特斯拉 (TSLA) 2020 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to Tesla's Q1 2020 Financial Results and Q&A Webcast. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

女士們，先生們，感謝您的支持，歡迎收聽特斯拉 2020 年第一季度財務業績和問答網絡直播。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）

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

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

Thank you, Sherry, and good afternoon, everyone. Welcome to Tesla's First Quarter 2020 Q&A Webcast. I'm joined today by Elon Musk, Zachary Kirkhorn and a number of other executives. Our Q1 results were announced at about 1:00 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 年第一季度問答網絡直播。今天，埃隆·馬斯克、扎卡里·柯克霍恩和其他一些高管加入了我的行列。我們的第一季度業績在下午 1:00 左右公佈。我們在與此網絡廣播相同的鏈接上發布的更新平台中的太平洋時間。

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

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

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

在我們進入問答環節之前，埃隆有一些開場白。埃隆?

Thank you. So Q1 ended up being a strong quarter despite many challenges in the final few weeks. This is the first time we have achieved positive GAAP net income in a seasonally weak first quarter. Even with all the challenges, we achieved a 20% automotive gross margin, excluding regulatory credits, while ramping 2 major products. What we've learned from this is that -- we've obviously learned a lot here. After all -- after the Model 3 ramp from 3 years ago, our new products get run faster and become profitable sooner. In Q1, we produced more Model Ys in the first quarter than Model 3s in Fremont in the first 2 quarters. Thus far, the Model Y ramp has been even faster than the Giga Shanghai ramp in Q1. Most surprisingly is, otherwise, we are ahead of the schedule that we were ahead of already. Most surprisingly -- Model Y was profitable already in its first quarter of production, something we haven't achieved with any product in the past.

謝謝你。因此，儘管最後幾週面臨許多挑戰，第一季度最終還是表現強勁。這是我們在季節性疲軟的第一季度首次實現正的 GAAP 淨收入。即使面臨所有挑戰，我們仍實現了 20% 的汽車毛利率（不包括監管信貸），同時增加了 2 種主要產品。我們從中學到的是——我們顯然在這裡學到了很多東西。畢竟——在 3 年前的 Model 3 量產之後，我們的新產品運行得更快並更快地盈利。在第一季度，我們第一季度在弗里蒙特生產的 Model Y 比前兩個季度的 Model 3 多。到目前為止，Model Y 的坡道速度甚至比第一季度的 Giga Shanghai 坡道還要快。最令人驚訝的是，否則，我們已經提前了我們已經提前的時間表。最令人驚訝的是——Model Y 在其第一季度的生產中就已經實現了盈利，這是我們過去使用任何產品都沒有實現的。

Regarding Autopilot, we released a new software update for traffic lights and stop signs to early access users in March and to all U.S. customers with Full Self-Driving package just last week. Our cars will now automatically stop at each stop sign or traffic lights until the driver gets a confirmation to proceed. I should say that the car is actually capable of much more than this, but we are only exposing functionality that we feel quite good about and where we feel that it is probably a safety improvement. We are collecting data from over 1 million intersections every month at this point. This number will grow exponentially as more people get the update and as more people start driving again. Soon, we will be collecting data from over 1 billion intersections per month.

關於 Autopilot，我們在 3 月份向早期訪問用戶以及上周向所有擁有完全自動駕駛套餐的美國客戶發布了針對紅綠燈和停車標誌的新軟件更新。我們的汽車現在將在每個停車標誌或紅綠燈處自動停止，直到駕駛員確認繼續。我應該說，這輛車的功能實際上遠不止這些，但我們只展示了我們感覺很好的功能，以及我們認為這可能是一種安全改進的地方。目前，我們每月從超過 100 萬個路口收集數據。隨著越來越多的人獲得更新以及越來越多的人再次開始駕駛，這個數字將呈指數增長。很快，我們將每月從超過 10 億個路口收集數據。

All of those confirmations are training on neural net. Essentially, the driver when driving and taking action is effectively labeling the -- labeling reality as they drive, and it makes them really get better and better. I think this is an advantage that no one else has, and we're quite literally orders of magnitude more than everyone else combined. I think this is difficult to fully appreciate. It's the reason I'd say it's very difficult to have a search engine that competes with Google because everyone is training Google all the time with their searches. So when you search something, and you click on a link, you're training Google every time you do that. It's just very difficult for any new search engine to compete on that basis.

所有這些確認都是在神經網絡上訓練的。從本質上講，駕駛員在駕駛和採取行動時有效地標記了他們駕駛時的現實，這使他們真正變得越來越好。我認為這是其他人沒有的優勢，而且我們確實比其他所有人加起來都高出幾個數量級。我認為這很難完全理解。這就是我要說很難有一個與穀歌競爭的搜索引擎的原因，因為每個人都在用他們的搜索來訓練谷歌。因此，當您搜索某些內容並單擊鏈接時，您每次這樣做都是在訓練 Google。任何新的搜索引擎都很難在此基礎上競爭。

So all those confirmations are training on neural net, and soon cars will be able to drive through an intersection without a confirmation as well as to make turns. And we really feel we're -- I feel extremely confident that it will be possible to do a drive from your home to your office most of the time with no interventions by the end of the year. So this is -- we can almost do this already with the leading-edge alpha builds driving in the car.

所以所有這些確認都是在神經網絡上訓練的，很快汽車將能夠在沒有確認的情況下通過十字路口以及轉彎。我們真的覺得我們 - 我非常有信心，到今年年底，大部分時間都可以從你家開車到你的辦公室，而無需干預。所以這是 - 我們幾乎可以通過在汽車中駕駛的領先 alpha 構建來做到這一點。

So let's see, on other technology fronts, we increased the range of Model S and X yet again, this time to 391 miles for Model S and 351 miles for Model X. Actually, we said that, actually, the model -- the real Model S range is 400 miles. But when we did the last EPA test, unfortunately, EPA had left the car door opened and the keys in the car. So the car -- and they did this overnight. And so the car actually went into waiting-for-driver mode and lost 2% of its range and, as a result, had a 391 test. As soon as the EPA reopens for testing, we will redo the test, and we're actually confident that we will achieve a 400-mile or greater range with the Model S. But to be clear, the Model S for the past 2 months -- the true range of the Model S for the past 2 months has been 400 miles. And of course, we're not stopping there. We're looking -- we're going to continue pushing for improved range over time and improving handling, acceleration and all the little details that make Tesla special.

所以讓我們看看，在其他技術方面，我們再次增加了 Model S 和 X 的續航里程，這一次 Model S 的續航里程為 391 英里，Model X 的續航里程為 351 英里。實際上，我們說的是，實際上，模型——真正的Model S 的續航里程為 400 英里。但不幸的是，當我們進行最後一次 EPA 測試時，EPA 將車門打開，鑰匙留在車內。所以汽車 - 他們在一夜之間做到了。所以這輛車實際上進入了等待駕駛模式，損失了 2% 的續航里程，結果進行了 391 測試。一旦 EPA 重新開放進行測試，我們將重新進行測試，我們實際上有信心使用 Model S 實現 400 英里或更長的續航里程。但要明確的是，過去 2 個月的 Model S ——過去 2 個月 Model S 的真實續航里程為 400 英里。當然，我們不會止步於此。我們正在尋找——隨著時間的推移，我們將繼續努力提高續航里程，並改善操控、加速和所有讓特斯拉與眾不同的小細節。

For Model Y, we introduced a revolutionary 2-piece rear underbody casting, but we are going to be making a single-piece casting later this year, meaning like essentially the rear third of the body is cast as a single piece, which is no casting of this size and complexity has ever been done before. In fact, there isn't even anything that is on par with the 2-piece casting for the Model Y. So we're really pushing the envelope on vehicle structural engineering and manufacturing. I'm very excited about this approach as it allows us to reduce the weight of the cast and improve NVH. It's better in every way, essentially.

對於 Model Y，我們引入了革命性的 2 件式後車身底部鑄件，但我們將在今年晚些時候製作單件鑄件，這意味著基本上車身後三分之一是一體鑄造的，這不是這種尺寸和復雜性的鑄造以前從未做過。事實上，甚至沒有任何東西可以與 Model Y 的兩件式鑄件相提並論。所以我們真的在推動車輛結構工程和製造的極限。我對這種方法感到非常興奮，因為它使我們能夠減輕鑄件的重量並提高 NVH。從本質上講，它在各方面都更好。

We also -- for Model Y, we also introduced a revolutionary new heat pump, which allows the car to have a higher range. So the Model Y has remarkable range, on par with -- in fact, slightly better than, I guess, the Model 3, and despite being a bigger car that weighs more. And the heat pump is a key contributor to that. It is especially excellent at low-temperature driving. So -- and the feedback we're getting from customers who have received the Model Y thus far has been universally positive. We're confident this product will be our best-selling product ever.

