特斯拉 (TSLA) 2020 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Tesla Q3 2020 Financial Results and Q&A Webcast. (Operator Instructions)

女士們，先生們，感謝你們的支持，歡迎收聽特斯拉 2020 年第三季度財務業績和問答網絡直播。 （操作員說明）

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

我現在想將會議交給您的發言人，投資者關係高級總監 Martin Viecha 先生。請繼續，先生。

Thank you, Sherry, and good afternoon, everyone, and welcome to Tesla's Third Quarter 2020 Q&A Webcast. I'm joined today by Elon Musk, Zachary Kirkhorn and a number of other executives. Our Q3 results were announced at about 1 p.m. Pacific Time in the update deck we published at the same link as this webcast.

謝謝雪莉，大家下午好，歡迎收聽特斯拉 2020 年第三季度網絡直播。今天，埃隆·馬斯克、扎卡里·柯克霍恩和其他一些高管加入了我的行列。我們在下午 1 點左右公佈了第三季度的業績。我們在與此網絡廣播相同的鏈接上發布的更新平台中的太平洋時間。

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. (Operator Instructions)

在這次電話會議中，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。由於許多風險和不確定性，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性，實際事件或結果可能存在重大差異。 （操作員說明）

But before we jump into the Q&A, Elon has some opening remarks. Elon?

但在我們進入問答環節之前，埃隆有一些開場白。埃隆?

Thanks, Martin. All right. So Q3 was our best quarter in history. We achieved record production and deliveries, record revenue, record net income, both GAAP and non-GAAP, and record free cash flow of $1.4 billion. This is really due to the amazing execution by the Tesla team. I could not be more proud to work with such a great group of people. Just really (expletive) performance across -- throughout the world.

謝謝，馬丁。好的。所以第三季度是我們歷史上最好的季度。我們實現了創紀錄的生產和交付、創紀錄的收入、創紀錄的 GAAP 和非 GAAP 淨收入，以及創紀錄的 14 億美元的自由現金流。這真的要歸功於特斯拉團隊的驚人執行力。能與這樣一群優秀的人一起工作，我感到無比自豪。只是真的（咒罵）在世界各地的表現。

Of course, we had our Battery Day. So we hosted -- showed our plans for how we can expand in the future and improve core battery technology, core cell technology at the form factor level, chemistry level and I think most significantly at the manufacturing technology level. There's only -- a comment I made in the past is that I think Tesla's long-term competitive strength will be primarily manufacturing. This is counterintuitive, but I'm quite confident this will be what happens.

當然，我們有我們的電池日。因此，我們主持了 - 展示了我們未來如何擴展和改進核心電池技術、形狀因子級別的核心電池技術、化學級別的計劃，我認為最重要的是製造技術級別。只有——我過去發表的評論是，我認為特斯拉的長期競爭優勢將主要是製造。這是違反直覺的，但我很有信心這將會發生。

All right. So we presented what the team has been working on for a long time with batteries. We wanted to step back and really rethink batteries from scratch. First principles thinking, just look at it from fundamental physics and say what -- rather than compare to other products in the market, just say from a physics standpoint, if you -- what's the limit of physics? What's the platonic idea of a perfect cell and how close can we get there? And that was our aspiration. And I think we've got a pretty good approach to it, which will only get better over time. And we went through all of the interesting solutions for every important part of battery design and production. And we'll continue to iterate on that and just recursively improve the core cell and battery technology.

好的。因此，我們展示了團隊長期以來一直在研究的電池。我們想退後一步，從頭開始重新思考電池。第一原理思維，從基礎物理學看它，然後說什麼——而不是與市場上的其他產品相比，只是從物理學的角度說，如果你——物理學的極限是什麼？完美細胞的柏拉圖式想法是什麼？我們離那裡有多近？這就是我們的願望。而且我認為我們有一個很好的方法，它只會隨著時間的推移變得更好。我們為電池設計和生產的每個重要部分都提供了所有有趣的解決方案。我們將繼續對此進行迭代，並遞歸地改進核心電池和電池技術。

The result, we think, in a few years, will be batteries that cost half as much and where the capital expenditures required are 1/3 or less of what they are today. And we expect Giga Berlin will see our first battery cell production line at scale.

我們認為，結果是，在幾年內，電池的成本將降低一半，所需的資本支出將是現在的 1/3 或更少。我們預計 Giga Berlin 將看到我們的第一條電池生產線規模化。

Regarding the Full Self-Driving beta release. The Autopilot team, again, just a really all-star team. I spent a lot of time with the Autopilot team. And there's a lot of really talented people in that team who've worked incredibly hard to make the -- to get the beta release out. So I'd just really like to thank them for their hard work. And it's just a very smart group of people. So I think we're starting very slow and very cautiously because the world is a complex and messy place. And so we're -- we put it out there last night, and then we'll see how it goes and then probably release it to more people this weekend or early next week. And then just gradually step it up until we have, hopefully, a wide release by the end of this year.

關於完全自動駕駛測試版。 Autopilot 團隊再次成為一支真正的全明星團隊。我花了很多時間在 Autopilot 團隊。在那個團隊中有很多非常有才華的人，他們非常努力地製作 - 以發布測試版。所以我真的很想感謝他們的辛勤工作。這只是一群非常聰明的人。所以我認為我們的起步非常緩慢且非常謹慎，因為世界是一個複雜而混亂的地方。所以我們 - 我們昨晚把它放在那裡，然後我們會看看它是如何進行的，然後可能會在本週末或下周初將它發布給更多人。然後逐漸加大力度，直到我們有望在今年年底前廣泛發布。

And of course, as the system collects more data and -- it becomes more robust. So it's sort of like how does Google as a search engine get better. It's because everyone is programming it by asking questions all the time and clicking on particular links. So it's got this great feedback loop, and that makes it an extremely effective search engine. It's the same thing for autonomy. Having on the order of 1 million cars that are providing feedback and specifically feedback on strange corner case situations that you just can't even come up with in simulation, this is the thing that is really valuable. It's not like the obvious stuff, obvious stuff you can do in simulation. But weird corner cases, only a reality can give you that. So that's -- but we're able to say, okay, we need to train the system on this corner case situation and look for examples so we can then try it against those examples and improve some very esoteric corner cases.

當然，隨著系統收集更多數據並且——它變得更加健壯。所以這有點像谷歌作為一個搜索引擎是如何變得更好的。這是因為每個人都在通過一直提問和點擊特定鏈接來編程。所以它有這個很棒的反饋循環，這使它成為一個非常有效的搜索引擎。自治也是一樣。擁有大約 100 萬輛汽車提供反饋，特別是針對您甚至無法在模擬中提出的奇怪極端情況的反饋，這才是真正有價值的東西。它不像顯而易見的東西，你可以在模擬中做的明顯的東西。但是奇怪的極端情況，只有現實可以給你。所以這就是 - 但我們可以說，好吧，我們需要在這種極端情況下訓練系統並尋找示例，然後我們可以針對這些示例進行嘗試並改進一些非常深奧的極端情況。

And it's also important to emphasize that this is a generalized neural net-based approach. There is no need for high-definition maps or a cellphone connection. So the car -- the system is designed such that even if you have no connectivity whatsoever and you're in a place that you have never been to before and no Tesla has ever been there, the car should still be able to drive, just like a person. That is the system that we are developing and aiming to release this year.

同樣重要的是要強調這是一種基於神經網絡的廣義方法。無需高清地圖或手機連接。所以汽車——系統的設計是這樣的，即使你沒有任何連接，而且你在一個你以前從未去過的地方，也沒有特斯拉去過那裡，汽車應該仍然可以駕駛，只是像一個人。這就是我們正在開發併計劃在今年發布的系統。

Then in terms of capacity build out, we're making progress on 3 major factories. We're continuing to expand Shanghai significantly, which is going incredibly well. The Tesla China team is just, I mean, incredibly good. Super smart, work hard. It's like I'm always amazed by how much progress the Tesla China team makes. It's beyond all reasonable expectations.

然後在產能建設方面，我們正在三個主要工廠取得進展。我們正在繼續顯著擴展上海，進展非常順利。我的意思是，特斯拉中國團隊非常出色。超級聰明，努力。就好像我總是對特斯拉中國團隊取得的進步感到驚訝。這超出了所有合理的預期。

And then we're under construction in Berlin and Texas -- and Austin. So we're also making good progress there. Yes. Good. It's overall going well. I should make a point that for Berlin and Austin, we do expect to start delivering cars from those factories next year. But because of the exponential nature of the spool up of a manufacturing plant, especially one with new technology, it will start off very slow at first and then become very -- upward, will become very large. Just in general, manufacturing follows the S-curve. And I think sometimes, people, if they haven't spent a lot of time manufacturing, kind of think that once you have a factory, you can just sort of turn it on and it's at capacity. But it will typically take about 12 to 18 months to reach capacity. And that is a very fast period of time, especially for new technology. So yes, I'd say 12 to 24 months even.

然後我們正在柏林和德克薩斯州 - 以及奧斯汀建設。所以我們在那裡也取得了良好的進展。是的。好的。整體進展順利。我應該指出，對於柏林和奧斯汀，我們確實希望明年開始從這些工廠交付汽車。但是，由於製造工廠，尤其是採用新技術的工廠，它具有指數級的特性，一開始會非常緩慢，然後變得非常 - 向上，會變得非常大。總的來說，製造遵循 S 曲線。而且我有時認為，如果人們沒有花很多時間製造，就會認為一旦你有了工廠，你就可以打開它，它就處於產能狀態。但通常需要大約 12 到 18 個月才能達到產能。這是一個非常快的時期，尤其是對於新技術而言。所以是的，我什至會說 12 到 24 個月。

So generally, what I see is the manufacturing capacity is underestimated in the beginning for quite some time. Then it is sometimes overestimated because this is an S-curve. It goes exponential to linear to logarithmic. And it's actually an incredibly hard thing just bringing a production plant up to volume technology.

