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

女士們、先生們，感謝大家的支持，歡迎收看特斯拉 2020 年第二季財務業績問答和網路直播。（操作員指示）請注意，今天的會議正在錄音。（操作員指示）

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

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

Thank you, Sherry, and good afternoon, everyone, and welcome to Tesla's Second Quarter 2020 Q&A Webcast. I'm joined today by Elon Musk, Zachary Kirkhorn and a number of other executives. Our Q2 results were announced at about 1:15 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 年第二季問答網路直播。今天與我一起參加會議的還有伊隆馬斯克、扎卡里柯克霍恩和其他一些高階主管。我們的第二季業績於下午 1:15 左右公佈。我們在與本次網路廣播相同的連結中發布了更新平台的太平洋時間。

During this call, we will discuss our business outlook and make forward-looking statements. These comments are based on our predictions and expectations as of today. Actual events and 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今天的預測和期望。由於多種風險和不確定因素，包括我們最近向美國證券交易委員會提交的文件中提到的風險和不確定因素，實際事件和結果可能存在重大差異。（操作員指示）

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

但在我們進入問答環節之前，伊隆先說了一些開場白。埃隆？

Thank you. First of all, I'd like to thank the Tesla team for exceptional execution in the second quarter despite tremendous difficulties. They've done an incredible job, and it's an honor to work with such a great team. I mean there were so many challenges, too numerous to name, but they got it done. And just what a great group to work with, like I said, it's just an honor to work with such a great team.

謝謝。首先，我要感謝特斯拉團隊在第二季克服巨大困難仍然表現出色。他們做出了令人難以置信的工作，能夠與如此優秀的團隊合作是我的榮幸。我的意思是，他們面臨太多的挑戰，數不勝數，但他們完成了。和這麼優秀的團隊一起工作真是太好了，就像我說的，能和這麼優秀的團隊一起工作是我的榮幸。

So -- and as a result, we were able to achieve our fourth consecutive profitable quarter. 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. So despite that massive industry decline, we actually went up.

因此，我們實現了連續第四個季度的獲利。儘管今年上半年汽車產業年減了約 30%，但我們還是成功地實現了上半年交車量的成長。因此，儘管行業大幅下滑，但我們實際上卻實現了成長。

We're also very excited to announce that we're going to be building our next Gigafactory in Texas. It's going to be right near Austin. 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. 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. It's right on the Colorado River. So we're actually going to have a boardwalk where there'll be a hiking/biking trail. It's going to basically be an ecological paradise. Birds in the trees, butterflies, fish in the stream, and they will be open to the public as well. So not closed and only Tesla. So if anyone is interested in working at Giga Texas, with engineering, production, whatever the case may be, please let us know. This is -- we're going to be doing a major factory there. 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.

我們也非常高興地宣布，我們將在德克薩斯州建造我們的下一個超級工廠。它就在奧斯汀附近。它將是關於——我將就此進行一些詳細的介紹，然後我相信會有很多問題。但該地點距離奧斯汀國際機場 5 分鐘路程，距離奧斯汀市中心 15 分鐘路程，佔地約 2,000 英畝，我們將把它打造成一座令人驚嘆的工廠。它就在科羅拉多河上。因此，我們實際上將建造一條木板路，並在那裡設置徒步旅行/自行車道。它基本上會成為一個生態天堂。樹上的鳥兒，蝴蝶，溪流裡的魚兒，它們也將向公眾開放。所以沒有關閉，只有特斯拉。因此，如果有人有興趣在 Giga Texas 工作，無論是工程、生產或其他任何工作，請告訴我們。這是——我們將在那裡建造一座大型工廠。這也是我們的生產基地——我們將在那裡生產 Cyber​​truck、特斯拉 Semi，並且我們將為北美東部地區生產 Model 3 和 Y。

Now at the same time, I want to say, we will continue to grow in California. 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. And then we think probably also the Tesla Roadster, a future program, would also make sense in California. So I think this is a nice split between Texas and California. 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.

現在，我想說的是，我們將繼續在加州發展。所以——但我們預計加州將生產 Model S 和 X 供全球消費，而 3 和 Y 則供北美西半部消費。我們認為，特斯拉 Roadster 的未來項目也適合加州。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劃分。需要強調的是，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 Cyber​​truck 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. The whole Tesla team was super impressed, and we will, for sure, strongly consider Tulsa for future expansion of Tesla down the road.

所以 — — 我也想向塔爾薩大聲呼喊，並向塔爾薩團隊、經濟發展團隊和州長表示衷心的感謝，真的，我印象非常深刻。整個特斯拉團隊都印象深刻，我們肯定會認真考慮將塔爾薩作為特斯拉未來擴張的基地。

Let's see. Is there anything more we want to say about? There's a lot of information. So anything, guys? All right. Well, I'm sure there'll be lots of questions.

讓我們來看看。還有什麼我們要說的嗎？有很多資訊。有什麼事嗎，夥計們？好的。嗯，我確信會有很多問題。

We've already started work on the facility, so some initial construction work. So it's already underway, started this weekend. Let's see, moving on to other subjects.

我們已經開始該設施的建設，因此進行了一些初步的建設工作。所以它已經開始了，從這個週末開始。讓我們看看，繼續討論其他主題。

Solar. We recently adjusted the pricing of our retrofit solar. So Tesla Solar is the lowest cost solar in the United States. And we added the lowest cost guarantee and a money-back guarantee. So we're very confident that people will have our solar product, whether it's the solar retrofit or Solar Roof. Our solar is now 30% cheaper than the U.S. average. After the federal tax credit, Tesla Solar now costs $1.49 per watt. And it's a very simple, highly automated single-click experience. 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. And then you could also get a Powerwall and have energy independence and be your own utility. So I think that product is really coming together, and it's only going to get better later this year. So just very excited about that business potential.

太陽的。我們最近調整了改造太陽能的價格。因此，特斯拉太陽能是美國成本最低的太陽能。我們還增加了最低成本保證和退款保證。因此，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。我們的太陽能現在比美國平均便宜30％。扣除聯邦稅收抵免後，特斯拉太陽能現在的成本為每瓦 1.49 美元。這是一個非常簡單、高度自動化的單擊體驗。所以，無論您是想要新屋頂還是特斯拉太陽能屋頂，或者想在現有屋頂上安裝太陽能，請一定要考慮特斯拉，無論哪種方式，我們都是您要找的公司。然後你還可以獲得 Powerwall 並實現能源獨立並成為自己的能源提供者。所以我認為該產品確實正在發展，並且今年晚些時候只會變得更好。因此我對這項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. So the current Tesla Model S now has an EPA-certified range of 402 miles. I mean you basically can drive from L.A. to San Francisco nonstop and still have some miles left over when you arrive. And this is at highway speed. So you don't have to do anything, drive slowly or anything, drive -- you can just drive normally and go very long distances.

在附加技術方面，我們推出了第一款續航里程超過 400 英里的量產車。因此，目前的特斯拉 Model S 經 EPA 認證的續航里程為 402 英里。我的意思是，你基本上可以不間斷地從洛杉磯開車到舊金山，到達時還能剩下一些路程。這是高速公路速度。所以你什麼都不用做，不用開太慢或其他什麼，只要正常駕駛就可以開很長的距離。

And then for Full Self-Driving, we launched traffic lights and stop signs, and we continue to improve that to make them more robust. And we're currently testing Full Self-Driving software for intersections and city streets and narrow streets. So I personally tested the latest alpha build of the Full Self-Driving software when I drive my car. And it is really, I think, profoundly better than people realize. Yes, really profoundly better. It's like amazing. 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. So this is why I'm very confident about Full Self-Driving functionality being complete by the end of this year. It's because I'm literally driving it.