我們還——對於 Model Y，我們還引入了革命性的新型熱泵，它可以讓汽車擁有更高的續航里程。因此，Model Y 具有非凡的續航里程，實際上，我猜它比 Model 3 略好，儘管它是一輛更大、更重的汽車。熱泵是其中的關鍵貢獻者。尤其是在低溫駕駛方面表現出色。所以——到目前為止，我們從收到 Model Y 的客戶那裡得到的反饋普遍是積極的。我們有信心這款產品將成為我們有史以來最暢銷的產品。

So in conclusion, and just looking -- I guess this is a forward-looking statement, we are absolutely continuing our Model Y capacity expansion at full speed at both Giga Berlin and Giga Shanghai, and here in Fremont when they will let us continue. Localized production in China and in Europe will bring the costs down, making our products even more competitive over time. While many other companies are cutting back on investment, we are doing the opposite. We are absolutely pedal to the metal on new products and expanding the company. And we're really looking forward to being, sometime next year, a truly global manufacturer with major factories in North America, China and Europe and a capacity of well over 1 million units a year. So there's a tremendous amount to look forward to, and we can't wait to tell you what's going to happen. Thank you.

因此，總而言之，只是看看 - 我想這是一個前瞻性的聲明，我們絕對會在 Giga Berlin 和 Giga Shanghai 以及在弗里蒙特繼續我們的 Model Y 產能擴張，屆時他們會讓我們繼續。中國和歐洲的本地化生產將降低成本，使我們的產品隨著時間的推移更具競爭力。雖然許多其他公司都在削減投資，但我們卻在做相反的事情。我們在新產品和擴大公司方面絕對全力以赴。我們非常期待明年某個時候成為真正的全球製造商，在北美、中國和歐洲擁有主要工廠，年產能超過 100 萬台。所以有很多值得期待的事情，我們迫不及待地想告訴你將會發生什麼。謝謝你。

Thank you. And now to Zach's opening remarks.

謝謝你。現在是紮克的開場白。

Yes. Thanks, Martin, and thanks, Elon. I'm very proud of the accomplishments of the Tesla team this past quarter. A few things to highlight and add to what Elon just mentioned. We successfully launched, ramped and demonstrated profitability of the Model Y, as Elon mentioned, significantly ahead of schedule. This is our second large-scale product launch since Model 3 in 2017, and it's evidence to the progress we've made on cost control and ramp efficiency. It's hard to understate the significance of demonstrating profitability of this program in its first quarter of production.

是的。謝謝，馬丁，謝謝，埃隆。我為特斯拉團隊在上個季度取得的成就感到非常自豪。有幾件事要強調並添加到 Elon 剛剛提到的內容中。正如 Elon 所說，我們成功推出、提升並展示了 Model Y 的盈利能力，大大提前了計劃。這是我們自 2017 年 Model 3 以來的第二次大規模產品發布，這證明了我們在成本控制和爬坡效率方面取得的進展。很難低估該計劃在其第一季度生產中的盈利能力的重要性。

Our Shanghai Model 3 margins improved dramatically since Q4 of last year, nearing equivalents of Model 3s built in Fremont. This is despite not yet running at full capacity while also managing through the production shutdown in early February. We also announced a long-range and performance variant of Model 3 for our road map, which will positively impact ASPs in China.

自去年第四季度以來，我們上海 Model 3 的利潤率顯著提高，接近在弗里蒙特製造的 Model 3。儘管尚未滿負荷運行，同時還應對了 2 月初的停產。我們還為我們的路線圖宣布了 Model 3 的遠程性能變體，這將對中國的 ASP 產生積極影響。

On order rates, we did not experience much of an impact related to the expiration of government incentives at the end of Q4. In fact, we exited the quarter with our highest-ever backlog yet again. Aided by these accomplishments, we are able to achieve our first-ever Q1 profit. Automotive gross margin, excluding the impact of regulatory credits, remained strong for all products despite charges taken in Q1 associated with production downtime. We continue to make progress on OpEx efficiency as well as our service and other margins. Our energy business was impacted as well by shutdown activities in Q1, limiting deployments. We also experienced expected launch inefficiencies associated with our third version of the Solar Roof, which impacted overall profitability.

在訂單率方面，我們沒有受到與第四季度末政府激勵措施到期相關的太大影響。事實上，我們再次以有史以來最高的積壓退出了本季度。在這些成就的幫助下，我們能夠實現我們有史以來的第一季度利潤。儘管在第一季度因生產停機而收取費用，但所有產品的汽車毛利率（不包括監管信貸的影響）仍然強勁。我們繼續在運營支出效率以及我們的服務和其他利潤方面取得進展。我們的能源業務也受到第一季度關閉活動的影響，限制了部署。我們還經歷了與我們的第三版太陽能屋頂相關的預期發布效率低下，這影響了整體盈利能力。

As I've noted before, we expect regulatory credit sales, which are credits we sell to other carmakers, to generally increase with time. This can be seen by the increase from Q1 relative to Q4. And note that most of the credit revenue did not contribute to cash in Q1, and it's reflected in the accounts receivable on the balance sheet.

正如我之前提到的，我們預計監管信貸銷售，即我們出售給其他汽車製造商的信貸，通常會隨著時間的推移而增加。從第一季度相對於第四季度的增長可以看出這一點。請注意，大部分信貸收入在第一季度沒有貢獻現金，它反映在資產負債表上的應收賬款中。

Our free cash flows were impacted by the temporary increase in end-of-quarter inventory for all our products resulting from the abrupt suspension of production and delivery operations. Had these interruptions not occurred, we were pacing towards a record quarter of deliveries and strong free cash flows.

由於生產和交付業務的突然暫停，我們所有產品的季度末庫存暫時增加，影響了我們的自由現金流。如果沒有發生這些中斷，我們正朝著創紀錄的季度交付量和強勁的自由現金流邁進。

As Elon mentioned, it is extremely important that we remain on track to achieve our long-term plans and technology road map. We are taking the near-term actions required to continue those investments. Model Y in Shanghai and Berlin are proceeding as planned, and we're making progress on improving capacity for Model Y in Fremont and Model 3 in Shanghai. In the near term, our Shanghai factory remains operational, contributing an increasing level of cash flows and profitability to the company. In Fremont, we're working towards restarting production as soon as that's possible.

正如 Elon 所提到的，我們保持在實現我們的長期計劃和技術路線圖的軌道上是非常重要的。我們正在採取必要的近期行動來繼續這些投資。上海和柏林的 Model Y 正在按計劃進行，我們正在提高弗里蒙特的 Model Y 和上海的 Model 3 的產能。短期內，我們的上海工廠將繼續運營，為公司帶來更高水平的現金流和盈利能力。在弗里蒙特，我們正在努力盡快重啟生產。

We are also continuing to deliver cars that we were unable to deliver at the end of the first quarter. Our vehicle inventory balance increased by 14,000 units at the end of Q1, which was a headwind to free cash flows in Q1, but it's helpful in Q2. Note that one of the most important aspects of Model Y in Fremont and Model 3 in Shanghai is the dramatically improved cash conversion cycle by locally producing and delivering vehicles.

我們還將繼續交付我們在第一季度末無法交付的汽車。我們的車輛庫存餘額在第一季度末增加了 14,000 輛，這對第一季度的自由現金流來說是一個不利因素，但在第二季度是有幫助的。請注意，弗里蒙特的 Model Y 和上海的 Model 3 最重要的方面之一是通過本地生產和交付車輛顯著改善了現金轉換週期。

While sales and delivery operations have paused in many areas of the world, we are still receiving many online orders despite inability for our customers to experience the product prior to ordering. However, unavoidably, the extended shutdown in Fremont will have an impact on our near-term financial performance, and we will need to work through how quickly we'll be able to ramp production to prior levels. More broadly, we remain focused on ensuring our cash flows are managed appropriately. Working capital management, in particular raw material inventory, is the single most important lever in managing our cash flows during this time. The Tesla team has done a great job here. We've also taken actions to eliminate or reduce noncritical expenses and optional investments while continuing to drive efficiencies throughout the business.

儘管世界許多地區的銷售和交付業務已暫停，但我們仍然收到許多在線訂單，儘管我們的客戶無法在訂購前體驗產品。然而，不可避免的是，弗里蒙特工廠的長期停產將對我們的近期財務業績產生影響，我們將需要研究能夠以多快的速度將產量提高到之前的水平。更廣泛地說，我們仍然專注於確保我們的現金流得到適當的管理。營運資金管理，尤其是原材料庫存，是這段時間管理我們現金流的最重要的槓桿。特斯拉團隊在這裡做得很好。我們還採取措施消除或減少非關鍵費用和可選投資，同時繼續提高整個業務的效率。

Overall, we've modeled many scenarios into 2021 and remain comfortable that we have sufficient liquidity to proceed fully with our most important long-term investments. It's important to note that Tesla remains an extremely agile and dynamic company, and this is aided by the substantial work we've done over the last year to improve our cost efficiency and productivity. And we have the ability to quickly adjust our spending and planning as required.

總體而言，我們已經對 2021 年的許多情景進行了建模，並且對我們有足夠的流動性來充分開展我們最重要的長期投資感到滿意。值得注意的是，特斯拉仍然是一家極其敏捷和充滿活力的公司，這得益於我們在去年為提高成本效率和生產力所做的大量工作。我們有能力根據需要快速調整我們的支出和計劃。

So thank you again to the Tesla team for success in Q1, and we will turn to questions.

