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，感謝各位的支持，歡迎收聽特斯拉2020年第三季財務業績及問答網路直播。 （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，我想將會議發言權交給投資者關係高級總監馬丁·維查先生。先生，請發言。

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年第三季問答網路直播。今天，馬斯克、扎卡里·柯克霍恩和其他幾位高層也參與了直播。我們的第三季業績已於太平洋時間下午1點左右在更新資料中公佈，更新資料與本次網路直播的連結相同。

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目前的預測和預期。由於許多風險和不確定因素，包括我們最近提交給美國證券交易委員會 (SEC) 的文件中提及的風險和不確定因素，實際事件或結果可能存在重大差異。 （操作員指示）

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

但在進入問答環節之前，伊隆先說幾句開場白。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。第三季是我們歷史上最好的一個季度。我們實現了創紀錄的產量和交付量，創紀錄的收入，創紀錄的淨利潤（包括GAAP和非GAAP），以及創紀錄的14億美元自由現金流。這主要歸功於特斯拉團隊的出色執行力。能與如此優秀的團隊共事，我感到無比自豪。我們在全球範圍內都取得了（真是）出色的表現。

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，我們舉辦了電池日活動。我們舉辦了電池日活動，展示了未來如何擴展和改進核心電池技術、核心電芯技術，包括外形尺寸、化學成分以及我認為最重要的製造技術。我之前說過，我認為特斯拉的長期競爭優勢主要在於製造技術。這聽起來可能違反直覺，但我非常有信心這會發生。

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。我們展示了團隊長期以來在電池方面的研究成果。我們想退一步，從零開始重新思考電池。第一原理思維，就是從基礎物理學的角度來思考──與其與市場上的其他產品比較，不如從物理學的角度來思考──物理學的極限是什麼？理想狀態下的完美電芯是什麼？我們能多接近它？這就是我們的願望。我認為我們已經找到了一個相當不錯的方法，而且隨著時間的推移，它只會越來越好。我們針對電池設計和生產的每個重要環節，都嘗試了各種有趣的解決方案。我們將繼續在此基礎上進行迭代，並逐步改進核心電芯和電池技術。

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，幾年後，電池成本將減半，所需資本支出也將降至目前的三分之一甚至更低。我們預計柏林超級工廠將迎來首條規模化的電池單元生產線。

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.

關於全自動駕駛測試版的發布。 Autopilot 團隊真是個全明星陣容。我和 Autopilot 團隊共事多年。團隊裡有很多才華洋溢的人，他們為了發布測試版付出了巨大的努力。我非常感謝他們的辛勤工作。他們是一群非常聰明的人。我認為我們起步非常緩慢，非常謹慎，因為這個世界是一個複雜而混亂的地方。我們昨晚發布了測試版，然後看看進展如何，可能會在本週末或下週初向更多人發布。之後我們會逐步推進，希望在今年底前能夠全面發布。

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，它會變得更加健壯。這有點像谷歌搜尋引擎是如何不斷改進的。這是因為每個人都在不斷地提問和點擊特定連結來對它進行程式設計。所以它擁有一個強大的回饋循環，這使得它成為一個極其高效的搜尋引擎。自動駕駛也是如此。大約有100萬輛汽車提供回饋，特別是針對你在模擬中無法想像的奇怪極端情況的回饋，這才是真正有價值的。這不像那些顯而易見的事情，你可以在模擬中做到。但奇怪的極端情況，只有現實才能提供。所以，我們可以說，好吧，我們需要針對這種極端情況訓練系統，並尋找例子，這樣我們就可以針對這些例子進行測試，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.

值得強調的是，這是一種基於廣義神經網路的方法。無需高清地圖或手機連接。因此，該系統的設計理念是，即使你沒有任何網路連接，身處一個你從未去過的地方，甚至特斯拉也從未去過那裡，汽車仍然能夠像人一樣駕駛。這就是我們正在開發並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.

在產能建設方面，我們三家主要工廠的建設正在取得進展。上海工廠的擴張也正在持續進行，進展非常順利。特斯拉中國團隊真的非常優秀。他們非常聰明，工作努力。特斯拉中國團隊的進步總是讓我驚嘆不已，超越了所有合理的預期。

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.

我們在柏林、德州和奧斯汀的工廠也在興建中。所以我們在那裡也取得了良好的進展。是的，很好。整體來說進展順利。我要強調的是，我們預計柏林和奧斯汀的工廠明年就能開始交車。但由於製造工廠（尤其是採用新技術的工廠）的指數級增長特性，它一開始會非常緩慢，然後會變得非常快——向上，最終規模會非常大。一般來說，製造業遵循S曲線。我覺得有時候，如果人們沒有在製造業投入太多時間，可能會認為只要有了工廠，就可以開工生產，達到滿載運作。但通常需要大約12到18個月才能達到滿載運轉。這是一個非常快的時間，尤其是對於新技術而言。所以，是的，我甚至會說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，我看到的是，產能在初期相當長一段時間內被低估。然後有時會被高估，因為這是一條S曲線。它從指數級到線性，再到對數級。實際上，光是將生產工廠提升到量產水準就是一件極其困難的事情。