然後對於全自動駕駛，我們推出了交通號誌和停車標誌，我們繼續改進它們以使它們更加強大。我們目前正在測試用於十字路口、城市街道和狹窄街道的全自動駕駛軟體。因此，我在駕駛汽車時親自測試了全自動駕駛軟體的最新 alpha 版本。我認為它確實比人們意識到的要好得多。是的，確實好多了。真是太神奇了。因此，儘管要經歷施工和各種各樣的情況，我幾乎可以不用任何干預就從家裡去上班。所以這就是為什麼我對今年年底前實現全自動駕駛功能非常有信心。因為我確實在駕駛它。

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. It was incredibly difficult. And just as a result of the hard work of a lot of people from Tesla worldwide. And yes, just think about the next 12 to 18 months, we'll have 3 new factories in place. Things are looking great with Giga Berlin, and we'll have Cybertruck, Semi, Roadster, Full Self-Driving. There's so much to be excited about. It's really hard to kind of fit into this call. But the sheer amount of hardcore engineering, especially on the autonomy and the manufacturing engineering front, is mind-blowing. And then, of course, there's Battery Day, which is coming up pretty soon. And I think that's really going to surprise people by just how much there is to see.

最後，我要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獲利。這真是太難過了。這都是特斯拉全球員工辛勤工作的成果。是的，想想未來 12 到 18 個月，我們將建立 3 家新工廠。Giga Berlin 的情況看起來很棒，我們將推出 Cyber​​truck、Semi、Roadster 和全自動駕駛汽車。有太多事情讓人興奮。確實很難適應這種呼叫。但其核心工程數量，特別是在自主性和製造工程方面，令人驚嘆。當然，還有即將到來電池日。我認為，有這麼多東西值得一看，確實會讓人感到驚訝。

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. 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. Thank you.

因此，再次感謝您對我們長期使命的支持，我們期待與您一起踏上美好的旅程，創造出令人驚嘆的產品並繼續擴大其規模。是的，我認為我從未對特斯拉的未來和公司的歷史如此樂觀或興奮。謝謝。

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

非常感謝。我認為我們的財務長 Zachary Kirkhorn 也有一些評論。

Yes. Thanks, Martin. I want to start by thanking our employees, customers and suppliers for your support over the last quarter. In particular to the Tesla team, I couldn't be more impressed with the hard work and the resiliency that you all have shown.

是的。謝謝，馬丁。首先，我要感謝我們的員工、客戶和供應商在過去一個季度給予的支持。特別是特斯拉團隊，你們所表現出的辛勤工作和韌性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. 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. To ensure the business remains healthy, we took temporary action to reduce costs, including expenses related to personnel and noncritical patent projects. 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.

就淨收入而言，總體而言，正如埃隆所提到的，我們實現了連續第四個季度的利潤。儘管由於我們美國工廠和全球各地現場作業暫停運營，對我們的財務狀況產生了重大影響，但情況仍然如此。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。直接成本節約－或者說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，儘管成本集中在銷貨成本上，而成本降低則體現在銷貨成本和營運費用上。

On automotive gross margin, excluding regulatory credits, this reduced sequentially from 20% to 18.7%. This sequential reduction is fully attributed to idle capacity charges and lower operational efficiency due to the various shutdowns. Despite these charges, we continue to make progress reducing our costs, particularly on Model Y in Fremont and Model 3 in Shanghai. 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.

就汽車毛利率而言，不包括監管信貸，這一數字環比從 20% 下降至 18.7%。這種連續的下降完全歸因於閒置容量費用和由於各種停工而導致的營運效率下降。儘管有這些費用，我們仍在繼續降低成本，特別是在弗里蒙特的 Model Y 和上海的 Model 3 上。考慮到全球宏觀經濟情勢，我們在第二季決定將部分產品的節省成本轉嫁給全球客戶。

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

隨著紅綠燈和停車標誌識別和回應的發布，我們在本期間確認了 4800 萬美元的遞延收入。由於現場 FSD 計算機改造的相關成本，對我們的損益表的全部利潤影響還不到這個數字的一半。

Regulatory credit revenue increased sequentially to $428 million. While difficult to forecast precisely, our best estimate of 2020 credit revenue is roughly double that of 2019.

監管信貸收入環比成長至 4.28 億美元。雖然很難準確預測，但我們對 2020 年信貸收入的最佳估計大約是 2019 年的兩倍。

Services and other margin improved yet again, marking the fifth sequential quarter of improvement. In the energy business, our Megapack product achieved its first quarterly profit. We remain production-constrained in this business and are continuing to work towards building additional capacity. And our solar installation business was impacted by permit office closures limiting installation volume.

服務和其他利潤率再次提高，這是連續第五個季度實現改善。在能源業務方面，我們的Megapack產品實現了首次季度獲利。我們在該業務領域的生產仍然受到限制，並正在繼續努力建立額外的產能。我們的太陽能安裝業務受到許可辦公室關閉、安裝量受限的影響。

Stock-based comp increased from Q1 to Q2. 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.

股票薪資從第一季到第二季有所增加。這幾乎完全是由與下一筆 CEO 授予款項以及第一批款項的提前歸屬相關的費用所驅動，這反映在營運費用中的銷售、一般和行政費用中。

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. 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.

在現金流方面，我們的現金餘額增至迄今為止的最高水平，即 86 億美元，其中包括超過 4 億美元的自由現金流。儘管與上海和柏林相關的資本支出增加以及營運資本變動，但這本身就是一個強勁的業績。

A few things to note on working capital, particularly accounts receivables. While our AR balance is usually about 20% of revenue, it can fluctuate depending upon a number of factors. First, overall, less than 30% of our receivables is associated with new car sales. 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. 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. Customer deposits reduced slightly as well. 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.

關於營運資金，特別是應收帳款，有幾點要注意。雖然我們的應收帳款餘額通常佔收入的 20% 左右，但它可能會根據多種因素而波動。首先，整體而言，我們的應收帳款中只有不到 30% 與新車銷售有關。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表以及我們交付的地理組合，我們的現金餘額和相關應收帳款受到本季度最後幾周和幾天交付的汽車數量的顯著影響。第三，約 40% 的餘額歸因於監管信貸銷售和法定電動車激勵計畫的付款條件，這兩項條件都在增加。客戶存款也略有減少。請注意，隨著我們在全球範圍內降低訂單費用，每筆訂單的平均押金將持續減少，從而降低此餘額。

As we look forward, Tesla was able to navigate through Q2 due to our agile and dynamic culture. We will continue to appropriately manage our cash flows through cost optimization and close working capital management. 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.

展望未來，特斯拉能夠順利度過第二季得益於我們敏捷且充滿活力的文化。我們將繼續透過成本優化和密切的營運資本管理來適當管理我們的現金流。這是關鍵，因為我們將繼續專注於擴大生產、擴大營運規模並準備在未來 1.5 年內啟動 3 家新工廠。

Thank you very much.

非常感謝。

Let's go to questions from institutional investors first. 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?

我們先來回答機構投資人的問題。問題 1 是，隨著特斯拉繼續向每年銷售 2000 萬輛汽車的長期目標邁進，除了 Model 3、Y 和 Cyber​​truck 之外，還有哪些最重要的汽車項目將在未來 3 到 5 年內推動銷量增長：更便宜、更小的 3 和 Y 版本或特定地區的汽車或其他什麼？

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. 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. These are likely things at some point. But I do think there's a long way to go with 3 and Y and with Cybertruck and Semi. So it's a long way to go with those. I think we'll do the obvious things.

