特斯拉 (TSLA) 2020 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Tesla Q2 2020 Financial Results Q&A and Webcast.

女士們，先生們，感謝大家的支持，歡迎收聽特斯拉 2020 年第二季度財務業績問答和網絡直播。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員說明）請注意，今天的會議正在錄製中。

(Operator Instructions)

（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.

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。

Please go ahead, sir.

請繼續，先生。

Thank you, Sherry, and good afternoon, everyone, and welcome to Tesla's Second Quarter 2020 Q&A Webcast.

謝謝雪莉，大家下午好，歡迎收聽特斯拉 2020 年第二季度網絡直播。

I'm joined today by Elon Musk, Zachary Kirkhorn and a number of other executives.

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。

Our Q2 results were announced at about 1:15 p.m.

我們在下午 1 點 15 分左右公佈了第二季度業績。

Pacific time in the update deck we published at the same link as this webcast.

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.

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。

These comments are based on our predictions and expectations as of today.

這些評論是基於我們今天的預測和期望。

Actual events and results could differ materially due to a number of risks and uncertainties, including those mentioned in our most recent filings with the SEC.

由於許多風險和不確定性，包括我們最近提交給美國證券交易委員會的文件中提到的風險和不確定性，實際事件和結果可能存在重大差異。

(Operator Instructions)

（操作員說明）

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

但在我們進入問答環節之前，埃隆有一些開場白。

Elon?

埃隆?

Thank you.

謝謝你。

First of all, I'd like to thank the Tesla team for exceptional execution in the second quarter despite tremendous difficulties.

首先，我要感謝特斯拉團隊在第二季度的出色表現，儘管困難重重。

They've done an incredible job, and it's an honor to work with such a great team.

他們完成了一項令人難以置信的工作，很榮幸能與這樣一支優秀的團隊合作。

I mean there were so many challenges, too numerous to name, but they got it done.

我的意思是有這麼多的挑戰，數不勝數，但他們做到了。

And just what a great group to work with, like I said, it's just an honor to work with such a great team.

就像我說的那樣，與一個偉大的團隊合作，與這樣一個偉大的團隊合作是一種榮幸。

So -- and as a result, we were able to achieve our fourth consecutive profitable quarter.

所以 - 結果，我們能夠實現連續第四個盈利季度。

And although the automotive industry was down about 30% year-over-year in the first half of the year, we managed to grow deliveries in the first half of the year.

儘管今年上半年汽車行業同比下降約 30%，但我們在上半年實現了交付量的增長。

So despite that massive industry decline, we actually went up.

因此，儘管行業大幅下滑，但我們實際上上升了。

We're also very excited to announce that we're going to be building our next Gigafactory in Texas.

我們也很高興地宣布，我們將在德克薩斯州建造我們的下一個 Gigafactory。

It's going to be right near Austin.

它就在奧斯汀附近。

It will be about -- I'll just go into a bit of detail on this, and then I'm sure there'll be a lot of questions.

它將是關於- 我將對此進行一些詳細介紹，然後我相信會有很多問題。

But the location is 5 minutes from Austin International Airport and 15 minutes from Downtown Austin, and it's about 2,000 acres, and we're going to make it a factory that is going to be stunning.

但該位置距奧斯汀國際機場 5 分鐘路程，距奧斯汀市中心 15 分鐘路程，佔地約 2,000 英畝，我們將把它打造成令人驚嘆的工廠。

It's right on the Colorado River.

它就在科羅拉多河上。

So we're actually going to have a boardwalk where there'll be a hiking/biking trail.

所以我們實際上將有一條木板路，那裡將有一條遠足/自行車道。

It's going to basically be an ecological paradise.

它基本上將成為一個生態天堂。

Birds in the trees, butterflies, fish in the stream, and they will be open to the public as well.

樹上的鳥，蝴蝶，溪里的魚，它們也將向公眾開放。

So not closed and only Tesla.

所以沒有關閉，只有特斯拉。

So if anyone is interested in working at Giga Texas, with engineering, production, whatever the case may be, please let us know.

因此，如果有人有興趣在 Giga Texas 工作，從事工程、生產方面的工作，無論情況如何，請告訴我們。

This is -- we're going to be doing a major factory there.

這是 - 我們將在那裡建造一家大型工廠。

And it's also where we'll be doing -- we'll be doing Cybertruck there, the Tesla Semi, and we'll be doing Model 3 and Y for the eastern half of North America.

這也是我們將要做的地方——我們將在那裡做 Cybertruck、Tesla Semi，我們將在北美東半部做 Model 3 和 Y。

Now at the same time, I want to say, we will continue to grow in California.

現在同時，我想說，我們將繼續在加利福尼亞發展。

So -- but we expect California to do Model S and X for worldwide consumption and 3 and Y for the western half of North America.

所以——但我們預計加州將為全球消費製造 Model S 和 X，為北美西半部製造 3 和 Y。

And then we think probably also the Tesla Roadster, a future program, would also make sense in California.

然後我們認為，未來的計劃特斯拉 Roadster 也可能在加利福尼亞也有意義。

So I think this is a nice split between Texas and California.

所以我認為這是德克薩斯州和加利福尼亞州之間的一個很好的分歧。

And just to emphasize, we'll continue to grow in California, but we'll be creating a massive factory and Cybertruck and Semi programs in Texas.

強調一下，我們將繼續在加利福尼亞州發展，但我們將在德克薩斯州建立一個大型工廠以及 Cybertruck 和 Semi 項目。

So -- and I also want to just do a shout out to Tulsa, and just say thank you very much for -- to the Tulsa team, the economic development team and the governor, really, I was super impressed.

所以——我也想對塔爾薩大喊一聲，非常感謝你們——對塔爾薩團隊、經濟發展團隊和州長，真的，我印象非常深刻。

The whole Tesla team was super impressed, and we will, for sure, strongly consider Tulsa for future expansion of Tesla down the road.

整個特斯拉團隊都留下了深刻的印象，我們當然會強烈考慮塔爾薩，以便特斯拉未來的擴張。

Let's see.

讓我們來看看。

Is there anything more we want to say about?

我們還有什麼想說的嗎？

There's a lot of information.

有很多信息。

So anything, guys?

有什麼嗎，伙計們？

All right.

好的。

Well, I'm sure there'll be lots of questions.

好吧，我相信會有很多問題。

We've already started work on the facility, so some initial construction work.

我們已經開始在設施上工作，所以進行了一些初步的建設工作。

So it's already underway, started this weekend.

所以它已經在進行中，從本週末開始。

Let's see, moving on to other subjects.

讓我們看看，轉移到其他主題。

Solar.

太陽的。

We recently adjusted the pricing of our retrofit solar.

我們最近調整了改造太陽能的定價。

So Tesla Solar is the lowest cost solar in the United States.

所以特斯拉太陽能是美國成本最低的太陽能。

And we added the lowest cost guarantee and a money-back guarantee.

我們添加了最低成本保證和退款保證。

So we're very confident that people will have our solar product, whether it's the solar retrofit or Solar Roof.

所以我們非常有信心人們會擁有我們的太陽能產品，無論是太陽能改造還是太陽能屋頂。

Our solar is now 30% cheaper than the U.S. average.

我們的太陽能現在比美國平均價格便宜 30%。

After the federal tax credit, Tesla Solar now costs $1.49 per watt.

在聯邦稅收抵免之後，特斯拉太陽能現在每瓦的成本為 1.49 美元。

And it's a very simple, highly automated single-click experience.

這是一種非常簡單、高度自動化的單擊體驗。

So definitely, think about Tesla whether you want a new roof or Tesla Solar Roof or you want solar on your existing roof, either way, we're the company to go to.

因此，絕對要考慮特斯拉，無論您是想要新屋頂還是特斯拉太陽能屋頂，還是想要在現有屋頂上安裝太陽能，無論哪種方式，我們都是可以選擇的公司。

And then you could also get a Powerwall and have energy independence and be your own utility.

然後你也可以得到一個 Powerwall 並擁有能源獨立並成為你自己的公用事業。

So I think that product is really coming together, and it's only going to get better later this year.

因此，我認為該產品確實正在融合在一起，並且只會在今年晚些時候變得更好。

So just very excited about that business potential.

所以對這種商業潛力感到非常興奮。

On the additional technology stuff, we introduced the first production car with more than 400 miles range.

在其他技術方面，我們推出了第一輛續航里程超過 400 英里的量產車。

So the current Tesla Model S now has an EPA-certified range of 402 miles.

因此，目前的特斯拉 Model S 現在的 EPA 認證續航里程為 402 英里。

I mean you basically can drive from L.A. to San Francisco nonstop and still have some miles left over when you arrive.

我的意思是，您基本上可以從洛杉磯直飛舊金山，到達時還有幾英里的路程。

And this is at highway speed.

這是在高速公路上。

So you don't have to do anything, drive slowly or anything, drive -- you can just drive normally and go very long distances.

所以你不需要做任何事情，慢慢地開車或任何事情，開車——你可以正常開車，走很遠的距離。

And then for Full Self-Driving, we launched traffic lights and stop signs, and we continue to improve that to make them more robust.

然後對於全自動駕駛，我們推出了交通信號燈和停車標誌，我們繼續改進它們以使其更加強大。

And we're currently testing Full Self-Driving software for intersections and city streets and narrow streets.

我們目前正在測試十字路口、城市街道和狹窄街道的全自動駕駛軟件。

So I personally tested the latest alpha build of the Full Self-Driving software when I drive my car.

因此，當我開車時，我親自測試了完全自動駕駛軟件的最新 alpha 版本。

And it is really, I think, profoundly better than people realize.

我認為，它確實比人們意識到的要好得多。

Yes, really profoundly better.

是的，確實非常好。

It's like amazing.

這就像驚人的一樣。

So it's almost getting to a point where I can go from my house to work with no interventions, despite going through construction and widely varying situations.