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——因為你可以把它想像成，通過一階近似，你得到了10,000個獨特的零件或流程，它們都以S曲線運行，並且——存在很多不確定性，你可以在X軸上滑動10,000條S曲線，這就是建立一個大型汽車工廠的過程。哪一個是落後者，哪一個是領導者，很難說，而且它不斷在改變。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，讓我們拭目以待。最後，謝謝大家。如果沒有成千上萬的特斯拉員工以及所有供應商的辛勤付出，我們不可能有今天的成就。我要感謝我們的供應商。我們將繼續盡可能快速地發展，同時注重成本控制和品質提升。最終，最好的公司是能夠以實惠的價格生產出優質產品的公司，這就是我們的目標。我想我對特斯拉的未來從未像今天這樣樂觀。我還要感謝那些與我們同甘共苦的投資人。我相信未來還會有更多美好的事情發生。

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

好的。好了，我們可以開始提問了。

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

謝謝埃隆。我們的財務長扎卡里·柯克霍恩（Zachary Kirkhorn）也想發表一些開場白。

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。總的來說，我們的財務狀況持續快速改善，正如伊隆所提到的，第三季在幾乎所有方面都表現優異。淨利潤方面，我們實現了連續第五個季度獲利，實現了歷史最佳淨利潤，營業利潤率也接近兩位數。

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.

為了解第三季的獲利情況，有兩點需要注意。首先，監管信貸業務表現強於我們的預期，預計今年的業績將比去年增長一倍以上。其次，由於公司市值的上升，第二批和第三批執行長激勵計畫已在本季歸屬。此外，我們已開始將另外一批激勵計畫費用化，導致合併期間費用約為3億美元。

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.

我認為將這兩項排除在外來觀察本季的業績是合理的，這樣才能真正了解核心業務的健康狀況。

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.

汽車毛利率（包括監管積分）從18.7%大幅提升至23.7%，部分項目甚至實現了超過25%的毛利率。需要注意的是，工廠停工導致的效率低下影響了我們第二季的利潤率。我們將繼續降低製造和營運成本。本地生產和交付汽車的持續成長趨勢也帶來了效益，這一比例已從去年年初的不到50%上升至最近的70%以上，這是我們成本削減策略的核心組成部分。此外，車輛可靠性的提高也為整個車隊帶來了經濟效益。

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.

服務及其他業務利潤率再次獲得批准，這得益於我們二手車業務和服務營運效率的提升。在能源業務方面，隨著產量和部署的成長，Megapack 和 Powerwall 產品獲得了正面的迴響，我們的儲能部署量創下了歷史新高。此外，我們的太陽能部署量翻了一番，並且我們在這方面繼續取得進展。

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.

現金流方面，我們的現金餘額增加至145億美元，其中包括14億美元的自由現金流，創歷史新高。我們的營運現金流為24億美元，其中包括6億美元的營運資金收益，這得益於儘管應付帳款週轉天數有所減少，但我們在應收帳款週轉天數和庫存週轉天數方面取得了進展。需要注意的是，我們大部分的營運現金流都源自於核心業務的增強。

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.

受上海、柏林和奧斯汀 Model Y 投資的推動，資本支出成長至 10 億美元。與先前對上海 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完全收回各自的投資。

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，我們已將資本支出預期上調20億美元至25億美元，我們擁有充足的流動性和預期現金流來支持這一目標。這得歸功於某些工廠的內包範圍擴大，包括電池電芯製造，以及為未來進一步擴張產能而進行的投資。雖然我們預計投資回報將保持強勁，但請記住，由於範圍擴大和特定地點的成本，這些投資的回報週期可能略長於上海Model 3和弗里蒙特Model Y的回報週期。

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.

融資現金流為45億美元，這得益於我們減少了營運資本的使用，但9月份透過股權融資50億美元抵消了這一影響。需要注意的是，我們目前預計第四季將有超過10億美元的早期轉換償還款，主要與2021年的轉換相關，也與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，我們將繼續專注於鞏固業務的核心基礎。我們正在提高產量以滿足需求，降低成本（包括在地化），提高整個業務的效率，並縮短現金週轉週期。過去一年半來，我們在這方面取得了巨大進展。儘管今年稍早營運中斷，但我們仍致力於實現2020年50萬輛交付量的最初目標。雖然這個目標仍然充滿挑戰，但我們相信，只要全公司上下齊心協力，就一定能夠實現。

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.

再次恭喜特斯拉團隊取得了出色的季度業績和年度業績。接下來，我將把時間交給RJ·約翰遜，他於今年早些時候加入特斯拉，目前領導我們的能源業務，並希望他能發表一些評論。

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，我要感謝並祝賀團隊的出色工作。第三季能源業務表現強勁，我們預計在儲能和太陽能領域持續保持強勁成長。 Megapack將成為我們業務的一大成長領域，隨著產品達到滿載狀態，部署規模將繼續快速擴張。到2021年，我們的供不應求，我們將持續提升產品產量，以滿足2023年及以後全球前所未有的需求。到2023年，我們的訂單量將以數吉瓦時的規模迅速成長。

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.

