特斯拉 (TSLA) 2010 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Tesla Motors' fourth quarter 2010 earnings call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session with instructions following at that time. (Operator Instructions) As a reminder, this conference is being recorded.

女士們、先生們，大家好，歡迎參加特斯拉汽車公司 2010 年第四季財報電話會議。 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並提供指導。 （操作員指示）提醒一下，本次會議正在錄音。

And now I'll turn the call over to Jeff Evanson, Vice President of Investor Relations. Please begin, sir.

現在我將電話轉交給投資人關係副總裁傑夫‧埃文森 (Jeff Evanson)。 先生，請開始。

Thank you, Tyrone, and thank you everyone for joining us this afternoon. Welcome to Tesla Motors earnings call for the fourth 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.

謝謝你，泰隆，也謝謝大家今天下午加入我們。 歡迎參加特斯拉汽車公司 2010 年第四季財報電話會議。今天與我一起參加電話會議的還有特斯拉汽車公司董事長、產品架構師兼執行長 Elon Musk 和我們的財務長 Deepak Ahuja。

Before we begin the call, I'll 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，我將宣讀以下聲明，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 results or events could differ materially from those predictions due to a number of risks and uncertainties, including those discussed in the Risk Factors section of our most recently filled 10-Q filed on November 12, 2010 and our financial prospectus related to our initial public offering filed with the SEC as amended on June 29, 2010.

由於存在多種風險和不確定因素，實際結果或事件可能與這些預測有重大差異，包括我們於 2010 年 11 月 12 日提交的最新 10-Q 表中「風險因素」部分以及我們於 2010 年 6 月 29 日向美國證券交易委員會提交的修訂版首次公開募股財務招因素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。 雖然我們可能選擇在未來某個時間點更新這些前瞻性陳述，但我們明確表示，即使我們的觀點發生變化，我們也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任何日期的觀點。

With that, I'll turn it over to Elon.

說完這些，我就把麥克風交給艾隆了。

Thanks. The fourth quarter was just another solid quarter of execution on all aspects of our business, including Roadster Model S and Powertrain. The Model S alpha phases went really well. I'm very pleased with that and the development of the Model S is on track. We did quite well in the Powertrain business with increases in deliveries for the -- and orders for the Smart EV, completed the development program from Daimler A-class, and commencement of the Toyota RAV4 EV development program. We've also added a tremendous amount of talent.

謝謝。 第四季是我們業務各方面執行力強勁的另一個季度，包括 Roadster Model S 和動力系統。 Model S 的 alpha 階段進展非常順利。 我對此感到非常高興，Model S 的開發正在步入正軌。 我們在動力系統業務方面表現相當出色，Smart EV 的交付量和訂單量都有所增加，完成了戴姆勒 A 級車的開發計劃，並啟動了豐田 RAV4 EV 開發計劃。 我們也吸收了大量人才。

I think this is a point that's really worth emphasizing that the quality of people we're attracting to Tesla is just really phenomenal. I mean it's absolutely at the best of the automotive industry and of the high-tech industry. I think perhaps one of the best indications of this is if you were to attend a college fair, any one of the college fairs where Tesla is present and look at the line at the Tesla booth and compare that to the line at any other booth, including Facebook, Google, Apple, or anyone else, the Tesla line is the longest line at the entire recruiting fair. I think that says a lot.

我認為這一點非常值得強調，我們吸引到特斯拉的人才素質確實非常驚人。 我的意思是，它絕對是汽車行業和高科技行業中最好的。 我認為也許最好的跡象之一是，如果你去參加大學招聘會，任何一場有特斯拉參展的大學招聘會，看看特斯拉展位前的排隊，並將其與任何其他展位的排隊進行比較，包括 Facebook、谷歌、蘋果或其他任何公司的排隊，你會發現特斯拉的隊伍是整個招聘會上最長的。 我認為這說明了很多問題。

The [growth] of the business, that's been doing pretty well. It's increased 10% sequentially in revenue driven by better selling prices and a favorable leasing mix. Despite seasonality, because obviously people aren't really looking to buy a two-seater convertible sports car in the middle of winter, we delivered 149 Roadsters globally, on pace with the result in a much easier selling environment of the September quarter.