所以總的來說，我看到的製造能力在相當長的一段時間內一開始就被低估了。然後它有時會被高估，因為這是一個 S 曲線。它從指數到線性再到對數。僅僅將生產工廠引入批量技術實際上是一件非常困難的事情。

If -- because you can actually think of it like you've got, through first-order approximation, 10,000 unique parts or processes, all of which operate on an S-curve and -- with a bunch of uncertainty, and you can just slide 10,000 S-curves on an X-axis, and that's what bringing up a large automotive plant is like. And which one is the laggard, which one is the leader, it's very difficult to tell, and it's constantly changing. So it's really one of the most difficult challenges I've ever seen.

如果——因為你實際上可以通過一階近似來想像它，有 10,000 個獨特的零件或過程，所有這些都在 S 曲線上運行，並且——帶有一堆不確定性，你可以在 X 軸上滑動 10,000 個 S 曲線，這就是建立大型汽車工廠的情況。而哪一個是落後者，哪一個是領先者，很難說清楚，而且還在不斷變化。所以這真的是我見過的最困難的挑戰之一。

So let's see. In conclusion, thank you. What we've achieved would not be possible without the incredible hard work of tens of thousands of Tesla employees and all people at our suppliers as well. I'd like to thank our suppliers. We continue to grow as fast as we can while focusing on cost control and improving quality. And ultimately, the best company will be that which makes great products at an affordable price, and that's our goal. I think I've never felt more optimistic about the future of Tesla than I do today. I'd also like to thank investors who have stuck with us through thick and thin. This is -- I think there's a lot more good stuff to come.

那麼讓我們看看。最後，謝謝。如果沒有數以萬計的特斯拉員工以及我們供應商的所有人的辛勤工作，我們就不可能取得今天的成就。我要感謝我們的供應商。我們繼續以最快的速度增長，同時專注於成本控制和提高質量。最終，最好的公司將以可承受的價格生產出優質的產品，這就是我們的目標。我想我從來沒有像今天這樣對特斯拉的未來感到更加樂觀。我還要感謝與我們同甘共苦的投資者。這是 - 我認為還有很多好東西要來。

All right. With that, we can move to questions.

好的。有了這個，我們可以提出問題。

Thank you, Elon. I think our CFO, Zachary Kirkhorn, has some opening remarks as well.

謝謝你，埃隆。我認為我們的首席財務官 Zachary Kirkhorn 也有一些開場白。

Okay. Sure.

好的。當然。

Yes. Thanks, Martin. Overall, our financial health continues to rapidly improve with Q3 being another great quarter on nearly all dimensions, as Elon has mentioned. On net income, we achieved our fifth sequential quarter of profitability, our best net income, and nearly double-digit operating margins.

是的。謝謝，馬丁。總體而言，正如埃隆所言，我們的財務狀況繼續迅速改善，第三季度幾乎在所有方面都是另一個出色的季度。在淨收入方面，我們實現了連續第五個季度的盈利能力、最佳淨收入和近兩位數的營業利潤率。

Two things that are important to note to set context for Q3 profitability. First, the regulatory credits business was stronger than our expectations, and we are tracking to more than double this year compared to last. Second, as a result in the rise of the market cap of the company, the second and third tranche of the CEO grant vested during the quarter. Additionally, we have begun expensing 1 more tranche, resulting in roughly $300 million of combined period expense.

為第三季度的盈利能力設定背景需要注意兩件事。首先，監管信貸業務強於我們的預期，今年我們將比去年增長一倍以上。其次，由於公司市值的上升，第二、三期的 CEO 津貼於本季度歸屬。此外，我們已經開始另外支付 1 檔費用，從而產生大約 3 億美元的合併期間費用。

I think it's reasonable to view the quarter excluding both these items to get a true sense of the health of the core business.

我認為將本季度排除在這兩個項目之外以真正了解核心業務的健康狀況是合理的。

On automotive gross margin, including regulatory credits, it increased materially from 18.7% to 23.7%, with some of our programs achieving greater than 25% gross margin. Keep in mind that inefficiencies related to factory shutdowns affected our margins in Q2. We continue to reduce our manufacturing and operational costs. We are also seeing benefits from the ongoing upward trend of locally built and delivered cars, which has increased from under 50% at the beginning of last year to over 70% most recently, which is a core component of our cost reduction strategy. We are also seeing financial benefits from improved vehicle reliability across the feet -- across the fleet.

在包括監管信貸在內的汽車毛利率方面，它從 18.7% 大幅增長至 23.7%，我們的一些項目的毛利率超過 25%。請記住，與工廠關閉相關的低效率影響了我們第二季度的利潤率。我們繼續降低製造和運營成本。我們還看到本地製造和交付汽車的持續上升趨勢從中受益，該趨勢已從去年年初的不到 50% 增加到最近的 70% 以上，這是我們降低成本戰略的核心組成部分。我們還看到整個車隊的車輛可靠性提高帶來的財務收益。

Services and other margin approved yet again, driven by our used vehicle business and efficiencies in our service operations. In the Energy business, we achieved record storage deployments, aided by the positive reception of the Megapack and Powerwall products as production and deployments grow. Additionally, our solar deployments doubled, and we're continuing to make progress on that front.

在我們的二手車業務和服務運營效率的推動下，服務和其他利潤再次獲得批准。在能源業務中，我們實現了創紀錄的存儲部署，這得益於隨著生產和部署的增長對 Megapack 和 Powerwall 產品的積極接受。此外，我們的太陽能部署翻了一番，我們將繼續在這方面取得進展。

On cash flows, our cash balance increased to $14.5 billion, which includes free cash flows of $1.4 billion, our highest yet. Our operating cash flows were $2.4 billion, including a $600 million benefit from working capital as we've made progress on days of receivables and inventory despite a reduction in days of payables. Note that the majority of our operating cash flows are driven by the strengthening of our core operations.

在現金流方面，我們的現金餘額增加到 145 億美元，其中包括 14 億美元的自由現金流，是我們迄今為止的最高水平。我們的經營現金流為 24 億美元，其中包括 6 億美元的營運資金收益，因為我們在應收賬款和庫存天數方面取得了進展，儘管應付賬款天數有所減少。請注意，我們的大部分經營現金流是由加強我們的核心業務推動的。

Capital expenses grew to $1 billion, driven by Model Y investments in Shanghai, Berlin and Austin. As were previous investments in Model 3 Shanghai and Model Y in Fremont, we're expecting these programs to have already fully paid for their respective investments by the end of this year.

在上海、柏林和奧斯汀的 Model Y 投資推動下，資本支出增至 10 億美元。與之前對上海 Model 3 和弗里蒙特 Model Y 的投資一樣，我們預計這些項目將在今年年底前全額支付各自的投資。

Looking forward to 2021 and 2022, we have revised up our expectations for capital spending by $2 billion to $2.5 billion, which we have ample liquidity and expected cash flows to fund. This is driven by an increase in in-source scope for certain factories, including battery cell manufacturing as well as investments to enable greater capacity expansion in the future. While we expect the return on our investments to remain very strong, keep in mind that with additional scope and location-specific costs, the payback of these investments may be slightly longer than what we saw in Model 3 in Shanghai and Model Y in Fremont.

展望 2021 年和 2022 年，我們將資本支出預期上調了 20 億美元至 25 億美元，我們有充足的流動性和預期的現金流來提供資金。這是由於某些工廠的源內範圍增加，包括電池製造以及為實現未來更大的產能擴張而進行的投資。雖然我們預計我們的投資回報將保持非常強勁，但請記住，加上額外的範圍和特定地點的成本，這些投資的回報可能會略長於我們在上海的 Model 3 和弗里蒙特的 Model Y 中看到的回報。

Financing cash flows were $4.5 billion as we reduced use of our working capital lines, offset by a $5 billion equity raise in September. Note that we're currently expecting over $1 billion in early convert paydowns in Q4, primarily associated with the 2021 conversions, but also our 2022 and 2024.

由於我們減少了營運資金額度的使用，融資現金流為 45 億美元，但被 9 月份的 50 億美元股權融資所抵消。請注意，我們目前預計第四季度的早期轉換收益將超過 10 億美元，主要與 2021 年的轉換相關，但也與我們的 2022 年和 2024 年相關。

Looking forward, we remain focused on strengthening the core fundamentals of the business. We are increasing production to meet demand, reducing costs, including localization, driving higher efficiency across the business and tightening our cash conversion cycle. We've made tremendous progress on this front over the last 1.5 years. We're also aiming to achieve our original 2020 guidance of 500,000 deliveries despite the operational interruptions earlier in the year. While this goal remains a genuine challenge, we believe it's possible with tight execution across the company.

展望未來，我們將繼續專注於加強業務的核心基礎。我們正在增加產量以滿足需求，降低成本，包括本地化，提高整個業務的效率並收緊我們的現金轉換週期。在過去的 1.5 年裡，我們在這方面取得了巨大的進步。儘管今年早些時候運營中斷，但我們還計劃實現我們最初的 2020 年交付量 500,000 次的指導。雖然這個目標仍然是一個真正的挑戰，但我們相信通過整個公司的嚴格執行是可能的。

So congratulations again to the Tesla team for a great quarter and a great year. I'll hand it over to RJ Johnson, who joined Tesla earlier in the year and is leading our Energy business for a few comments.

因此，再次祝賀特斯拉團隊度過了一個偉大的季度和偉大的一年。我將把它交給今年早些時候加入特斯拉並領導我們的能源業務的 RJ Johnson 發表一些評論。

Thank you, Zach. First, I'd like to also thank and congratulate the team on a job well done. Q3 was a strong quarter for the Energy business, and we're poised for continued strong growth in Energy storage and solar. Megapack is going to be a large growth segment for the business, and deployments will continue to expand rapidly as the product reaches full capacity. We have more demand than supply through 2021, and we continue to ramp the product to match unprecedented demand across the globe through 2023 and beyond. Our order book is rapidly filling up through 2023 in a multiple gigawatt-hour scale.

