common stock, $0.001 par value per share $5,000,000,000
TRANSCRIPT
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FiledPursuanttoRule424(b)5RegistrationNo.333-231168
CALCULATIONOFREGISTRATIONFEE
TitleofSecuritiestobeRegistered
MaximumAggregate
OfferingPrice Amountof
RegistrationFee(1)Commonstock,$0.001parvaluepershare $5,000,000,000 $545,500(1) CalculatedinaccordancewithRule457(r)undertheSecuritiesActof1933,asamended,basedonthemaximum
aggregateofferingprice.RepresentsdeferredpaymentoftheregistrationfeesinconnectionwiththeregistrantsRegistrationStatementonFormS-3(RegistrationNo.333-231168)beingpaidherewith.
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ProspectusSupplementtoProspectusdatedMay1,2019
Tesla,Inc.Upto$5,000,000,000ofCommonStock
Wehaveenteredintoanequitydistributionagreement,ortheequitydistributionagreement,withGoldmanSachs&Co.LLC,
CitigroupGlobalMarketsInc.,BarclaysCapitalInc.,BNPParibasSecuritiesCorp.,BofASecurities,Inc.,CreditSuisseSecurities(USA)LLC,DeutscheBankSecuritiesInc.,MorganStanley&Co.LLC,SGAmericasSecurities,LLCandWellsFargoSecurities,LLC,asoursalesagents,underwhichwemayofferandsellfromtimetotimeourcommonstockhavinganaggregateofferingpriceofupto$5,000,000,000.Thesalesagentsmayactasagentsonourbehalforpurchasesharesofourcommonstockasprincipal.
OurcommonstockistradedontheNasdaqGlobalSelectMarketunderthesymbolTSLA.ThelastreportedsalepriceofourcommonstockonDecember7,2020,asreportedontheNasdaqGlobalSelectMarket,was$641.76pershare.
Sales,ifany,ofcommonstockundertheequitydistributionagreementmaybemadeinordinarybrokerstransactions,toorthroughamarketmaker,onorthroughtheNasdaqGlobalSelectMarketoranyothermarketvenuewherethesecuritiesmaybetraded,intheover-the-countermarket,inprivatelynegotiatedtransactions,inblocktrades,intransactionsthataredeemedtobeatthemarketofferingsasdefinedinRule415undertheSecuritiesActorthroughacombinationofanysuchmethodsofsale.Thesalesagentsmayalsosellourcommonstockbyanyothermethodpermittedbylaw.
Wewilldesignatethemaximumamountofcommonstocktobesoldthroughthesalesagentsonadailybasisorotherwiseasweandthesalesagentsagreeandtheminimumpricepershareatwhichsuchcommonstockmaybesold.Subjecttothetermsandconditionsoftheequitydistributionagreement,thesalesagentswillusetheirreasonableeffortsconsistentwiththeirnormalsalesandtradingpracticestosellonourbehalfallofthedesignatedsharesofcommonstock.Wemayinstructthesalesagentsnottosellanycommonstockifthesalescannotbeeffectedatorabovethepricedesignatedbyusinanysuchinstruction.Weoranysalesagent,withrespecttoitselfonly,maysuspendtheofferingofourcommonstockbynotifyingtheotherparty.
Wewillpayeachsalesagentacommissionofupto0.25%ofthegrosssalespricepershareofcommonstocksoldthroughsuchagentundertheequitydistributionagreement.Wehavealsoagreedtoreimbursethesalesagentsforcertainoftheirexpenses.Inconnectionwiththesaleofthesharesofcommonstockonourbehalf,eachofthesalesagentsmaybedeemedtobeanunderwriterwithinthemeaningoftheSecuritiesActof1933,asamended,ortheSecuritiesAct,andthecompensationpaidtoeachofthesalesagentsmaybedeemedtobeunderwritingcommissionsordiscounts.SeePlanofDistribution.
Settlementofanysalesofcommonstockwilloccuronthesecondbusinessdayfollowingthedateonwhichsuchsalesweremade(orsuchearlierdayasisindustrypracticeforregular-waytrading).Thereisnoarrangementforfundstobereceivedinanescrow,trustorsimilararrangement.SalesofourcommonstockascontemplatedinthisprospectussupplementwillbesettledthroughthefacilitiesofTheDepositoryTrustCompanyorbysuchothermeansasweandthesalesagentsmayagree.
Investinginourcommonstockinvolvesahighdegreeofrisk.YoushouldcarefullyconsidertherisksdescribedunderRiskFactorsbeginningonpageS-5ofthisprospectussupplement,page5oftheaccompanyingprospectusandinthereportswefilewiththeSecuritiesandExchangeCommission,ortheSEC,pursuanttotheSecuritiesExchangeActof1934,asamended,ortheExchangeAct,incorporatedbyreferenceinthisprospectussupplementbeforemakingadecisiontoinvestinourcommonstock.
NeithertheSecuritiesandExchangeCommissionnoranyotherregulatorybodyhasapprovedordisapprovedofthesesecuritiesorpassedupontheaccuracyoradequacyofthisprospectussupplementortheaccompanyingprospectus.Anyrepresentationtothecontraryisacriminaloffense.
GoldmanSachs&Co.LLC
Citigroup
Barclays
BNPPARIBAS
BofASecurities
CreditSuisseDeutscheBankSecurities
MorganStanleySOCIETEGENERALE
WellsFargoSecurities
ProspectusSupplementdatedDecember8,2020
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TABLEOFCONTENTS
ProspectusSupplement Page AboutthisProspectusSupplement S-iiWhereYouCanFindMoreInformation S-iiiSpecialNoteRegardingForwardLookingStatements S-ivSummary S-1TheOffering S-3RiskFactors S-5UseofProceeds S-8DescriptionofCommonStock S-9MarketInformation S-10DividendPolicy S-10Capitalization S-11Dilution S-13MaterialU.S.FederalIncomeTaxConsequencesforNon-U.S.Holders S-15PlanofDistribution S-19LegalMatters S-22Experts S-22InformationIncorporatedByReference S-23
Prospectus PageSummary 1SpecialNoteRegardingForwardLookingStatements 3WhereYouCanFindMoreInformation 4RiskFactors 5UseofProceeds 6DescriptionoftheSecurities 7SellingStockholders 8PlanofDistribution 9LegalMatters 11Experts 11IncorporationofCertainInformationByReference 12
Unlesswehaveindicatedotherwise,referencesinthisprospectussupplementtoTesla,we,us,ourandsimilartermsrefertoTesla,Inc.anditssubsidiaries.
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ABOUTTHISPROSPECTUSSUPPLEMENT
Youshouldrelyonlyontheinformationcontained,orincorporatedbyreference,inthisprospectussupplementandtheaccompanyingprospectus.Neitherwenoranysalesagentorunderwriterhasauthorizedanyonetoprovideyouwithdifferentinformation.Ifanyoneprovidesyouwithdifferentorinconsistentinformation,youshouldnotrelyonit.Wearenot,andthesalesagentsandanyunderwritersarenot,makinganoffertosellthesecuritiesinanyjurisdictionwheretheofferorsaleisnotpermittedorinwhichthepersonmakingsuchofferorsolicitationisnotqualifiedtodosoortoanypersontowhomitisunlawfultomakesuchofferorsolicitation.Youshouldnotassumethattheinformationinthisprospectussupplement,theaccompanyingprospectusoranydocumentincorporatedbyreferenceisaccurateorcompleteasofanydateotherthanthedateoftheapplicabledocument.Ourbusiness,financialcondition,resultsofoperationsandprospectsmayhavechangedsincethatdate.
Thisdocumentisintwoparts.Thefirstpartisthisprospectussupplement,whichdescribesthespecifictermsofthisofferingandalsoaddstoandupdatesinformationcontainedintheaccompanyingprospectusandthedocumentsincorporatedbyreferenceintothisprospectussupplementandtheaccompanyingprospectus.Thesecondpart,theaccompanyingprospectus,givesmoregeneralinformation,someofwhichmaynotapplytothisoffering.Generally,whenwerefertothisprospectus,wearereferringtobothpartsofthisdocumentcombined.Inthisprospectussupplement,aspermittedbylaw,weincorporatebyreferenceinformationfromotherdocumentsthatwefilewiththeSEC.Thismeansthatwecandiscloseimportantinformationtoyoubyreferringyoutothosedocuments.Theinformationincorporatedbyreferenceisconsideredtobeapartofthisprospectussupplementandtheaccompanyingprospectusandshouldbereadwiththesamecare.WhenweupdatetheinformationcontainedindocumentsthathavebeenincorporatedbyreferencebymakingfuturefilingswiththeSEC,theinformationincludedorincorporatedbyreferenceinthisprospectussupplementisconsideredtobeautomaticallyupdatedandsuperseded.Inotherwords,incaseofaconflictorinconsistencybetweeninformationcontainedinthisprospectussupplementandinformationintheaccompanyingprospectusorincorporatedbyreferenceintothisprospectussupplement,youshouldrelyontheinformationcontainedinthedocumentthatwasfiledlater.
Youshouldnotconsideranyinformationinthisprospectussupplementortheaccompanyingprospectustobeinvestment,legalortaxadvice.Youshouldconsultyourowncounsel,accountantsandotheradvisersforlegal,tax,business,financialandrelatedadviceregardingthepurchaseofthecommonstockofferedbythisprospectussupplement.Ifthedescriptionoftheofferingvariesbetweenthisprospectussupplementandtheaccompanyingprospectus,youshouldrelyontheinformationcontainedinthisprospectussupplement.
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WHEREYOUCANFINDMOREINFORMATION
WehavefiledwiththeSECaregistrationstatementonFormS-3undertheSecuritiesActwithrespecttothecommonstockofferedbythisprospectussupplement.Thisprospectussupplement,filedaspartoftheregistrationstatement,doesnotcontainalltheinformationsetforthintheregistrationstatementanditsexhibitsandschedules,portionsofwhichhavebeenomittedaspermittedbytherulesandregulationsoftheSEC.Forfurtherinformationaboutus,wereferyoutotheregistrationstatementandtoitsexhibitsandschedules.
Wefileannual,quarterlyandcurrentreportsandotherinformationwiththeSEC.TheSECmaintainsaninternetwebsiteatwww.sec.govthatcontainsperiodicandcurrentreports,proxyandinformationstatements,andotherinformationregardingregistrantsthatarefiledelectronicallywiththeSEC.
Thesedocumentsarealsoavailable,freeofcharge,throughtheInvestorssectionofourwebsite,whichislocatedatir.tesla.com.Informationcontainedon,orthatcanbeaccessedthrough,ourwebsiteisnotincorporatedbyreferenceintothisprospectussupplementortheaccompanyingprospectusandyoushouldnotconsidersuchinformationtobepartofthisprospectussupplementortheaccompanyingprospectus.
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SPECIALNOTEREGARDINGFORWARDLOOKINGSTATEMENTS
Thisprospectussupplementandtheaccompanyingprospectus,includingthedocumentsincorporatedordeemedtobeincorporatedbyreferenceintothisprospectussupplementandtheaccompanyingprospectus,mayincludeforward-lookingstatementswithinthemeaningofSection27AoftheSecuritiesActandSection21EoftheExchangeAct.Theseforward-lookingstatementsinclude,butarenotlimitedto,statementsconcerningtheimpactonourbusinessoftheongoingCOVID-19pandemic,ourstrategy,futureoperations,futurefinancialposition,futurerevenues,projectedcosts,profitability,expectedcostreductions,capitaladequacy,expectationsregardingdemandandacceptanceforourtechnologies,growthopportunitiesandtrendsinthemarketinwhichweoperate,prospects,plansandobjectivesofmanagement,andthestatementssetforthinthesectiontitledManagementsDiscussionandAnalysisofFinancialConditionandResultsofOperationsinourAnnualReportonForm10-KforthefiscalyearendedDecember31,2019andourQuarterlyReportsonForm10-QforthefiscalquartersendedMarch31,2020,June30,2020andSeptember30,2020andinourotherfilingswiththeSEC.Thewordsanticipates,believes,could,estimates,expects,intends,may,plans,projects,will,wouldandsimilarexpressionsareintendedtoidentifyforward-lookingstatements,althoughnotallforward-lookingstatementscontaintheseidentifyingwords.Wemaynotactuallyachievetheplans,intentionsorexpectationsdisclosedinourforward-lookingstatementsandyoushouldnotplaceunduerelianceonourforward-lookingstatements.Actualresultsoreventscoulddiffermateriallyfromtheplans,intentionsandexpectationsdisclosedintheforward-lookingstatementsthatwemake.Theseforward-lookingstatementsinvolverisksanduncertaintiesthatcouldcauseouractualresultstodiffermateriallyfromthoseintheforward-lookingstatements,including,withoutlimitation,theriskssetforthinthesectiontitledRiskFactorsinourAnnualReportonForm10-KforthefiscalyearendedDecember31,2019andourQuarterlyReportsonForm10-QforthefiscalquartersendedMarch31,2020,June30,2020andSeptember30,2020andinourotherfilingswiththeSEC.Wedonotassumeanyobligationtoupdateanyforward-lookingstatements,exceptasrequiredbylaw.