嗯，我認為我們不能對除了已宣布的內容之外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到產品發佈時。但我們可以合理地假設，我們會製造某種緊湊型車輛，甚至某種容量更大的車輛。在某種程度上，這些都是有可能發生的事情。但我確實認為 3 和 Y 以及 Cyber​​truck 和 Semi 還有很長的路要走。所以，要實現這些目標還有很長的路要走。我想我們會做一些顯而易見的事情。

Okay. The second question from institutional is, what is your vision for software at Tesla? What opportunities do you see from monetizing the installed base other than via FSD?

好的。機構提出的第二個問題是，您對特斯拉軟體的願景是什麼？除了透過 FSD 之外，您還看到了哪些透過安裝基礎貨幣化的機會？

Right now, by far, FSD is just overwhelmingly the most important thing. 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. Maybe there's something bigger, but it certainly would be one of the biggest -- I can't think of anything bigger. 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. They go from like 12 hours a week of utility, something like that, that's hours of use, to 60, something like that. So everything else is pretty small by comparison.

目前，FSD 是絕對最重要的事情。我認為將車隊升級到全自動駕駛，特別是透過無線軟體更新，可能會成為史上最大的資產價值成長，這是一個重大變化。也許還有更大的東西，但它肯定會是最大的東西之一——我想不出還有比這更大的東西了。所以一夜之間，100 萬輛——具體取決於它何時發生以及何時在各個監管轄區內被允許，你會有，我不知道，至少有幾百萬輛汽車的價值突然提高 5 倍或類似的東西，比如效用提高 5 倍。他們每週的使用時間從 12 小時左右增加到 60 小時左右。因此相比之下，其他一切都相當小。

Now when things do become Full-Self Driving, so what are people going to do in the car? Well, I guess they're probably going to want to do productivity and entertainment of some kind. Watch movies, play games and do work. That's in the future. Yes. We're already putting some games and stuff on the car, just for fun.

現在，當汽車真正實現全自動駕駛時，人們會在車上做什麼？嗯，我猜他們可能想要做一些有生產力和娛樂的事情。看電影、玩遊戲和工作。那是將來的事。是的。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. And so FSD remains, by far and away, the biggest opportunity in the near term. But we're putting the plumbing in place to be ready to scale other areas when the time is right. So premium connectivity subscription is something that we've put in place. 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. 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.

是的，我們一直在進行這方面的實驗。因此，FSD 仍然是短期內最大的機會。但我們正在做好管道鋪設工作，以便在適當的時候擴展到其他地區。因此，我們已經推出了優質連線訂閱服務。您還可以透過應用程式升級您的車輛，例如，升級加速增強功能，或將標準續航里程 Model 3 升級為標準續航里程 Plus，並添加後排加熱座椅。這些都是我們已經擁有的東西，我們正在繼續從現場獲取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逐漸推出它們。

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

是的。但與完全自動駕駛的進步相比，它們都非常小，根據您的計算方式，每輛車的價值可能至少為 100,000 美元。是的，你必須在 App Store 或其他地方銷售大量軟體。

The third question is also about Autopilot. What are the most important upcoming self-driving milestones? And how do you think about timing?

第三個問題也是關於Autopilot的。即將到來的自動駕駛最重要的里程碑是什麼？您如何看待時機？

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

嗯，現在正在發生的實際重大里程碑實際上是汽車自主系統的轉變，例如人工智慧，如果你願意的話，從思考事物的角度來說，我稱之為 2.5D。這就像——想像一下拍攝孤立的照片，然後對時間上嚴格相關但不太相關的照片進行圖像識別，並轉換為類似 4D 的形式——本質上就是視頻。您正在思考三維世界，而第四維度是時間。因此，這種架構上的改變對於全自動駕駛來說才是真正重要的，雖然它已經進行了一段時間，但還沒有真正推廣到生產車隊中的任何車輛。

So what we've been doing thus far has really just been with like 2D -- mostly 2D. And like I said, not well correlated in time. So it's just hard to convey just how much better a fully 4D system would work -- does work. 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. So it's fundamental. So the car will seem to have just like a giant improvement. We'll probably roll it out later this year. But we'll be able to do traffic lights, stop, turns, troughs, everything pretty much. And then it will be a long march of 9s, essentially, how many 9s of reliability are okay. So it's definitely way better than human, but how much better than human does it need to be. So that's actually going to be the real work. There's just a massive amount of work with each kind of order of magnitude of reliability. But you'll see it happen. And if you plot the points on the curve, it would be kind of obvious where it's headed.

所以到目前為止我們所做的其實只是 2D — — 主要是 2D。正如我所說的，在時間上相關性不強。因此，很難確切地表達出完整的 4D 系統究竟能發揮多大的作用——它確實有效。它能夠做到以下事情：如果你只是將事物視為單獨的圖片而不是視頻，那麼基本上，你就可以從單獨的圖片轉換為環繞視頻。所以這是至關重要的。因此，這款車看起來就像有了巨大的改進。我們可能會在今年稍後推出它。但我們幾乎可以做到交通號誌、停車、轉彎、低潮等所有事情。然後這將是一場 9 的長徵，本質上，可靠性有多少個 9 才算可以。所以它肯定比人類好得多，但它需要比人類好多少呢？所以這才是真正的工作。要達到每種數量級的可靠性，都需要做大量的工作。但你會看到它發生。如果你畫出曲線上的點，它的發展方向就會很明顯。

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. 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. That's the flaw in their logic. They're just way dumber than they think they are.

總的來說，我認為人工智慧是——十年來我一直在強調這個著名的人工智慧主題，我們應該關注人工智慧的發展方向。而我發現對人工智慧最錯誤認識的人是那些非常聰明的人，因為他們無法想像電腦會比他們聰明得多。這就是他們的邏輯缺陷。他們只是比自己想像的要愚蠢得多。

And the next question from institutional investor is please may you update us on Alien Dreadnought. How has your thinking evolved? And what is needed in order to get closer to fundamental physical limits?

機構投資者的下一個問題是，請您向我們介紹 Alien Dreadnought 的最新情況。您的想法是如何演變的？那麼，為了接近基本的物理極限，我們需要做些什麼呢？

Well, we bring a massive amount of effort into manufacturing engineering, the machine that makes the machine. There's probably 1,000%, maybe 10,000% more engineering required for the factory than for the product itself. So we're certainly making progress. 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.

嗯，我們在製造工程，製造機器的機器上投入了大量的精力。工廠所需的工程量可能比產品本身多 1,000% 甚至 10,000%。所以我們確實正在取得進展。我的意思是電池和動力總成工廠，內華達州的 Gigafactory 是 Alien Dreadnought 0.5 版，類似的東西，開始接近 1 版。

We're getting way better at making cars. You can see that in Giga Shanghai. You'll see that even more with Berlin. And we're really changing the design of the car in order to make it more manufacturable. The fundamental architecture of Model Y will be different in Berlin. It may look the same, but the internals will be quite different and fundamentally more efficient architecturally than what we've done to date. Drew, would you like to add to that?

我們在製造汽車方面正在變得越來越好。您可以在 Giga 上海 看到這一點。在柏林，你會看到更多這樣的情況。我們確實在改變汽車的設計，以使其更易於製造。Model Y 的基本架構在柏林將會有所不同。它可能看起來一樣，但其內部結構與我們迄今為止所做的相比有很大不同，而且從架構上來說更有效率。德魯，你想補充一下嗎？

Yes. I was going to expand on that. 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. And we're learning so much through doing that.

是的。我正要進一步闡述這一點。我認為 Alien Dreadnought 概念的一部分不僅僅是自動化，還包括盡量減少製造系統中涉及的工藝步驟和複雜性，這涉及到從原材料進入工廠到成品出口的整個過程中設計和製造的真正整合。透過這樣做，我們學到了很多。

Yes. Vertical integration is extremely important for this. 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. It would be like, wow, it went around the world like 6 times. So with vertical integration, maybe you can only go around the world once. 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. So yes. Jerome, do you want to...