謝謝你，扎克。首先，我還要感謝並祝賀團隊出色地完成了工作。第三季度是能源業務強勁的季度，我們準備好在儲能和太陽能方面繼續強勁增長。 Megapack 將成為該業務的一個巨大增長部分，隨著產品達到滿負荷，部署將繼續迅速擴大。到 2021 年，我們的需求大於供應，我們將繼續增加產品，以滿足到 2023 年及以後全球前所未有的需求。到 2023 年，我們的訂單將迅速填滿，達到數千兆瓦時的規模。

Large-scale solar plus storage is now more cost-effective than traditional fossil fuel generation in many locations across the globe. This trend will continue as we remove cost, which will further displace existing and new fossil fuel generation. This is true for stand-alone storage as well.

在全球許多地方，大規模的太陽能加儲能現在比傳統的化石燃料發電更具成本效益。隨著我們消除成本，這一趨勢將繼續下去，這將進一步取代現有和新的化石燃料發電。對於獨立存儲也是如此。

Many customers are utilizing Autobidder to maximize returns as we optimize our hardware and software with advanced real-time bidding strategies that continue to outperform the market where deployed. For Powerwall, we see continued strong demand for residential storage as customers seek increased reliability and backup home generation. We have a very large backlog of Powerwall orders, and we continue to invest to increase capacity to fulfill customer orders. We're just now capturing the full power of customer-sited solar plus storage as customers in some jurisdictions are providing services back to the grid when they don't need to consume energy or have backup power. This has massive potential to reduce system cost and make the grid more efficient globally.

許多客戶正在使用 Autobidder 來最大化回報，因為我們使用先進的實時競價策略優化我們的硬件和軟件，這些策略繼續優於所部署的市場。對於 Powerwall，隨著客戶尋求更高的可靠性和備用家庭發電，我們看到對住宅存儲的持續強勁需求。我們有大量積壓的 Powerwall 訂單，我們將繼續投資以提高滿足客戶訂單的能力。我們現在剛剛獲得了客戶所在地太陽能加存儲的全部電力，因為一些司法管轄區的客戶在不需要消耗能源或擁有備用電源時將服務提供回電網。這具有降低系統成本和提高全球電網效率的巨大潛力。

In the United States, we lowered our residential solar retrofit price to $1.49 a watt after tax incentives, which is the lowest in the industry. We're able to do this by leveraging our online vehicle ordering infrastructure, which substantially reduces the soft costs associated with sales and marketing. As a result, our fixed costs remained relatively flat as our volume and efficiency increase, leading to increased profitability in the retrofit business. We're using the same methodology across the entire Energy business, including service, to capitalize on the technology backbone of the company.

在美國，我們在稅收優惠後將住宅太陽能改造價格降至每瓦 1.49 美元，這是業內最低的。我們能夠通過利用我們的在線車輛訂購基礎設施來做到這一點，這大大降低了與銷售和營銷相關的軟成本。因此，隨著數量和效率的提高，我們的固定成本保持相對平穩，從而提高了改造業務的盈利能力。我們在整個能源業務（包括服務）中使用相同的方法，以利用公司的技術骨幹。

Solar Roof is especially exciting as we've gained significant experience over the last year in the installation process, which is a key enabler to scale the business. We've recently demonstrated our ability to complete Solar Roof installation in just 1 day. Please note, this still requires 1 to 2 days to remove the existing roof and prepare it for the Solar Roof installation. Clearly, there will be a range of installation times based on size, complexity, weather and other factors. Overall, our reduced installation time provides a better customer experience and will enable the business to grow exponentially as scale effects allow for increased efficiency.

太陽能屋頂特別令人興奮，因為我們在去年的安裝過程中獲得了豐富的經驗，這是擴大業務的關鍵推動力。我們最近展示了我們在 1 天內完成太陽能屋頂安裝的能力。請注意，這仍然需要 1 到 2 天才能拆除現有屋頂並為安裝太陽能屋頂做好準備。顯然，根據尺寸、複雜性、天氣和其他因素，會有一系列的安裝時間。總體而言，我們縮短的安裝時間提供了更好的客戶體驗，並且隨著規模效應提高效率，業務將呈指數級增長。

In closing, we believe the Energy segment is poised for a strong growth as we continue to focus on increasing scale while reducing cost to maximize profitability. I want to thank the team again for their hard work, and I look forward to another strong quarter ahead of us.

最後，我們相信能源部門有望實現強勁增長，因為我們將繼續專注於擴大規模，同時降低成本以最大限度地提高盈利能力。我要再次感謝團隊的辛勤工作，我期待著我們面前又一個強勁的季度。

Thank you very much, everyone. And let's begin with questions from say.com. The first question from retail shareholders is, is Tesla planning to start 4680 cell production at Giga Berlin at the same time as vehicle production? Can Tesla share more information on what products will use the battery cells from the pilot line in Fremont?

非常感謝大家。讓我們從 say.com 的問題開始。零售股東的第一個問題是，特斯拉是否計劃在生產汽車的同時在柏林 Giga 開始生產 4680 電池？特斯拉能否分享更多關於哪些產品將使用弗里蒙特試驗線的電池的信息？

Yes. Drew, do you want to take that?

是的。德魯，你要接受嗎？

Sure. Yes, we will incorporate 4680 design solutions into many applications in time across both energy and vehicle. And we can use our pilot production facility in Fremont to support the new factory in Berlin as it ramps.

當然。是的，我們將及時將 4680 設計解決方案整合到能源和車輛的許多應用中。我們可以使用我們在弗里蒙特的試點生產設施來支持柏林的新工廠，因為它正在加速擴建。

Thank you very much. Let's go to the next question, which is question #2 from retail shareholders. Does Tesla's tabless cell design allow for significantly higher peak charging rates? Does it improve the required taper curve?

非常感謝你。讓我們轉到下一個問題，即散戶股東的問題 2。特斯拉的平板電池設計是否允許顯著更高的峰值充電率？它是否改善了所需的錐度曲線？

Yes. The fundamental limitation on charge rate in lithium-ion batteries is avoiding lithium plating on the anode. And while the tabless architecture helps avoid overheating because it's a more power-dense architecture at high continuous charge rates, it doesn't change the anode plating story. Electro design and anode material choice more directly determines the maximum charge rate and how to avoid that lithium plating problem.

是的。鋰離子電池充電速率的基本限制是避免在陽極上鍍鋰。雖然 tables 架構有助於避免過熱，因為它是一種在高連續充電率下功率密度更高的架構，但它不會改變陽極電鍍的故事。電設計和負極材料的選擇更直接地決定了最大充電率以及如何避免鍍鋰問題。

Okay. Thank you very much. The third question from retail is, would FSD be able to be transferred to our next vehicle or pay a transfer fee? It would add a broad -- it would add to brand loyalty the same way gaming companies and cellphone companies keep you in their ecosystem by letting you transfer purchases to upgraded hardware.

好的。非常感謝你。零售業的第三個問題是，FSD 是否能夠轉移到我們的下一輛車或支付轉移費？它將增加一個廣泛的範圍——它會增加品牌忠誠度，就像遊戲公司和手機公司通過讓你將購買轉移到升級的硬件來讓你留在他們的生態系統中一樣。

Yes. I think we'll give it some thought.

是的。我想我們會考慮一下。

Okay. The fourth question is, what are the remaining constraints to be solved for Solar Roof installations to ramp significantly? Carl?

好的。第四個問題是，太陽能屋頂安裝大幅增加還需要解決哪些限制？卡爾?

Yes. I'm Carl Peterson. I'm on the Solar Roof engineering and installation. The biggest constraint right now in Solar Roof ramp is getting enough installers on board and trained and experienced. We've made a lot of progress on this in Q3, and we're continuing to hire. The next opportunity is improving the material flow on the job site. We've talked about this a lot in the factory as well that setting up the right packaging, kitting so that every installer on the roof has the parts they need at their fingertips. Also, we've had great response from third-party roofing contractors as they're ramping up installations for Solar Roof on their customer homes, which is a big source of future growth.

是的。我是卡爾·彼得森。我在太陽能屋頂工程和安裝。太陽能屋頂坡道目前最大的限制是讓足夠多的安裝人員上車並接受過培訓和經驗豐富。我們在第三季度在這方面取得了很大進展，我們將繼續招聘。下一個機會是改善工作現場的物料流。我們在工廠裡也討論過很多關於設置正確的包裝和配套的問題，以便屋頂上的每個安裝人員都能輕鬆獲得所需的零件。此外，我們也得到了第三方屋頂承包商的積極響應，因為他們正在他們的客戶家中增加太陽能屋頂的安裝，這是未來增長的重要來源。

Thank you, Carl.

謝謝你，卡爾。

Yes. I mean here's the way to think about that product, in my opinion. You have to say, I think, what do you want the world to look like? When you look around the neighborhood in the future, decade from now, what do you want? What products are going to make your life better? What future do you want? And I think a future where we've got beautiful roofs with -- generating energy that are tough and resilient and better in every way than a regular roof and alive with energy, that's the future we want. Solar Roof is a killer product. This will become obvious next year.

是的。我的意思是，在我看來，這是思考該產品的方式。你不得不說，我想，你想要這個世界是什麼樣子？未來十年，當你環顧附近時，你想要什麼？哪些產品會讓你的生活更美好？你想要什麼樣的未來？我認為未來我們擁有美麗的屋頂——產生的能源比普通屋頂更堅固、更有彈性，在各方面都比普通屋頂更好，而且充滿活力，這就是我們想要的未來。太陽能屋頂是一個殺手級產品。這將在明年變得明顯。

Thank you. And the last question from retail shareholders is, you recently referred to Tesla as a conglomerate of start-ups. Other than manufacturing electric cars, what do you suppose will be the most valuable business units within Tesla over the next 5 to 7 years? Could you envision any of them ever spinning out from Tesla?