因此，儘管經歷了施工和各種不同的情況，我幾乎可以從家裡去工作而無需干預。

So this is why I'm very confident about Full Self-Driving functionality being complete by the end of this year.

所以這就是為什麼我對今年年底前完成全自動駕駛功能充滿信心的原因。

It's because I'm literally driving it.

這是因為我真的在駕駛它。

In conclusion, I'd like to again say thanks for all the hard work of the Tesla team, achieving our first full year of profitability in the company history.

最後，我想再次感謝特斯拉團隊的辛勤工作，實現了公司歷史上第一個全年盈利。

It was incredibly difficult.

這非常困難。

And just as a result of the hard work of a lot of people from Tesla worldwide.

這也是全球許多特斯拉員工辛勤工作的結果。

And yes, just think about the next 12 to 18 months, we'll have 3 new factories in place.

是的，想想接下來的 12 到 18 個月，我們將擁有 3 家新工廠。

Things are looking great with Giga Berlin, and we'll have Cybertruck, Semi, Roadster, Full Self-Driving.

Giga Berlin 的情況看起來不錯，我們將擁有 Cybertruck、Semi、Roadster、Full Self-Driving。

There's so much to be excited about.

有很多值得興奮的地方。

It's really hard to kind of fit into this call.

真的很難適應這個電話。

But the sheer amount of hardcore engineering, especially on the autonomy and the manufacturing engineering front, is mind-blowing.

但核心工程的數量之多，尤其是在自主性和製造工程方面，是令人興奮的。

And then, of course, there's Battery Day, which is coming up pretty soon.

然後，當然，電池日即將到來。

And I think that's really going to surprise people by just how much there is to see.

而且我認為這真的會讓人們驚訝於有多少可以看到。

So with that, thanks again for your support on our long-term mission, and we're looking forward to having a great journey with you to create amazing products and continue scaling it.

因此，再次感謝您對我們長期使命的支持，我們期待與您一起度過一段美好的旅程，以創造令人驚嘆的產品並繼續擴展它。

And yes, this is -- I think I've never been more optimistic or excited about the future of Tesla and the history of the company.

是的，這是——我認為我對特斯拉的未來和公司的歷史從未如此樂觀或興奮過。

Thank you.

謝謝你。

Thank you very much.

非常感謝你。

And I think our CFO, Zachary Kirkhorn, has some remarks as well.

我認為我們的首席財務官 Zachary Kirkhorn 也有一些評論。

Yes.

是的。

Thanks, Martin.

謝謝，馬丁。

I want to start by thanking our employees, customers and suppliers for your support over the last quarter.

首先，我要感謝我們的員工、客戶和供應商在上個季度的支持。

In particular to the Tesla team, I couldn't be more impressed with the hard work and the resiliency that you all have shown.

特別是對特斯拉團隊來說，你們所有人所表現出的辛勤工作和堅韌不拔給我留下了深刻的印象。

On net income, overall, as Elon mentioned, we achieved our fourth sequential quarter of profitability.

正如埃隆所說，總體而言，在淨收入方面，我們實現了連續第四個季度的盈利。

This is despite a significant impact to our financials as a result of suspended operations of our U.S. factories and field operations around the world.

儘管由於我們的美國工廠和世界各地的現場運營暫停運營，這對我們的財務狀況產生了重大影響。

To ensure the business remains healthy, we took temporary action to reduce costs, including expenses related to personnel and noncritical patent projects.

為了確保業務保持健康，我們採取了臨時措施來降低成本，包括與人員和非關鍵專利項目相關的費用。

The direct cost savings -- or the direct cost impact of the temporary shutdown was largely offset by these cost savings actions, although the costs were concentrated in COGS, and the cost reductions were in both COGS and operating expenses.

儘管成本集中在 COGS 上，成本降低同時體現在 COGS 和運營費用中，但直接成本節約或臨時停工的直接成本影響在很大程度上被這些成本節約措施所抵消。

On automotive gross margin, excluding regulatory credits, this reduced sequentially from 20% to 18.7%.

汽車毛利率（不包括監管信貸）從 20% 下降至 18.7%。

This sequential reduction is fully attributed to idle capacity charges and lower operational efficiency due to the various shutdowns.

這種連續減少完全歸因於閒置產能費用和由於各種停工導致的運營效率降低。

Despite these charges, we continue to make progress reducing our costs, particularly on Model Y in Fremont and Model 3 in Shanghai.

儘管有這些費用，我們仍繼續在降低成本方面取得進展，尤其是在弗里蒙特的 Model Y 和上海的 Model 3 上。

Given the global macroeconomic context, we made the decision in Q2 to pass through savings to customers around the world on some of our products.

鑑於全球宏觀經濟背景，我們在第二季度決定將我們的部分產品節省的資金轉嫁給全球客戶。

With the release of stoplight and stop sign recognition and response, we recognized $48 million of deferred revenue in the period.

隨著紅綠燈和停車標誌識別和響應的發布，我們在此期間確認了 4800 萬美元的遞延收入。

The full profit impact on our P&L is less than half of this due to costs associated with FSD computer retrofits in the field.

由於與現場 FSD 計算機改造相關的成本，對我們損益表的全部利潤影響不到一半。

Regulatory credit revenue increased sequentially to $428 million.

監管信貸收入環比增長至 4.28 億美元。

While difficult to forecast precisely, our best estimate of 2020 credit revenue is roughly double that of 2019.

雖然難以準確預測，但我們對 2020 年信貸收入的最佳估計約為 2019 年的兩倍。

Services and other margin improved yet again, marking the fifth sequential quarter of improvement.

服務和其他利潤率再次改善，連續第五個季度出現改善。

In the energy business, our Megapack product achieved its first quarterly profit.

在能源業務中，我們的 Megapack 產品實現了第一個季度盈利。

We remain production-constrained in this business and are continuing to work towards building additional capacity.

我們在這項業務中仍然受到生產限制，並繼續努力建設額外的產能。

And our solar installation business was impacted by permit office closures limiting installation volume.

我們的太陽能安裝業務受到許可證辦公室關閉限制安裝量的影響。

Stock-based comp increased from Q1 to Q2.

基於股票的薪酬從第一季度到第二季度有所增加。

This is driven almost entirely by an expense related to the next tranche of the CEO grant as well as early vesting of the first tranche, which is reflected in SG&A within operating expenses.

這幾乎完全是由與下一批 CEO 贈款相關的費用以及第一批的早期歸屬相關的費用推動的，這在 SG&A 中反映在運營費用中。

On cash flows, our cash balance increased to our highest level yet of $8.6 billion, which included free cash flows of over $400 million.

在現金流方面，我們的現金餘額增加到 86 億美元的最高水平，其中包括超過 4 億美元的自由現金流。

This is a strong result on its own despite an increase in capital expenses associated with Shanghai and Berlin as well as movements in working capital.

儘管與上海和柏林相關的資本支出增加以及營運資金的變動，這本身就是一個強勁的結果。

A few things to note on working capital, particularly accounts receivables.

關於營運資金，特別是應收賬款，有幾點需要注意。

While our AR balance is usually about 20% of revenue, it can fluctuate depending upon a number of factors.

雖然我們的應收賬款餘額通常約為收入的 20%，但它可能會根據許多因素而波動。

First, overall, less than 30% of our receivables is associated with new car sales.

首先，總體而言，我們的應收賬款中只有不到 30% 與新車銷售相關。

Second, due to payment terms associated with financing and enterprise customers, settlement time lines for certain methods of cash payments and geographic mix of our deliveries, our cash balance and associated receivables are impacted significantly by how many cars are delivered in the final weeks and days of the quarter.

其次，由於與融資和企業客戶相關的付款條款、某些現金支付方式的結算時間線以及我們交付的地域組合，我們的現金餘額和相關應收賬款受到最後幾周和幾天交付的汽車數量的顯著影響本季度。

Third, roughly 40% of the balance is attributed to payment terms on regulatory credit sales and statutory EV incentive programs, both of which have been increasing.

第三，大約 40% 的餘額歸因於監管信貸銷售和法定電動汽車激勵計劃的支付條款，這兩者都在增加。

Customer deposits reduced slightly as well.

客戶存款也略有減少。

Note that as we transition to lower order fees across the world, the average deposit per order will continue to reduce, driving down this balance.

請注意，隨著我們在全球範圍內轉向降低訂單費用，每筆訂單的平均存款將繼續減少，從而降低餘額。

As we look forward, Tesla was able to navigate through Q2 due to our agile and dynamic culture.

正如我們所期待的那樣，由於我們敏捷和充滿活力的文化，特斯拉能夠順利度過第二季度。

We will continue to appropriately manage our cash flows through cost optimization and close working capital management.

我們將繼續通過成本優化和密切的營運資金管理來適當地管理我們的現金流。

This is key as we remain focused on expanding production, scaling our operations and preparing for the launch of 3 new factories over the next 1.5 years.

這是關鍵，因為我們仍然專注於擴大生產、擴大運營規模並為未來 1.5 年推出 3 家新工廠做準備。

Thank you very much.

非常感謝你。

Let's go to questions from institutional investors first.

讓我們先回答機構投資者的問題。

The question #1 is, as Tesla continues its journey towards the long-term goal of selling 20 million units per year, what are the most important vehicle programs that will drive volume growth over the next 3 to 5 years beyond Model 3, Y and the Cybertruck: cheaper, smaller versions of 3 and Y or region-specific vehicles or anything else?

問題 1 是，隨著特斯拉繼續朝著每年銷售 2000 萬輛的長期目標邁進，在未來 3 到 5 年，除了 Model 3、Y 和Cyber truck：更便宜，更小的版本 3 和 Y 或特定地區的車輛或其他任何東西？

Well, I don't think we can comment on our detailed product road map beyond what's announced because I think we want to reserve that for product launches.

好吧，我認為我們不能對我們宣布的詳細產品路線圖發表評論，因為我認為我們希望將其保留用於產品發布。

But it would be reasonable to assume that we would make a compact vehicle of some kind and probably a higher capacity vehicle of some kind.

