特斯拉 (TSLA) 2010 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Tesla Motors second-quarter 2010 earnings conference.

女士們，先生們，美好的一天，歡迎來到特斯拉汽車公司 2010 年第二季度財報會議。

At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time. (Operator Instructions) As a reminder this program is being recorded.

此時所有參與者都處於只聽模式。稍後我們將進行問答環節，屆時將按照說明進行操作。 （操作員說明）作為提醒，此節目正在錄製中。

I would now like to introduce your host for today's program, Mr. Ricardo Reyes, Vice President of Communications. Please go ahead, sir.

我現在想介紹一下今天節目的主持人，傳播副總裁里卡多·雷耶斯先生。請繼續，先生。

Thank you very much and thank you for joining us this afternoon. Welcome to Tesla Motors earnings call for the second quarter of 2010. With me on the call today are Elon Musk, Chairman, Product Architect, and CEO of Tesla Motors, and Deepak Ahuja, our Chief Financial Officer.

非常感謝，感謝您今天下午加入我們。歡迎參加特斯拉汽車公司 2010 年第二季度財報電話會議。今天與我一起參加電話會議的有特斯拉汽車公司董事長、產品架構師兼首席執行官埃隆·馬斯克和我們的首席財務官迪帕克·阿胡賈。

Before we begin the call please allow me to read the following statement to inform you of certain safe harbor provisions under the Private Securities Litigation Reform Act of 1995. During the course of this conference call we will discuss our business outlook and make other forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are only predictions based on management's current expectations.

在我們開始電話會議之前，請允許我閱讀以下聲明，以告知您 1995 年《私人證券訴訟改革法案》下的某些安全港條款。在本次電話會議期間，我們將討論我們的業務前景並做出其他前瞻性1995 年《私人證券訴訟改革法案》安全港條款含義內的聲明。此類聲明僅是基於管理層當前預期的預測。

Actual events or results could differ materially from those predictions due to a number of risks and uncertainties, including those discussed in the Risk Factors section of our financial prospectus relating to our initial public offering filed with the Securities and Exchange Commission and as amended on June 29, 2010.

由於許多風險和不確定性，實際事件或結果可能與這些預測存在重大差異，包括我們向證券交易委員會提交並於 6 月 29 日修訂的與我們的首次公開募股有關的財務招股說明書的風險因素部分中討論的那些, 2010 年。

In addition, any forward-looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date. While we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so even if our views change. Therefore, you should not rely on these forward-looking statements as representing our views as of any date subsequent to today.

此外，任何前瞻性陳述僅代表我們截至今天的觀點，不應被視為代表我們在任何後續日期的觀點。雖然我們可能會選擇在未來某個時候更新這些前瞻性陳述，但即使我們的觀點發生變化，我們也明確表示不承擔任何這樣做的義務。因此，您不應依賴這些前瞻性陳述來代表我們在今天之後的任何日期的觀點。

With that I will turn it over to Elon Musk.

有了這個，我會把它交給埃隆馬斯克。

All right. Thanks, Ricardo.

好的。謝謝，里卡多。

I think financially there is not much news in that obviously we just completed our IPO in late June so and it's only like six weeks later. So there is not a lot new there. But I will go over the progress made in second quarter as well as some recent progress and touch on the whole aspects of the business, Roadster Model S powertrain expansion of our business with Daimler, the strategic partnership with Toyota, and the new NUMMI Fremont factory that we have acquired.

我認為在財務方面沒有太多消息，顯然我們剛剛在 6 月下旬完成了 IPO，所以僅僅六週後。所以那裡沒有很多新東西。但我將回顧第二季度取得的進展以及最近的一些進展，並涉及業務的各個方面，Roadster Model S 動力總成與戴姆勒的業務擴展，與豐田的戰略合作夥伴關係，以及新的 NUMMI 弗里蒙特工廠我們已經獲得了。

So as far as Roadster is concerned, I think a very solid performance there. We delivered 141 Roadsters; the best quarter for new orders since Q3 2008, essentially before the start of the recession. This is, I think, just overall a good sign for us to be having such a good quarter for Roadster.

所以就Roadster而言，我認為那裡的表現非常穩固。我們交付了 141 輛敞篷跑車；這是自 2008 年第三季度以來新訂單的最佳季度，基本上是在經濟衰退開始之前。我認為，總體而言，這對我們來說是一個好兆頭，讓 Roadster 擁有如此好的季度業績。

The first sales occurred in Japan, Hong Kong, and Canada. We are now in 28 countries and we are going to start increasing our activity in Asia through the balance of this year, which is essentially laying the groundwork for the Model S to come. So with each of these countries it can often take six months, sometimes a year as you work through the regulatory requirements, get established, get a location, hire the key personnel. And so I think we are really laying the groundwork very well for future sales for Model S.

第一次銷售發生在日本、香港和加拿大。我們現在在 28 個國家/地區開展業務，我們將在今年餘下時間開始增加在亞洲的活動，這基本上為 Model S 的推出奠定了基礎。因此，對於這些國家/地區中的每一個，您通常需要六個月甚至一年的時間來完成監管要求，建立公司，找到位置，僱用關鍵人員。所以我認為我們確實為 Model S 的未來銷售奠定了很好的基礎。

We obviously announced the Roadster 2.5, which is our fourth iteration in two years on the Roadster. It was upgraded interior, new styling, improved nav system, and a number of other features. We have the Taug Heuer Odyssey of Pioneers, which is showcasing the Roadster in the first around-the-world trip of a production electric car. And that is charging from existing locations all around the world. So it's just charging off the grid everywhere from Switzerland to Siberia with no additional infrastructure required.

我們顯然發布了 Roadster 2.5，這是我們兩年內對 Roadster 的第四次迭代。它升級了內飾、新造型、改進的導航系統和許多其他功能。我們有 Taug Heuer Odyssey of Pioneers，它在量產電動汽車的首次環球旅行中展示了 Roadster。這是從世界各地的現有地點收費。因此，它只是從瑞士到西伯利亞的所有地方都在為電網充電，不需要額外的基礎設施。

Just a little more on the retail expansion. Obviously we hired George Blankenship, who spent a couple of [years] at Gap and then was the key guy for the first six years at the Apple Store activity. We opened new stores in Copenhagen, Newport Beach, and Zurich. We signed leases for stores in Tokyo, Paris, and Milan which are expected to open later this year.

關於零售擴張的更多信息。顯然，我們聘請了 George Blankenship，他在 Gap 工作了幾年，然後是前六年 Apple Store 活動的關鍵人物。我們在哥本哈根、紐波特海灘和蘇黎世開設了新店。我們在東京、巴黎和米蘭簽署了預計將於今年晚些時候開業的商店的租約。

As far as Model S, we are on plan for a mid-2012 launch and that is starting with a slow ramp of production in mid-2012 and then getting to our 20,000 unit annualized rate in 2013 as described in the IPO roadshow. We are growing our resources in R&D and manufacturing considerably. We added about 90 people to the growth of 25% from the prior quarter.

至於 Model S，我們計劃在 2012 年年中推出，從 2012 年年中緩慢的產量增長開始，然後在 2013 年達到 20,000 輛的年化率，如 IPO 路演所述。我們正在顯著增加我們在研發和製造方面的資源。我們增加了大約 90 人，比上一季度增長了 25%。

Our recruiting teams are also building -- our ability to recruit is also building very well. That is headed by Arnnon Geshuri, Head of Human Resources and Talent Acquisition. He was the guy who ran -- built up the talent acquisition and ran it at Google when they went from 2,000 to about 20,000 people.

我們的招聘團隊也在建設——我們的招聘能力也在建設得很好。由人力資源和人才招聘負責人 Arnnon Geshuri 領導。當 Google 的員工從 2,000 人增加到大約 20,000 人時，他就是那個負責人——建立人才招聘並在 Google 負責。

And I don't think really any company has added as many good people in as short a time as Google did under Arnnon. So I think we have a great guy leading that effort.

而且我認為沒有哪家公司能像谷歌在 Arnnon 領導下那樣在短時間內增加這麼多優秀的人才。所以我認為我們有一個很棒的人來領導這項工作。

Of course we announced the purchase of Fremont manufacturing facility, otherwise known as NUMMI, formally known as NUMMI. Our manufacturing team is actually on site at NUMMI right now so they are planning the layout and installation of equipment. I think -- although officially the NUMMI facility transferred to Tesla on October 1, it is -- on a defacto basis it is ours today.

當然，我們宣布收購弗里蒙特製造工廠，也稱為 NUMMI，正式名稱為 NUMMI。我們的製造團隊現在實際上在 NUMMI 現場，因此他們正在規劃設備的佈局和安裝。我認為——儘管 NUMMI 工廠於 10 月 1 日正式轉移到特斯拉，但事實上——今天它是我們的。

We are also looking at buying some additional equipment from the NUMMI facility, some of the equipment that was used to produce the Corolla and Tacoma vehicles, at exceptionally good prices. There is really, I think, never been a better time to buy automotive manufacturing equipment.

我們還在考慮以非常優惠的價格從 NUMMI 工廠購買一些額外的設備，其中一些是用於生產 Corolla 和 Tacoma 車輛的設備。我認為，現在是購買汽車製造設備的最佳時機。

Our main hydraulic press, which will be used to stamp the body panels for the Model S, is being disassembled. It's currently in Michigan and it's being disassembled for shipment to Fremont. So we expect to start installing that later this year and have our stamping line up and running next year.