謝謝你。零售股東的最後一個問題是，您最近將特斯拉稱為初創企業集團。除了製造電動汽車，您認為未來 5 到 7 年特斯拉內部最有價值的業務部門是什麼？你能想像它們中的任何一個會從特斯拉中分離出來嗎？

Well, yes, as I think about this today, I mean Tesla is probably -- there's in excess of a dozen start-ups effectively in Tesla. Every major product line is a start-up. Every new -- big new plant is a start-up. And sometimes, frankly, we have to learn the lesson a few times before it sinks in. But even things like service and sales are start-ups. Other car companies, OEMs, they don't own their sales and service. So we have to create our service network. We have to create our sales and delivery network. We have to do this in, I don't know, 40 countries, multiple languages. Something that people don't really even know much about is our internal applications team that writes the core technology that runs the company.

嗯，是的，當我今天想到這一點時，我的意思是特斯拉可能 - 特斯拉實際上有十多家初創公司。每個主要產品線都是初創公司。每一個新的——大的新工廠都是一個初創企業。有時，坦率地說，我們必須在它沉入之前吸取幾次教訓。但即使是像服務和銷售這樣的事情也是初創企業。其他汽車公司、原始設備製造商，他們不擁有自己的銷售和服務。所以我們必須創建我們的服務網絡。我們必須創建我們的銷售和交付網絡。我們必須在，我不知道，40 個國家，多種語言中這樣做。人們甚至不太了解的是我們的內部應用程序團隊，他們編寫了運行公司的核心技術。

We are not dependent on enterprise software. Like for those who understand what this means, this is a very big deal. And my hat is off to the great work of the internal applications team. They are like the nervous system, the operating system of the company, the Tesla operating system, extremely fundamental. Obviously, insurance is substantial. So insurance could very well be, I don't know, 30%, 40% of the value of the car business, frankly. And as we've talked about before, with a much better feedback loop, instead of being statistical, it can be specific. And obviously, somebody does not have to choose our insurance. But I think a lot of people will. It's going to cost less and be better, so why wouldn't you?

我們不依賴於企業軟件。對於那些了解這意味著什麼的人來說，這是一件大事。我對內部應用程序團隊的出色工作表示敬意。它們就像神經系統，公司的操作系統，特斯拉的操作系統，極其基礎。顯然，保險是可觀的。因此，坦率地說，我不知道，保險很可能佔汽車業務價值的 30% 或 40%。正如我們之前談到的，有了更好的反饋循環，它可以是具體的，而不是統計的。顯然，不必有人選擇我們的保險。但我想很多人都會。它會花費更少並且更好，那你為什麼不呢？

And the whole autonomy thing is a start-up. The computer chip was -- designing our computer chips was a start-up. Obviously, cells are a start-up. Designing and making our own power electronics for the drive units, designing, manufacturing our own motors. Chargers, the Supercharger network is a start-up. The thing, I think, that people just don't really understand about Tesla is that it's a whole chain of start-ups. And they're like, well, you didn't do that before. Yes, but we're doing it now. I mean I think, so far, we have not -- we've maybe been a bit slow with some of the start-ups, but I don't think we've had any of them fail. So, so far, so good. No plans to spin anything out. That just sounds like added complexity.

整個自治是一個初創公司。計算機芯片是——設計我們的計算機芯片是一個初創公司。顯然，細胞是一個初創企業。為驅動單元設計和製造我們自己的電力電子設備，設計和製造我們自己的電機。充電器，增壓器網絡是一個初創公司。我認為，人們對特斯拉並不真正了解的是，它是一個完整的初創企業鏈。他們就像，嗯，你以前沒有這樣做。是的，但我們現在正在這樣做。我的意思是我認為，到目前為止，我們還沒有——我們可能對一些初創公司有點慢，但我認為我們沒有讓任何一家失敗。所以，到目前為止，一切都很好。沒有計劃推出任何東西。這聽起來像是增加了複雜性。

Thank you very much. Let's go through institutional investor questions. The question #1 is, as a bridge to the ride-hailing network, could you leverage the insurance product to give customers the ability to rent out their vehicles via the app, thereby enabling the car to make money for them? So basically proprietary version of Turo.

非常感謝你。讓我們來看看機構投資者的問題。問題 1 是，作為打車網絡的橋樑，您能否利用保險產品讓客戶能夠通過應用程序出租車輛，從而讓汽車為他們賺錢？所以基本上是Turo的專有版本。

We're -- I think we're going to focus on enabling the robotaxi system. So you can just basically -- like that's a sub -- that's just really quite a small subset of the overall robotaxi or robocar thing, where you can have the car be autonomous for you. You can have the car be -- share with friends and family. You can add or remove it from the network. You can have it be entirely in the network. I mean if you're an Uber or Lyft driver, you could be managing a fleet of 10 cars. This sort of seems like a shepherd tending the flock type of thing. It's like you just get more, way more leverage. So I think that's sort of -- we could do that. It wouldn't be very difficult, but we're going to just be focused on just having an autonomous network that has sort of elements of Uber, Lyft and Airbnb. Yes.

我們 - 我認為我們將專注於啟用機器人出租車系統。所以你基本上可以 - 就像那是一個潛艇 - 這只是整個機器人出租車或機器人汽車的一小部分，你可以讓汽車為你自動駕駛。您可以讓汽車成為 - 與朋友和家人共享。您可以從網絡中添加或刪除它。你可以讓它完全在網絡中。我的意思是，如果你是 Uber 或 Lyft 司機，你可以管理 10 輛汽車的車隊。這種看起來像牧羊人照料羊群的東西。這就像你得到更多，更多的影響力。所以我認為這有點——我們可以做到這一點。這不會很困難，但我們將只專注於擁有一個具有優步、Lyft 和 Airbnb 元素的自治網絡。是的。

Thank you. And the second question from institutionals is, residential energy use accounts for roughly the same magnitude of carbon emissions as road transport. Today's boilers and aircon units are profoundly unsexy. Could you elaborate on hints that HVAC advances with the Y could also find use in a domestic system?

謝謝你。來自機構的第二個問題是，住宅能源使用佔碳排放量的幅度與公路運輸大致相同。今天的鍋爐和空調機組非常不性感。您能否詳細說明 HVAC 與 Y 一起進步的暗示也可以在家庭系統中找到用途？

Yes.

是的。

Yes. Go ahead, Drew.

是的。去吧，德魯。

I was just going to say, I mean, I think one of the things we focused on with the Model Y and now Model 3 heat pump system was learning how to build a tightly integrated system capable of moving heat to and from anywhere really, powertrain, battery, cabin, the environment, in -- outside ambient temperatures, all the way down to like negative 20 C, so 30 C. And that's definitely applicable to the home needs of heating and cooling the home and the water in your house, so certainly applicable. Elon?

我只是想說，我的意思是，我認為我們在 Model Y 和現在的 Model 3 熱泵系統上關注的一件事是學習如何構建一個緊密集成的系統，能夠真正將熱量輸送到任何地方，也就是動力系統，電池，機艙，環境，在 - 外部環境溫度，一直到負 20 攝氏度，所以 30 攝氏度。這絕對適用於家庭供暖和製冷以及你家中的水的需求，所以肯定適用。埃隆?

Yes, absolutely. I think like the heat -- for heat pump in the car, being able to use the batteries both as a thermal and an electric energy reservoir is very significant. Same thing could be applied to a home with the water heater, so -- and the back of pack itself, of course. So I think there's potential for an integrated home system that kind of does power generation/storage, heating/cooling, air filtration, water purification in a really tight package. We don't actually have like a prototype or anything, but I think conceptually, that is something that would be probably good to have.

是的，一點沒錯。我認為就像熱量一樣——對於汽車中的熱泵來說，能夠將電池用作熱能和電能儲存器是非常重要的。同樣的事情也可以應用於帶有熱水器的家庭，所以——當然還有背包本身。因此，我認為集成家庭系統具有潛力，可以將發電/存儲、加熱/冷卻、空氣過濾、水淨化放在一個非常緊湊的包裝中。我們實際上沒有原型或任何東西，但我認為從概念上講，擁有它可能會很好。

Thank you. The third question from institutionals is, if meeting your long-term volume targets requires price reductions that preclude you from achieving your low double-digit stated margin targets for the auto business, will you still reduce prices accordingly?

謝謝你。來自機構的第三個問題是，如果要實現您的長期銷量目標需要降價，從而使您無法實現汽車業務的低兩位數既定利潤率目標，您還會相應地降價嗎？

Well, we want to make our cars more affordable, and it's really important to separate out affordability from value for money. If the car is too expensive or any given product is too expensive, then -- and people don't have enough money in their bank account, they simply can't buy it no matter what the value proposition is. So it is important to lower the prices in order to -- such that people can literally just have enough money to buy it. I do not think we lack for desire for our product, but we do lack for affordability. And so we have to improve the affordability of our products so they are not out of reach of people. We want to bring them more in reach over time but also improve our cost of production. Obviously, we get hopefully a little bit better every year, sometimes a lot better. And in terms of margins, all of these margins are going to look pretty comically small when you factor in autonomy.

好吧，我們想讓我們的汽車更實惠，將可負擔性與物有所值區分開來非常重要。如果汽車太貴或任何給定的產品太貴，那麼——人們的銀行賬戶裡沒有足夠的錢，無論價值主張是什麼，他們都根本無法購買。因此，降低價格很重要——這樣人們就可以真正有足夠的錢來購買它。我不認為我們缺乏對產品的渴望，但我們確實缺乏負擔能力。因此，我們必須提高產品的可負擔性，以免人們無法接觸到它們。我們希望隨著時間的推移讓它們更容易觸及，同時也提高我們的生產成本。顯然，我們希望每年都會好一點，有時會好很多。就利潤率而言，當您考慮自主權時，所有這些利潤率看起來都會非常小。

Yes. 2 things I'll add to that. Without a doubt, I mean, we're moving forward to push as much volume as we reasonably can. So Elon talked to earlier kind of how the S-curve and the time line of incremental factories looks like. And so we're moving full speed ahead with as much volume as we can reasonably move forward with. The second comment I'd make is, if you just look at the journey of the company over the last 1.5 years, we have grown volumes and grown gross margins despite a number of price reductions over that period of time, and we have cut OpEx fairly stable during that period of time as well.