但是可以合理地假設我們將製造某種緊湊型車輛，並且可能製造某種更高容量的車輛。

These are likely things at some point.

這些可能是某些時候的事情。

But I do think there's a long way to go with 3 and Y and with Cybertruck and Semi.

但我確實認為 3 和 Y 以及 Cybertruck 和 Semi 還有很長的路要走。

So it's a long way to go with those.

因此，要實現這些目標還有很長的路要走。

I think we'll do the obvious things.

我想我們會做顯而易見的事情。

Okay.

好的。

The second question from institutional is, what is your vision for software at Tesla?

來自機構的第二個問題是，您對特斯拉軟件的願景是什麼？

What opportunities do you see from monetizing the installed base other than via FSD?

除了通過 FSD 以外，您從已安裝的基礎上獲利有哪些機會？

Right now, by far, FSD is just overwhelmingly the most important thing.

目前，到目前為止，FSD 絕對是最重要的事情。

I think the upgrading of the fleet to Full-Self Driving, especially with an over-the-air software update, I mean, may go down as the biggest asset value increase in history as a step change.

我認為將車隊升級為全自動駕駛，特別是通過無線軟件更新，我的意思是，可能會下降為歷史上最大的資產價值增長，作為一個階梯式的變化。

Maybe there's something bigger, but it certainly would be one of the biggest -- I can't think of anything bigger.

也許有更大的東西，但它肯定是最大的東西之一——我想不出更大的東西。

So overnight, 1 million -- depending exactly on when it happens and when it's allowed in various regulatory jurisdictions, you'd have like, I don't know, at least a few million cars suddenly becoming 5x more valuable or something like that, something like 5x higher utility.

所以一夜之間，100 萬輛——具體取決於它發生的時間以及各種監管管轄區何時允許，你會喜歡，我不知道，至少有幾百萬輛汽車突然變得價值 5 倍或類似的東西，類似於 5 倍的效用。

They go from like 12 hours a week of utility, something like that, that's hours of use, to 60, something like that.

它們從每週 12 小時的實用程序，類似的使用時間，到 60 小時，類似的時間。

So everything else is pretty small by comparison.

因此，相比之下，其他一切都非常小。

Now when things do become Full-Self Driving, so what are people going to do in the car?

現在當事情真的變成全自動駕駛時，人們會在車裡做什麼呢？

Well, I guess they're probably going to want to do productivity and entertainment of some kind.

好吧，我猜他們可能會想要做某種形式的生產力和娛樂。

Watch movies, play games and do work.

看電影、玩遊戲和工作。

That's in the future.

那是在未來。

Yes.

是的。

We're already putting some games and stuff on the car, just for fun.

我們已經在車上放了一些遊戲和東西，只是為了好玩。

Yes, we have been experimenting on that.

是的，我們一直在做這方面的試驗。

And so FSD remains, by far and away, the biggest opportunity in the near term.

因此，從長遠來看，FSD 仍然是近期最大的機會。

But we're putting the plumbing in place to be ready to scale other areas when the time is right.

但我們正在鋪設管道，以便在適當的時候擴展其他區域。

So premium connectivity subscription is something that we've put in place.

因此，我們已經實施了高級連接訂閱。

And the ability to upgrade your vehicle through the app, for example, on Acceleration Boost, or upgrading a Standard Range Model 3 to a Standard Plus, adding rear-heated seats.

以及通過應用程序升級您的車輛的能力，例如，在 Acceleration Boost 上，或將 Standard Range Model 3 升級到 Standard Plus，添加後加熱座椅。

So these are things that we have, and we're continuing to get feedback from the field and other things that we can launch, and we'll trickle those in with time.

所以這些是我們擁有的東西，我們將繼續從該領域獲得反饋以及我們可以推出的其他東西，我們會隨著時間的推移將這些東西加入進來。

Yes.

是的。

But they're all very tiny compared with like the step change to Full Self-Driving, depending upon how you calculate it, is probably worth at least $100,000 per car.

但與完全自動駕駛的升級相比，它們都非常小，這取決於你如何計算，每輛車的價值可能至少為 100,000 美元。

So that's a lot of software you have to sell in the App Store or whatever, yes.

因此，您必須在 App Store 或其他任何地方出售大量軟件，是的。

The third question is also about Autopilot.

第三個問題也是關於 Autopilot 的。

What are the most important upcoming self-driving milestones?

即將到來的最重要的自動駕駛里程碑是什麼？

And how do you think about timing?

你如何看待時間安排？

Well, the actual major milestone that's happening right now is really a transition of the autonomy system of the cars like AI, if you will, from thinking about things in, I call it like, 2.5D.

嗯，目前正在發生的實際重大里程碑實際上是像人工智能這樣的汽車自主系統的轉變，如果你願意的話，從考慮事物開始，我稱之為 2.5D。

It's like -- think of taking like isolated pictures and doing image recognition on pictures that are harshly correlated in time but not very well and transitioning to kind of a 4D where it's like -- which is video essentially.

這就像 - 考慮拍攝孤立的照片，並對時間上高度相關但不是很好的照片進行圖像識別，然後過渡到類似的 4D 圖像 - 本質上是視頻。

You're thinking about the world in 3 dimensions, and the fourth dimension being time.

你在考慮 3 個維度的世界，第 4 個維度是時間。

So that architectural change, which has been underway for some time but has not really been rolled out to anyone in the production fleet is what really matters for Full Self-Driving.

因此，已經進行了一段時間但尚未真正推廣到生產車隊中的任何人的架構變化對於完全自動駕駛來說真正重要。

So what we've been doing thus far has really just been with like 2D -- mostly 2D.

所以到目前為止我們一直在做的只是像2D——主要是2D。

And like I said, not well correlated in time.

就像我說的，在時間上沒有很好的相關性。

So it's just hard to convey just how much better a fully 4D system would work -- does work.

所以很難說一個全 4D 系統能工作多好——確實有效。

It's capable of things that if you just look -- looking at things as individual pictures as opposed to video like -- basically, like you could go from like individual pictures to surround video.

如果你只是看的話，它可以做的事情——將事物視為單獨的圖片而不是視頻——基本上，就像你可以從單獨的圖片到環繞視頻一樣。

So it's fundamental.

所以這是根本。

So the car will seem to have just like a giant improvement.

所以這輛車看起來就像一個巨大的改進。

We'll probably roll it out later this year.

我們可能會在今年晚些時候推出它。

But we'll be able to do traffic lights, stop, turns, troughs, everything pretty much.

但我們將能夠做交通信號燈、停車、轉彎、低谷，幾乎所有的事情。

And then it will be a long march of 9s, essentially, how many 9s of reliability are okay.

然後這將是一個 9 的長征，本質上，有多少個 9 的可靠性是可以的。

So it's definitely way better than human, but how much better than human does it need to be.

所以它肯定比人類好得多，但它需要比人類好多少。

So that's actually going to be the real work.

所以這實際上將是真正的工作。

There's just a massive amount of work with each kind of order of magnitude of reliability.

每種數量級的可靠性都需要大量的工作。

But you'll see it happen.

但你會看到它發生。

And if you plot the points on the curve, it would be kind of obvious where it's headed.

如果你在曲線上繪製點，它的走向會很明顯。

AI, in general, I think, is something -- I've been saying this famous AI drum for a decade, we should be concerned about where AI is going.

總的來說，我認為人工智能是某種東西——我十年來一直在說這個著名的人工智能鼓，我們應該關注人工智能的發展方向。

And the people I see being the most wrong about AI are the ones who are very smart because they can't imagine that a computer could be way smarter than them.

我認為對人工智能最錯誤的人是那些非常聰明的人，因為他們無法想像計算機會比他們聰明得多。

That's the flaw in their logic.

這就是他們邏輯的缺陷。

They're just way dumber than they think they are.

他們只是比他們想像的要愚蠢得多。

And the next question from institutional investor is please may you update us on Alien Dreadnought.

機構投資者的下一個問題是，請您更新我們有關 Alien Dreadnought 的信息。

How has your thinking evolved?

你的思想是如何演變的？

And what is needed in order to get closer to fundamental physical limits?

為了更接近基本的物理極限需要什麼？

Well, we bring a massive amount of effort into manufacturing engineering, the machine that makes the machine.

好吧，我們在製造工程，製造機器的機器上投入了大量精力。

There's probably 1,000%, maybe 10,000% more engineering required for the factory than for the product itself.

工廠所需的工程設計可能比產品本身多 1,000%，甚至 10,000%。

So we're certainly making progress.

所以我們肯定在進步。

I mean battery and powertrain factory, Gigafactory in Nevada is, I don't know, Alien Dreadnought version 0.5, something like that, starting to approach version 1.

我的意思是電池和動力總成工廠，內華達州的 Gigafactory 是，我不知道，Alien Dreadnought 版本 0.5，類似的東西，開始接近版本 1。

We're getting way better at making cars.

我們在製造汽車方面做得越來越好。

You can see that in Giga Shanghai.

您可以在 Giga Shanghai 看到這一點。

You'll see that even more with Berlin.

你會在柏林看到更多。

And we're really changing the design of the car in order to make it more manufacturable.

我們真的在改變汽車的設計，以使其更易於製造。

The fundamental architecture of Model Y will be different in Berlin.

Model Y 的基本架構在柏林會有所不同。

It may look the same, but the internals will be quite different and fundamentally more efficient architecturally than what we've done to date.

它可能看起來相同，但內部結構將完全不同，並且在架構上比我們迄今為止所做的從根本上更有效。

Drew, would you like to add to that?

德魯，你想補充一下嗎？

Yes.

是的。

I was going to expand on that.

我打算對此進行擴展。

I think part of the Alien Dreadnought concept is not just automation but minimizing the number of process steps and complexity involved in the manufacturing system, which involves really integrating design and manufacturing across from like when the raw materials enter the factory to the finished goods exit.