MoreinformationonpotentialfactorsthatcouldaffectourfinancialresultsisincludedfromtimetotimeinourSECfilingsandreports,includingtherisksidentifiedunderthesectiontitledRiskFactorsinourperiodicreportsonForm10-KandForm10-QthatwefilewiththeSEC.Wedisclaimanyobligationtoupdateinformationcontainedintheseforward-lookingstatementswhetherasaresultofnewinformation,futureevents,orotherwise,exceptasrequiredbylaw.
Althoughweundertakenoobligationtoreviseorupdateanyforward-lookingstatements,whetherasaresultofnewinformation,futureeventsorotherwise,exceptasrequiredbylaw,youareadvisedtoconsultanyadditionaldisclosureswemakeinourAnnualReportsonForm10-K,QuarterlyReportsonForm10-QandCurrentReportsonForm8-KfiledwiththeSEC.SeeWhereYouCanFindMoreInformation.
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SUMMARY
Thissummaryhighlightsinformationcontainedelsewhereinthisprospectussupplement,theaccompanyingprospectusandthedocumentsincorporatedbyreference.Thissummarysetsforththematerialtermsofthisoffering,butdoesnotcontainalloftheinformationyoushouldconsiderbeforeinvestinginourcommonstock.Youshouldreadcarefullythisentireprospectussupplementandtheaccompanyingprospectus,includingthedocumentsincorporatedbyreferenceinthisprospectussupplementandtheaccompanyingprospectus,beforemakinganinvestmentdecisiontopurchaseourcommonstock,especiallytherisksofinvestinginourcommonstockdiscussedinthesectiontitledRiskFactorsinthisprospectussupplementaswellastheconsolidatedfinancialstatementsandnotestothoseconsolidatedfinancialstatementsincorporatedbyreferenceintothisprospectussupplementandtheaccompanyingprospectus.
Tesla,Inc.
Wedesign,develop,manufacture,leaseandsellhigh-performancefullyelectricvehicles,solarenergygenerationsystemsandenergystorageproducts.Wealsooffermaintenance,installation,operation,financialandotherservicesrelatedtoourproducts.Wearetheworldsfirstverticallyintegratedsustainableenergycompany,offeringend-to-endcleanenergyproducts,includinggeneration,storageandconsumption.Wegenerallysellourproductsdirectlytocustomers,includingthroughourwebsiteandretaillocations.Wealsocontinuetogrowourcustomer-facinginfrastructurethroughaglobalnetworkofvehicleservicecenters,MobileServicetechnicians,bodyshops,SuperchargerstationsandDestinationChargerstoacceleratethewidespreadadoptionofourproducts.Weemphasizeperformance,attractivestylingandthesafetyofourusersandworkforceinthedesignandmanufactureofourproducts,andarecontinuingtodevelopfullself-drivingtechnologyforimprovedsafety.Wealsostrivetolowerthecostofownershipforourcustomersthroughcontinuouseffortstoreducemanufacturingcostsandbyofferingfinancialservicestailoredtoourvehicles.Oursustainableenergyproducts,engineeringexpertise,intensefocustoacceleratetheworldstransitiontosustainableenergyandachievethebenefitsofautonomousdriving,andbusinessmodeldifferentiateusfromothercompanies.
Wecurrentlyofferorareplanningtointroduceelectricvehiclestoaddressawiderangeofconsumerandcommercialvehiclemarkets,includingModel3,ModelY,ModelS,ModelX,Cybertruck,TeslaSemiandanewTeslaRoadster.Inordertomeetcustomersrange,functionalityandperformanceexpectations,wehaveemployedourconsiderabledesignandvehicleengineeringcapabilitiestoovercomethedesign,stylingandperformanceissuesthathavehistoricallylimitedbroadadoptionofelectricvehicles.Combinedwithtechnicaladvancementsinourpowertrainsystem,AutopilotandFullSelf-Drivinghardware,andneuralnet,ourelectricvehiclesboastadvantagessuchasleadingrangeandrechargingflexibility;superioracceleration,handlingandsafetycharacteristics;auniquesuiteofuserconvenienceandinfotainmentfeatures;theabilitytohaveadditionalfeaturesenabledthroughover-the-airupdates;andsavingsincharging,maintenanceandothercostsofownership.
Infurtheranceofourmissiontoacceleratetheworldstransitiontosustainableenergy,wehavealsodevelopedanexpertiseinsolarenergysystems.Wesellandleaseretrofitsolarenergysystemsforresidentialandcommercialcustomers,andalternativelyprovidecertaincustomerswithaccesstooursolarenergysystemsthroughpowerpurchaseorsubscription-basedarrangements.WealsooffertheSolarRoof,whichfeaturesattractiveanddurableglassrooftilesintegratedwithsolarenergygeneration.Ourapproachtothesolarbusinessemphasizessimplicity,standardizationandaccessibilitytomakeiteasyandcost-effectiveforcustomerstoadoptcleanenergy,whilereducingourcustomeracquisitioncosts.Finally,wehaveleveragedourtechnologicalexpertiseinbatteries,energy
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management,powerelectronics,andintegratedsystemsfromourvehiclepowertrainsystemstodevelopandmanufactureenergystorageproducts,includingPowerwall,PowerpackandMegapack.Thesescalablesystemsmaybeusedinhomes,commercialfacilitiesandontheutilitygrid,andarecapableofnumerousapplicationsincludingbackuporoff-gridpower,peakdemandreduction,demandresponse,reducingintermittencyofrenewableenergygeneration,facilitationoftheuseofrenewableenergygenerationoverfossilfuelgeneration,andothergridservicesandwholesaleelectricmarketservices.Drawingonoursolarbusinessexpertise,wecanalsoofferintegratedsystems,combiningenergygenerationandstorage.Likeourvehicles,ourenergystorageproductscanberemotelyupdatedover-the-airwithsoftwareorfirmwareimprovements.
WemanufactureourproductsandrelatedcomponentsprimarilyatourFremontFactoryandatnearbyfacilitiesintheBayArea,California;GigafactoryNevadanearReno,Nevada;GigafactoryNewYorkinBuffalo,NewYork;andGigafactoryShanghaiinChina.Wearealsobuildingournextfactories,GigafactoryBerlinandGigafactoryTexas,atsiteswehaveselectednearBerlin,GermanyandAustin,Texas,respectively.Wehavethecapacityinstalledtoproduceanddeliver500,000vehiclesthisyear.Whileachievingthisgoalhasbecomemoredifficult,deliveringhalfamillionvehiclesin2020remainsourtarget.AchievingthistargetdependsprimarilyonquarteroverquarterincreasesinModelYandShanghaiproduction,aswellasfurtherimprovementsinlogisticsanddeliveryefficiencyathighervolumelevels.
Wewereincorporatedin2003inDelaware.AsofSeptember30,2020,ourfull-timecountforourandoursubsidiariesemployeesworldwidewas60,310.WeareheadquarteredinPaloAlto,California.Ourprincipalexecutiveofficesarelocatedat3500DeerCreekRoad,PaloAlto,California94304,andourtelephonenumberatthislocationis(650)681-5000.WecompletedourinitialpublicofferinginJuly2010andourcommonstockislistedontheNasdaqGlobalSelectMarketunderthesymbolTSLA.Ourwebsiteaddressiswww.tesla.com.Informationcontainedon,orcanbeaccessedthrough,ourwebsiteisnotincorporatedbyreferenceintothisprospectussupplementortheaccompanyingprospectusandyoushouldnotconsidersuchinformationtobepartofthisprospectussupplementortheaccompanyingprospectus.
TheTesladesignlogo,Tesla,ModelS,ModelX,Model3,ModelY,TeslaRoadster,TeslaSemi,Cybertruck,Powerwall,Powerpack,Megapack,SolarRoof,andothertrademarksorservicemarksofTeslaappearinginthisprospectussupplementandtheaccompanyingprospectusarethepropertyofTesla.
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THEOFFERINGIssuer Tesla,Inc.,aDelawarecorporation.
Commonstockweareoffering Sharesofourcommonstockhavinganaggregateofferingpriceofupto$5.0billion.
Commonstocktobeoutstandingafterthisoffering Upto955,644,795sharesofourcommonstock,assumingsalesof7,791,074sharesinthisofferingatapriceof$641.76pershare,whichwastheclosingpriceontheNasdaqGlobalSelectMarketonDecember7,2020.Theactualnumberofsharesissuedwillvarydependingonthesalespriceunderthisofferingand,inanyevent,maynotexceedthenumberofauthorizedandavailablesharesunderouramendedandrestatedcertificateofincorporation.
Mannerofoffering Sales,ifany,maybemadefromtimetotimethroughGoldmanSachs&Co.LLC,CitigroupGlobalMarketsInc.,BarclaysCapitalInc.,BNPParibasSecuritiesCorp.,BofASecurities,Inc.,CreditSuisseSecurities(USA)LLC,DeutscheBankSecuritiesInc.,MorganStanley&Co.LLC,SGAmericasSecurities,LLCandWellsFargoSecurities,LLC,orthesalesagentsasdescribedundertheheadingPlanofDistributiononpageS-19.
Useofproceeds Weintendtousethenetproceeds,ifany,fromthisofferingtofurtherstrengthenourbalancesheet,aswellasforgeneralcorporatepurposes.SeeUseofProceedsonpageS-8.
Riskfactors SeeRiskFactorsandotherinformationincludedorincorporatedbyreferenceinthisprospectussupplementandtheaccompanyingprospectusforadiscussionoffactorsyoushouldconsidercarefullybeforeinvestinginourcommonstock.
NasdaqGlobalSelectMarketsymbol TSLA
Thenumberofsharesofcommonstockthatwillbeoutstandingafterthisofferingisbasedon947,853,721sharesoutstandingasofSeptember30,2020andexcludes:
145,500,881sharesofcommonstockissuableupontheexerciseofoptionsoutstandingatSeptember30,2020ataweightedaverageexercisepriceof$61.14pershare;
20,901,857sharesofcommonstockissuableuponthevestingofrestrictedstockunitsoutstandingatSeptember30,2020;
86,400,273sharesofcommonstockreservedforfutureissuanceunderourstock-basedcompensationplans,consistingof52,118,847sharesofcommonstockreservedforissuanceunderour2019EquityIncentivePlanand34,281,426sharesofcommonstockreservedforissuanceunderour2019EmployeeStockPurchasePlan;
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thesharesofcommonstockreservedforissuanceuponconversionofour1.25%ConvertibleSeniorNotesduein2021,orthe2021Notes,our2.375%ConvertibleSeniorNotesduein2022,orthe2022Notes,andour2.00%ConvertibleSeniorNotesduein2024,orthe2024Notes,orcollectively,ourExistingNotes,andthewarranttransactionsenteredintoinconnectionwiththeissuanceofourExistingNotes;and
thesharesofcommonstockreservedforissuanceuponconversionof(i)theZero-CouponConvertibleSeniorNotesduein2020issuedbySolarCityCorporation,orSolarCity,andconvertibleintosharesofourcommonstockasaresultofouracquisitionofSolarCity,and(ii)the5.50%ConvertibleSeniorNotesduein2022issuedbyMaxwellTechnologies,Inc.,orMaxwell,andconvertibleintosharesofourcommonstockasaresultofouracquisitionofMaxwell,ortogether,theSubsidiaryConvertibleNotes.
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RISKFACTORS
Investinginourcommonstockinvolvesahighdegreeofrisk.Inadditiontotheotherinformationcontainedinthisprospectussupplement,theaccompanyingprospectusandindocumentsthatweincorporatebyreference,youshouldcarefullyconsidertherisksdiscussedbelowandinthesectiontitledRiskFactorsinourAnnualReportonForm10-KforthefiscalyearendedDecember31,2019andourQuarterlyReportsonForm10-QforthefiscalquartersendedMarch31,2020,June30,2020andSeptember30,2020beforemakingadecisionaboutinvestinginoursecurities.TherisksanduncertaintiesdiscussedbelowandinourAnnualReportonForm10-KforthefiscalyearendedDecember31,2019andourQuarterlyReportsonForm10-QforthefiscalquartersendedMarch31,2020,June30,2020andSeptember30,2020arenottheonlyonesfacingus.Additionalrisksanduncertaintiesnotpresentlyknowntous,orthatwecurrentlyseeasimmaterial,mayalsoharmourbusiness.Ifanyoftheserisksoccur,ourbusiness,financialconditionandoperatingresultscouldbeharmed,thetradingpriceofourcommonstockcoulddeclineandyoucouldlosepartorallofyourinvestment.