業務的[成長]一直表現良好。 受銷售價格上漲和租賃組合有利的推動，公司營收季增 10%。 儘管存在季節性因素，但顯然人們在隆冬時節並不真正想購買雙座敞篷跑車，我們在全球交付了 149 輛 Roadster，與 9 月份季度更為輕鬆的銷售環境下的業績持平。

We have also increased the order for Lotus going to a total of 2,500 cars from 2,400. We're not going to increase it anything beyond that, even though there is actually a demand that's in excess of above maybe 2,500 vehicles, because we want to stay true to our original commitment that the Roadster is intended to be a collector's item, limited edition collector's item. So we're increasing it just by 100 vehicles from 2,400 to 2,500 because we have seen quite a bit of demand, but we're not going to go beyond that. But it will allow us to sell a few more units in 2011 and 2012.

我們還將 Lotus 的訂單從 2,400 輛增加到 2,500 輛。 儘管實際需求可能超過 2,500 輛，但我們不會進一步增加產量，因為我們希望堅守我們最初的承諾，即將 Roadster 打造成一件收藏品，限量版收藏品。 因此，我們將車輛數量從 2,400 輛增加到 2,500 輛，僅增加了 100 輛，因為我們看到需求相當大，但我們不會超出這個數量。 但這將使我們在 2011 年和 2012 年銷售更多單位。

As far as retail expansion, we opened a new story in Tokyo, where Akio Toyoda personally attended, and just recently last week we had the Washington D.C. and Milan store openings.

至於零售擴張，我們在東京開啟了新篇章，豐田章男親自出席了開幕儀式，就在上週，我們在華盛頓特區和米蘭開設了新店。

Coming up, we're going to have the San Jose store in Santana Row opening in a few months, and this is going to be one of the first stores that really emphasizes our new model for selling cars. We're not quite prepared to talk about it now, but I think it will be something that's worth paying attention to in the future.

未來幾個月內，我們將在桑塔納街開設聖荷西門市，這將是首批真正強調我們新的汽車銷售模式的門市之一。 我們現在還沒有準備好談論它，但我認為它將來會是一件值得關注的事情。

Model S is on plan for first [customer] deliveries in mid-2012. So really no change from what I talked about in the last quarter or that we mentioned at the IPO. (Inaudible) reports to be a slow ramp in production of 2012 with it reaching steady-state production in 2013 as we've talked about in the past. So as far as the alpha build, I drive the alpha build, the latest alpha build every week and I must say I think the car is great, even at this early stage. Although it is a sedan, which is comparable in size to a 5-series BMW or a Mercedes E-class, or an Audi A6, it feels very light, agile on the road, has tremendous power as you'd expect from a Tesla or from something with an advanced trajectory motor. So I'm really pleased with how the project is developing. I really, I think this car is going to be the car that even if it wasn't electric would be the preferred vehicle among premier sedans.

Model S 計劃於 2012 年中期向首批客戶交付。 因此，與我在上個季度談論的內容或我們在 IPO 時提到的內容相比，實際上沒有什麼變化。 (聽不清楚)據報道，2012 年產量將緩慢增長，到 2013 年將達到穩定產量，正如我們過去談到的那樣。 就 alpha 版本而言，我每週都會駕駛 alpha 版本，最新的 alpha 版本，我必須說我認為這輛車很棒，即使在這個早期階段。 雖然它是一款轎車，尺寸與寶馬 5 系列、奔馳 E 級或奧迪 A6 相當，但它感覺非常輕盈，在路上行駛靈活，擁有強大的動力，就像你從特斯拉或帶有先進軌跡電機的汽車中所期望的那樣。 我對這個專案的進展非常滿意。 我真的認為，即使這款車不是電動車，它也會成為頂級轎車中的首選。

