinvehicledeliveries.Insomeyearswemaygrowfaster,whichweexpecttobethecasein2021.Therateofgrowthwilldependonourequipmentcapacity,operationalefficiencyandcapacityandstabilityofthesupplychain.Wehavesufficientliquiditytofundourproductroadmap,long-termcapacityexpansionplansandotherexpenses.Weexpectouroperatingmarginwillcontinuetogrowovertime,continuingtoreachindustry-leadinglevelswithcapacityexpansionandlocalizationplansunderway.WearecurrentlybuildingModelYcapacityatGigafactoryBerlinandGigafactoryTexasandremainontracktostartproductionanddeliveriesfromeachlocationin2021.GigafactoryShanghaiwillcontinuetoexpandfurtherovertime.TeslaSemideliverieswillalsobeginin2021.10

PHOTOS

12GIGAFACTORYBERLIN-MODELYFACTORYCONSTRUCTION

13GIGAFACTORYBERLIN-GIGACASTING

14GIGAFACTORYBERLIN-STAMPINGPRESS

GIGAFACTORYTEXAS-MODELYFACTORYCONSTRUCTION15

16GIGAFACTORYTEXAS-MODELYFACTORYCONSTRUCTION

17GIGAFACTORYTEXAS-MODELYFACTORYINTERIOR

18GIGAFACTORYTEXAS-MODELYFACTORYINTERIOR

GIGAFACTORYSHANGHAI-EXPANSIONCONTINUES19

TESLASEMI-PROTOTYPETESTING20

VehicleDeliveries(units)KEYMETRICSQUARTERLY(Unaudited)21OperatingCashFlow($B)FreeCashFlow($B)Netincome($B)AdjustedEBITDA($B)

VehicleDeliveries(units)OperatingCashFlow($B)FreeCashFlow($B)KEYMETRICSTRAILING12MONTHS(TTM)(Unaudited)22Netincome($B)AdjustedEBITDA($B)

FINANCIALSTATEMENTS

STATEMENTOFOPERATIONS(Unaudited)24(1)Priorperiodresultshavebeenretroactivelyadjustedtoreflectthefive-for-onestockspliteffectedintheformofastockdividendinAugust2020.

BALANCESHEET(Unaudited)25

STATEMENTOFCASHFLOWS(Unaudited)26

ReconcIlIatIonofGAAPtoNon–GAAPFInancIalInformatIon(Unaudited)27(1)Priorperiodresultshavebeenretroactivelyadjustedtoreflectthefive-for-onestockspliteffectedintheformofastockdividendinAugust2020

ReconcIlIatIonofGAAPtoNon–GAAPFInancIalInformatIon(Unaudited)28TTM=Trailingtwelvemonths

