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，大家好，歡迎參加特斯拉汽車公司 2010 年第二季財報會議。

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.

目前所有參與者處於「僅收聽」模式。稍後我們將進行問答環節，屆時將提供相關指示。 （操作員指示）提醒一下，本節目正在錄製中。

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

現在，我想介紹今天節目的主持人，傳播副總裁里卡多·雷耶斯先生。先生，請發言。

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.

非常感謝大家，也感謝大家今天下午加入我們。歡迎參加特斯拉汽車2010年第二季財報電話會議。今天與我一起參加電話會議的還有特斯拉汽車董事長、產品架構師兼執行長馬斯克，以及我們的財務長迪帕克·阿胡加。

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，請允許我宣讀以下聲明，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，並根據《1995 年私人證券訴訟改革法案》的安全港條款做出其他前瞻性陳述。此類陳述僅是基於管理階層目前預期的預測。

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.

由於有許多風險和不確定因素，實際事件或結果可能與這些預測有重大差異，包括我們向美國證券交易委員會提交的、於 2010 年 6 月 29 日修訂的首次公開募股財務招股說明書中「風險因素」部分所討論的風險和不確定因素。

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日的觀點，不應被視為代表我們任何後續日期的觀點。儘管我們可能選擇在未來某個時間點更新這些前瞻性陳述，但我們明確聲明，即使我們的觀點發生變化，我們亦無義務更新這些前瞻性陳述。因此，您不應將這些前瞻性陳述視為代表我們截至今日任何日期的觀點。

With that I will turn it over to Elon Musk.

接下來我將把話題交給伊隆馬斯克。

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.

我認為財務方面沒有太多新聞，因為我們顯然在六月底才完成IPO，到現在才六週左右。所以這方面沒有太多新消息。但我將介紹第二季度的進展以及一些近期的進展，並談及業務的各個方面，包括Roadster Model S動力總成業務的拓展、與戴姆勒的業務合作、與豐田的戰略合作夥伴關係，以及我們收購的NUMMI弗里蒙特新工廠。

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.

就Roadster而言，我認為它的表現非常穩健。我們交付了141輛Roadster；這是自2008年第三季（基本上是在經濟衰退開始之前）以來新訂單表現最好的一個季度。我認為，Roadster本季表現如此出色，整體來說是一個好兆頭。

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.

首批銷售發生在日本、香港和加拿大。目前，我們的業務已覆蓋28個國家，並將在今年餘下時間開始增加在亞洲的業務，這實際上是在為Model S的上市奠定基礎。因此，在每個國家/地區，通常需要六個月，有時甚至一年的時間，以滿足監管要求、建立基地、選擇地點以及招募關鍵人員。因此，我認為我們正在為Model S未來的銷售奠定良好的基礎。

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.

我們當然發布了 Roadster 2.5，這是我們兩年內 Roadster 的第四代迭代產品。它升級了內裝、採用了新的造型、改進了導航系統，並增加了許多其他功能。我們還有 Taug Heuer Odyssey of Pioneers，它正在展示 Roadster 的量產電動車首次環球之旅。而且，它可以使用全球各地的現有充電點進行充電。所以，它可以直接在從瑞士到西伯利亞的任何地方使用電網充電，而無需額外的基礎設施。

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，我再多說一點。顯然，我們聘請了喬治·布蘭肯希普 (George Blankenship)，他在 Gap 工作了幾年，之後在 Apple Store 業務的前六年裡擔任關鍵人物。我們在哥本哈根、紐波特海灘和蘇黎世開設了新店。我們簽訂了東京、巴黎和米蘭門市的租約，預計今年稍後開幕。

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.

就Model S而言，我們計劃於2012年中期推出，屆時產量將緩慢提升，並於2013年達到2萬輛的年產量，正如IPO路演中所述。我們正在大幅增加研發和製造方面的資源。我們新增了約90名員工，員工數量較上一季增加了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.

我們的招募團隊也在建設中—我們的招募能力也不斷提升。這個團隊由人力資源和人才招募主管Arnnon Geshuri領導。他負責建立人才招募團隊，並在谷歌從2000人擴張到20,000人左右的時候負責管理。

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.

我認為，沒有一家公司能在如此短的時間內吸收如此多的優秀人才，就像谷歌在阿農的領導下一樣。所以，我認為我們有一位非常優秀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，我們宣布收購了弗里蒙特製造廠，也就是NUMMI，正式名稱是NUMMI。我們的製造團隊現在實際上就在NUMMI現場，他們正在規劃設備的佈局和安裝。我認為——雖然NUMMI工廠在10月1日正式移交給特斯拉，但實際上——今天它已經是我們的了。

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.