我認為 Alien Dreadnought 概念的一部分不僅僅是自動化，而是最大限度地減少製造系統中涉及的工藝步驟和復雜性，這涉及真正整合設計和製造，從原材料進入工廠到成品出口。

And we're learning so much through doing that.

我們通過這樣做學到了很多東西。

Yes.

是的。

Vertical integration is extremely important for this.

垂直整合對此極為重要。

But the supply chain -- if you put like a GPS tracker on a molecule from when it got mined to when it was in a usable product, it would look insane.

但是供應鏈——如果你在一個分子上放置一個 GPS 跟踪器，從它被開採到它成為可用產品，它看起來會很瘋狂。

It would be like, wow, it went around the world like 6 times.

就像，哇，它環遊世界 6 次。

So with vertical integration, maybe you can only go around the world once.

所以通過垂直整合，也許你只能環遊世界一次。

It would be a huge improvement, or not even, like half of -- I think a half of -- I think if we get vertical integration, probably get you an order of magnitude improvement.

這將是一個巨大的改進，或者甚至不會，就像一半——我認為是一半——我認為如果我們進行垂直整合，可能會給你帶來一個數量級的改進。

So yes.

所以是的。

Jerome, do you want to...

杰羅姆，你想...

Yes.

是的。

I think the focus for us is increasing CapEx efficiency.

我認為我們的重點是提高資本支出效率。

This is something that we've been working very hard for the past 3 years.

這是我們過去 3 年一直在努力工作的事情。

And you can see that we can build new factories for less amount of money and much faster.

你可以看到我們可以用更少的錢更快地建造新工廠。

Those things go together.

這些東西在一起。

Yes.

是的。

It's a better factory for less money and less time.

這是一個更好的工廠，更少的錢和更少的時間。

Yes.

是的。

Less money means less time.

更少的錢意味著更少的時間。

So that's a great advantage.

所以這是一個很大的優勢。

And we're also reducing, and there still is a lot, the amount of inefficiencies.

我們也在減少，而且仍然有很多，低效率的數量。

We want every operation to add value to the vehicle.

我們希望每一項操作都能為車輛增加價值。

Value, meaning moving the items closer to their final state.

價值，意味著使項目更接近其最終狀態。

So we do not want any robot that just moves things or adding parts.

所以我們不想要任何只移動東西或添加零件的機器人。

Or a person.

或者一個人。

In fact, it's like we want to be super respectful of people's labor.

事實上，這就像我們要超級尊重人們的勞動。

If we're asking somebody to do something, are we sure it's useful?

如果我們要求某人做某事，我們確定它有用嗎？

Are we asking them to spend their time in a way that is respectful of their time?

我們是否要求他們以尊重他們的時間的方式度過他們的時間？

But it's like, wow, the potential for improvement is tremendous.

但這就像，哇，改進的潛力是巨大的。

And like, I just want to be clear.

就像，我只想說清楚。

Here at Tesla, we love manufacturing.

在特斯拉，我們熱愛製造。

It's awesome.

這很棒。

And I really think more smart people should be working on manufacturing.

而且我真的認為應該有更多聰明的人從事製造業。

And we want more people.

我們想要更多的人。

We can't find enough people.

我們找不到足夠的人。

If people are interested in designing new lines and trying to do things different, Tesla's got a job for you.

如果人們對設計新產品線並嘗試做不同的事情感興趣，那麼特斯拉可以為您找到工作。

And now we've got jobs everywhere.

現在我們到處都有工作。

It's not only in California.

它不僅在加利福尼亞。

Now we've got jobs in China; in Berlin; in Austin, Texas; and in California.

現在我們在中國找到了工作；在柏林；在德克薩斯州奧斯汀；和在加利福尼亞。

So there's plenty of exciting places.

所以有很多令人興奮的地方。

And all these places will do original work and challenging, meaningful work.

所有這些地方都會做原創工作和具有挑戰性的、有意義的工作。

Yes.

是的。

Absolutely.

絕對地。

It's actually extremely exciting and fulfilling to design new production systems.

設計新的生產系統實際上是非常令人興奮和充實的。

And I think that for some reason, I kind of got a bad rap, especially in the U.S., for a long time.

而且我認為由於某種原因，我的名聲很差，特別是在美國，很長一段時間。

And I think people didn't think that manufacture -- they sort of -- they thought of manufacturing it's like, oh, it's just some boring -- just making copies or whatever.

而且我認為人們並不認為製造——他們有點——他們認為製造就像，哦，這只是有些無聊——只是複製或其他什麼。

But actually, there's far more opportunity for innovation in manufacturing than in the product itself, order of magnitude.

但實際上，製造業的創新機會遠遠多於產品本身，數量級。

So like if there's one thing that comes out of this call, it's like, hey, if you want to help us invent amazing, new manufacturing techniques and have input into the product itself, it's not like you just get tossed the product and say, "Hey, make this product," and it's kind of a lousy design, you get -- if you're in manufacturing, you get to change the product design.

所以，如果這個電話會產生一件事，就像，嘿，如果你想幫助我們發明驚人的新製造技術並投入到產品本身中，這不像你只是扔掉產品然後說， “嘿，做這個產品，”這是一個糟糕的設計，你會得到——如果你在製造業，你可以改變產品設計。

And say, "Hey, this product you're asking me to manufacture is dumb." Like, "Great, let's fix it."

然後說，“嘿，你要我製造的這個產品是愚蠢的。”就像，“太好了，讓我們解決它。”

So it has a -- if you work on manufacturing engineering, you don't just get force-fed a turd sandwich.

所以它有一個——如果你從事製造工程，你不只是被強迫餵一個大便三明治。

You get to change the product design.

你可以改變產品設計。

So it's super exciting.

所以超級刺激。

And we evolve the lines even after they're built.

即使在它們建成之後，我們也會對它們進行改進。

There's rapid evolution of the production system.

生產系統正在迅速發展。

So...

所以...

And there's nothing more rewarding than going from 0 cars an hour to 5,000 cars a week or 1,000 cars a day.

沒有什麼比從每小時 0 輛汽車到每週 5,000 輛汽車或每天 1,000 輛汽車更有意義的了。

Yes.

是的。

So the long-term sustainable advantage of Tesla, I think, will be manufacturing.

因此，我認為特斯拉的長期可持續優勢將是製造。

And the last question from institutional investor is, how many vehicles can Tesla produce in Texas?

機構投資者的最後一個問題是，特斯拉在德克薩斯州可以生產多少輛汽車？

Well, right now, 0. But long term, a lot.

好吧，現在，0。但從長遠來看，很多。

It's our biggest property.

這是我們最大的財產。

Yes, it's our biggest property, true.

是的，這是我們最大的財產，真的。

Okay.

好的。

And now we can shift to retail investor questions on say.com.

現在我們可以轉向 say.com 上的散戶投資者問題。

The first one is, Tesla Energy seems widely ignored by Wall Street despite Elon comments about growth rate exceeding automotive.

第一個是，特斯拉能源似乎被華爾街廣泛忽視，儘管埃隆評論增長率超過汽車。

Could Tesla share more detail on calendar planned projects to help investors better understand the business outlook?

特斯拉能否分享有關日曆計劃項目的更多細節，以幫助投資者更好地了解業務前景？

How disruptive is Tesla's Autobidder technology?

特斯拉的 Autobidder 技術具有多大的顛覆性？

Yes.

是的。

I can't emphasize enough, I think long term, Tesla Energy will be of roughly the same size as Tesla Automotive.

我怎麼強調都不為過，我認為從長遠來看，特斯拉能源公司的規模將與特斯拉汽車公司大致相同。

So I mean the energy business collectively is bigger than the automotive business.

所以我的意思是能源業務總體上比汽車業務更大。

So it's like how big is the energy sector?

那麼能源部門有多大？

Bigger than automotive.

比汽車大。

So -- and in order to achieve a sustainable energy future, we have to have sustainable energy generation, which I think is going to be primarily solar and followed by wind.

所以——為了實現可持續能源的未來，我們必須有可持續的能源生產，我認為這將主要是太陽能，其次是風能。

And those are intermittent.

這些是間歇性的。

So you need to have a lot of batteries to store the energy because the wind doesn't always blow and the sun doesn't always shine.

所以你需要有很多電池來儲存能量，因為風並不總是在吹，太陽並不總是照耀。

So there's like 3 elements of the sustainable energy future: wind and solar sustainable energy generation; battery storage; and electric transport.

因此，可持續能源未來有 3 個要素：風能和太陽能可持續能源發電；電池存儲；和電力運輸。

Those 3 things.

那3件事。

And the mission of Tesla is to accelerate sustainable energy.

特斯拉的使命是加速可持續能源。

So I can't emphasize enough.

所以我怎麼強調都不過分。

The -- like yes, the battery and solar will both be enormous.

- 就像是的，電池和太陽能都將是巨大的。

And they kind of have to be in order for us to have a sustainable future.

為了讓我們擁有一個可持續的未來，它們必須是這樣的。

And we've got a great product road map on that front as well.

我們在這方面也有很棒的產品路線圖。

So we're going to ship in the Megapack.

所以我們將在 Megapack 中發貨。

It's very well received.

它很受歡迎。

Yes.

是的。

Drew, do you want to talk about that?

德魯，你想談談這個嗎？

Yes.

是的。

I think the Megapack has represented itself and is an integrated, rapidly deployable grid-tied storage battery of megawatt-hour scale.

我認為 Megapack 已經代表了自己，它是一種集成的、可快速部署的兆瓦時級並網蓄電池。

We're working with utilities, large and small, not just utilities, but also just like microgrid and project developers of all type, and building our own projects where it makes sense.

我們正在與大大小小的公用事業公司合作，不僅僅是公用事業公司，還與微電網和各種類型的項目開發商合作，並在有意義的地方構建我們自己的項目。

And there's a lot of demand for the product, and we're growing the production rates as fast as we can for that product.