如今，在全球許多地區，大規模太陽能+儲能專案比傳統的化石燃料發電更具成本效益。隨著成本降低，這一趨勢將持續下去，這將進一步取代現有和新建的化石燃料發電。獨立儲能項目也是如此。

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.

許多客戶正在利用 Autobidder 來最大化回報，因為我們透過先進的即時競價策略優化了硬體和軟體，這些策略的表現持續優於部署地點的市場。對於 Powerwall 而言，我們看到住宅儲能需求持續強勁，因為客戶正在尋求更高的可靠性和備用家庭發電。我們有大量 Powerwall 訂單積壓，我們將繼續投資以提升產能以滿足客戶訂單。我們目前正在充分利用客戶側太陽能+儲能的優勢，因為某些地區的客戶在不需要消耗能源或沒有備用電源時，會將服務回饋給電網。這在降低系統成本和提高全球電網效率方面具有巨大的潛力。

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，我們將住宅太陽能改造價格降至每瓦1.49美元（稅後優惠），這是業界最低的。我們能夠做到這一點，是因為我們充分利用了線上車輛訂購基礎設施，這大幅降低了與銷售和行銷相關的軟成本。因此，隨著產量和效率的提升，我們的固定成本保持相對平穩，從而提高了改造業務的獲利能力。我們在整個能源業務（包括服務業務）中都採用了相同的方法，以充分利用公司的技術優勢。

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.

太陽能屋頂尤其令人興奮，因為我們在過去一年的安裝過程中積累了豐富的經驗，這是業務擴展的關鍵推動力。我們最近展示了僅需1天即可完成太陽能屋頂安裝的能力。請注意，拆除現有屋頂並為太陽能屋頂安裝做好準備仍需要1到2天的時間。當然，安裝時間會根據規模、複雜程度、天氣和其他因素而有所不同。總而言之，我們縮短的安裝時間提供了更好的客戶體驗，並將隨著規模經濟帶來的效率提升，使業務呈指數級增長。

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，隨著我們繼續專注於擴大規模，同時降低成本以最大化獲利能力，能源業務板塊將迎來強勁成長。我要再次感謝團隊的辛勤工作，並期待未來一個季度再創佳績。

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。我們先從say.com的提問開始。散戶股東提出的第一個問題是：特斯拉是否計劃在柏林超級工廠生產汽車的同時，開始生產4,680電芯？特斯拉能否分享更多關於哪些產品將使用弗里蒙特試驗生產線生產的電芯的資訊？

Yes. Drew, do you want to take that?

是的。德魯，你想接受這個嗎？

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，我們會及時將 4680 設計解決方案融入能源和汽車領域的眾多應用中。而且，我們可以利用位於弗里蒙特的試點生產設施來支持柏林新廠的產能提升。

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。我們進入下一個問題，也就是散戶股東提出的第二個問題。特斯拉的無邊框電池設計是否能夠顯著提高峰值充電率？它是否能改善所需的錐度曲線？

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根本限制在於避免陽極上出現鋰沉積。雖然無邊框結構有助於避免過熱，因為它在高持續充電速率下具有更高的功率密度，但這並沒有改變陽極沉積的問題。電路設計和陽極材料的選擇更直接地決定了最大充電速率以及如何避免鋰沉積問題。

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。第三個來自零售的問題是，FSD 可以轉移到我們的下一輛汽車嗎？或需要支付轉移費用嗎？這會增加廣泛的品牌忠誠度，就像遊戲公司和手機公司允許你將購買的商品轉移到升級的硬體上，從而將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，要大幅增加太陽能屋頂的安裝量，還有哪些限制需要解決？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，負責太陽能屋頂的工程和安裝。目前，太陽能屋頂專案最大的限制因素是找到足夠的、經過培訓且經驗豐富的安裝人員。我們在第三季在這方面取得了很大進展，並且還在繼續招募。下一個機會是改善施工現場的物料流。我們在工廠裡也多次討論過這個問題，包括設置合適的包裝和配套設備，以便每個屋頂安裝人員都能隨時獲得所需的零件。此外，第三方屋頂承包商也對我們反應熱烈，他們正在加大在客戶住宅安裝太陽能屋頂的力度，這將是未來成長的一大動力。

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。在我看來，我們應該這樣看待這個產品。你必須問自己，你希望世界是什麼樣子？當你環顧未來，十年後，你的社區，你想要什麼？什麼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——它們堅固耐用，能夠產生能量，在各方面都比普通屋頂更好，並且充滿活力，這就是我們想要的未來。太陽能屋頂是一款殺手級產品。這一點明年就會顯而易見。

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。散戶股東的最後一個問題是，您最近把特斯拉稱為新創企業集團。除了生產電動車之外，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？您認為這些部門中哪些會從特斯拉分拆出來？

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.

