The Excel photo is included with this question and provides financial statements for Tesla (TSLA) for the last 3 years.

Use this data to analyze Teslas performance during this time.

a. Construct a common size version of the financial statements for the past 3 years and identify any noteworthy trends. (8 pts)

b. Provide a DuPont analysis of Teslas performance over these years. (7 pts)

c. Briefly summarize your findings and explain your conclusions. (5 pts)

1 FactSet Filings Wizard 2 TESLA INC 3 TSLA-US 5 Annual Report - FY 2019 - Income Statement 7 Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions 12 Months Ended Dec. 12 Months Ended Dec. 12 Months Ended Dec. 31, 2019 31, 2018 31, 2017 10 11 Revenues 12 Automotive leasing 13 Automotive sales 14 Total automotive revenues $869 19,952 20,821 $883 17,632 18,515 $1, 107 8,535 9,642 15 2,226 24,578 1,391 21,461 1,001 11,759 16 Services and other 17 Total revenues 18 19 Cost of revenues 20 Automotive leasing 21 Total automotive cost of revenues 22 23 Services and other Total cost of revenues 459 16,398 488 14, 174 708 7,433 2,770 20,509 24 25 1,880 17,419 1,229 9,536 4,069 4,042 2,223 1,460 2,835 1,378 2,477 1,343 2,646 149 4,138 135 4,430 3,855 -388 -1,632 26 Gross profit Operating expenses 28 Research and development 29 Selling, general and administrative 30 Restructuring and other 31 Total operating expenses 32 33 Loss from operations 34 Interest income 35 Interest expense 36 Other income (expense), net 37 Loss before income taxes 38 Provision for income taxes 39 Net loss Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling 40 interests in subsidiaries 41 Net loss attributable to common stockholders -69 44 -685 19 45 -663 22 -1,005 58 -1,063 -471 -125 -2,209 -665 110 -775 32 -2,241 87 -87 $976 -279 -$1,962 -$862 42