特斯拉 (TSLA) 2020 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Tesla's Q4 2020 Financial Results and Q&A Webcast. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

女士們、先生們，感謝大家的支持，歡迎收聽特斯拉 2020 年第四季財務業績和問答網路直播。（操作員指示）請注意，今天的會議正在錄音。（操作員指示）

I would now like to hand the conference over to your speaker, Mr. Martin Viecha, Senior Director of Investor Relations. Please go ahead, sir.

現在，我想將會議交給發言人、投資者關係高級總監 Martin Viecha 先生。先生，請繼續。

Thank you, Sherry, and good afternoon, everyone. Welcome to Tesla's Fourth Quarter 2020 Q&A Webcast. I'm joined today by Elon Musk, Zachary Kirkhorn and a number of other executives. Our Q4 results were announced at about 1 p.m. Pacific Time in the update deck we published at the same link as this webcast.

謝謝你，雪莉，大家下午好。歡迎收聽特斯拉 2020 年第四季問答網路直播。今天與我一起參加會議的還有伊隆馬斯克、扎卡里柯克霍恩和其他一些高階主管。我們的第四季業績於下午 1 點左右公佈。我們在與該網路廣播相同的連結中發布了更新版本，更新內容採用太平洋時間。

During this call, we will discuss our business outlook and make forward-looking statements. These comments are based on our predictions and expectations as of today. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in our most recent filings with the SEC.

在本次電話會議中，我們將討論我們的業務前景並做出前瞻性陳述。這些評論是基於我們今天的預測和期望。由於多種風險和不確定因素，包括我們最近向美國證券交易委員會提交的文件中提到的風險和不確定因素，實際事件或結果可能存在重大差異。

(Operator Instructions) But before we jump into Q&A, Elon has some opening remarks. Elon?

（操作員指示）但在我們進入問答環節之前，伊隆有一些開場白。埃隆？

Thank you. So just to recap the year, 2020 was a defining year for us on many levels. Despite a challenging environment, we reached an important milestone of producing and delivering 0.5 million cars. And I'd just like to once again thank the people at Tesla for an incredible effort. We delivered almost as many cars last year as we produced in our entire history. So really an incredible growth rate and despite a very challenging 2020. So my hat is off. It's such an honor to work with such great people at Tesla.

謝謝。回顧這一年，2020 年對我們來說在許多層面上都是決定性的一年。儘管面臨挑戰，我們仍然達到了生產和交付 50 萬輛汽車的重要里程碑。我只想再次感謝特斯拉員工的非凡努力。我們去年交付的汽車數量幾乎與我們整個歷史上生產的汽車數量一樣多。儘管 2020 年充滿挑戰，但我們的成長率確實令人難以置信。所以我對此深感抱歉。能夠與特斯拉如此優秀的人才一起工作是我的榮幸。

So -- and full year, we achieved free cash flow of nearly $2.8 billion after spending more than $3 billion on building new factories and other expenditures. We reached industry-leading GAAP operating margins in addition to positive net income and record cash flow.

因此，在全年花費超過 30 億美元建造新工廠並支付其他費用後，我們實現了近 28 億美元的自由現金流。除了正淨收入和創紀錄的現金流外，我們還達到了業界領先的 GAAP 營業利潤率。

Regarding capacity expansion, while we focus on execution, we continue to build a lot of new capacity. We started producing the Model Y out of Fremont and almost reached full production speed. We ramped the Model 3 in Shanghai to more than 5,000 cars a week sustainably, and Shanghai continues to grow rapidly. We introduced the heat pump to all of our vehicles.

關於產能擴張，我們在註重執行的同時，也持續建構大量新產能。我們開始在弗里蒙特生產 Model Y，並且幾乎達到了滿載生產速度。我們在上海持續將 Model 3 產量提升至每週 5,000 多輛，上海也持續快速發展。我們在所有車輛中都引入了熱泵。

We ramped the single piece -- we started and we're able to ramp to volume production the single-piece castings for Model Y. This is where -- for the first time in history, the entire rear third skeleton of the car is being cast as a single piece in the largest and most advanced casting machine ever made.

我們加大了單件產量——我們開始並能夠加大 Model Y 單件鑄件的量產。這是歷史上第一次，汽車的整個後部第三個骨架在有史以來最大、最先進的鑄造機中作為一個單件進行鑄造。

We built a Model Y factory in China from start to finish in 1 year. We're also building Giga Berlin and Giga Texas, which we expect to start production later this year. And lastly, we built a cell -- a battery cell factory in the Bay Area. And this -- even though it is a pilot plant, it is -- its capacity is large enough that it would be in the -- probably the top 10 battery cell factories on earth despite being a pilot plant.

我們在中國從頭到尾建造了 Model Y 工廠，只花了一年。我們也正在建造 Giga Berlin 和 Giga Texas，預計今年稍後開始生產。最後，我們在灣區建造了一座電池工廠。儘管這只是一個試驗工廠，但它的產能足夠大，很可能躋身全球十大電池工廠之列。

Regarding the new Model S and X, we are launching the -- we're super excited to announce the new Model S and Model X Plaid are in production now and will be delivered in February. So we've been able to bring forward the Plaid, Model S and X. And so Model S will be delivered in February and Model X a little later. For the Model S Plaid, we're actually in production now and we'll be delivering next month.

關於新款 Model S 和 X，我們非常高興地宣布新款 Model S 和 Model X Plaid 現已投入生產，並將於 2 月交付。因此，我們能夠提前推出 Plaid、Model S 和 X。 Model S 將於 2 月交付，而 Model X 將於稍後交付。對於 Model S Plaid，我們現在實際上正在生產並將於下個月交付。

So this is a tri-motor Model S with a completely new interior. There are actually a lot of great things about this. I'll do another call about the Model S later. But it's really a tremendous improvement over the prior version.

這是一款擁有全新內裝的三馬達 Model S。這實際上有很多很棒的事情。我稍後會再打一次電話詢問有關 Model S 的問題。但它確實比以前的版本有了巨大的改進。

And the Model S will be the first -- this Model S Plaid will be the first production car ever that is able to go 0 to 60 miles an hour in under 2 seconds. So no production car ever has been able to get below 2 seconds, 0 to 60. This is a luxury sedan that is able to go 0 to 60 in less than 2 seconds and will have the ability to seat up to 7 people with the third-row seats.

Model S 將是第一款——Model S Plaid 將是有史以來第一款能夠在 2 秒內從 0 加速到 60 英里/小時的量產車。因此，沒有任何量產車能夠在 2 秒內將 0 加速到 60 英里/小時。這是一款豪華轎車，能夠在不到 2 秒的時間內從 0 加速到 60，第三排座椅最多可容納 7 人。

So this is pretty nice. This is faster, to be clear, than any car. It's not like there was a different type of car, like a 2-door sports car that was able to do fast -- it's the fastest accelerating car ever made for -- that is allowed to go on roads in history. And like I said, we'll start delivering it in a matter of weeks.

這非常好。顯然，這比任何汽車都快。這並不是說有一種不同類型的汽車，例如能夠快速行駛的雙門跑車——它是有史以來加速最快的汽車——被允許在歷史上上路行駛。正如我所說的，我們將在幾週內開始交付。

And actually, we'll obviously get into the details what the Model S changes may be later this week or next. But it's really better in many ways. We will be actually raising the price of Model S for these new models of -- the old model -- the new model will be $10,000 more. So hopefully, people aren't too upset if they bought the old model last month. But this one, $10,000 more. So yes, we think it's probably the best car of any kind at any price available in the world today.

實際上，我們顯然會在本週晚些時候或下週詳細討論 Model S 的變化。但它在很多方面確實更好。實際上，我們將提高新款 Model S 的價格——比舊款高出 10,000 美元。所以希望上個月買了舊款的人不要太失望。但這個要多1萬美元。所以是的，我們認為它可能是當今世界上任何價位的最好的汽車。

So then with regard to Full Self-Driving, we've made massive progress on Full Self-Driving. I recommend watching the videos of our public beta. So we've got, I think, almost 1,000 people in the beta at this point. And with each successful release of the beta FSD software, it just gets -- it's really improving rapidly. It's not very common for -- I drive the latest roads.

那麼就全自動駕駛而言，我們在全自動駕駛方面取得了巨大進展。我建議觀看我們的公開測試版影片。所以我認為，目前測試版中已經有將近 1,000 人了。隨著 FSD 測試版軟體的每次成功發布，它都在快速改進。這不太常見——我開車走的是最新的道路。

It's very common for me to have no interventions on drives that I do, including drives to a place that I've never been to. So these are not preplanned routes. The car has never been there before. And it's now actually more -- it's more common than not for the car to have no interventions, even on a complex drive. So -- and this is -- basically, I'm highly confident the car will be able to drive itself with reliability in excess of human this year. This is a very big deal.

對我來說，在開車時不進行任何干預是很常見的，包括開車去一個我從未去過的地方。所以這些不是預先規劃好的路線。這輛車以前從來沒有去過那裡。現在，即使在複雜的駕駛條件下，汽車也無需幹預的情況也越來越常見。所以——基本上——我非常有信心，今年汽車將能夠實現自動駕駛，並且可靠性將超過人類。這是一件非常重要的事情。

And thinking about like how does one justify the value of the company being where it is, I think there is a way, just with back-of-the-envelope math, to potentially justify it, where if Tesla ships, let's say, hypothetically, $50 billion or $60 billion worth of vehicles and those vehicles become Full Self-Driving and can be used in robotaxis -- used as robotaxis, the utility increases from an average of 12 hours a week to potentially an average of 60 hours a week if they're capable of serving as robotaxi. So that's like roughly a 5x increase in utility.