我們將用於沖壓 Model S 車身面板的主要液壓機正在拆卸中。它目前在密歇根州，正在拆解運往弗里蒙特。所以我們希望在今年晚些時候開始安裝，明年我們的沖壓生產線就會投入運行。

That is one of the key manufacturing milestones for next year along with activation of the paint facility. We have made a huge amount of progress in design and engineering of the Model S. We have finalized the 3-D CAD package so that the body and chassis has been developed and refined to within a few millimeters, and all of that data has been released.

隨著油漆設施的啟用，這是明年的關鍵製造里程碑之一。我們在 Model S 的設計和工程方面取得了巨大的進步。我們已經完成了 3-D CAD 包，因此車身和底盤已經開發和細化到幾毫米以內，所有這些數據都已經釋放。

So that actually took place late Saturday night. The team finalized and released all the stamping, all the panel dimensions for stamping. So in general, supply outsourcing remains on track to our internal plan for the Model S.

所以這實際上發生在周六晚上。團隊最終確定並發布了所有沖壓件，沖壓件的所有面板尺寸。因此，總的來說，供應外包仍符合我們對 Model S 的內部計劃。

I think it's probably fair to say that, certainly in my opinion, there are no -- there are elements to the Model S that place our mid-2012 production date in jeopardy. We have sourced most of our major components already, so of course we know both what the unit cost is and what the tooling, engineering, development, and so forth is related to those. We pushed out bracket, both our R&D and tooling expense as well as our unit cost per vehicle and we are at about the roughly 80% level there.

我認為可以公平地說，當然在我看來，沒有——Model S 的某些元素使我們在 2012 年中期的生產日期處於危險之中。我們已經採購了大部分主要組件，因此我們當然知道單位成本是多少，以及與這些相關的工具、工程、開發等。我們推出了支架，我們的研發和工具費用以及每輛車的單位成本，我們大約處於 80% 的水平。

So it's also sort of a key, major component that were the most questionable such as the 17-inch touchscreen, the instrument panel, seating, mechanical restraints and airbags, lighting systems, suspension, brakes, battery cells, HVAC, wheels, tires, brakes, etc.

所以它也是一個關鍵的、最有問題的主要部件，比如 17 英寸觸摸屏、儀表板、座椅、機械約束和安全氣囊、照明系統、懸架、制動器、電池、HVAC、車輪、輪胎，剎車等

So in terms of OEM relationships for the Daimler or relationship is going well, it's expanding in its scope. It's worth noting that Daimler did not sell any of their stake in the IPO and they had somewhere in the order of three extra turns. So they could have recouped all of their additional cash and still had two extra turns sitting in the Tesla stock and they have obviously chosen to sell nothing.

因此，就戴姆勒的 OEM 關係而言，或者關係進展順利，它的範圍正在擴大。值得注意的是，戴姆勒沒有出售他們在 IPO 中的任何股份，而且他們還有大約三個額外的回合。因此，他們本可以收回所有額外的現金，而特斯拉股票仍然有兩個額外的轉折，他們顯然選擇不出售任何東西。

We delivered the required amount of battery packs and chargers for the Smart in Q2, and we also signed the agreement to develop a battery pack and charger for the Mercedes A-class. That development is on track for completion later this year and we expect to be in delivery of battery packs and chargers in 2011 for the A-class.

我們在第二季度為 Smart 交付了所需數量的電池組和充電器，我們還簽署了為梅賽德斯 A 級開發電池組和充電器的協議。該開發項目有望在今年晚些時候完成，我們預計將在 2011 年為 A 級車交付電池組和充電器。

On the Toyota front, Toyota invested $50 million at the IPO price, which has given them about a 3% ownership, and we signed the agreement to do the electric RAV4. That development will take place this year and next with -- prototypes have already been delivered to Toyota and we expect to start delivering those to customers probably in the 2012 timeframe.

在豐田方面，豐田以 IPO 價格投資了 5000 萬美元，這給了他們大約 3% 的所有權，我們簽署了生產電動 RAV4 的協議。這一開發將在今年和明年進行——原型已經交付給豐田，我們預計可能在 2012 年的時間框架內開始向客戶交付這些原型。

And that is going, I think, very well. We are pretty excited about that vehicle. Essentially, it's sort of like the resurrection of the RAV4, except that this is going to be way better than the electric RAV4 that was temporarily out several years ago.

我認為，這會非常順利。我們對那輛車感到非常興奮。從本質上講，它有點像 RAV4 的複活，只是這將比幾年前暫時推出的電動 RAV4 更好。

So in terms of just looking ahead, I mean, what Tesla is doing is we are just head-down focused on execution of the business plan. Obviously, given our level of growth, quarterly profitability is not as meaningful.

因此，就展望未來而言，我的意思是，特斯拉所做的只是低頭專注於商業計劃的執行。顯然，鑑於我們的增長水平，季度盈利能力並不那麼有意義。

We are essentially going from 500 or 600 vehicles a year to 20,000 vehicles a year with the Model S, and spending roughly $0.5 million in development and tooling and what not over the course of 10 or 12 quarters. That is an average expenditure of roughly $40 million or $50 million, so obviously it's not profitable to -- it's not really possible to stay profitable with that level of growth.

基本上，我們將使用 Model S 從每年 500 或 600 輛汽車增加到每年 20,000 輛汽車，並在 10 或 12 個季度的過程中花費大約 50 萬美元用於開發和工具。那是大約 4000 萬美元或 5000 萬美元的平均支出，所以顯然它是無利可圖的——在這種增長水平下保持盈利是不可能的。

But it is worth noting, and Deepak will talk a little bit more about this, that if we were to stay at approximately our current level of -- if we were just to create a business which was the Roadster and selling powertrain components, we would have a profitable enterprise. But we are giving up that possibility in order to achieve what is pretty astronomical growth.

但值得注意的是，Deepak 將對此進行更多討論，如果我們保持在目前的水平——如果我們只是創建一個業務，即 Roadster 並銷售動力總成組件，我們會有一個盈利的企業。但我們正在放棄這種可能性，以實現相當天文數字的增長。

So for the remainder of 2010 I think the biggest milestone is really completion of the alpha version of the vehicle. The alpha version of the vehicle is roughly 80% to 90% production intent, so it's very close to a production vehicle. We expect to have that completed towards the end of this year and to be essentially complete, perhaps 98% to 99% complete, in terms of sourcing the components of the vehicle.

因此，對於 2010 年剩餘的時間，我認為最大的里程碑是真正完成了 alpha 版本的車輛。車輛的 alpha 版本大約有 80% 到 90% 的生產意圖，因此它非常接近量產車輛。我們預計將在今年年底前完成，並且在採購車輛部件方面基本完成，可能完成 98% 到 99%。

So if we were roughly at the 80% completion level right now for sourcing of components for [the models], we expect to be at the 98%, 99% level by the end of the year and have an operating alpha prototype. So that is really the key focus. And with that I will turn it over to Deepak.

因此，如果我們現在為 [模型] 採購組件的完成度大致處於 80% 的水平，我們預計到今年年底將達到 98% 和 99% 的水平，並擁有一個可運行的 alpha 原型。所以這真的是重點。有了這個，我會把它交給迪帕克。

Thank you, Elon. I want to just welcome the new investors to the Company, of course, and then since this is our first earnings call I want to start by providing a brief overview of the financial profile of Tesla. We will then go over the quarterly results and finish up with a discussion of our DOE funding mechanism and some parts in our full-year financial guidance.

謝謝你，埃隆。當然，我只想歡迎新投資者加入公司，然後由於這是我們的第一次財報電話會議，我想首先簡要概述一下特斯拉的財務狀況。然後，我們將回顧季度業績，最後討論我們的 DOE 融資機制和全年財務指導中的某些部分。

We believe that our activities over the past few years have laid a solid foundation for us to successfully launch the Model S in 2012. We have now delivered over 1,200 roadsters in 28 countries, built a worldwide network of 13 stores, and established relationships with two major OEMs to provide electric powertrain development solutions and components.

我們相信，過去幾年的活動為我們在 2012 年成功推出 Model S 奠定了堅實的基礎。我們現在已經在 28 個國家交付了 1,200 多輛敞篷跑車，建立了由 13 家門店組成的全球網絡，並與兩家公司建立了合作關係。主要 OEM 提供電動動力總成開發解決方案和組件。

During the last 12 months we have also increased our gross margin on the Roadster by improving our top line as well as controlling our variable costs. To achieve all of this we have put in place key operational, recruiting, and IT infrastructure around the globe and grown our engineering and manufacturing talent.

在過去的 12 個月中，我們還通過提高收入和控制可變成本來提高 Roadster 的毛利率。為了實現這一切，我們在全球建立了關鍵的運營、招聘和 IT 基礎設施，並培養了我們的工程和製造人才。

You will see that we have continued this growth in the current quarter by hiring over 100 people, a 21% increase overall from the last quarter, primarily again, as Elon touched upon, in the areas of engineering and manufacturing. We now have about 680 employees around the globe. We have also completed the consolidation of our powertrain engineering teams and our manufacturing facilities at a single location at the Tesla headquarters in Palo Alto, California.