So we've completed as scheduled last quarter so we're driving in December and accumulated a lot of miles now. We've actually finished just this week our 15th alpha prototype, body-in-white prototype and last month we exhibited a nice photo view of the body-in-white at the North American Auto Show in Detroit. Part of the goal of that show was really to emphasize the quality of vehicle engineering at Tesla, because this is one of the least appreciated aspects of Tesla's capabilities. I think people generally appreciate that we've got the world's best Powertrain. They can obviously appreciate the aesthetics of the Model S by looking at it, but we really had to go under the skin to show that the vehicle engineering is just as good as the Powertrain engineering and the aesthetic design. It's an all aluminum body and chassis. In fact, we'll be the only aluminum car made in North America. The next most advanced car is probably the Audi A8, which is obviously made in Germany, but we feel there are reasons to say that the Model S is actually more advanced and better on the objective metrics, so things like torsional rigidity, stiffness-to-weight, strength-to-weight, safety characteristics, internal useful volume, that kind of thing, than the A8.

因此，我們已經按計劃在上個季度完成了工作，因此我們在 12 月就開始駕駛，現在已經累積了許多里程。 事實上，本週我們剛完成了第 15 個 alpha 原型，白車身原型，上個月我們在底特律北美車展上展示了白車身的精美照片。 該節目的部分目標實際上是為了強調特斯拉的汽車工程質量，因為這是特斯拉能力中最不受重視的方面之一。 我認為人們普遍欣賞我們擁有世界上最好的動力系統。 他們顯然可以透過觀察來​​欣賞 Model S 的美感，但我們必須深入研究才能證明車輛工程與動力系統工程和美學設計一樣出色。 它是全鋁製的機身和底盤。 事實上，我們將成為北美製造的唯一一款鋁製車。 排名第二的最先進的汽車可能是奧迪 A8，它顯然是在德國製造的，但我們覺得有理由說，Model S 實際上在客觀指標上更先進、更好，因此在扭轉剛度、剛度重量比、強度重量比、安全特性、內部有用容積等方面，都比 A8 更先進。

So yes, it's going really well in that respect. I feel very, very, very confident about having compelling data that will be available for test drive the summer of this year.

是的，從這方面來說，進展非常順利。 我非常非常有信心，我們將在今年夏天獲得可供試駕的令人信服的數據。

We just spoke to Fremont, our manufacturing facility, and this is really a substantially integrated manufacturing facility for the Model-S. This includes stamping, plastics, paint, paint and body assembly shops, and manufacture of Powertrain components. This is -- we're really taking advantage of an amazing infrastructure that we inherited from Toyota where they made the Toyota Corolla and Tacoma trucks. So and I -- some will disagree with this strategy, but I think vertical integration is a smart move. It allows us to adapt quickly to rapidly innovate and also to control our unit class.

我們剛剛與我們的製造工廠弗里蒙特進行了交談，這實際上是一個高度整合的 Model-S 製造工廠。 其中包括沖壓、塑膠、油漆、噴漆和車身組裝車間以及動力總成部件的製造。 這是——我們真正利用了從豐田繼承的令人驚嘆的基礎設施，他們生產豐田卡羅拉和塔科馬卡車。 所以，有些人可能不同意這個策略，但我認為垂直整合是個明智之舉。 它使我們能夠快速適應、快速創新並控制我們的單位類別。

This is quite important for a small car company because we don't have the leverage of a large car company. So whereas a large company could -- has leverage with suppliers because they can always say, well, fixed income you don't do a good job on this program you're -- we're going to not give you access to another program or something like that. We don't really have that flexibility or leverage. So it's important for us to say, okay, if you as a supplier are not going to do a job for us, we'll in-source and have that be a credible threat.