思考如何證明公司目前的價值，我認為有一種方法，只需通過粗略的計算，就可以證明這一點，假設特斯拉出貨價值 500 億美元或 600 億美元的汽車，並且這些汽車實現全自動駕駛並可用於機器人出租車 - 用作機器人出租車，如果它們能夠用作機器人出租車，則效用將從平均每週 12 小時增加到平均每週 60 小時。因此，這相當於效用增加了約 5 倍。

But let's -- even if you say like, okay, let's just assume that the car becomes twice as useful as -- not 5x as useful but merely twice as useful, that would be a doubling again of the revenue of the company, which is almost entirely gross margin. So it would mean -- it would be like if you made $50 million -- $50 billion worth of cars, it will be like having [$50 million] of incremental profit basically from that because of the software.

但是，即使你說，好吧，我們假設汽車的實用性是原來的兩倍——不是五倍，而是兩倍，那公司的收入將再次翻倍，這幾乎完全是毛利率。所以這意味著——如果你生產了價值 5000 萬美元到 500 億美元的汽車，那麼透過軟體基本上可以獲得 [5000 萬美元] 的增量利潤。

So -- and if that was the case, then yes, you get 20 PE on that. It's like $1 trillion and the company is still in high-growth mode. So I think there is a way to sort of like justify the valuation of the company where it is using just the cars and nothing else, the cars with FSD. And I suspect at least a number of investors are taking that approach.

所以 — — 如果情況確實如此，那麼是的，您將獲得 20 PE。該公司市值約為 1 兆美元，但仍處於高成長模式。因此，我認為有一種方法可以證明公司的估值是合理的，即只使用汽車，而不使用其他任何東西，即帶有 FSD 的汽車。我懷疑至少有許多投資者正在採取這種方法。

So in conclusion, while 2020 was a turning point for Tesla in terms of profitability, we believe this is just the beginning. We think 2021 is going to be even more exciting. And you don't know what to expect in a given year. Obviously, last year, we did not -- there were many things we did not expect. But assuming that '21 is a relatively normal year from an external standpoint, I think it's going to be a great year for Tesla.

總而言之，雖然 2020 年是特斯拉獲利能力的轉捩點，但我們認為這只是個開始。我們認為 2021 年將會更加精彩。而且你不知道某一年會發生什麼事。顯然，去年我們沒有——發生了很多我們沒有預料到的事情。但假設從外部角度來看 21 年是一個相對正常的年份，那麼我認為這對特斯拉來說將是偉大的一年。

We've got a ton of -- many great new products coming out. We've got factories that are -- advanced factories that can start production. It will also make it easier how you're having a factory in Berlin, one, and in Texas second, just from a logistics standpoint. And Texas can help supply the Eastern half of the U.S. and Berlin can help supply Europe. And there's just fewer cars on boats, much less capital tied up with built cars that are on boats or going -- being transported to customers. And I think the fundamental efficiency of the company will be much better with the factories -- at least having factories on each continent and having 2 factories in the U.S.

我們有大量優秀的新產品即將推出。我們擁有可以開始生產的先進工廠。從物流角度來看，這也能讓你更容易在柏林和德州設立工廠。德克薩斯州可以幫助向美國東部地區提供物資，柏林可以幫助向歐洲提供物資。而且船上的汽車越來越少，用於建造船上或運送給客戶的汽車的資本也越來越少。我認為有了工廠，公司的基本效率會好得多——至少在每個大洲都有工廠，在美國有兩家工廠。

So I'm super excited about the future, and yes, we look forward to making it happen. Thank you.

所以我對未來感到非常興奮，是的，我們期待著實現它。謝謝。

Thank you very much. And I think our CFO, Zach Kirkhorn, has some opening remarks as well.

非常感謝。我認為我們的財務長 Zach Kirkhorn 也有一些開場白。

Yes. Thanks, Martin. As Elon mentioned, 2020 has been an extremely successful year while managing through many unforeseen and unexpected challenges.

是的。謝謝，馬丁。正如埃隆所說，2020 年是極其成功的一年，同時也克服了許多不可預見和意想不到的挑戰。

On cash, we continue to generate strong free cash flows, reaching a record $1.9 billion in Q4 alongside growth and investment for future programs. Additionally, we've been able to reduce our use of debt and various working capital lines, including settling $2 billion of convertible debt in Q4, which will continue into Q1.

在現金方面，我們繼續產生強勁的自由現金流，在第四季度達到創紀錄的 19 億美元，同時實現成長並投資於未來的項目。此外，我們還能夠減少債務和各種營運資金的使用，包括在第四季度償還 20 億美元的可轉換債務，並將持續到第一季。

For net income, we achieved our first calendar year and 6 sequential quarters of profitability. In addition, auto gross margin, excluding credits, improved from 2019 to 2020 despite reductions in ASP and inefficiencies from new product launches and transitions.

就淨收入而言，我們實現了第一個日曆年和連續六個季度的利潤。此外，儘管平均售價下降以及新產品發布和轉型導致效率低下，但不包括信貸的汽車毛利率從 2019 年到 2020 年有所提高。

On Q4 specifically, this was a noisy quarter. So let's unpack a few things. Stock-based comp increased, part of which is driven by the rise of the stock price over the course of our 2020 employee performance grant process, and a portion of which is unique to Q4 only. The impact of SBC increases is seen across both COGS as well as operating expenses.

具體來說，第四季是一個動盪的季度。那麼讓我們來解開一些東西。股票薪酬增加，部分原因是我們 2020 年員工績效授予過程中股價上漲，還有一部分是第四季獨有的。SBC 增加的影響體現在 COGS 和營運費用。

Automotive gross margin in Q4 was primarily impacted by 2 things. First, we invested in improving our products built in Fremont, including converting over to the new Model S and Model X, launching the single-piece castings on Model Y and introducing heat pump on Model 3. Second, logistics and labor costs were impacted due to supply chain instability and pandemic inefficiencies. Adjusting for items such as these, as we do in our internal management views, we saw an improvement in auto gross margin.

第四季汽車毛利率主要受到兩件事的影響。首先，我們投資改進在弗里蒙特生產的產品，包括轉換到新款 Model S 和 Model X、在 Model Y 上推出一體式鑄件以及在 Model 3 上引入熱泵。其次，由於供應鏈不穩定和疫情效率低下，物流和勞動成本受到影響。正如我們在內部管理觀點中所做的那樣，對這些項目進行調整後，我們發現汽車毛利率有所提高。

Our services and other P&L was impacted by many of the same factors just mentioned, including onboarding costs associated with new service capacity. However, what's most important here is that we've accelerated the growth in service capacity and will continue to drive capacity expansion as fast as possible.

我們的服務和其他損益受到剛才提到的許多因素的影響，包括與新服務能力相關的入職成本。但最重要的是，我們已經加快了服務能力的成長，並將繼續盡快推動能力擴張。

On energy gross margin, we saw an impact from Solar Roof-related ramp costs and typical seasonality in the lease/PPA business. OpEx as a percentage of revenue continues to reduce despite impacts from items mentioned as well as increased investment in development of future products.

在能源毛利率方面，我們看到了與太陽能屋頂相關的爬坡成本以及租賃/PPA 業務的典型季節性的影響。儘管受到上述項目的影響以及對未來產品開發的投資增加，但營運支出佔收入的百分比仍在持續下降。

Finally, the early settlement of our convertible notes resulted in an additional $100 million of interest expense for the quarter. All that being said, nothing has changed about our view that operating margin will continue to grow and remain industry-leading.

最後，我們的可轉換票據的提前結算導致本季的利息支出增加了 1 億美元。儘管如此，我們對於營業利潤率將持續成長並維持業界領先地位的觀點並沒有改變。

As we look forward, 2021 may be our most meaningful step forward yet as we see the benefits of long-standing investments in capacity and technology. The range of possible outcomes this year is wide given the magnitude of launches.

展望未來，2021 年可能是我們迄今為止最有意義的一步，因為我們看到了長期投資產能和技術帶來的好處。鑑於發射規模，今年可能出現的結果範圍很廣。

There's a few things we should keep in mind. We continue to expect a long-term volume CAGR of 50%, of which we may materially exceed this in 2021. As we increase production rates, volumes will skew towards the second half of the year, and ramp inefficiencies will be a part of this year's story and are necessary to achieve our long-term goals. Specifically for Q1, our volumes will have the benefit of early Model Y ramp in Shanghai. However, S and X production will be low due to the transition to the newly rearchitected products.

我們應該記住一些事情。我們繼續預期長期銷售複合年增長率為 50%，其中 2021 年可能會大幅超過此水準。隨著我們提高生產力，產量將偏向下半年，而產能提升效率將成為今年的一部分，對於實現我們的長期目標是必不可少的。具體來說，對於第一季而言，我們的產量將受惠於上海 Model Y 的早期產能提升。然而，由於向新架構產品的過渡，S 和 X 的產量將會很低。

Additionally, we're working extremely hard to manage through the global semiconductor shortage as well as port capacity, which may have a temporary impact. We will continue to invest heavily in supercharging and service capacity while driving reductions on cost, including OpEx as a percentage of revenue. Global demand continues to outpace production, and we're moving as quickly as we can with a focus on the long term.

此外，我們正在非常努力地應對全球半導體短缺以及港口容量問題，這可能會產生暫時的影響。我們將繼續大力投資超級充電和服務能力，同時降低成本，包括降低營運支出佔收入的百分比。全球需求持續超過產量，我們正在盡快採取行動並著眼於長遠發展。

I look forward to providing updates on progress throughout the year.