是的，今天我思考這個問題的時候，我的意思是特斯拉可能——實際上特斯拉內部有十幾家新創公司。每條主要產品線都是新創公司。每一座新的——大型新工廠都是新創公司。坦白說，有時候我們需要反覆學習才能真正理解。但即使是服務和銷售這樣的業務，也需要新創公司的參與。其他汽車公司和原始設備製造商（OEM）並沒有自己的銷售和服務體系。所以，我們必須建立自己的服務網絡。我們必須建立自己的銷售和交付網路。我們必須在40多個國家/地區，使用多種語言進行這項工作。人們甚至不太了解的是我們內部的應用程式團隊，他們編寫了公司的核心技術。

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?

我們不依賴企業軟體。對於那些理解這意味著什麼的人來說，這是一件非常重要的事情。我對內部應用程式團隊的出色工作表示敬意。他們就像公司的神經系統、作業系統，特斯拉的作業系統，極為重要。顯然，保險非常重要。坦白說，保險很可能佔汽車業務價值的30%或40%。正如我們之前提到的，如果有一個更好的回饋循環，它就不再是統計數據，而是具體化。顯然，並非每個人都必須選擇我們的保險。但我認為很多人會選擇。它成本更低，效果更好，所以為什麼不呢？

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.

整個自動駕駛技術就像一個新創公司。設計我們的電腦晶片就是一個新創公司。顯然，電池也是一個新創企業。設計和製造我們自己的驅動單元的電力電子設備，設計和製造我們自己的馬達。充電器，超級充電網絡，也是新創企業。我認為，人們不太了解特斯拉，因為它是一個由一系列新創公司組成的鏈條。他們會想，嗯，你以前沒做過。是的，但我們現在正在做。我的意思是，我認為到目前為止，我們可能在一些新創公司上進展有點慢，但我認為我們還沒有失敗過。所以，到目前為止，一切都很好。沒有分拆任何業務的計劃。這聽起來只會增加複雜性。

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。讓我們來討論一下機構投資人的問題。第一個問題是，作為通往叫車網路的橋樑，你們能否利用保險產品，讓客戶能夠透過應用租賃車輛，從而讓汽車為他們賺錢？所以，這基本上就是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.

我認為我們將專注於實現自動駕駛計程車系統。所以，你基本上可以——就像一個子系統——它只是整個自動駕駛計程車或自動駕駛汽車系統的一小部分，你可以讓汽車為你自動駕駛。你可以讓汽車——與朋友和家人共享。你可以將它加入網路或從網路中刪除。你可以讓它完全融入網路。我的意思是，如果你是優步或來福車司機，你可能管理著一個由10輛車組成的車隊。這有點像牧羊人照顧羊群。就像你獲得了更多、更大的籌碼。所以我認為我們可以做到這一點。這不會很難，但我們將專注於建立一個融合優步、來福車和愛彼迎元素的自動駕駛網路。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。第二個來自機構的​​問題是，住宅能源消耗的碳排放量與道路運輸大致相同。如今的鍋爐和空調設備實在太不起眼了。您能否詳細說明一下，Y 的 HVAC 技術進步是否也能應用於家用系統？

Yes.

是的。

Yes. Go ahead, Drew.

是的。說吧，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 熱泵系統上關注的事情之一是學習如何構建一個緊密整合的系統，能夠將熱量從任何地方轉移，包括動力系統、電池、駕駛室、環境，以及外部環境溫度，一直到零下 20 攝氏度，也就是 30 攝氏度。這絕對適用於家庭供暖和製冷以及房屋用水的需求，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，絕對的。我認為就像汽車熱泵一樣，能夠將電池同時用作熱能和電能儲存器非常重要。同樣的道理也適用於有熱水器的家庭，當然，還有電池組本身。所以我認為，一個整合式家庭系統很有潛力，它可以在一個非常緊湊的封裝內完成發電/儲能、暖氣/冷氣、空氣過濾和水淨化等功能。我們目前還沒有原型機之類的東西，但我認為從概念上來說，擁有這樣的系統可能會很好。

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。第三個來自機構的​​問題是，如果為了達到你們的長期銷售目標，需要降價，而這會導致你們無法實現汽車業務既定的兩位數低利潤率目標，你們還會相應地降價嗎？

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.

嗯，我們希望我們的汽車更實惠，區分「價格實惠」和「性價比」至關重要。如果汽車或任何產品價格過高，而人們銀行帳戶裡的錢又不夠，無論產品的價值主張如何，他們都買不起。因此，降低價格至關重要，這樣人們才能勉強負擔得起。我認為，我們並非缺乏對產品的需求，而是缺乏價格實惠。因此，我們必須提高產品的可負擔性，讓它們不會超出人們的承受範圍。我們希望隨著時間的推移，讓產品更容易被消費者接受，同時也要降低生產成本。當然，我們希望每年都能有所進步，有時甚至能有很大的進步。至於利潤率，如果考慮到自動駕駛汽車，所有這些利潤率都會顯得低得可笑。

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。我補充兩點。毫無疑問，我的意思是，我們正在努力在合理的範圍內盡可能地提高產量。埃隆之前談到了S曲線和增量工廠的時間表。因此，我們正在全速前進，在合理的範圍內盡可能地提高產量。我想說的第二點是，如果你回顧公司過去一年半的發展歷程，你會發現，儘管在此期間經歷了多次降價，但我們的產量和毛利率都有所增長，而且我們也在這段時間內相當穩定地削減了營運成本。

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.