RisksRelatedtotheOfferingandOurCommonStock
Thetradingpriceofourcommonstockislikelytocontinuetobevolatile.Thetradingpriceofourcommonstockhasbeenhighlyvolatileandcouldcontinuetobesubjecttowidefluctuations
inresponsetovariousfactors,someofwhicharebeyondourcontrol.Ourcommonstockhasexperiencedanintra-daytradinghighof$648.79pershareandalowof$67.02pershare(asadjustedtogiveeffecttothefive-for-onesplitofourcommonstockintheformofastockdividendonAugust28,2020)overthelast52weeks.Thestockmarketingeneral,andthemarketfortechnologycompaniesinparticular,hasexperiencedextremepriceandvolumefluctuationsthathaveoftenbeenunrelatedordisproportionatetotheoperatingperformanceofthosecompanies.Inparticular,alargeproportionofourcommonstockhasbeenandmaycontinuetobetradedbyshortsellerswhichmayputpressureonthesupplyanddemandforourcommonstock,furtherinfluencingvolatilityinitsmarketprice.Publicperceptionandotherfactorsoutsideofourcontrolmayadditionallyimpactthestockpriceofcompanieslikeusthatgarneradisproportionatedegreeofpublicattention,regardlessofactualoperatingperformance.Inaddition,inthepast,followingperiodsofvolatilityintheoverallmarketandthemarketpriceofaparticularcompanyssecurities,securitiesclassactionlitigationhasoftenbeeninstitutedagainstthesecompanies.Moreover,stockholderlitigationlikethishasbeenfiledagainstusinthepast.Whilewearecontinuingtodefendsuchactionsvigorously,anyjudgmentagainstusoranyfuturestockholderlitigationcouldresultinsubstantialcostsandadiversionofourmanagementsattentionandresources.
Wemayfailtomeetourpubliclyannouncedguidanceorotherexpectationsaboutourbusiness,whichcouldcauseourstockpricetodecline.
Weprovideguidanceregardingourexpectedfinancialandbusinessperformance,suchasprojectionsregardingsalesandproduction,aswellasanticipatedfuturerevenues,grossmargins,profitabilityandcashflows.Correctlyidentifyingkeyfactorsaffectingbusinessconditionsandpredictingfutureeventsisinherentlyanuncertainprocess,andourguidancemaynotultimatelybeaccurateandhasinthepastbeeninaccurateincertainrespects,suchasthetimingofnewproductmanufacturingramps.Ourguidanceisbasedoncertainassumptionssuchasthoserelatingtoglobalandlocaleconomicconditions,anticipatedproductionandsalesvolumes(whichgenerallyarenotlinearthroughoutagivenperiod),averagesalesprices,supplierandcommoditycosts,andplannedcostreductions.Ifourguidanceisnotaccurateorvariesfromactualresultsduetoourinabilitytomeetourassumptionsortheimpactonourfinancialperformancethatcouldoccurasaresultofvariousrisksanduncertainties,themarketvalueofourcommonstockcoulddeclinesignificantly.
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Futuresalesofourcommonstockinthepublicmarketcouldlowerthemarketpriceforourcommonstock.Inthefuture,wemayselladditionalsharesofourcommonstocktoraisecapital.Inaddition,asubstantialnumber
ofsharesofourcommonstockarereservedforissuanceuponconversionofouroutstandingconvertiblenotes,theexerciseofouroutstandingwarrants,ouroutstandingstockoptions,orthevestingofouroutstandingrestrictedstockunits.Wecannotpredictthesizeoffutureissuancesortheeffect,ifany,thattheymayhaveonthemarketpriceforourcommonstock.Theissuanceandsaleofsubstantialamountsofcommonstock,ortheperceptionthatsuchissuancesandsalesmayoccur,couldadverselyaffectthetradingpriceofourcommonstockandthemarketpriceofourcommonstockandimpairourabilitytoraisecapitalthroughthesaleofadditionalequitysecurities.AsofSeptember30,2020,aftergivingeffecttothisoffering,therewouldhavebeenapproximately956millionsharesofourcommonstockoutstanding,whichwillbefreelytransferablewithoutrestrictionorfurtherregistrationunderthefederalsecuritieslaws,exceptforanysharesheldbyouraffiliates,salesofwhichwillbelimitedbyRule144undertheSecuritiesAct,absentregistrationundertheSecuritiesActandforcertainlimitedcontractualrestrictionsapplicabletocertainshares.
Thecommonstockofferedherebywillbesoldinat-the-marketofferings,andinvestorswhobuysharesatdifferenttimeswilllikelypaydifferentprices.
Investorswhopurchasesharesinthisofferingatdifferenttimeswilllikelypaydifferentprices,andsomayexperiencedifferentoutcomesintheirinvestmentresults.Wewillhavediscretion,subjecttomarketdemand,tovarythetiming,prices,andnumbersofsharessold,andthereisnominimumormaximumsalesprice.Investorsmayexperienceadeclineinthevalueoftheirsharesasaresultofsharesalesmadeatpriceslowerthanthepricestheypaid.
Theactualnumberofshareswewillissueundertheequitydistributionagreement,atanyonetimeorintotal,isuncertain.
Subjecttocertainlimitationsintheequitydistributionagreementandcompliancewithapplicablelaw,wehavethediscretiontodeliverasalesnoticetothesalesagentsatanytimethroughoutthetermoftheequitydistributionagreement.Thenumberofsharesthataresoldbythesalesagentsafterdeliveringasalesnoticewillfluctuatebasedonthemarketpriceofthesharesofcommonstockduringthesalesperiodandlimitswesetwiththesalesagents.Becausethepricepershareofeachsharesoldwillfluctuatebasedonthemarketpriceofourcommonstockduringthesalesperiod,itisnotpossibleatthisstagetopredictthenumberofsharesthatwillbeultimatelyissued.
ElonMuskhaspledgedsharesofourcommonstocktosecurecertainbankborrowings.Ifthesesharesaresoldpursuanttothepledges,suchsalescouldcauseourstockpricetodecline.
CertainbankinginstitutionshavemadeextensionsofcredittoElonMusk,ourChiefExecutiveOfficer.Wearenotapartytotheseloans,whicharepartiallysecuredbypledgesofaportionofourcommonstockcurrentlyownedbyMr.Musk.IfthepriceofourcommonstockweretodeclinesubstantiallyandMr.Muskwereunabletoavoidasaleofthepledgedshares(forexample,bycontributingadditionalcollateralorreducinghisleverage),Mr.Muskmaybeforcedbyoneormoreofthebankinginstitutionstosellsharesofourcommonstockunderthetermsofhisloans.Anysuchsalescouldcausethepriceofourcommonstocktodecline.
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Anti-takeoverprovisionscontainedinourgoverningdocuments,applicablelawsandourconvertiblenotescouldimpairatakeoverattempt.
Ourcertificateofincorporationandbylawsaffordcertainrightsandpowerstoourboardofdirectorsthatcouldcontributetothedelayorpreventionofanacquisitionthatitdeemsundesirable.WearealsosubjecttoSection203oftheDelawareGeneralCorporationLawandotherprovisionsofDelawarelawthatlimittheabilityofstockholdersincertainsituationstoeffectcertainbusinesscombinations.Inaddition,thetermsofourconvertiblenotesrequireustorepurchasesuchnotesintheeventofafundamentalchange,includingatakeoverofourcompany.Anyoftheforegoingprovisionsandtermsthathastheeffectofdelayingordeterringachangeincontrolcouldlimittheopportunityforourstockholderstoreceiveapremiumfortheirsharesofourcommonstock,andcouldalsoaffectthepricethatsomeinvestorsarewillingtopayforourcommonstock.
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USEOFPROCEEDS
Wemayissueandsellsharesofourcommonstockhavingaggregatesalesproceedsofupto$5.0billionfromtimetotime.Becausethereisnominimumofferingamountrequiredasaconditiontoclosethisoffering,theactualtotalpublicofferingamount,commissionsandproceedstous,ifany,arenotdeterminableatthistime.
Wecurrentlyintendtousethenetproceedsfromthisofferingtofurtherstrengthenourbalancesheet,aswellasforgeneralcorporatepurposes.Pendinguseoftheproceedsasdescribedabove,weintendtoinvesttheproceedsinhigh-gradeinvestments,highlyliquidcashequivalentsorUnitedStatesgovernmentsecurities,subjecttoapplicableregulatoryrestrictions.
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DESCRIPTIONOFCOMMONSTOCK
Forasummaryofourcommonstockandcertainprovisionsofouramendedandrestatedcertificateofincorporationandamendedandrestatedbylaws,pleaserefertotheDescriptionofRegistrantsSecurities,filedasExhibit4.119toourAnnualReportonForm10-KforthefiscalyearendedDecember31,2019,filedwiththeSEConFebruary13,2020,whichisincorporatedbyreferenceherein.Thissummarydoesnotpurporttobecompleteandisqualifiedinitsentiretybytheprovisionsofouramendedandrestatedcertificateofincorporationandamendedandrestatedbylaws,copiesofwhichhavebeenpreviouslyfiledwiththeSEC,andapplicableprovisionsofDelawarelaw.
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MARKETINFORMATION
OurcommonstockistradedontheNasdaqGlobalSelectMarketunderthesymbolTSLA.Weestimatethattherewereapproximately4,486holdersofrecordofourcommonstockasofDecember3,2020.
DIVIDENDPOLICY
Wehaveneverdeclaredorpaidcashdividendsonourcommonstock.Wecurrentlydonotanticipatepayinganycashdividendsintheforeseeablefuture.Additionally,ourabilitytopaydividendsonourcommonstockislimitedbyrestrictionsonourabilitytopaydividendsormakedistributionsunderthetermsofourcreditfacilities.Anyfuturedeterminationtodeclarecashdividendswillbemadeatthediscretionofourboardofdirectors,subjecttoapplicablelawsandcompliancewithfuturecreditagreementsandotherloanarrangements,whichmayrestrictorlimitourabilitytopaydividends,andwilldependonourfinancialcondition,resultsofoperations,capitalrequirements,generalbusinessconditionsandotherfactorsthatourboardofdirectorsmaydeemrelevant.
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CAPITALIZATION
Thefollowingtablesetsforthourcashandcashequivalents,restrictedcash,currentportionofdebtandfinanceleases,andtotalcapitalizationasofSeptember30,2020:
onanunauditedactualbasis;and
onanunauditedas-adjustedbasistogiveeffecttothesaleofanetaggregateamountof$4.99billionofourcommonstockofferedherebybasedonthesaleof7,791,074sharesofcommonstockattheassumedofferingpriceof$641.76pershare,whichwasthelastreportedsalepriceofourcommonstockonDecember7,2020,afterdeductingestimatedcommissionsof0.25%andourestimatedofferingexpensesof$0.5million.
YoushouldreadthistableinconjunctionwithUseofProceedsaswellasourManagementsDiscussionandAnalysisofFinancialConditionandResultsofOperationsandourconsolidatedfinancialstatements,includingtherelatednotes,incorporatedbyreferenceintothisprospectussupplementandtheaccompanyingprospectusfromourAnnualReportonForm10-KforthefiscalyearendedDecember31,2019andourQuarterlyReportsonForm10-QforthefiscalquartersendedMarch31,2020,June30,2020andSeptember30,2020,incorporatedbyreferenceherein.Operatingleaseliabilitiesarecharacterizedasoperatingliabilitiesratherthandebt,andarethereforenotincludedinthetablebelow. AsofSeptember30,2020
Actual
AsAdjustedfor
thisOffering (unaudited) (inmillions,exceptpersharedata) Cashandcashequivalents $ 14,531 $ 19,518
Restrictedcash(1) $ 472 $ 472
Currentportionofdebtandfinanceleases: 2021Notes(2) $ 1,350 $ 1,350
2022Notes(2) $ 249 $ 249
2024Notes(2) $ 32 $ 32
Othercurrentportionofdebtandfinanceleases $ 1,495 $ 1,495
Debt,netofcurrentportion: 2022Notes(2) $ 678 $ 6782024Notes(2) 1,413 1,4135.30%SeniorNotesduein2025 1,784 1,784
Otherdebtandfinanceleases,netofcurrentportion(3) 6,684 6,684Convertibleseniornotes(2) 48 48Stockholdersequity: Preferredstock,parvalue$0.001;100sharesauthorized,nosharesissuedandoutstanding,actual;nosharesissuedandoutstanding,asadjusted
Commonstock,parvalue$0.001;2,000sharesauthorized;948sharesissuedandoutstanding,actual;956sharesissuedandoutstanding,as-adjusted 1 1
Additionalpaid-incapital 21,574 26,561Accumulatedothercomprehensiveincome 125 125Accumulateddeficit (5,669) (5,669)
Totalstockholdersequity 16,031 21,018
Totalcapitalization $ 26,638 $ 31,625
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(1) Wemaintaincertaincashbalancesrestrictedastowithdrawaloruse.Ourrestrictedcashiscomprisedprimarilyof
cashascollateralforoursalestoleasepartnerswitharesalevalueguarantee,lettersofcredit,realestateleases,insurancepolicies,creditcardborrowingfacilitiesandcertainoperatingleases.Inaddition,restrictedcashincludescashreceivedfromcertainfundinvestorsthathavenotbeenreleasedforusebyusandcashheldtoservicecertainpaymentsundervarioussecureddebtfacilities.Werecordrestrictedcashasotherassetsintheconsolidatedbalancesheetsanddeterminecurrentornon-currentclassificationbasedontheexpecteddurationoftherestriction.