是的。垂直整合對此極為重要。但是供應鏈——如果你在分子上安裝 GPS 追蹤器，從開採到製成可用產品，那看起來就會很瘋狂。哇，它繞地球六圈了。因此，透過垂直整合，也許你只能環遊世界一次。這將是一個巨大的進步，甚至不是，大約一半——我認為是一半——我認為如果我們實現垂直整合，可能會為你帶來一個數量級的改進。是的。傑羅姆，你想…

Yes. I think the focus for us is increasing CapEx efficiency. This is something that we've been working very hard for the past 3 years. And you can see that we can build new factories for less amount of money and much faster. Those things go together.

是的。我認為我們的重點是提高資本支出效率。這是我們過去三年來一直在努力的事情。您會發現，我們可以用更少的錢更快地建造新工廠。這些事情是相輔相成的。

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

是的。它能用更少的錢和更少的時間建造更好的工廠。

Yes. Less money means less time. So that's a great advantage. And we're also reducing, and there still is a lot, the amount of inefficiencies. We want every operation to add value to the vehicle. Value, meaning moving the items closer to their final state. So we do not want any robot that just moves things or adding parts.

是的。錢少就意味著時間少。這是一個很大的優勢。儘管效率低下的情況仍然存在，但我們也在減少這些低效率的情況。我們希望每次操作都能為車輛增加價值。價值，意味著使物品更接近其最終狀態。所以我們不想要任何只會移動物體或添加零件的機器人。

Or a person. In fact, it's like we want to be super respectful of people's labor. If we're asking somebody to do something, are we sure it's useful? Are we asking them to spend their time in a way that is respectful of their time? But it's like, wow, the potential for improvement is tremendous. And like, I just want to be clear. Here at Tesla, we love manufacturing. It's awesome. And I really think more smart people should be working on manufacturing.

或者一個人。事實上，我們真的很尊重人們的勞動成果。如果我們要求某人做某事，我們確定它是有用的嗎？我們是否要求他們以尊重自己時間的方式度過自己的時間？但哇，改進的潛力是巨大的。我只是想把事情說清楚。在特斯拉，我們熱愛製造業。太棒了。我確實認為應該有更多聰明人從事製造業。

And we want more people. We can't find enough people. If people are interested in designing new lines and trying to do things different, Tesla's got a job for you. And now we've got jobs everywhere. It's not only in California. Now we've got jobs in China; in Berlin; in Austin, Texas; and in California. So there's plenty of exciting places. And all these places will do original work and challenging, meaningful work.

我們希望有更多的人。我們找不到足夠的人手。如果人們有興趣設計新的生產線並嘗試做不同的事情，特斯拉可以為你提供一份工作。現在我們到處都有工作。這種情況不僅發生在加州。現在我們在中國、柏林、德州奧斯汀和加州都有工作機會。所以這裡有很多令人興奮的地方。所有這些地方都將進行原創性的工作、具挑戰性且有意義的工作。

Yes. Absolutely. It's actually extremely exciting and fulfilling to design new production systems. And I think that for some reason, I kind of got a bad rap, especially in the U.S., for a long time. 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. But actually, there's far more opportunity for innovation in manufacturing than in the product itself, order of magnitude. 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. And say, "Hey, this product you're asking me to manufacture is dumb." Like, "Great, let's fix it."

是的。絕對地。設計新的生產系統其實是非常令人興奮和有成就感的。我認為，出於某種原因，我長期以來一直名聲不佳，尤其是在美國。我認為人們不認為製造——他們有點——他們認為製造就像，哦，這只是一些無聊的事情——只是複製或諸如此類。但實際上，製造業的創新機會比產品本身的創新機會大得多。所以，如果說這次通話能得出一個結論，那就是，嘿，如果你想幫助我們發明令人驚嘆的全新製造技術，並對產品本身有所投入，那麼你並不是把產品扔出去然後說，“嘿，做這個產品”，而這是一個糟糕的設計，如果你從事製造業，你就可以改變產品設計。然後說：“嘿，你讓我生產的這個產品很蠢。”就像，“太好了，我們來解決這個問題吧。”

So it has a -- if you work on manufacturing engineering, you don't just get force-fed a turd sandwich. You get to change the product design. So it's super exciting. And we evolve the lines even after they're built. There's rapid evolution of the production system. So...

所以它有一個——如果你從事製造工程，你就不會只是被強迫吃一塊糞便三明治。您可以改變產品設計。所以這非常令人興奮。即使在生產線建成後，我們也會不斷改進生產線。生產系統正在快速發展。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 輛車增加到每週 5,000 輛車或每天 1,000 輛車更有意義的了。

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

是的。因此，我認為特斯拉的長期永續優勢在於製造業。

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，特斯拉在德州可以生產多少輛汽車？

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

嗯，目前是 0。但從長遠來看，會很多。

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，確實如此。

Okay. And now we can shift to retail investor questions on say.com. The first one is, Tesla Energy seems widely ignored by Wall Street despite Elon comments about growth rate exceeding automotive. Could Tesla share more detail on calendar planned projects to help investors better understand the business outlook? How disruptive is Tesla's Autobidder technology?

好的。現在我們可以轉到 say.com 上回答散戶投資者的問題。第一個是，儘管伊隆評論稱特斯拉能源的成長率超過汽車產業，但特斯拉能源似乎被華爾街廣泛忽視了。特斯拉能否分享更多有關日曆規劃項目的細節，以幫助投資人更了解業務前景？特斯拉的 Autobidder 技術有多大的顛覆性？

Yes. I can't emphasize enough, I think long term, Tesla Energy will be of roughly the same size as Tesla Automotive. So I mean the energy business collectively is bigger than the automotive business. So it's like how big is the energy sector? Bigger than automotive. 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. And those are intermittent. 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.

是的。我再怎麼強調也不為過，我認為從長遠來看，特斯拉能源的規模將與特斯拉汽車大致相同。所以我的意思是，能源業務總體上比汽車業務更大。那麼能源產業到底有多大？比汽車更大。所以——為了實現永續能源的未來，我們必須擁有永續能源生產，我認為這主要是太陽能，其次是風能。這些都是間歇性的。因此你需要很多電池來儲存能量，因為風不會一直吹，太陽也不會一直照耀。

So there's like 3 elements of the sustainable energy future: wind and solar sustainable energy generation; battery storage; and electric transport. Those 3 things. And the mission of Tesla is to accelerate sustainable energy.

因此，永續能源的未來有 3 個要素：風能和太陽能永續能源發電；電池儲存；以及電力運輸。這三件事。而特斯拉的使命就是加速永續能源的發展。

So I can't emphasize enough. The -- like yes, the battery and solar will both be enormous. And they kind of have to be in order for us to have a sustainable future. And we've got a great product road map on that front as well. So we're going to ship in the Megapack. It's very well received. Yes. Drew, do you want to talk about that?

所以我再怎麼強調也不為過。是的，電池和太陽能都將非常巨大。為了我們擁有可持續的未來，我們必須這樣做。我們在這方面也有一個很棒的產品路線圖。因此我們將使用 Megapack 發貨。很受好評。是的。德魯，你想談談這個嗎？

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

是的。我認為Megapack已經展現了它本身的價值，它是一種整合的、可快速部署的兆瓦時規模的併網儲能電池。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，還包括微電網和所有類型的專案開發商，並在合理的範圍內建造我們自己的專案。該產品的需求量很大，我們正在盡可能快速地提高該產品的生產率。

And then on Autobidder, Autobidder is basically autopilot for grid-tied batteries. It's an autonomous energy market participation system that does high-frequency trading and ensure...

然後在 Autobidder 上，Autobidder 基本上是併網電池的自動駕駛儀。它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.