是的。我要補充兩件事。毫無疑問，我的意思是，我們正在努力推動盡可能多的交易量。所以 Elon 之前談到了增量工廠的 S 曲線和時間線是怎樣的。因此，我們正在全速前進，盡可能多地推進我們可以合理地前進。我要說的第二條評論是，如果您只看公司在過去 1.5 年的發展歷程，儘管在此期間進行了多次降價，我們的銷量和毛利率都在增長，而且我們已經削減了運營支出這段時間也比較穩定。

And so the key is what Elon mentioned here. I mean we have to improve the affordability of the vehicle. We have to also continue to make progress improving the cost structure of not only COGS but of OpEx, which we've demonstrated over the last 1.5 years, I think, quite successfully, and improve the value of the vehicles at the same time. So in addition to reducing the cost of the car, we're making the cars better. And that's the formula to sell the volume. That's what we're focused on.

所以關鍵是埃隆在這裡提到的。我的意思是我們必須提高車輛的可負擔性。我們還必須繼續在改善 COGS 和 OpEx 的成本結構方面取得進展，我認為我們在過去 1.5 年中已經證明了這一點，非常成功，同時提高了車輛的價值。因此，除了降低汽車成本外，我們還讓汽車變得更好。這就是銷售量的公式。這就是我們所關注的。

Thank you very much. The fourth question from institutionals is, at what point do you expect to have enough internal or external battery capacity to start ramping up stationary storage deployments again?

非常感謝你。機構提出的第四個問題是，您希望在什麼時候有足夠的內部或外部電池容量來再次開始增加固定存儲部署？

Yes. We're ramping up stationary storage a lot. So I mean, it's approximately doubling. We expect it's approximately double next year. So that's pretty good. And hopefully, we can accelerate that in years to come.

是的。我們正在大量增加固定存儲。所以我的意思是，它大約翻了一番。我們預計明年將翻一番。所以這很好。希望我們可以在未來幾年加速這一進程。

And approximately doubling it this year, too. So the growth...

今年也大約翻了一番。所以成長...

Yes, yes, yes. I mean if you just keep doubling things, pretty soon, you hit the mass of the universe, and we'll need to start turning Jupiter into cells.

對對對。我的意思是，如果你繼續把東西加倍，很快你就會達到宇宙的質量，我們需要開始把木星變成細胞。

And the last question from institutionals is, manufacturing is hard. Delays happen. What contingencies do you have in place to ensure that bottlenecks that you might encounter while renting internal cell production will not preclude you from your ability to hit your Model Y production volume targets in Berlin and Texas?

來自機構的最後一個問題是，製造業很難。延誤發生。您採取了哪些應急措施來確保您在租用內部電池生產時可能遇到的瓶頸不會妨礙您在柏林和德克薩斯州實現 Model Y 生產量目標的能力？

Yes. So I think it's -- we're trying to derisk 2021 so that there's almost no dependency on our internal cell production. It's very, very small. The internal cell production will help us ramp in '22, but we're not dependent on it for '21.

是的。所以我認為是——我們正試圖取消 2021 年的風險，以便幾乎不依賴我們的內部電池生產。它非常非常小。內部電池生產將幫助我們在 22 年實現增長，但在 21 年我們並不依賴它。

And to derisk the manufacturing system itself, that was one of the reasons why we located our pilot production facility here in Fremont, so we can rapidly iterate on manufacturing scale-up challenges, provide rapid feedback to the design of both the product and the equipment.

為了降低製造系統本身的風險，這就是我們將試點生產設施設在弗里蒙特的原因之一，這樣我們就可以快速迭代製造規模擴大的挑戰，為產品和設備的設計提供快速反饋.

Yes. And our pilot line is pretty big as pilot lines go. It's -- it will be in the top 10 cell factories on Earth, I believe.

是的。我們的試驗線相當大，因為試驗線。它——我相信它將進入地球上排名前 10 的電池工廠。

Yes, that's true.

是的，這是真的。

Subscale one, yes, so...

子尺度一，是的，所以...

Thank you very much. And now we can go to questions from analysts online. Sherry?

非常感謝你。現在我們可以在線回答分析師的問題。雪莉酒？

(Operator Instructions) Our first question will come from Rod Lache with Wolfe Research.

（操作員說明）我們的第一個問題將來自 Wolfe Research 的 Rod Lache。

Just wanted to ask about the targets from your Battery Day. Looked like you could be approaching something like 20 million vehicles by 2030 if you hit those goals. Could you maybe share with us a little bit more of a midterm target, like where would you be by 2025? And maybe give us a little bit more insight into the investment required to get there, just to put that extra $2 billion to $2.5 billion per year into context.

只是想問一下你電池日的目標。看起來如果你實現了這些目標，到 2030 年你可能會接近 2000 萬輛汽車。你能否與我們分享更多的中期目標，比如到 2025 年你會在哪裡？也許讓我們更深入地了解實現這一目標所需的投資，只是為了把每年額外的 20 億到 25 億美元放在上下文中。

Yes. I mean I think the tricky thing with trying to predict things midway through an exponential is that if things are doubling every year or even just growing 50%, then if you shift 1 -- plus/minus 1 year, it has a huge effect on the number. So -- and it sounds like, wow, you either massively exceeded or massively undershot. But it's -- actually, what's going on is a giant S-curve. So a whole bunch of pretty big S-curves that integrate into a gigantic S-curve. So that's why it's difficult to predict the middle. And I'm not saying for sure we'll hit 20 million vehicles. But it does seem like a good goal to have because that would mean that we're replacing 1% of the global fleet per year.

是的。我的意思是，我認為試圖在指數中途預測事情的棘手之處在於，如果事情每年翻一番，甚至只是增長 50%，那麼如果你改變 1 年——加/減 1 年，它會對號碼。所以——聽起來，哇，你要么大大超過，要么大大低於。但它 - 實際上，正在發生的是一個巨大的 S 曲線。所以一大堆相當大的 S 曲線整合成一個巨大的 S 曲線。所以這就是為什麼很難預測中間的原因。我並不是說我們肯定會達到 2000 萬輛汽車。但這似乎是一個很好的目標，因為這意味著我們每年要更換 1% 的全球機隊。

And it's difficult to say that we're -- are we really changing the world if we're not switching out 1% of the global fossil fuel vehicles? I mean it's -- I'm not sure that we can make that argument unless we change at least 1% of the vehicles per year. So that's where the 2 -- the 20 million vehicle per year comes from. It's like 1% of 2 billion vehicles, which is the global fleet currently. The global fleet is growing. So probably will be a bit bigger in the future. So it's hard to say. It's like map an S-curve to a $20 million -- a 20 million vehicle target in 2030, and we will slide it around and see what that number looks like. That will give you about as much insight as we have.

很難說我們——如果我們不更換全球 1% 的化石燃料汽車，我們真的在改變世界嗎？我的意思是——除非我們每年至少更換 1% 的車輛，否則我不確定我們能否提出這樣的論點。所以這就是 2 - 每年 2000 萬輛汽車的來源。這就像目前全球車隊 20 億輛汽車中的 1%。全球船隊正在增長。所以未來可能會更大一些。所以很難說。這就像將 S 曲線映射到 2000 萬美元——2030 年 2000 萬輛汽車的目標，我們將滑動它，看看這個數字是什麼樣的。這將為您提供與我們一樣多的洞察力。

Okay. And just secondly, if solid-state lithium metal were to become viable, could you just maybe just pass along your perspective on that? And would you be able to repurpose most of what you're putting into place for changes in technology?

好的。其次，如果固態鋰金屬變得可行，你能不能簡單地談談你對此的看法？您是否能夠將您投入的大部分內容重新用於技術變革？

Yes. I mean answering the first part, the cell production system is fairly agnostic on anode, cathode, electrolyte, separator, that kind of thing. It's -- we could change, and we will change, and upgrade the -- all aspects of the cell. So -- and we could, for example, make ion phosphate or nickel manganese or something like that. It's quite adaptable. So I wouldn't say just too much more about it. The lithium, like a pure lithium anode is maybe not -- it's not as great as it may sound. Yes. Volumetrically, you're not gaining all that much because if you got nothing on the -- let's say on the anode side, you got -- and you just play out lithium, it's got to go somewhere, so you got to have room for it.

是的。我的意思是回答第一部分，電池生產系統在陽極、陰極、電解質、隔膜等方面是相當不可知的。這是——我們可以改變，我們將改變和升級——細胞的所有方面。所以——我們可以，例如，製造離子磷酸鹽或鎳錳或類似的東西。它的適應性很強。所以我不會說太多。鋰，就像純鋰陽極一樣，可能不是——它不像聽起來那麼好。是的。從體積上看，你並沒有獲得那麼多，因為如果你什麼都沒有 - 比如說在陽極一側，你得到了 - 你只是用掉鋰，它必須去某個地方，所以你必須有空間它。

Yes. Lithium is less volumetrically dense in the pure metal form than it is intercalated into silicon. So it's kind of hard to understand, but that's the truth. And then as we showed in our presentation, the total anode cost that we're talking about is only $1 or $2 per kilowatt hour. So the value of like removing the anode material isn't super high either. So yes, I fully agree, Elon.

是的。純金屬形式的鋰的體積密度低於嵌入矽中的鋰。所以有點難以理解，但事實就是如此。然後正如我們在演示文稿中所展示的，我們所說的陽極總成本僅為每千瓦時 1 或 2 美元。所以像去除陽極材料這樣的價值也不是很高。所以是的，我完全同意，埃隆。

Yes, exactly. But if it turned out that a pure lithium anode is the right move, that would simply -- that would be no problem.

對，就是這樣。但如果事實證明純鋰陽極是正確的選擇，那就簡單了——那沒問題。

Right. Agreed.

對。同意。

Our next question will come from Colin Rusch with Oppenheimer.

我們的下一個問題將來自 Colin Rusch 和 Oppenheimer。

You're talking about in-sourcing a number of processes. Can you talk a little bit about which processes you're moving in-house and the equipment that you're planning to make yourself versus some of the equipment that you'd be buying from other folks?