(2) InaccordancewithASC470-20,convertibledebtthatmaybewhollyorpartiallysettledincashisrequiredtobeseparatedintoaliabilityandanequitycomponent,suchthatinterestexpensereflectstheissuersnonconvertibledebtinterestrate.Uponissuance,adebtdiscountisrecognizedasadecreaseindebtandanincreaseinequity.Thedebtcomponentaccretesuptotheprincipalamountovertheexpectedtermofthedebt.Theamountshowninthetableaboveforthe2021Notes,2022Notes,and2024NotesreflectsthecarryingvalueasofSeptember30,2020.ASC470-20doesnotaffecttheactualamountthatwearerequiredtorepay.Wehad$1.38billioninaggregateprincipalamountofthe2021Notes,$977millioninaggregateprincipalamountofthe2022Notes,and$1.83billioninaggregateprincipalamountofthe2024NotesoutstandingasofSeptember30,2020.Asthesettlementofconversionofthe2021Noteswouldbeincashfortheprincipalamountand,ifapplicable,cashand/orsharesofourcommonstockforanyconversionpremiumatourelection,wereclassified$26million,representingthedifferencebetweentheaggregateprincipalamountofour2021NotesandthecarryingvalueasofSeptember30,2020,asmezzanineequityfrompermanentequityonourconsolidatedbalancesheetasofSeptember30,2020.Additionally,wereclassified$13millionand$9million,respectively,representingthedifferencebetweenthecurrentportionofaggregateprincipalofthe2022Notesandthe2024NotesandthecurrentportionofthecarryingvalueasofSeptember30,2020,asmezzanineequityfrompermanentequityonourconsolidatedbalancesheetasofSeptember30,2020.
(3) AsofSeptember30,2020,$1.89billionwasoutstandingunderourseniorsecuredasset-backedrevolvingcreditagreement.
Thenumberofsharesofcommonstockthatwillbeoutstandingafterthisofferingisbasedon947,853,721sharesoutstandingasofSeptember30,2020andexcludes:
145,500,881sharesofcommonstockissuableupontheexerciseofoptionsoutstandingatSeptember30,2020ataweightedaverageexercisepriceof$61.14pershare;
20,901,857sharesofcommonstockissuableuponthevestingofrestrictedstockunitsoutstandingatSeptember30,2020;
86,400,273sharesofcommonstockreservedforfutureissuanceunderourstock-basedcompensationplans,consistingof52,118,847sharesofcommonstockreservedforissuanceunderour2019EquityIncentivePlanand34,281,426sharesofcommonstockreservedforissuanceunderour2019EmployeeStockPurchasePlan;
thesharesofcommonstockreservedforissuanceuponconversionofourExistingNotes,andthewarranttransactionsenteredintoinconnectionwiththeissuanceofthesenotes;and
thesharesofcommonstockreservedforissuanceuponconversionofourSubsidiaryConvertibleNotes.
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DILUTION
AsofSeptember30,2020,wehadanettangiblebookvalueofapproximately$15.51billionor$16.36pershareofcommonstock,basedupon947,853,721sharesofcommonstockoutstandingonsuchdate.Nettangiblebookvaluepersharerepresentstheamountofourtotaltangibleassetsreducedbytheamountofourtotalliabilities,non-controllinginterestsandmezzanineequityanddividedbythetotalnumberofsharesofcommonstockoutstanding.
Dilutioninnettangiblebookvaluepersharetonewinvestorsinthisofferingrepresentsthedifferencebetweentheamountpersharepaidbypurchasersofsharesofcommonstockinthisofferingandthenettangiblebookvaluepershareofcommonstockimmediatelyafterthecompletionofthisoffering.Aftergivingeffecttothesaleofsharesofourcommonstockintheaggregateamountof$5.0billionatanassumedofferingpriceof$641.76pershare,whichwasthelastreportedsalespriceofourcommonstockonDecember7,2020andafterdeductingestimatedcommissionsandourestimatedofferingexpenses,ournettangiblebookvalueasofSeptember30,2020wouldhavebeen$20.50billion,or$21.45pershareofcommonstock.Thisrepresentsanimmediateincreaseinnettangiblebookvalueof$5.09persharetoexistingstockholdersandanimmediatedilutionof$620.31persharetonewinvestorsinourcommonstock.Thefollowingtableillustratesthisdilutiononapersharebasis.Assumedofferingpricepershare $641.76NettangiblebookvaluepershareasofSeptember30,2020,beforegivingeffecttothisoffering $16.36Increaseinnettangiblebookvaluepershareattributedtonewinvestorspurchasingsharesinthisoffering 5.09
Nettangiblebookvaluepershareaftergivingeffecttothisoffering $ 21.45
Dilutionpersharetonewinvestorsinthisoffering $620.31
Thetableaboveassumesforillustrativepurposesthatanaggregateof7,791,074sharesofourcommonstockaresoldduringthetermoftheequitydistributionagreementwiththesalesagentsatapriceof$641.76pershare,whichwasthelastreportedsalepriceofourcommonstockonDecember7,2020,foraggregategrossproceedsof$5.0billion.Thesharessubjecttotheequitydistributionagreementwiththesalesagentsarebeingsoldfromtimetotimeatvariousprices.Theinformationdiscussedaboveisillustrativeonlyandwilladjustbasedontheactualofferingpriceandtheactualnumberofsharesthatwearesoldduringthetermoftheequitydistributionagreement.
Theforegoingtabledoesnottakeintoeffectfurtherdilutiontonewinvestorsthatcouldoccurupontheexerciseofoutstandingoptionshavingapershareexercisepricelessthantheofferingpricepershareinthisofferingorthevestingofrestrictedstockunits.
Thenumberofsharesofcommonstockthatwillbeoutstandingafterthisofferingisbasedon947,853,721sharesoutstandingasofSeptember30,2020andexcludes:
145,500,881sharesofcommonstockissuableupontheexerciseofoptionsoutstandingatSeptember30,2020ataweightedaverageexercisepriceof$61.14pershare;
20,901,857sharesofcommonstockissuableuponthevestingofrestrictedstockunitsoutstandingatSeptember30,2020;
86,400,273sharesofcommonstockreservedforfutureissuanceunderourstock-basedcompensationplans,consistingof52,118,847sharesofcommonstockreservedforissuanceunderour2019EquityIncentivePlanand34,281,426sharesofcommonstockreservedforissuanceunderour2019EmployeeStockPurchasePlan;
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thesharesofcommonstockreservedforissuanceuponconversionofourExistingNotes,andthewarranttransactionsenteredintoinconnectionwiththeissuanceofthesenotes;and
thesharesofcommonstockreservedforissuanceuponconversionofourSubsidiaryConvertibleNotes.
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MATERIALU.S.FEDERALINCOMETAXCONSEQUENCESFORNON-U.S.HOLDERS
ThefollowingisasummaryofthematerialU.S.federalincometaxconsequencesoftheownershipanddispositionofourcommonstocktonon-U.S.holders(asdefinedbelow),butdoesnotpurporttobeacompleteanalysisofallthepotentialtaxconsiderationsrelatingthereto.ThissummaryisbasedupontheprovisionsoftheInternalRevenueCodeof1986,asamended,ortheCode,Treasuryregulationspromulgatedthereunder,administrativerulingsandjudicialdecisions,allasofthedatehereof.Theseauthoritiesmaybechanged,possiblyretroactively,soastoresultinU.S.federalincometaxconsequencesdifferentfromthosesetforthbelow.WehavenotsoughtanyrulingfromtheInternalRevenueService,ortheIRS,withrespecttothestatementsmadeandtheconclusionsreachedinthefollowingsummary,andtherecanbenoassurancethattheIRSwillagreewithsuchstatementsandconclusions.
ThissummaryalsodoesnotaddressthetaxconsiderationsarisingunderthelawsofanystateoftheUnitedStatesoranylocal,non-U.S.orothertaxingjurisdictionorunderU.S.federalnon-incometaxlaws,suchasgiftandestatetaxlaws,orunderanyapplicabletaxtreaty.Inaddition,thisdiscussiondoesnotaddressanypotentialapplicationoftheMedicarecontributiontaxonnetinvestmentincomeoranytaxconsiderationsapplicabletoaninvestorsparticularcircumstancesortoinvestorsthatmaybesubjecttospecialtaxrules,including,withoutlimitation:
banksorotherfinancialinstitutions;
insurancecompanies;
personssubjecttothealternativeminimumtax;
tax-exemptorganizationsoraccounts;
controlledforeigncorporations,passiveforeigninvestmentcompaniesorcorporationsthataccumulateearningstoavoidU.S.federalincometax;
dealersinsecuritiesorcurrencies;
tradersinsecuritiesthatelecttouseamark-to-marketmethodofaccountingfortheirsecuritiesholdings;
personsthatown,oraredeemedtoown,morethan5%ofourcommonstock;
certainformercitizensorlong-termresidentsoftheUnitedStates;
partnershipsandotherpasthroughentities(andinvestorstherein);
personswhoholdourcommonstockasapositioninahedgingtransaction,straddle,conversiontransactionorotherriskreductiontransaction;
personswhodonotholdourcommonstockasacapitalassetwithinthemeaningofSection1221oftheCode(generally,forinvestmentpurposes);
personsdeemedtosellourcommonstockundertheconstructivesaleprovisionsoftheCode;or
personsrequiredunderSection451(b)oftheCodetoconformthetimingofincomeaccrualswithrespecttoourcommonstocktotheirfinancialstatements.
Inaddition,ifapartnership,includinganyentityorarrangement,domesticorforeign,classifiedasapartnershipforU.S.federalincometaxpurposes,holdsourcommonstock,thetaxtreatmentofapartnergenerallywilldependonthestatusofthepartnerandtheactivitiesofthepartnership.Accordingly,partnershipsthatholdourcommonstock,andpartnersinsuchpartnerships,shouldconsulttheirtaxadvisors.
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YouareurgedtoconsultyourtaxadvisorwithrespecttotheapplicationoftheU.S.federalincometaxlawstoyourparticularsituation,aswellasanytaxconsequencesofthepurchase,ownershipanddispositionofourcommonstockarisingundertheU.S.federalestateorgifttaxrulesorunderthelawsofanystateoftheUnitedStatesoranylocal,non-U.S.orothertaxingjurisdiction,orunderanyapplicabletaxtreaty.
Non-U.S.HolderDefined
Forpurposesofthisdiscussion,youareanon-U.S.holderifyouareabeneficialownerofourcommonstockthatisnot,forU.S.federalincometaxpurposes,anyofthefollowing:
anindividualwhoisacitizenorresidentoftheUnitedStates;
acorporationorotherentitytaxableasacorporationcreatedororganizedintheUnitedStatesorunderthelawsoftheUnitedStates,anystatethereofortheDistrictofColumbia;
anestatewhoseincomeissubjecttoU.S.federalincometaxregardlessofitssource;
atrust(x)theadministrationofwhichissubjecttotheprimarysupervisionofaU.S.courtandthathasoneormoreU.S.personswhohavetheauthoritytocontrolallsubstantialdecisionsofthetrustor(y)thathasavalidelectionineffecttobetreatedasaU.S.person;or
anentityorarrangement,domesticorforeign,classifiedasapartnershipforU.S.federalincometaxpurposes.
Distributions
Ifwemakedistributionsonourcommonstock,thosepaymentswillconstitutedividendsforU.S.federalincometaxpurposestotheextentpaidfromourcurrentoraccumulatedearningsandprofits,asdeterminedunderU.S.federalincometaxprinciples.Totheextentthosedistributionsexceedbothourcurrentandouraccumulatedearningsandprofits,theywillconstituteareturnofcapitalandwillfirstreduceyourbasisinourcommonstock(determinedseparatelywithrespecttoeachshareofourcommonstock),butnotbelowzero,andthenwillbetreatedasgainfromthesaleofthatstock.
AnydividendpaidtoyougenerallywillbesubjecttoU.S.withholdingtaxeitheratarateof30%ofthegrossamountofthedividendorsuchlowerrateasmaybespecifiedbyanapplicableincometaxtreaty.Inordertoreceiveareducedtreatyrate,youmustprovidetheapplicablewithholdingagentwithanIRSFormW-8BEN,IRSFormW-8BEN-EorotherappropriateversionofIRSFormW-8certifyingqualificationforthereducedrate.Ifyouholdourcommonstockthroughafinancialinstitutionorotheragentactingonyourbehalf,youwillberequiredtoprovideappropriatedocumentationtotheagent,whothenwillberequiredtoprovidetherequiredcertificationtotheapplicablewithholdingagent,eitherdirectlyorthroughotherintermediaries.Youshouldconsultyourtaxadvisorregardingyourentitlementtobenefitsunderanyapplicableincometaxtreaty.YougenerallywillbeabletoobtainarefundofanyexcessamountscurrentlywithheldifyoufileanappropriateclaimforrefundwiththeIRS.