這是一個不好的字。

Sorry. Sorry.

對不起。對不起。

High-frequency trading is called front running. We're not doing that.

高頻交易被稱為搶先交易。我們不會這麼做。

No, we're not doing anything like that. No. 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. 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.

不，我們不會做那樣的事。不。它確保電池盡其所能管理再生能源的容器依賴性—再生能源和各種電網間歇性。我的意思是，人們打開和關閉燈，打開和關閉發電廠，工廠開工和停工，而電池可以很好地解決這些問題。

Yes. It does grid stabilization at the millisecond level.

是的。它以毫秒級實現電網穩定。

Exactly.

確切地。

So it just ensures that things are super smooth. It's like a UPS, an uninterruptible power supply, of a normal size. But it just ensures that the grid has smooth sailing. 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. 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.

所以它只是確保一切進展順利。它就像一個正常大小的UPS（不斷電系統）。但它只是確保電網平穩運行。然後電池、電腦等都相互作用並確保它們協同工作以使電網平穩運行。這可以透過 Powerwall、Megapack 和 Powerpack 的協同工作以及與第三方系統互動來實現。

Yes. Centrally or distributed, it does both. Yes. I mean we've -- yes.

是的。無論是集中式還是分散式，它都可以做到。是的。我的意思是我們——是的。

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

我的意思是，為了解決永續能源問題，這是必要的。

Yes. You can't plan power plants on the hourly scale in a renewable world. You need a plant -- you need to optimize them on a minute-by-minute scale, and that's what we're doing.

是的。在再生的世界裡，你無法按小時規劃發電廠。你需要一個工廠——你需要逐分鐘地對它們進行最佳化，這就是我們正在做的事情。

Yes. The real limitation on Tesla growth is cell production at an affordable price. That's the real limit. 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. And any part of that supply chain or pricing at the cell level will be the limiting factor. So whatever it may be, anywhere from mining to refining, there's many steps for refining; to cathode and anode formation, cell formation. Whatever the choke point is, that will set the growth rate. And so we expect to expand our business with Panasonic, with CATL, with LG, possibly with others. And there's a lot more to say on that front on Battery Day.

是的。特斯拉成長的真正限制因素是以可負擔的價格生產電池。這才是真正的極限。這就是為什麼我們要在電池日上更多地討論這個問題，因為這是一個基本的擴展約束。供應鏈的任何部分或細胞層面的定價都將成為限制因素。因此，無論它是什麼，從採礦到精煉，都有許多精煉步驟；到陰極和陽極的形成，電池的形成。無論瓶頸在哪裡，它都會決定成長率。因此，我們希望擴大與松下、CATL、LG 以及其他公司的業務往來。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? What weekly production rate is considered volume production? And when does Tesla expect to reach that rate?

第二個問題是，現在是時候將特斯拉 Semi 投入量產了，您能否分享更多有關生產計劃的細節？每週的生產率多少才算是大量生產？特斯拉預計何時能達到這一速度？

Yes. So we'll start production next year, as we announced before. I'm personally very excited about the project. I can't wait. We do have a few trucks that keep driving around and likely delivering cars. But we're going to accelerate that.

是的。正如我們之前宣布的那樣，我們將於明年開始生產。我個人對這個項目感到非常興奮。我等不及了。我們確實有幾輛卡車一直在行駛並可能運送汽車。但我們會加速這一進程。

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. We're going to prove that we have very good reliability. I mean so far, the early units do have it, but we'll do that at a larger scale. And we have also promised some early units to some long term, very patient and supportive customers, and we'll do that.

我想明確一點，前幾輛特斯拉汽車將用於運輸我們自己的貨物，主要在弗里蒙特和里諾之間行駛，這是一條非常棒的測試路線。我們將證明我們具有非常好的可靠性。我的意思是到目前為止，早期的單位確實有它，但我們會大規模地這樣做。我們也向一些長期、非常有耐心和支持的客戶承諾了一些早期產品，我們會做到這一點。

Now we have more sales coming up in next year, as Elon just pointed out. So we can increase the diversity of the portfolio. It didn't make sense up to now to do it. But we'll be ready. And that's -- I may be a little biased. I'm very excited about this. And we have a lot of very unique technology that we're always dreaming about that we will be putting into that Semi. It will be just awesome.

正如埃隆剛才指出的那樣，明年我們的銷售量將會進一步增加。因此我們可以增加投資組合的多樣性。到目前為止，這樣做是沒有意義的。但我們會做好準備。這就是——我可能有點偏見。我對此感到非常興奮。我們擁有許多非常獨特的技術，我們一直夢想著將這些技術應用到 Semi 卡車上。這將會非常棒。

Yes. And just there's like 2 general classes of cell. There's like the iron phosphate and then the nickel-based. Nickel-based cells have higher energy density, so longer range. 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. So it's very important to have a mass-efficient and long-range pack for full batteries. 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. And that will be in volume production later this year.

是的。細胞大致可分為兩類。有磷酸鐵，也有鎳基材質。鎳基電池具有更高的能量密度，因此續航里程更長。顯然，這些對於半拖車之類的車輛來說是必需的，在這種車輛中，電池組每增加一個質量單位，就必須在貨物中減去一個質量單位。因此，擁有一個高效能、長距離的滿電池組非常重要。然而，我們在乘用車上看到的是，我們的動力系統效率和輪胎效率、阻力係數，基本上所有的東西——我們的暖通空調、熱泵，基本上我們的整體車輛效率在 Model 3 上已經足夠好了，例如，我們實際上很樂意在中國的 Model 3 中使用磷酸鐵電池組。該產品將於今年稍後投入量產。

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. And that frees up a lot of capacity for things like the Tesla Semi and the other projects that require higher energy density. So -- yes. So that's like 2 supply chains that you can tap into, iron phosphate or nickel. We use very little cobalt in our system already, and that's -- -- that may trend to 0 along -- especially when we got nickel.

因此，我們認為續航里程基本上在 200 英里以上——但考慮到一系列動力系統和其他車輛效率，我們認為使用磷酸鐵電池組續航里程可能接近 300 英里。這為特斯拉 Semi 和其他需要更高能量密度的項目釋放了大量產能。所以——是的。因此，這就像是兩條你可以利用的供應鏈，磷酸鐵或鎳。我們的系統中已經使用了非常少的鈷，而且————這可能會趨於 0————尤其是當我們有了鎳的時候。

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. Does this shift from smaller pack vehicles suggests that Tesla is not battery-constrained as in the past? What are the biggest constraints now?

下一個問題是，特斯拉最近決定不再生產標準續航版 Model Y。不再提供標準續航版 Model S 或 X，並宣布增加 Semi 車型。從小型車轉向電動車是否意味著特斯拉不再像過去那樣受到電池的限制？現在最大的限制因素是什麼？

Well, I'd just like to reemphasize, any mining companies out there, please mine more nickel, okay? 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. Go for efficient, also environmentally friendly nickel mining at high volume. Tesla will give you a giant contract for a long period of time if you mine nickel efficiently and in an environmentally sensitive way. So hopefully, this message goes out to all mining companies. Please get nickel.

好吧，我只想再次強調，所有礦業公司，請開採更多的鎳，好嗎？無論您身在何處，請開採更多的鎳，不要等到鎳價回到大約 5 年前或更早時候的某個高點。追求高效率、環保的大量鎳礦開採。如果您以高效且環保的方式開採鎳礦，特斯拉將與您簽訂長期巨額合約。因此，希望所有礦業公司都能收到此訊息。請取得鎳。

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. So I think people will really come to expect that as some number close to 300 miles as normal. That's a standard expectation because you do need to take into account, like, is it very hot outside or very cold? Or are you driving up into a mountain with a full load? And it's -- people don't want to have a -- get to their destination with like a 10 miles range. They want some reasonable margins. 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.