對於小型汽車公司來說，這一點非常重要，因為我們不具備大型汽車公司的影響力。 因此，大公司可以對供應商有影響力，因為他們總是可以說，固定收益，如果你沒有很好地完成這個項目，我們就不會讓你使用其他項目或類似的東西。 我們其實不具備那種彈性或影響力。 因此，對我們來說，重要的是要說，好吧，如果你作為供應商不為我們做工作，我們就會進行內部採購，並將其視為可信的威脅。

The [large] hydraulic press line is being assembled in Fremont on schedule. This is really epic. I mean it's the largest press line in North America, one of the largest in the world and we expect to be fully assembled by the second quarter of this year.

該[大型]液壓機生產線正在按計劃在弗里蒙特組裝。 這真是太精彩了。 我的意思是，這是北美最大的沖壓生產線，也是世界上最大的沖壓生產線之一，我們預計將在今年第二季全面投入生產。

We finalized the Model S production layout and we're going to -- we're actually going to design it to allow for 20,000 units on a single shift, slightly different from our prior plans where we had 20,000 on a double shift. It's a little bit of extra money spent now. We think it lays a better foundation for the future because it means that we can go to double shift or even, say, a triple shift and quickly adapt to increased customer demand, particularly bringing in something like the Model X if we want to rapidly scale to sort of annualized production of 40,000 or 50,000 then this allows us to do that without having to reconfigure the line substantially.

我們最終確定了 Model S 的生產佈局，實際上我們將設計為單班生產 20,000 輛，這與我們之前的雙班生產 20,000 輛的計劃略有不同。 現在這只是額外花的一點錢。 我們認為這為未來奠定了更好的基礎，因為這意味著我們可以實行雙班制甚至三班制，并快速適應不斷增長的客戶需求，特別是引入像 Model X 這樣的車型，如果我們想迅速擴大到年產量 4 萬輛或 5 萬輛，那麼這讓我們無需對生產線進行大規模重新配置就可以做到這一點。

The Model S alpha Powertrain is looking very strong. I don't think this is a risk at all for the Model S. In fact, I think it will be better than -- it's better than what I expected and my expectations are very high. So I think this is looking really, really strong. I'm very excited about the idea of sort of a sport version of the Model S or a performance version of the Model S that potentially outperforms something like the M5, which I think would be a great product.

Model S alpha 動力系統看起來非常強勁。 我不認為這對 Model S 來說是一個風險。事實上，我認為它會比我預期的更好，我的期望非常高。 所以我認為這看起來非常非常強大。 我對 Model S 的運動版或性能版的想法感到非常興奮，它的性能可能勝過 M5 之類的車型，我認為這將是一款很棒的產品。

Supply sourcing for production remains on track. Really, it's almost entirely done and this is an important data point because one of the questions as well is how it's going to stay on track for the expenditures for the Model S program in terms of total ED&T and all that, as well as just how we'll have sort of a handle on the unit cost. I think having almost all suppliers, almost all supply agreements done and then we'll say that, yes, we feel good about both of those elements I think is very important, and that is the case.

生產供應採購仍在進行中。 實際上，它幾乎已經完全完成，這是一個重要的數據點，因為其中一個問題是如何在總 ED&T 等方面保持 Model S 計劃的支出，以及我們如何控制單位成本。 我認為幾乎所有的供應商都已經簽訂了幾乎所有的供應協議，然後我們會說，是的，我們對這兩個要素都感到滿意，我認為這非常重要，事實就是如此。

So we have (inaudible) for equipment and process modernization, the paint, which is (inaudible) and I talked before about how important I think paint is. This is a really, really important detail on a car. So on the body shop side, (inaudible) for final assembly (inaudible). [Towing] supplies kick off is also underway -- kick off towing for our guys for our guys for stampings. That's -- Fuji is the device power there. They're hard at work and have been for a few months.