所以關鍵就在於埃隆在這裡提到的。我的意思是，我們必須提高汽車的可負擔性。我們還必須繼續改進成本結構，不僅是銷售成本（COGS），還有營運成本（OpEx），我認為我們在過去一年半裡已經相當成功地證明了這一點，同時還要提升汽車的價值。所以，除了降低汽車成本，我們還在不斷改進汽車。這就是銷售成長的秘訣，也是我們目前關注的重點。

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。第四個來自機構投資者的問題是，您預計什麼時候才會有足夠的內部或外部電池容量來再次開始增加固定式儲能的部署？

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。我們正在大力增加固定式儲能係統。也就是說，它的數量大約翻了一番。我們預計明年也會翻倍。這相當不錯。希望我們能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.

是的，是的，是的。我的意思是，如果你一直把質量翻倍，很快你就會達到宇宙的質量，到時候我們就需要把木星變成細胞了。

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?

機構投資者的最後一個問題是，製造過程非常艱難，延誤時有發生。您採取了哪些緊急措施，以確保在租賃內部電池生產過程中可能遇到的瓶頸不會影響您在柏林和德克薩斯州實現 Model Y 的產量目標？

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——我們正在努力降低2021年的風險，這樣我們幾乎就不會依賴內部電池生產。內部電池生產的影響非常小。內部電池生產將幫助我們在2022年實現產量提升，但我們在2021年不會依賴它。

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，這也是我們將試驗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，並為產品和設備的設計提供快速回饋。

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。我們的中試生產線規模相當大。我相信，它將成為全球十大電池工廠之一。

Yes, that's true.

是的，確實如此。

Subscale one, yes, so...

子量表一，是的，所以...

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

非常感謝。現在我們可以在線上回答分析師的提問了。 Sherry？

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

（操作員指示）我們的第一個問題來自 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.

只是想問你們在電池日活動上設定的目標。如果實現了這些目標，到2030年，你們的電動車銷量可能會接近2000萬輛。能否請您再分享中期目標，例如到2025年會達到什麼水準？能否再詳細介紹一下實現這一目標所需的投資，並結合每年額外投入的20億到25億美元進行分析。

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，我認為預測指數成長中期的棘手之處在於，如果每年翻一番，甚至只是成長50%，那麼如果你調整1年——正負1年——就會對數字產生巨大影響。所以——聽起來，哇，你要么大大超出預期，要么大大低於預期。但實際上，這是一條巨大的S曲線。一堆相當大的S曲線匯聚成一個巨大的S曲線。這就是為什麼很難預測中間值的原因。我不敢肯定地說我們會達到2000萬輛。但這看起來確實是一個不錯的目標，因為這意味著我們每年要替換全球1%的車。

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.

如果我們不淘汰全球1%的化石燃料汽車，我們真的在改變世界嗎？很難說我們真的在改變世界嗎？我的意思是，除非我們每年至少淘汰1%的汽車，否則我不確定我們能否做到這一點。這就是每年2000萬輛汽車的由來。這相當於20億輛汽車的1%，也就是目前全球汽車保有量。全球汽車保有量正在成長。所以未來可能會更大一些。所以很難說。這就像把一條S曲線映射到2000萬美元——2030年2000萬輛汽車的目標——我們把它移動一下，看看這個數字是多少。這將給你和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，如果固態鋰金屬真的可行，能否分享您對此的看法？您是否能夠將目前投入的大部分資源重新用於技術變革？

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。我指的是回答第一部分，電池生產系統對陽極、陰極、電解質、隔膜等等都相當不確定。我們可以改變，而且我們會改變和升級電池的各個方面。所以，例如，我們可以製造磷酸鐵鋰或鎳錳酸鋰之類的。它的適應力很強。所以我就不多說了。鋰，例如純鋰陽極，可能並不像聽起來那麼好。是的。從體積上來說，你並沒有獲得太多收益，因為如果你在陽極側什麼都沒有——比如說，你得到了——而你只是把鋰用掉，它必須去某個地方，所以你必須有空間容納它。

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。純金屬鋰的體積密度比嵌入矽中的鋰密度小。這有點難以理解，但事實就是如此。而且，正如我們在演示中所展示的，我們討論的陽極總成本僅為每千瓦時1到2美元。所以，去除陽極材料的成本也不算太高。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.

是的，確實如此。但如果事實證明純鋰陽極是正確的選擇，那就沒問題了。

Right. Agreed.

對，同意。

Our next question will come from Colin Rusch with Oppenheimer.

我們的下一個問題來自奧本海默公司的科林·拉什。

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?