該產品的需求量很大，我們正在盡可能快地提高該產品的生產率。

And then on Autobidder, Autobidder is basically autopilot for grid-tied batteries.

然後在 Autobidder 上，Autobidder 基本上是並網電池的自動駕駛儀。

It's an autonomous energy market participation system that does high-frequency trading and ensure...

這是一個自主的能源市場參與系統，進行高頻交易並確保...

That's a bad word.

這是一個壞詞。

Sorry.

對不起。

Sorry.

對不起。

High-frequency trading is called front running.

高頻交易稱為搶先交易。

We're not doing that.

我們不這樣做。

No, we're not doing anything like that.

不，我們不會做那樣的事情。

No.

不。

It's ensuring that the battery is doing everything it can to manage the container dependency of the renewals -- renewables and just grid intermittency of all kinds.

它確保電池盡其所能來管理更新的容器依賴性——可再生能源和各種電網間歇性。

I mean people turn their lights on and off, power plants turn on and off, factories ramp up and down, and batteries are great to solve those problems.

我的意思是人們打開和關閉燈，打開和關閉發電廠，工廠上升和下降，電池可以很好地解決這些問題。

Yes.

是的。

It does grid stabilization at the millisecond level.

它在毫秒級進行電網穩定。

Exactly.

確切地。

So it just ensures that things are super smooth.

所以它只是確保事情非常順利。

It's like a UPS, an uninterruptible power supply, of a normal size.

它就像一個 UPS，一個不間斷電源，大小正常。

But it just ensures that the grid has smooth sailing.

但這只是確保電網一帆風順。

And then the batteries, the computers like all interact with each other and make sure that they're working together to make the grid smooth.

然後是電池、計算機等都相互交互，並確保它們協同工作以使電網平滑。

And this can be done with the Powerwalls and the Megapacks and the Powerpacks all working together and interacting with third-party systems as well.

這可以通過 Powerwalls、Megapacks 和 Powerpacks 一起工作並與第三方系統交互來完成。

Yes.

是的。

Centrally or distributed, it does both.

集中式或分佈式，兩者兼而有之。

Yes.

是的。

I mean we've -- yes.

我的意思是我們已經——是的。

I mean it's just necessary in order to solve the sustainable energy problem.

我的意思是它只是為了解決可持續能源問題所必需的。

Yes.

是的。

You can't plan power plants on the hourly scale in a renewable world.

在可再生能源世界中，您無法按小時計劃發電廠。

You need a plant -- you need to optimize them on a minute-by-minute scale, and that's what we're doing.

你需要一個工廠——你需要按分鐘優化它們，這就是我們正在做的事情。

Yes.

是的。

The real limitation on Tesla growth is cell production at an affordable price.

特斯拉增長的真正限制是以可承受的價格生產電池。

That's the real limit.

這才是真正的極限。

So that's why we're going to talk about a lot more about this on Battery Day because this is a fundamental scaling constraint.

所以這就是為什麼我們要在電池日討論更多關於這個的原因，因為這是一個基本的擴展約束。

And any part of that supply chain or pricing at the cell level will be the limiting factor.

供應鏈的任何部分或單元級別的定價都將成為限制因素。

So whatever it may be, anywhere from mining to refining, there's many steps for refining; to cathode and anode formation, cell formation.

因此，無論是什麼，從採礦到精煉，都有許多精煉步驟；到陰極和陽極形成，電池形成。

Whatever the choke point is, that will set the growth rate.

無論阻塞點是什麼，都會決定增長率。

And so we expect to expand our business with Panasonic, with CATL, with LG, possibly with others.

因此，我們希望與松下、寧德時代、LG 以及可能與其他公司一起擴展我們的業務。

And there's a lot more to say on that front on Battery Day.

在電池日這方面還有很多話要說。

And the second question is, now that it's time to bring the Tesla Semi to volume production, can you share more detail on production plans?

第二個問題是，現在是時候將 Tesla Semi 量產了，你能分享更多關於生產計劃的細節嗎？

What weekly production rate is considered volume production?

什麼週生產率被認為是批量生產？

And when does Tesla expect to reach that rate?

特斯拉預計什麼時候能達到這個速度？

Yes.

是的。

So we'll start production next year, as we announced before.

因此，正如我們之前宣布的那樣，我們將於明年開始生產。

I'm personally very excited about the project.

我個人對這個項目感到非常興奮。

I can't wait.

我等不及了。

We do have a few trucks that keep driving around and likely delivering cars.

我們確實有幾輛卡車可以繼續行駛並可能運送汽車。

But we're going to accelerate that.

但我們將加快這一進程。

I want to be clear that the first few units, we will use ourselves, Tesla, to carry our own freight, probably mostly between Fremont and Reno, which is a fantastic test route.

我想明確一點，前幾個單位，我們將使用我們自己，特斯拉，來運送我們自己的貨物，可能主要是在弗里蒙特和里諾之間，這是一條很棒的測試路線。

We're going to prove that we have very good reliability.

我們將證明我們有很好的可靠性。

I mean so far, the early units do have it, but we'll do that at a larger scale.

我的意思是到目前為止，早期的單位確實有它，但我們會在更大的範圍內這樣做。

And we have also promised some early units to some long term, very patient and supportive customers, and we'll do that.

我們還向一些長期、非常耐心和支持的客戶承諾了一些早期的單位，我們會這樣做。

Now we have more sales coming up in next year, as Elon just pointed out.

正如埃隆剛剛指出的那樣，現在我們明年會有更多的銷售。

So we can increase the diversity of the portfolio.

所以我們可以增加投資組合的多樣性。

It didn't make sense up to now to do it.

到目前為止，這樣做沒有任何意義。

But we'll be ready.

但我們會做好準備的。

And that's -- I may be a little biased.

那就是——我可能有點偏見。

I'm very excited about this.

我對此感到非常興奮。

And we have a lot of very unique technology that we're always dreaming about that we will be putting into that Semi.

而且我們有很多非常獨特的技術，我們一直夢想著我們將把它們投入到半決賽中。

It will be just awesome.

這將是真棒。

Yes.

是的。

And just there's like 2 general classes of cell.

就像有兩種一般的細胞類別。

There's like the iron phosphate and then the nickel-based.

比如磷酸鐵，然後是鎳基。

Nickel-based cells have higher energy density, so longer range.

鎳基電池具有更高的能量密度，因此續航里程更長。

Obviously, those are needed for something like a Semi, where every unit of mass that you add in battery pack, you have to subtract in cargo.

顯然，像 Semi 這樣的東西需要這些，在電池組中添加的每一個質量單位，都必須減去貨物。

So it's very important to have a mass-efficient and long-range pack for full batteries.

因此，為完整的電池配備一個質量效率高、續航能力強的電池組非常重要。

However, what we're seeing with our passenger vehicles is that our powertrain efficiency and sort of tire efficiency, drag coefficient, like basically, all of the things that -- our HVAC, going to a heat pump, basically our total vehicle efficiency has gotten good enough with Model 3, for example, that we actually are comfortable having an iron phosphate battery pack in Model 3 in China.

然而，我們在乘用車上看到的是我們的動力總成效率和輪胎效率，阻力係數，基本上，所有的東西——我們的 HVAC，去熱泵，基本上我們的車輛總效率有例如，Model 3 已經足夠好，我們實際上對在中國的 Model 3 中使用磷酸鐵電池組感到滿意。

And that will be in volume production later this year.

這將在今年晚些時候量產。

So we think that getting a range that is in the high 200s, basically -- but we think you probably get a range of almost 300 miles with an iron phosphate pack, taking into account a whole bunch of powertrain and other vehicle efficiencies.

因此，我們認為基本上可以達到 200 多英里的續航里程——但考慮到一大堆動力總成和其他車輛效率，我們認為使用磷酸鐵包可能會獲得近 300 英里的續航里程。

And that frees up a lot of capacity for things like the Tesla Semi and the other projects that require higher energy density.

這為 Tesla Semi 和其他需要更高能量密度的項目釋放了大量容量。

So -- yes.

所以——是的。

So that's like 2 supply chains that you can tap into, iron phosphate or nickel.

這就像你可以利用的兩條供應鏈，磷酸鐵或鎳。

We use very little cobalt in our system already, and that's -- -- that may trend to 0 along -- especially when we got nickel.

我們已經在我們的系統中使用了非常少的鈷，而且這可能會趨向於 0，尤其是當我們得到鎳時。

The next question is, Tesla recently decided not to produce Standard Range version of Model Y. No longer office -- offers a Standard Range Model S or X and has announced ramping of the Semi.

下一個問題是，特斯拉最近決定不生產 Model Y 的 Standard Range 版本。不再辦公——提供 Standard Range Model S 或 Model X，並宣布推出 Semi。

Does this shift from smaller pack vehicles suggests that Tesla is not battery-constrained as in the past?

這種從小型車輛的轉變是否表明特斯拉不像過去那樣受到電池限制？

What are the biggest constraints now?

現在最大的限制是什麼？

Well, I'd just like to reemphasize, any mining companies out there, please mine more nickel, okay?

好吧，我想再次強調，任何礦業公司，請開採更多的鎳，好嗎？

Wherever you are in the world, please mine more nickel and don't wait for nickel to go back to some long -- some high point that you experienced some 5 years ago or whatever.

無論您在世界的哪個地方，請開採更多的鎳，不要等待鎳回到某個很長的時間——您在 5 年前或其他什麼時候經歷過的某個高點。

Go for efficient, also environmentally friendly nickel mining at high volume.

大批量進行高效、環保的鎳礦開採。

Tesla will give you a giant contract for a long period of time if you mine nickel efficiently and in an environmentally sensitive way.

如果你以對環境敏感的方式高效開採鎳，特斯拉會給你一份長期的巨額合同。

So hopefully, this message goes out to all mining companies.

因此，希望這條信息能傳達給所有礦業公司。

Please get nickel.

請拿鎳。

With regard to passenger vehicles, I think the new normal for range is going to be, just in U.S. EPA terms, approximately 300 miles.