我們還計劃從NUMMI工廠購買一些額外的設備，其中一些設備曾用於生產卡羅拉和塔科馬車型，價格非常優惠。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.

我們的主要液壓機（將用於沖壓Model S車身面板）正在拆卸中。它目前在密西根州，正在拆卸後運往弗里蒙特。我們預計今年稍後開始安裝，明年我們的沖壓生產線將投入運作。

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.

這是明年關鍵的生產里程碑之一，同時噴漆設施也將投入使用。我們在Model S的設計和工程方面取得了巨大進展。我們已經完成了3D CAD軟體的開發，車身和底盤的開發和優化精度已達到幾毫米，所有這些數據都已發布。

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.

事情實際上是在周六晚上發生的。團隊最終確定並發布了所有沖壓件以及所有面板尺寸。所以總的來說，供應外包還是按照我們Model S的內部計畫進行。

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，Model S 的某些因素會危及我們 2012 年年中投產的計畫。我們已經採購了大部分主要零件，因此我們當然知道單位成本是多少，以及與之相關的工裝、工程、開發等等。我們估算了研發和工裝費用以及每輛車的單位成本，目前大約處於 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.

因此，它也是最受質疑的關鍵主要部件，例如 17 吋觸控螢幕、儀表板、座椅、機械約束裝置和安全氣囊、照明系統、懸吊、煞車、電池、暖通空調、車輪、輪胎、煞車等。

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，或者說，關係進展順利，其範圍正在擴大。值得注意的是，戴姆勒在IPO中沒有出售任何股份，並且持有約三個額外周轉的特斯拉股票。因此，他們本可以收回所有額外現金，同時仍持有兩個額外周轉的特斯拉股票，但他們顯然選擇不出售任何股份。

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.

我們在第二季交付了Smart車型所需數量的電池組和充電器，並簽署了為梅賽德斯A級車開發電池組和充電器的協議。該開發工作預計將在今年稍後完成，我們預計將於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，獲得了約3%的股權，我們也簽署了開發電動版RAV4的協議。該車型的開發將於今年和明年進行——原型車已經交付給豐田，我們預計大約在2012年開始向客戶交付。

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.

我認為一切進展順利。我們對這款車非常期待。本質上，它有點像RAV4的復活，只不過它會比幾年前暫時停產的電動版RAV4好得多。

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.

所以，就未來而言，我的意思是，特斯拉現在的做法是，我們只是全心全意地專注於執行商業計劃。顯然，考慮到我們的成長水平，季度獲利能力的意義並不大。

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.

我們Model S的年產量基本上從500到600輛增加到2萬輛，在10到12個季度的時間裡，我們在開發、工具等方面的投入大約是50萬美元。平均下來，這筆支出大約是4000萬到5000萬美元，所以顯然，在這樣的增長速度下，保持盈利幾乎是不可能的。

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，迪帕克稍後會進一步闡述這一點，如果我們維持目前的水平——如果我們只打造Roadster跑車並銷售動力總成部件，我們就能獲利。但為了實現相當驚人的成長，我們放棄了這種可能性。

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.

所以，我認為2010年剩餘時間最重要的里程碑是完成車輛的alpha版本。 alpha版本的量產計畫大約完成了80%到90%，所以它已經非常接近量產車了。我們預計在今年底前完成alpha版本的量產，車輛的零件採購工作也將基本完成，大概完成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.

所以，如果我們目前（這些車型）零件採購的完成度大約是80%，那麼我們預計到年底將達到98%到99%，並擁有一台可以運作的alpha原型機。所以這才是真正的重點。接下來，我將把時間交給Deepak。

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，埃隆。當然，我首先要歡迎新投資者加入公司。由於這是我們的首次財報電話會議，我想先簡單介紹一下特斯拉的財務狀況。然後，我們將回顧季度業績，最後討論一下能源部（DOE）的融資機制以及全年財務指引中的一些內容。

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。目前，我們已在28個國家交付了1200多輛跑車，建立了由13家門市組成的全球網絡，並與兩家大型原始設備製造商建立了合作關係，為其提供電動動力系統開發解決方案和零件。

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個月裡，我們透過提高營收並控制變動成本，提升了Roadster的毛利率。為了實現這些目標，我們在全球範圍內建立了關鍵的營運、招募和IT基礎設施，並培養了工程和製造人才。

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.

