Presentation Source

1. © Copyright 2012 Tesla Motors, Inc.
Tesla Motors Investor Presentation
Spring 2012

2. © Copyright 2012 Tesla Motors, Inc.
Forward-Looking Statements
Certain statements in this presentation, including statements relating to the development, testing, performance, pricing, attributes, schedule of development, launch, and volume expectations of Model S, Model X and Gen III; the ability to achieve revenue, gross margin,spendingand profitability targets; the ability of Tesla to produce vehicles at its factory; the products and schedules related to, and the financial results expected from, Tesla’s development programs with Daimler and Toyota; the sufficiency of current available funds to develop Model S and Model X; and the ability of Tesla to execute on its new interactive retail strategy and future store opening plans are “forward-looking statements” that are subject to risks and uncertainties. These forward-looking statements are based on management’s current expectations, and as a result of certain risks and uncertainties, actual results may differ materially from those projected.
The following important factors, without limitation, could cause actual results to differ materially from those in the forward-looking statements: market acceptance of electric vehicles in general and new Tesla vehicle models, specifically Model S and Model X; delays in the design, manufacture, launch and financing of Model S, including the build-out of its manufacturing facility; the risk associated with a decline in revenues prior to the launch of Model S; achieving expected results from powertrain systems; competition in the automotive market; Tesla’s ability to establish, maintain and strengthen the Tesla brand; the unavailability, reduction or elimination of governmental and economic incentives for electric vehicles; Tesla’s ability to execute on its plans for its new interactive retail strategy and for new store openings as well as the risks and uncertainties identified under the sections captioned “Risk Factors” and “MD&A” in its Form 10-K filed on February 27, 2012. Tesla disclaims any obligation to update information contained in these forward- looking statements.

3. © Copyright 2012 Tesla Motors, Inc.
•Past Success …
Enables our Future
Progress TimelineFoundation forSuccess
Focused Value
Creation
Lead the
Way Forward

4. © Copyright 2012 Tesla Motors, Inc.
Electric Vehicle
Intellectual Property
Roadster
Success
Partnerships
Platform For
Growth
•Range Leader
(single charge)
•Cost Leader
(battery pack)
•Proven battery pack
safety, reliability and life
•Branded Tesla as EV leader
•Safety & reliability validated
•Proved EV driving could be exciting & preferable
•Investments from
Daimler, Toyota &
Panasonic
(10% combined)
•Sales to Daimler &
Toyota validates our
technology
•Tesla-owned stores &
service centers
•Tesla Factory
World Class Tech & Auto Management Team
Past Success … Enables our Future

5. © Copyright 2012 Tesla Motors, Inc.
•Past Success …
Enables our Future
•Deliver an ExceptionalModel S by July 2012
Progress TimelineFoundation forSuccessFocused ValueCreation
Lead the
Way Forward

6. © Copyright 2012 Tesla Motors, Inc.
Model S –Better By DesignBatteryPack
Powertrain

7. © Copyright 2012 Tesla Motors, Inc.
Model S Redefines the Premium Sedan
Designed to be a better vehicle from the ground up
Harnessing ALLthe benefits of an EV approach

8. © Copyright 2012 Tesla Motors, Inc.
Model S Redefines the Premium Sedan
Stunning Interior
•Seats 5 Adults + 2 Children
•Storage Front & Back
•17” TouchscreenConsole

9. © Copyright 2012 Tesla Motors, Inc.
Model S Redefines the Premium Sedan
Leading Performance & Handling
•0–60mph in 4.4 seconds (Performance Model)
•Low Cg + High TorsionalRigidity
•Smooth &Quiet

10. © Copyright 2012 Tesla Motors, Inc.
Model S Redefines the Premium Sedan
Goal: 5 Star Safety Rating
•Superior Frontal Crumple Zones
•Minimal Side Impact Intrusion
•Alum. Body = Strong & Lightweight

11. © Copyright 2012 Tesla Motors, Inc.
Model S Redefines the Premium Sedan
Improved Reliability
•Fewer Moving Parts & Modular Design= Service That Comes to You
•No Oil Changes
•Longer Brake Life

12. © Copyright 2012 Tesla Motors, Inc.
Model S Redefines the Premium Sedan
Lower Operating Cost
•Saves ≈$2,000*/yr in Fuel Cost
•No Oil Changes
* -Operating Cost Assumptions300 mi. range Model S operating cost is 3.3 cents/mi. (based on DoENatl. avg. elec. cost of 11.8 cents/kWh ) Sports sedan operating cost is $0.20(based on $4/gal gasoline / 20mpg = 20 cents/mi.) ($0.20 -$0.033) x 12,000 miles/yr = $2,000 /yr.