我期待全年提供進展更新資訊。

Thank you very much. And now we can jump straight into questions from Say Technologies.

非常感謝。現在我們可以直接回答 Say Technologies 的問題了。

The first question from institutional investors is, what is currently holding Tesla back from being the market share leader in solar?

機構投資者提出的第一個問題是，目前是什麼阻礙了特斯拉成為太陽能市場份額的領導者？

Yes. So we're actually seeing tremendous growth in solar quarter-over-quarter last year. And we had our best quarter since, I think, 2018 in Q4. So we do expect to become the market share leader in solar and then go far beyond it. It's -- unfortunately, there were a few years there where we had to devote the whole company to Model 3 production and building. And so we actually basically take the whole company, including a lot of people that were on solar, and have them work on cars. But now we got a little more bandwidth, we're putting a lot of attention on solar, and it is growing rapidly. So I think it will not be long before Tesla is, by far, the market leader in solar.

是的。因此，我們實際上看到去年太陽能季度環比大幅成長。我認為，第四季是我們自 2018 年以來表現最好的一個季度。因此，我們確實希望成為太陽能市場份額的領導者，然後遠遠超越它。不幸的是，有幾年我們不得不將整個公司投入 Model 3 的生產和製造。因此，我們實際上讓整個公司，包括許多從事太陽能產業的人，都來研究汽車。但現在我們獲得了更多的頻寬，我們將更多的注意力放在了太陽能上，而且它正在迅速發展。因此我認為特斯拉很快就會成為太陽能市場的領導者。

Another really important part of the solar strategy is achieving an industry-leading cost structure, which then allows us to have industry-leading pricing. And so that's something that we've accomplished over the last year in terms of getting the cost structure in the place that it needs to be. And as Elon mentioned, this is a really important part with industry-leading pricing to become the leader in the space.

太陽能策略的另一個非常重要的部分是實現領先業界的成本結構，這使我們能夠擁有領先業界的定價。這就是我們在過去一年中所取得的成就，即使成本結構達到應有的水準。正如 Elon 所提到的，這是一個非常重要的部分，透過業界領先的定價，我們可以成為該領域的領導者。

Yes. And actually, an important part is achieving better integration between the Tesla Powerwall and the Tesla retrofit solar and Tesla roof. And we're confident we'll have excellent integration -- excellent integration with the Powerwall and Tesla Solar, whether it's retrofit or the Tesla Solarglass Roof before the end of the year.

是的。實際上，一個重要的部分是實現特斯拉 Powerwall 與特斯拉改造太陽能和特斯拉屋頂之間的更好整合。我們有信心，我們將實現出色的集成——與 Powerwall 和 Tesla Solar 的完美集成，無論是改造還是在年底之前實現 Tesla Solarglass Roof 的完美集成。

So it's really -- I think we've got a good strategy. As Zach mentioned, we're focused on reducing the amount of time and the complexity of the install, and we're making great progress in that regard. And I think we'll have something that's really dialed in this year.

所以真的——我認為我們有一個很好的策略。正如扎克所提到的，我們專注於減少安裝時間和複雜性，並且在這方面取得了巨大進展。我認為我們今年會取得一些真正成功的事情。

Thank you. The second question is, could current owners get ability to transfer their FSD to their next vehicle? This would be huge for loyalty and overall increase sales of vehicles while offering more FSD sales on the used vehicles.

謝謝。第二個問題是，現有車主能否將他們的 FSD 轉移到下一輛車上？這對於提高忠誠度和整體提升車輛銷售具有重大意義，同時也為二手車提供更多的 FSD 銷售。

Unfortunately, we're not considering that at this time. We do actually offer an increased -- higher price than -- for a car with FSD than the one without FSD. And I do think that the market currently undervalues -- the consumer market and arguably the stock market probably undervalue just how good FSD is going to be. But we're not currently planning on offering -- on allowing it to get transferred.

不幸的是，我們目前還沒有考慮這一點。事實上，配備 FSD 的汽車比不配備 FSD 的汽車提供更高的價格。我確實認為市場目前低估了——消費市場和股票市場可能低估了 FSD 的良好前景。但我們目前不打算提供——允許其轉移。

Thank you.

謝謝。

We will be offering subscription pretty soon, in the next month or 2. So that should address a lot of people's concerns about being able to get it.

我們很快就會在下個月或兩個月內提供訂閱服務。這應該可以解決許多人對能否獲得它的擔憂。

Thank you very much. And the third question is, can you give us a progress update on dry coating of the battery electrode? At the Battery Day, Elon said, "I would not say this is completely in the bag," as -- yet as the yields were low.

非常感謝。第三個問題是，您能否向我們介紹一下電池電極乾塗層的進展？在電池日上，埃隆表示，“我不會說這已經完全是板上釘釘的事了”，因為收益率仍然很低。

Drew?

德魯？

Yes. Sure. It's true, the in-house cell manufacturing system we revealed at Battery Day contains new processes and equipment. So we did expect some unknown unknowns and technical challenges to arise through the production ramp. The Kato team, however, has been able to solve each manufacturing problem presented to date and continues to improve yield and rate week-over-week and month-over-month as we move up the production S-curve. At the same time, the cell engineering team's refined designs and deepened understanding has reinforced our confidence in the drive process and 4680 design, meeting our performance and cost targets.

是的。當然。確實，我們在電池日上展示的內部電池製造系統包含新製程和新設備。因此，我們確實預期在生產過程中會出現一些未知的未知數和技術挑戰。然而，加藤團隊已經能夠解決迄今為止出現的每一個製造問題，隨著生產 S 曲線的上升，產量和生產率也逐週、逐月持續提高。同時，電池工程團隊的精細設計和深入理解增強了我們對驅動流程和 4680 設計的信心，滿足了我們的效能和成本目標。

And from a capacity perspective, we have 10 gigawatt hours worth of equipment landed at Kato. The production staff is nearly all hired. Our material supply chain is established and the team is on track for full production ramp this year. Meanwhile, we've developed enough engineering confidence with our 4680 design and the production process and equipment to kick off manufacturing equipment and facility construction to support our 100 gigawatt hour 2022 goal.

從容量角度來看，我們在加藤港安裝了價值 10 千兆瓦時的設備。製作人員幾乎全部都是受僱的。我們的材料供應鏈已經建立，團隊預計今年將實現全面生產。同時，我們對 4680 設計以及生產流程和設備有了足夠的工程信心，可以啟動製造設備和設施建設，以支持我們 2022 年 100 千兆瓦時的目標。

Okay. Thank you very much. The next question is, why are you confident in Tesla will achieve Level 5 autonomy in 2021? And why is Dojo not necessary to get there?

好的。非常感謝。下一個問題是，您為什麼有信心特斯拉將在 2021 年實現 5 級自動駕駛？為什麼 Dojo 不是實現這目標的必要條件？

I guess I'm confident based on my understanding of the technical road map and the progress that we're making between each beta iteration. Yes. As I'm saying, it's not remarkable at all for the car to completely drive you from one location to another through a series of complex intersections. It's now about just improving the corner case reliability and getting it to 99.9999% reliable with respect to an accident.

我想，基於我對技術路線圖的理解以及我們在每次測試迭代之間的進展，我是有信心的。是的。正如我所說的，汽車通過一系列複雜的路口將你從一個地方帶到另一個地方，這根本不是什麼了不起的事情。現在只需要提高極端情況的可靠性，並使其在發生事故時的可靠性達到 99.9999%。

Basically, we need to get it to better than human by a factor of at least 100% or 200%. And this is happening rapidly because we've got so much training data with all cars in the field. And the software is improving dramatically. The -- we also write the software for labeling. And I'll say it's quite challenging. We're moving everything towards video labeling. So it's all video labeling, all video inference. And so there are still a few of the neural nets that need to be upgraded to video training and video inference. And really, as we transition each net to video, the performances become exceptional.

基本上，我們需要讓它比人類好至少 100% 或 200%。這個過程進展非常迅速，因為我們獲得了大量有關該領域所有車輛的訓練資料。而且軟體正在顯著改善。我們也編寫了用於標記的軟體。我想說這非常具有挑戰性。我們正在將一切轉向視訊標籤化。所以這都是影片標記，都是影片推理。因此，仍有一些神經網路需要升級到視訊訓練和視訊推理。事實上，當我們將每個網路轉換為影片時，效能就會變得非常出色。

So this is like a hot thing. The video -- the labeling software that we work for, video labeling, making that better has a huge effect on the efficiency of labeling. And then, of course, the holy grail is auto labeling. So we're putting a lot of work into having the labeling tool be more efficient when used by a person as well as enabling auto labeling where we can.

所以這是一件很熱門的事。影片－我們使用的標籤軟體，影片標籤，做得更好對標籤效率有很大的影響。當然，聖杯就是自動標記。因此，我們投入了大量精力，使標記工具在使用時更加高效，並盡可能實現自動標記功能。

Dojo is a sort of training supercomputer. We believe it will be -- we think it may be the best neural net training computer in the world by possibly an order of magnitude. So it is a whole thing in and of itself. And this is something we can offer potentially as a service. So some of the others need neural net training. We're not trying to keep it to ourselves.

Dojo 是一種訓練超級電腦。我們相信它會是——我們認為它可能是世界上最好的神經網路訓練計算機，甚至可能比現在好一個數量級。所以它本身就是一個完整的東西。我們可以將其作為一種服務來提供。因此其他一些人需要神經網路訓練。我們不想把它留給自己。

So I think there could be a whole line of business in and of itself, and then, of course, for training vast amounts video data and getting the reliability from, say, 100% to 200% better than average human to 2,000% better than average human. Dojo will be very helpful in that regard.