因此，我們對設備和工藝進行了（聽不清楚）現代化改造，油漆，這是（聽不清楚）我之前談過我認為油漆的重要性。 這是汽車上非常非常重要的細節。 因此在車身修理廠方面，（聽不清楚）對於最終組裝（聽不清楚）。 [拖曳] 供給啟動也正在進行中 —— 開始為我們的人員進行拖曳，並為我們的人員進行沖壓。 那就是——富士是那裡的設備動力。 他們辛勤工作了幾個月。

As far as Model-S reservations, we now have over 3,700 reservations. Bear in mind that minimum amount for reserving a Model-S is $5,000 so it's not like it's a $100 reservation. It's a $5,000 reservation and we're still locating very minimal resources to this effort and it's really going to be around the middle of this year, in the second half of this year really when we start to ramp up our sales effort on Model-S. So coinciding with the -- with having beta vehicle that we can give people test-drives in.

就 Model-S 的預訂而言，我們目前已經有超過 3,700 個預訂。 請記住，預訂 Model-S 的最低金額為 5,000 美元，因此這並不像 100 美元的預訂。 預訂價為 5,000 美元，我們仍在為這項工作投入極少的資源，我們真正開始加大對 Model-S 的銷售力度要在今年年中左右，也就是今年下半年。 因此，我們恰好有測試版車輛可供人們試駕。

On the strategic relationships front, just drill into that a little bit more. The Daimler business continues to progress well. Daimler has increased their order by 300 vehicles to 1,800 for this [March]. This is a good time that Daimler has increased its order, which was originally just 1,000 units. So I think it shows that there's continued interest from Daimler and we delivered a record amount of battery packs and charges in the fourth quarter. As far as the A-class, EV, as I mentioned the development work is essentially done. We're now shipping production battery packs and chargers. So that looks quite promising.

在策略關係方面，我們再深入探討。 戴姆勒業務持續進展良好。 戴姆勒已將今年（3 月）的訂單增加了 300 輛，達到 1,800 輛。 這是戴姆勒增加訂單的好時機，原本訂單只有1000輛。 所以我認為這表明戴姆勒對此持續感興趣，我們在第四季度交付了創紀錄數量的電池組和充電器。 就 A 級 EV 而言，正如我所提到的，開發工作基本上已經完成。 我們現在正在運送生產電池組和充電器。 這看起來很有希望。

Then for the Toyota RAV4 EV, total development revenue is potentially about $69 million. In this case, you're providing and electric Powertrain work including the motor, and gear [parts] in addition to the battery, the charger, and software. And we met the first major milestone under the agreement. We've been delivering RAV4 prototypes since July and we're just about to finalize the production supply agreement, and obviously, Toyota choosing to have (inaudible) is a tremendous endorsement. I think really having both Toyota and Daimler, I mean Daimler is a company that invented the internal combustion engine car. Toyota is the largest car company in the world and the leader in hybrids, and to have them as a strategic partner is obviously a great honor for us and really couldn't ask for a better endorsement of our core technology.

那麼對於豐田 RAV4 EV 來說，總開發收入可能約為 6,900 萬美元。 在這種情況下，您提供的電動動力系統工作包括馬達、齒輪 [零件] 以及電池、充電器和軟體。 我們實現了該協議下的第一個重要里程碑。 我們從 7 月開始交付 RAV4 原型車，現在我們即將完成生產供應協議，顯然，豐田選擇（聽不清楚）是一個巨大的認可。 我認為實際上有豐田和戴姆勒，我的意思是戴姆勒是一家發明內燃機汽車的公司。 豐田是世界上最大的汽車公司，也是混合動力汽車領域的領導者，能夠讓他們成為我們的策略夥伴對我們來說顯然是一種莫大的榮幸，這也是對我們核心技術最好的認可。