您談到了將一些流程轉為內部生產。能否簡單談談哪些流程將轉為內部生產？哪些設備您打算自行生產，哪些設備則是從其他公司購買？

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

抱歉，您說的是——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，關於電池製造，我非常確定，還有您提到的模具。但就您之前提到的資本支出預算而言，您提到了哪些流程是內部完成的，以及哪些設備您計劃自己生產而不是購買？

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。我的意思是，與其他汽車公司，或者說幾乎所有公司相比，特斯拉絕對是垂直整合的。我們擁有大量自主研發的內部製造技術。我們實際上是在製造機器。實際上，我們設計它——也就是說，好吧，我們想製造什麼，設計一台可以製造那個東西的機器，然後我們再製造機器。這就是為什麼——這使得抄襲特斯拉變得非常困難，我們其實並不反對別人抄襲我們，但這確實很難，因為你無法進行目錄工程。你不能只是拿起供應商目錄，買一台那種機器，然後，我就變成特斯拉了。

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，製造了製造機器的機器。這……不，不，我們不想在這裡得意忘形。但是——坦白說，我們希望減少外包。那就太好了。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，那麼我們就可以把那些人找來，讓他們去做其他事情。

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.

不過，沒錯，我們就像在內部製造大量機器一樣。特斯拉還不太為人所知。如果你在工廠裡走走，就能大致了解。而且——是的。我不知道這是否明智之舉。但我知道，如果我們想取得進展，卻沒有人擁有我們需要的機器，我們就必須自己製造，所以我們就這麼做了。

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。第二個問題是，資產負債表確實改變了。你們已經完成了資產負債表的縮減，現在有了更多的緩衝。顯然，保險業務有機會降低部分持有成本以及財務成本。隨著你們開始嘗試加速需求成長，並利用自身能力獲取資金，並支持其他一些產品，你們是如何看待這一點的？這與你們過去的做法相比有什麼改變嗎？

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團隊開發的。我們開發了保險產品，並將其連接到汽車上，查看數據，計算風險。這一切都是在內部進行的——基本上是內部軟體應用。它的資本投入很低，但報酬率卻很高。我不知道。我們試著以盡可能快的速度花錢，不浪費錢。這是我們目前的計劃。所以，花錢而不浪費是很難的，或者說——坦白說，我們真的只是在努力不浪費太多錢。我們肯定會浪費一些錢，但努力不浪費太多，這非常困難。但除此之外，我們只是試著以合理的方式盡快花錢，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?

嗨，埃隆，我有個關於光達的問題。如果光達完全免費，你會在近期把它用在你的車上嗎？這項技術會顯著幫助特斯拉訓練用於全自動駕駛（FSD）的神經網路嗎？

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，我們也不會把它放上去。

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。那我們繼續吧。亞馬遜似乎正在透過一些內部投資來投資和建立某種類型的自動駕駛或電動交通網絡，此外還有 Zoox、Aurora、Rivian 等等。您會給傑夫貝佐斯什麼建議呢？

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，我不知道他對此有多在意，但我猜他肯定在這方面投入了不少資金。我的意思是，我認為你顯然需要專注——如果你關心自動駕駛，你需要專注於視覺，因為整個道路系統都是基於被動光學的。所以你必須解決無源光學問題——才能打造一個通用的自動駕駛系統解決方案。一旦你解決了被動光學問題，你就解決了自動駕駛問題，那麼為什麼還要費心去做其他事情呢？

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

我們的下一個問題來自 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.

很簡單的問題。您今天沒有太多談論 Cyber​​truck 之類的產品。我想知道這款產品的量產進度如何。我們什麼時候能看到它上路？您預計產量提升的速度有多快？然後我快速跟進。

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。上週五我和法蘭茲以及團隊在攝影棚裡，討論Cyber​​truck的一些改進。總的來說，在特斯拉，我們的目標是讓交付的車輛比發布的車輛更好。因為我總是被一些汽車公司推出的看起來很棒的汽車所困擾，感覺很棒，你迫不及待地想看到它們生產出來。但實際上，他們生產出來的車輛卻差很多，這真的令人失望。所以，我們一直希望交付的車輛比發布的車輛更好。這就是Cyber​​truck的目標。所以，與發布的車輛相比，Cyber​​truck有很多小的改進。我認為它會比我們展示的更好。是的，它很酷。就像它將在奧斯汀生產一樣。所以這在某種程度上取決於工廠的完工。而且，顯然也採用了高硬度裝甲外骨骼等新技術。

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.

這是前所未有的，所以過程中可能會遇到一些挑戰。顯然，硬度極高、難以刮傷或凹陷的物體也很難成型。所以製造上有挑戰。這就是為什麼它如此乾淨的原因。當然，我認為從更乾淨的角度來看，它看起來也不錯。

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。如果一切順利的話，我們明年年底就能交付一些 Cyber​​truck。所以很難預測。我估計 2022 年可能會有很多交付，如果一切順利的話，明年年底也會有一些交付。

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。現在我想了解明年的產量狀況。如果我看看你們今年年底的產能，年化產量將接近85萬輛。你們也將增加上海工廠的產能，開設柏林工廠。今天你們還說要開奧斯汀工廠。所以，你們的產量很可能會在年底超過100萬輛。那麼，我預計明年全年的交貨量應該在84萬到100萬輛之間，對嗎？

Yes. We'll...