所以我認為這本身可能是一個完整的業務線，當然，還可以用於訓練大量視訊數據，並獲得比普通人高出 100% 到 200% 甚至 2,000% 的可靠性。Dojo 在這方面將會非常有幫助。

Thank you. The next question is, what is Tesla's current gigawatt hour run rate of the 4680 cell production? How do you see this run rate evolving by mid-2021 or end of 2021?

謝謝。下一個問題是，特斯拉目前 4680 電池生產的千兆瓦時運作率是多少？您認為到 2021 年中期或 2021 年底這一運行率將如何變化？

I think we kind of talked about that, Drew. I mean essentially, what we're saying is that the number to think about or focus on is like we've got a 100 gigawatt hour total Tesla cells produced in 2022. It's not that important to look at the run up to that because these things tend to improve exponentially. But we are installing capacity for -- in 2022 for 200 gigawatt hours a year, and we think probably we should be able to achieve 30% of targeted design capacity in 2022.

我想我們已經討論過這個問題了，德魯。我的意思是，從本質上講，我們要考慮或關注的數字就像我們在 2022 年總共生產了 100 千兆瓦時的特斯拉電池。關注這個過程並不那麼重要，因為這些事情往往會呈指數級改善。但我們在 2022 年的安裝容量為每年 200 吉瓦時，我們認為我們大概能夠在 2022 年實現目標設計容量的 30%。

Yes. Yes. Agreed, Elon. And as you've said before, with the S-curve of production, you can be off a little bit on the initial part of the S-curve, and that makes a difference in absolute capacity by quite a bit 1 month to the next. So yes, I mean we are progressing up that S-curve as fast as we possibly can.

是的。是的。同意，埃隆。正如您之前所說，對於生產的 S 曲線，您可能會在 S 曲線的初始部分出現一點偏差，這會導致絕對產能在 1 個月與下個月之間產生相當大的差異。是的，我的意思是我們正在盡可能快地沿著 S 曲線前進。

Yes. And we don't see any showstoppers.

是的。我們沒有看到任何引人注目的事件。

Yes.

是的。

Thank you very much. And one more question is from the retail investors. What is Tesla doing to improve service experience? Tesla had a reputation for outstanding customer service. Now it's impossible to even call a service center, and appointments are scheduled weeks out. Jerome?

非常感謝。還有一個問題來自散戶。特斯拉正在採取哪些措施來改善服務體驗？特斯拉以出色的客戶服務而聞名。現在甚至不可能打電話給服務中心，預約時間也要等上幾週。傑羅姆？

Yes. Well, as far as best service, no service, so we spent a lot of efforts trying to improve the quality and the reliability of our cars. In the last 2 years, the frequency of service visits are reduced by 1/3. So people have to -- customers have to come less frequently in service, which is really the goal, no service. And if service has to take place, we are trying to make it as painless as possible.

是的。嗯，就最好的服務而言，沒有服務，所以我們花了很多精力來提高我們汽車的品質和可靠性。在過去的兩年裡，服務訪問頻率減少了三分之一。因此人們必須－客戶必須減少來服務的次數，這才是真正的目標，沒有服務。如果必須提供服務，我們會盡力使其盡可能輕鬆。

One big effort there is to increase mobile service, which is now more than 40% of all visits in North America. We're trying to push that to 50% this year. And 50% of service visits last less than 2 hours. So we're trying to service the cars very quickly so people can get their vehicles back on the road.

其中一項重大舉措是增加行動服務，目前行動服務佔北美所有訪問量的 40% 以上。我們力爭今年將這一比例提高至 50%。50% 的服務造訪時間少於 2 小時。因此，我們正在嘗試快速維修這些汽車，以便人們能夠讓他們的車輛重新上路。

And in terms of service appointment, it continues to improve. We have about -- we have actually 140 service centers right now in North America. For 100 out of those 140, you can get appointments in less than 10 days. And we're going to make sure all service centers are -- have a short wait time.

並且在服務預約方面也不斷改進。我們目前在北美大約有 140 個服務中心。在這 140 人中，有 100 人可以在 10 天內獲得預約。我們將確保所有服務中心的等待時間都很短。

We're accelerating, as Zach mentioned earlier, the pace of opening. In North America, we opened 11 centers in December, and we have plans to open 46 in the first half of this year. So that's what we're doing to improve service.

正如扎克之前提到的，我們正在加快開放步伐。在北美，我們12月開設了11個中心，並計劃在今年上半年開設46個。這就是我們為改善服務所採取的措施。

In terms of phones, our emphasis is on the app. Really, we want all communications to go through the app, the Tesla app, and we're trying to move away from the phone. The app is much better than the phone. It can start directly -- alerts directly from the car and schedule a service appointment. And there is a written record of all communication between the customer and the service team. You can have pictures in there. You can take care of your payment without entering the credit card and doing all that stuff. You get updates on the service.

在手機方面，我們的重點是應用程式。實際上，我們希望所有通訊都透過應用程式（特斯拉應用程式）進行，並且我們正試圖擺脫手機。該應用程式比手機好得多。它可以直接啟動——直接從汽車發出警報並安排服務預約。並且客戶和服務團隊之間的所有溝通都有書面記錄。您可以在那裡拍照。您無需輸入信用卡並完成所有那些操作即可完成付款。您可以獲得有關該服務的更新資訊。

And there is even more features that are going to come in the coming months on the app. And I think everybody will be happy, including the ability to spot where your service technician is and how far it is to coming from your car and what's going on there. So we are investing everything on the app, I think, just like most other companies as well, and that's the way of the future.

未來幾個月內，該應用程式還將推出更多功能。我認為每個人都會很高興，包括能夠知道您的服務技術人員在哪裡、距離您的車有多遠以及那裡發生了什麼。所以我認為，我們會在應用程式上投入一切，就像大多數其他公司一樣，這就是未來的發展方向。

Thank you very much. And now let's go to institutional investor questions. The question number one, what are the key milestones we need to achieve in order to evolve current FSD to a commercial Level 4, Level 5 ridesharing solution?

非常感謝。現在我們來回答機構投資人的問題。第一個問題，為了將目前的 FSD 發展為商業化的 4 級、5 級共乘解決方案，我們需要實現哪些關鍵里程碑？

Yes. So it really goes back to what I was saying a moment ago, which is we need to transition over the neural nets in the car to video. And in order to do that, the whole stack has to be -- the whole stack has to be changed to video. That means gathering video clips than using -- and this is actually surround video. So you've got 8 cameras operating simultaneously with synchronized frame rates. So you've got basically 8-frame surround video -- 8-camera surround video. And then you've got to label basically everything in that video snippet and then train against that and have those neural nets operate the car.

是的。所以這實際上回到了我剛才所說的內容，那就是我們需要將汽車中的神經網路轉換為影片。為了做到這一點，整個堆疊必須——整個堆疊必須轉變為視訊。這意味著收集視頻片段而不是使用——這實際上是環繞視頻。因此，您有 8 個攝影機以同步幀速率同時運作。因此，您基本上得到了 8 幀環繞視訊——8 個攝影機環繞視訊。然後你必須給影片片段中的所有內容貼上標籤，然後根據這些內容進行訓練，並讓這些神經網路來操作汽車。

So -- and this is coming from the past where we would label, the neural nets would be a single camera, single frame. So no video and not combining the cameras. And then we went from single frame, single frame, one frame at a time, one camera at a time, neural nets to surround camera, neural nets would look at all -- all 8 cameras but only one frame at a time and now to where we include the time dimension. And that's video.

所以——這是來自過去的，我們會標記，神經網路將是單一攝像頭，單一框架。因此沒有視頻，也沒有組合攝像頭。然後我們從單幀、單幀、一次一幀、一次一個攝影機、神經網路到環繞攝影機，神經網路會查看全部 —— 所有 8 個攝影機，但一次只查看一幀，現在我們包括時間維度。這就是影片。

So I really do see this as a question of getting work done. We're getting it done. And you can see the results in the rapidly improving FSD betas that are leased. And we're also going to be expanding the FSD beta itself to include more and more people.

所以我確實認為這是一個完成工作的問題。我們正在完成它。您可以從租賃的 FSD 測試版的快速改進中看到結果。我們還將擴大 FSD 測試版本身，以覆蓋越來越多的人。

So from my standpoint, it looks like a very clear and obvious path towards a vehicle that will drive 100% safer than a person. Yes. I really don't see any obstacles here. Yes.

因此，從我的角度來看，這似乎是一條非常清晰且明顯的道路，通往比人駕駛安全 100% 的車輛。是的。我確實沒有看到這裡有任何障礙。是的。

Thank you. And the second question from institutionals is, does Tesla plan or expect to license any of its software applications, FSD and Autobidder in particular, to third-party OEMs?

謝謝。該機構提出的第二個問題是，特斯拉是否計劃或預計將其任何軟體應用程式（特別是 FSD 和 Autobidder）授權給第三方 OEM？

I think we're very open to licensing our software to third parties. And we've had some preliminary discussions about licensing Autopilot to other OEMs. So this is something we're more than happy to do. And -- but I think, obviously, like we need to probably do a little bit more work to prove that Tesla Autopilot is capable of full self-driving, which, I think, will become obvious later this year. And then we're more than happy to license that to other car companies. We're definitely not trying to keep it to be a Tesla exclusive situation.