所以再次感謝特斯拉團隊在第一季度取得的成功，我們將轉向提問。

Thank you very much. So we'll take the first questions from institutional investors compiled by Say Technologies. The first question from institutional investor is, most Tesla owners have yet to purchase or experience FSD despite most vehicles having all the necessary hardware. What levers could you pull to accelerate adoption and deepen your data advantage? For example, could you consider offering FSD as a premium subscription?

非常感謝你。因此，我們將回答由 Say Technologies 編制的機構投資者提出的第一個問題。機構投資者的第一個問題是，儘管大多數車輛都擁有所有必要的硬件，但大多數特斯拉車主尚未購買或體驗 FSD。您可以利用哪些槓桿來加速採用並加深您的數據優勢？例如，您是否可以考慮將 FSD 作為高級訂閱提供？

I think we will offer Full Self-Driving as a subscription service, but it will be probably towards the end of this year. I should say it will still make sense to buy FSD as an option as, in our view, buying FSD is an investment in the future. And we are confident that it is an investment that will pay off to the consumer and to the benefit of the consumer. In my opinion, buying FSD option is something people will not regret doing.

我認為我們將提供完全自動駕駛作為訂閱服務，但可能會在今年年底。我應該說購買 FSD 作為一種選擇仍然是有意義的，因為在我們看來，購買 FSD 是對未來的投資。我們相信，這是一項能夠為消費者帶來回報並造福消費者的投資。在我看來，購買 FSD 選項是人們不會後悔的事情。

I agree. And financially, rolling the upfront purchase of your -- of the FSD option into a loan in the vehicle or a lease is -- will be the least expensive plan on a monthly basis to own, plus you preserve the option value of increased value of time. But we do understand that some customers who have ownership or have leased their vehicles did not purchase that option upfront. And so this will enable those customers to spread out the cost of ownership of FSD or subscription over time.

我同意。在財務上，將您的 FSD 期權的前期購買滾動到車輛貸款或租賃中 - 將是每月擁有的最便宜的計劃，而且您保留了增加價值的期權價值時間。但我們確實理解，一些擁有所有權或租賃車輛的客戶並未預先購買該選項。因此，這將使這些客戶能夠隨著時間的推移分散 FSD 或訂閱的擁有成本。

Yes, absolutely. As you may be like, at a high level, our overall goal is to maximize the area under the curve of customer happiness. That is our goal. And we think that that's the kind of thing that all companies should try to do. And it's what results in long-term value creation. And loyalty begets loyalty. So our goal is always really to do the best thing for the customers, and we're confident that if we behave like that, the customers in turn will behave the same way to us.

是的，一點沒錯。正如您可能喜歡的那樣，在較高的層面上，我們的總體目標是最大化客戶滿意度曲線下的區域。這就是我們的目標。我們認為這是所有公司都應該嘗試做的事情。這就是長期價值創造的結果。忠誠產生忠誠。因此，我們的目標始終是真正為客戶做最好的事情，我們相信，如果我們這樣做，客戶反過來也會以同樣的方式對待我們。

Thank you. The second question from investors is, China recently announced changes to its NEV subsidy program that disqualifies Tesla vehicles from benefiting from the subsidies. To what extent is there room for Tesla to lower manufacturing costs in China and pass those savings to buyer so they can qualify for the subsidy?

謝謝你。投資者提出的第二個問題是，中國最近宣布改變其新能源汽車補貼計劃，取消特斯拉汽車從補貼中受益的資格。特斯拉在多大程度上有空間降低在中國的製造成本並將節省的成本轉嫁給買家，以便他們有資格獲得補貼？

Yes. So we are making rapid progress on lowering the production cost in China. And we're actually excited to announce on this call that we will be reducing the price of the standard range Model 3 basically tomorrow, China time. So the day after tomorrow, California time, but tomorrow, China time. And that will be a price below the subsidy limit. And we feel confident that, that will still be a vehicle that delivers a good gross margin.

是的。因此，我們在降低中國生產成本方面取得了快速進展。我們實際上很高興在這次電話會議上宣布，我們將在中國時間基本上明天降低標準系列 Model 3 的價格。所以後天，加利福尼亞時間，但明天，中國時間。這將是低於補貼限額的價格。我們有信心，這仍然是一款能夠提供良好毛利率的工具。

Yes. And on the manufacturing cost portion of the question, the cost of vehicles produced in Shanghai in Q1 is already lower than the cost to produce the Model 3 in Fremont, and there's still significant opportunity left to take cost out. So our fixed cost absorption from higher production volumes, which are occurring in Q2, will occur through the rest of the year. We're not fully localized on the supply chain yet. And so while a lot of the supply chain is localized, it's not complete, and there's additional opportunities there. And so we'll continue to bring the price down and expand margin -- costs down and expand margin even with this reduction in price that Elon mentioned on the standard range version of the vehicle.

是的。而在問題的製造成本部分，第一季度在上海生產的汽車成本已經低於在弗里蒙特生產 Model 3 的成本，而且還有很大的成本削減機會。因此，我們從第二季度的更高產量中吸收的固定成本將在今年剩餘時間內發生。我們還沒有完全本地化供應鏈。因此，雖然很多供應鍊是本地化的，但它並不完整，而且還有更多的機會。因此，我們將繼續降低價格並擴大利潤——即使埃隆在標準範圍版本的車輛中提到的降價，也會降低成本並擴大利潤。

Thank you. The next question is, Andy Grove once said that great companies are improved by crises. In which way has Tesla improved or is expected to improve coming out of COVID-19?

謝謝你。下一個問題是，安迪·格羅夫曾經說過，偉大的公司會因危機而變得更好。從 COVID-19 中出來，特斯拉在哪些方面有所改進或有望得到改進？

Well, it has caused us to look closely at our cost structure and to be more efficient as a company. That's -- one always has to do that in a crisis. And just thinking about our core beliefs and what do we want to do, and we came to a conclusion that the right move is actually to continue to expand rapidly, continue to invest in the future and in new technologies, even though it is risky. And we've talked to some of our key investors, and they support that approach as well. So I think that there's clearly an uncertain future ahead. It's a bit of a bumpy road. But I think the long-term prospects are extremely good. Anything you guys want to add?

嗯，它使我們密切關注我們的成本結構並提高公司的效率。那就是——在危機中總是必須這樣做。想想我們的核心信念和我們想做什麼，我們得出的結論是，正確的舉措實際上是繼續快速擴張，繼續投資未來和新技術，即使有風險。我們已經與我們的一些主要投資者進行了交談，他們也支持這種方法。所以我認為未來顯然是不確定的。這是一條有點顛簸的路。但我認為長期前景非常好。大家有什麼想補充的嗎？

Yes, I agree with that, Elon. The prioritization on the key projects will enable us to execute more efficiently and faster on them, which I think is great. The other one that I would add is it's always been our vision at Tesla to improve the customer experience and make that as digital as possible.

是的，我同意這一點，埃隆。對關鍵項目進行優先排序將使我們能夠更有效、更快地執行它們，我認為這很好。我要補充的另一點是，我們在特斯拉的願景一直是改善客戶體驗並使其盡可能數字化。

Yes. Touchless delivery.

是的。非接觸式交付。

So touchless delivery, mobile service, touchless sales has been something that we've been very focused on and made a lot of progress on.

因此，非接觸式交付、移動服務、非接觸式銷售一直是我們非常關注並取得很大進展的事情。

Yes. The Tesla is the only car that you can literally order in less than 5 minutes on your phone, you can order a car and have it delivered to your doorstep with all the paper and everything done. That's it. Effortless.

是的。特斯拉是唯一一款您可以在不到 5 分鐘的時間內通過手機訂購的汽車，您可以訂購汽車並將所有文件和一切都完成後送到您家門口。而已。毫不費力。

And many customers do that.

許多客戶都這樣做。

And they're doing it, yes. In fact, a big part of it is just trying to communicate to people that this is something you can do because normally, buying a car is quite a pain. For most people, they would rather go to the dentist than buy a new car. Actually, my dentist is great. But it's really like quite an arduous thing. When the typical retail experience for buying a new car is more painful to people than having a root canal done, you have to say, well -- and for Tesla, it is completely as easy as ordering something from the Apple App Store or ordering something on Amazon, and except it's a car. Yes. All right. And 5 minutes is -- if you really went fast, I think you could order a car probably in 90 seconds, so...

他們正在這樣做，是的。實際上，其中很大一部分只是試圖與人們交流這是您可以做的事情，因為通常情況下，買車是一件很痛苦的事情。對於大多數人來說，他們寧願去看牙醫也不願買新車。事實上，我的牙醫很棒。但這真的是一件相當艱鉅的事情。當購買新車的典型零售體驗比做根管治療對人們來說更痛苦時，你不得不說，好吧——對於特斯拉來說，這完全就像從 Apple App Store 訂購東西或訂購東西一樣簡單在亞馬遜上，除了它是一輛車。是的。好的。 5 分鐘——如果你真的走得很快，我想你可能會在 90 秒內訂到一輛車，所以...