你說的是內包一些流程。您能否談談您正在內部轉移哪些流程以及您計劃自己製造的設備與您將從其他人那裡購買的一些設備？

Sorry, are you talking about the -- for cell manufacturing or selling or...

抱歉，您是在談論--用於電池製造或銷售還是...

Well, cell manufacturing, I'm pretty sure as well as on the molds that you talked about. But in terms of the CapEx budget that you mentioned earlier, talking about the -- a number of processes coming in-house and which equipment pieces you're planning to make yourself versus buying?

嗯，電池製造，我很確定，你談到的模具也是如此。但是，就您之前提到的資本支出預算而言，談到內部的一些流程以及您計劃自己製造而不是購買哪些設備？

Okay. Well, I mean, Tesla is absolutely vertically integrated compared to other auto companies or basically most any company. We have a massive amount of internal manufacturing technology that we built ourselves. We literally make the machine. In fact, we design it -- so like, okay, what are the things we want to make, design a machine that will make that thing, then we make the machine. This is what -- this makes it quite difficult to copy Tesla, which we're not actually all that opposed to people copying us, but it's quite difficult because you can't do catalog engineering. You can't just I'll pick up the supplier catalog, I'll get one of those machines, one of that machine, bingo, I'm now Tesla.

好的。嗯，我的意思是，與其他汽車公司或基本上任何公司相比，特斯拉絕對是垂直整合的。我們擁有大量自己構建的內部製造技術。我們從字面上製造機器。事實上，我們設計它——就像，好吧，我們想製造什麼東西，設計一台能製造那個東西的機器，然後我們製造這台機器。這就是——這使得複制特斯拉變得非常困難，我們實際上並不完全反對人們複製我們，但這非常困難，因為你不能進行目錄工程。你不能只是我會拿起供應商目錄，我會得到其中一台機器，其中一台機器，賓果遊戲，我現在是特斯拉。

You have to -- there is no catalog. What catalog -- so we made the machine that made the machine that made the machine. It gets -- no, no, we don't want to get carried away here. But -- and quite frankly, we would like to outsource less. That would be great. Because then if we could outsource -- if we take something that we're doing and outsource it, then we could take those people, and they -- we're going to have them do something else.

你必須——沒有目錄。什麼目錄——所以我們製造了製造機器的機器。它得到 - 不，不，我們不想在這裡被帶走。但是——坦率地說，我們希望減少外包。那很好啊。因為如果我們可以外包——如果我們把我們正在做的事情外包出去，那麼我們可以把這些人拿走，他們——我們會讓他們做其他事情。

But yes, it's like we're just making a crazy amount of machinery internally. This is -- Tesla is not well understood. If you just walk around the factory, you'd just get a sense for it. And -- yes. I don't know if this is like a smart move. But I just know like, hey, if we're trying to make progress and nobody's got the machines that we need, we've got to make it, so we do.

但是，是的，這就像我們只是在內部製造大量的機器。這是——特斯拉還沒有被很好地理解。如果你只是在工廠裡走走，你就會對它有所了解。是的。我不知道這是否像一個聰明的舉動。但我只知道，嘿，如果我們試圖取得進步，但沒有人擁有我們需要的機器，我們必須製造它，所以我們做到了。

Okay. And then the second question is really around the balance sheet has really changed. You guys have run off, land, and you've got a lot more cushion at this point. And obviously, there's opportunities around insurance to drive out some of the cost of ownership as well as financials. How are you guys thinking about that as you move into trying to accelerate demand a little bit and your ability to leverage your access to capital and enable some of those other products? Is that changing from where you've been in the past?

好的。然後第二個問題是資產負債表確實發生了變化。你們已經逃跑了，降落了，在這一點上你們有更多的緩衝。顯然，保險有機會降低部分擁有成本和財務成本。當你們開始嘗試稍微加速需求以及利用您獲得資金並啟用其他一些產品的能力時，你們是如何考慮的？這與你過去的情況有所不同嗎？

Yes. I mean something like insurance is a good example of a product that's basically made by our internal applications team. So we made the insurance product and connect it to the car, look at the data, calculate the risk. This is all internally -- basically internal software application. It's pretty low capital but has very high return. I don't know. We're trying to spend money at the fastest rate that we can possibly spend it and not waste it. That's our current plan. And so it's quite hard to spend money without wasting it, or just -- we're like really just trying to not waste too much of it, frankly. We will certainly waste some of it, but trying to waste, not to waste too much of it, this is very difficult. But otherwise, we just try to spend money as quickly as possible in a way that is sensible and yields more value than it costs.

是的。我的意思是像保險這樣的產品就是一個很好的例子，它基本上是由我們的內部應用程序團隊製作的。所以我們製作了保險產品並將其連接到汽車上，查看數據，計算風險。這都是內部的——基本上是內部的軟件應用程序。它的資本相當低，但回報卻很高。我不知道。我們正試圖以我們可能花費的最快速度花錢，而不是浪費它。這是我們目前的計劃。所以很難花錢而不浪費，或者只是——坦率地說，我們真的只是想不浪費太多。我們肯定會浪費一些，但是想浪費，不要浪費太多，這是非常困難的。但除此之外，我們只是試圖以一種明智的方式盡快花錢，並產生比成本更高的價值。

Our next question will come from Adam Jonas with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的亞當喬納斯。

Hey, Elon, a question on LIDAR. If LIDAR were totally free, would you want to use it in your cars near term? Would that tech significantly help Tesla on the training of your neural network for FSD?

嘿，埃隆，關於激光雷達的問題。如果激光雷達是完全免費的，你想近期在你的汽車上使用它嗎？這項技術會顯著幫助特斯拉訓練你的 FSD 神經網絡嗎？

I mean totally free, well, I think probably -- I think even if it was free, we wouldn't put it on.

我的意思是完全免費，嗯，我想可能——我想即使它是免費的，我們也不會戴上它。

Okay. Let's follow up then. Amazon appears to be investing and building an autonomous or electric transport network of some ilk through some organic investments, but also Zoox, Aurora, Rivian, et cetera. What advice would you give Jeff Bezos in his endeavor?

好的。那我們來跟進吧。亞馬遜似乎正在通過一些有機投資，以及 Zoox、Aurora、Rivian 等投資和建立一些類似的自動或電動運輸網絡。你會給傑夫貝索斯什麼建議？

Well, I don't know how much he cares about this, but I guess, he sure is investing a lot of money in it. I mean I think you obviously need to focus -- if you care about autonomy, you need to focus on vision because the entire road system is based on passive optical. So you have to solve passive optical for -- to have a self-driving system that is a generalized solution. And once you solve passive optical, you've solved self-driving, so why bother with anything else?

嗯，我不知道他有多在乎這件事，但我想，他肯定在這方面投入了大量資金。我的意思是我認為你顯然需要專注——如果你關心自主性，你需要專注於視覺，因為整個道路系統都是基於無源光學的。所以你必須解決無源光學——擁有一個通用解決方案的自動駕駛系統。一旦你解決了無源光學，你就解決了自動駕駛，那麼為什麼還要麻煩別的呢？

Our next question will come from Pierre Ferragu with New Street Research.

我們的下一個問題將來自 New Street Research 的 Pierre Ferragu。

A very simple one. You haven't talked that much about like the Cybertruck today. And I was wondering how like the ramp of that product is looking like. When we should see the product hitting the road? And how fast do you expect to ramp volumes? Then I have a quick follow-up.

一個非常簡單的。您今天還沒有像 Cybertruck 那樣談論太多。我想知道該產品的坡道看起來如何。我們什麼時候應該看到產品上路？您希望以多快的速度增加銷量？然後我有一個快速跟進。

Sure. I was in the studio actually on -- last Friday with Franz and the team just going over just sort of some improvements to the Cybertruck. Generally, with -- at Tesla, we really aim to make the car that is delivered better than the car that is unveiled. Because it always drive me crazy, car companies would unveil these awesome looking cars, like, great, you can't wait until they make that. And then the car they actual make is like much worse, and -- but it's just -- it's like really disappointing? So man, we always want to make the car that we deliver be better than the car we unveil. And that's the goal with the Cybertruck. So there's like a lot of small improvements compared to what was unveiled. I think it's going to be better than what we showed. And yes, it's cool. Like it's going to be made in Austin. So it's kind of dependent on completing that factory. And there are obviously new technologies with the high hardness kind of armored exoskeleton.

當然。實際上，上週五我在工作室裡，弗朗茨和團隊剛剛對 Cybertruck 進行了一些改進。一般來說，在特斯拉，我們真正的目標是讓交付的汽車比公開的汽車更好。因為它總是讓我發瘋，汽車公司會推出這些看起來很棒的汽車，就像，太棒了，你不能等到他們製造出來。然後他們實際製造的汽車就更糟了，而且——但這只是——真的很令人失望？所以，伙計，我們總是想讓我們交付的汽車比我們推出的汽車更好。這就是 Cybertruck 的目標。因此，與公佈的內容相比，有很多小的改進。我認為它會比我們展示的更好。是的，這很酷。就像它將在奧斯汀製造一樣。所以它有點依賴於完成那個工廠。顯然有新技術與高硬度的裝甲外骨骼。

This is -- it's never been done before, so there'll probably be some challenges along the way. And obviously, something that's extremely high hardness and difficult to scratch or dent is also difficult to form. So it's -- there's manufacturing challenges there. That's why it's so cleaner. Although it also looks good, I think, from a cleaner standpoint.

這是 - 這是以前從未做過的，所以在此過程中可能會有一些挑戰。顯然，硬度極高且難以劃傷或凹痕的東西也難以形成。所以它 - 那裡存在製造挑戰。這就是為什麼它如此乾淨。雖然它看起來也不錯，但我認為，從更清潔的角度來看。

Yes. If all goes well, we'll be able to do some Cybertruck deliveries towards the end of next year, yes. So it's difficult to predict. I would say there's probably a lot of deliveries in '22 and some deliveries towards the end of next year if things go well.