是的，我們會…

Yes -- go ahead, Zach.

是的——繼續吧，扎克。

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

是的，我們將在下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.

我的意思是它就在附近。是的，離得不遠。

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

我們的下一個問題來自瑞士信貸的 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.

我想先問一個關於本季的問題。扎克，您能不能跟我們講講，本季度 Model Y 和中國 Model 3 的毛利率相對於弗里蒙特 Model 3 的走勢如何？然後，您能再稍微解釋一下本季的毛利率嗎？這只是銷量增加的結果嗎？還是也跟 FSD 的收入有關？請您簡單算一下本季的毛利率。

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，遞延收入確實有少量釋放。在本季度，這筆收入在1000萬美元左右，並不特別重要。至於產品利潤率，我們看到的是所有產品的成本都在持續下降。上海工廠的產能持續成長。隨著產能的提升，Model Y的成本也快速下降。但我們過去曾預計，Model Y的成本應該大致相當於在弗里蒙特工廠生產的Model 3的成本。但目前還沒有完全達到這個水平，而且這個目標還不確定。隨著弗里蒙特工廠生產的Model 3成本下降，Model Y也必須隨之下降。但整體而言，我們看到上海工廠的利潤率和Model Y的利潤率都在增加。同時，在弗里蒙特工廠生產的Model 3、Model S和Model X的利潤率也在增強。所以總的來說，我認為本季的產品表現相當不錯。

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?

太好了！太好了。接下來，我想問你們在歐洲的戰略。我認為你們的策略通常是削減成本，這樣就能降低價格，進而增加銷售量。我認為我們在中國和在地化市場（LFP）的使用情況也是如此。這是一個很好的例子。那麼，一旦你們在柏林擴大規模，對歐洲的定價預期會是怎麼樣呢？你們在定價方面會有多大的彈性，以增加註冊積分，也就是一開始利潤率可能有點低，但之後會用這些積分來抵銷註冊積分帶來的損失？

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。但我想概括地說，一段時間以來，我們一直在優先考慮將生產發送到世界哪個地方。這取決於不同的產品變更時間、物流路線以及不同市場的情況。但我們現在需要優先考慮。我的意思是，我們正在盡快提高產量，這樣我們就不需要再考慮優先考慮的問題了。是的，我認為這表達了你問題的核心。

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

我們的下一個問題來自 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.

關於Semi的問題。您能否簡單介紹一下Megacharger充電樁和車隊行駛的開發情況，以及您對特斯拉Semi自動駕駛技術的看法，以及您認為它將如何影響電動汽車以外的更廣泛的卡車運輸行業。

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

嗯，實際上，傑羅姆，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，我們意識到我們為轎車提供的350千瓦左右的功率對Semi來說遠遠不夠。所以我們正在尋找更強大的設備，能夠在駕駛過程中，例如在休息時間，為Semi充電，這樣您就可以一直開到下一個休息時間。這樣就不會浪費任何可用或有效率的時間去為Semi充電。這就是我們的目標。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設施。是的。目前我可能只能說這麼多了，是的。所以我們沒有…

Sorry, go ahead.

抱歉，請繼續。

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.

只是我們並非孤立地工作。是的。我們正在嘗試——我們必須發明它，因為它不存在。但我們正在嘗試發明一些能夠造福每個人的東西。

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。關於半掛卡車的類型，我只想提一下。半拖車確實消耗大量電池，可以說是乘用車的4到6倍，而全地形車則是5到5倍左右。所以，如果我們的電池數量有限，那麼半掛卡車的產量很難提升，因為沒有電池。所以我們需要先解決電池的限制，然後再大規模生產半掛卡車。這是半掛卡車發展的唯一真正限制因素。我們一次又一次地發現，我們總是遇到電池產量的限制。然後，我們只能把東西從一個口袋拿出來，再放到另一個口袋。所以我們需要更多的電池，這樣我們才能生產更多的固定式儲存設備、更多的車輛、更多的生產線。事實上，我們需要更多的電池。

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?

有道理。正如您所想——您談到了自動駕駛計程車，以及您認為它將如何影響人類出行。您認為Semi對貨運的長期影響為何？我的意思是，這是一件好事，可以補充你們在新市場的所有技術嗎？或者您認為這會成為一項實質的業務？

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.

我認為這肯定非常重要。我的意思是，從長遠來看，所有交通工具都將實現自動駕駛。是的。馬匹已經實現了自動駕駛。但所有交通工具都將實現自動駕駛，包括半自動駕駛汽車。所以這將非常重要。

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

我們在 Semi 中採用的技術與我們在其他車輛中採用的技術相同。

Yes. It's just bigger and more motors.

是的。它只是更大，馬達也更多。

Our next question will come from Ben Kallo with Baird.

我們的下一個問題來自 Baird 的 Ben Kallo。

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?