您會發現，我們在本季度繼續保持成長勢頭，新增了100多名員工，整體比上一季度增長了21%，正如埃隆所提到的，主要集中在工程和製造領域。目前，我們在全球擁有約680名員工。我們也完成了動力總成工程團隊和製造工廠的整合，將其集中到位於加州帕洛阿爾託的特斯拉總部。

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，Roadster的每一次發布都證明了我們能夠更有效率地開展工作並提高支出效率。目前預計，將Model S推向市場所需的全部支出約為4億美元。這筆資金主要來自美國能源部提供的4.65億美元貸款中的3.64億美元，這筆貸款使我們能夠以美國國債利率借款。

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，我們相信我們擁有充足的資金將Model S推向市場，擴大我們的全球業務以支持這一收入增長，並啟動其他車型的同步開發。我們相信，正是Model S帶來的機會、我們的資本效率以及能源部貸款的槓桿作用，將為股東創造長期價值。

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

概述完畢後，我現在將談談我們的財務表現。

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.

簡單說兩點。首先，儘管我們的股票在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所得款項和豐田投資並未出現在我們的第二季財務報表中。

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.

此次事件將波及包括我們股份數量在內的多個財務領域。為了方便您閱讀，我們在新聞稿中已為所有這些領域的財務報表添加了腳註。

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，我將根據非公認會計準則 (Non-GAAP) 對我們的財務狀況提供補充評論，因為這是管理層內部衡量特斯拉業績的方式。我們的非公認會計準則 (Non-GAAP) 績效不包括與股票薪酬相關的非現金費用以及我們未償還優先股認股權證的公允價值變動。

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.

然而，正如各位所知，非公認會計準則 (Non-GAAP) 資訊並非根據一套全面的會計準則編制，因此，在評估我們的業績時，應結合我們的公認會計準則 (GAAP) 業績進行解讀。本次電話會議中提及的所有季度的非公認會計準則資訊對帳表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，我們第二季的營收為2,840萬美元，季增36%，年增5%。我想提醒大家，2009年我們的出貨量遠遠超過兩年的訂單量。因此，環比比較更有意義，它能清楚地展現我們所有業務領域所取得的成長。

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。第二季汽車銷售較上季成長16%，達到2,400萬美元。汽車銷售主要包括Roadster跑車的銷售，包括選配配置和零排放汽車積分。

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.

正如埃隆所言，本季Roadster的訂單量達到了2008年第三季以來的最高水準。因此，我們的Roadster出貨量較上一季成長了12%。第二季Roadster的平均售價較去年同期成長了24%，與上一季相比基本持平。

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 (OEM) 交付的動力總成組件，本季交付給戴姆勒的電池組和充電器。由於對戴姆勒創紀錄的出貨量，這些銷售額在本季度幾乎翻了一番，達到 480 萬美元，這是我們動力總成營運團隊的出色成績。

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.

開發服務收入涵蓋我們為其他原始設備製造商 (OEM) 提供的電動動力總成組件和系統開發服務。我們從第二季開始確認與戴姆勒簽訂的 A 級協議的收入，金額為 440 萬美元。相較之下，上一季為福萊納開發的原型套件確認的收入為 20 萬美元。

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 年下半年開始看到豐田電動 RAV4 原型車開發所帶來的收入。

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.

本季總毛利率為630萬美元，毛利率為22%。相比之下，上季為19%，2009年第二季為8%。 22%的毛利率創下了歷史新高，我們對此結果非常滿意。汽車銷售毛利率略低於16%，略低於上一季度，部分原因是本季末推出Roadster 2.5車型的一次性費用以及第二季歐元疲軟。

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.

與去年相比，毛利率的大幅提升得益於Roadster車型營收的提升以及變動成本的控制。例如，我們透過重新設計或優化動力總成部件、空調系統和車輪等，實現了材料成本的大幅降低。

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，同樣需要注意的是，我們開發服務58%的毛利率並不代表未來幾季這些活動的毛利率。我們在最終敲定戴姆勒A級協議之前就產生了相關成本，因此在第一季必須將其計入研發費用而非成本。

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.

然而，該項目第一季的部分遞延收入在協議簽署時已計入本季。因此，由於收入和費用確認的會計準則導致了時間差異，第二季的收入和成本並未完全匹配。展望未來，這些因素將繼續影響該項目的毛利率，事實上，也影響到任何季度其他類似項目的毛利率。

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.