Thank you. The next question is from institutional investor is, can you give us a brief preview of the Battery Day by generally highlighting steps Tesla is taking to improve self-energy density and time line for introduction?

謝謝你。下一個來自機構投資者的問題是，您能否通過一般性地強調特斯拉為提高自能密度和推出時間線而採取的措施，為我們簡要介紹一下電池日？

Yes. Actually, we were just -- we don't want to preempt Battery Day. We want to -- leave the exciting news for that day, but there will be a lot of exciting news to tell. And I think it would be one of the most exciting days in Tesla's history. And we're just trying to figure out the right timing for that. We think probably the right timing will be the -- probably the third week of May. Not giving a firm date, but we think that probably that's the right timing. And depending upon what we're allowed to do, it will either be in California or Texas.

是的。實際上，我們只是——我們不想搶占電池日。我們想 -- 把激動人心的消息留到那一天，但會有很多激動人心的消息要講。我認為這將是特斯拉歷史上最激動人心的日子之一。我們只是想找出合適的時機。我們認為合適的時機可能是——可能是五月的第三週。沒有給出確切的日期，但我們認為這可能是正確的時機。取決於我們被允許做什麼，它要么在加利福尼亞，要么在德克薩斯。

Okay. And the last question from institutional investors, could you please update on progress towards development and commercialization of Full Self-Driving? How much revenue have you recognized so far?

好的。機構投資者的最後一個問題，您能否介紹一下全自動駕駛的開發和商業化進展？到目前為止，您確認了多少收入？

So there's a couple of things on the financials for Full Self-Driving. So currently, in North America, it's sold for $7,000 as an option. We take roughly half of that as revenue, and the other half of it goes into deferred revenue. That's associated with features that will be released with time. Our deferred revenue balance is continuing to grow. It's a little bit over $600 million. And so as we release features with time, at the end of every quarter, we take a look at what features have been released, the associated value, and then we can release that from the deferred revenue into our financials for that quarter. And then cars going forward, once the feature is released, we can recognize that revenue. So we reduce the amount of deferral, and we can recognize that revenue within period. So I mean, this is one of what we think will be one of the most powerful gross margin levers with time as the feature suite is rolled out.

因此，完全自動駕駛的財務狀況有幾件事。所以目前，在北美，它作為一種選擇售價為 7,000 美元。我們將其中大約一半作為收入，另一半作為遞延收入。這與將隨時間發布的功能相關聯。我們的遞延收入餘額繼續增長。略高於 6 億美元。因此，隨著我們隨著時間的推移發布功能，在每個季度末，我們都會查看已發布的功能以及相關價值，然後我們可以將其從遞延收入中釋放到該季度的財務中。然後是汽車，一旦功能發布，我們就可以確認收入。所以我們減少了遞延金額，我們可以在期間內確認收入。所以我的意思是，隨著功能套件的推出，隨著時間的推移，這將是我們認為最強大的毛利率槓桿之一。

Absolutely. There's also a tremendous amount of untapped potential in the fleet out there that could upgrade to turn on Autopilot -- basic Autopilot or Full Self-Driving. And that's something that we will enable just as simple in-app purchase or as we talked about earlier, just towards the end of the year, as a subscription. So that's just a lot of untapped potential there. That's not in the deferred revenue line, obviously, but is -- which is certainly a great deal of deferred potential that we think is -- a large portion of which is likely to reach fruition.

絕對地。車隊中還有大量未開發的潛力可以升級以開啟自動駕駛儀——基本自動駕駛儀或完全自動駕駛。這就是我們將像訂閱一樣簡單的應用內購買或我們之前談到的東西，就在今年年底，作為訂閱。所以這只是那裡有很多未開發的潛力。顯然，這不在遞延收入範圍內，但是——這肯定是我們認為的大量遞延潛力——其中很大一部分可能會實現。

Thank you. And now let's go to the questions from retail investors. Question number one, Elon has mentioned a 50% compound annual growth target for Tesla in the past. Is this still in line with Tesla's ambitions for the next 5 to 10 years? This would be 4 million vehicles in 2025 and more than 20 million vehicles in 2030. Is 40% a more realistic target?

謝謝你。現在讓我們來回答散戶投資者的問題。第一個問題，埃隆過去曾提到特斯拉 50% 的複合年增長率目標。這是否仍然符合特斯拉未來 5 到 10 年的雄心壯志？這將是 2025 年 400 萬輛汽車和 2030 年超過 2000 萬輛汽車。40% 是一個更現實的目標嗎？

Well, it's always difficult to predict what the macro situation is going to be. I think very few people would have predicted the unexpected roundhouse that COVID came up with -- it sort of came out of nowhere. So I think in the absence of something -- some massive force majeure event, like quite massive, I think [50%] is the likely number. It's possible that it's 40%. I would be very shocked if it's less than 40% even with force majeure, short of World War III.

嗯，總是很難預測宏觀形勢會怎樣。我認為很少有人會預料到 COVID 想出的意外迴旋——它有點不知從何而來。所以我認為在沒有什麼情況下——一些大規模的不可抗力事件，比如相當大規模的，我認為 [50%] 是可能的數字。有可能是40%。即使在第三次世界大戰之外的不可抗力的情況下，如果低於 40%，我也會感到非常震驚。

Okay. The next question from retail investors, when will you announce the next Giga? How many Gigas do you have planned for the next 5 years?

好的。散戶投資者的下一個問題是，您何時會宣布下一個 Giga？您在未來 5 年內計劃了多少 Gigas？

I think we will announce the next Giga possibly as soon as a month. We may not -- as soon as next month. This is not a prediction, just saying. That's -- that could happen. It will certainly be within 3 months and possibly 1 month. And that would be in the U.S. So as for how many will be in 5 years? I'm not -- I don't know right now what that number would be. I guess several more than there are today, but I'm not sure what exactly it would be in 5 years, but some number more than today.

我想我們可能會在一個月內宣布下一個 Giga。我們可能不會——最快下個月。這不是預測，只是說。那是 - 這可能會發生。它肯定會在 3 個月內，甚至可能 1 個月內。那將是在美國。那麼 5 年內會有多少人？我不是——我現在不知道這個數字是多少。我想比今天多幾個，但我不確定 5 年後究竟會是什麼，但比今天多一些。

I'll also add that our Gigas have gotten bigger.

我還要補充一點，我們的 Gigas 變得更大了。

Yes. It could arguably -- it could start being called Tera.

是的。可以說，它可以開始被稱為 Tera。

Yes, with multiple products as well. And so the absolute number of Giga factories we may ultimately build might be less, but each one is larger. And that's under our belief that just significant efficiencies by having as much as possible and similar product lines under the same roof and as much vertical integration as possible all in one facility.

是的，還有多種產品。因此，我們最終可能建造的 Giga 工廠的絕對數量可能會更少，但每一個都更大。我們相信，通過在同一個屋簷下擁有盡可能多的類似產品線以及盡可能多的垂直整合在一個設施中實現顯著的效率。

Yes.

是的。

Thank you. The next question is, can you give us an update on Solar Roof ramp? How many are you currently able to install per week? What is your installation per week target for the end of 2021?

謝謝你。下一個問題是，你能給我們介紹一下太陽能屋頂坡道的最新情況嗎？您目前每周可以安裝多少個？到 2021 年底，您的每周安裝目標是多少？

We were actually gaining tremendous momentum with the Solar Roof before COVID, but COVID essentially shut us down, both from the ability to install and the ability to get permits, like permit offices were closed. And with the shelter-in-place all over the places, so we obviously cannot install. And if you can't get permits, then you can't physically do it. It's physically impossible. So -- but I think the long-term trend for Solar Roof is extremely good, and I'm confident that, let's say, within the next, I don't know, year -- maybe even by end of year, we should be installing at a rate of 1,000 a week. That's not in the middle of winter or something. It's like taking seasonality -- allowing for seasonality where it's hard to install on roofs that are covered in snow and ice, but like in, say, spring, I think installing, which is the hard part, we actually have demonstrated the ability to hit 1,000 a week gross build rate for the Solar Glass Roof already, so that's not a problem. It's building up the install teams, building up the third-party channel installers, the roofing industry installers.

在 COVID 之前，我們實際上在太陽能屋頂上獲得了巨大的發展勢頭，但 COVID 從本質上關閉了我們，無論是安裝能力還是獲得許可證的能力，就像許可證辦公室關閉一樣。而且到處都是就地避難所，所以我們顯然無法安裝。如果你不能獲得許可，那麼你就不能親自去做。物理上是不可能的。所以 - 但我認為 Solar Roof 的長期趨勢非常好，而且我有信心，比如說，在接下來的一年內，我不知道 - 甚至到年底，我們應該以每週 1,000 個的速度安裝。那不是在冬天的中間或什麼的。這就像採取季節性措施——考慮到季節性因素，很難在被冰雪覆蓋的屋頂上安裝，但就像在春天一樣，我認為安裝是困難的部分，我們實際上已經展示了擊中的能力太陽能玻璃屋頂的總建造率已經達到每週 1,000 個，所以這不是問題。它正在建立安裝團隊，建立第三方渠道安裝商，屋頂行業安裝商。

And internally, we want to have at least 1,000 Solar Roof install teams with -- and taking a week or perhaps a little less than a week to do an install, which gets you 1,000 a week roof installations. We see demand is good. Production is good. So it's really all about the install. And then like I said also building out the -- training the very diverse group of companies in the roofing industry to also install Solar Roof that I think will scale -- allow us to scale far beyond 1,000 a week. We're also seeing a lot of interest outside of North America. So we do expect this to be a product that is international and actually seeing a tremendous amount of interest from China on the Solar Roof. So we're confident that this will be a very significant product for the company over time.