對於乘用車而言，我認為續航里程的新標準將是，以美國環保署的標準，大約 300 英里。因此我認為人們確實會期待接近 300 英里的正常行駛距離。這是一個標準的預期，因為你確實需要考慮，例如，外面太熱還是太冷？還是你正開著滿載的車輛上山？人們不想在 10 英里的範圍內到達目的地。他們想要一些合理的利潤。所以我認為 300 公里真的會是——或者接近 300 公里會成為新的常態，基本上接近 500 公里。

The next question on insurance. What is the holdup for Tesla insurance outside of California? Will you release numbers from that part of the business? Will Tesla Insurance be required to participate in the Tesla ride-hailing network as a driver?

下一個問題是關於保險的。加州以外地區特斯拉保險的阻礙是什麼？您能公佈該部分業務的數據嗎？以駕駛者身分參與特斯拉叫車網路是否需要特斯拉保險？

Sure.

當然。

Yes. We're joking before the call that we get the quarterly insurance question that -- from say.com here. We are working super hard on insurance. I'll go into a little bit more detail here than I have in the past.

是的。我們在通話前開玩笑說，我們從 say.com 那裡得到了季度保險問題。我們在保險方面正付出巨大的努力。我將在這裡比過去講得更詳細一些。

Currently, we have a product in California. As I've described before, it's been quite well received. And I would largely describe it as a fairly standard insurance product with elements of it that are unique to our cars. So you can think of it as a version 1 of Tesla Insurance.

目前，我們在加州有一款產品。正如我之前所描述的，它受到了熱烈歡迎。我認為它基本上是相當標準的保險產品，其中包含了我們汽車獨有的元素。因此你可以將其視為特斯拉保險的 1.0 版。

Yes. Version 0.9 is it getting at least.

是的。至少是 0.9 版本。

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. 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.

0.9。我們現在正在開發的是第 2 版，或者也可以稱之為我們的遠端資訊處理產品的第一個版本。因此，最終，我們希望特斯拉保險能夠利用車內捕獲的數據、車內人員的駕駛資料來評估碰撞的相關性和機率，然後能夠按月為該客戶評估保費。

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. So this gives us a unique advantage in terms of information. 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. And we chose the latter.

令我們非常興奮的是，在客戶允許的情況下，我們可以獲得如此大量的數據，而世界上任何其他產品或車輛都無法提供這些數據。因此，這為我們在資訊方面提供了獨特的優勢。現在我們面臨一個決策點，我們可以將加州的產品複製到其他州，或者我們可以推遲進入其他州，而是將更多的精力投入到遠端資訊處理方面。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. We hope to be filing that in a handful of states with regulators very shortly. And assuming that regulatory approvals go smoothly, we hope to have this in a handful of states by the end of the year. And then we'll continue to file for approval in additional states. With regulatory approval there, we'll continue to roll this out nationwide as quickly as we can. 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.

現在，我們基本上已經完成了與遠端資訊處理產品第一版相關的風險和成本分析。我們希望很快就能向一些州的監管機構提交申請。假設監管部門的審批順利，我們希望在今年年底前在少數州推行這項服務。然後我們將繼續向其他州申請批准。在獲得監管部門批准後，我們將盡快在全國推廣此計劃。然後，隨著我們繼續收集更多數據並對其進行重複，將會有版本 2、版本 3 等等，我們將繼續對其進行改進。

Yes. I mean at the heart of being competitive with insurance is what is the accuracy of your information. Like are you dealing with -- are you forced to assess people statistically looking in the rear-view mirror? 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. 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. But if you want to pay less, then please don't drive so crazy. Then people can make a choice. 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.

是的。我的意思是，保險業競爭的核心在於資訊的準確性。就像您正在處理的那樣——您是否被迫透過後視鏡從統計上評估人們？或者你能否對人們進行個別評估，展望未來，並告知駕駛員他們可以如何降低保險費用，他們可以採取哪些行動來降低保險費用。正如扎克所暗示的那樣，好吧，你開車太快了，你做了這事或那事或其他事情，就好像如果你想支付更多的保險費，你可以。但如果你想少付錢，那麼請不要這麼瘋狂地開車。然後人們就可以做出選擇。例如，如果他們想開得更激進，那麼保險費就會更高，或者如果他們願意，他們開車更小心，那麼保險費就會更少。

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

這實際上對我們建立反饋循環以了解保險費用的驅動因素非常有幫助。很多情況都只是——就像是小小的擋泥板彎曲和淨擋泥板彎曲，因為車身碰撞修復的成本大約為 15,000 美元或一個瘋狂的數字，嗯——然後我們實際上可以調整汽車的設計並調整修復方式，以真正降低解決這個問題的根本成本。

So this has helped us unearth a whole bunch of silly things that we were doing basically without realizing it. 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. So this gives us a great feedback loop for improvement because it's basically a fundamentally better insurance product.

因此，這幫助我們發現了一大堆我們在不知不覺中所做的愚蠢的事情。但這是一個問題，一般來說，對於保險來說，如果保險就像你可以吃的所有東西一樣，那麼改進的回饋循環就是甜蜜的。因此，這為我們提供了一個很好的改進回饋循環，因為它基本上是一種更好的保險產品。

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

我還想說，在招募熱潮中，如果說我希望從這次電話會議中得到什麼資訊的話，那就是很多優秀的人才都想加入特斯拉。這是我在這次通話中想要知道的第一件事。

And on the insurance front, I want to be clear. We're building a great, like a major insurance company. If you're interested in revolutionary insurance, please join Tesla. I would love to have some high energy actuaries, especially. I have great respect for the actuarial profession. Your guys are great at math. Please join Tesla, especially if you want to change things and you're annoyed by how slow the industry is. This is the place to be. We want revolutionary actuaries.

關於保險方面，我想說清楚。我們正在打造一家偉大的大型保險公司。如果您對革命性的保險感興趣，請加入特斯拉。我特別希望擁有一些精力充沛的精算師。我非常尊敬精算師這個職業。你們的數學很棒。請加入特斯拉，特別是如果你想改變現狀並且對這個行業的緩慢發展感到惱火。這是值得去的地方。我們需要革命性的精算師。

Okay. Thank you very much. And...

好的。非常感謝。和...

Sorry. So there was a second part of this question. Will Tesla Insurance be required to participate in the Tesla ride-hailing network? 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. It's a different type of insurance because of the use of the car. It's not decided whether third-party insurance versus Tesla Insurance will be required. There might be some things we need to think through there. But Tesla Insurance, at least, will be working, working for the ride-hailing network.

對不起。所以這個問題還有第二部分。特斯拉保險是否需要參與特斯拉叫車網路？我想我在之前的電話會議中已經回答過這個問題，但是當叫車網路可用時，我們將為該網路中的人們提供特斯拉保險。這是因汽車用途不同而產生的不同類型的保險。目前尚未決定是否需要第三方保險或特斯拉保險。我們可能需要仔細考慮一些事情。但至少特斯拉保險將會為叫車網路服務。

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

非常感謝。為了節省時間，我們來看看分析師在線上的問答環節。

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. Just on the quarter, if you could give us an update on gross margin. Was China accretive to gross margin in the second quarter? And give us an idea of how far off Model Y gross margin was versus Fremont Model 3?

我會問一個有關本季的問題，然後再問一個有關策略的更廣泛的問題。就本季而言，您能否向我們提供毛利率的最新情況？中國市場在第二季是否對毛利率有所提升？請告訴我們 Model Y 的毛利率與弗里蒙特 Model 3 相比有多大差距？

And then just more broadly on strategy, it seems like your approach to in-sourcing is varying by region. You're in-sourcing a lot more in Fremont, but you're relying a lot more on the supply chain in Shanghai. 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?