您會看到，我們在本季度通過僱用 100 多人來繼續這種增長，比上一季度總體增長 21%，正如 Elon 所提到的，主要是在工程和製造領域。我們現在在全球擁有約 680 名員工。我們還在加利福尼亞州帕洛阿爾託的特斯拉總部完成了對動力總成工程團隊和製造設施的整合。

We continue to stay focused on developing the Model S in a capital efficient manner. As a Silicon Valley company, we have demonstrated with each model release of the Roadster that we can work faster and be more efficient in our spending. The full spending required to bring the Model S to market is currently expected to be about $400 million. This is primarily funded by $364 million of the total $465 million loan facility from the Department of Energy, which allows us to borrow at Treasury rates.

我們將繼續專注於以資本高效的方式開發 Model S。作為一家矽谷公司，我們已經通過 Roadster 的每個模型發布證明，我們可以更快地工作，更高效地支出。目前預計將 Model S 推向市場所需的全部支出約為 4 億美元。這主要由能源部提供的 4.65 億美元貸款總額中的 3.64 億美元提供資金，這使我們能夠以國債利率借款。

With this loan and the $234 million raised from the successful completion of the IPO and the investment by Toyota, we believe we have sufficient capital on hand to bring the Model S to market, expand our global operations to support this revenue growth, and start parallel development of additional models. It is the combination of the Model S opportunity, our capital efficiency, and the leverage of the DOE loan that we believe creates long-term value for our shareholders.

憑藉這筆貸款以及成功完成 IPO 和豐田投資所籌集的 2.34 億美元，我們相信我們手頭有足夠的資金將 Model S 推向市場，擴大我們的全球業務以支持這一收入增長，並開始並行開發附加模型。我們相信，正是 Model S 的機會、我們的資本效率和能源部貸款的槓桿作用相結合，為我們的股東創造了長期價值。

With that overview I will now turn to our financial results.

有了這個概述，我現在將轉向我們的財務業績。

Two quick comments. First, even though our stock started trading on June 29, the IPO didn't officially close until July 2. As a result, you will note that the IPO proceeds and Toyota investment do not appear on our Q2 financial statements.

兩個快速評論。首先，儘管我們的股票於 6 月 29 日開始交易，但 IPO 直到 7 月 2 日才正式結束。因此，您會注意到 IPO 收益和豐田投資並未出現在我們的第二季度財務報表中。

This ripples through the financials in several areas including our share count. We have footnoted the financial statements in the press release in all of these areas for your convenience.

這波及包括我們的股票數量在內的幾個領域的財務狀況。為了您的方便，我們在新聞稿中對所有這些領域的財務報表進行了腳註。

Second, I will be providing additional commentary on our financials on a non-GAAP basis, as this is how management measures Tesla's results internally. Our non-GAAP results exclude non-cash charges related to stock-based compensation and a change in fair value of our outstanding preferred stock warrants.

其次，我將在非公認會計原則的基礎上對我們的財務狀況提供更多評論，因為這是管理層在內部衡量特斯拉業績的方式。我們的非公認會計原則結果不包括與基於股票的薪酬和我們已發行優先股認股權證的公允價值變化相關的非現金費用。

However, as you know, non-GAAP information is not prepared under a comprehensive set of accounting rules and therefore should only be read in conjunction with our GAAP results to valuate our performance. Reconciliation of the non-GAAP information for all quarters mentioned on this call is also included in our earnings release posted on our website.

但是，如您所知，非 GAAP 信息不是根據一套全面的會計規則準備的，因此只能與我們的 GAAP 結果一起閱讀以評估我們的績效。本次電話會議中提到的所有季度的非公認會計原則信息的對賬也包含在我們網站上發布的收益報告中。

Turning to the P&L, our revenue for Q2 was $28.4 million, a 36% increase sequentially and a 5% increase year over year. I want to remind you that in 2009 we were shipping aggressively against a two-year order book. So sequential comparison is more meaningful and it clearly shows the growth achieved in all areas of our business.

談到損益表，我們第二季度的收入為 2840 萬美元，環比增長 36%，同比增長 5%。我想提醒您，在 2009 年，我們在兩年訂單簿上大舉出貨。因此，順序比較更有意義，它清楚地顯示了我們所有業務領域的增長。

We report revenue in two categories -- Automotive Sales and Development Services. Automotive Sales increased 16% sequentially to $24 million in Q2. Automotive Sales consists primarily of Roadster sales including options and zero-emission vehicle credits.

我們報告的收入分為兩類——汽車銷售和開發服務。第二季度汽車銷售額環比增長 16% 至 2400 萬美元。汽車銷售主要包括 Roadster 銷售，包括選項和零排放車輛積分。

As Elon noted, Roadster orders in this quarter were at their highest levels since Q3 2008. Consequently we shipped 12% more Roadster compared to the last quarter. Roadster ASP in Q2 was 24% better than the prior year and held almost steady as compared to the last quarter.

正如 Elon 所說，本季度的 Roadster 訂單處於 2008 年第三季度以來的最高水平。因此，與上一季度相比，我們的 Roadster 出貨量增加了 12%。第二季度 Roadster 平均售價比去年同期提高 24%，與上一季度相比幾乎保持穩定。

Automotive Sales also include the shipment of powertrain components to OEMs, which in this quarter were battery packs and chargers delivered to Daimler. These sales almost doubled to $4.8 million in this quarter driven by record shipments to Daimler, a great result from our powertrain operations team.

汽車銷售還包括向原始設備製造商發貨的動力總成部件，本季度是交付給戴姆勒的電池組和充電器。由於對戴姆勒的出貨量創紀錄，本季度這些銷售額幾乎翻了一番，達到 480 萬美元，這是我們動力總成運營團隊的一個偉大成果。

Development Services revenue consistents of services we provide to other OEMs to develop electric powertrain components and systems. We began recognizing revenue from the A-class agreement with Daimler in Q2 which amounted to $4.4 million. This compares to $200,000 recognized in the prior quarter related to the prototype packs developed for Freightliner.

開發服務收入與我們提供給其他 OEM 以開發電動動力總成組件和系統的服務一致。我們在第二季度開始確認與戴姆勒的 A 級協議的收入為 440 萬美元。相比之下，上一季度與為 Freightliner 開發的原型包相關的確認為 200,000 美元。

We will start to see revenue from the development of the electric RAV4 prototypes for Toyota to show up here in the second half of 2010.

我們將在 2010 年下半年開始看到為豐田開發電動 RAV4 原型車帶來的收入。

Total gross margin for the quarter was $6.3 million at 22%. This compares to 19% last quarter and 8% in Q2 of 2009. The 22% gross margin is a record for us and we are very pleased with the result. The gross margin from our automotive sales was just under 16%, slightly lower than the prior quarter, partially due to one-time expenses related to the launch of Roadster 2.5 towards the end of the quarter and weakness in the euro during Q2.

本季度總毛利率為 630 萬美元，增長率為 22%。相比之下，上一季度為 19%，2009 年第二季度為 8%。22% 的毛利率對我們來說是創紀錄的，我們對結果非常滿意。我們汽車銷售的毛利率略低於 16%，略低於上一季度，部分原因是與本季度末推出 Roadster 2.5 相關的一次性費用以及第二季度歐元疲軟。

As compared to a year ago, the substantial increase in gross margin was achieved by improving the top-line revenue of the Roadster as well as controlling our variable costs. We have achieved significant material cost reductions through redesign or resourcing of our powertrain components, HVAC system, and wheels as examples.

與一年前相比，通過提高 Roadster 的收入以及控制我們的可變成本實現了毛利率的大幅增長。作為示例，我們通過重新設計或採購我們的動力總成部件、HVAC 系統和車輪，顯著降低了材料成本。

Finally, it's also important to note that the gross margin of 58% for our development services is not an indicator of gross margin for these activities in future quarters. We incurred costs related to our Daimler A-class agreement in advance of finalizing the contract and had to book them as R&D expenses rather than costs in Q1.

最後，還需要注意的是，我們開發服務的 58% 的毛利率並不是未來季度這些活動毛利率的指標。我們在合同敲定之前就產生了與戴姆勒 A 級協議相關的成本，並且不得不將其記為研發費用，而不是第一季度的成本。

However, some of the deferred revenue on this program from Q1 was booked in this quarter when the agreement was signed. Hence, revenue and costs were not fully matched in Q2 as accounting standards around revenue and expense recognition have led to timing differences. Going forward, such factors will continue to complicate the gross margin of this program, and for that matter, other such programs in any given quarter.

但是，該計劃從第一季度開始的部分遞延收入在本季度簽署協議時已入賬。因此，第二季度的收入和成本並未完全匹配，因為圍繞收入和費用確認的會計準則導致了時間差異。展望未來，這些因素將繼續使該計劃的毛利率複雜化，就此而言，任何給定季度的其他此類計劃。

Looking at our operating expenses, they reflect our continued emphasis on the development of the Model S and its infrastructure. R&D expenses were $15.4 million for the quarter on a GAAP basis and $14.9 million on a non-GAAP basis.

