Tesla, Inc.

Tesla, Inc. is a US-listed company materially exposed to Robot Foundation Models (Vision-Language-Action).

Tesla’s FY2024 financials are taken directly from the company’s Form 10-K for the fiscal year ended December 31, 2024. The company reports three revenue lines: automotive, energy generation and storage, and services and other.

Source: Tesla, Inc., Form 10-K for fiscal year ended December 31, 2024, filed January 31, 2025, Accession No. 0001628280-25-006192, URL: sec.gov , accessed April 26, 2026.

The shares above are derived by division from the primary filing:

• Automotive: $77.065B / $97.690B = 78.9%
• Energy generation and storage: $10.086B / $97.690B = 10.3%
• Services and other: $10.539B / $97.690B = 10.8%

For comparison, FY2023 total revenue was $96.773 billion, with automotive revenue of $82.419 billion, energy generation and storage revenue of $6.035 billion, and services and other revenue of $8.319 billion. Source: Tesla, Inc., Form 10-K for fiscal year ended December 31, 2023, filed January 29, 2024, Accession No. 0001628280-24-004390, URL: sec.gov , accessed April 26, 2026.

This shows a meaningful mix shift: automotive fell from about 85.2% of FY2023 revenue to about 78.9% in FY2024, while energy generation and storage grew from 6.2% to 10.3%.

FY2024 profitability figures from the same 10-K:

• Total gross profit: $17.454 billion
• Total revenue: $97.690 billion
• Implied total gross margin: $17.454B / $97.690B = 17.9%
• Operating income: $7.076 billion
• Implied operating margin: $7.076B / $97.690B = 7.2%
• Net income attributable to common stockholders: $7.091 billion
• Implied net margin: $7.091B / $97.690B = 7.3%

Source: Tesla, Inc., Form 10-K for fiscal year ended December 31, 2024, filed January 31, 2025, Accession No. 0001628280-25-006192, URL: sec.gov , accessed April 26, 2026.

Tesla’s automotive segment includes regulatory credits. The filing does not require a separate top-line customer name disclosure where no single customer exceeds 10% of revenue. No single customer is identified in the FY2024 10-K as representing 10% or more of total revenue. Therefore, from primary filings alone, no top customer name can be sourced. Any claim naming a specific top customer would be needs primary source validation.

Tesla monetizes through:

1. Upfront hardware sales — new and used electric vehicles, plus energy products such as Megapack and Powerwall.
2. Automotive leasing — reported within automotive revenue in the 10-K.
3. Regulatory credits — included in automotive revenue; Tesla sells credits to other automakers. The FY2024 10-K reports automotive revenue including regulatory credits, but the exact credit split is not restated here because the exhibit-level line item was not separately verified for this note.
4. Energy generation and storage — sale and installation of solar and storage systems to residential, commercial, and utility customers.
5. Services and other — non-warranty maintenance, Supercharging, insurance, body shop, used vehicle sales, retail merchandise, and related services.

Source: Tesla, Inc., Form 10-K for fiscal year ended December 31, 2024, business description and revenue recognition sections, filed January 31, 2025, Accession No. 0001628280-25-006192, URL: sec.gov , accessed April 26, 2026.

From the filing’s business and segment discussions, the paying parties are:

• Automotive: consumers and commercial fleet buyers purchasing vehicles directly from Tesla; lessees under Tesla’s direct leasing program; and other automakers purchasing regulatory credits.
• Energy: utilities, commercial energy buyers, and residential homeowners.
• Services: vehicle owners paying for Supercharging, connectivity, maintenance, insurance, and merchandise.

No single paying customer or counterparty is named in the FY2024 10-K as a >10% customer. Therefore, no specific top customer names can be source-bound from filings.

The prompt requires a worked calculation. I use Tesla’s FY2024 primary filing inputs to calculate average automotive revenue per delivered vehicle and a blended company-level gross profit per delivered vehicle. I flag that the blended gross profit calculation includes energy and services, so it is not a pure automotive gross profit metric.

Calculation 1: Implied average automotive revenue per delivered vehicle

Tesla’s FY2024 10-K describes the following customer classes:

1. Individual vehicle buyers — retail consumers who purchase vehicles directly from Tesla.
2. Commercial fleet buyers — fleet operators purchasing vehicles for commercial use.
3. Lessees — customers leasing vehicles through Tesla’s direct leasing program.
4. Utility and commercial energy buyers — utilities, developers, and commercial entities purchasing Megapack and large-scale storage.
5. Residential energy customers — homeowners buying Powerwall, solar, or Solar Roof.
6. Service customers — Tesla vehicle owners paying for Supercharging, maintenance, connectivity, and insurance.

Source: Tesla, Inc., Form 10-K for fiscal year ended December 31, 2024, business description and revenue recognition sections, filed January 31, 2025, Accession No. 0001628280-25-006192, URL: sec.gov , accessed April 26, 2026.

The FY2024 10-K does not disclose a named customer that accounts for 10% or more of total revenue. Therefore, no specific top customer name can be sourced from the filing. Any statement such as “Tesla’s top customer is X” would be needs primary source validation.

This is important for conviction scoring: customer concentration risk is not demonstrated from the primary filing. The revenue base appears diversified across many retail, fleet, leasing, and energy customers, but the filing does not provide a customer-level concentration table in the sections reviewed.

• TSLA — Tesla’s FY2023 10-K describes Optimus humanoid robot development, but it does not publish VLA benchmark metrics or a robot foundation model licensi

• - TSLA — Tesla’s FY2023 10-K describes Optimus humanoid robot development, but it does not publish VLA benchmark metrics or a robot foundation model licensi source

$77,065,000,000 / 1,789,226 = $43,072 per vehicle

$17,454,000,000 / 1,789,226 = $9,755 per delivered vehicle

This is a company-level blended metric because total gross profit includes energy and services gross profit, not only automotive gross profit. A pure automotive gross-profit-per-vehicle calculation would require the automotive segment cost of revenue line item; that segment gross profit line was not separately verified for this note. Therefore, the pure automotive gross profit per vehicle should be treated as needs primary source validation unless it is separately pulled from the segment disclosure.

Calculation 3: Global EV market share using independent sources

1,789,226 / 17,000,000 = 10.5%