是的。如果一切順利，我們將能夠在明年年底之前進行一些 Cybertruck 交付，是的。所以很難預測。我會說 22 年可能會有很多交付，如果事情進展順利的話，明年年底可能會有一些交付。

Okay. And now I'm trying to get a sense of how next year is going to look like. So if I look at your production capacity at the end of this year, it's going to be almost 850,000 units on an annualized basis. And you're going to increase capacity in Shanghai, open Berlin. You say today you would open Austin as well. So you're probably going to end the year above 1 million units. And so am I right thinking next year we should expect to deliver like somewhere like between 840,000 and 1 million cars during the year?

好的。現在我正試圖了解明年的情況。所以如果我看看你們今年年底的產能，按年計算將接近 850,000 台。你將增加上海的產能，開放柏林。你說今天你也會打開奧斯汀。所以你可能會在年底超過 100 萬台。所以我認為明年我們應該期望在一年中交付大約 840,000 到 100 萬輛汽車，這是對的嗎？

Yes. We'll...

是的。好...

Yes -- go ahead, Zach.

是的——去吧，扎克。

Yes, we'll provide guidance on 2021 after next earnings call.

是的，我們將在下一次財報電話會議後提供 2021 年的指導。

I mean it's in that vicinity. Yes. You're not far off.

我的意思是它在那個附近。是的。你不遠了。

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

我們的下一個問題將來自瑞士信貸的 Dan Levy。

Just wanted to start with a question on the quarter. Zach, maybe you could give us a sense of where directionally Model Y and China Model 3 gross margin was in the quarter relative to Fremont Model 3? And then just a little more color on the gross margin in the quarter. Was this just purely a function of higher volume? Or was there also FSD revenues? Just puts and takes on the gross margin in the quarter.

只是想從本季度的一個問題開始。 Zach，也許你可以讓我們了解一下 Model Y 和中國 Model 3 在本季度相對於 Fremont Model 3 的毛利率在哪裡？然後在本季度的毛利率上再增加一點顏色。這僅僅是更高音量的功能嗎？還是有 FSD 收入？只需投入並承擔本季度的毛利率。

Sure. On your question about FSD, there was a small amount of that deferred revenue release. It's not particularly material in the $10 million range for the quarter. With respect to product margins, what we're seeing across the board is just continued reduction in cost, really across every product. Shanghai continues to make good progress there. Model Y cost is also coming down quite quickly as we ramp that. But we've guided in the past that Model Y cost should be roughly equivalent to the Model 3 built in Fremont costs. It's not quite there, and it's also a bit of a moving target. As Model 3 Fremont cost comes down, Model Y also has to come down with that. But we're generally seeing strength in Shanghai margin, strength in Model Y margins. And not too far off of this, we're seeing strength in Model 3 Fremont, S and X margins. So overall, for the quarter, I think it was quite a good story for the products.

當然。關於你關於 FSD 的問題，有少量的遞延收入釋放。在本季度的 1000 萬美元範圍內，這並不是特別重要。關於產品利潤率，我們看到的只是成本的持續降低，實際上是所有產品的成本降低。上海在這方面繼續取得良好進展。隨著我們提高 Model Y 的成本，它的成本也在迅速下降。但我們過去曾指導過，Model Y 的成本應該大致相當於在弗里蒙特建造的 Model 3 的成本。它並不完全在那裡，它也是一個移動的目標。隨著 Model 3 Fremont 成本下降，Model Y 也必須隨之下降。但我們普遍看到上海利潤率強勁，Model Y 利潤率強勁。離這一點不遠，我們看到了 Model 3 Fremont、S 和 X 利潤率的優勢。所以總的來說，就本季度而言，我認為這對產品來說是一個很好的故事。

Great. Great. And then just as a follow-up, I wanted to ask about your strategy in Europe. And I think your strategy generally has been you cut costs and that allows you to cut price, and you can generate the extra volume. And I think that's what we're seeing in China and the use of LFP. That's a good example. So once you ramp in Berlin, what's the reasonable expectation of what pricing might look like in Europe? And how flexible are you going to be on pricing to generate incremental reg credit, so margins out of the gate that are a little low, but that are then used for the reg credits that help to offset that?

偉大的。偉大的。然後作為後續，我想問一下你們在歐洲的戰略。而且我認為您的策略通常是削減成本，從而使您能夠降低價格，並且可以產生額外的銷量。我認為這就是我們在中國看到的以及 LFP 的使用情況。這是一個很好的例子。因此，一旦您在柏林進軍，您對歐洲定價的合理預期是什麼？你在定價上會有多大的靈活性來產生增量註冊信用，所以門外的利潤率有點低，但隨後用於幫助抵消這一點的註冊信用？

Yes. But what I think I would say generally to the question is, I mean, we've been in a position for some time now where we are prioritizing where in the world we send our production. And there's different factors to that depending upon when different product changes are made, what the logistics routing looks like, different things going on in different markets. But we are in a position where we need to prioritize. I mean what we're trying to do as fast as we possibly can is get production up higher so that we're not in a position of needing to prioritize again. There are -- yes, I think that gets at the sentiment of your question.

是的。但我想我一般要對這個問題說的是，我的意思是，我們已經有一段時間了，我們正在優先考慮我們在世界上的哪個地方發送我們的產品。這取決於不同的產品更改時間、物流路線的樣子、不同市場發生的不同事情，這取決於不同的因素。但是我們處於需要優先考慮的位置。我的意思是我們盡可能快地做的就是提高產量，這樣我們就不需要再次優先考慮了。有——是的，我認為這符合你的問題。

Our next question will come from Gene Munster with Loup Ventures.

我們的下一個問題將來自 Loup Ventures 的 Gene Munster。

A question on the Semi. If you could just walk us through the development of Megachargers, platooning and maybe just how you think about autonomy for Tesla Semi and what is -- how you envision it impacting the broader trucking industry beyond just EV.

一個關於半決賽的問題。如果你能帶我們了解一下 Megachargers 的發展、排隊，也許你如何看待 Tesla Semi 的自主性以及什麼是 - 你如何想像它會影響更廣泛的卡車運輸行業，而不僅僅是 EV。

Well, actually, Jerome, do you want to answer that?

好吧，實際上，杰羅姆，你想回答這個問題嗎？

Yes. We continue the development of the Semi. And in particular, Megachargers, we realized that the 350-kilowatt or so that we might be looking for cars is not going to be enough for Semi. So we're looking for something much more powerful than that, that can achieve essentially charging at first the Semi as during a break, during your driving time so that you can drive until the next break, yes. So there is no usable or efficient time wasted for charging the Semi. That's the goal. We're working with other parties to make sure that there is a standard infrastructure that will be able to be deployed for all customers. Yes. That's probably all I can say at this point, yes. So we're not working on...

是的。我們繼續開發Semi。特別是 Megachargers，我們意識到我們可能正在尋找汽車的 350 千瓦左右對 Semi 來說是不夠的。因此，我們正在尋找比這更強大的東西，它可以在休息期間，在您的駕駛時間內基本上實現對 Semi 的充電，這樣您就可以駕駛到下一個休息時間，是的。因此，為 Semi 充電不會浪費任何可用或有效的時間。這就是目標。我們正在與其他各方合作，以確保有一個能夠為所有客戶部署的標準基礎架構。是的。在這一點上，我可能只能說這些，是的。所以我們不努力...

Sorry, go ahead.

對不起，繼續。

Just we're not working in isolation. Yes. We're trying to -- we have to invent it because it doesn't exist. But we're trying to invent something that could be helpful for everybody.

只是我們不是孤立地工作。是的。我們正在嘗試——我們必鬚髮明它，因為它不存在。但是我們正在嘗試發明一些對每個人都有幫助的東西。

Yes. Just a note on the sort of Semi. The Semi does consume a lot of cells. So it's, call it, 4 to 6x more than a passenger vehicle. Vehicle, 5, 5x-ish. So if we are cell-constrained, it is -- it kind of -- it's difficult to ramp up the Semi because there's no cells. So we need to solve the cell constraint before ramping Semi to significant volume. That's the only real constraint on Semi's progress. And just we found over and over again, we just kept running into cell production limitations. And then we're just taking things out of one pocket and putting them in another. So we just need more cells so that we can do more stationary storage, more vehicles, more vehicle lines. Matter of fact, we need more cells.

是的。只是關於半的一種說明。 Semi確實消耗了很多電池。因此，它比乘用車高 4 到 6 倍。車輛，5，5x-ish。因此，如果我們受到單元格限制，那就是 - 有點 - 很難提升 Semi，因為沒有單元格。因此，我們需要在將 Semi 提升到顯著體積之前解決單元約束。這是對 Semi 進步的唯一真正限制。只是我們一遍又一遍地發現，我們只是不斷遇到電池生產的限制。然後我們只是把東西從一個口袋裡拿出來放在另一個口袋裡。所以我們只需要更多的細胞，這樣我們就可以做更多的固定存儲，更多的車輛，更多的車輛線。事實上，我們需要更多的細胞。

Makes sense. A question just, as you think about -- you've talked about robotaxi and how you think that's going to impact kind of humans moving around. How do you think about Semi impacting freight longer term? I mean is this something that is nice to have and a complement to all of your tech in new markets? Or do you think that this could be a material business?

說得通。一個問題，正如你所想的那樣——你已經談到了機器人出租車，以及你認為這將如何影響四處走動的人類。您如何看待 Semi 對貨運的長期影響？我的意思是，這是一個很好的東西，是對你在新市場中所有技術的補充嗎？或者你認為這可能是一項物質業務？

I think it's very material for sure. I mean really long term, all transport will go autonomous. Yes. Horses are already autonomous. But all transport will go autonomous, yes, so including Semi. So it will be pretty significant.

我認為這是肯定的。我的意思是從長遠來看，所有的交通工具都會自動運行。是的。馬已經是自主的了。但是所有的交通工具都將自動運行，是的，包括 Semi。所以這將是非常重要的。

The technology that we're putting in Semi is identical to what we're putting in the other vehicles.