13. © Copyright 2012 Tesla Motors, Inc.
Model S Redefines the Premium Sedan
More Efficient = Eco-friendly
•Significantly More Efficient than Gasoline Power
•Zero TailpipeEmissions
•Recyclable Battery Pack

14. © Copyright 2012 Tesla Motors, Inc.
Model X –A New Vehicle Category
Functionality, Style& Performance
World’s First2-Motor All Wheel Drive
Over 500Reservations in 24 Hours
Falcon Wing Doors Deployed
Tesla Motors Model X

15. © Copyright 2012 Tesla Motors, Inc.
•Past Success …
Enables our Future
•Deliver an ExceptionalModel S by July
•DemonstrateEconomic Potential
Progress TimelineFoundation forSuccessFocused ValueCreation
Lead the
Way Forward

16. © Copyright 2012 Tesla Motors, Inc.
Long Term Growth Targets
Year
Vehicles
Vehicle
Units
Global
Segment
Mkt.Share*
2012
Roadster & S
5,300+
<1%
2013
Model S
20,000
≈1%
2014
Sand X
30,000+
≈2%
Future
Lower Priced Third Generation Platform
Long Term Operating Margins Targets
Gross Margin
25%
Operating Margin
Low–Midteens %
Demonstrate Economic Potential
Historical Plant Capacity Exceeded 400,000
Vehicles per Year!
* -similar vehicles including Mercedes E-Class, BMW 5 Series, Audi A6, Porsche Cayenne, Land Rover, Audi Q7

17. © Copyright 2012 Tesla Motors, Inc.
Minimum $5,000 refundable reservation price
Limited marketing effort
Reservations Show Strong Demand
-
1,000
2,000
3,000 4,000
5,000
6,000
7,000
8,000
9,000 Q1 09
Q2 09
Q3 09
Q4 09
Q1 10Q2 10
Q3 10
Q4 10
Q1 11
Q2 11Q3 11
Q4 11
Cumulative Model S ReservationsU.S. Signature Series Sold Out in Q4’11

18. © Copyright 2012 Tesla Motors, Inc.
Sufficient Liquidity to Reach Our GoalsSufficient liquidity to reach profitabilityCash & Restricted Cash $304M
Remaining
DoEFacility
$189M
$493M of Total LiquidityAs of 12/31/11

19. © Copyright 2012 Tesla Motors, Inc.
•Past Success …
Enables our Future
•Deliver an ExceptionalModel S by July
•DemonstrateEconomic Potential
•Tesla: Built to Win
Progress Timeline
Foundation for
Success
Focused Value
Creation
Lead the Way Forward

20. © Copyright 2012 Tesla Motors, Inc. $650+ $345
$-
$100
$200
$300
$400
$500
$600
$700
2010 [1]
2020 [1]
Tesla Model S
[2]
Electric Powertrain-Leadership on Range & Cost
[1] Cost Survey: Roland Berger Study
LiBValue Chain and Cost Model (March 2011)
[2] Tesla Model S –Projected cost not disclosed. Includes all cells, electronics, packaging and labor costs
Tesla Leads on Cost (battery pack cost –$/kWh)
Tesla Leads on Range (maximum miles per single charge)
* -Estimated
+ -EPA 2-cycle city/highway test
† -EPA derived 5-cycle test
35
7376245300
Chevy Volt †
Nissan Leaf †
Ford Focus †
Tesla Roadster +
Tesla Model S *+