DividendsreceivedbyyouthatareeffectivelyconnectedwithyourconductofaU.S.tradeorbusiness(and,ifanincometaxtreatyapplies,areattributabletoapermanentestablishmentorfixedbasemaintainedbyyouintheUnitedStates)generallyareexemptfromsuchwithholdingtax.Inordertoobtainthisexemption,yougenerallymustprovidetheapplicablewithholdingagentwithanIRSFormW-8ECIproperlycertifyingsuchexemption.Sucheffectivelyconnecteddividends,althoughnotsubjecttowithholdingtax,aretaxedatthesamegraduatedratesapplicabletoU.S.persons,netofcertaindeductionsandcredits,subjecttoanapplicableincometaxtreatyprovidingotherwise.Inaddition,ifyouareacorporatenon-U.S.holder,dividendsyoureceivethatareeffectivelyconnectedwithyour
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conductofaU.S.tradeorbusiness(and,ifanincometaxtreatyapplies,areattributabletoapermanentestablishmentorfixedbasemaintainedbytheyouintheUnitedStates)mayalsobesubjecttoabranchprofitstaxatarateof30%orsuchlowerrateasmaybespecifiedbyanapplicableincometaxtreaty.
GainonSaleorOtherDispositionofCommonStock
SubjecttothediscussionbelowundertheheadingsBackupWithholdingandInformationReportingandForeignAccounts,yougenerallywillnotberequiredtopayU.S.federalincometaxonanygainrealizeduponthesaleorotherdispositionofourcommonstockunless:
thegainiseffectivelyconnectedwithyourconductofaU.S.tradeorbusiness(and,ifanincometaxtreatyapplies,thegainisattributabletoapermanentestablishmentorfixedbasemaintainedbyyouintheUnitedStates),inwhichcaseyouwillberequiredtopaytaxonthenetgainderivedfromthesaleorotherdispositionunderregulargraduatedU.S.federalincometaxrates.Ifyouareanon-U.S.holderthatisacorporation,youmayalsobesubjecttothebranchprofitstaxata30%rateorsuchlowerrateasmaybespecifiedbyanapplicableincometaxtreaty;
youareanindividualwhoispresentintheUnitedStatesforaperiodorperiodsaggregating183daysormoreduringthecalendaryearinwhichthesaleorotherdispositionoccursandcertainotherconditionsaremet,inwhichcaseyouwillberequiredtopayaflat30%tax(orlowerapplicabletreatyrate)onthegainderivedfromthesaleorotherdisposition,whichgainmaybeoffsetbycertainU.S.sourcecapitallosses(eventhoughyouarenotconsideredaresidentoftheUnitedStates);providedthatyouhavetimelyfiledU.S.federalincometaxreturnswithrespecttosuchlosses;or
therulesoftheForeignInvestmentinRealPropertyTaxAct(orFIRPTA)(describedbelow)treatthegainaseffectivelyconnectedwithaU.S.tradeorbusiness.
TheFIRPTArulesmayapplytoyoursaleorotherdispositionofourcommonstockifwecurrentlyare,orwereatanytimewithinfiveyearsbeforesuchsaleordisposition(or,ifshorter,yourholdingperiodforthecommonstockdisposedof),aUnitedStatesrealpropertyholdingcorporation(orUSRPHC).Ingeneral,wewouldbeaUSRPHCifU.S.realpropertyinterestscomprisedatleast50%ofthefairmarketvalueofourworldwiderealpropertyinterestsandassetsusedorheldforuseinatradeorbusiness.Webelievethatwecurrentlyarenot,andwillnotbecomeinthefuture,aUSRPHC.
BackupWithholdingandInformationReporting
Theamountofdividendspaidtoyou,yournameandaddress,andtheamountoftaxwithheld,ifany,willgenerallybereportedtotheIRSannually.Asimilarreportwillbesenttoyou.Pursuanttoapplicableincometaxtreatiesorotheragreements,theIRSmaymakethesereportsavailabletotaxauthoritiesinyourcountryofresidence.
Yourproceedsonthedispositionofstockmaybesubjecttoinformationreporting,andpaymentsofdividendsandproceedsonthedispositionofstockmaybesubjecttobackupwithholdingatacurrentrateof24%unlessyouestablishanexemption,forexamplebyproperlycertifyingyournon-U.S.statusonanIRSFormW-8BEN,IRSFormW-8BEN-EoranotherappropriateversionofIRSFormW-8.Notwithstandingtheforegoing,backupwithholdingandinformationreportingmayapplyiftheapplicablewithholdingagenthasactualknowledge,orreasontoknow,thatyouareaU.S.person.
Backupwithholdingisnotanadditionaltax;rather,theU.S.incometaxliabilityofpersonssubjecttobackupwithholdingwillbereducedbytheamountoftaxwithheld.Ifwithholdingresultsinan
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overpaymentoftaxes,arefundorcreditmaygenerallybeobtainedfromtheIRS,providedthattherequiredinformationisfurnishedtotheIRSinatimelymanner.
ForeignAccounts
ProvisionsoftheCodecommonlyreferredtoastheForeignAccountTaxComplianceActandregulationsandrulesissuedthereunder(collectively,FATCA)mayimposewithholdingtaxoncertaintypesofpaymentsmadetoforeignfinancialinstitutionsandnon-financialforeignentitiesasdefinedintheCodeandapplicableTreasuryregulations.FATCAgenerallyimposesaU.S.federalwithholdingtaxof30%ondividendson,orgrossproceedsfromthesaleorotherdispositionof,ourcommonstockpaidto(i)aforeignfinancialinstitution,whethersuchforeignfinancialinstitutionisthebeneficialowneroranintermediary,unlesssuchinstitutionentersintoanagreementwiththeU.S.governmenttowithholdoncertainpaymentsandtocollectandprovidetotheU.S.taxauthoritiessubstantialinformationregardingU.S.accountholdersofsuchinstitution(whichincludescertainequityanddebtholdersofsuchinstitution,aswellascertainaccountholdersthatareforeignentitieswithU.S.owners)or(ii)anon-financialforeignentity,whethersuchnon-financialforeignentityisthebeneficialowneroranintermediary,unlesssuchentityprovidesacertificationthatthebeneficialownerofthepaymentdoesnothaveanysubstantialU.S.ownersorprovidesthewithholdingagentwithacertificationidentifyingthedirectandindirectU.S.ownersoftheentity.Undercertaincircumstances,anon-U.S.holdermightbeeligibleforrefundsorcreditsofsuchtaxes.Incertaincases,therelevantforeignfinancialinstitutionornon-financialforeignentitymayqualifyforanexemptionfrom,orbedeemedtobeincompliancewith,theserules.IfthecountryinwhichthepayeeisresidenthasenteredintoanintergovernmentalagreementwiththeUnitedStatesregardingFATCA,thepayeemaybepermittedtoreporttothatcountryinsteadoftheUnitedStates,andtheintergovernmentalagreementmayotherwisemodifytherequirementsdescribedinthisparagraph.TheTreasurySecretaryhasissuedproposedregulationsprovidingthatthewithholdingprovisionsunderFATCAdonotapplywithrespecttopaymentofgrossproceedsfromasaleorotherdispositionofourcommonstock,whichmayberelieduponbytaxpayersuntilfinalregulationsareissued.ProspectiveinvestorsareencouragedtoconsultwiththeirowntaxadvisorsregardingthepossibleimplicationsofFATCAontheirinvestmentinourcommonstock.
TheprecedingdiscussionofU.S.federalincometaxconsiderationsisforgeneralinformationonly.Itisnottaxadvice.EachprospectiveinvestorshouldconsultitsowntaxadvisorregardingtheparticularU.S.federal,state,localandnon-U.S.taxconsequencesofpurchasing,holdinganddisposingofourcommonstock,includingtheconsequencesofanyproposedchangeinapplicablelaws.
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PLANOFDISTRIBUTION
WehaveenteredintoanequitydistributionagreementwithGoldmanSachs&Co.LLC,CitigroupGlobalMarketsInc.,BarclaysCapitalInc.,BNPParibasSecuritiesCorp.,BofASecurities,Inc.,CreditSuisseSecurities(USA)LLC,DeutscheBankSecuritiesInc.,MorganStanley&Co.LLC,SGAmericasSecurities,LLCandWellsFargoSecurities,LLC,asoursalesagents,underwhichwemayofferandsellfromtimetotimeourcommonstockhavinganaggregateofferingpriceofupto$5.0billion.Thesalesagentsmayactasagentsonourbehalforpurchasesharesofourcommonstockasprincipal.
Sales,ifany,ofcommonstockundertheequitydistributionagreementmaybemadeinordinarybrokerstransactions,toorthroughamarketmaker,onorthroughtheNasdaqGlobalSelectMarketoranyothermarketvenuewherethesecuritiesmaybetraded,intheover-the-countermarket,inprivatelynegotiatedtransactions,inblocktrades,intransactionsthataredeemedtobeatthemarketofferingsasdefinedinRule415undertheSecuritiesActorthroughacombinationofanysuchmethodsofsale.Thesalesagentsmayalsosellourcommonstockbyanyothermethodpermittedbylaw.
Thesecuritiesmaybesoldatmarketpricesprevailingatthetimeofsale,atpricesrelatedtosuchprevailingmarketpricesoratnegotiatedprices.
Wewilldesignatethemaximumamountofcommonstocktobesoldthroughthesalesagentsonadailybasisorotherwiseasweandthesalesagentsagreeandtheminimumpricepershareatwhichsuchcommonstockmaybesold.Subjecttothetermsandconditionsoftheequitydistributionagreement,thesalesagentswillusetheirreasonableeffortsconsistentwiththeirnormalsalesandtradingpracticestosellonourbehalfallofthedesignatedsharesofcommonstock.Wemayinstructthesalesagentsnottosellanycommonstockifthesalescannotbeeffectedatorabovethepricedesignatedbyusinanysuchinstruction.Weoranysalesagent,withrespecttoitselfonly,maysuspendtheofferingofourcommonstockbynotifyingtheotherparty.
ThesalesagentswillprovidetouswrittenconfirmationbeforetheopenoftradingontheNasdaqGlobalSelectMarketonthedayfollowingeachdayonwhichsharesofcommonstockaresoldundertheequitydistributionagreement.Eachconfirmationwillincludethenumberofsharesofcommonstocksoldonsuchday,thegrosssalesproceedsandthecompensationpayablebyustothesalesagents.Wewillreportatleastquarterlythenumberofsharesofcommonstocksoldthroughthesalesagentsundertheequitydistributionagreement,thenetproceedstous(beforeexpenses)andthecompensationpaidbyustothesalesagentsinconnectionwiththesalesofthesharesofcommonstock.
Wewillpayeachsalesagentacommissionofupto0.25%ofthegrosssalespricepershareofcommonstocksoldthroughsuchagentundertheequitydistributionagreement.Wehavealsoagreedtoreimbursethesalesagentsforcertainoftheirexpenses.
Settlementofanysalesofcommonstockwilloccuronthesecondbusinessdayfollowingthedateonwhichsuchsalesweremade(orsuchearlierdayasisindustrypracticeforregular-waytrading).Thereisnoarrangementforfundstobereceivedinanescrow,trustorsimilararrangement.SalesofourcommonstockascontemplatedinthisprospectussupplementwillbesettledthroughthefacilitiesofTheDepositoryTrustCompanyorbysuchothermeansasweandthesalesagentsmayagree.
Theofferingofourcommonstockpursuanttotheequitydistributionagreementwillterminateupontheearlierof(i)thesaleofallofoursharesofcommonstocksubjecttotheequitydistributionagreementor(ii)terminationoftheequitydistributionagreementbyusorbythesalesagentsasprovidedtherein.
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Inconnectionwiththesaleofthesharesofcommonstockonourbehalf,eachofthesalesagentsmaybedeemedtobeanunderwriterwithinthemeaningoftheSecuritiesAct,andthecompensationpaidtoeachofthesalesagentsmaybedeemedtobeunderwritingcommissionsordiscounts.
Wehaveagreedtoprovideindemnificationandcontributiontotheseveralsalesagentsagainstcertainliabilities,includingcivilliabilitiesundertheSecuritiesAct.
Theagentsandtheirrespectiveaffiliatesarefullservicefinancialinstitutionsengagedinvariousactivities,whichmayincludesalesandtrading,commercialandinvestmentbanking,advisory,investmentmanagement,investmentresearch,principalinvestment,hedging,marketmaking,brokerage,vehiclefinancingprogramsandotherfinancialandnon-financialactivitiesandservices.Certainoftheagentsandtheirrespectiveaffiliateshaveprovided,andmayinthefutureprovide,avarietyoftheseservicestotheissuerandtopersonsandentitieswithrelationshipswiththeissuer,forwhichtheyreceivedorwillreceivecustomaryfeesandexpenses.