我認為我們非常願意將我們的軟體授權給第三方。我們已經就向其他 OEM 廠商授權 Autopilot 進行了一些初步討論。所以我們非常樂意做這件事。而且——但我認為，顯然，我們可能需要做更多的工作來證明特斯拉 Autopilot 能夠實現完全自動駕駛，我認為這將在今年稍後變得顯而易見。我們非常樂意將該技術授權給其他汽車公司。我們絕對不會試圖讓它成為特斯拉獨有的情況。

And I think probably same goes for Autobidder. We haven't thought as much about Autobidder, but the Tesla philosophy is definitely not to create walled gardens. We're going to allow other companies to use our Supercharger networks, and yes, using our autonomy software and Autobidder and perhaps other things, we'd be fine to.

我認為 Autobidder 可能也是如此。我們還沒有考慮太多關於 Autobidder 的事情，但特斯拉的概念絕對不是創造圍牆花園。我們將允許其他公司使用我們的超級充電網絡，是的，使用我們的自主軟體和 Autobidder 以及其他東西，我們也可以。

Thank you. The next question is, key differences in product, customer preferences, FSD strategy between China and the rest of the world. Do we need to do things differently to win the Chinese EV market?

謝謝。下一個問題是，中國和世界其他地區在產品、客戶偏好、FSD策略方面的主要差異。我們是否需要採取不同的做法來贏得中國電動車市場？

Well, we currently are winning that -- we are currently the leader in the Chinese EV market. So I think we're must be doing something right if we're the best-selling electric car in China. That said, very few of our customers in China, I think maybe as low as 1% or 2%, actually have selected the FSD option. This is much lower than rest of world. So we definitely need to make it work well in China. I think as soon as it works well in China, then we will have the take rate for FSD.

嗯，我們目前正在贏得勝利——我們目前是中國電動車市場的領導者。所以我認為，如果我們是中國最暢銷的電動車，我們一定做對了一些事情。話雖如此，但我認為我們在中國的客戶中，只有很少一部分（大概只有 1% 或 2%）真正選擇了 FSD 選項。這比世界其他地區低得多。所以我們絕對需要讓它在中國運作得很好。我認為，一旦它在中國運作良好，我們就會獲得 FSD 的採用率。

I find that the customers in China -- Tesla owners in China are among the most discerning in the world. Their attention to detail is incredible. So they -- I'm confident that they will buy FSD as soon as it is working well in China. And hopefully, that is later this year.

我發現中國的客戶——中國的特斯拉車主是世界上最挑剔的人群之一。他們對細節的關注令人難以置信。所以他們——我相信，一旦 FSD 在中國運作良好，他們就會購買。希望這能在今年稍後實現。

Thank you. And the next question is, is it fair to argue that the best way to think about company's long-term earnings power is tied to profit per unit of battery capacity? 3 terawatt hours target from Battery Day implies half of long-term battery capacity goes to storage, depending on what you assume for pack size on Elon's 20 million vehicle unit goal?

謝謝。下一個問題是，是否可以公平地說，衡量公司長期獲利能力的最佳方式是與每單位電池容量的利潤掛鉤？電池日的 3 太瓦時目標意味著長期電池容量的一半將用於存儲，這取決於您對 Elon 2000 萬輛汽車目標的電池組尺寸的假設？

Yes, it is. So the fundamental limit on electric vehicles right now, in general, is total availability of cells, what's the output of factory cells in gigawatt hours. And you can't grow faster than that. Now at Tesla, we've improved the efficiency of our cars dramatically such that you can actually get a pretty good range even with the Standard Range battery pack.

是的。因此，目前電動車的根本限制一般是電池的總可用性，即工廠電池的產量是多少千兆瓦時。你不可能成長得比這更快。現在，在特斯拉，我們已經大大提高了汽車的效率，即使使用標準續航電池組，您也可以獲得相當不錯的續航里程。

It's in the high -- it's approaching -- for Model 3, it's approaching the sort of high 200s. And with some slight continued improvements, we'll start to get to a 300-mile range even with the Standard pack, an order of 500 kilometers. So there's efficiency improvements in the car. But fundamentally, the growth is dependent on cell production. And there's obviously a lot of other companies that want to -- that have a need for cells.

對於 Model 3 來說，它已經接近 200 多美元了。透過一些持續的改進，即使使用標準套件，我們的續航里程也能達到 300 英里，也就是 500 公里。因此汽車的效率得到了提高。但從根本上來說，生長依賴細胞生產。顯然還有很多其他公司也需要電池。

So -- but the reason Tesla is doing its own cell production is in order to accelerate the growth. It is not to make less use of our cell suppliers. In fact, I want to be really clear, Tesla wants to increase purchases from cell suppliers. And we've been very clear with our cell suppliers, whether it be CATL or Panasonic or LG, that we will take as many batteries as they can produce. So -- and we urge them to increase their production, and we will buy as much as they can send to us.

所以——特斯拉自行生產電池的原因是為了加速成長。這並不是為了減少對我們的電池供應商的使用。事實上，我想明確一點，特斯拉希望增加從電池供應商的採購量。我們已經非常明確地向我們的電池供應商表示，無論是 CATL、松下還是 LG，我們都會盡可能地使用他們生產的電池。因此——我們敦促他們增加產量，我們將購買他們寄給我們的所有產品。

Obviously, there are some price limits on that because the car still needs to be affordable. But I'm just trying to be as clear as possible that our goal with making our own cells is not to disintermediate our suppliers. It is to supplement our suppliers. And we want our suppliers of cells to increase their production and in addition, have our production that is simply taking up the amount beyond which they are either unable or unwilling to increase their production.

顯然，這方面存在一些價格限制，因為汽車仍然需要價格實惠。但我只是想盡可能清楚地表明，我們製造自己的電池的目的並不是為了消除供應商的中間商地位。這是為了補充我們的供應商。我們希望我們的電池供應商能夠增加他們的產量，此外，我們的產量也只能滿足他們無法或不願意增加產量的需求。

So it's an acceleration over and above the most that our suppliers say they can produce for us. And so we -- since the cell output drives vehicle output, the -- and then -- I mean probably the broad brushstroke value of Tesla is just what's the cell output that implies vehicle output and then at least double that for autonomy revenue, [probably a whole new] level. And that's how you figure out the value of the company, I think, long term.

因此，這比我們的供應商承諾的能為我們生產的最大產量還要快。因此，由於電池產量推動汽車產量，特斯拉的整體價值可能是電池產量所代表的汽車產量，然後自動駕駛收入至少是電池產量的兩倍，[可能是一個全新的]水平。我認為，這就是你計算出公司長期價值的方法。

Thank you very much. The next question is about 4680 cells, which we already covered in the retail section of this call. So let's go straight to the last question from institutional investors, which is, where are you in Cybertruck development? What are your expectations for Cybertruck deliveries in 2021?

非常感謝。下一個問題是關於 4680 電池的，我們已經在本次電話會議的零售部分討論過這個問題。那麼我們直接進入機構投資者的最後一個問題，那就是，你們在 Cyber​​truck 開發方面處於什麼階段？您對 2021 年 Cyber​​truck 的交付有何預期？

All right. So we finished almost all of the Cybertruck engineering. So we're no longer iterating at the design center level or design level. We've got the designs fixed. We're getting to -- we'll soon order the equipment necessary to make the Cybertruck work.

好的。所以我們完成了幾乎所有的 Cyber​​truck 工程。因此我們不再在設計中心層面或設計層面進行迭代。我們已經確定了設計方案。我們很快就會訂購使 Cyber​​truck 運作所需的設備。

We're obviously going to be using even bigger casting machines for the rear body of the Cybertruck because you've got -- obviously, it's a bigger vehicle and you've got a long truck bed that's going to support a lot of load. So we'll be using an 8,000-ton casting press for the rear body casting as opposed to 6,000 tons for Model Y. So 6,000 tons was the biggest casting machine in the world. 8,000 tons is obviously quite a bit bigger than that.

顯然，我們將使用更大的鑄造機來鑄造 Cyber​​truck 的後車身，因為顯然，它是一輛更大的車輛，而且有一個可以支撐很大負載的長卡車車廂。因此，我們將使用 8,000 噸的鑄造壓力機來鑄造後車身，而 Model Y 則使用 6,000 噸。因此，6,000 噸是世界上最大的鑄造機。8000噸顯然比這大得多。

And I think it's going to be an incredible vehicle. If we get lucky, we'll be able to do a few deliveries towards the end of this year, but I expect volume production to be in 2022.

我認為這將是一輛令人難以置信的車輛。如果幸運的話，我們將能夠在今年年底前交付一些產品，但我預計批量生產將在 2022 年。

Thank you very much. And now we can start with questions in the queue.

非常感謝。現在我們可以開始回答排隊的問題了。

Our first question will come from Colin Rusch with Oppenheimer.

我們的第一個問題來自奧本海默公司的科林‧拉什 (Colin Rusch)。

Can you talk a little bit about the regulatory environment for FSD and how you're seeing that play out? Obviously, it's a bit of a moving target right now, and you guys are leading the way here, but we'd love to understand how those conversations are going and how you see that impacting the rollout of FSD throughout the balance of this year and into next year.

您能否簡單談談 FSD 的監管環境以及您對其發展的看法？顯然，現在這是一個不斷變化的目標，你們在這裡處於領先地位，但我們很想了解這些對話的進展情況，以及你們認為這將如何影響今年和明年 FSD 的推出。

Okay. Zach, do you want to -- Zach and Jerome?

好的。札克，​​你想－－札克和傑洛姆？

The -- what we're seeing right now in the U.S., for example, is a pretty dynamic space, but it's overall not particularly limiting on a rule basis. But what we're going to expect is to have to work with regulators to demonstrate really, really high reliability, as Elon said before.