伊隆，您認為那些所謂的老派汽車製造商最大的結構性問題是什麼？或者說，他們沒有齊心協力追趕您，是因為一兩個結構性問題嗎？然後您提到了我們希望未來世界是什麼樣子。您對此有何設想？是只有特斯拉，還是特斯拉和Rivian？

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，我確實認為還會有其他汽車公司。我不認為我們會是唯一一家。所以我的意思是，即使在汽車領域，其他汽車公司所做的也只是特斯拉的一小部分。特斯拉，我們設計和製造。我們是高度垂直整合的。因此，我們比其他原始設備製造商設計和製造的汽車零件要多得多，其他原始設備製造商主要依靠傳統的供應商，也就是我所說的「目錄工程」。所以，這不太具冒險精神，基本上會導致舊款產品看起來都一樣，因為它們來自相同的供應商。

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，如果你繼承了遺留的元件，你也就繼承了遺留的限制和成本結構。所以你需要製造新的原料、新的零件，然後你需要──而且沒有機器來製造這些零件。所以你必須製造製造零件的機器。所以特斯拉就像是——我們可能——我的意思是，我們可能在數量級上比其他汽車公司更垂直整合。雖然我們現在還沒有，但我們肯定會做到。然後，我們還必須在大約40個國家，甚至超過100個國家建立我們的銷售、服務和分銷系統。而其他汽車公司則沒有自己的銷售、服務和分銷系統。他們從供應商組裝零件，然後將它們交付給經銷商。正是這就像——這不僅僅是——這就像把特斯拉比喻為一家汽車公司，例如僅僅比較特斯拉的一個面向或維度，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.

今天的最後一個問題來自 Jefferies 的 Philippe Houchois。

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.

我有兩個問題。第一個問題是，我想了解你們固定式儲能的商業模式，並談談你們的想法。我的意思是，我大致上有兩個方向。一個是銷售硬件，這有點像成本加成業務。我想知道特斯拉是否有機會真正分享公用事業公司，尤其是電網穩定公司在節省成本方面所獲得的收益。幾年前，我了解到你們在澳洲的業務訊息，考慮到節省的成本，你們的硬體可以賣得更高。我想知道，你們能否就業務的未來發展方向分享你的看法。

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

是的，我覺得你說的可能沒錯。 RJ和Zach，你們覺得怎麼樣？

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，我們已經在澳洲看到了這種情況，我們看到了電錶後聚合，它將電網服務回饋給電網，這有效地降低了客戶的電價，也降低了電網營運商的價格。所以你會看到這種趨勢正在全球蔓延。它將在住宅層面和批發層面都得到體現。一端是Megapack，另一端是Powerwall。這兩個平台協同工作，加上其上的軟體層，例如Autobidder，將真正幫助提高電網的效率，利用硬體平台和軟體的結合。

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.

需要澄清的是，就像澳洲的大型發電廠——大型電池發電廠一樣，我們會繼續營運該發電廠並在市場上創造收入。所以，無論我們能以更高的價格還是更低的價格出售它，我們都會繼續從該發電廠賺錢。

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，您談到了這種電池汽車整合方法。這非常有趣。當我看到這一點時，當我思考它時，似乎意味著特斯拉首創的、您的許多追隨者正在使用的滑板式設計將會過時。還是我的想法不正確？

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

是的，從長遠來看，它會被淘汰。我的意思是——是的。

And long term, are we talking -- yes?

從長遠來看，我們談論的是——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.

我指的是幾年後。這並不意味著現有的汽車就失去了價值。只是如果你有一個結構組件，這個組件會透過上下板之間類似蜂窩狀的複合效應來增加汽車的結構價值，那麼任何沒有這種功能的東西就必須使用重複的硬體。它會更重，成本也會更高。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.

坦白說，我們想把汽車做得像做玩具一樣。如果你有一輛玩具模型車，它必須非常便宜，而且看起來很棒，你會怎麼做？你會用模具鑄造。這就是製作方法。用複雜的方式把一小塊沖壓金屬連接起來做成汽車，這太荒謬了。所以這算是自然而然的事了。

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.

同樣，將儲能係統（電池）用作結構也同樣如此，飛機機翼和火箭就是這麼做的。早期的火箭和飛機，它們的氣動外殼與推進劑箱或燃料箱是分開的，後來他們意識到這樣做不合理。你必須將它們整合起來——你必須把燃料箱設計成機翼的形狀。例如，你必須把推進劑箱設計成與火箭體形狀一致。你基本上不會想把一個盒子套在另一個盒子上。所以——多年來，這使得油箱與機翼分離的飛機基本上缺乏競爭力。機翼需要成為油箱。但我不認為這會是一夜之間的轉變。這需要幾年時間。但就像我說的，隨著時間的推移，在我看來，採用不同的架構將失去競爭力。

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。很遺憾，今天的問答時間就到這裡了。感謝大家提出的所有精彩問題，我們大約三個月後再聯絡。謝謝大家。再見。

Thank you.

謝謝。

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。現在您可以掛斷電話了。