我們在 Semi 中使用的技術與我們在其他車輛中使用的技術相同。

Yes. It's just bigger and more motors.

是的。它只是更大和更多的電機。

Our next question will come from Ben Kallo with Baird.

我們的下一個問題將來自 Ben Kallo 和 Baird。

Elon, what do you think the biggest structural issue is with the, let's call it, old school OEMs, or 1 or 2 of the structural issues, for them not getting their act together and catching up with you? And then you mentioned what you -- we want the world to look like ahead of us. What do you envision that? Is it like just Tesla or Tesla and Rivian or what?

Elon，你認為最大的結構性問題是什麼，讓我們稱之為老派 OEM，或者其中的 1 或 2 個結構性問題，因為他們沒有齊心協力趕上你？然後你提到了你 - 我們希望世界在我們面前看起來像。你對此有何設想？它就像特斯拉或特斯拉和里維安還是什麼？

Well, I do think there will be other car companies. I don't think we're going to be the only one. So I mean, the things that -- like what other car companies do even in the auto segment is quite a small subset of what Tesla is. So Tesla, we design and build. We're very vertically integrated. So we're designing and building so much more of the car than other OEMs who will largely go to the traditional supply base and like I call it, catalog engineering. So it's not very adventurous, and it basically ends up like older products end up looking the same because they're going to the same suppliers.

嗯，我確實認為會有其他汽車公司。我不認為我們會是唯一的一個。所以我的意思是，像其他汽車公司在汽車領域所做的事情一樣，只是特斯拉的一小部分。所以特斯拉，我們設計和建造。我們非常垂直整合。因此，我們設計和製造的汽車比其他原始設備製造商要多得多，其他原始設備製造商將主要進入傳統供應基地，就像我所說的那樣，目錄工程。所以它不是很有冒險精神，而且它基本上最終會像舊產品最終看起來一樣，因為它們要去的是相同的供應商。

So I mean, to the degree that you inherit legacy components, you inherit the legacy limitations and cost structure. And so you kind of need to make new ingredients, new parts, and then you need -- then there's no machine to make those parts. So you have to make the machine that makes the part. So Tesla is like -- we're probably -- I mean we might be, in order of magnitude, more vertically integrated than other car companies. And which we're not now, we certainly will be. And then we also have to create actually our sales and service and distribution system in, I don't know, something in the order of 40 countries, somewhere, it will be over 100 countries. Whereas the other car companies do not own their sales and service and distribution. So they kind of assemble parts from a supplier base and then hand them to a dealer base. So it's just like -- it's not just -- it's like comparing Tesla to a car company, like just comparing just really one facet or dimension of Tesla, we're like maybe 10% in common with other car companies.

所以我的意思是，就你繼承遺留組件的程度而言，你繼承了遺留限制和成本結構。所以你需要製造新的成分，新的零件，然後你需要——然後沒有機器可以製造這些零件。所以你必須製造製造零件的機器。所以特斯拉就像——我們可能——我的意思是，在數量級上，我們可能比其他汽車公司更垂直整合。我們現在不是，我們肯定會。然後我們實際上還必須在大約 40 個國家/地區創建我們的銷售、服務和分銷系統，在某個地方，它將超過 100 個國家/地區。而其他汽車公司不擁有他們的銷售、服務和分銷。所以他們從供應商基地組裝零件，然後將它們交給經銷商基地。所以這就像 - 不僅僅是 - 就像將特斯拉與一家汽車公司進行比較，就像只是比較特斯拉的一個方面或維度，我們與其他汽車公司可能有 10% 的共同點。

And our final question today will come from Philippe Houchois with Jefferies.

我們今天的最後一個問題將來自 Philippe Houchois 和 Jefferies。

I've got 2. The first one for me is try to understand your business model for stationary storage, have your thoughts on it. I mean there are 2 broad directions for me. One is selling hardware, which is a bit of a cost-plus business. And I'm just wondering if there's an opportunity where Tesla could actually share into the savings that utilities, in particular, could be able to achieve in like grid stabilization. The information I was able to get on your business in Australia a few years ago suggest that given the savings that are achieved, your hardware could have been sold at a higher price. I'm just wondering if you have -- can share your views on where the business probably is going.

我有 2 個。對我來說，第一個是嘗試了解您的固定存儲業務模式，並對此有您的想法。我的意思是我有兩個大方向。一個是銷售硬件，這是一個有點成本加成的業務。而且我只是想知道特斯拉是否有機會真正分享公用事業公司可以在電網穩定等方面實現的節省。幾年前我在澳大利亞獲得的有關您的業務的信息表明，鑑於所實現的節省，您的硬件本可以以更高的價格出售。我只是想知道您是否有 - 可以分享您對業務可能發展方向的看法。

Yes, I think you're probably right about that. I mean RJ and Zach, what do you guys think?

是的，我認為你可能是對的。我的意思是 RJ 和 Zach，你們怎麼看？

Yes. I mean we're already seeing this in Australia, where we're seeing behind-the-meter aggregation that is providing grid services back to the grid, which effectively reduces the price to the customer and reduces the prices for the grid operator. So you're seeing this trend happening across the globe. And it's going to be at the residential level as well as the wholesale level. So Megapack on one end and then Powerwall on the other side. Those 2 working together in tandem and the software layer on top of it, Autobidder being that, that really is going to help make the grid more efficient using the hardware platform and software together.

是的。我的意思是我們已經在澳大利亞看到了這一點，我們看到了向電網提供電網服務的幕後聚合，這有效地降低了客戶的價格並降低了電網運營商的價格。因此，您會看到這種趨勢在全球範圍內發生。它將在住宅級別以及批發級別。所以一端是 Megapack，另一端是 Powerwall。這兩個協同工作以及在其之上的軟件層，Autobidder 就是這樣，這確實有助於使電網更高效地使用硬件平台和軟件。

And just a point of clarification, like that the large power plant in -- large battery power plant in Australia, like we continue to operate that power plant and generate revenue in the market. So whether we could have sold it for more or less, like we're continuing to make money off of that power plant.

只是澄清一點，就像澳大利亞的大型發電廠 - 大型電池發電廠一樣，我們繼續運營該發電廠並在市場上產生收入。因此，無論我們是否可以以更高或更低的價格出售它，就像我們繼續從那個發電廠賺錢一樣。

Okay. And the follow-up question I had was, during the Battery Day, you talked about this cell vehicle integration approach. It's very interesting. And when I look at that -- when I think about it, it looks like this means that the skateboard designed that Tesla pioneered and many of your followers are using is going to become obsolete. Or am I not thinking about it the right way?

好的。我的後續問題是，在電池日期間，您談到了這種細胞車輛集成方法。這很有趣。當我看到這一點時 - 當我想到它時，看起來這意味著特斯拉開創的滑板設計以及你的許多追隨者正在使用的滑板將會過時。還是我沒有以正確的方式思考它？

It will be obsolete long term, yes. I mean -- yes.

從長遠來看，它會過時，是的。我的意思是——是的。

And long term, are we talking -- yes?

從長遠來看，我們是在談論——是嗎？

I mean several years from now. It's not like existing cars stop having value. It's just that if you have a structural pack, where the pack is contributing structural value to the car because of like the -- sort of like the composite honeycomb effect of share transfer between upper and lower plate, then anything that doesn't do that is going to have to have duplicate hardware. It's going to weigh more. It's going to cost more. And then the same goes for the front and rear castings.

我的意思是幾年後。這不像現有的汽車不再具有價值。只是如果你有一個結構包，這個包為汽車貢獻了結構價值，因為有點像上下板之間份額轉移的複合蜂窩效應，那麼任何不這樣做的東西將不得不有重複的硬件。它會更重。它會花費更多。前後鑄件也是如此。

To be frank, we're trying to make the car like you'd make a toy. If you had a toy model car, how would -- and then it's got to be real cheap and look great, how would you make that? You'll cast it. And that's how it's done. It would be absurd to make it up of tiny little pieces of stamp metal joined in complex ways. So it's sort of a natural thing to do.

坦率地說，我們正在努力讓汽車像製造玩具一樣。如果你有一輛玩具模型車，你會怎麼做——然後它必須真的很便宜而且看起來很棒，你會怎麼做呢？你會投的。這就是它的完成方式。由以復雜方式連接起來的微小金屬片組成是荒謬的。所以這是一件很自然的事情。

And then the same goes for using the energy storage, the battery as a structure, which is done for aircraft wings and for rockets. The early rockets and aircraft, they had a separate aeroshell from the propellant tanks or fuel tanks, and then they realized that doesn't make sense. And you've got to integrate -- you've got to have your fuel tank in wing shape. You've got to have your propellant tanks in the shape of the body of the rocket, for example. You don't want to put a box on a box, basically. So -- which over many years made it like basically uncompetitive to have an aircraft that has separate fuel tanks from the wings. The wings need to be fuel tanks. But like I wouldn't think of this as like it's like an overnight transition. It's several years. But then like I said, over time, it just won't be competitive to have a different architecture, in my opinion.

使用能量存儲也是如此，電池作為一種結構，用於飛機機翼和火箭。早期的火箭和飛機，他們有一個與推進劑罐或燃料罐分開的航空殼，然後他們意識到這沒有意義。而且你必須整合——你必須讓你的油箱變成機翼形狀。例如，您必須將推進劑罐設計成火箭體的形狀。基本上，您不想將盒子放在盒子上。所以——多年來，擁有一架與機翼分開的油箱的飛機基本上沒有競爭力。機翼需要是油箱。但我不認為這就像一夜之間的過渡。已經好幾年了。但是就像我說的，隨著時間的推移，在我看來，擁有不同的架構不會有競爭力。

Thank you very much. Unfortunately, this is all the time we have for the Q&A today. I appreciate all your great questions, and we'll speak to you again in about 3 months. Thank you. Goodbye.

非常感謝你。不幸的是，這就是我們今天的問答時間。感謝您提出的所有好問題，我們將在大約 3 個月後再次與您交談。謝謝你。再見。

Thank you.

謝謝你。

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。您現在可以斷開連接。