In2015,weenteredintoourseniorsecuredasset-backedrevolvingcreditagreementwithcertainlenders,includingDeutscheBankAG,NewYorkBranch,anaffiliateofDeutscheBankSecuritiesInc.,GoldmanSachsBankUSA,anaffiliateofGoldmanSachs&Co.LLC,MorganStanleySeniorFundingInc.andMorganStanleyBank,N.A.,affiliatesofMorganStanley&Co.LLC,BankofAmerica,N.A.,anaffiliateofBofASecurities,Inc.,Citibank,N.A.,anaffiliateofCitigroupGlobalMarkets,Inc.,CreditSuisseAG,CaymanIslandsBranch,anaffiliateofCreditSuisseSecurities(USA)LLC,BarclaysBankPLC,anaffiliateofBarclaysCapitalInc.,WellsFargoBank,NationalAssociation,anaffiliateofWellsFargoSecurities,LLC,SociétéGénéraleS.A.,anaffiliateofSGAmericasSecurities,LLCandBankoftheWest,anaffiliateofBNPParibasSecuritiesCorp.AsofSeptember30,2020,thecreditfacilityallowsustoborrowuptoapproximately$2.3billionandprovidesfora$400millionletterofcreditsubfacilityanda$50millionswinglineloansubfacility,theproceedsofallofwhichmaybeusedtofundworkingcapitalandforgeneralcorporatepurposes.Affiliatesoftheagentsthatarelendersand/oragentsunderthecreditfacilityhavereceived,andmayreceive,customaryfees.AsofSeptember30,2020,$1.89billionwasoutstandingunderthisagreement.
InAugust2016,weenteredintoaloanandsecurityagreementwithDeutscheBankAG,NewYorkBranch,asadministrativeagentandacommittedlender,Citibank,N.A.,CreditSuisseAG,BarclaysBankPLC,WellsFargoBankandotherlendersthereto(asamendedandrestatedfromtimetotime,the2016WarehouseAgreement)whichsupportstheTeslaFinancedirectvehicleleasingprogram.InAugust2020,the2016WarehouseAgreementwasamendedandrestatedwithalendercommitmentof$1.1billion.Wehadborrowed$303millionunderthe2016WarehouseAgreementasofSeptember30,2020.Affiliatesoftheagentsthatarelendersand/oragentsundertheWarehouseAgreementhavereceived,andmayreceive,customaryfees.
InJanuary2016,asubsidiaryofSolarCityenteredintoanagreementwithasyndicateofbanksforatermloan,includingBankofAmerica,N.A.,anaffiliateofBofASecurities,Inc.InDecember2016,thetermloanwasamendedandrestatedto,amongotherthings,upsizethecommitments.Thetermloanbearsinterestatanannualrateofthree-monthLIBORplus3.50%.Thetermloanissecuredbysubstantiallyalloftheassetsofthesubsidiary,includingitsinterestsincertainfinancingfunds,andisnon-recoursetoourotherassets.Affiliatesoftheagentsthatarelendersand/oragentsunderthistermloanhavereceived,andmayreceive,customaryfees.
MorganStanleySmithBarneyLLC,anaffiliateofMorganStanley&Co.LLC,hasmadevariousextensionsofcredittoElonMuskand/orTheElonMuskRevocableTrustdatedJuly22,2003,ortheTrust.Interestontheseloansaccruesatmarketrates,andMorganStanleySmithBarneyLLCreceivedcustomaryfeesandexpensereimbursementsinconnectionwiththeseloans.Asof
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December4,2020,theoutstandingbalanceundertheseloanswasapproximately$287million.Inaddition,GoldmanSachsBankUSA,anaffiliateofGoldmanSachs&Co.LLC,hasmadevariousextensionsofcredittoMr.Muskand/ortheTrust.Interestontheseloansaccruesatmarketrates,andGoldmanSachsBankUSAreceivedcustomaryfeesandexpensereimbursementsinconnectionwiththeseloans.AsofDecember4,2020,theoutstandingbalanceundertheseloanswasapproximately$161million.Finally,BankofAmerica,N.A.,anaffiliateofBofASecurities,Inc.,hasmadeextensionsofcredittoMr.Muskand/ortheTrust.Interestontheloansaccruesatmarketrates,andBankofAmerica,N.A.receivedcustomaryfeesinconnectionwiththeseloans.AsofDecember4,2020,theoutstandingloanbalancewasapproximately$67million.
Asregulatedentities,MorganStanleySmithBarneyLLC,GoldmanSachsBankUSAandBankofAmerica,N.A.makedecisionsregardingmakingandmanagingtheirloansindependentofMorganStanley&Co.LLC,GoldmanSachs&Co.LLCandBofASecurities,Inc.,respectively.Mr.Muskandthesebankshavelongstandingrelationshipsofoveradecade.Wearenotapartytotheseloans,whicharefullrecourseagainstMr.MuskandtheTrustandaresecuredbypledgesofaportionofourcommonstockcurrentlyownedbyMr.MuskandtheTrust.ThetermsoftheseloanswerenegotiateddirectlybetweenMr.MuskandMorganStanleySmithBarneyLLC,GoldmanSachsBankUSA,andBofASecurities,Inc.,respectively.
Intheordinarycourseoftheirvariousbusinessactivities,theagentsandtheirrespectiveaffiliates,officers,directorsandemployeesmaypurchase,sellorholdabroadarrayofinvestmentsandactivelytradesecurities,derivatives,loans,commodities,currencies,creditdefaultswapsandotherfinancialinstrumentsfortheirownaccountandfortheaccountsoftheircustomers,andsuchinvestmentandtradingactivitiesmayinvolveorrelatetoassets,securitiesand/orinstrumentsoftheissuer(directly,ascollateralsecuringotherobligationsorotherwise)and/orpersonsandentitieswithrelationshipswiththeissuer.Theagentsandtheirrespectiveaffiliatesmayalsocommunicateindependentinvestmentrecommendations,marketcolorortradingideasand/orpublishorexpressindependentresearchviewsinrespectofsuchassets,securitiesorinstrumentsandmayatanytimehold,orrecommendtoclientsthattheyshouldacquire,longand/orshortpositionsinsuchassets,securitiesandinstruments.
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LEGALMATTERS
ThevalidityofthesharesofcommonstockofferedherebywillbepasseduponbyWilsonSonsiniGoodrich&Rosati,ProfessionalCorporation,PaloAlto,California.SimpsonThacher&BartlettLLP,PaloAlto,California,isactingascounseltothesalesagents.
EXPERTS
Thefinancialstatementsandmanagementsassessmentoftheeffectivenessofinternalcontroloverfinancialreporting(whichisincludedinManagementsReportonInternalControloverFinancialReporting)incorporatedinthisProspectusSupplementbyreferencetotheAnnualReportonForm10-KfortheyearendedDecember31,2019havebeensoincorporatedinrelianceonthereportofPricewaterhouseCoopersLLP,anindependentregisteredpublicaccountingfirm,givenontheauthorityofsaidfirmasexpertsinauditingandaccounting.
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INFORMATIONINCORPORATEDBYREFERENCE
TherulesoftheSECallowustoincorporatebyreferenceinformationintothisprospectussupplement.Theinformationincorporatedbyreferenceisconsideredtobeapartofthisprospectussupplement,andinformationthatwefilelaterwiththeSECwillautomaticallyupdateandsupersedethisinformation.Thisprospectussupplementincorporatesbyreferencethedocumentslistedbelow:
OurAnnualReportonForm10-KforthefiscalyearendedDecember31,2019,filedwiththeSEConFebruary13,2020,ortheAnnualReport,asamendedbyAmendmentNo.1toourAnnualReportonForm10-K/AfiledwiththeSEConApril28,2020;
OurQuarterlyReportsonForm10-QforthefiscalquartersendedMarch31,2020,June30,2020andSeptember30,2020,filedwiththeSEConApril30,2020,July28,2020andOctober26,2020,respectively;
OurCurrentReportsonForm8-KfiledwiththeSEConFebruary19,2020,April23,2020,May6,2020,May8,2020,June16,2020,June30,2020,August11,2020,September1,2020,September8,2020,September24,2020andDecember8,2020;and
ThedescriptionofourcommonstockcontainedinourRegistrationStatementonForm8-A(CommissionFileNo.001-34756),filedwiththeSEConMay27,2010,includinganysubsequentamendmentoranyreportfiledforthepurposeofupdatingsuchdescription.
AllreportsandotherdocumentssubsequentlyfiledbyuspursuanttoSections13(a),13(c),14and15(d)oftheExchangeActafterthedateofthisprospectussupplementandpriortotheterminationofthisofferingshallbedeemedtobeincorporatedbyreferenceintothisprospectussupplementandtobeparthereoffromthedateoffilingofsuchreportsandotherdocuments.
Notwithstandingtheforegoing,wearenotincorporatingbyreferenceanydocuments,portionsofdocuments,exhibitsorotherinformation,whetherspecificallylistedaboveorfiledinthefuture,thatisdeemedtohavebeenfurnishedto,ratherthanfiledwith,theSEC,includinganyinformationfurnishedpursuanttoItems2.02or7.01ofForm8-KorrelatedexhibitsfurnishedpursuanttoItem9.01ofForm8-K.
Anystatementcontainedinadocumentincorporatedbyreferenceintothisprospectussupplementshallbedeemedtobemodifiedorsupersededforthepurposesofthisprospectussupplementtotheextentthatastatementcontainedhereinorinanysubsequentlyfileddocumentthatisalsoincorporatedbyreferenceinthisprospectussupplementmodifiesorsupersedessuchstatement.Anystatementsomodifiedorsupersededshallnotbedeemed,exceptassomodifiedorsuperseded,toconstituteapartofthisprospectussupplement.
Wewillprovidewithoutchargetoeachperson,includinganybeneficialowner,towhomacopyofthisprospectussupplementisdelivered,uponwrittenororalrequestofanysuchperson,acopyofanyorallofthedocumentsthathasbeenormaybeincorporatedbyreferenceintothisprospectussupplement(excludingcertainexhibitstothedocuments)atnocost.AnysuchrequestmaybemadeinwritingorbytelephoningourInvestorRelationsdepartmentatthefollowingaddressortelephonenumber:
Tesla,Inc.3500DeerCreekRoadPaloAlto,CA94304
Attention:InvestorRelationsTelephone:650-681-5000
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PROSPECTUS
Tesla,Inc.CommonStock
DebtSecuritiesBythisprospectus,wemayofferandsellfromtimetotime,inoneormoreofferings,commonstock,debtsecurities
oranycombinationthereofasdescribedinthisprospectus.Thedebtsecuritiesmaybeconvertibleintoourcommonstock.Inaddition,thesellingstockholdersmayofferandsellfromtimetotime,inoneormoreofferingssharesofcommonstockasdescribedinthisprospectus.Youshouldreadthisprospectus,anyprospectussupplementandfreewritingprospectus,togetherwithanydocumentsweincorporatebyreference,beforeyouinvestinoursecurities.Theprospectussupplementorfreewritingprospectusmayalsoaddto,update,supplementorclarifyinformationcontainedinthisprospectus.Thisprospectusmaynotbeusedtoselloursecuritiesunlessaccompaniedbyaprospectussupplement.
OurcommonstockislistedontheNasdaqGlobalSelectMarketunderthesymbolTSLA.
Weoranysellingstockholdersmayofferandselloursecuritiestoorthroughoneormoreagents,underwriters,dealersorotherthirdpartiesordirectlytooneormorepurchasersonacontinuousordelayedbasis.Ifweoranysellingstockholdersuseanyagents,underwritersordealerstoselloursecurities,wewillnamethemanddescribetheircompensationinaprospectussupplement.Thepricetothepublicofoursecuritiesandthenetproceedsweandanysellingstockholdersexpecttoreceivefromthesaleofsuchsecuritieswillalsobesetforthinaprospectussupplement.Wewillnotreceiveanyproceedsfromthesaleofsharesofourcommonstockbythesellingstockholders.
Investinginoursecuritiesinvolvesrisks.YoushouldcarefullyconsidertherisksdescribedunderRiskFactorsonpage5ofthisprospectus,aswellasintheapplicableprospectussupplement,anyrelatedfreewritingprospectusandotherinformationcontainedorincorporatedbyreferenceinthisprospectusandtheapplicableprospectussupplement,beforemakingadecisiontoinvestinoursecurities.
NeithertheSecuritiesandExchangeCommissionnoranystatesecuritiescommissionhasapprovedordisapprovedofthesesecuritiesorpassedupontheadequacyoraccuracyofthisprospectus.Anyrepresentationtothecontraryisacriminaloffense.
ThedateofthisprospectusisMay1,2019.