ADDITIONALINFORMATIONWEBCASTINFORMATIONTeslawillprovidealivewebcastofitsfirstquarter2021financialresultsconferencecallbeginningat2:30p.m.PTonApril26,2021atir.tesla.com.Thiswebcastwillalsobeavailableforreplayforapproximatelyoneyearthereafter.CERTAINTERMSWhenusedinthisupdate,certaintermshavethefollowingmeanings.Ourvehicledeliveriesincludeonlyvehiclesthathavebeentransferredtoendcustomerswithallpaperworkcorrectlycompleted.Ourenergyproductdeploymentvolumeincludesbothcustomerunitsinstalledandequipmentsales;wereportinstallationsattimeofcommissioningforstorageprojectsorinspectionforsolarprojects,andequipmentsalesattimeofdelivery."AdjustedEBITDA"isequalto(i)netincome(loss)attributabletocommonstockholdersbefore(ii)(a)interestexpense,(b)provisionforincometaxes,(c)depreciation,amortizationandimpairmentand(d)stock-basedcompensationexpense,whichisthesamemeasurementforthistermpursuanttotheperformance-basedstockoptionawardgrantedtoourCEOin2018."Freecashflow"isoperatingcashflowlesscapitalexpenditures.“Netorders”meansconfiguredordersforvehiclesinproductionminuscancellations.Averagecostpervehicleiscostofrevenues–automotivesalesdividedbyvehicledeliveries(excludingleases).NON-GAAPFINANCIALINFORMATIONConsolidatedfinancialinformationhasbeenpresentedinaccordancewithGAAPaswellasonanon-GAAPbasistosupplementourconsolidatedfinancialresults.Ournon-GAAPfinancialmeasuresincludenon-GAAPautomotivegrossmargin,non-GAAPnetincome(loss)attributabletocommonstockholders,non-GAAPnetincome(loss)attributabletocommonstockholdersonadilutedpersharebasis(calculatedusingweightedaveragesharesforGAAPdilutednetincome(loss)attributabletocommonstockholders),AdjustedEBITDA,AdjustedEBITDAmarginandfreecashflow.Thesenon-GAAPfinancialmeasuresalsofacilitatemanagement’sinternalcomparisonstoTesla’shistoricalperformanceaswellascomparisonstotheoperatingresultsofothercompanies.ManagementbelievesthatitisusefultosupplementitsGAAPfinancialstatementswiththisnon-GAAPinformationbecausemanagementusessuchinformationinternallyforitsoperating,budgetingandfinancialplanningpurposes.Managementalsobelievesthatpresentationofthenon-GAAPfinancialmeasuresprovidesusefulinformationtoourinvestorsregardingourfinancialconditionandresultsofoperations,sothatinvestorscanseethroughtheeyesofTeslamanagementregardingimportantfinancialmetricsthatTeslausestorunthebusinessandallowinginvestorstobetterunderstandTesla’sperformance.Non-GAAPinformationisnotpreparedunderacomprehensivesetofaccountingrulesandtherefore,shouldonlybereadinconjunctionwithfinancialinformationreportedunderU.S.GAAPwhenunderstandingTesla’soperatingperformance.AreconciliationbetweenGAAPandnon-GAAPfinancialinformationisprovidedabove.FORWARD-LOOKINGSTATEMENTSCertainstatementsinthisupdate,includingstatementsinthe“Outlook”section;statementsrelatingtothefuturedevelopment,productioncapacityandoutputrates,demandandmarketgrowth,deliveries,deployment,availability,rangeandotherfeaturesandimprovementsandtimingofexistingandfutureTeslaproductsandtechnologiessuchasModel3,ModelY,ModelX,ModelS,TeslaSemi,AutopilotandFullSelfDrivingsoftware,hardwareandequipment,ourenergystorageproductsandthebatteryandpowertraintechnologieswearedeveloping;statementsregardingoperatingmargin,spendingandliquidity;andstatementsregardingconstruction,expansion,improvementsand/orrampandrelatedtimingattheTeslaFactory,GigafactoryShanghai,GigafactoryBerlinandGigafactoryTexasare“forward-lookingstatements”thataresubjecttorisksanduncertainties.Theseforward-lookingstatementsarebasedonmanagement’scurrentexpectations,andasaresultofcertainrisksanduncertainties,actualresultsmaydiffermateriallyfromthoseprojected.Thefollowingimportantfactors,withoutlimitation,couldcauseactualresultstodiffermateriallyfromthoseintheforward-lookingstatements:uncertaintiesinfuturemacroeconomicandregulatoryconditionsarisingfromthecurrentglobalpandemic;theriskofdelaysinlaunchingandmanufacturingourproductsandfeaturescost-effectively;ourabilitytogrowoursales,delivery,installation,servicingandchargingcapabilitiesandeffectivelymanagethisgrowth;consumers’demandforelectricvehiclesgenerallyandourvehiclesspecifically;theabilityofsupplierstodelivercomponentsaccordingtoschedules,prices,qualityandvolumesacceptabletous,andourabilitytomanagesuchcomponentseffectively;anyissueswithlithium-ioncellsorothercomponentsmanufacturedatGigafactoryNevada;ourabilitytobuildandrampGigafactoryShanghai,GigafactoryBerlinandGigafactoryTexasinaccordancewithourplans;ourabilitytoprocuresupplyofbatterycells,includingthroughourownmanufacturing;risksrelatingtointernationalexpansion;anyfailuresbyTeslaproductstoperformasexpectedorifproductrecallsoccur;theriskofproductliabilityclaims;competitionintheautomotiveandenergyproductmarkets;ourabilitytomaintainpubliccredibilityandconfidenceinourlong-termbusinessprospects;ourabilitytomanagerisksrelatingtoourvariousproductfinancingprograms;thestatusofgovernmentandeconomicincentivesforelectricvehiclesandenergyproducts;ourabilitytoattract,hireandretainkeyemployeesandqualifiedpersonnelandrampourinstallationteams;ourabilitytomaintainthesecurityofourinformationandproductionandproductsystems;ourcompliancewithvariousregulationsandlawsapplicabletoouroperationsandproducts,whichmayevolvefromtimetotime;risksrelatingtoourindebtednessandfinancingstrategies;andadverseforeignexchangemovements.MoreinformationonpotentialfactorsthatcouldaffectourfinancialresultsisincludedfromtimetotimeinourSecuritiesandExchangeCommissionfilingsandreports,includingtherisksidentifiedunderthesectioncaptioned“RiskFactors”inourannualreportonForm10-KfiledwiththeSEConFebruary8,2021.Tesladisclaimsanyobligationtoupdateinformationcontainedintheseforward-lookingstatementswhetherasaresultofnewinformation,futureevents,orotherwise.29