在內部，我們希望至少有 1,000 個太陽能屋頂安裝團隊 - 並且需要一周或不到一周的時間進行安裝，這樣您每周可以安裝 1,000 個屋頂。我們看到需求良好。生產很好。所以這真的是關於安裝的。然後就像我說的那樣，還建立了——培訓屋頂行業非常多樣化的公司集團來安裝太陽能屋頂，我認為這將擴大規模——使我們的規模遠遠超過每週 1,000 個。我們也看到了北美以外的很多興趣。因此，我們確實希望這將是一款國際化的產品，並且實際上會引起中國對太陽能屋頂的極大興趣。因此，我們相信隨著時間的推移，這將成為公司非常重要的產品。

Thank you. The next question is, can you elaborate on Tesla's plan to enter the residential and/or commercial HVAC market? Can you provide some basics of how your system will work? Will you consider the heat pump water heater market as well?

謝謝你。下一個問題是，您能否詳細說明特斯拉進軍住宅和/或商用暖通空調市場的計劃？你能提供一些關於你的系統如何工作的基礎知識嗎？你會考慮熱泵熱水器市場嗎？

Well, as I said on Twitter, I'm personally extremely excited to build a kick-ass HVAC system that also has sort of a hospital-grade particle filtration, basically have a filtration that filters out viruses, bacteria, pollen, fungi and also neutralizes silicon and alkaline gases that is quiet and efficient. And these are all things we've achieved in our cars by the way. In fact, I don't know if a lot of people realized, but the Model S and X are the only cars in the world that have a hospital operating room grade heavy filters built in. They're very big. So you can get to a particle count that is insanely low with our cars.

好吧，正如我在 Twitter 上所說，我個人非常興奮能夠建立一個具有醫院級顆粒過濾功能的出色 HVAC 系統，基本上具有過濾病毒、細菌、花粉、真菌和中和矽和鹼性氣體，安靜高效。順便說一句，這些都是我們在汽車上取得的成就。其實不知道有沒有很多人意識到，但是Model S和Model X是世界上唯一內置醫院手術室級重型濾清器的汽車。它們很大。因此，我們的汽車可以達到極低的粒子數。

And 3 and Y have like MERV 16 or 15 capable filtration.

3 和 Y 具有類似 MERV 16 或 15 的過濾能力。

Yes. That's why Model 3 and Y are -- they're no slouches. Model 3 and Y are also way -- they're way better than any other cars to the best of my knowledge. They're not quite as good as a hospital operating room, but they're extremely good, way better than any other normal car. And we're continuing to improve the filters on 3 and Y. These actually have a big effect on health even in normal just day-to-day living. It's reducing particle count, and it has an effect on allergies and all sorts of things. So it's really -- air quality is incredibly important even in the non-COVID situations, extremely important. So taking all those things that we've learned and applying it to how may HVAC would be and commercial HVAC would be just very exciting. And then if you've got -- if you're condensing water, like why not also have a few water source. If you have water, you possibly could then heat the water and have a water heater as well.

是的。這就是 Model 3 和 Y 存在的原因——它們毫不遜色。 Model 3 和 Y 也是如此——據我所知，它們比任何其他汽車都要好。它們不如醫院手術室好，但它們非常好，比任何其他普通汽車都要好。我們正在繼續改進 3 和 Y 上的過濾器。即使在正常的日常生活中，它們實際上也會對健康產生重大影響。它減少了粒子數量，它對過敏和各種事情都有影響。所以它真的 - 即使在非 COVID 情況下，空氣質量也非常重要，非常重要。因此，將我們學到的所有這些知識應用到暖通空調和商用暖通空調的發展將非常令人興奮。然後如果你有 - 如果你正在冷凝水，比如為什麼不也有一些水源。如果你有水，你可以然後加熱水並有一個熱水器。

Yes. Use it as a heat source if you need it instead of the outdoors, when the outdoors is really cold or the other way around. So lots of options.

是的。如果您需要它而不是在室外，當室外真的很冷或相反時，將其用作熱源。這麼多選擇。

It could be a hell of a product. So we just have to -- at Tesla, we have a tendency to apply a formula [we configure] on the product front. So we're going to make sure we have a lot of ice in the fire here for new products with the Cybertruck, Semi, new Roadster and the Gigafactories in various parts of the world, and it's really Model Y, Autopilot and the Solar Roof and...

這可能是一個地獄般的產品。所以我們只需要——在特斯拉，我們傾向於在產品前端應用一個公式[我們配置]。因此，我們將確保我們在這里為新產品火上澆油和...

New technologies.

新技術。

Yes, exactly. Powerwall, PowerPack, Megapack. We are seeing tremendous demand for stationary storage, more than we can supply, at least for 2020.

對，就是這樣。 Powerwall，PowerPack，Megapack。至少在 2020 年，我們看到對固定存儲的巨大需求超過了我們的供應量。

Thank you. And the last question from retail is, when will Tesla start acquiring utilities like the Hornsdale Power Reserve and Moss Landing instead of selling them battery storage? Does it make sense for Tesla to buy bigger plants and convert them?

謝謝你。零售業的最後一個問題是，特斯拉何時會開始收購 Hornsdale Power Reserve 和 Moss Landing 等公用事業公司，而不是出售電池存儲設備？特斯拉購買更大的工廠並進行改造是否有意義？

Well, we haven't really thought about that yet. It's not out of the question, but our brand is full. Excuse me, sir, our brand is full. That's not out of the question. Our overarching goal is to help accelerate the advent of sustainable energy. And the 3 elements of that are sustainable power generation; then you've got to store the power, stationary storage; and then you've got to have electric transportation. So -- and we don't have like, say, specific market share goals or anything like that. It's just, to the degree that we can accelerate the advent of sustainable energy, we think that's a fundamental good for the world, and we want to do that as fast as possible. But it's not, like I said, market share growth is a goal in and of itself. It's just faster this happens, the better off the world is.

好吧，我們還沒有真正考慮過。這不是不可能的，但我們的品牌已滿。對不起，先生，我們的品牌已滿。這不是不可能的。我們的首要目標是幫助加速可持續能源的出現。其中三個要素是可持續發電；那麼你必須存儲電源，固定存儲；然後你必須有電動交通工具。所以 - 我們沒有像，比如說，特定的市場份額目標或類似的東西。只是，就我們可以加速可持續能源的出現而言，我們認為這對世界來說是一項根本性的好處，我們希望盡快做到這一點。但正如我所說，市場份額增長本身並不是一個目標。這種情況發生得越快，世界就越好。

Thank you very much. And I think now we can move to analyst questions.

非常感謝你。我認為現在我們可以轉向分析師問題。

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

我們的第一個問題將來自摩根士丹利的亞當喬納斯。

I hope everyone's safe and healthy. I got one question, one follow-up. And I'd point out, I've had a root canal before. And I would agree, Elon, it was less painful than buying a car.

我希望每個人都平安健康。我有一個問題，一個跟進。我要指出，我以前做過根管治療。我同意，埃隆，這比買車更痛苦。

Thanks. I mean, really, it's -- yes, exactly.

謝謝。我的意思是，真的，它是 - 是的，完全正確。

Yes, it's a big problem, actually. It's a big problem.

是的，實際上這是個大問題。這是個大問題。

It's crazy, yes.

這很瘋狂，是的。

Different conversations. Zach, first, for you, any real-time update on company liquidity at the end of April? Some companies have, given the circumstances, gone out of their way to give a little color on that. Just want to get your shot at that. Then I got a follow-up.

不同的對話。扎克，首先，為您提供四月底公司流動性的實時更新嗎？鑑於這種情況，一些公司已經不遺餘力地對此進行了說明。只是想嘗試一下。然後我得到了跟進。

Yes. It's a fair question. I don't have any additional color to provide. So $8.1 billion in cash and cash equivalents at the end of Q1, we're managing it very closely. As I mentioned in my opening remarks, we do have an increase in inventory of vehicles that we were unable to deliver at the end of Q1. So we're making progress delivering those through April, which is helpful for liquidity. And as we've been looking at liquidity, we've been looking at this over the next 18 months. And there's ups and downs to the liquidity. Currently now, as we're not producing, we still have payables from Q1 that we're paying off. But then in a couple of months, we'll quickly be through that, and then we'll have a gap in payables since we don't have any parts coming in. So it does go up and down a little bit. But in looking at the long-term horizon, which is how we're managing it right now, we feel pretty comfortable with the liquidity position of the company.