例如，我們現在在美國看到的是一個非常活躍的空間，但總體而言，它在規則基礎上並沒有特別的限制。但正如伊隆之前所說的，我們必須與監管機構合作，以證明其真正高的可靠性。

The rest of the world is fairly dynamic. In Europe, we see a general slowdown, generally not reaching past Level 3 right now with some impetus to start working on new working groups to reach past that. And China showed an interest in working on Level 4 or even Level 5 later this year.

世界其他地區也相當活躍。在歐洲，我們看到了普遍的放緩，目前總體上還沒有超過 3 級，但需要一些動力來開始成立新的工作小組來突破這一水平。中國今年稍晚表示有興趣開展 4 級甚至 5 級研發。

So we expect a pretty dynamic 2021 in the regulatory space. We have leadership in the U.S. looking for manufacturers to demonstrate really good launches and really high reliability before releasing to wider and wider groups.

因此，我們預計 2021 年監管領域將相當活躍。我們在美國擁有領導地位，希望製造商在向更廣泛的群體發布產品之前，能夠展示出真正良好的發布效果和真正高的可靠性。

And then just a quick follow-up around inflation on some of the materials markets. Obviously, there's a lot going on as low interest rates flow through the basic material space. Can you talk a little bit about the supply chain and how you're managing some of your exposure around some of your raw material costs?

然後我們來快速跟進一下一些材料市場的通貨膨脹。顯然，隨著低利率流經基本物質領域，會發生很多事情。您能否談談供應鏈以及您如何管理部分原物料成本的風險？

This is Jerome. Yes. For supply chain, the first priority now is to deal with the disruptions from COVID and shipping, in particular, boats between Asia and North America. But we're also looking forward to pricing, and we're watching this very closely for all the components. We are entering a series of long-term agreements with preferred suppliers to ensure that not only we're going to have enough quantity to support the growth, 50% CAGR as Zach mentioned earlier, but also good pricing with appropriate sharing of the risk.

這是傑羅姆。是的。對於供應鏈而言，目前的首要任務是應對新冠疫情和航運造成的中斷，特別是亞洲和北美之間的船隻中斷。但我們也期待定價，我們正在密切關注所有組件的定價。我們正在與優先供應商達成一系列長期協議，以確保我們不僅擁有足夠的數量來支持成長，即 Zach 之前提到的 50% 複合年增長率，而且還能獲得良好的定價並適當分擔風險。

Our next question will come from Dan Levy with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Dan Levy。

Two questions, one on '21 and just one on capital. First, on '21, any expectations for what we should see on regulatory credit sales? And then the second question is on capital. Obviously, you raised a lot of capital in 2020. What should we think about the use of those funds beyond just covering some of the maturities? And can you just give us a sense of what the elevated liquidity does and doesn't buy? Meaning to what extent does elevated capital enable you to accelerate plans on building capacity or expanding vertical integration, accelerating timing on full self-drive features? So those are the questions.

兩個問題，一個關於 21 世紀，一個關於資本。首先，對於 21 世紀的監管信貸銷售，我們有何預期？第二個問題是關於資本的。顯然，你們在 2020 年籌集了大量資金。除了涵蓋部分到期債務之外，我們還應該考慮如何使用這些資金？您能否向我們簡單介紹一下流動性增加會帶來什麼好處，又不會帶來什麼好處？意思是，增加的資本在多大程度上可以讓你加快建造產能或擴大垂直整合的計劃，並加快實現完全自動駕駛功能的時機？這就是問題所在。

Sure. On the regulatory credit sales side, this is always an area that's extremely difficult for us to forecast. 2020 regulatory credit sales ended up being higher than our expectations. And it's difficult to give guidance on that.

當然。在監管信貸銷售方面，這始終是我們極難預測的一個領域。2020 年監理信貸銷售額最終高​​於我們的預期。對此提供指導非常困難。

I mean what I said before is that in the long term, regulatory credit sales will not be a material part of the business, and we don't plan the business around that. It's possible that for a handful of additional quarters, it remains strong. It's also possible that it's not.

我的意思是，我之前說過，從長遠來看，監管信貸銷售不會成為業務的重要組成部分，我們也不會圍繞此來規劃業務。在接下來的幾個季度裡，它可能會繼續保持強勁勢頭。也有可能不是。

Most of our regulatory credit revenue from Q4 was not lined up prior to the beginning of the quarter. And these were discrete deals that were struck over the course of the quarter. So I wish I could give you more on this, Dan, but it's a space that's extraordinarily difficult for us to forecast.

我們第四季的大部分監管信貸收入在本季開始前尚未到位。這些都是本季達成的獨立交易。所以我希望我能給你更多關於這方面的信息，丹，但這是一個我們很難預測的領域。

On the second side, with respect to capital, a couple of things that we're thinking through there. So as I mentioned in my opening remarks, debt reduction is an important thing that we're focused on now.

第二方面，關於資本，我們正在考慮一些事情。正如我在開場白中提到的，減少債務是我們現在關注的一件重要的事情。

Early conversions, these are things we don't have a choice on. We did around $2 billion of that in Q4. We currently have $1.4 billion that we expect to go out in Q1 as a result of early conversions or conversions on convertible debt. That number may increase. And so debt reduction is important. That's helpful on interest expense as well.

早期的轉變，這些都是我們無法選擇的事。我們在第四季的銷售額約為 20 億美元。由於早期轉換或可轉換債務的轉換，我們目前有 14 億美元，預計在第一季將流出。這個數字可能還會增加。因此減少債務很重要。這對利息支出也有幫助。

We are also using the money with respect to our investments in future capacity. And so what we're able to do now that we haven't had the opportunity to do in the past is, as we're building capacity, particularly in Austin and Berlin, we can build that capacity with the expectation of what the end state of capacity will be, pulling forward some of those investments rather than incrementally adding capacity as we go along. And so this is an important part in terms of capital efficiency that we haven't had the luxury to do in the past, and it's great to be able to have the liquidity to focus on that.

我們也將利用這筆資金進行未來產能的投資。因此，我們現在能夠做的、而過去沒有機會做的是，當我們在建設產能時，特別是在奧斯汀和柏林，我們可以在建設產能的同時預期產能的最終狀態，提前進行一些投資，而不是在建設過程中逐步增加產能。因此，就資本效率而言，這是一個重要的部分，過去我們沒有足夠的精力來做到這一點，能夠擁有足夠的流動性來專注於此，真是太好了。

And then more broadly, as Jerome was touching on, service expansion is really important to the future strategy of the company. So as you saw in our Q4 numbers, the expansion of service centers and mobile service from Q3 to Q4 increased quite a bit and was also quite a bit higher than the first part of the year. And so we're able now to make investments there and also in the Supercharging network to get ahead of future demand, which will cost us more in the near term but is what the right long-term thing is for our customers and the company.

更廣泛地說，正如傑羅姆所提到的，服務擴展對於公司的未來策略確實非常重要。因此，正如您在我們的第四季度數據中看到的那樣，從第三季度到第四季度，服務中心和行動服務的擴張有了相當大的成長，也比今年上半年高出不少。因此，我們現在可以在那裡以及超級充電網路進行投資，以滿足未來的需求，雖然這在短期內會花費我們更多成本，但從長遠來看，這對我們的客戶和公司來說是正確的做法。

Our next question will come from Alex Potter with Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Alex Potter。

Great. Was wondering, you mentioned how you'd like to increase your purchases of cells from suppliers. Does this require them to also have the capability to build structural 4680 cells of the sort that you're putting in this -- these newer iterations of vehicles?

偉大的。我想知道，您提到瞭如何增加從供應商購買的電池。這是否要求他們也具備建造您所放置到的新型車輛中的結構性 4680 單元的能力？

No, it does not. Although we are talking with them about making the 4680 form factor, but they -- it is not required. For example, the new S currently uses the 18650 form factor. So they're just a more advanced cell, and we think we'll continue to use that form factor for at least a few years. But we will, over time, be retiring the form factors and try to move to a consistent form factor.

不，不是的。儘管我們正在與他們討論製作 4680 外形尺寸，但他們並不要求這樣做。例如，新款 S 目前採用 18650 外形尺寸。所以它們只是一種更先進的電池，我們認為我們至少會在幾年內繼續使用這種外形。但隨著時間的推移，我們將逐步淘汰這些外形尺寸，並嘗試採用一致的外形尺寸。

So -- but it is not a requirement that we place on our suppliers because they would -- it would just result in fewer cells. So it's better for us to deal with the complexity of different cell form factors than insist on a single form factor for our suppliers today. Like I said, over time, it will make sense to have a consistent form factor.

所以——但這不是我們對供應商的要求，因為他們會——這只會導致電池數量減少。因此，我們最好處理不同電池外形尺寸的複雜性，而不是堅持要求我們的供應商採用單一外形尺寸。就像我說的，隨著時間的推移，擁有一致的形式因素是有意義的。

Okay. Makes sense. And then one additional maybe qualitative question on capacity expansion. You've mentioned in the past, I mean, access to dollars is one thing, but access to human beings that are sufficiently qualified is another. Have you run up against any issues on that front that would potentially limit your growth in any way?

好的。有道理。然後還有一個關於產能擴張的定性問題。您過去曾提到過，獲得美元是一回事，但獲得足夠合格的人才又是另一回事。您是否遇到任何可能以任何方式限制您發展的問題？

That is one of the things that -- or limits the growth rate. It doesn't limit the ultimate size. It limits the growth rate, which is what's the rate at which we can onboard great people and get them trained in the right areas.