Then there's also Panasonic. Panasonic, you may recall, has -- they invested in Tesla late last year, which is great validation. They were also kind enough to state publicly that Tesla has the most fast factory patent technology in the world for EV applications. We continue to work to optimize the 18650 form factor specifically for automotive use. This is an important point that sometimes people aren't aware of, which is that the -- although with Roadster we use an almost unmodified laptop cell, in the case of Model S it is actually a highly modified cell that has the same external dimensions as the laptop cell so we can use the automated cell handling equipment, but it is significantly different internal geometry. This redesign has come at the behest of Tesla and we're able to transfer that, those changes to other suppliers. So this is not an exclusive supply group that we have with Panasonic and we do expect to establish a second source for cell supply given its importance, although Panasonic of course remains our preferred -- our number one cell supplier.

另外還有鬆下。 您可能還記得，松下去年年底投資了特斯拉，這是一個很大的認可。 他們也公開表示，特斯拉擁有世界上最快的電動車應用工廠專利技術。 我們將繼續致力於優化 18650 外形尺寸以適合汽車用途。 這是人們有時沒有意識到的一個重要問題，即——儘管我們在 Roadster 中使用的是幾乎未經修改的筆記型電腦電池，但就 Model S 而言，它實際上是經過高度修改的電池，具有與筆記型電腦電池相同的外部尺寸，因此我們可以使用自動化電池處理設備，但其內部幾何形狀卻有顯著不同。 這次重新設計是應特斯拉的要求進行的，我們能夠將這些變更轉移給其他供應商。 因此，這並不是我們與松下合作的獨家供應集團，考慮到其重要性，我們確實希望建立第二個電池供應來源，儘管松下當然仍然是我們的首選——我們的頭號電池供應商。

So as 18650s in general, we see at least for the next several years, we do not see anything better than an 18650. And for those that think that there's a larger format cell that's better, I would simply ask what is because the kilowatt hour was (inaudible) and until some cell supplier comes back to us with a number that is better than the 18650, for us it would be foolish to use anything except the 18650. It's really as simple as that.

因此，就 18650 電池而言，至少在未來幾年內，我們看不到任何比 18650 更好的電池。對於那些認為有更大尺寸電池更好的人，我只想問一下，這是因為千瓦時是（聽不清楚），直到某個電池供應商給我們提供一個比 18650 更好的數字，對我們來說，使用 18650 以外的任何電池都是愚蠢的。真的就這麼簡單。

Just a little bit of operational guidance, last quarter our primary objective was the completion of the drivable alpha prototype. You can see videos on our website about a car doing great [carving] turns through Southern California. This quarter, our Model-S related activities include finishing up with the three developers, doing extensive testing of the alphas in right climates, testing braking safety, handling, NVH, and all the rest. We're completing the last cohesive (inaudible) to our suppliers and executing detailed ratings plans at each of the stamping, plastics, paint, and final assembly shop.

僅提供一點操作指導，上個季度我們的主要目標是完成可駕駛的 alpha 原型。 您可以在我們的網站上看到一輛汽車在南加州進行精彩轉彎的影片。 本季度，我們與 Model-S 相關的活動包括與三位開發人員一起完成工作，在適當的氣候條件下對 alpha 進行廣泛的測試，測試煞車安全性、操控性、NVH 以及其他所有方面。 我們正在完成與供應商的最後的凝聚性（聽不清楚），並在每個沖壓、塑膠、油漆和組裝車間執行詳細的評級計劃。

Later on this year, we'll be going into beta build and beta build is kind of like -- it's an expansive, high-tech term, but when something is at beta stage it is almost instinctual from the production article except that of course there's a series of bugs that have to be worked out, and maybe some [corner] case functionality that needs to be added. And I kind of think that it's really -- what you see in the beta phase is almost identical to what you would receive in production. And we're, like I said, we feel confident of having our first beta build this summer.