從我們的營運費用來看，這反映了我們對Model S及其基礎設施開發的持續重視。本季研發費用（以美國通用會計準則計算）為1,540萬美元，以非美國通用會計準則計算為1,490萬美元。

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.

非公認會計準則研發費用較上季增加14%。我們將持續增加Model S的研發投入，增加內部研發資源，並加強與供應商的合作。向供應商付款的時間取決於多種因素，因此我們預計研發費用將繼續大幅成長，但成長趨勢可能難以預測。

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.

本季銷售、一般及行政管理費用（SG&A）以美國通用會計準則（GAAP）計算為2,220萬美元，以非美國通用會計準則計算為1,670萬美元。非美國通用會計準則下的銷售、一般及行政管理費用較上一季增加，主要得益於我們持續拓展全球業務，並建立公司自營門市網路。

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.

我們還產生了與從世界各地招募關鍵人才、在全球範圍內申請新專利和商標保護以及與在帕洛阿爾托總部合併工程和製造中心相關的設施費用相關的更高費用。

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.

簡單回顧一下其他收入和支出項下的費用。這反映了本季末我們未償還的可轉換優先股認股權證和能源部認股權證的公允價值變動。由於我們股價在6月30日收在23.83美元，這筆非現金會計費用為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.

第二季淨虧損（以美國通用會計準則計算）為3,850萬美元，以非美國通用會計準則計算為2,610萬美元。相較之下，上一季的非美國通用會計準則淨虧損為2,380萬美元。正如伊隆所說，我們目前處於淨虧損狀態，未來幾季仍將持續虧損，因為我們正在進行大量投資，為Model S的上市做準備。未來幾年，Model S的交付量將比Roadster的交付量成長近40倍。

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成長模式，但我們相信我們的業務可以達到適當的規模，從而基於 20% 左右的毛利率實現淨利潤。

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.

從每股虧損來看，請注意，由於IPO直到季末才上市，加權平均每股虧損僅760萬美元。這導致本季每股淨虧損為3.41美元，而上一季每股淨虧損為3.26美元（同樣基於非公認會計準則）。

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IPO、豐田的投資以及優先股和認股權證的自動轉換，我們預計已發行的基本普通股約為9,300萬股。因此，假設整個季度的流通股數量均已發行，則我們第二季度非公認會計準則淨虧損將為每股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.

現在來看資產負債表，現金為4730萬美元，而上一季末為6150萬美元。正如我之前提到的，這還不包括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，本季營運活動所用現金略低於1,800萬美元，低於上一季的2,700萬美元。本季資本支出為920萬美元，主要由於Model S專案投資增加。本季我們從能源部貸款提領了1550萬美元，抵銷了現金使用量。

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.

現在，我想就美國能源部（DOE）的發表會談幾點。首先，重申我先前的觀點，我們預計此次發表會將以報銷的方式支付Model S上市前的大部分工程、開發和設施相關費用，以及我們動力總成業務的所有此類費用。因此，我們幾乎所有用於Model S業務的研發和資本支出的現金消耗都符合報銷資格。

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，這些成本出現在我們的財務報表上與我們收到資金之間大約有六到八週的報銷滯後。我們估計，截至6月30日，我們約有1,200萬美元的支出符合能源部報銷的條件。

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，我們已提取了4,500萬美元的貸款額度，剩餘的4.2億美元可在未來兩年半內提取。這相當於一筆4.2億美元的信用額度。這些貸款有效期至2022年，允許我們以美國國債利率借款，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，我想解釋一下與此次IPO相關的部分收益將如何處理。有些人可能還記得，我們同意將籌集到的1億美元現金存入一個專用帳戶。因此，我們的第三季資產負債表將把這筆資金列為限制性現金。

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.

此專用帳戶可用於支付動力總成和 Model S 專案的任何成本超支，也可用作能源部貸款機制下的預付款延期支付機制。這不會影響我們提取全部 4.65 億美元貸款的能力，但需要我們使用該專用帳戶預先支付 50% 的專案成本。

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.

一旦專用帳戶資金耗盡，能源部將全額償還這些預付款。因此，專用帳戶本質上是一種延期償還貸款的機制，而非替代貸款。

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反映我們營運中現金的實際使用情況，我們將在本季末報告符合能源部報銷條件的支出總額。這部分支出包括我之前提到的滯後報銷和與專用帳戶相關的預設提款。正如我之前提到的，第二季末的這部分支出為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，我想就業績指引提出一些想法。由於我們仍專注於交付Model S的長期目標，因此我們將對短期財務表現提供有限的指引。具體來說，我們將僅提供年度財務指引，涵蓋營收。

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 的銷量將有所增長，但由於冬季的季節性因素，銷量可能會出現小幅波動。為了預測下一季的業績，我們去年第三季經歷了 Roadster 交付量的高峰，清理了前兩年積壓的訂單，因此我們認為下一季的同比收入對比也意義不大。

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.