關於乘用車，我認為按照美國環保署的說法，續航里程的新常態將是大約 300 英里。

So I think people will really come to expect that as some number close to 300 miles as normal.

所以我認為人們真的會期望這個數字像平常一樣接近 300 英里。

That's a standard expectation because you do need to take into account, like, is it very hot outside or very cold?

這是一個標準的期望，因為你確實需要考慮，比如外面很熱還是很冷？

Or are you driving up into a mountain with a full load?

或者你是在滿載的情況下開車上山嗎？

And it's -- people don't want to have a -- get to their destination with like a 10 miles range.

而且它是——人們不希望有一個——以大約 10 英里的距離到達他們的目的地。

They want some reasonable margins.

他們想要一些合理的利潤。

So I think 300 is going to be really -- or close to 300 is going to be the new normal, close to 500 kilometers basically roughly.

所以我認為 300 將是真的 - 或者接近 300 將成為新常態，基本上接近 500 公里。

The next question on insurance.

下一個關於保險的問題。

What is the holdup for Tesla insurance outside of California?

加州以外的特斯拉保險有什麼問題？

Will you release numbers from that part of the business?

你會發布這部分業務的數字嗎？

Will Tesla Insurance be required to participate in the Tesla ride-hailing network as a driver?

特斯拉保險是否需要作為司機參與特斯拉網約車網絡？

Sure.

當然。

Yes.

是的。

We're joking before the call that we get the quarterly insurance question that -- from say.com here.

我們在接到季度保險問題的電話之前開玩笑說——來自 say.com 這裡。

We are working super hard on insurance.

我們在保險方面非常努力。

I'll go into a little bit more detail here than I have in the past.

我將在這裡比過去更詳細地介紹一下。

Currently, we have a product in California.

目前，我們在加利福尼亞有一個產品。

As I've described before, it's been quite well received.

正如我之前所描述的，它很受歡迎。

And I would largely describe it as a fairly standard insurance product with elements of it that are unique to our cars.

我主要將其描述為一種相當標準的保險產品，其中包含我們汽車獨有的元素。

So you can think of it as a version 1 of Tesla Insurance.

因此，您可以將其視為特斯拉保險的第 1 版。

Yes.

是的。

Version 0.9 is it getting at least.

版本 0.9 至少。

0.9.

0.9。

What we're working on now is we can call it version 2, or we can call it the first version of our telematics product.

我們現在正在研究的是我們可以將其稱為第 2 版，或者我們可以將其稱為我們的遠程信息處理產品的第一個版本。

And so really, ultimately, where we want to get to with Tesla Insurance is to be able to use the data that's captured in the car, in the driving profile of the person in the car, to be able to assess correlations and probabilities of crash and be able then to assess a premium on a monthly basis for that customer.

因此，最終，我們希望通過特斯拉保險實現的目標是能夠使用在車內捕獲的數據，在車內人員的駕駛檔案中，能夠評估相關性和碰撞概率然後能夠按月為該客戶評估溢價。

And what makes this very exciting for us is the amount of data that is available, with the customer's permission to use, is not available on any other product or any other vehicle in the world.

讓我們感到非常興奮的是，在客戶允許使用的情況下，可用的數據量在世界上任何其他產品或任何其他車輛上都是不可用的。

So this gives us a unique advantage in terms of information.

所以這給了我們在信息方面的獨特優勢。

And we have a decision point here where we could take the California product and replicate that into other states, or we could delay going into additional states and instead put more effort into the telematics side of this.

我們在這裡有一個決策點，我們可以將加利福尼亞的產品複製到其他州，或者我們可以推遲進入其他州，而是在遠程信息處理方面投入更多精力。

And we chose the latter.

而我們選擇了後者。

And where we are now is nearly complete with the risk and cost analysis associated with the first version of the telematics product.

我們現在幾乎完成了與第一版遠程信息處理產品相關的風險和成本分析。

We hope to be filing that in a handful of states with regulators very shortly.

我們希望很快在少數幾個州向監管機構提交該文件。

And assuming that regulatory approvals go smoothly, we hope to have this in a handful of states by the end of the year.

假設監管批准進展順利，我們希望在今年年底前在少數幾個州實現這一目標。

And then we'll continue to file for approval in additional states.

然後我們將繼續在其他州申請批准。

With regulatory approval there, we'll continue to roll this out nationwide as quickly as we can.

在獲得監管部門批准後，我們將繼續盡快在全國范圍內推廣。

And then that product, as we continue to collect more data and reiterate on it, there'll be version 2, version 3, et cetera, as we continue to refine that.

然後是那個產品，隨著我們繼續收集更多數據並重申它，隨著我們繼續完善它，將會有第 2 版、第 3 版等等。

Yes.

是的。

I mean at the heart of being competitive with insurance is what is the accuracy of your information.

我的意思是與保險競爭的核心是您信息的準確性。

Like are you dealing with -- are you forced to assess people statistically looking in the rear-view mirror?

就像你在處理——你是否被迫對從後視鏡中看的人進行統計評估？

Or can you assess people individually, looking ahead with smart projections, and inform the driver that -- of how they may reduce their -- what actions they can take to reduce their insurance.

或者您是否可以單獨評估人們，通過智能預測展望未來，並告知駕駛員——他們如何減少他們的保險——他們可以採取哪些行動來減少他們的保險。

As Zach was alluding to, it's like, okay, you're driving too fast, you're doing this or that or the other thing, it's like if you want to pay more for insurance, you can.

正如 Zach 所暗示的，這就像，好吧，你開得太快了，你正在做這個或那個或其他的事情，就像你想為保險支付更多的錢，你可以。

But if you want to pay less, then please don't drive so crazy.

但如果你想少付錢，那麼請不要開得太瘋狂。

Then people can make a choice.

然後人們可以做出選擇。

Like, okay, they want to drive aggressively, in that case, it'll be higher insurance, or if they want -- they're more careful in their driving, they pay less.

就像，好吧，他們想積極駕駛，在這種情況下，保險會更高，或者如果他們願意——他們在駕駛時更加小心，他們支付的費用更少。

This was actually very helpful for us to have a feedback loop to see what is driving insurance expense.

這實際上對我們有一個反饋循環非常有幫助，以了解是什麼推動了保險費用。

A lot of it is just -- it's like a little fender bender and the net fender bender because of the way that the body collision repairs being done cost like $15,000 or something crazy, and like, well -- and then we can actually adjust the design of the car and adjust how the repair is done to actually have the fundamental cost of solving that problem would be less.

很多只是——它就像一個小擋泥板彎管器和網擋泥板彎管器，因為車身碰撞修復的成本像 15,000 美元或一些瘋狂的東西，就像，好吧——然後我們實際上可以調整設計汽車並調整維修方式以實際解決該問題的基本成本會更少。

So this has helped us unearth a whole bunch of silly things that we were doing basically without realizing it.

所以這幫助我們發現了一大堆我們在沒有意識到的情況下所做的愚蠢事情。

But this is a problem, in general, with insurance, is like if the insurance is like all you can eat, then the feedback loop for improvement is sweet.

但這是一個問題，一般來說，有了保險，就像如果保險就像你可以吃的所有東西，那麼改進的反饋循環是甜蜜的。

So this gives us a great feedback loop for improvement because it's basically a fundamentally better insurance product.

因此，這為我們提供了一個很好的改進反饋循環，因為它基本上是一種從根本上更好的保險產品。

I'd also like to say, in the spurt of recruiting because if there's one thing I'd like to come out of this call, it's that a lot of great people want to join Tesla.

我還想說，在招聘高峰期，因為如果我想從這次電話會議中走出來一件事，那就是很多優秀的人都想加入特斯拉。

That's the #1 thing I'd like on this call.

這是我在這次電話會議上想要的第一件事。

And on the insurance front, I want to be clear.

在保險方面，我想澄清一下。

We're building a great, like a major insurance company.

我們正在建設一家偉大的公司，就像一家大型保險公司。

If you're interested in revolutionary insurance, please join Tesla.

如果您對革命性保險感興趣，請加入特斯拉。

I would love to have some high energy actuaries, especially.

我希望有一些高能精算師，尤其是。

I have great respect for the actuarial profession.

我非常尊重精算行業。

Your guys are great at math.

你們的人數學很好。

Please join Tesla, especially if you want to change things and you're annoyed by how slow the industry is.

請加入特斯拉，尤其是如果您想改變事物並且對行業的發展速度感到惱火。

This is the place to be.

這是要去的地方。

We want revolutionary actuaries.

我們需要革命性的精算師。

Okay.

好的。

Thank you very much.

非常感謝你。

And...

和...

Sorry.

對不起。

So there was a second part of this question.

所以這個問題還有第二部分。

Will Tesla Insurance be required to participate in the Tesla ride-hailing network?

特斯拉保險是否需要參與特斯拉網約車網絡？

And so I think I've answered this before in prior calls, but by the time the ride-hailing network is available, we will -- Tesla Insurance coverage will be provided to folks who are in this network.

所以我想我之前在之前的電話中已經回答過這個問題，但是當打車網絡可用時，我們將——特斯拉保險將提供給這個網絡中的人們。

It's a different type of insurance because of the use of the car.

由於使用汽車，這是一種不同類型的保險。

It's not decided whether third-party insurance versus Tesla Insurance will be required.

目前還沒有決定是否需要第三方保險和特斯拉保險。

There might be some things we need to think through there.

那裡可能有一些我們需要考慮的事情。

But Tesla Insurance, at least, will be working, working for the ride-hailing network.

但至少特斯拉保險會為網約車網絡工作。

Thank you very much.

非常感謝你。

And in the interest of time, let's go to the Q&A of analysts on the line.

並且由於時間關係，讓我們去在線分析師問答。

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

我們的第一個問題來自瑞士信貸的 Dan Levy。

I'll ask a question on the quarter and then just a question more broadly on strategy.