今年晚些時候，我們將進入 Beta 版，Beta 版有點像——它是一個廣泛的高科技術語，但當某些東西處於 Beta 階段時，它幾乎是從生產文章中本能地獲得的，當然，還有一系列的錯誤需要解決，也許還有一些需要添加的[特殊] 案例功能。 而且我認為，您在測試階段看到的內容與您在生產中收到的內容幾乎完全相同。 正如我所說的，我們有信心在今年夏天推出我們的第一個測試版本。

So and then just maybe a few sentences just on the Model X and really clarify a few things on that before I hand it over to Deepak Ahuja, because there have been a few incorrect (inaudible). But the Model X is a variant on the Model S platform. So it is a crossover SUV with intent to be cooler than any other SUV, that's our aspiration. But it actually had a functionality that (inaudible) out of a minivan. This is a tough goal to achieve and I think we've got a shot and doing that, especially what we're aiming for. So the pricing would be comparable to that of the Model S and so this is not our sort of third generation mass production vehicle. That vehicle is still several years away, but the Model X is really just a way of generating potentially twice as much volume in the premier vehicle segment by offering a crossover SUV in addition to a sedan. And we're looking to unveil the design prototype of that at the end of this year.

因此，在將其交給 Deepak Ahuja 之前，我只想就 Model X 說幾句話並真正澄清一些事情，因為其中存在一些不正確的地方（聽不清楚）。 但Model X是Model S平台的一個變體。 因此，它是一款跨界 SUV，旨在比任何其他 SUV 都更酷，這是我們的願望。 但它實際上具有（聽不清楚）小型貨車的功能。 這是一個很難實現的目標，但我認為我們有機會做到，特別是實現我們所設定的目標。 因此定價與 Model S 相當，這不是我們所說的第三代量產車。 該車型還需要幾年的時間才能上市，但 Model X 實際上只是透過在轎車之外提供跨界 SUV 來實現高端汽車領域兩倍的銷量潛力的一種方式。 我們希望在今年年底推出其設計原型。

And with that, I'll turn it over to Deepak.

現在我將把話題交給 Deepak。

Thanks, Elon. The primary takeaway from the quarter is that in addition to delivering on the Model S, as Elon has shared with you, we've continued to improve revenue and gross margin of our existing business. As the December quarter marked the end of our fiscal year, I'll discuss both our quarterly and annual performance and then conclude with some thoughts on guidance.

謝謝，埃隆。 本季的主要收穫是，正如埃隆與大家分享的，除了推出 Model S 之外，我們還繼續提高現有業務的收入和毛利率。 由於 12 月季度標誌著我們財政年度的結束，我將討論我們的季度和年度業績，然後總結一些指導想法。

While discussing the financials, I'll provide commentary on both a GAAP and non-GAAP basis. Our non-GAAP financials include -- or exclude, sorry, non-cash charges related to stock-based compensation and change in the fair value our outstanding stock warrants. A reconciliation of the non-GAAP information is included in our earnings release.

在討論財務狀況時，我將根據 GAAP 和非 GAAP 基礎提供評論。 我們的非公認會計準則財務數據包括（或不包括，抱歉，與股票薪酬相關的非現金費用以及我們已發行股票認股權證的公允價值變動）。 非公認會計準則資訊的對帳已包含在我們的收益報告中。

Looking first at the P&L, overall revenue for Q4 was $36 million, a 16% increase over Q3 and almost double that reported in Q4 of last year. For the year, revenues were $117 million, up slightly from $112 million for 2009. Given that we were shipping Roadsters against a two-year backlog during most of 2009, we believe the 2010 performance is a strong result for the Company.

首先看損益表，第四季的總營收為 3,600 萬美元，比第三季成長 16%，幾乎是去年第四季的兩倍。 全年營收為 1.17 億美元，略高於 2009 年的 1.12 億美元。考慮到我們在 2009 年大部分時間都在發運兩年積壓的 Roadster，我們相信公司 2010 年的表現將會十分出色。

Let me remind you that we report revenue in two categories, automotive sales and development services. Automotive sales consist primarily of Roadster sales and to a lesser extent, the sales of Powertrain components to OEMs as well as zero emission vehicle credits. On the other hand, development services revenue consists of services we provide to other OEMs to develop electric Powertrain components and systems for their vehicles.