從更廣泛的策略角度來看，你們的內部採購方法似乎因地區而異。你們在弗里蒙特進行更多的內部採購，但你們更依賴上海的供應鏈。當您最終開放柏林工廠時，您希望採取什麼樣的內部採購方式？您的德州工廠將會是什麼樣子？

Yes. Just to start with the gross margin questions. We did see progress on gross margins in China, and that was despite pricing action that was taken. The factory is still not running at full capacity yet as it continues to ramp. So we think there's a continued opportunity to optimize the cost structure there.

是的。首先討論毛利率問題。儘管採取了定價措施，但我們確實看到中國市場的毛利率有所提高。由於產量仍在增加，工廠仍未滿載運轉。因此我們認為，那裡仍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. And despite the inefficiencies that we had due to the shutdown, we did see a pretty substantial improvement in the Model Y margin. And as we said before, the Model Y cost structure and Model 3 cost structure will converge. They're not quite there. Model Y is still slightly more expensive than Model 3, and it's not yet at full production. And with Model Y carrying a slightly higher price point, you can kind of back into the math there on the relative gross margins.

正如我們上個季度提到的，Model Y 在生產的第一個季度就實現了盈利。儘管由於停產導致效率低下，但我們確實看到 Model Y 利潤率有了相當大的提高。而且正如我們之前所說，Model Y 的成本結構和 Model 3 的成本結構將會趨同。他們還沒有完全到達那裡。Model Y 的價格仍比 Model 3 略高，而且尚未全面投入生產。由於 Model Y 的價格略高，您可以重新計算相對毛利率。

Yes. I mean the Shanghai factory is a pretty big factory. But -- and it's continuing to do more and more internally. 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. And just locally sourcing those components makes a massive difference to the cost of the vehicle. And I mean the proportion of local sourcing has literally been rising at like 5% to 10% a month. From 40 -- it was like 40% at the beginning of this year, something like that. It will be like 80% by the end of this year, maybe more.

是的。我的意思是上海工廠是一個相當大的工廠。但是——它在內部還在繼續做越來越多的事情。但同時——真正有幫助的是，以前有大量在世界其他地方製造的零件從世界各地運往上海。而僅僅在當地採購這些零件就會對車輛的成本產生巨大的影響。我的意思是，本地採購的比例實際上每月都在增加 5% 到 10%。從 40 開始——今年年初大概是 40%，大概是這個數字。到今年年底，這個比例將會達到 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. I'd say it like this. The suppliers in China have been extremely competitive, possibly the most competitive in the world.

是的。我會這樣說。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. Also a lot of suppliers in Germany or the rest of Europe, they are eager to support the factory in Berlin.

到目前為止，我們正在與柏林進行談判，並且已經達成了許多業務。德國或歐洲其他地區的許多供應商也渴望支持柏林的工廠。

Yes. Well, obviously, Germany has a great automotive industry and supply chain. So actually, a ton of our suppliers are in Germany within like a few hundred kilometers of the factory.

是的。顯然，德國擁有強大的汽車工業和供應鏈。實際上，我們的許多供應商都在德國，距離工廠只有幾百公里。

Our next question will come from Toni Sacconaghi with Bernstein.

我們的下一個問題來自伯恩斯坦的托尼·薩科納吉。

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. Maybe you could shed a little light on that. Industry-leading for luxury vendors is 8% to 10% PTI. For Porsche, smaller, at 17%. For mass market vendors, it's 5% to 8%. What do we think about? And how much, ultimately, do you believe that EV credits will contribute to that margin? Because I know your margin has been 5% over the last 12 months, but it's actually less than 1% excluding EV credits. So it's a 4-point contribution right now. How do we think about ultimately what industry-leading margins are? And how much of that you think is coming from EV credits, regulatory credits? And I have a follow-up, please.

您在幻燈片中多次提到，您對毛利率、PTI 利潤率的提高感到滿意，並且您預計它會隨著時間的推移實現行業領先的營業利潤率。也許您可以對此作出一些解釋。奢侈品供應商的行業領先稅率為 8% 至 10%。保時捷的比例較小，為 17%。對於大眾市場供應商來說，這一比例為 5% 至 8%。我們想到了什麼？那麼您最終認為電動車積分對此利潤率的貢獻有多大？因為我知道過去 12 個月您的利潤率一直是 5%，但如果不包括 EV 積分，則實際上不到 1%。所以現在貢獻是 4 分。我們最終該如何思考業界領先的利潤率是多少？您認為其中有多少來自電動車積分和監管積分？我還有一個後續問題，請回答。

Sure. I've mentioned this before in terms of regulatory credit. 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. I do expect regulatory credit revenue to double in 2020 relative to 2019, and it will continue for some period of time. But eventually, the stream of regulatory credits will reduce.

當然。我之前在監管信貸方面提到過這一點。我們管理業務－或者換句話說，我們管理業務時並不假設監管信貸會對未來有重大貢獻。我確實預計2020年的監管信貸收入將比2019年翻一番，而且這種趨勢還將持續一段時間。但最終，監管信貸流將會減少。

Yes. I mean it's worth noting that we're -- buyers of our car in the U.S. received 0 federal tax credit. Whereas many of our competitors are like, they get a $7,500 fed tax credit. And yet our sales have continued to do well. Yes.

是的。我的意思是值得注意的是，我們汽車的美國買家沒有獲得任何聯邦稅收抵免。而我們的許多競爭對手卻獲得了 7,500 美元的聯邦稅收抵免。但我們的銷售業績依然保持良好。是的。

Yes. And so what we see is a continued decline in the cost to produce, manufacture and distribute our cars. 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. You then layer on top of that, as Elon was discussing earlier, the potential for software-based revenue, particularly Full Self-Driving. There's the revenue recognition portion of that, that we have today. That will expand as we release more features. And then you can layer on top of that in the future our revenue from the ride-hailing network.

是的。因此，我們看到生產、製造和分銷汽車的成本持續下降。即使是 S 和 X 等成熟產品，成本曲線也持續下降，隨著我們致力於開發第二成熟的產品 Model 3，其成本也持續下降。然後在此基礎上，正如埃隆之前所討論的，基於軟體的收入潛力，特別是全自動駕駛。這就是我們今天所擁有的收入確認部分。隨著我們發布更多功能，這一範圍將會擴大。然後，你將來就可以在此基礎上增加來自叫車網路的收入。

Operating expenses continue to come down and become more efficient as a percentage of revenue. 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. So we continue to see efficiencies there. So in the medium term here, what our modeling shows is in the low-teens operating margin level. And I think there continues to drive -- the opportunity to drive that up.

營運費用持續下降，佔收入的比例也變得更有效率。我們正在努力探索其中蘊藏的令人難以置信的機遇，特別是研究客戶如何透過銷售和服務與公司互動、他們的流程是怎樣的以及我們如何將汽車送到他們手中。因此我們繼續看到那裡的效率。因此，從中期來看，我們的模型顯示的是低十幾個百分點的營業利潤率。我認為還存在繼續推動這一進程的機會。

So I hear your point on the 5% and the 1%. We're on a bit of a journey here, and we're continuing to be [partners].