從我們的運營費用來看，它們反映了我們對 Model S 及其基礎設施開發的持續重視。按公認會計原則計算，本季度的研發費用為 1540 萬美元，按非公認會計原則計算為 1490 萬美元。

Non-GAAP R&D expenses increased 14% sequentially. We will continue to ramp up the spending on Model S development with increased internal R&D resources and further engagements with suppliers. The timing of payments to suppliers depends on many factors, so we anticipate that R&D expenses will continue to increase significantly but may not have a predictable trend.

非美國通用會計準則研發費用環比增長 14%。我們將繼續加大對 Model S 開發的投入，增加內部研發資源並進一步與供應商合作。向供應商付款的時間取決於許多因素，因此我們預計研發費用將繼續顯著增加，但可能沒有可預測的趨勢。

SG&A expenses for the quarter were $22.2 million on a GAAP basis and $16.7 million on a non-GAAP basis. The increase in our SG&A expenses on a non-GAAP basis from the prior quarter occurred as we have continued to expand our presence globally, as well as establish our network of company-owned stores.

本季度的 SG&A 費用按 GAAP 計算為 2220 萬美元，按非 GAAP 計算為 1670 萬美元。在非公認會計原則基礎上，我們的 SG&A 費用較上一季度有所增加，因為我們繼續在全球範圍內擴展我們的業務，並建立我們的公司自有商店網絡。

We also incurred higher expense related to the recruitment of key talent from all over the world, new filings for our patents and trademark protection globally, as well as facilities expenses related to the consolidation of our engineering and manufacturing center at our headquarters in Palo Alto.

我們還發生了與從世界各地招聘關鍵人才、在全球範圍內為我們的專利和商標保護申請新申請以及與我們在帕洛阿爾托總部整合我們的工程和製造中心相關的設施費用更高的費用。

A quick comment on the charges in other income and expense line. This reflects the change in fair value of our outstanding convertible preferred stock warrants and the DOE warrant at the end of the quarter. Since our stock price closed at $23.83 on June 30 this non-cash accounting charge was $6.3 million.

快速評論其他收入和支出項目中的費用。這反映了本季度末我們已發行的可轉換優先股認股權證和美國能源部認股權證公允價值的變化。由於我們的股價在 6 月 30 日收於 23.83 美元，這項非現金會計費用為 630 萬美元。

Net loss for the second quarter was $38.5 million on a GAAP basis and $26.1 million on a non-GAAP basis. This compares to a non-GAAP net loss of $23.8 million during the prior quarter. As Elon mentioned, we are incurring a net loss and will continue to do so for the next several quarters as we are making significant investments to prepare for the launch of the Model S which will grow deliveries by almost 40 times those of the Roadster in the next few years.

第二季度的淨虧損為 GAAP 基礎上的 3850 萬美元和非 GAAP 基礎上的 2610 萬美元。相比之下，上一季度的非公認會計原則淨虧損為 2380 萬美元。正如 Elon 所提到的，我們正在蒙受淨虧損，並將在接下來的幾個季度中繼續這樣做，因為我們正在進行重大投資以準備推出 Model S，這將使交付量比 Roadster 的交付量增加近 40 倍。未來幾年。

We were not in this aggressive growth mode we believe that our business could be right-sized to deliver a net profit based on gross margins in the range of 20%.

我們並沒有處於這種激進的增長模式，我們相信我們的業務規模可以適當地根據毛利率在 20% 的範圍內實現淨利潤。

By looking at our losses on a per-share basis, please note that weighted average shares were only $7.6 million since the IPO did not float until after quarter end. This resulted in a net loss of $3.41 per share for this quarter versus $3.26 in the last quarter, again on a non-GAAP basis.

通過查看我們的每股虧損，請注意加權平均股票僅為 760 萬美元，因為 IPO 直到季度末才上市。這導致本季度每股淨虧損 3.41 美元，而上一季度為 3.26 美元，再次按非公認會計原則計算。

Our pro forma basic common shares outstanding would be approximately 93 million shares considering the IPO and the investment by Toyota, as well as the automatic conversion of our preferred stock and warrants. On a pro forma basis, therefore, our Q2 non-GAAP net loss would have been $0.28 per share assuming that the share count was outstanding for the entire quarter.

考慮到首次公開募股和豐田的投資，以及我們的優先股和認股權證的自動轉換，我們的備考基本普通股將約為 9300 萬股。因此，在備考基礎上，假設整個季度的股票數量都在外，我們的第二季度非公認會計原則淨虧損將為每股 0.28 美元。

Turning now to the balance sheet, cash was $47.3 million versus $61.5 million at the end of the prior quarter. As I noted earlier, this doesn't include the $235 million raised on July 2.

現在轉向資產負債表，現金為 4730 萬美元，而上一季度末為 6150 萬美元。正如我之前提到的，這不包括 7 月 2 日籌集的 2.35 億美元。

Looking at cash flows, cash used in operating activities during the quarter was just under $18 million. This is less than the $27 million used in the prior quarter. Capital expenditures were $9.2 million this quarter driven mainly by increased investments in the Model S program. Offsetting our cash usage in the quarter was a drawdown of $15.5 million from our DOE loan facility.

從現金流來看，本季度用於經營活動的現金略低於 1800 萬美元。這低於上一季度使用的 2700 萬美元。本季度資本支出為 920 萬美元，主要是由於對 Model S 項目的投資增加。從我們的能源部貸款工具中提取了 1550 萬美元，抵消了我們在本季度的現金使用。

At this point I want to make a couple of points regarding the DOE launch. First, to reiterate my prior comment, we expect that the launch will pay for most of the costs related to the engineering, development, and facility expenses for the Model S until its launch and for all such expenses of our powertrain activities on a reimbursement basis. So almost all of our cash burn from R&D and CapEx spending for the Model S business is eligible for reimbursement.

在這一點上，我想就美國能源部的啟動提出幾點意見。首先，重申我之前的評論，我們預計此次發布將支付與 Model S 發布前的工程、開發和設施費用相關的大部分成本，並以報銷的方式支付我們動力總成活動的所有此類費用.因此，我們用於 Model S 業務的研發和資本支出支出中的幾乎所有現金消耗都有資格獲得報銷。

Currently there is about a six- to eight-week lag in reimbursement between when these costs show up on our financial statements and when we receive funding. We estimate that about $12 million of our expenditures incurred through June 30 are eligible for reimbursement by the DOE.

目前，從這些費用出現在我們的財務報表上到我們收到資金之間，報銷大約有 6 到 8 週的延遲。我們估計，截至 6 月 30 日發生的支出中約有 1200 萬美元有資格獲得美國能源部的報銷。

Also, as of June 30, we have drawn down $45 million of the loan facility and the remaining $420 million can be drawn over the next 2.5 years. Think of this as a $420 million credit line. These loans extend until 2022 and allow us to borrow at Treasury rates with quarterly principal repayments that start at the end of 2012.

此外，截至 6 月 30 日，我們已經提取了 4500 萬美元的貸款額度，剩餘的 4.2 億美元可以在未來 2.5 年內提取。將此視為 4.2 億美元的信貸額度。這些貸款將延長至 2022 年，並允許我們以國債利率借款，並從 2012 年底開始按季度償還本金。

Second, I want to explain what will happen to a portion of the IPO proceeds in connection with the launch. As some of you may recall, we agreed to set aside $100 million of the cash raised into a dedicated account. As a result, our Q3 balance sheet will show this as restricted cash.

其次，我想解釋一下與發布有關的部分 IPO 收益會發生什麼。你們中的一些人可能還記得，我們同意將籌集到的 1 億美元現金存入一個專用賬戶。因此，我們的第三季度資產負債表將顯示為受限現金。

This dedicated account can be used for us to fund any cost overruns for our powertrain and Model S projects and will also be used as a mechanism to defer advances under the DOE loan facility. This will not affect our ability to draw down the full $465 million loan, but will require us to use the dedicated account to fund 50% of the project costs upfront.

該專用賬戶可用於為我們的動力總成和 Model S 項目的任何成本超支提供資金，也將用作根據 DOE 貸款機制推遲預付款的機制。這不會影響我們提取全部 4.65 億美元貸款的能力，但將要求我們使用專用賬戶預付 50% 的項目成本。

These upfront payments will be fully reimbursed by the DOE once the dedicated account is depleted. Therefore, consider the dedicated account as essentially a mechanism to defer, but not replace, the loan amounts.

一旦專用賬戶用完，這些預付款將由 DOE 全額償還。因此，將專用賬戶本質上視為一種延遲而非替代貸款金額的機制。

To make this easy to follow and to accurately portray the true use of cash in our operations, we will report the total amount of expenditures eligible for reimbursement from the DOE at the end of the quarter. This is a combination of the lagging reimbursement, as I discussed earlier, and the default draws related to the dedicated account. As I mentioned earlier this amount is $12 million at the end of Q2.

為了便於理解並準確描述我們運營中現金的真實使用情況，我們將在季度末報告符合美國能源部報銷條件的支出總額。正如我之前所討論的，這是滯後報銷和與專用賬戶相關的默認提取的組合。正如我之前提到的，這個金額在第二季度末為 1200 萬美元。

Next, I would like to offer some thoughts on guidance. Since we remain focused on the long-term objective of delivering the Model S, we will provide limited guidance on our short-term financial results. Specifically, we will provide annual financial guidance on revenues only.