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TABLEOFCONTENTS PageSummary 1SpecialNoteRegardingForwardLookingStatements 3WhereYouCanFindMoreInformation 4RiskFactors 5UseofProceeds 6DescriptionoftheSecurities 7SellingStockholders 8PlanofDistribution 9LegalMatters 11Experts 11IncorporationofCertainInformationbyReference 12
Weareresponsiblefortheinformationcontainedandincorporatedbyreferenceinthisprospectus,inanyaccompanyingprospectussupplement,andinanyrelatedfreewritingprospectusweprepareorauthorize.Wehavenotauthorizedanyonetogiveyouanyotherinformation,andwetakenoresponsibilityforanyotherinformationthatothersmaygiveyou.Ifyouareinajurisdictionwhereofferstosell,orsolicitationsofofferstopurchase,thesecuritiesofferedbythisdocumentareunlawful,orifyouareapersontowhomitisunlawfultodirectthesetypesofactivities,thentheofferpresentedinthisdocumentdoesnotextendtoyou.Theinformationcontainedinthisdocumentspeaksonlyasofthedateofthisdocument,unlesstheinformationspecificallyindicatesthatanotherdateapplies.Ourbusiness,financialcondition,resultsofoperationsandprospectsmayhavechangedsincethosedates.
Unlesswehaveindicatedotherwise,referencesinthisprospectustoTesla,we,us,ourandsimilartermsrefertoTesla,Inc.anditssubsidiaries.
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SUMMARY
AboutThisProspectus
ThisprospectusispartofanautomaticshelfregistrationstatementthatwefiledwiththeSecuritiesandExchangeCommission,ortheSEC,asawell-knownseasonedissuerasdefinedinRule405undertheSecuritiesActof1933,asamended,ortheSecuritiesAct.Weoranysellingstockholdermayofferthesecuritiesdescribedinthisprospectusfromtimetotimeinoneormoreofferings.Thisprospectusonlyprovidesyouwithageneraldescriptionofthesecuritiestobeoffered.Eachtimeweoranysellingstockholderssellsecuritiespursuanttothisprospectus,wewilldescribeinaprospectussupplement,whichwillbedeliveredwiththisprospectus,specificinformationabouttheoffering.Intheprospectussupplementorfreewritingprospectusrelatingtoanysalesbysellingstockholders,wewill,amongotherthings,identifythenumberofsharesofourcommonstockthateachofthesellingstockholderswillbeselling.Theapplicableprospectussupplementorfreewritingprospectusmayalsoadd,updateorchangetheinformationcontainedinthisprospectus.Ifthereisanyinconsistencybetweentheinformationinthisprospectusandanyapplicableprospectussupplement,youshouldrelyontheinformationintheapplicableprospectussupplement.Beforemakinganinvestmentinoursecurities,youshouldcarefullyreadboththisprospectus,anyapplicableprospectussupplementandanyapplicablefreewritingprospectus,togetherwiththeinformationincorporatedanddeemedtobeincorporatedbyreferencehereinasdescribedunderInformationIncorporatedbyReferenceandtheadditionalinformationdescribedundertheheadingWhereYouCanFindMoreInformation.Thisprospectusmaynotbeusedtosellourcommonstockordebtsecuritiesunlessaccompaniedbyaprospectussupplement.
Theregistrationstatementofwhichthisprospectusisapart,includingtheexhibitstotheregistrationstatement,providesadditionalinformationaboutusandthesecurities.Whereverreferencesaremadeinthisprospectustoinformationthatwillbeincludedinaprospectussupplement,totheextentpermittedbyapplicablelaw,rulesorregulations,weorthesellingstockholdersmayinsteadincludesuchinformationoradd,updateorchangetheinformationcontainedinthisprospectusbymeansofapost-effectiveamendmenttotheregistrationstatementofwhichthisprospectusisapart,throughfilingswemakewiththeSECthatareincorporatedbyreferenceintothisprospectusorbyanyothermethodasmaythenbepermittedunderapplicablelaw,rulesorregulations.Theregistrationstatement,includingtheexhibitstotheregistrationstatementandanypost-effectiveamendmentthereto,canbeobtainedfromtheSEC,asdescribedundertheheadingWhereYouCanFindMoreInformation.
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TESLA,INC.
Overview
Ourmissionistoacceleratetheworldstransitiontosustainableenergy.Wedesign,develop,manufacture,leaseandsellhigh-performancefullyelectricvehicles,solarenergygenerationsystemsandenergystorageproducts.Wealsooffermaintenance,installation,operationandotherservicesrelatedtoourproducts.
OurproductionvehiclefleetincludesourModelSpremiumsedanandourModelXSUV,whichareourhighest-performancevehicles,andourModel3,alower-pricedsedandesignedforthemassmarket.WecontinuetoenhanceourvehicleofferingswithenhancedAutopilotoptions,internetconnectivityandfreeover-the-airsoftwareupdatestoprovideadditionalsafety,convenienceandperformancefeatures.InMarch2019,weunveiledModelY,acompactSUVutilizingtheModel3platform,whichweexpecttoproduceathighvolumesbytheendof2020.Inaddition,wehaveseveralfutureelectricvehiclesinourproductpipeline,includingTeslaSemi,apickuptruckandanewversionoftheTeslaRoadster.
Wesellandleaseretrofitsolarenergysystemsandsellrenewableenergyandenergystorageproductstoourcustomers,andarerampingourSolarRoofproductthatcombinessolarenergygenerationwithattractive,integratedstyling.Ourenergystorageproducts,whichwemanufactureatGigafactory1,consistofPowerwall,mostlyforresidentialapplications,andPowerpack,forcommercial,industrialandutility-scaleapplications.
Wewereincorporatedin2003inDelaware.AsofMarch31,2019,weandoursubsidiarieshad40,853full-timeemployeesworldwide.WeareheadquarteredinPaloAlto,California.Ourprincipalexecutiveofficesarelocatedat3500DeerCreekRoad,PaloAlto,California94304,andourtelephonenumberatthislocationis(650)681-5000.WecompletedourinitialpublicofferinginJuly2010andourcommonstockislistedontheNasdaqGlobalSelectMarketunderthesymbolTSLA.Ourwebsiteaddressiswww.tesla.com.Informationcontainedon,orcanbeaccessedthrough,ourwebsiteisnotincorporatedbyreferenceintothisprospectusandyoushouldnotconsidersuchinformationtobepartofthisprospectus.
TheTesladesignlogo,Tesla,ModelS,ModelX,Model3,ModelY,TeslaRoadster,TeslaSemiandothertrademarksorservicemarksofTeslaappearinginthisprospectussupplementandtheaccompanyingprospectusarethepropertyofTesla.
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SPECIALNOTEREGARDINGFORWARDLOOKINGSTATEMENTS
Thisprospectusandanyprospectussupplementorfreewritingprospectus,includingthedocumentsincorporatedordeemedtobeincorporatedbyreferenceintothisprospectus,mayincludeforward-lookingstatementswithinthemeaningofSection27AoftheSecuritiesActandSection21EoftheSecuritiesExchangeActof1934,asamended,ortheExchangeAct.Theseforward-lookingstatementsinclude,butarenotlimitedto,statementsconcerningourstrategy,futureoperations,futurefinancialposition,futurerevenues,projectedcosts,profitability,expectedcostreductions,capitaladequacy,expectationsregardingdemandandacceptanceforourtechnologies,growthopportunitiesandtrendsinthemarketinwhichweoperate,prospects,plansandobjectivesofmanagement,andthestatementssetforthinPartI,Item2,ManagementsDiscussionandAnalysisofFinancialConditionandResultsofOperationsinourQuarterlyReportonForm10-QforthequarterlyperiodendedMarch31,2019andinourotherfilingswiththeSecuritiesandExchangeCommission.Thewordsanticipates,believes,could,estimates,expects,intends,may,plans,projects,will,wouldandsimilarexpressionsareintendedtoidentifyforward-lookingstatements,althoughnotallforward-lookingstatementscontaintheseidentifyingwords.Wemaynotactuallyachievetheplans,intentionsorexpectationsdisclosedinourforward-lookingstatementsandyoushouldnotplaceunduerelianceonourforward-lookingstatements.Actualresultsoreventscoulddiffermateriallyfromtheplans,intentionsandexpectationsdisclosedintheforward-lookingstatementsthatwemake.Theseforward-lookingstatementsinvolverisksanduncertaintiesthatcouldcauseouractualresultstodiffermateriallyfromthoseintheforward-lookingstatements,including,withoutlimitation,theriskssetforthinPartII,Item1A,RiskFactorsinourQuarterlyReportonForm10-QforthequarterlyperiodendedMarch31,2019andinourotherfilingswiththeSecuritiesandExchangeCommission.Wedonotassumeanyobligationtoupdateanyforward-lookingstatements,exceptasrequiredbylaw.
MoreinformationonpotentialfactorsthatcouldaffectourfinancialresultsisincludedfromtimetotimeinourSECfilingsandreports,includingtherisksidentifiedunderthesectioncaptionedRiskFactorsinourperiodicreportsonForm10-KandForm10-QthatwefilewiththeSEC.Wedisclaimanyobligationtoupdateinformationcontainedintheseforward-lookingstatementswhetherasaresultofnewinformation,futureevents,orotherwise,exceptasrequiredbylaw.
Althoughweundertakenoobligationtoreviseorupdateanyforward-lookingstatements,whetherasaresultofnewinformation,futureeventsorotherwise,exceptasrequiredbylaw,youareadvisedtoconsultanyadditionaldisclosureswemakeinourAnnualReportsonForm10-K,QuarterlyReportsonForm10-QandCurrentReportsonForm8-KfiledwiththeSEC.SeeWhereYouCanFindMoreInformation.
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WHEREYOUCANFINDMOREINFORMATION
WehavefiledwiththeSECaregistrationstatementonFormS-3undertheSecuritiesActwithrespecttothisoffering.Thisprospectus,filedaspartoftheregistrationstatement,doesnotcontainalltheinformationsetforthintheregistrationstatementanditsexhibitsandschedules,portionsofwhichhavebeenomittedaspermittedbytherulesandregulationsoftheSEC.Forfurtherinformationaboutus,wereferyoutotheregistrationstatementandtoitsexhibitsandschedules.
Wefileannual,quarterlyandcurrentreportsandotherinformationwiththeSEC.TheSECmaintainsaninternetwebsiteatwww.sec.govthatcontainsperiodicandcurrentreports,proxyandinformationstatements,andotherinformationregardingregistrantsthatarefiledelectronicallywiththeSEC.
Thesedocumentsarealsoavailable,freeofcharge,throughtheInvestorssectionofourwebsite,whichislocatedatwww.tesla.com.Thereferencetoourwebsiteaddressdoesnotconstituteincorporationbyreferenceoftheinformationcontainedonourwebsite.
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RISKFACTORS
YoushouldcarefullyconsidertherisksdescribedinPartI,Item1A,RiskFactors,inourQuarterlyReportonForm10-QforthethreemonthsendedMarch31,2019,togetherwiththeotherinformationsetforthinthisprospectusandintheotherdocumentsthatweincludeorincorporatebyreferenceintothisprospectusandanyprospectussupplementwewillprovideinconnectionwithourofferingofsecuritiesdescribedinthisprospectus,whichcouldmateriallyaffectourbusiness,financialconditionandfutureresults.TherisksdescribedinourQuarterlyReportonForm10-QforthequarterlyperiodendedMarch31,2019arenottheonlyrisksfacingourcompany.Risksanduncertaintiesnotcurrentlyknowntousorthatwecurrentlydeemtobeimmaterialalsomaymateriallyadverselyaffectourbusiness,financialconditionandoperatingresults.
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USEOFPROCEEDS
Unlessotherwiseindicatedintheapplicableprospectussupplement,weanticipatethatthenetproceedsfromthesaleofthesecuritiesthatwemayofferunderthisprospectusandanyapplicableprospectussupplementorfreewritingprospectuswillbeusedforgeneralcorporatepurposes.Wewillhavesignificantdiscretionintheuseofanynetproceeds.Wemayinvestthenetproceedstemporarilyuntilweusethemfortheirstatedpurpose.Ifwedecidetousethenetproceedsfromaparticularofferingofsecuritiesforaspecificpurpose,wewilldescribethatpurposeintheapplicableprospectussupplementand/orfreewritingprospectus.
Wewillnotreceiveanyproceedsfromthesaleofsharesofourcommonstockbythesellingstockholders.
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DESCRIPTIONOFTHESECURITIES
Wemayissuefromtimetotime,inoneormoreofferings,thefollowingsecurities:
sharesofcommonstock;and
debtsecurities,whichmaybeseniororsubordinated,andwhichmaybeconvertibleintoourcommonstockorbenon-convertible.
Inaddition,thesellingstockholdersmayofferandsellfromtimetotime,inoneormoreofferingssharesofcommonstockasdescribedinthisprospectus.