我們預計未來幾季動力總成業務將有所成長，這主要源自於動力總成零件的銷售以及為戴姆勒和豐田提供的開發服務。正如我們之前提到的，我們預計研發和資本支出將隨著時間的推移而成長，但與Model S的開發相關的成長將出現一些波動。

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，由於我們目前並未積極關注 Model S 的預訂量，因此我們並不認為每季的 Model S 預訂量能夠作為我們業績的衡量指標，至少在未來一年左右不會如此。因此，我們不會就每季的預訂量提供任何指引。

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，我想告訴大家，我們對長期發展機會充滿期待。我們對長期營運模式充滿信心，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?

我們的準備好的演講到此結束。接線員，請您開始提問。

(Operator Instructions) Rod Lache, Deutsche Bank.

（操作員指令）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，關於資本支出和研發支出，您能否介紹一下未來幾季的資金流向？我假設弗里蒙特工廠的資金會在10月1日到達。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.

沒錯。當我們完成對弗里蒙特工廠的收購後，我們將支付4,200萬美元收購價的餘額，以及一些我們從NUMMI購買的額外設備，正如Elon所說，這些設備的價格非常優惠。

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

基本上，我認為我們在 NUMMI 工廠投入了 300 萬美元，對嗎？

That is correct.

沒錯。

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.

我們支付給NUMMI約3,900萬美元來收購該設施。由於NUMMI是一家汽車工廠——或者說，最近是一家汽車廠，因此我們能夠抵消很大一部分收購價格，因為我們不需要進行在非汽車工廠地點進行的設施升級。所以我認為這對NUMMI的收購價格有幫助。

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.

關於資本支出問題，我們盡量避免給出精確的數字，因為考慮到特斯拉的情況變化速度，很難預測一兩個月內的支出，而這恰恰是實現季度精度所必需的。因此，僅僅因為一項支出從一個月推遲到下一個月，我們最終可能會超出或低於預期某個有意義的數字。

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，我們在未來10個季度中，大約有4億美元可用於支出，而這個5億美元的項目目前仍在進行中。所以，平均每季至少會有4000萬美元的支出。

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，但會有點不穩定。所以，一個季度接一個季度很難。或許一個季度是2000萬美元，下一個季度就是6000萬美元，這只是付款到期時間的問題。

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。您能否再問一個關於Roadsters銷售的問題？國際銷售的趨勢如何？目前的租賃計劃進度如何？

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.

歐洲的銷售情況較為溫和，維持著穩定的成長速度。我們在那裡沒有看到太大的波動。美國市場有所改善，當然，我們剛開始在亞洲交付一些產品，我們認為亞洲市場的需求可能相當可觀。

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.

但我們並沒有刻意過度推廣Roadster車型。即使我們最終每年售出500輛、600輛或650輛Roadster，也不會對我們的銷售造成太大影響。 Roadster的真正價值在於扮演先頭偵察兵和先鋒，為Model S的後續發展奠定基礎。

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——我當然非常有信心，無需付出太多努力，Roadster 的年銷量就能達到 500 到 600 輛。

And the leasing program?

還有租賃計劃嗎？

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

抱歉，這個問題問得好。租賃業務－我們的租賃業務佔比約為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租賃業務可能會更高，但實際上只有20%左右。我們可能會增加。部分原因是我們只在美國有租賃業務，這或許是…所以我們在加拿大沒有租賃業務，在歐洲和亞洲也沒有租賃業務，所以20%，Deepak——是我們總業務組合的20%。

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，占我們美國市場的20%。好吧，所以這個比例有點低。

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，您能否詳細說明一下與豐田的關係？從財務角度來看，這究竟意味著什麼？僅僅是開發合同，您預計這款車在未來幾年的銷量會達到多少？

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.

我們對此不做任何預測。到目前為止，一切進展順利，我們一直超越戴姆勒的預期。但預測未來發展方向總是很困難。這受許多因素的影響，而這些因素並非我們能夠掌控。

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，我們謹慎樂觀地認為那裡的業務將繼續進行。

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，您目前還不準備透露任何有關開發項目的信息，或者我們目前預計豐田會為我們帶來什麼樣的收入？

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就做出預測還為時過早。如果未來一切順利的話——但我認為我們目前還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?