接下來，我想提供一些關於指導的想法。由於我們仍然專注於交付 Model S 的長期目標，我們將對我們的短期財務業績提供有限的指導。具體來說，我們將僅提供有關收入的年度財務指導。

Accordingly, for this year we project total revenues of $110 million to $115 million. We expect Roadster sales to show some growth, but small fluctuations are likely due to seasonality during the winter months. Just to set expectations for next quarter, in Q3 of last year we experienced the peak of Roadster deliveries to clear the order backlog that we had acquired for the prior two years so we do not believe next quarter's year-over-year revenue comparison would be meaningful either.

因此，我們預計今年的總收入為 1.1 億美元至 1.15 億美元。我們預計 Roadster 的銷量會出現一些增長，但由於冬季的季節性，可能會出現小幅波動。只是為了設定下個季度的預期，在去年第三季度，我們經歷了 Roadster 交付的高峰期，以清除我們前兩年獲得的訂單積壓，因此我們認為下個季度的同比收入比較不會是也有意義。

We expect powertrain activities to grow over the next few quarters, and this will come from both powertrain component sales as well as development services to Daimler and Toyota. And as we have mentioned, we expect both R&D and capital expenditures to increase over time but with some lumpiness related to the development of the Model S.

我們預計動力總成活動將在未來幾個季度增長，這將來自動力總成零部件的銷售以及對戴姆勒和豐田的開發服務。正如我們所提到的，我們預計研發和資本支出都會隨著時間的推移而增加，但與 Model S 的開發有關。

Finally, since we are not actively focusing on getting Model S reservations at this time, we do not regard the number of Model S reservations we receive in any given quarter to be an indicator of our performance, at least for the next year or so. We are therefore not planning to provide guidance on the number of reservations we receive in any given quarter.

最後，由於我們目前沒有積極專注於獲取 Model S 預訂，因此我們不認為我們在任何給定季度收到的 Model S 預訂數量是我們業績的指標，至少在明年左右是這樣。因此，我們不打算就我們在任何給定季度收到的預訂數量提供指導。

I would like to conclude by letting you know how excited we are about our long-term opportunities. We are confident in our long-term operating model and look forward to continuing to build on our strong market position.

最後，我想告訴您我們對我們的長期機會感到多麼興奮。我們對我們的長期運營模式充滿信心，並期待繼續鞏固我們強大的市場地位。

This ends our prepared remarks. Operator, can you please open the call for questions?

我們準備好的評論到此結束。接線員，您可以打開電話提問嗎？

(Operator Instructions) Rod Lache, Deutsche Bank.

（操作員說明）Rod Lache，德意志銀行。

A couple questions. First of all, just on the CapEx and R&D can you give us a feel for how that is going to flow over the next few quarters? And I am assuming that the funds for Fremont, those actually get released on October 1. Is that correct?

幾個問題。首先，僅就資本支出和研發而言，您能否讓我們了解未來幾個季度的情況？我假設弗里蒙特的資金實際上是在 10 月 1 日釋放的。對嗎？

That is correct. When we complete the acquisition of the Fremont site we will pay the balance of the $42 million acquisition price as well as some additional equipment that we are purchasing from NUMMI, as Elon indicated, at very good prices.

那是對的。當我們完成對弗里蒙特工廠的收購後，我們將以非常優惠的價格支付 4200 萬美元收購價格的餘額以及我們從 NUMMI 購買的一些額外設備。

Basically, I think we put $3 million down on the NUMMI facility, correct?

基本上，我認為我們在 NUMMI 設施上投入了 300 萬美元，對嗎？

That is correct.

那是對的。

It was like $39 million to be paid to NUMMI to acquire the facility. It's looking probable that a significant portion of that will actually be covered by the DOE loan because NUMMI is a car -- or was more recently a car factory so we are able to offset a significant portion of the purchase price by the fact that we will not need to make facility upgrades that would have been required at a different location that was not a car factory. So that is helpful I think on the NUMMI purchase price.

支付給 NUMMI 以收購該設施的費用約為 3900 萬美元。看起來很可能其中很大一部分實際上將由 DOE 貸款支付，因為 NUMMI 是一輛汽車——或者最近是一家汽車工廠，所以我們能夠通過我們將抵消購買價格的很大一部分這一事實無需進行在非汽車工廠的不同地點所需要的設施升級。所以我認為這對 NUMMI 購買價格很有幫助。

On the CapEx question, we are trying to avoid giving precise numbers for CapEx expenditures because at this -- given the rate of change of things at Tesla, it's difficult to predict expenditures to within a month or two, which is kind of what you need in order to have quarterly precision. And so we could ultimately exceed or be above or below a projection by some meaningful number simply because an expenditure got pushed from one month to the next.

在資本支出問題上，我們試圖避免給出資本支出支出的精確數字，因為在這個問題上——考慮到特斯拉的變化速度，很難在一兩個月內預測支出，這正是你所需要的為了有季度精度。因此，我們最終可能會超過或高於或低於某個有意義的數字的預測，僅僅是因為支出從一個月推到了下一個月。

But it's fair to say that we have got roughly about $400 million to spend going forward over the next 10 quarters out of a $500 million program. So you figure it is going to be an average at least of $40 million a quarter.

但公平地說，在 5 億美元的計劃中，我們在接下來的 10 個季度中大約有 4 億美元可用於未來。所以你認為這將是平均每季度至少 4000 萬美元。

This is a combination of expenses and CapEx.

這是費用和資本支出的組合。

Yes, but it's going to be a little lumpy. So it's not -- it's hard one quarter from the next. It could be one quarter is a $20 million a quarter and the next is a $60 million quarter and that is just a function of when payments become due.

是的，但它會有點粗糙。所以它不是 - 下一個季度很難。一個季度可能是 2000 萬美元，下一個季度是 6000 萬美元，這只是付款到期時間的函數。

Okay. And can you give us -- just another question on the sales of Roadsters. How has the trajectory of the international sales been looking and how successful has the lease program been at this point?

好的。你能不能給我們——關於Roadsters銷售的另一個問題。國際銷售的軌跡如何，租賃計劃在這一點上的成功程度如何？

The European sales have been sort of moderate. They have continued at a steady pace. We haven't seen really much movement there. We have seen some improvement on the US side, and of course we have just begun delivering a few units in Asia and we think there could be a fair bit of demand in Asia.

歐洲的銷售一直是溫和的。他們一直在穩步前進。我們在那裡並沒有看到太多的動靜。我們已經看到美國方面有所改善，當然我們剛剛開始在亞洲交付一些單位，我們認為亞洲可能會有相當多的需求。

But we are not really trying to push too hard on Roadster activity. But if we end up selling 500 Roadsters a year or 600 Roadsters a year or 650 Roadsters a year, it's not a huge impact on our numbers. The real value of the Roadster is serving as that advanced scouting troop and that vanguard to lay the groundwork for the Model S to follow.

但我們並沒有真正試圖對 Roadster 活動施加太大壓力。但是，如果我們最終每年售出 500 輛敞篷跑車或 600 輛敞篷跑車或 650 輛敞篷跑車，這對我們的銷量並沒有太大影響。 Roadster 的真正價值在於充當先進的偵察部隊和先鋒，為 Model S 的追隨奠定基礎。

But I think it's a -- certainly I feel very confident in being able to achieve 500 to 600 units a year of Roadster sales without really trying too hard on that front.

但我認為這是——當然，我非常有信心能夠在一年內實現 500 到 600 輛 Roadster 的銷量，而無需在這方面過於努力。

And the leasing program?

和租賃計劃？

Sorry, good question. The leasing -- we are at about a 20% mix on the leasing.

對不起，好問題。租賃——我們的租賃比例約為 20%。

Okay.

好的。

So we actually thought we might be higher in leasing, but it's sort of 20%. We might, that might increase. Part of it also is we only have leasing in the US, this is perhaps a -- so we don't have leasing in Canada, we don't have leasing in Europe or Asia so the 20%, Deepak -- it's 20% of our total mix.

所以我們實際上認為我們在租賃方面可能會更高，但它是 20%。我們可能，這可能會增加。部分原因是我們只有在美國有租賃，這可能是 - 所以我們在加拿大沒有租賃，我們在歐洲或亞洲沒有租賃，所以 20%，Deepak - 這是 20%我們的總組合。

No, it's 20% of our US.

不，這是我們美國的 20%。

Oh, 20% of our US mix. Okay, so it is [kind of low].

哦，我們美國組合的 20%。好的，所以它[有點低]。

Okay. My last question is just can you elaborate a little bit on the relationship with Toyota? What exactly does this mean financially, just the development contract, and what kind of volume would you be anticipating in the out-years for this vehicle?

好的。我的最後一個問題是您能否詳細說明與豐田的關係？這在財務上究竟意味著什麼，僅僅是開發合同，你預計這輛車在未來幾年的銷量是多少？

We are not making any predictions on that front. So far things have gone very well and we have consistently exceeded Daimler's expectations. But it's always difficult to predict where these things will go in the future. It's a function of a lot of things that aren't necessarily in our control.

我們沒有在這方面做出任何預測。到目前為止，一切進展順利，我們一直超出戴姆勒的預期。但總是很難預測這些事情將來會走向何方。這是很多事情的功能，不一定在我們的控制範圍內。

But certainly it's fair to say that discussions are underway and we are cautiously optimistic that there will be continuing business there.