Weorthesellingstockholderswillsetforthintheapplicableprospectussupplementand/orfreewritingprospectusadescriptionofthecommonstockanddebtsecuritiesthatmaybeofferedunderthisprospectus.Thetermsoftheofferingofsecurities,theinitialofferingpriceandthenetproceedstousorthesellingstockholderswillbecontainedintheprospectussupplement,andotherofferingmaterial,relatingtosuchoffer.
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SELLINGSTOCKHOLDERS
Thisprospectusalsorelatestothepossibleresalebycertainofourstockholders,whowerefertointhisprospectusasthesellingstockholders,ofsharesofcommonstock.Informationaboutanysellingstockholders,whereapplicable,includingtheiridentitiesandthenumberofsharesofcommonstocktoberegisteredontheirbehalf,willbesetforthinaprospectussupplement,inapost-effectiveamendment,inafreewritingprospectusorinfilingswemakewiththeSECundertheExchangeActthatareincorporatedbyreference.Thesellingstockholdersshallnotsellanysharesofourcommonstockpursuanttothisprospectusuntilwehaveidentifiedsuchsellingstockholdersandthesharesbeingofferedforresalebysuchsellingstockholders.However,thesellingstockholdersmaysellortransferalloraportionoftheirsharesofourcommonstockpursuanttoanyavailableexemptionfromtheregistrationrequirementsoftheSecuritiesAct.
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PLANOFDISTRIBUTION
Weorthesellingstockholdersmayselloursecuritiesfromtimetotimeinoneormoretransactions.Weorthesellingstockholdersmayselloursecuritiestoorthroughagents,underwriters,dealers,remarketingfirmsorotherthirdpartiesordirectlytooneormorepurchasersorthroughacombinationofanyofthesemethods.Wemayissuecommonstockasadividendordistribution.Insomecases,weordealersactingwithusoronbehalfofusmayalsopurchaseoursecuritiesandreofferthemtothepublic.Weorthesellingstockholdersmayalsoofferandsell,oragreetodeliver,oursecuritiespursuantto,orinconnectionwith,anyoptionagreementorothercontractualarrangement.
Agentswhomweorthesellingstockholdersdesignatemaysolicitofferstopurchaseoursecurities.
Weorthesellingstockholderswillnameanyagentinvolvedinofferingorsellingoursecurities,anddiscloseanycommissionsthatwewillpaytotheagent,intheapplicableprospectussupplement.
Unlessweorthesellingstockholdersindicateotherwiseintheapplicableprospectussupplement,agentswillactonabesteffortsbasisfortheperiodoftheirappointment.
AgentsmaybedeemedtobeunderwritersundertheSecuritiesAct,ofanyofoursecuritiesthattheyofferorsell.
Weorthesellingstockholdersmayuseanunderwriterorunderwritersintheofferorsaleofoursecurities.
Ifweorthesellingstockholdersuseanunderwriterorunderwriters,weorthesellingstockholderswillexecuteanunderwritingagreementwiththeunderwriterorunderwritersatthetimethatwereachanagreementforthesaleofoursecurities.
Weorthesellingstockholderswillincludethenamesofthespecificmanagingunderwriterorunderwriters,aswellasthenamesofanyotherunderwriters,andthetermsofthetransactions,includingthecompensationtheunderwritersanddealerswillreceive,intheapplicableprospectussupplement.
Theunderwriterswillusetheapplicableprospectussupplement,togetherwiththisprospectus,toselloursecurities.
Weorthesellingstockholdersmayuseadealertoselloursecurities.
Ifweorthesellingstockholdersuseadealer,wewillselloursecuritiestothedealer,asprincipal.
Thedealerwillthenselloursecuritiestothepublicatvaryingpricesthatthedealerwilldetermineatthetimeitsellsoursecurities.
Weorthesellingstockholderswillincludethenameofthedealerandthetermsofthetransactionswiththedealerintheapplicableprospectussupplement.
Weorthesellingstockholdersmaysolicitdirectlyofferstopurchaseoursecurities,andweorthesellingstockholdersmaydirectlyselloursecuritiestoinstitutionalorotherinvestors.Weorthesellingstockholderswilldescribethetermsofdirectsalesintheapplicableprospectussupplement.
WeorthesellingstockholdersmayengageinatthemarketofferingsintoanexistingtradingmarketinaccordancewithRule415(a)(4)oftheSecuritiesAct.
Weorthesellingstockholdersmayindemnifyagents,underwritersanddealersagainstcertainliabilities,includingliabilitiesundertheSecuritiesAct.Agents,underwritersanddealers,ortheiraffiliates,maybecustomersof,engageintransactionswithorperformservicesforusorourrespectiveaffiliatesorthesellingstockholders,intheordinarycourseofbusiness.
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Weorthesellingstockholdersmayauthorizeagentsandunderwriterstosolicitoffersbycertaininstitutionstopurchaseoursecuritiesatthepublicofferingpriceunderdelayeddeliverycontracts.
Ifweorthesellingstockholdersusedelayeddeliverycontracts,wewilldisclosethatweareusingthemintheprospectussupplementandwilltellyouwhenweorthesellingstockholderswilldemandpaymentandwhendeliveryofoursecuritieswillbemadeunderthedelayeddeliverycontracts.
Thesedelayeddeliverycontractswillbesubjectonlytotheconditionsthatweorthesellingstockholdersdescribeintheprospectussupplement.
Weorthesellingstockholderswilldescribeintheapplicableprospectussupplementthecommissionthatunderwritersandagentssolicitingpurchasesofoursecuritiesunderdelayeddeliverycontractswillbeentitledtoreceive.
Anyunderwriter,agentordealerthatisaFinancialIndustryRegulatoryAuthoritymemberisnotpermittedtoselloursecuritiesinanofferingtoaccountsoverwhichitexercisesdiscretionaryauthoritywithoutthepriorspecificwrittenapprovalofitscustomer.
Unlessotherwisespecifiedinconnectionwithaparticularunderwrittenofferingofoursecurities,theunderwriterswillnotbeobligatedtopurchaseofferedsecuritiesunlessspecifiedconditionsaresatisfied,andiftheunderwritersdopurchaseanyofferedsecurities,theywillpurchaseallofferedsecurities.
Inconnectionwithunderwrittenofferingsoftheofferedsecuritiesandinaccordancewithapplicablelawandindustrypractice,theunderwritersincertaincircumstancesarepermittedtoengageincertaintransactionsthatstabilizethepriceofoursecurities.Suchtransactionsconsistofbidsorpurchasesforthepurposeofpegging,fixingormaintainingthepriceofoursecurities.Iftheunderwriterscreateashortpositioninoursecuritiesinconnectionwiththeoffering(i.e.,iftheysellmoresecuritiesthanaresetforthonthecoverpageoftheapplicableprospectussupplement),theunderwritersmayreducethatshortpositionbypurchasingoursecuritiesintheopenmarketorasotherwiseprovidedintheapplicableprospectussupplement.Theunderwritersalsomayimposeapenaltybid,wherebysellingconcessionsallowedtodealersparticipatingintheofferingmaybereclaimedifthesecuritiessoldbythemarerepurchasedinconnectionwithstabilizationtransactions.Ingeneral,purchasesofasecurityforthepurposeofstabilizationortoreduceashortpositioncouldcausethepriceofthesecuritytobehigherthanitmightbeintheabsenceofsuchpurchases.Theimpositionofapenaltybidmightalsohaveaneffectonthepriceofoursecuritiestotheextentthatitweretodiscourageresalesofoursecurities.Theunderwritersarenotrequiredtoengageintheseactivitiesandmayendanyoftheseactivitiesatanytime.
Weorthesellingstockholdersmayeffectsalesofsecuritiesinconnectionwithforwardsale,optionorothertypesofagreementswiththirdparties.Anydistributionofsecuritiespursuanttoanyforwardsaleagreementmaybeeffectedfromtimetotimeinoneormoretransactionsthatmaytakeplacethroughastockexchange,includingblocktradesorordinarybrokerstransactions,orthroughbroker-dealersactingeitherasprincipaloragent,orthroughprivately-negotiatedtransactions,orthroughanunderwrittenpublicoffering,orthroughacombinationofanysuchmethodsofsale,atmarketpricesprevailingatthetimeofsale,atpricesrelatingtosuchprevailingmarketpricesoratnegotiatedorfixedprices.
Thespecifictermsofthelock-upprovisions,ifany,inrespectofanygivenofferingwillbedescribedintheapplicableprospectussupplement.
Sellingstockholdersmayusethisprospectusinconnectionwithresalesofsecuritiestheyholdasdescribedintheapplicableprospectussupplement,inapost-effectiveamendment,inafreewritingprospectusorinfilingswemakewiththeSECundertheExchangeActthatareincorporatedbyreference.SellingstockholdersmaybedeemedtobeunderwritersundertheSecuritiesActinconnectionwiththesecuritiestheyresellandanyprofitsonthesalesmaybedeemedtobeunderwritingdiscountsandcommissionsundertheSecuritiesAct.
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LEGALMATTERS
Unlessotherwiseindicatedintheapplicableprospectussupplement,thevalidityofanysecuritiesofferedherebywillbepasseduponbyWilsonSonsiniGoodrich&Rosati,ProfessionalCorporation,PaloAlto,California.
EXPERTS
Thefinancialstatementsandmanagementsassessmentoftheeffectivenessofinternalcontroloverfinancialreporting(whichisincludedinManagementsReportonInternalControloverFinancialReporting)incorporatedinthisprospectusbyreferencetotheAnnualReportonForm10-KfortheyearendedDecember31,2018havebeensoincorporatedinrelianceonthereportofPricewaterhouseCoopersLLP,anindependentregisteredpublicaccountingfirm,givenontheauthorityofsuchfirmasexpertsinauditingandaccounting.
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INCORPORATIONOFCERTAININFORMATIONBYREFERENCE
TherulesoftheSECallowustoincorporatebyreferenceinformationintothisprospectus.Theinformationincorporatedbyreferenceisconsideredtobeapartofthisprospectus,andinformationthatwefilelaterwiththeSECwillautomaticallyupdateandsupersedethisinformation.Thisprospectusincorporatesbyreferencethedocumentslistedbelow:
OurAnnualReportonForm10-KforthefiscalyearendedDecember31,2018,filedwiththeSEConFebruary19,2019;
OurQuarterlyReportonForm10-QforthequarterlyperiodendedMarch31,2019,filedwiththeSEConApril29,2019;
TheinformationspecificallyincorporatedbyreferenceintotheAnnualReportfromourdefinitiveproxystatementonSchedule14A,filedwiththeSEConApril30,2019;
OurCurrentReportsonForm8-KfiledwiththeSEConJanuary4,2019,February1,2019,March7,2019,March14,2019,andApril19,2019;and
ThedescriptionofourcommonstockcontainedinourRegistrationStatementonForm8-A(CommissionFileNo.001-34756),filedwiththeSEConMay27,2010,includinganysubsequentamendmentoranyreportfiledforthepurposeofupdatingsuchdescription.
ThedescriptionofourcommonstockcontainedinourRegistrationStatementonForm8-A(CommissionFileNo.001-34756),filedwiththeSEConMay27,2010,includinganysubsequentamendmentoranyreportfiledforthepurposeofupdatingsuchdescription.
AllreportsandotherdocumentssubsequentlyfiledbyuspursuanttoSections13(a),13(c),14and15(d)oftheExchangeActafterthedateofthisprospectusandpriortotheterminationofthisofferingshallbedeemedtobeincorporatedbyreferenceintothisprospectusandtobeparthereoffromthedateoffilingofsuchreportsandotherdocuments.
Notwithstandingtheforegoing,wearenotincorporatingbyreferenceanydocuments,portionsofdocuments,exhibitsorotherinformationthatisdeemedtohavebeenfurnishedto,ratherthanfiledwith,theSEC.
Anystatementcontainedinadocumentincorporatedbyreferenceintothisprospectusshallbedeemedtobemodifiedorsupersededforthepurposesofthisprospectustotheextentthatastatementcontainedhereinorinanysubsequentlyfileddocumentthatisalsoincorporatedbyreferenceinthisprospectusmodifiesorsupersedessuchstatement.Anystatementsomodifiedorsupersededshallnotbedeemed,exceptassomodifiedorsuperseded,toconstituteapartofthisprospectusoranyprospectussupplement.
Tesla,Inc.herebyundertakestoprovidewithoutchargetoeachperson,includinganybeneficialowner,towhomacopyofthisprospectusisdelivered,uponwrittenororalrequestofanysuchperson,acopyofanyorallofthedocumentsthathasbeenormaybeincorporatedbyreferenceintothisprospectus(excludingcertainexhibitstothedocuments)atnocost.AnysuchrequestmaybemadeinwritingorbytelephoningourInvestorRelationsdepartmentatthefollowingaddressortelephonenumber:
Tesla,Inc.3500DeerCreekRoadPaloAlto,CA94304
Attention:InvestorRelationsTelephone:650-681-5000
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