我會問一個關於本季度的問題，然後只是一個更廣泛的關於戰略的問題。

Just on the quarter, if you could give us an update on gross margin.

就在本季度，如果您能給我們提供毛利率的最新信息。

Was China accretive to gross margin in the second quarter?

中國第二季度的毛利率增加了嗎？

And give us an idea of how far off Model Y gross margin was versus Fremont Model 3?

讓我們了解一下 Model Y 的毛利率與 Fremont Model 3 的差距有多大？

And then just more broadly on strategy, it seems like your approach to in-sourcing is varying by region.

然後從更廣泛的戰略角度來看，您的內包方法似乎因地區而異。

You're in-sourcing a lot more in Fremont, but you're relying a lot more on the supply chain in Shanghai.

你在弗里蒙特的採購更多，但你更多地依賴上海的供應鏈。

What do you expect your approach to be on insourcing when you eventually open up Berlin and what your Texas factory is going to be?

當你最終開放柏林時，你期望你的內包方法是什麼？你的德克薩斯工廠將是什麼？

Yes.

是的。

Just to start with the gross margin questions.

只是從毛利率問題開始。

We did see progress on gross margins in China, and that was despite pricing action that was taken.

我們確實看到了中國毛利率的進步，儘管採取了定價行動。

The factory is still not running at full capacity yet as it continues to ramp.

該工廠仍然沒有滿負荷運轉，因為它繼續增長。

So we think there's a continued opportunity to optimize the cost structure there.

所以我們認為那裡有持續優化成本結構的機會。

Model Y, as we mentioned last quarter, was profitable in its first quarter of production.

正如我們上個季度提到的，Model Y 在其第一季度的生產中實現了盈利。

And despite the inefficiencies that we had due to the shutdown, we did see a pretty substantial improvement in the Model Y margin.

儘管我們因停產而效率低下，但我們確實看到 Model Y 的利潤率有了相當大的改善。

And as we said before, the Model Y cost structure and Model 3 cost structure will converge.

而且正如我們之前所說，Model Y 成本結構和 Model 3 成本結構將趨同。

They're not quite there.

他們不完全在那裡。

Model Y is still slightly more expensive than Model 3, and it's not yet at full production.

Model Y 仍然比 Model 3 稍微貴一點，而且還沒有全面投產。

And with Model Y carrying a slightly higher price point, you can kind of back into the math there on the relative gross margins.

由於 Model Y 的價格略高，您可以回到相對毛利率的數學計算中。

Yes.

是的。

I mean the Shanghai factory is a pretty big factory.

我的意思是上海工廠是一個相當大的工廠。

But -- and it's continuing to do more and more internally.

但是 - 它在內部繼續做越來越多的事情。

But it's also -- the thing that's really helping is like there were previously a ton of parts that were made in other parts of the world that were being shipped to Shanghai from every part of the world.

但它也是 - 真正有幫助的事情就像以前有大量的零件是在世界其他地方製造的，然後從世界各地運到上海。

And just locally sourcing those components makes a massive difference to the cost of the vehicle.

僅在本地採購這些組件就會對車輛的成本產生巨大影響。

And I mean the proportion of local sourcing has literally been rising at like 5% to 10% a month.

我的意思是，本地採購的比例實際上以每月 5% 到 10% 的速度上升。

From 40 -- it was like 40% at the beginning of this year, something like that.

從 40 歲開始——今年年初大約是 40%，差不多。

It will be like 80% by the end of this year, maybe more.

到今年年底將達到 80%，甚至更多。

There is also a lot of very strong, very competent and very eager suppliers around the factory in Shanghai.

上海工廠周圍還有很多非常強大、非常有能力、非常熱心的供應商。

Yes.

是的。

I'd say it like this.

我會這樣說。

The suppliers in China have been extremely competitive, possibly the most competitive in the world.

中國的供應商競爭非常激烈，可能是世界上最具競爭力的。

And so far, we're in negotiations with -- for Berlin, and we've awarded a lot of business.

到目前為止，我們正在與柏林談判，我們已經獲得了很多業務。

Also a lot of suppliers in Germany or the rest of Europe, they are eager to support the factory in Berlin.

還有很多德國或歐洲其他地區的供應商，他們都渴望支持柏林的工廠。

Yes.

是的。

Well, obviously, Germany has a great automotive industry and supply chain.

嗯，很明顯，德國擁有強大的汽車工業和供應鏈。

So actually, a ton of our suppliers are in Germany within like a few hundred kilometers of the factory.

所以實際上，我們的大量供應商都在德國，距離工廠只有幾百公里。

Our next question will come from Toni Sacconaghi with Bernstein.

我們的下一個問題將來自托尼·薩科納吉和伯恩斯坦。

You mentioned in the slide deck a couple of times that you were pleased with gross margin, with PTI margin progress and you expect it to achieve industry-leading operating margins over time.

您在幻燈片中多次提到您對毛利率和 PTI 利潤率的進步感到滿意，並且您預計它將隨著時間的推移實現行業領先的營業利潤率。

Maybe you could shed a little light on that.

也許您可以對此有所了解。

Industry-leading for luxury vendors is 8% to 10% PTI.

奢侈品供應商行業領先的 PTI 為 8% 至 10%。

For Porsche, smaller, at 17%.

對於保時捷來說，較小，為 17%。

For mass market vendors, it's 5% to 8%.

對於大眾市場供應商，它是 5% 到 8%。

What do we think about?

我們在想什麼？

And how much, ultimately, do you believe that EV credits will contribute to that margin?

最終，您認為 EV 積分將在多大程度上貢獻這一利潤？

Because I know your margin has been 5% over the last 12 months, but it's actually less than 1% excluding EV credits.

因為我知道在過去的 12 個月裡，你們的利潤率是 5%，但實際上不包括 EV 積分，它的利潤率還不到 1%。

So it's a 4-point contribution right now.

所以現在是 4 點貢獻。

How do we think about ultimately what industry-leading margins are?

我們如何看待最終行業領先的利潤率是多少？

And how much of that you think is coming from EV credits, regulatory credits?

您認為其中有多少來自電動汽車積分、監管積分？

And I have a follow-up, please.

我有一個跟進，拜託。

Sure.

當然。

I've mentioned this before in terms of regulatory credit.

我之前在監管信用方面提到過這一點。

We manage the business -- or said differently, we don't manage the business with the assumption that regulatory credits will contribute in a significant way to the future.

我們管理業務——或者換一種說法，我們不會假設監管信用將對未來做出重大貢獻。

I do expect regulatory credit revenue to double in 2020 relative to 2019, and it will continue for some period of time.

我確實預計 2020 年監管信貸收入將比 2019 年翻一番，而且還會持續一段時間。

But eventually, the stream of regulatory credits will reduce.

但最終，監管信貸流將減少。

Yes.

是的。

I mean it's worth noting that we're -- buyers of our car in the U.S. received 0 federal tax credit.

我的意思是值得注意的是，我們在美國購買汽車的人獲得了 0 聯邦稅收抵免。

Whereas many of our competitors are like, they get a $7,500 fed tax credit.

儘管我們的許多競爭對手都是這樣，但他們獲得了 7,500 美元的聯邦稅收抵免。

And yet our sales have continued to do well.

然而，我們的銷售繼續表現良好。

Yes.

是的。

Yes.

是的。

And so what we see is a continued decline in the cost to produce, manufacture and distribute our cars.

因此，我們看到生產、製造和分銷汽車的成本持續下降。

That cost curve even for mature products like the S and the X continues to come down, as we work on that, Model 3, which is our second most mature product, that continues to come down.

即使對於像 S 和 X 這樣的成熟產品，成本曲線也在繼續下降，隨著我們的努力，我們第二成熟的產品 Model 3 繼續下降。

You then layer on top of that, as Elon was discussing earlier, the potential for software-based revenue, particularly Full Self-Driving.

然後，正如 Elon 之前討論的那樣，您將基於軟件的收入（尤其是完全自動駕駛）的潛力放在上面。

There's the revenue recognition portion of that, that we have today.

這是我們今天擁有的收入確認部分。

That will expand as we release more features.

隨著我們發布更多功能，這將擴大。

And then you can layer on top of that in the future our revenue from the ride-hailing network.

然後，您可以在未來將我們從網約車網絡中獲得的收入疊加在此之上。

Operating expenses continue to come down and become more efficient as a percentage of revenue.

運營費用在收入中所佔的百分比繼續下降並變得更有效率。

There's still incredible opportunity there that we're working on, particularly on how customers interact with the company from sales and service and what their flow is and how we get cars to them.

我們正在研究的還有令人難以置信的機會，特別是關於客戶如何從銷售和服務與公司互動、他們的流程是什麼以及我們如何為他們提供汽車。

So we continue to see efficiencies there.

因此，我們繼續看到那裡的效率。

So in the medium term here, what our modeling shows is in the low-teens operating margin level.

因此，在這裡的中期，我們的模型顯示的是較低的營業利潤率水平。

And I think there continues to drive -- the opportunity to drive that up.

而且我認為繼續推動 - 推動這一點的機會。

So I hear your point on the 5% and the 1%.

所以我聽到你關於 5% 和 1% 的觀點。

We're on a bit of a journey here, and we're continuing to be [partners].

我們在這裡進行了一段旅程，我們將繼續成為[合作夥伴]。

And if I could just follow up, Elon, you've talked a lot about the mission of the company in -- and really trying to drive EV adoption globally.

如果我可以跟進，埃隆，你已經談了很多關於公司的使命 - 並真正努力推動全球電動汽車的採用。

So how do you think about that trade-off between driving towards industry-leading profitability, yet trying to make your cars more affordable and broader?

那麼，您如何看待推動行業領先的盈利能力與努力讓您的汽車更實惠和更廣泛之間的權衡呢？

It feels like, historically, you've always picked the path of, I'd rather drive more growth and more adoption because ultimately, that's the mission of the company.