大家下午好。我知道你們不想公佈Model S預訂量的季度數據，但你們能否至少評論一下，IPO本身是否提升了人們對特斯拉和Model S的認知度？ IPO本身是否帶來了明顯的成長？

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，我想我們沒有提供 Model S 的具體數據的原因在於，雖然我認為這些數據可以從我們的資產負債表上推斷出來，但我們現在並沒有真正積極地銷售 Model S，因此很難用預訂量的增長來衡量需求。

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.

銷售團隊目前只銷售Roadster。目前Model S的預訂量超過2600輛。實際上，抱歉，截至第二季末，預訂量是2600輛，所以我認為Model S目前的預訂量可能超過2800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.

但再次強調，我強烈建議大家不要妄下結論，因為我們目前還沒有積極銷售Model S，而且距離量產還有兩年時間。我們大概會在明年下半年開始推進Model S的預售，屆時我們將能夠在門市中展示樣車。所以，到那時，Model S的預訂量才會開始顯現一些意義。

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版將在今年年底前完成，屆時汽車的85%左右將完成。可以簡單介紹一下，2011年Model S需要完成哪些主要專案嗎？

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，所以為了準確起見——我還要再加一層精確度。我們預計，就採購決策而言，完成率大概能達到98%到99%——基本上除了少數落後者，採購決策將在今年年底前完成。但就最終納入alpha版本的內容而言，總是會有些延遲。

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.

所以我們會推出alpha版本（聽不清楚），所以到今年年底，我們的生產意願大概可以達到85%。然後，明年發布的beta版本會達到99%的生產意願。 85%和98%、99%之間的差異在於一系列細微的調整和小項目。其實不是什麼大問題。

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。那麼您現在對 Model S 是否會作為 2012 年車型還是 2013 年車型推出有什麼猜測或看法嗎？

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.

嗯，我們採用的方法與標準車型年份略有不同。我們採用的是版本號，所以 Model S 1 實際上是 2012 年中期——也就是我們將在 2012 年中期發布的車型。就像 Roadster 一樣，我們也有 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.

從內部來看，開發的命名法更像是矽谷高科技公司而不是典型的汽車公司，這就是為什麼我們稱之為 alpha 版本、beta 版本、候選版本和生產版本。

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。我只是想了解一下你計劃在2012年什麼時候推出這款產品。聽起來目前的目標時間是2012年中期。

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。最後一個問題。我不知道您是否願意對此發表評論，但日產汽車就其每千瓦時成本以及租賃價格在300美元左右的範圍內發表了一些可能存在爭議的評論。

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和分析數據，但我很好奇，您是否看到或聽到有關競爭對手的電池組成本下降速度有多快的消息，以至於與特斯拉的差距可能開始縮小，甚至比您之前預想的還要快？

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.

嗯，我認為正因如此，我們才需要注意，Leaf 的電池組在幾個方面比特斯拉的電池組技術水平要低得多。能量密度較低。他們並沒有真正努力實現我們想要達到的那種續航里程。我認為 Leaf 的續航里程大概在 80 到 100 英里左右。

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，如果區分電池單元、電池芯和電池組，電池組的規格參數，據我所知，其複雜程度甚至比特斯拉推出的第一款原型車還要低劣。例如，它沒有主動液體熱控功能，而這對於冷熱環境至關重要。

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.

所以，如果沒有主動液體熱控，電池組的溫度就會波動很大。在寒冷環境下，續航里程會大幅下降，而在炎熱環境下，電池組溫度就會直接關閉。所以，透過移除主動液體熱控等系統來降低能量密度，當然可以降低每度電成本。但我認為，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.

話雖如此，我認為我們可能仍然會——好吧，我會更加謹慎地做出詳細的成本預測，但我認為可以說，我們認為日產不會誠實地公佈每千瓦時的成本。

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.

摩根士丹利的喬舒亞·帕拉迪斯（Joshua Paradise）。

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。午安.您在新聞稿中提到，Model S 在可製造性方面有一些具體的改進。您能談談這些改進，或提供一些細節嗎？

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.

嗯，現在我們已經確定了生產地點，對每個車間的生產流程佈局有了更清晰的了解。我們也正在與供應商合作採購生產設備和一些與Model S相關的工具。因此，在這方面，我們在汽車的可製造性方面也取得了顯著進展。

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，其中列出了生產各個環節的詳細時間表。正如Deepak所說，收購新工廠讓我們在Model S的生產上獲得了巨大的優勢。

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.