但可以肯定地說，討論正在進行中，我們對那裡的業務將繼續保持謹慎樂觀。

Okay. So you are not prepared to disclose anything on just the development project or what kind of revenue from Toyota we should be expecting at this point?

好的。所以你不准備透露任何關於開發項目的任何信息，或者我們現在應該期待從豐田獲得什麼樣的收入？

I think it would be premature for either Daimler or Toyota to start making predictions. If things bode well for the future -- but I don't think we have enough certainty to be making predictions.

我認為戴姆勒或豐田現在開始做出預測還為時過早。如果事情對未來有好兆頭——但我認為我們沒有足夠的把握做出預測。

Okay, thank you.

好的謝謝。

Himanshu Patel, JPMorgan.

摩根大通的Himanshu Patel。

Good afternoon, guys. I know you don't want to give quarterly figures for Model S reservations, but could you at least comment did the IPO process itself just raise sufficient awareness of Tesla and the Model S? Was there any sort of noticeable uptick from the IPO itself?

下午好，伙計們。我知道你不想提供 Model S 預訂的季度數據，但你能否至少評論一下 IPO 過程本身是否只是提高了對特斯拉和 Model S 的足夠認識？首次公開募股本身是否有任何明顯的上漲？

Yes, I guess the reason that we aren't giving Model S numbers, although I think they can be inferred from numbers on our balance sheet, it's just that we aren't really actively selling the Model S right now so it would be difficult to take the growth in reservations at some proxy for demand.

是的，我猜我們沒有提供 Model S 數字的原因，雖然我認為可以從我們資產負債表上的數字推斷出來，只是我們現在並沒有真正積極地銷售 Model S，所以這會很困難以某種替代需求的預訂增長。

The sales team is only right now selling the Roadster. We are right now at over 2,600 reservations for the Model S. Actually, sorry, it was 2,600 as of end of Q2, so I think we are at maybe over 2,800 now for the Model S.

銷售團隊現在才在銷售 Roadster。我們現在對 Model S 的預訂量超過 2,600 輛。實際上，抱歉，截至第二季度末是 2,600 輛，所以我認為 Model S 現在的預訂量可能超過 2,800 輛。

But again, I really caution people against trying to infer too much there when we are not actually actively selling the Model S and it's two years away from production. We will start to push advance orders in the Model S probably in the second half of next year, at which time we will be able to have demo units in the stores. So that is sort of the timing when Model S reservations will start to have some meaning.

但是，當我們實際上並沒有積極銷售 Model S 並且距離生產還有兩年的時間時，我真的提醒人們不要試圖在那裡做出過多的推斷。我們大概會在明年下半年開始推送 Model S 的預購訂單，屆時我們將能夠在商店裡有演示單元。這就是 Model S 預訂開始具有某種意義的時機。

Okay. And then, Elon, you mentioned the alpha version would be done by the end of this year and sort of 85% of the car would be done by then. Can you just kind of give us a sense of what are the major items on the Model S that need to be accomplished in calendar 2011?

好的。然後，埃隆，你提到 alpha 版本將在今年年底完成，屆時將完成 85% 的汽車。你能不能讓我們了解一下 Model S 上需要在 2011 年完成的主要項目是什麼？

Yes, so just to be -- I will add another layer of precision there. We expect, in terms of sourcing decisions, to be probably 98% to 99% -- essentially except for a few little stragglers to be done with sourcing decisions by the end of this year. But in terms of what gets then incorporated into the alpha build, there is always going to be a bit of lag.

是的，就這樣——我將在那裡添加另一層精確度。我們預計，在採購決策方面，可能會達到 98% 到 99%——基本上除了一些零散的人將在今年年底前完成採購決策。但就隨後納入 alpha 版本的內容而言，總會有一些滯後。

So we will have -- alpha (inaudible) that is why it's sort of roughly 85% production intent by the end of this year. And then the beta build, which would come out next year would be at the 99% production intent level. And that is -- sort of the difference between 85% and 98%, 99% is a whole series of small tweaks and small items. It's not really anything major.

所以我們將擁有-- alpha（聽不清），這就是為什麼它在今年年底之前大約有85% 的生產意圖。然後明年發布的測試版將達到 99% 的生產意向水平。這就是——85% 和 98% 之間的區別，99% 是一系列小調整和小項目。這真的不是什麼大事。

Okay. And then do you have a guess or a view right now on whether at the Model S will come out as a model year 2012 vehicle or a model year 2013?

好的。那麼，您現在是否對 Model S 將作為 2012 年款車型還是 2013 年款車型上市有一個猜測或看法？

Well, the approach we are taking is a little different from the standard model year approach. We are going with version number, so Model S version 1 essentially is the mid-2012 -- is what we will be released in mid-2012. Just as with the Roadster; we have got Roadster 2.5.

好吧，我們採用的方法與標準車型年方法略有不同。我們使用版本號，所以 Model S 版本 1 基本上是 2012 年年中——我們將在 2012 年年中發布。就像跑車一樣；我們有 Roadster 2.5。

Internally the nomenclature for development is more that of a high-tech Silicon Valley company than a typical automotive that is why we call it sort of the alpha build, beta build, release candidate, and production.

在內部，開發的命名法更像是一家高科技矽谷公司，而不是典型的汽車，這就是為什麼我們將其稱為 alpha build、beta build、release Candidate 和 production。

Yes, you answered my question. I was just trying to get a sense for when within 2012 you were looking to launch. It sounds like mid-2012 is kind of the target right now.

是的，你回答了我的問題。我只是想了解一下您打算在 2012 年何時推出。聽起來 2012 年年中是現在的目標。

Yes, yes.

是的是的。

Okay. And then one last question. I don't know if you could or would care to comment on this, but Nissan has made these comments that may be disputable about their cost per kilowatt hour and the lease being sort of in the mid-300 range.

好的。然後是最後一個問題。我不知道您是否願意或願意對此發表評論，但日產發表的這些評論可能對其每千瓦時的成本和租約在 300 左右的範圍內存在爭議。

I know there is many ways to measure it and slice and dice that data, but I am curious are you seeing or hearing anything about how fast the competition's cost is falling on battery pack cost such that perhaps the gap with Tesla is starting to narrow perhaps faster than what you would have envisioned earlier?

我知道有很多方法可以測量它並對數據進行切片和切塊，但我很好奇你是否看到或聽到任何關於競爭對手的成本在電池組成本上下降的速度有多快，以至於與特斯拉的差距可能開始縮小比你之前想像的更快？

Well, I think that is why it's important to note that the Leaf battery packet is at a much more primitive level of technology than the Tesla battery pack in a couple of different ways. The energy density is lower. They aren't really trying to achieve the kind of range that we are trying to achieve. I think the Leaf is something like 80 to 100 miles of range or something like that.

好吧，我認為這就是為什麼重要的是要注意，Leaf 電池組在幾個不同的方面比特斯拉電池組處於更原始的技術水平。能量密度較低。他們並沒有真正嘗試達到我們想要達到的範圍。我認為 Leaf 的射程大約是 80 到 100 英里或類似的東西。

Also, the specification at the pack level, if you distinguish between the cells, battery cells and the battery pack, the sophistication at the pack level to the best of my knowledge is really more primitive than even the first prototype that Tesla came out with. It does not have, for example, active liquid thermal control which is an important thing for a hot and cold [regime].

此外，在電池組級別的規格，如果您區分電池、電池單元和電池組，據我所知，電池組級別的複雜性甚至比特斯拉推出的第一個原型還要原始。例如，它沒有主動液體熱控制，這對於冷熱 [政權] 來說很重要。

So if you don't have active liquid thermal control your battery pack temperature is going to be all over the place. In cold environments you will see a huge degradation in range and in hot environments it will just shut off. So it's certainly possible to lower your cost per kilowatt hour by going for lower energy density by removing systems like active liquid thermal control. But -- so those are important, I think, sort of mitigating factors.

因此，如果您沒有主動液體熱控制，您的電池組溫度將無處不在。在寒冷的環境中，您會看到範圍的巨大下降，而在炎熱的環境中，它只會關閉。因此，通過去除主動液體熱控制等系統來降低能量密度，當然可以降低每千瓦時的成本。但是 - 所以我認為這些都是重要的緩解因素。

That said, I think we will probably still be -- well, I would be more cautious about making detailed cost predictions, but I think suffice it to say we do not think that Nissan will be honest on a cost per kilowatt hour.

也就是說，我認為我們可能仍然會 - 好吧，我會更加謹慎地進行詳細的成本預測，但我認為我們不認為日產在每千瓦時成本上會誠實就足夠了。

Great, thank you.

太好了謝謝。

Even though they don't have those other things that I mentioned.

即使他們沒有我提到的其他東西。

Joshua Paradise, Morgan Stanley.

約書亞天堂，摩根士丹利。

Thanks. Good afternoon. You mention in the release that there has been some specific improvements in manufacturability of the Model S. Are there any that you can talk about or give any color or details on?

謝謝。下午好。您在新聞稿中提到 Model S 的可製造性有一些具體的改進。您有什麼可以談論或提供任何顏色或細節的嗎？

Well, we have a much better understanding now that we have identified our site as to how the manufacturing processes would be laid out for each of the shops. We are also working with our suppliers in the purchase of manufacturing equipment and some of the tooling associated for the Model S. So in that regard we have made significant process on the manufacturability of the car as well.

