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Tesla's Total Expenses Are Projected To Stand At $25 billion for 2019
Breakdown of Tesla's projected Total Expenses for 2019
Total = $25 Bil
Cost of Revenues = $20.2 Bil 80.7%)
Operating Expenses = $4 Bil (16%)
Non-operating Expense = $0.7 Bil (3%)
Income Tax Expenses = $0.1 Bil (0.4%)
Tesla's total expenses have trended higher from $6 billion in 2015 to $22.5 billion in 2018.As a % of Revenues, Expenses have declined from 110% to 105% over the same period. Cost of Sales are the biggest driver of Tesla's expenses, accounting for 76% of Revenue is 2015 and 81% of Revenues in 2018. We estimate that this increase in Cost of Revenue as % Revenue has impacted Tesla's Operating Income by about $1.1 billion. However, with Revenue expected to pick up in the near term driven by the production ramp up of the Model 3 and upcoming Model Y, Cost of Sales as % of revenue is likely to decline to 79% in 2020, leading to improved operating profits.Below, we take a look at the key drivers of Tesla's Expenses and Net Margins.
Tesla's Revenues: Deep-dive on volumes, pricingTesla's Valuation
Tesla's Total Expenses Have Increased from $6 billion in 2015 to $22.5 billion in 2018, driven by the launch of the Model 3. We expect Total Expenses to grow to ~$28 billion by 2020
(2) Tesla's Operating Expenses have increased from $1.6 billion in 2015 to $4.4 billion in 2019, driven largely by higher SG&A expenses. We expect Operating Expenses to decline over 2019 and 2020, as Tesla has been scaling back on its selling-related expenses via manpower reductions and a lower store count.
Operating Expense as % Revenue
(2.1) Tesla's R&D Expenses grew from $0.7 billion in 2015 to about $1.5 billion in 2018. We expect R&D spending to fall to about $1.4 billion over the next 2 years.
Research and development
R&D as % Revenue
(2.2) Tesla's SG&A Expenses increased from $0.9 billion in 2015 to about $2.8 billion in 2018. We expect SG&A expenses to decline to about $2.7 billion by 2020.
Selling, general and administrative
SG&A as % Revenue
(3) Tesla's Non-Operating Expenses, which include Interest Expenses, net of Interest Income and Other Expenses, have increased from about $160 million in 2015 to about $620 million in 2018, driven largely by higher Interest Expenses. We expect Non-Operating Expenses to grow further to about $780 million
Non-Operating Expenses as % Revenue
(4) Tesla's Income Tax Expenses have increased from $13 million to $58 million between 2015 and 2018. While the company remains loss making, it has been paying taxes in certain foreign jurisdictions. We expect Tax Expenses to grow to close to $120 million by 2020.
Income Tax Expense
Effective Tax Rate