這是限製成長率的因素之一。它不限制最終尺寸。它限制了成長率，也就是我們吸收優秀人才並在正確領域對他們進行培訓的速度。

You usually can't like instantaneously -- if you've got a factory that has 20,000 employees, you can't just hire 20,000 people instantly. They've got -- they were usually doing something else. So they've got to transition from whatever they were doing or move from some other part of the country. And so there's a certain amount of time required for that.

你通常無法立即做出決定——如果你有一家擁有 20,000 名員工的工廠，你不可能立即僱用 20,000 人。他們——他們通常在做其他事情。因此，他們必須放棄原來的工作，或搬到其他地方去。因此這需要一定的時間。

I mean that said, we do think that we can maintain a growth rate in excess of 50% per year for many years to come. And at least I'd like to -- yes, at least 50% per year for many years to come. I think this year, we may track to a fair bit above 50%, but we don't want to commit to that. But at least that's what it would appear, and the same again next year. It appears to be meaningfully above 50%.

我的意思是，我們確實認為我們可以在未來許多年保持每年超過 50% 的成長率。至少我希望——是的，在未來的許多年裡每年至少能達到 50% 的成長率。我認為今年我們的目標可能會達到 50% 以上，但我們不想承諾這個數字。但至少看起來是這樣，明年也是如此。它似乎明顯高於 50%。

Our next question will come from Joseph Spak with RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的 Joseph Spak。

Elon, back in 2018, you tweeted about electric vans and how it could be interesting to work with Daimler on the Sprinter. But we haven't really heard of anything since. But in the meantime, we've seen a lot of activity in electric van and last-mile space from a number of established players or startups. So I know you said that you have a lot of projects on the table, but can you provide us an update of your thoughts on this market? And is it something you're interested in?

埃隆，早在 2018 年，你就在推特上發布了關於電動貨車的消息，並表示與戴姆勒合作開發 Sprinter 將會很有趣。但自那以後我們就沒有聽到任何消息了。但同時，我們看到許多老牌企業和新創公司在電動貨車和最後一英里領域積極開展活動。我知道您說過您有很多項目在考慮，但是您能否向我們提供您對這個市場的最新想法？這是您感興趣的事嗎？

I think Tesla is definitely going to make an electric van at some point. The thing to bear in mind is that there is fundamentally a constraint on battery cell output. It's like -- if one is not involved in manufacturing, it's really hard to appreciate just how hard it is to scale production. It's the hardest thing in the world. Prototypes are easy. Scaling production is very hard.

我認為特斯拉肯定會在某個時候製造電動貨車。需要牢記的是，電池單元的輸出從根本上有限制。就好像──如果一個人不參與製造業，就很難理解擴大生產規模有多麼困難。這是世界上最困難的事。原型很簡單。擴大生產規模非常困難。

So a big part of the reason -- the main reason we have not accelerated new products is -- like, for example, Tesla Semi, is that we simply don't have enough cells built. Like we -- this -- if we were to make the Semi like right now, which we could easily go into production with the Semi, but we would not have enough to cells for it right now. We will have cells -- enough cells for Semi when we were producing the 4680 in volume. But for example, Semi would use typically 5x the number of cells that a car would use, but it would not sell for 5x what a car would sell for.

因此，我們沒有加速推出新產品的主要原因是，例如特斯拉 Semi，因為我們根本沒有生產足夠的電池。就像我們 - 這樣 - 如果我們現在要製造 Semi，我們可以輕鬆地將其投入生產，但我們現在沒有足夠的電池。當我們批量生產 4680 時，我們將有足夠的電池供 Semi 使用。但例如，Semi 使用的電池數量通常是汽車的 5 倍，但它的售價卻不會是汽車的 5 倍。

So it kind of doesn't make -- it would not make sense for us to do the Semi right now, but it will absolutely make sense for us to do it as soon as we can address the cell production constraint. The same would go for a van.

因此，現在我們生產半拖車是沒有意義的，但一旦我們能夠解決電池生產限制問題，我們立即生產半拖車絕對是有意義的。對於貨車來說也是如此。

Okay. And then maybe if I could dig into your past on one more item. About 2 years ago, at the Autonomy Day, you stated that you're working on the next-gen Tesla chip which was about 2 years away. So is there any update on that front?

好的。然後也許我可以再深入了解你的過去。大約兩年前，在 Autonomy Day 上，您表示正在研發下一代特斯拉晶片，預計大約兩年後問世。那麼這方面有什麼最新進展嗎？

Yes. I mean to be clear, we are still not -- the software still does not fully use the capabilities of the FSD version 1 computer. It is really just an incredibly powerful computer, and I'm personally certain that you can create Full Self-Driving with safety Level 5 in terms of a person just using the Full Self-Driving version 1 computer.

是的。我的意思是說，我們仍然沒有——該軟體仍然沒有充分利用 FSD 版本 1 電腦的功能。它實際上只是一台功能極其強大的計算機，我個人確信，僅使用全自動駕駛版本 1 計算機就可以實現安全等級為 5 的全自動駕駛。

The version 2, we expect to be about 3x as powerful. And this needs to be paired with higher-resolution cameras. And so it's quite a -- it requires a bunch of things to change simultaneously. But we have not been rushing with version 2 of the chip. It's coming along well and it's in good shape. But since we can achieve FSD, Full Self-Driving, with the current system, it would actually be a distraction right now if we were to introduce the Full Self-Driving -- the Tesla FSD chip 2 because it would set us back quite a bit on software. And software is the critical path to Full Self-Driving.

對於版本 2，我們預計其功能將增強約 3 倍。這需要與更高解析度的相機配對。因此，這相當需要同時改變很多事情。但我們並沒有急於推出該晶片的第 2 版。一切進展順利，狀況良好。但是，由於我們可以透過目前系統實現 FSD（全自動駕駛），如果我們引入全自動駕駛——特斯拉 FSD 晶片 2，這實際上會分散我們的注意力，因為它會讓我們在軟體上倒退很多。軟體是實現完全自動駕駛的關鍵途徑。

So I wouldn't worry too much about that. That's not a -- that's an improvement but not a game changer, the FSD 2. Getting the software to work and getting all the neural nets to be video, that's the game changer.

所以我不會太擔心這個。FSD 2 不是一個進步，而是一個改變遊戲規則的技術。讓軟體運作起來，讓所有的神經網路都變成視頻，這才是改變遊戲規則的技術。

Our next question will come from Emmanuel Rosner with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Emmanuel Rosner。

My first question is about your in-house cell manufacturing efforts. So in addition to building up capacity, some of the goals you highlighted was to cut the pricing or the cost by about 50%, boost the range by about 50% over a number of years. So wanted to know if your initial efforts are trending in that direction. What is sort of like the time line to achieve these goals? And maybe related to this, how are you thinking about the time line for the cheaper Tesla, the entry model, eventually?

我的第一個問題是關於你們內部電池製造工作。因此，除了提高產能之外，您強調的目標之一是將價格或成本降低約 50%，並在幾年內將範圍擴大約 50%。所以想知道你最初的努力是否朝著這個方向發展。實現這些目標的時間表是怎樣的？也許與此相關，您最終如何考慮更便宜的特斯拉入門車型的時間表？

I mean I think we feel very confident about achieving those targets, let's say, over a 3-year time frame. I don't know. Drew? It's not like year 1. So 3, maybe 4 years, give ourselves a little room. But for 3 or 4 years, I'd say, yes.

我的意思是，我認為我們對在三年內實現這些目標非常有信心。我不知道。德魯？這不像第一年。所以第三年，也許四年，給我們自己一點空間。但我會說，3 到 4 年後，是的。

We put together the trajectory in the Battery Day, and we're on that trajectory still. I think that's probably the best reference for the cost trajectory that we are on.

我們在電池日上製定了發展軌跡，現在我們仍然沿著這條軌跡前進。我認為這可能是我們所處的成本軌跡的最佳參考。

Yes. We're aspiring to do better than what was presented at Battery Day, but we are confident of at least doing what we presented at Battery Day.

是的。我們渴望做得比電池日上展示的更好，但我們有信心至少能做到電池日上展示的事情。

Our next question will come from Ben Kallo with Baird.

我們的下一個問題來自貝爾德公司的本·卡洛 (Ben Kallo)。

Congrats to the whole team. So we're trying to put together all the breadcrumbs. If I remember correctly, going back 10 years, you talked about when you have a mass market car on the road, that you'd step down as CEO and be a Chief Architect. And then we have -- you're going to Hawaii and see Larry and the X.com, and I'm trying to put it all together. So there's a lot of questions there.

向整個團隊表示祝賀。因此，我們嘗試將所有線索整合在一起。如果我沒記錯的話，回顧 10 年前，您曾說過，當您的汽車在大眾市場上銷售時，您會辭去執行長一職，擔任首席架構師。然後我們——你要去夏威夷看拉里和 X.com，我正試著把這一切整合在一起。所以這裡有很多問題。

Sure. Well, I expect to be CEO of Tesla for several years. So I think there's still a lot that I'm super excited about doing. And I think it would be hard to leave a lot of these great projects halfway or partway done. So I do expect to be running the company for several years into the future.

當然。嗯，我預計擔任特斯拉執行長幾年。所以我認為還有很多事情讓我非常興奮。我認為，許多偉大的項目在完成一半或一半時就停下來是很困難的。所以我確實希望在未來幾年內繼續經營這家公司。

Now obviously, nobody is or should be CEO forever. So I don't expect to be -- like the sheer amount of work required to be CEO of Tesla is insane. And I do -- I think I do probably more -- I definitely do more technical work than is typical for a CEO. So it would be nice to have a bit more free time on my hands as opposed to just working day and night, from when I wake up to when I go to sleep 7 days a week. Pretty intense.