很多東西都已經到位，無論是從監管角度，還是從各種許可證等等，以及設備本身，否則我們需要自己購買、安裝、調試等等。所以，NUMMI 工廠無疑給了我們一個很好的開始。

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?

好的，太好了。然後，再想想製造和 CAD 模型。我記得您之前發布的 CAD 軟體包的公差是正負 5 毫米。您有時間表嗎？比如說，到 2010 年底，整個設計都確定下來了，到那時公差是多少？

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，我們真正能鎖定的是在beta版製造階段。所以，上下5毫米的誤差，其實只是一個大致的參考點。有些零件的精度可以達到十分之一毫米，但就車身面板而言，這有點像我們所能承受的最大尺寸變化——我應該澄清一下，這並非公差問題。我們真正指的是從alpha版製造到beta版製造，我們預期對某個零件的最大改變。

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.

但就水平精度而言，例如車身面板之間的間隙有多大，精度等級如何，車輛的組裝和外觀如何？所有這些元素都無法與其他任何團隊相比，甚至無法比擬。

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?

好的。最後問一個問題。他們的研發費用中有850萬美元的開發補償，那麼這850萬美元不是收入，而是某種程度上抵銷了研發費用？您能解釋一下這是怎麼回事嗎？

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，我相信您指的是2009年的財務數據，其中850萬美元抵銷了我們的研發費用。這是您的問題嗎？

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

好的，對了。那這只是2009年的數據，2010年什麼都沒有？

That is correct.

沒錯。

Okay, great.

好的，太好了。

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

這與我們對戴姆勒提供的 Smart 專案的開發服務或工程服務的處理有關。

Super, thanks.

非常好，謝謝。

Patrick Archambault, Goldman Sachs.

高盛的 Patrick Archambault。

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.

午安.我有幾個關於電池的問題。我認為，從目前的Roadster車型電池，也就是Roadster Sport，到你們將用於Model S的電池組，我可能記錯了，但我認為你們已經考慮過降低31%的成本。

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?

您能否介紹一下，為了降低成本，你們在這款 Model S 上做了哪些改進？其次，與此相關的是，有一些文章專門討論通貨膨脹和稀土元素的供應問題。這些因素是否也會影響你們的電池成本？

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.

聽起來你可能指的是我們在IPO演示中提到的工廠成本降低，當時我們展示了Model S每千瓦時電池的工廠成本約為Roadster 1的44%，Roadster 4則為Roadster 1的69%。所以，我們本質上的意思是，我們能夠將每千瓦時電池的成本降低大約一半，大約相當於Roadster投入生產Model S時的一半。

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，改進既來自電池組層面，也來自單體層面。我們大幅提高了單體電池的封裝密度，使電池組的模組級能量密度提升了近50%。單體電池的封裝非常緊密，安裝時留有足夠的空間容納液體冷卻迴路，並確保電池組的安全性。這樣，即使一個單體電池發生熱失控，也不會引發連鎖效應，導致其他單體電池失控。

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.

這其實很難抉擇。但你裝進去的能量越多——電池組的能量越高——這個問題就越難解決。所以，如果你想做一個低能量密度的電池組，可能比做一個高能量密度的電池組容易得多，這是（聽不清楚）道理，也是常識。

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.

我們也改變了電池的化學成分，使其基本成本更低。 Roadster 的陰極過去是鈷，現在仍然是鈷。 Model S 的陰極是鎳鈷鋁，所以我們的鈷用量大約是 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.

嚴格來說，我認為成本並非與稀土元素有關，但它確實很貴。稀土元素是電池組中最昂貴的成分，因此能夠將其降低到Roadster的三分之一，使我們在電芯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.

而且能量密度實際上更高，因此採用新化學技術後，電池層面的能量密度提高了約15%。我們與松下密切合作，開發了一款電池，雖然它採用18-650尺寸，即直徑18毫米，長度65毫米，但電池內部實際上是針對汽車應用而非筆記型電腦應用進行優化的。

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.

由於外形尺寸仍是18650，我們利用松下工廠的規模經濟優勢，仍能生產針對汽車優化的電池。與該電池相關的改進是特斯拉擁有的智慧財產權，並擁有平台專利。因此，未來當我們尋求第二個電池製造來源時，我們也可以將這些改進轉移到第二個來源。

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.