所以我明白你關於 5% 和 1% 的觀點。我們正在進行一段旅程，我們將繼續保持[合作夥伴]的關係。

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

伊隆，如果我可以跟進的話，您已經談了很多關於公司使命的內容——並且真正努力推動全球電動車的普及。那麼，您如何看待在追求行業領先盈利能力與努力使您的汽車更實惠、更廣泛使用之間的權衡？感覺從歷史上看，你總是選擇這樣的道路：我寧願推動更多的成長和更多的採用，因為歸根結底，這是公司的使命。本季我們甚至看到了價格的下降。你或許可以保持價格不變，賣出一些產品，獲得更好的利潤，但這是特斯拉作為一家公司一直在做出的選擇。那麼，您個人如何看待這種權衡——即使您獲得了行業領先的利潤率，您是否願意回饋更多利潤以更快地推動更廣泛的採用？

Well, I think we actually achieved both when you factor in autonomy. 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. That was really a mega game changer, giga game changer. Yes. But I mean it is important for people to distinguish between 2 things. There's value for money that our product has, and then there's affordability. 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. So then you used -- have this like awesome thing that nobody can buy.

嗯，我認為，如果考慮到自主性，我們實際上已經實現了這兩個目標。我認為，我們可以超越行業利潤，讓越來越多的人買得起汽車，如果考慮到自主性，甚至可能是幾乎每個人都買得起。這確實是一個重大的、超級的改變遊戲規則的事件。是的。但我的意思是，人們區分兩件事很重要。我們的產品物有所值，而且價格實惠。即使你追求物有所值，並且擁有無限的價值，如果人們沒有足夠的錢——如果人們的銀行帳戶裡沒有足夠的錢來買車，他們就根本買不起。那麼你就有了——擁有這種沒人能買到的很棒的東西。

So it is important to make the car affordable. I think we will not succeed in our mission if we do not make cars affordable. Like the thing that bugs me the most about where we are right now is that our cars are not affordable enough. We need to fix that. So we are making progress in that regard, just sort of steadily gaining progress. So yes, we need to not go bankrupt. Obviously, that's important because we'll fail in our mission. But we're not trying to be super profitable either. Obviously, we're like -- profitability is like 1% or something, 1% or 2%. It's not crazy.

因此，讓汽車價格實惠非常重要。我認為，如果我們不能讓汽車價格變得便宜，我們的使命就無法成功。就像現在最讓我煩惱的事情是我們的車不夠便宜。我們需要解決這個問題。因此，我們在這方面正在取得進展，並且正在穩步取得進展。所以是的，我們不能破產。顯然，這很重要，因為我們的任務將會失敗。但我們也不想追求超級獲利。顯然，我們的獲利能力大概是 1% 左右，1% 或 2%。這並不瘋狂。

Last quarter, it was only like 0.1%. So we want to be profitable. Like I think just we want to be like slightly profitable and maximize growth and make the cars as affordable as possible. That's what we're trying to achieve.

上個季度，這一比例僅為 0.1%。所以我們希望獲利。就像我認為的那樣，我們只是想稍微獲利、實現成長最大化，並且讓汽車的價格盡可能便宜。這正是我們努力想要實現的目標。

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

我們的下一個問題來自德意志銀行的 Emmanuel Rosner。

Could you please characterize the current near-term demand environment for your vehicles? These are obviously unusual times. I think back in Q1, you had indicated record backlog, I guess, at the beginning of this past quarter. I haven't seen any specific comments about new orders or backlog in the release today. So can you give us some color?

您能否描述一下目前貴公司車輛的近期需求環境？這顯然是一個不尋常的時期。我回想起第一季度，您曾指出，上個季度初的積壓訂單創下了紀錄。我沒有在今天的發布中看到有關新訂單或積壓訂單的任何具體評論。那麼你能給我們一些資訊嗎？

Demand is not our problem. Definitely not. We do have some production supply chain challenges we're trying to solve right now. 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. That will transition to a 1-piece casting. In fact, I'm super excited about this. 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. It's enormous and looks awesome. 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.

需求不是我們的問題。絕對不是。我們確實面臨一些生產供應鏈挑戰，目前正在努力解決。例如，Model Y 後車身鑄件，顯然，由於它是一項新技術，維持並不斷提高 Model Y 鑄件的生產率一直很棘手，因為它是由兩件式鑄件組成的，並且還添加了大約六個其他部件。這將轉變為一體式鑄件。事實上，我對此非常興奮。我們將擁有一台——世界上最大的鑄造壓機，目前正在弗里蒙特組裝，用於生產 Model Y 後車身鑄件。它非常巨大，看起來棒極了。所以，你看，現在困擾我們的不是需求，而是供應鏈和生產問題的一系列救火措施。

Okay. So to put it...

好的。這麼說吧...

Yes. Don't worry about demand. That's not the issue.

是的。不必擔心需求。這不是問題所在。

Okay. 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?

好的。所以，當您說實現 50 萬份交付變得更加困難時，這真的只是最近停工和一些供應動態的結果嗎？

Yes. It's not an issue with demand. It's really just a production issue. It's been pretty hard when you've got like a global supply chain. And it's kind of whatever the most effective part of that global supply chain is, that sets your rate. The -- I mean the number of rabbits we've had to pull out of a hat for supply chain is insane. The team has done an amazing job. 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. So we'll hopefully use fewer airplanes. That will improve our costs. But it's -- demand exceeds supply right now. That's where we are right now.

是的。這不是需求的問題。這其實只是一個生產問題。當你擁有全球供應鏈時，事情就變得相當困難。全球供應鏈中最有效的部分是什麼，決定了你的費率。我的意思是，為了供應鏈，我們必須變出無數種神奇的方法。團隊做出了令人驚嘆的工作。所以我也認為——是的，我們的部分成本與由於零件短缺而必須使用大量飛機運送零件有關。因此我們希望減少使用飛機。這將改善我們的成本。但目前需求超過供應。這就是我們現在的處境。

Our last question today will come from Philippe Houchois with Jefferies.

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

You mentioned a few times that the constraint to growth is battery capacity still. 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? And if not, will you be able to source your battery requirements out of Europe? Or will you have to import batteries from outside Europe to ensure production in Berlin?

您多次提到，成長的限制因素仍然是電池容量。我希望您能澄清一下您目前正在建造的柏林工廠的範圍，那裡的電池容量是否與您預計柏林的組裝量一致？如果沒有，您能從歐洲以外購買電池嗎？或者您必須從歐洲以外地區進口電池以確保在柏林生產？

Okay. 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. Drew, is there anything that...

好的。我們不能透露太多，除了將會有本地電池生產，並且滿足柏林工廠的需求。德魯，有什麼事嗎…

I mean, no, that's straightforward enough. 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. And we -- we're treating it like any other problem that we have solved. We will solve this problem, and we want talented people to join us as we solve this problem.

我的意思是，不，這已經夠簡單了。我認為，除了您之前提到的人才和人員之外，在電池、供應鏈、製造材料、設計等所有領域也是如此，我們正在解決這個問題。我們對待它就像對待我們已經解決的任何其他問題一樣。我們將解決這個問題，我們希望有才華的人才加入我們，共同解決這個問題。

Yes. And like so my biggest concern for getting our talented people is probably Berlin because the labor mobility in Europe is not -- is low. I would recommend changing this. Like somebody who wants to leave and join another company, sometimes they have to spend 6 months on garden leave. It's called garden, hanging out in the garden basically. And like this is not a good use of people's time. I mean if they want us to hang out in the garden, that's fine, but they shouldn't have to.

是的。因此，我對獲取人才的最大擔憂可能是柏林，因為歐洲的勞動力流動性不低。我建議改變這一點。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 個月的時間休假。這叫做花園，基本上就是在花園裡閒晃。這並不是對人們時間的良好運用。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，我們還有其他問題嗎？

No. That's fine.

不。沒關係。

Okay. Thank you very much, everyone, for joining this call, and thank you for all your good questions. And we'll speak to you again in about 3 months.

好的。非常感謝大家參加這次電話會議，也感謝大家提出的所有好問題。我們將在大約 3 個月後再次與您聯繫。

Yes, maybe sooner with Battery. All right. Thanks.

是的，有了電池也許會更快。好的。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。您現在可以斷開連線。