好吧，既然我們已經確定了我們的站點，關於如何為每個商店佈置製造過程，我們有了更好的理解。我們還與供應商合作購買製造設備和一些與 Model S 相關的工具。因此，在這方面，我們也對汽車的可製造性進行了重要處理。

Yes, we have got, I think, a very detailed plan for the manufacturing of the Model S at the NUMMI facility with detailed schedules laid out for all aspects of the manufacturing. And as Deepak said, just having acquired the new facility gives us a big leg up on Model S production.

是的，我認為，我們已經制定了在 NUMMI 工廠生產 Model S 的非常詳細的計劃，並為製造的各個方面製定了詳細的時間表。正如迪帕克所說，剛剛收購了新工廠就讓我們在 Model S 的生產上取得了很大的進步。

There is a lot of things that are already there and in place, both from a regulatory standpoint in terms of various permits and whatnot as well as the equipment itself, that we would otherwise have to purchase and install and debug and that kind of thing. So the NUMMI facility definitely gives us a great head start.

從監管的角度來看，無論是在各種許可等方面還是設備本身，都有很多東西已經存在和到位，否則我們將不得不購買、安裝和調試之類的東西。因此，NUMMI 設施無疑為我們提供了良好的開端。

Okay, great. And then also thinking about manufacturing and the CAD model, the CAD package that you released I think you said has a tolerance of plus or minus 5 mm. Do you have a timetable -- when you get to, let's say, the end of 2010 and the whole design is really locked down, what would be tolerance be at that point?

好，太棒了。然後還考慮製造和 CAD 模型，我認為您發布的 CAD 軟件包具有正負 5 毫米的公差。你有時間表嗎？當你到了，比如說，2010 年底，整個設計真的被鎖定了，那個時候的容忍度是多少？

Actually where we will really get locked down is going to the beta build. So the -- and plus or minus 5 mm is really, that is kind of a broad brushstroke reference point. There are some things that are accurate to within tenths of a millimeter, but it's kind of -- in terms of how body panels -- kind of the maximum movement that we, dimensional movement we -- it's not really, I should clarify, it's not really a tolerancing thing. It's really what we are referring to is in terms of the most we would expect to change a given part going from alpha to beta build.

實際上，我們真正被鎖定的地方是測試版。所以——加或減 5 毫米確實是一個廣泛的筆觸參考點。有些東西可以精確到十分之一毫米，但它有點——就車身面板的方式而言——是我們的最大運動，我們的空間運動——這不是真的，我應該澄清一下，它是不是一個真正的寬容的東西。實際上，我們所指的是我們期望將給定部分從 alpha 版本更改為 beta 版本的最多。

But in terms of level precision, in terms of how big are, let's say, the gaps between the body panels and what is the level of precision, what is the fit and finish of the vehicle? All of those elements [can't] be on file with or better than what you expect from any other team after that.

但是就水平精度而言，比如說車身面板之間的間隙有多大，精度水平如何，車輛的貼合度和光潔度如何？在此之後，所有這些元素 [不能] 與您對任何其他團隊的期望一樣或更好。

Right, okay. And then just one last question. The R&D expenses they have development comp of $8.5 million, so that $8.5 million that is not a revenue that is some sort of an offset to the expense? Can you explain how that works?

對，好吧。然後是最後一個問題。他們的研發費用為 850 萬美元，所以這 850 萬美元不是可以抵消費用的收入嗎？你能解釋一下它是如何工作的嗎？

Yes, you are referring here, I believe, to the 2009 financials which had an $8.5 million offset to our R&D expenses. Is that your question?

是的，我相信您在這裡指的是 2009 年的財務狀況，其中 850 萬美元抵消了我們的研發費用。那是你的問題嗎？

Okay, right. So that is just for 2009, there is nothing there in 2010?

好的，對。所以這只是2009年，2010年什麼都沒有？

That is correct.

那是對的。

Okay, great.

好，太棒了。

And that related to our treatment of the development services or the engineering services that we provided to Daimler for the Smart program.

這與我們為智能項目提供給戴姆勒的開發服務或工程服務的處理方式有關。

Super, thanks.

超級，謝謝。

Patrick Archambault, Goldman Sachs.

帕特里克·阿爾尚博，高盛。

Good afternoon. So a couple of questions just really on the batteries. I believe that going from the current Roadster model battery, I guess the Roadster Sport, to the battery pack that you guys are going to use for the Model S, I think I may have the number wrong, but I think you guys have contemplated like a 31% cost decrease.

下午好。所以有幾個問題真的是關於電池的。我相信從目前的 Roadster 型號電池，我猜是 Roadster Sport，到你們將用於 Model S 的電池組，我想我可能弄錯了數字，但我想你們已經考慮過成本降低 31%。

Can you give us a sense of sort of what improvements you are making in this Model S version to help bring that cost down? Secondly, kind of related to that, there has been some or there has been a couple of articles just talking about inflation and availability of rare earth elements. Is that something that could potentially affect your battery costs as well?

您能否告訴我們您在此 Model S 版本中進行了哪些改進以幫助降低成本？其次，與此相關，有一些或有幾篇文章只是談論通貨膨脹和稀土元素的可用性。這是否也可能影響您的電池成本？

It sounds like you are probably referring to the factory cost reduction we are talking about in the IPO presentation where we show the Model S factory cost per kilowatt hour being about 44% of what Roadster version 1 was and Roadster 4 being 69% of what Roadster version 1 was. So essentially what we are saying is that we are able to drop the cost per kilowatt hour by roughly, to roughly half of what it was when we started with Roadster going into Model S.

聽起來您可能指的是我們在 IPO 演示文稿中談論的工廠成本降低，其中我們顯示 Model S 每千瓦時的工廠成本約為 Roadster 版本 1 的 44%，Roadster 4 是 Roadster 的 69%版本 1 是。因此，基本上我們所說的是，我們能夠將每千瓦時的成本大致降低到我們開始使用 Roadster 進入 Model S 時的一半左右。

So the improvements there come from both the battery pack level and at the cell level. So we have been able to increase the packing density of the cells considerably, so there is almost a 50% increase in energy density at the module level for the battery pack. So they are very densely packed and installed with enough room to fit the liquid cooling loop in there and maintain tack safety. So that even if one cells goes in thermal runaway it does not cause a cascading effect and cause other cells to go to the runaway.

因此，那裡的改進來自電池組級別和電池級別。因此，我們已經能夠顯著提高電池的封裝密度，因此電池組的模塊級能量密度增加了近 50%。因此，它們非常密集地包裝和安裝，並有足夠的空間將液體冷卻迴路安裝在其中並保持粘性安全。因此，即使一個電池發生熱失控，也不會引起級聯效應並導致其他電池發生熱失控。

This is actually a very hard call to make. But the more energy you pack into those -- the higher the energy into the pack the harder this problem gets. So if you want to do a lower energy density pack it's a much easier probably than a high energy density pack, which is (inaudible) reason and common sense.

這實際上是一個非常難打的電話。但是你裝進的能量越多——裝進的能量越高，這個問題就越難解決。所以如果你想做一個低能量密度的包，它可能比高能量密度的包要容易得多，這是（聽不清）原因和常識。

We have also changed the cell chemistry to one which has a lower fundamental cost. In the Roadster the cathode was or is cobalt. In the Model S it's a nickel cobalt aluminum cathode, so we are using roughly a third as much cobalt as we do in the Roadster.

我們還將電池化學成分更改為基本成本較低的電池化學成分。在 Roadster 中，陰極曾經或現在是鈷。在 Model S 中，它是鎳鈷鋁陰極，因此我們使用的鈷大約是 Roadster 的三分之一。

The cost isn't strictly speaking, I think, a rate earth element, but it is expensive. It's the most expensive ingredient in the battery pack so being able to reduce that to a third of its level in Roadster gives us a much lower material cost at the cell level than was previously the case.

我認為，嚴格來說，成本並不是一個速率地球元素，但它很昂貴。它是電池組中最昂貴的成分，因此能夠將其降低到 Roadster 中的三分之一，使我們在電池層面的材料成本比以前低得多。

And the energy density is actually higher so it's about a 15% increase in energy at the cell level going to the new chemistry. We have worked closely with Panasonic to develop a cell that, although it's in the 18-650 form factor, so it's 18 mm diameter by 65 mm in length, the internals of the cell are actually optimized for an automotive application rather than a laptop application.

能量密度實際上更高，因此在細胞水平上，新化學物質的能量增加了大約 15%。我們與松下密切合作開發了一種電池，雖然它的外形尺寸為 18-650，因此它的直徑為 18 毫米，長度為 65 毫米，但電池的內部結構實際上針對汽車應用而不是筆記本電腦應用進行了優化.

So it's because the external form factor is still 18 650, we leverage the economies of scale that Panasonic has in the factories that are able to nonetheless have an automotive-optimized cell. The changes associated with that cell, that is intellectual property that Tesla owns and has a platform patent on. So that is something that in the future as we look to achieve attain a second source for our cell manufacturing we can transfer those changes to the second source as well.