並且，除了 Elon 所說的之外，主要是電池組和電池單元的設計都有了顯著的改進，與我們目前的產量相比，隨著我們內部生產這些電池，產量將更高，我們將看到一些額外的規模經濟。

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，絕對是規模經濟。所以，從每年500輛汽車到2萬輛，顯然在各方面都存在規模經濟，包括電池組。

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。關於某些元素通膨的可能性，你們能做些什麼嗎？我的意思是，你們是否有對沖計劃可以（採取）來防範通膨，或者你們如何考慮控制潛在的通膨成本，因為誰知道三年後鈷的價格會是多少呢？

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.

鑑於某些元素的交易市場規模有限，我們曾考慮過一些對沖措施，但目前尚未實施。當然，隨著 Model S 上市日期臨近，我們會再次考慮這些措施。我們也可以透過與電芯製造商簽訂合約來實現，所以有幾種不同的方法。隨著 Model S 上市日期臨近，我們會進行評估。

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，對沖策略總是很難，因為你——而且我們的對沖策略是免費的，所以我們甚至在Roadster上也考慮過，但最終決定，這實際上不是一種划算的對沖策略。如果我們讓電池供應商三洋（就Roadster而言）給我們保證價格，那麼他們當然必須在售價中預留利潤空間。所以，最終這並非一個好方法。

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.

我認為，我們目前採取的最好的做法是，採用一種鈷含量只有鎳鈷鋁三分之一的化學方法，這才是最讓我們安心的，因為即使鈷成本飆升，其影響也只有原本影響的30%到35%。鋁和鎳則不會——我們對此並不太擔心。

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

因此它可能會產生一些影響，但可能不會產生巨大的影響。

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.

我們將對此進行一些了解，如果我們發現它——如果它看起來將持續處於高位，那麼顯然我們可以在接下來的幾年裡調整 Model S 的價格。

Great. Very helpful. Thank you.

太棒了！非常有幫助。謝謝。

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

謝謝大家。女士們、先生們，由於時間限制，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.

我們還可以再回答幾個問題。其實，很抱歉，時間上沒問題。如果還有問題，我們很樂意回答。

Jeff Evanson, Dougherty & Co.

傑夫·埃文森，Dougherty & Co.

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

您能否向我們介紹（技術難度）收入與汽車銷售的組成？

Sorry, unfortunately, you are extremely faint.

抱歉，很遺憾，您非常虛弱。

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

您能否給出您指導中預期的開發銷售、開發服務銷售和汽車銷售的組合？

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，因為這涉及太多的不確定性。

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，這取決於工作進度以及這些問題的解決方式，因此很難就汽車銷售和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.

是的。我們並非掌握了這些資訊卻對你們有所隱瞞。只是預測結果的不確定性，也就是誤差範圍，會非常大，所以很難給任何精確度。

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，所有跡像都對戴姆勒和豐田的業務非常有利。而且我認為，我們也很有可能——除了戴姆勒和豐田之外，還有其他合作夥伴可以向其銷售動力系統。如果你看看這一點，以及（技術難題）戴姆勒與豐田的合作軌跡——從Smart汽車開始，然後擴展到梅賽德斯A級轎車和福萊納卡車集團，在我看來，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，豐田大約五個月前才與我們認真接洽，而我們已經宣布RAV4將於2012年投產。所以所有跡像都非常積極。只是我們目前還沒有足夠的把握做出我們滿意的預測。

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.

目前沒有其他問題。我想將節目單交還給伊隆馬斯克，請他發表進一步的評論。

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。非常感謝大家。是的，正如我一開始所說，我們正在全力推動 Model S 和動力系統的研發，發展公司，盡可能招募優秀人才。

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.

讓我非常興奮的一件事是，加入特斯拉的人才素質非常高。我們確實吸引了世界上最優秀的人才，而一家公司的價值最終取決於其人才的水平以及團隊的合作效率。

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.

我們計劃定期向您通報 Model S 的進展，因此我們不會等到季度財報電話會議才公佈 Model S 的進展。一旦有進展，我們將在特斯拉部落格上發布相關信息，並儘可能保持公開透明。

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，如果我們本身夠精準，能夠做出高精度的前瞻性預測，我們就會這麼做，但我們現在確實沒有。不過，隨著進展的進展，隨著問題的出現，我們一定會盡快通知大家。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！我熱烈歡迎所有特斯拉的新投資者，並希望你們知道，我們將竭誠為你們服務，幫助特斯拉的股票價值持續成長。謝謝！

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，感謝各位參加今天的會議。今天的節目到此結束。現在您可以斷開連線了。大家好。