21. © Copyright 2012 Tesla Motors, Inc.
18650 Cells
Battery Pack
Power Electronics
MotorGear Box
•Power Mgmt Software
•2 Way Inverter
•Charge Mgmt Software
•On Board Charger
•Flux Phasing & Mgmt
•Compact Design
•Thermal Mgmt Software
•Proprietary Design
•Up to 18,000 RPM
•No Shifting
•In House Mfg
•Instant Peak Torque
•A/C Induction Motor
•No Rare Earth Metals
•87% AvgEfficiency
•In House Mfg
•Unique Chemistry
•ProprietaryCathode Geometry
•Automotive-Grade Construction
•PassiveSafety Features
•ModifiedCell Case
•High Energy Density
•Active Cooling
•Mfg Trade Secrets
•Charge Balancing
•Active Safety Features
Integration = A System that is Greater than Sum-of-the-Parts Intellectual Property and Patent Protection Throughout
Over 50 Patents Awarded
Over 230 Patent Applications Pending
Tesla Powertrain–Proprietary from End-to-End

22. © Copyright 2012 Tesla Motors, Inc.
EV Powertrain Business –World Leader
World’s Largest Vendor of EV Powertrains
Toyota RAV4 EV –Available 2012
Providing full powertrain under multi-year agreement
Expanding Relationship with Mercedes-Benz
Successful Smart fortwoand A-Class programs
Starting development program for a new M-B vehicle with a full Tesla powertrain

23. © Copyright 2012 Tesla Motors, Inc. EV Platform = Rapid, Low-Cost Development
Leveraging the unique benefits of the electric powertrain
•Fewer Parts
•No Transmission
•No Emissions Control Systems
•Common Powertrain
•Revolutionary Packaging
•AdaptableChassis Platform
Model S
Model X

24. © Copyright 2012 Tesla Motors, Inc.
High Product Refresh Rate
Tesla Roadster
•Shipping since 2008
•Over 2,100 sold in over 30 countries
•Over 20 million miles drivenTesla Model S
•Available by July 2012* -Release Candidate phase in progress
•20,000 units per year, pricing starting at $49,900*
•World’s first, production intent all-EV vehicleTesla Model X
•Production begins late 2013/Deliveries early 2014*
•10,000 –15,000 units per year*
•Based on Model S platformTesla Gen III
•Smaller vehicle platform; pricing starting at $30,000*
•Positioned for “mass-premium” market appeal and volume
•Availability TBD
* -Estimated dates, volumes & pricing (net of US tax credit of $7,500 for purchase of alt. fuel vehicles; credit may expire)
Tesla’s
“S” Platform
Tesla’s
“Gen III”
PlatformModified Lotus Elise Platform

25. © Copyright 2012 Tesla Motors, Inc.
•5 million ft2/ 200+ acres
•400,000+ unit historical capacity
•$42MM purchase price
•Equipment purchased at attractive prices
Final Assembly
Material Handling
Press ShopPaint ShopPlastics
Offices
Body In White
Planned Model S Facilities
Future ProgramsFremont Facility –Room for Significant Growth
Tesla Factory
Fremont, CA

26. © Copyright 2012 Tesla Motors, Inc. Agile Manufacturing –Latest Technology
Press Center
Body Assembly Center
Model S & Paint Center
Indoor Test Track
Model S on AutomatedGuided Vehicle
Plastics Injection Molding

27. © Copyright 2012 Tesla Motors, Inc.
Existing
Planned
Tesla-Owned Distribution & Service
•Manage the entire customer experience; Accelerate time to market
•Sales at retail price; Lower costs of facilities, inventory & service
•2011: 20 Stores 2012: ≈30 stores 2013: ≈50 stores
(store totals exclude additional service centers)

28. © Copyright 2012 Tesla Motors, Inc.
StorefrontInterior
•Technology that informs customers
•“Product Specialists” to answer questions
•Display vehicles open for customers to sit in
•Conveniently located parking area for test-drives and Tesla vehicle charging
•Transparent and inviting
•Affluent, high-traffic locations
Better Customer ExperienceStores designed to:
Engage
Excite
Inform
Test Drive Cars

29. © Copyright 2012 Tesla Motors, Inc.
•Past Success …
Enables our Future
•Deliver an ExceptionalModel S by July
•DemonstrateEconomic Potential
•Tesla: Built to Win
Summary
Foundation for
Success
Focused Value
Creation
Lead the
Way Forward