是的。這是一個公平的問題。我沒有任何額外的顏色可以提供。因此，在第一季度末有 81 億美元的現金和現金等價物，我們正在非常密切地管理它。正如我在開場白中提到的那樣，我們在第一季度末無法交付的車輛庫存確實有所增加。因此，我們在 4 月份之前正在取得進展，這有助於流動性。當我們一直在關注流動性時，我們在接下來的 18 個月裡一直在關注這一點。流動性有起有落。目前，由於我們沒有生產，我們仍然有第一季度的應付賬款，我們正在償還。但是在幾個月後，我們很快就會解決這個問題，然後我們的應付賬款就會出現缺口，因為我們沒有任何零件進來。所以它確實會上下波動。但從長遠來看，這就是我們現在的管理方式，我們對公司的流動性狀況感到非常滿意。

Yes. I should say we are a bit worried about not being able to resume production in the Bay Area, and that should be identified as a serious risk. We only have 2 car factories right now, 1 in Shanghai and 1 in the Bay Area. And the Bay Area produces the vast majority of our cars, all of S and X and most of the 3 and all of the Y. So the extension of the shelter-in-place or, frankly, I would call it forcibly imprisoning people in their homes against all their constitutional rights, that's my opinion, and breaking people's freedoms in ways that are horrible and wrong and not why people came to America or built this country, what the (expletive), excuse me, the outrage -- it's just outrage.

是的。應該說，我們有點擔心灣區無法恢復生產，這應該被視為一個嚴重的風險。我們現在只有2家汽車廠，上海1家，灣區1家。灣區生產了我們絕大多數的汽車，所有的 S 和 X 以及大部分的 3 和所有的 Y。所以就地避難所的擴展，或者坦率地說，我會稱之為強行將人們關押在他們的家園違反了他們所有的憲法權利，這是我的觀點，並以可怕和錯誤的方式破壞人們的自由，而不是人們為什麼來到美國或建立這個國家，什麼（髒話），對不起，憤怒——這只是暴行。

So -- but it will cause great harm, not just to Tesla but to many companies. And while Tesla will weather the storm, there are many small companies that will not. And all the people's -- everything people have worked for their whole life is going to get -- is being destroyed in real time. And we're going to have many suppliers and are having many suppliers that are having super hard times, especially the small ones, and it's causing a lot of strife to a lot of people, yes.

所以——但它會造成巨大的傷害，不僅對特斯拉，而且對許多公司。儘管特斯拉將度過難關，但仍有許多小公司不會。所有人的——人們為他們的一生所做的一切都將得到——正在被實時摧毀。而且我們將有很多供應商，並且有很多供應商正在經歷非常艱難的時期，尤其是小型供應商，這給很多人造成了很多衝突，是的。

Elon, on that point, you mentioned people that gave their lives to build the country, my thoughts for you on this. There have been a lot of comparisons drawn to the state of the U.S. economy to the early 1930s when Roosevelt began a series of new deals and infrastructure projects or post-World War II when Eisenhower launched the U.S. Highway Act and JFK launched the Apollo Program, which you could say was influenced by the Cold War clearly, and you benefited from and our space program benefited from, what would be your message to U.S. lawmakers on this call as we -- in addition to your opinions on shelter-in-place but thinking longer term, your message to U.S. lawmakers coming out of the crisis, specifically around EV infrastructure and a chance to kind of work with taxpayers to support sustainable transport and renewable energy? I'm wondering if you see this as a chance to make the crisis and all the loss and lives lost not be in vain.

埃隆，在那一點上，你提到了為建設國家而獻出生命的人，我對你的看法。與 1930 年代初期羅斯福開始一系列新交易和基礎設施項目或二戰後艾森豪威爾推出美國公路法案和肯尼迪推出阿波羅計劃時的美國經濟狀況進行了很多比較，您可以說明顯受到冷戰的影響，您從中受益，我們的太空計劃也從中受益，您在這次電話會議上向美國立法者傳達的信息是什麼？除了您對就地避難所的看法，從長遠來看，您對擺脫危機的美國立法者的信息，特別是圍繞電動汽車基礎設施以及與納稅人合作以支持可持續交通和可再生能源的機會？我想知道你是否認為這是一個讓危機和所有失去的生命和生命沒有白費的機會。

I think it's high time we invested in infrastructure in this country. We have a lot of crumbling highways and bridges. And frankly, when I visit China, I see their infrastructure as being much better than ours. It's great. Europe has better infrastructure. It's really quite sad that the U.S. infrastructure, especially sort of roads and highways, is where it is today. And our airports, in a lot of cases, are an embarrassment. So -- and it's not just a question of money, it's a question of will. Sometimes, we spend a lot of money on these things, but what are we gaining for it? So -- and yes, we really need to be thinking about what is the transportation of the future, not the transportation of the past. If this was 1920, do you want to be investing in steam engines or internal combustion engines? Obviously, not steam engines. So this is the time to think about the future and also to ask is it right to infringe upon people's rights as what is happening right now. I think the people are going to be very angry about this and are very angry. If somebody should be -- if somebody wants to stay in their house, that's great. They should be allowed to stay in their house, and they should not be compelled to leave. But to say that they cannot leave their house, and they will be arrested if they do, this is fascist. This is not democratic. This is not freedom. Give people back their goddamn freedom.

我認為現在是我們在這個國家投資基礎設施的時候了。我們有很多搖搖欲墜的高速公路和橋樑。坦率地說，當我訪問中國時，我認為他們的基礎設施比我們的要好得多。這很棒。歐洲有更好的基礎設施。美國的基礎設施，尤其是道路和高速公路，卻是今天的樣子，這真的很可悲。在很多情況下，我們的機場令人尷尬。所以——這不僅僅是錢的問題，而是意志的問題。有時，我們在這些事情上花了很多錢，但我們從中得到了什麼？所以——是的，我們真的需要考慮什麼是未來的交通工具，而不是過去的交通工具。如果這是 1920 年，你想投資蒸汽機還是內燃機？顯然，不是蒸汽機。因此，現在是考慮未來的時候了，也應該問問現在正在發生的事情侵犯人們的權利是否正確。我認為人們會對此非常生氣並且非常生氣。如果有人應該——如果有人想留在他們的房子裡，那就太好了。他們應該被允許留在他們的房子裡，他們不應該被迫離開。但是說他們不能離開他們的房子，如果他們這樣做就會被逮捕，這是法西斯主義。這不民主。這不是自由。還給人們他們該死的自由。

Our next question comes from Emmanuel Rosner with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Emmanuel Rosner。

A question on Model Y, I was hoping you can elaborate a little bit more on the drivers of how the gross margin is already positive at such low volume. How much of it is a function of the commonality with the Model 3? What other factors should we think about? And what does that mean for the ampler for the eventual gross margin on Model Y?

關於 Model Y 的一個問題，我希望你能詳細說明一下毛利率在如此低的銷量下如何已經為正的驅動因素。其中有多少是與 Model 3 的共性函數？我們還應該考慮哪些其他因素？這對於 Model Y 最終毛利率的增長意味著什麼？

Zach?

扎克？

Sure. A couple of thoughts there for Y. The first is it does carry a higher ASP. So on the revenue side, it carries a higher ASP than Model 3. And the deliveries that we started with were of the higher ASP versions of the cars. So we started with deliveries of performance initially. And so that helps create some of the margin. And that will come down with time as more variants are released, and we have more of a steady-state mix. But it's similar to the ASP trends that we had with Model 3 when we launched that product in Fremont 2 years ago.

當然。 Y 有幾個想法。首先是它確實具有更高的 ASP。所以在收入方面，它的 ASP 比 Model 3 更高。我們開始交付的是更高 ASP 版本的汽車。所以我們最初是從交付性能開始的。因此，這有助於創造一些利潤。隨著更多變體的發布，這將隨著時間的推移而下降，我們有更多的穩態組合。但這與我們 2 年前在弗里蒙特推出 Model 3 時的 ASP 趨勢相似。

On the cost side, I think you hit on a couple of the buckets. The commonality is huge. It's very important. And in addition to that, manufacturing processes are very similar to Model 3 as well. And so we have experience with that, both with Model 3 in Fremont and then as well in Shanghai. And it helps to have an existing factory with existing workforce and knowledge here as well. So the ecosystem to support and launch the product is there. There remain a lot of opportunities to take -- continue to take cost out of the car. And the number of vehicles that we built in the first quarter is quite limited relative to our goal.

在成本方面，我認為你成功了。共性是巨大的。這很重要。除此之外，製造過程也與 Model 3 非常相似。所以我們有這方面的經驗，無論是在弗里蒙特還是在上海的 Model 3。並且它也有助於在現有的工廠中擁有現有的勞動力和知識。因此，支持和推出產品的生態系統就在那裡。仍有很多機會可以利用——繼續降低汽車成本。相對於我們的目標，我們在第一季度製造的車輛數量非常有限。

Yes, agree. We can take cost out of the car and to make the product better. So it's a test, it's not make the product worse. It's -- and [anyone] can take costs out of a car, make it worse. We want to take cost out of the car, figure out how to make it lighter and simpler. And so it's -- we want the car to just incrementally improve as well as incrementally lowering cost. But for a 5-seater Model Y, we expect marginal cost of that car to be comparable to the Model 3 once we have reached, say, about 10,000 or 20,000 units or something like that and have -- did we go off-line?