感覺就像，從歷史上看，你總是選擇我寧願推動更多增長和更多采用的道路，因為最終，這是公司的使命。

And we even saw it a little bit this quarter with price reductions.

我們甚至在本季度看到了一些降價。

You could have probably kept price where it is, sold some units and had better profits, but that's been an ongoing choice that Tesla, as a company, has made.

你本可以保持價格不變，賣出一些單位並獲得更好的利潤，但這是特斯拉作為一家公司所做的持續選擇。

So how do you personally think about that trade-off between -- even if you were to get to industry-leading margins, wouldn't you be inclined to give more of that back to drive greater adoption more quickly?

那麼，您個人如何看待兩者之間的權衡——即使您要獲得行業領先的利潤率，您是否會傾向於給予更多回報以更快地推動更大的採用？

Well, I think we actually achieved both when you factor in autonomy.

好吧，我認為當您考慮自主性時，我們實際上實現了兩者。

I think we can go way beyond industry margins and have the car be affordable to more and more people and potentially almost everyone when you're factoring in autonomy.

我認為我們可以超越行業利潤，讓越來越多的人和幾乎每個人都能買得起汽車，當你考慮到自主性時。

That was really a mega game changer, giga game changer.

那真的是一個巨大的遊戲改變者，千兆遊戲改變者。

Yes.

是的。

But I mean it is important for people to distinguish between 2 things.

但我的意思是人們區分兩件事很重要。

There's value for money that our product has, and then there's affordability.

我們的產品物有所值，而且價格實惠。

And even if you rail value for money and have value for money like infinite, if people don't have enough -- if people do not have enough money in their bank accounts to buy the car, they simply cannot.

即使你追求物有所值並且擁有無限的物有所值，如果人們沒有足夠的錢——如果人們的銀行賬戶裡沒有足夠的錢來買車，他們根本就買不到。

So then you used -- have this like awesome thing that nobody can buy.

那麼你就使用了——擁有這個沒人能買到的很棒的東西。

So it is important to make the car affordable.

因此，讓汽車買得起是很重要的。

I think we will not succeed in our mission if we do not make cars affordable.

我認為，如果我們不讓汽車買得起，我們就不會成功。

Like the thing that bugs me the most about where we are right now is that our cars are not affordable enough.

就像我們現在最讓我煩惱的事情是我們的汽車價格不夠實惠。

We need to fix that.

我們需要解決這個問題。

So we are making progress in that regard, just sort of steadily gaining progress.

所以我們在這方面正在取得進展，只是在穩步取得進展。

So yes, we need to not go bankrupt.

所以是的，我們不需要破產。

Obviously, that's important because we'll fail in our mission.

顯然，這很重要，因為我們的使命會失敗。

But we're not trying to be super profitable either.

但我們也沒有試圖獲得超級利潤。

Obviously, we're like -- profitability is like 1% or something, 1% or 2%.

顯然，我們喜歡 - 盈利能力就像 1% 或其他東西，1% 或 2%。

It's not crazy.

這並不瘋狂。

Last quarter, it was only like 0.1%.

上個季度，它只有 0.1%。

So we want to be profitable.

所以我們想要盈利。

Like I think just we want to be like slightly profitable and maximize growth and make the cars as affordable as possible.

就像我認為的那樣，我們只是想稍微盈利並最大化增長，並使汽車盡可能地負擔得起。

That's what we're trying to achieve.

這就是我們正在努力實現的目標。

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

我們的下一個問題將來自德意志銀行的 Emmanuel Rosner。

Could you please characterize the current near-term demand environment for your vehicles?

您能否描述一下您的車輛當前的近期需求環境？

These are obviously unusual times.

這些顯然是不尋常的時期。

I think back in Q1, you had indicated record backlog, I guess, at the beginning of this past quarter.

我想在第一季度，我猜，在上個季度的開始，你已經表示了創紀錄的積壓。

I haven't seen any specific comments about new orders or backlog in the release today.

我在今天的版本中沒有看到任何關於新訂單或積壓的具體評論。

So can you give us some color?

那麼你能給我們一些顏色嗎？

Demand is not our problem.

需求不是我們的問題。

Definitely not.

當然不。

We do have some production supply chain challenges we're trying to solve right now.

我們確實有一些我們現在正試圖解決的生產供應鏈挑戰。

For example, the Model Y rear body casting, obviously, because it's new technology, it's been tricky to maintain rates and keep growing the rate for Model Y casting, which is -- it's a 2-piece casting with a bunch -- and there's about half a dozen other parts that are added on.

例如，很明顯，Model Y 後車身鑄件，因為它是新技術，所以要保持和不斷提高 Model Y 鑄件的費率是很棘手的，這是一個兩件式的鑄件，有一堆大約六個其他部分被添加。

That will transition to a 1-piece casting.

這將過渡到一件式鑄造。

In fact, I'm super excited about this.

事實上，我對此感到非常興奮。

We're going to have a -- the world's biggest casting press is getting assembled right now actually in Fremont for the Model Y rear body casting.

我們將擁有一台世界上最大的鑄造壓力機，現在實際上正在弗里蒙特組裝，用於 Model Y 後車身鑄造。

It's enormous and looks awesome.

它很大，看起來很棒。

So it's -- look, the things that are troubling us right now are not demand, but they are just a bunch of firefighting on supply chain and production issues.

所以——看，現在困擾我們的不是需求，而是對供應鍊和生產問題的一系列救火。

Okay.

好的。

So to put it...

所以說...

Yes.

是的。

Don't worry about demand.

不要擔心需求。

That's not the issue.

那不是問題。

Okay.

好的。

So when you're saying you're achieving 500,000 deliveries has become more difficult, was it really just a function of the recent shutdowns and some of these supply dynamics?

因此，當您說要實現 500,000 次交付變得更加困難時，這真的只是最近停工和其中一些供應動態的結果嗎？

Yes.

是的。

It's not an issue with demand.

這不是需求問題。

It's really just a production issue.

這實際上只是一個生產問題。

It's been pretty hard when you've got like a global supply chain.

當您擁有全球供應鏈時，這非常困難。

And it's kind of whatever the most effective part of that global supply chain is, that sets your rate.

無論全球供應鏈中最有效的部分是什麼，它都會決定您的費率。

The -- I mean the number of rabbits we've had to pull out of a hat for supply chain is insane.

- 我的意思是，我們不得不從供應鏈中抽出的兔子數量是瘋狂的。

The team has done an amazing job.

該團隊完成了一項了不起的工作。

So I think also -- so yes, some of our costs were related to having to use a lot of airplanes to get parts around because of part shortages.

所以我也認為 - 所以是的，我們的一些成本與由於零件短缺而不得不使用大量飛機來運送零件有關。

So we'll hopefully use fewer airplanes.

所以我們希望使用更少的飛機。

That will improve our costs.

這將提高我們的成本。

But it's -- demand exceeds supply right now.

但它 - 現在需求超過供應。

That's where we are right now.

這就是我們現在所處的位置。

Our last 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。

You mentioned a few times that the constraint to growth is battery capacity still.

您多次提到，增長的製約因素仍然是電池容量。

And I was hoping you could clarify the scope of the Berlin plant you're building right now, will there be battery capacity consistent with the amount of assembly volume you expect to come out of Berlin?

我希望你能澄清你現在正在建造的柏林工廠的範圍，電池容量是否與你預計柏林的組裝量一致？

And if not, will you be able to source your battery requirements out of Europe?

如果沒有，您能否從歐洲採購電池需求？

Or will you have to import batteries from outside Europe to ensure production in Berlin?

或者您是否必須從歐洲以外進口電池以確保在柏林生產？

Okay.

好的。

We can't say too much about this except that there will be local cell production and that will serve the needs of the Berlin factory.

除了將在當地生產電池並滿足柏林工廠的需求外，我們對此不能說太多。

Drew, is there anything that...

德魯，有什麼...

I mean, no, that's straightforward enough.

我的意思是，不，這很簡單。

I think just adding to what you said earlier about talent and people, like the same goes in all areas of cell, supply chain, manufacturing materials, design, we are solving this problem.

我認為只是添加你之前所說的關於人才和人員的內容，就像在電池、供應鏈、製造材料、設計的所有領域一樣，我們正在解決這個問題。

And we -- we're treating it like any other problem that we have solved.

我們 - 我們將它視為我們已經解決的任何其他問題。

We will solve this problem, and we want talented people to join us as we solve this problem.

我們會解決這個問題，我們希望有才華的人加入我們，解決這個問題。

Yes.

是的。

And like so my biggest concern for getting our talented people is probably Berlin because the labor mobility in Europe is not -- is low.

就像這樣，我最關心的人才可能是柏林，因為歐洲的勞動力流動性並不低。

I would recommend changing this.

我建議更改此設置。

Like somebody who wants to leave and join another company, sometimes they have to spend 6 months on garden leave.

就像有人想離開並加入另一家公司一樣，有時他們必須花 6 個月的時間休園假。

It's called garden, hanging out in the garden basically.

它叫花園，基本上是在花園裡閒逛。

And like this is not a good use of people's time.

而且這樣的人的時間也不好利用。

I mean if they want us to hang out in the garden, that's fine, but they shouldn't have to.

我的意思是，如果他們想讓我們在花園裡閒逛，那很好，但他們不應該這樣做。

I mean those who know Europe will know what I'm talking about.

我的意思是那些了解歐洲的人會知道我在說什麼。

Philippe, do we have a follow-up question?

菲利普，我們有後續問題嗎？

No.

不。

That's fine.

沒關係。

Okay.

好的。

Thank you very much, everyone, for joining this call, and thank you for all your good questions.

非常感謝大家加入本次電話會議，並感謝您提出的所有好問題。

And we'll speak to you again in about 3 months.

我們將在大約 3 個月後再次與您交談。

Yes, maybe sooner with Battery.

是的，電池可能會更快。

All right.

好的。

Thanks.

謝謝。

Ladies and gentlemen, this concludes today's conference call.

女士們，先生們，今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。