顯然，沒有人能夠或應該永遠擔任執行長。所以我並不期望——擔任特斯拉執行長所需的工作量是瘋狂的。我確實——我認為我做的可能更多——我做的技術工作肯定比 CEO 通常做的要多。因此，如果我能有更多的空閒時間，而不是每週 7 天從起床到睡覺都日夜工作，那就太好了。相當激烈。

So -- but I think the mission isn't over yet, and we still got a long way to go before we can really make a dent in the world on accelerating the advent of sustainable energy. I mean the goal of Tesla from beginning has been to accelerate sustainable energy. And -- but if you say like what percentage of cars on the road are electric today, it's still very, very tiny, like an order of 1% or less than 1% of the total fleet worldwide.

所以——但我認為任務尚未結束，我們還有很長的路要走，才能真正在加速永續能源的出現方面對世界產生影響。我的意思是，特斯拉從一開始的目標就是加速永續能源的發展。但是——如果你問現在路上行駛的汽車中有多少比例是電動車，這個比例仍然非常非常小，大約只有 1% 或不到全球汽車總數的 1%。

So that's still a hell of a long way to go for "on the order of 1% of the fleet is electric." There's also a tremendous way to go on solar power, although it's exciting to see the advent of very cost-competitive wind and solar and geothermal. And of course, we need a large volume of stationary battery packs.

所以，距離「大約1%的車隊使用電力」還有很長的路要走。太陽能方面也還有很長的路要走，儘管看到極具成本競爭力的風能、太陽能和地熱能的出現令人興奮。當然，我們需要大量的固定電池組。

I mean basically, the -- I mean the 3 legs of a sustainable energy future are sustainable energy generation led by solar, wind, geothermal and hydro and a few others. And I'm actually not against nuclear fusion. I actually think nuclear fusion is -- with a well-designed reactor in a situation that is not subject to bad weather or seriously bad weather is actually -- it is a good thing to do.

我的意思是，基本上，永續能源未來的三大支柱是永續能源發電，主要由太陽能、風能、地熱能、水力發電和其他一些能源組成。事實上我並不反對核融合。我實際上認為，核融合——在不受惡劣天氣或嚴重惡劣天氣影響的情況下，使用設計良好的反應器——是一件好事。

So -- and then the second thing you need is you need stationary storage. You need batteries because most renewable energy is intermittent. It doesn't -- the wind doesn't blow all the time. The sun doesn't shine all the time. So you need a lot of batteries. And it needs to be very long-lasting and high cycle life. And then you need electric transport.

所以——你需要的第二件事就是固定儲存。您需要電池，因為大多數再生能源都是間歇性的。事實並非如此——風不會一直在吹。太陽並不是一直發光。所以你需要很多電池。而且它需要非常持久且循環壽命高。然後你就需要電動交通工具。

And if you have those 3 things, we've got a very bright future with respect to energy and the environment. So still a long way to go on that. And so I'm still very much fired up to work on that.

如果具備這三點，我們在能源和環境方面就會擁有非常光明的未來。因此，在這方面還有很長的路要走。因此我仍然非常熱衷於從事這項工作。

Fantastic. And let's take the last question, please.

極好的。請讓我們回答最後一個問題。

Our last question will come from Gene Munster with Loop Ventures.

我們的最後一個問題來自 Loop Ventures 的 Gene Munster。

I was happy to see the update on the timing of Semi and had a couple of related questions. And first, since Semi trucks typically travel predictable highway miles, will Tesla Semi may be the first to achieve full autonomy?

我很高興看到 Semi 時間的更新，並且有幾個相關問題。首先，由於 Semi 卡車通常在高速公路上行駛的里程數是可預測的，特斯拉 Semi 是否會成為第一款完全自動駕駛的卡車？

I think that's quite likely, yes. Yes, I can't imagine -- I'm not sure who would be #2, but yes, it seems highly likely, yes.

是的，我認為這很有可能。是的，我無法想像——我不確定誰會是第二名，但是的，這似乎很有可能，是的。

Okay. And then the hardware...

好的。然後是硬體...

It's the exact same part numbers on the Semi based on the Tesla cars. There's no difference.

它與基於特斯拉汽車的 Semi 上的零件編號完全相同。沒有別的。

Yes. That's true, yes. As it is, we need to modify the parameters. Software parameters change for Autopilot or Full Self-Driving because it needs to know if it's in a Model 3, Model Y, Model X or Model S. And so this is -- we just need to inform the vehicle -- inform the Full Self-Driving brain that it is now in a Semi truck.

是的。是的，確實如此。既然如此，我們就需要修改參數。自動駕駛或全自動駕駛的軟體參數會發生變化，因為它需要知道它是在 Model 3、Model Y、Model X 還是 Model S 中。因此，我們只需要通知車輛——通知全自動駕駛大腦它現在是在一輛半掛卡車中。

Would it need to be retrained then as part of that?

那麼是否需要對其進行重新訓練呢？

No. I think there will be -- you have different control functions because there are turns that you could do in a regular car that you cannot do in a Semi. Like you don't want to try to parallel park this thing on the street in a city. It needs to know its limitations being a giant truck.

不。我認為會有——你有不同的控制功能，因為有些轉彎你可以在普通汽車上完成，但在半拖車上卻無法完成。就像你不想在城市街道上嘗試平行停車一樣。它需要知道作為一輛巨型卡車的限制。

Makes sense. My follow-up question was related to if you could just help us explain why battery electric will win versus hydrogen cell fuel tech.

有道理。我的後續問題是，您是否可以幫助我們解釋為什麼電池電力會勝過氫電池燃料技術。

Yes. I mean honestly, I've had this question a million times for -- just for regular vehicles, even back in the early Roadster days, even before we had the Roadster out. People were saying that somehow hydrogen is going to be a better means of energy storage in a car than batteries. And it was like this is just really not the case.

是的。我的意思是，說實話，對於普通車輛，我已經問過這個問題無數次了，甚至在 Roadster 早期，甚至在 Roadster 推出之前。人們說，氫氣將成為比電池更好的汽車儲能方式。但事實似乎並非如此。

Hydrogen is a very -- it's #1 in the periodic table. It's got very low density. It's got low density as liquid, like styrofoam-level density as liquid. And then it's only liquid very close to absolute 0. So you have to have a -- it's really not realistic to keep it as liquid. You want to have it as a high-pressure gas that has even lower density. So you need a gigantic fuel tank volumetrically, and it's got to be very high pressure. It's a big pain in the ass basically.

氫是一種非常——它在元素週期表中排名第一的元素。它的密度非常低。它的密度像液體一樣低，就像泡沫塑膠一樣，是液體的密度。然後它就只是非常接近絕對零度的液體。所以你必須有一個——讓它保持液態真的是不現實的。您希望它成為一種密度更低的高壓氣體。因此，你需要一個容量龐大的燃料箱，而且它的壓力必須非常高。這確實是一件非常痛苦的事情。

If somebody is going to say use an ultimate chemical energy storage mechanism to hydrogen, I'd say just use propane or something like that or methane or -- those will be way better than hydrogen. And then having it be a fuel cell just adds even further complications to the situation. It's just crazy basically.

如果有人要說使用氫的終極化學能儲存機制，我會說只使用丙烷或類似的東西或甲烷或 - 這些會比氫好得多。然後將其用作燃料電池只會使情況變得更加複雜。這根本就是瘋狂的。

And we're extremely confident that we could do a long-range trucking with batteries. The math works out. You don't -- if you could just like take, say, what hours per kilogram of currently available cells and say, okay, how much -- what weight would you need to go, let's say, 500 miles and to what degree does that affect your payload and it's like, okay, you could do this. If you do it right, you basically have no effect on your payload or almost nothing, and you can have a long-range truck.

我們非常有信心利用電池實現長途運輸。數學計算出來了。你不需要——如果你能計算出，比如說，目前每公斤可用的電池需要多少小時，然後說，好吧，你需要多少重量才能行駛，比如說 500 英里，以及這對你的有效載荷有何影響，好吧，你可以這樣做。如果你做得正確，那麼對你的有效載荷基本上沒有影響或幾乎沒有影響，而且你可以擁有一輛長距離卡車。

I mean, Jerome, do you want to add to that?

我的意思是，傑羅姆，你想補充嗎？

I agree with you. And we see also an increase on the regionalization of trucks. And I think it will be perfect. The Tesla Semi will be perfect for it, yes. And yes, I'm very -- I'm looking forward to having some additional ones on the road very soon.

我同意你的看法。我們也看到卡車區域化程度有所提升。我認為這將是完美的。是的，特斯拉 Semi 非常適合它。是的，我非常——我期待很快能有更多的人上路。

But basically, we do not see any issues with creating a compelling long-range truck with batteries. The problem with cell supply -- cell supply is the only thing. Cell supply, yes.

但基本上，我們認為製造一輛引人注目的帶電池的長距離卡車沒有任何問題。電池供應的問題—電池供應是唯一的問題。電池供電，是的。

It's going to be awesome.

這將會非常棒。

Yes.

是的。

All right. Thank you very much. And unfortunately, that's all the time we have today. So thanks for all of your great questions, and we will speak to you again in about 3 months. Thank you.

好的。非常感謝。不幸的是，我們今天的時間就這麼多了。非常感謝您提出的所有重要問題，我們將在大約 3 個月後再次與您聯繫。謝謝。

Thanks so much. Bye.

非常感謝。再見。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。