是的，同意。我們可以降低汽車的成本並使產品變得更好。所以這是一個測試，它不會讓產品變得更糟。這是 - [任何人] 都可以從汽車中扣除成本，讓情況變得更糟。我們想降低汽車的成本，想辦法讓它更輕更簡單。因此，我們希望汽車能夠逐步改進並逐步降低成本。但是對於 5 座 Model Y，我們預計，一旦我們達到 10,000 或 20,000 輛或類似的數量，並且我們已經下線了，那輛車的邊際成本將與 Model 3 相當？

(technical difficulty)

（技術難度）

Speakers, you're back online.

演講者，你又上線了。

Sorry, we got disconnected for some reason. What was the question again? Okay. Let's go to the next question, please.

抱歉，我們因為某種原因斷開了連接。又是什麼問題？好的。請讓我們進入下一個問題。

The next question comes from Ben Kallo with Baird.

下一個問題來自 Ben Kallo 和 Baird。

So just wondering about the cell strategy. In Reno, you have, obviously, integrated there. But you're buying cells, I think, in Shanghai and then, well, we think in Germany. And so how are you looking at that going forward? And then can you just talk about Mr. Mizuno and that Board addition and kind of the process with adding him to the Board?

所以只是想知道細胞策略。在 Reno，你顯然已經融入了那裡。但是我認為，您是在上海購買電池，然後，我們認為是在德國。那麼你如何看待未來的發展？然後你能談談美津濃先生和董事會的加入以及將他加入董事會的過程嗎？

Sure. From a sales perspective, with all the partners we've had historically, in the future, we're just looking for competitive technology and competitive pricing. I think we'll talk a little bit more about this at Battery Investor Day, like, how we're approaching all of it. But -- so yes, I mean we don't have like one model we're restricting ourselves to pursue. We're just trying to find what's best for the products in the long run.

當然。從銷售的角度來看，與我們過去擁有的所有合作夥伴一起，在未來，我們只是在尋找有競爭力的技術和有競爭力的價格。我想我們會在電池投資者日更多地討論這個問題，比如我們是如何處理這一切的。但是 - 所以是的，我的意思是我們沒有像我們限制自己追求的一種模型。從長遠來看，我們只是想找到最適合產品的東西。

And then the other question about the Board?

然後是關於董事會的另一個問題？

Sorry, we couldn't hear the second part of the question.

抱歉，我們聽不到問題的第二部分。

Yes. I was asking about Mr. Mizuno entering the Board and kind of the process behind that and what he brings to the Board.

是的。我問的是 Mizuno 先生進入董事會的情況，以及這背後的過程以及他給董事會帶來了什麼。

I think, well, we all need a Hiro. And obviously, he brings tremendous amount of experience investing at the highest levels in the world and has done great work as -- at the Japan pension fund, which is the largest, I think, fund of any kind in the world. And generally, the conversations over the years is just churning incredible insight into how the securities -- the global security markets work and what he thinks is -- whether [areas perform]. It just -- it seems like he has a strong philosophical understanding about how to make the future better. And he shares our view regarding the environment. And he's a very sensible, smart person who brings a lot to the Board and I think is generally recognized as such by many people.

我認為，好吧，我們都需要一個 Hiro。顯然，他帶來了在世界最高水平進行投資的大量經驗，並且在日本養老基金（我認為它是世界上最大的基金）所做的出色工作。總的來說，這些年來的對話只是對證券如何運作——全球證券市場的運作方式以及他的想法——是否[領域表現]產生了令人難以置信的洞察力。只是——似乎他對如何讓未來變得更好有很強的哲學理解。他同意我們對環境的看法。他是一個非常明智、聰明的人，他為董事會帶來了很多東西，我認為很多人都普遍認可這一點。

I guess linking into the Panasonic relationship, maybe just how is that relationship going? And is there any read-through on bringing him onto the Board?

我想連接到松下的關係，也許這種關係進展如何？是否有任何關於將他帶入董事會的通讀？

No. I think this has got nothing to do with the Panasonic relationship. I mean I have a great relationship with the Panasonic CEO. We meet regularly one-on-one and talk all the time. And so that relationship is strong. Just -- he brings more -- a broader, I think, global strategic view to the Board.

不，我認為這與松下的關係無關。我的意思是我和松下CEO關係很好。我們定期一對一見面並一直交談。所以這種關係很牢固。只是 - 他為董事會帶來了更多 - 我認為更廣泛的全球戰略觀點。

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

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

Congratulations on the progress. Elon, you talked about full autonomy by the end of the year. I would love for you to walk through the rollout strategy of the Tesla Network app and how that's going to look prior to the robotaxi stage? Are you going to gradually take over human routes with autonomous capable routes over time? Or how do you see that playing out?

祝賀取得進展。 Elon，你談到了年底前的完全自主權。我希望您了解一下 Tesla Network 應用程序的推出策略，以及在自動駕駛出租車階段之前的情況？隨著時間的推移，您是否會逐漸接管具有自主能力的路線的人類路線？或者你怎麼看結果？

Well, it's pretty much going to play out as it has played out, which is we'll release more and more functionality. Before we release any functionality, it goes through extensive testing. And of course, we run it -- we have a simulations team that has, I think, a very good simulation of the real world. So we run any car changes through a battery test and simulation. Then we have a global QA team, which I'm on actually, I'm one of -- on the global QA team. And we test the releases in the real world, in the real-world map, [then if it fits] in the real world and the simulation, which is -- which are very many because the world is very complex anyway. And then we release it to a small group of private beta testers within the company; then to a larger beta audience, including people outside the company; then to Early Access Tesla owners; and then, finally, a broad release. And so there are many stages that these things go through. So by the time something is being -- going to a wide release into the U.S., it has gone through all of those stages. And the software that's at the very early stage is much more advanced than what people are seeing.

好吧，它幾乎會隨著它的發展而發揮作用，這就是我們將發布越來越多的功能。在我們發布任何功能之前，它會經過廣泛的測試。當然，我們運行它——我們有一個模擬團隊，我認為，它對現實世界進行了非常好的模擬。因此，我們通過電池測試和模擬來運行任何汽車更換。然後我們有一個全球 QA 團隊，我實際上是其中之一，我是全球 QA 團隊中的一員。我們在現實世界中測試發布，在現實世界地圖中，[然後如果它適合]在現實世界和模擬中，這是非常多的，因為無論如何世界都非常複雜。然後我們將它發布給公司內部的一小部分私人 beta 測試人員；然後面向更大的測試版受眾，包括公司以外的人；然後是搶先體驗特斯拉車主；然後，最後，一個廣泛的版本。所以這些事情要經歷很多階段。因此，當某些東西出現時——要在美國廣泛發佈時，它已經經歷了所有這些階段。處於早期階段的軟件比人們所看到的要先進得多。

So it just got to go through a very rigorous safety process. So essentially, we need to figure out -- get very good at complex intersections, get very good at complex turns and intersections and things like busy malls, in a parking lot or office park or special events and sporting events, that kind of thing, when those eventually come back. Those are extra hard cases. But it's all tracking very well, if you like. The Autopilot's engineering team is -- we just have an extremely talented group, and I'm deeply involved with the team. So we talk every week and meet every week when we can because now physical meeting is difficult. So I have quite a deep understanding where we are and where we're heading. And I feel like we have a tremendous amount of momentum, and we'll have the functionality, that's the Full Self-Driving, by the end of the year.

所以它只需要經過一個非常嚴格的安全過程。所以本質上，我們需要弄清楚 - 非常擅長複雜的十字路口，非常擅長複雜的轉彎和十字路口以及繁忙的商場，停車場或辦公園區或特殊活動和體育賽事之類的事情，當那些最終回來的時候。這些都是額外的困難案例。但是，如果您願意，一切都可以很好地跟踪。 Autopilot 的工程團隊是——我們只有一個非常有才華的團隊，我深深地參與了這個團隊。因此，我們每週都會交談，並在可能的情況下每週見面，因為現在實體會議很困難。因此，我對我們所處的位置和前進的方向有相當深刻的了解。而且我覺得我們擁有巨大的動力，我們將在今年年底擁有完全自動駕駛的功能。

Now after that functionality is released, there's still another step, which is to improve the reliability of it once it is released, kind of Full Self-Driving with the human -- supervised by the driver. And then we keep improving the reliability to a point where it no longer needs to be supervised by the driver. And we provide a vast body of data to regulators to show them that this is the case. And then presumably, the regulators, depending on which jurisdiction it is, would give approval for the autonomous cars that can drive with no humans onboard. Obviously, the regulatory approval process, that's difficult for us to predict with accuracy because it's out of our hands. But for the rest of it, I feel very good about where we are generally.