所以這是因為外部外形尺寸仍然是 18 650，我們利用松下在能夠擁有汽車優化電池的工廠中擁有的規模經濟。與該電池相關的變化，即特斯拉擁有並擁有平台專利的知識產權。因此，在未來我們希望為我們的電池製造實現第二個來源時，我們也可以將這些變化轉移到第二個來源。

And to add to what Elon said, which is primarily significant design improvements in both the battery pack and the cell, we will see some additional economies of scale as we manufacture these in-house at the higher volumes as compared to our present production.

除了 Elon 所說的，這主要是電池組和電池的重大設計改進，我們將看到一些額外的規模經濟，因為與我們目前的生產相比，我們以更高的產量在內部製造這些產品。

Yes, absolutely; economy of scale. So obviously going from 500 cars a year to 20,000 there is economies of scale across the board including the battery pack.

是的，一點沒錯;規模經濟。所以很明顯，從每年 500 輛汽車到 20,000 輛汽車，包括電池組在內的全面規模經濟。

Thanks. And just on the potential for some of the element inflation is there something that you can do? I mean is there a hedging plan that you guys can [undertake to protect] against that or how do you think about controlling the potential inflation cost because who knows how much, for instance, cobalt is going to cost three years from now?

謝謝。僅就某些元素膨脹的可能性而言，您可以做些什麼嗎？我的意思是，你們是否有一個對沖計劃可以[進行保護]，或者你如何考慮控制潛在的通貨膨脹成本，因為誰知道例如鈷在三年後的成本是多少？

We have considered some hedging activities given the limited nature on the size of the market for trading of some of these elements, but there is nothing that we have implemented at this point. Certainly as we get closer to the launch of Model S we will look at these again. We can also do it by a contract with our cell manufacturers so there are a couple of different ways of doing it. We will evaluate it as we get closer to the launch of Model S.

鑑於其中一些元素的交易市場規模有限，我們已經考慮了一些對沖活動，但我們目前沒有實施任何措施。當然，隨著 Model S 的發布越來越近，我們會再次關注這些。我們也可以通過與我們的電池製造商簽訂合同來做到這一點，因此有幾種不同的方式來做到這一點。隨著 Model S 的發布臨近，我們將對其進行評估。

Yes, it's always tough with hedging strategies because you -- and our hedging strategy comes for free so we did consider that even for the Roadster but ultimately decided that it wasn't really a cost-effective way to do a hedging strategy. If we did make the cell supplier, Sanyo, in the case of the Roadster sort of guarantee us a price, then of course they have got to build in margins within what they sell it to us for. So it ends up not being a great way to go.

是的，對沖策略總是很困難，因為你——而且我們的對沖策略是免費的，所以我們確實考慮過，即使是對於 Roadster，但最終認為它並不是一種真正具有成本效益的對沖策略。如果我們確實讓電池供應商三洋在 Roadster 的情況下向我們保證了價格，那麼他們當然必須在他們賣給我們的價格範圍內建立利潤。所以它最終不是一個很好的方法。

The best thing that we -- I think that the path that we are taking by going to a chemistry that is, only has a third as much cobalt, the nickel, cobalt, aluminum chemistry, that is really the thing that gives us the most comfort in that even if cobalt costs were to spike it only has, call it, 30% to 35% of the impact that it would have otherwise had. Aluminum and nickel are not -- we are not too worried about those.

我們最好的事情——我認為我們正在走的化學之路只有三分之一的鈷，鎳、鈷、鋁化學，這真的是給我們最多的東西令人欣慰的是，即使鈷成本飆升，它也只會產生（稱之為）原本會產生的影響的 30% 到 35%。鋁和鎳不是——我們不太擔心這些。

So it could have some impact but probably not a huge impact.

所以它可能會產生一些影響，但可能不會產生巨大影響。

Great, thank you very much.

太好了，非常感謝。

We will get a little visibility into that and if we see that it -- if it appears it's going to be a sustained high cost, obviously then we can adjust the price of the Model S in subsequent years.

我們將對此有所了解，如果我們看到它——如果它看起來將是一個持續的高成本，那麼顯然我們可以在隨後幾年調整 Model S 的價格。

Great. Very helpful. Thank you.

偉大的。很有幫助。謝謝你。

Thank you. Ladies and gentlemen, due to time constraints this does conclude the question-and-answer session for today's program.

謝謝你。女士們，先生們，由於時間關係，今天的問答環節到此結束。

We can take a few more. Actually, sorry, we are okay on the time constraints. If there are a few more questions, we are happy to take them.

我們可以多拿幾個。實際上，對不起，我們在時間限制上沒問題。如果還有其他問題，我們很樂意接受。

Jeff Evanson, Dougherty & Co.

Jeff Evanson, Dougherty & Co.

Could you give us a sense of the mix of (technical difficulty) revenues to auto sales?

您能否讓我們了解（技術難度）收入與汽車銷售的混合情況？

Sorry, unfortunately, you are extremely faint.

對不起，很不幸，你非常虛弱。

Can you give the mix of development sales, development services sales to auto sales anticipated in your guidance?

您能否將開發銷售、開發服務銷售與您的指導中預期的汽車銷售相結合？

We are not providing that relative mix because there is just too much uncertainty associated with that.

我們沒有提供這種相對組合，因為與之相關的不確定性太多。

There are many revenue recognition issues that we need to deal with, especially when it comes to development services revenue. So it's -- depending on how work progress is and how those issues get resolved it's difficult as a result to give very specific guidance on the mix of automotive sales versus development services.

我們需要處理許多收入確認問題，尤其是在開發服務收入方面。因此，這取決於工作進展情況以及這些問題如何得到解決，因此很難就汽車銷售與開發服務的組合提供非常具體的指導。

Right. It's not as though we have this information and are sort of keeping it from you. It's just that the uncertainty, the [error box] around the prediction would be quite significant so it would be difficult to really give any level of precision there.

對。好像我們沒有這些信息，並且有點不讓你知道。只是不確定性，預測周圍的 [錯誤框] 將非常重要，因此很難真正給出任何級別的精確度。

I mean certainly all indications are very positive for business from Daimler and from Toyota. And I think that there is also a good chance that -- we have additional partners that we are selling powertrains to, companies beyond Daimler and Toyota. And if you look at that and (technical difficulty) the trajectory of the Daimler relationship which started of with the Smart car and then expanded into the Mercedes A-class and the Freightliner truck group, that to me is a positive trajectory.

我的意思是，戴姆勒和豐田的所有跡像都對業務非常有利。而且我認為還有一個很好的機會——我們有更多的合作夥伴，我們正在向戴姆勒和豐田以外的公司銷售動力系統。如果你看看這個和（技術難度）戴姆勒關係的軌跡，從智能汽車開始，然後擴展到梅賽德斯 A 級和福萊納卡車集團，對我來說這是一個積極的軌跡。

The fact that Toyota only seriously engaged with us about five months ago and we have already announced the RAV4 that will go into production in 2012. So indications are all very positive. We just don't have enough fidelity to give you predictions that we are comfortable with.

事實上，豐田在大約五個月前才與我們認真接觸，我們已經宣布將於 2012 年投入生產的 RAV4。所以跡像都非常積極。我們只是沒有足夠的保真度來給你我們滿意的預測。

There are no further questions in the queue at this time. I would like to turn the program back to Elon Musk for any further in remarks.

目前隊列中沒有其他問題。我想將該計劃轉回埃隆馬斯克，以便進一步發表評論。

All right. Well, thanks a lot everyone. And, yes, I think, as I said at the beginning, we are just head-down executing on Model S and powertrain, growing the Company, adding as many good people as we can find.

好的。嗯，非常感謝大家。而且，是的，我認為，正如我一開始所說，我們只是在低頭執行 Model S 和動力總成，發展公司，增加盡可能多的優秀人才。

One of the things that I am really excited about is just the quality of personnel that are joining Tesla is just superlative. We are really attracting the world's best talent and ultimately the value of a company is a function of the level of talent contained within it and how well that team is working together.

我真正興奮的一件事就是加入特斯拉的人員素質非常高。我們確實在吸引世界上最優秀的人才，最終，一家公司的價值取決於其中包含的人才水平以及該團隊的合作程度。

We plan to keep you regularly updated on progress with the Model S so we are not going to be waiting for quarterly earnings calls to provide Model S progress updates. As there are developments we will be providing that information on our website on the Tesla blog and we are going to try to be as open and transparent as possible.

我們計劃讓您定期了解 Model S 的進展情況，因此我們不會等待季度財報電話會議來提供 Model S 的進展更新。隨著事態的發展，我們將在特斯拉博客上的網站上提供這些信息，我們將盡可能保持公開和透明。

Like I said, if we had enough fidelity ourselves to make forward predictions with high levels of accuracy we would do so, but it's just -- we just don't have that. But we will certainly, as progress is made, as issues come up we will try to inform you as soon as we know about them. All right.

就像我說的，如果我們自己有足夠的保真度來做出高度準確的前瞻性預測，我們會這樣做，但只是——我們只是沒有。但我們肯定會，隨著取得進展，當問題出現時，我們會盡快通知您。好的。

Thanks a lot and just like to welcome all new investors to Tesla and let you know that we intend to do a great job for you in growing the value of the stock over time. Thank you.

非常感謝，並歡迎所有新投資者加入特斯拉，並讓您知道，我們打算為您做得很好，隨著時間的推移增加股票的價值。謝謝你。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們，先生們，感謝你們參加今天的會議。這確實結束了程序。您現在可以斷開連接。再會。