現在，在該功能發布之後，還有另一個步驟，即在發布後提高它的可靠性，類似於人類的全自動駕駛——由駕駛員監督。然後我們不斷將可靠性提高到不再需要駕駛員監督的程度。我們向監管機構提供了大量數據，向他們證明情況確實如此。然後據推測，監管機構將根據其所在的司法管轄區批准無人駕駛汽車可以無人駕駛。顯然，監管審批過程，我們很難準確預測，因為它不在我們的掌控之中。但在剩下的時間裡，我對我們的總體情況感覺很好。

So to summarize, we want -- we're going to get owners full autonomy, some level of that by the end of the year and then a human in the loop, Tesla Network app sometime, is it first half of next year, would that be the hope?

總而言之，我們想要——我們要讓車主完全自主，到今年年底達到一定程度，然後一個人在循環中，特斯拉網絡應用程序某個時候，是明年上半年嗎？那是希望嗎？

Do you mean like when can the car drive with no person?

你的意思是什麼時候汽車可以在沒有人的情況下行駛？

With a person. Initially, a person who observes, would that be -- with the Tesla Network app, would that be early part of the year of 2021? Is that the hope?

與一個人。最初，如果有人觀察，那會是 - 使用 Tesla Network 應用程序，那會是 2021 年初嗎？那是希望嗎？

If described as a hope, I would say that that's probably a fair description.

如果被描述為希望，我會說這可能是一個公平的描述。

Okay. And then kind of take it to its end stage, the robotaxi stage, any high-level thoughts? I understand the regulatory is a massive unknown, but if you're going to put a guess on it, where would we start -- when will we start seeing robotaxis?

好的。然後把它帶到最後階段，機器人出租車階段，有什麼高水平的想法嗎？我知道監管是一個巨大的未知數，但如果你要猜測它，我們將從哪裡開始——我們什麼時候開始看到機器人出租車？

Well, I think it's quite likely, in my view -- again, I could be wrong, I'm -- as you see it, we're ahead in some areas, and we're behind in others because -- when I give a guess, I give the guess that I think is the likely midpoint, not the point with lots of margin. If it's a normal distribution, I'd give you the 50th percentile, not the 3 segment -- optimistic or pessimistic. So then that necessarily means at least half of my predictions will be wrong and half will be right. I think -- or it might be right but offset by a few weeks to a few months; in some cases, a few years. But I believe that everything I've ever said would come true, did come true. It may come true late, but it did come true. So punctuality is not my strong suit, but I always come through in the end. So I think we could see robotaxis in operation with the network fleet next year, not in all markets but in some.

嗯，我認為這很有可能，在我看來——再說一次，我可能是錯的，我——正如你所見，我們在某些領域領先，而在其他領域落後，因為——當我猜一猜，我猜我認為是可能的中點，而不是有很多餘量的點。如果它是一個正態分佈，我會給你第 50 個百分位，而不是第 3 個部分——樂觀或悲觀。那麼這必然意味著我的預測至少有一半是錯誤的，一半是正確的。我認為——或者可能是對的，但可以抵消幾周到幾個月的時間；在某些情況下，幾年。但我相信我曾經說過的一切都會成真，確實成真了。它可能實現得晚，但它確實實現了。所以守時不是我的強項，但我總是能挺過去。所以我認為明年我們可以看到機器人出租車與網絡車隊一起運行，不是在所有市場，而是在一些市場。

Our last question will come from Pierre Ferragu with New Street.

我們的最後一個問題將來自新街的 Pierre Ferragu。

One on gross margin, first, and your impressive performance in Q1. So there are 3 moving parts: the tailwind from credits, of course; the Model Y ramping, even if it broke even, it probably took average gross margin down; and of course, you had like Fremont being closed, shut down the last week of the quarter, it probably was the sort of an extra cost. And so when I looked at how gross margin evolved sequentially, excluding these 3 moving parts, I felt like your auto gross margin could have been up like a couple of points sequentially. So I wanted to check with you if that estimate would make sense. And then I will have a follow-up on energy storage.

首先是毛利率，以及您在第一季度的出色表現。所以有 3 個移動部分：當然是來自學分的順風； Model Y 的爬坡，即使收支平衡，也可能會拉低平均毛利率；當然，如果弗里蒙特被關閉，在本季度的最後一周關閉，這可能是一種額外的成本。因此，當我查看毛利率如何按順序演變時，不包括這三個活動部分，我覺得您的汽車毛利率可能會按順序上升幾個點。所以我想和你核實一下這個估計是否有意義。然後我將對儲能進行跟進。

Sequential market improvement -- margin improvement?

連續的市場改善——利潤率改善？

Yes.

是的。

Yes. So the 3 things that you mentioned, I had a little bit of a hard time hearing the full question here because we're having a bit of network difficulty in the room. I'll do my best here. So when we look at margin, we do exclude credit, as you have, so I agree with that. Model Y ramping, bringing down overall gross margin, I agree with that as well. So it was lower than the overall average, and that will increase with time. And shutdown and efficiencies in both Shanghai and in Fremont also weighed on margin, and the Shanghai margin was below the average as well. Even though it's increasing quickly and approaching Model 3, it still is below the average.

是的。所以你提到的 3 件事，我很難在這裡聽到完整的問題，因為我們在房間裡遇到了一些網絡問題。我會在這裡盡力而為。因此，當我們查看保證金時，我們確實排除了信用，就像你一樣，所以我同意這一點。 Model Y 的增長，降低了整體毛利率，我也同意這一點。所以它低於整體平均水平，而且會隨著時間的推移而增加。上海和弗里蒙特的停工和效率也對利潤率造成壓力，上海的利潤率也低於平均水平。儘管它正在快速增長並接近 Model 3，但仍低於平均水平。

And so I think the sentiment of your question was if you were to remove those factors, was there a sequential increase in gross margin. I haven't specifically calculated that, but I think your intuition is right. We saw strength in gross margin across the board, as I mentioned. And in particular, S and X gross margins continued to improve despite slightly lower volumes there and higher fixed cost amortization.

所以我認為你的問題的情緒是，如果你要消除這些因素，毛利率是否會連續增加。我沒有具體計算過，但我認為你的直覺是正確的。正如我所提到的，我們看到了全面的毛利率。特別是，儘管 S 和 X 的銷量略低且固定成本攤銷較高，但毛利率繼續提高。

So there's good progress happening, both from the ASP side and the cost reduction side, for our products and production. And I think this also lends itself to the power of the gross profit contribution to the company once we get through these ramp inefficiencies, we get Fremont up and running again, we increase capacity so we can spread out fixed costs and continue to execute on cost reductions on our products, we feel very optimistic about that path going forward.

因此，我們的產品和生產在 ASP 方面和成本降低方面都取得了良好的進展。而且我認為，一旦我們克服了這些低效率的斜坡，這也有助於公司毛利貢獻的力量，我們讓弗里蒙特重新啟動並運行，我們增加產能，這樣我們就可以分攤固定成本並繼續執行成本減少我們的產品，我們對前進的道路感到非常樂觀。

And I had a quick follow-up on energy storage, if you can hear me well. I think like -- I can't remember -- I think from the very first days I heard you on the call, you've always mentioned that demand for energy storage is always outstripping supply, and you have more orders than you can make. And so I'm kind of thinking there will be -- there should be an inflection point in that business at some point, and it's going to be driven by your ability to add much more manufacturing capacity like battery manufacturing capacity. And at a high level, how are you thinking about that inflection point in terms of time line?

如果你聽得清楚，我對能量存儲進行了快速跟進。我想——我不記得了——我想從我在電話會議上聽到你的第一天起，你總是提到對儲能的需求總是超過供應，而且你的訂單比你能做的多.所以我有點認為會有 - 在某個時候該業務應該有一個轉折點，這將由您增加更多製造能力（如電池製造能力）的能力驅動。在高層次上，您如何看待時間線的拐點？

In terms of time line, I think what we've been doing with both our partners and internally is looking at how to reduce the -- fundamentally, the cost of investments in new cell capacity because when you look at a car -- a vehicle product, there's a lot of things in the vehicle besides the cells. When you look at an energy storage product, it's really just the cells. And so to really grow the energy storage business, it's all about cell investments. And so that's what we've been focused on. And I think not to give too much away, but that will be one of the things we address in Battery Investor Day, it's how we're focused on that. And when we have that in the place we want, it will be a lot easier to scale that business.

在時間線方面，我認為我們一直在與我們的合作夥伴和內部一起做的是研究如何降低 - 從根本上來說，新電池容量的投資成本，因為當你看一輛車時 - 一輛汽車產品，除了電池，車裡還有很多東西。當您查看儲能產品時，它實際上只是電池。因此，要真正發展儲能業務，一切都與電池投資有關。這就是我們一直關注的問題。而且我認為不要放棄太多，但這將是我們在電池投資者日解決的問題之一，這就是我們關注的方式。當我們在我們想要的地方擁有它時，擴展該業務會容易得多。

Thank you very much for all your great questions. Unfortunately, this is all the time we have today, and we'll speak to you again in 3 months' time. Thank you very much, and have a good day.

非常感謝您提出的所有好問題。不幸的是，這就是我們今天的全部時間，我們將在 3 個月後再次與您交談。非常感謝，祝您有美好的一天。

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

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。