讓我提醒您，我們報告的收入分為兩個類別：汽車銷售和開發服務。 汽車銷售主要包括跑車銷售，其次還包括向原始設備製造商銷售的動力總成零件以及零排放汽車積分。 另一方面，開發服務收入包括我們向其他 OEM 提供的為其車輛開發電動動力總成組件和系統的服務。

Starting with the Roadster portion of our automotive sales, as Elon mentioned we delivered 149 Roadsters in Q4 versus 151 in Q3. We believe this is a very good result given that our sales have some degree of seasonality during the winter months. Average selling prices increased as compared to the prior quarter. This result, when combined with a lower leasing mix, contributed to a 10% sequential increase in Roadster related revenue to $20 million in Q4. For the year, Roadster revenues were $76 million as compared to $112 million in 2009. A comparison to that is (inaudible) storages again due to the two-year reservation backlog in 2009.

從我們汽車銷售中的 Roadster 部分開始，正如 Elon 所提到的，我們在第四季度交付了 149 輛 Roadster，而第三季度交付了 151 輛。 我們相信這是一個非常好的結果，因為我們的銷售在冬季具有一定的季節性。 平均售價與上一季相比有所上漲。 這一結果與較低的租賃組合相結合，促使 Roadster 相關收入在第四季度環比增長 10%，達到 2000 萬美元。 今年，Roadster 的營收為 7,600 萬美元，而 2009 年的營收為 1.12 億美元。相較之下，由於 2009 年兩年的預訂積壓，庫存量再次增加（聽不清楚）。

Looking at the Powertrain components portion of automotive sales, revenues were up almost 80% sequentially to $9 million in this quarter. We achieved our third consecutive record quarter for deliveries of battery packs and charges for Daimler. As Elon noted, Daimler increased its order by 300 battery packs and chargers for the Fortwo EV, hence the total program is now up to 1,800 units. We currently anticipate delivering these components until the summer of this year.

從汽車銷售的動力總成零件部分來看，本季營收季增近 80%，達到 900 萬美元。 我們連續第三個季度為戴姆勒交付了電池組和充電器，創下了紀錄。 埃隆指出，戴姆勒為 Fortwo EV 增加了 300 個電池組和充電器的訂單，因此總訂單量現已達到 1,800 台。 我們目前預計將在今年夏天交付這些組件。

In Q4, we also started recognizing revenue from the delivery of battery packs and charges for the Daimler A-class program, which we expect to continue through the balance of 2011. It's worth noting that our revenue per unit for the A-class battery pack is actually double than for Smart Fortwo, which is in proportion to the increase in the size of the battery capacity.

在第四季度，我們也開始確認來自戴姆勒 A 級專案電池組交付和充電的收入，我們預計該專案將持續到 2011 年底。值得注意的是，我們 A 級電池組的單位收入實際上是 Smart Fortwo 的兩倍，這與電池容量的增加成正比。

For the year, Powertrain revenue was $22 million. This portion of our revenue stream was negligible in 2009 since we had just started shipping production Powertrain components in Q4 of 2009. Overall, automotive sales revenues increased sequentially by 25% to $29 million, which we believe is a strong result, and on a full year basis, automotive sales revenues were $97 million as compared to $112 million in 2009, again due to higher Roadster sales in 2009 to clear out the two-year reservations backlog.

當年，動力總成業務收入為 2,200 萬美元。 2009 年，這部分收入微不足道，因為我們在 2009 年第四季才剛開始出貨生產動力傳動系統零件。總體而言，汽車銷售收入環比增長 25%，達到 2900 萬美元，我們認為這是一個強勁的業績，全年汽車銷售收入為 9700 萬美元，而 2009 年為 1.12 億美元，這同樣是由於 2009 年 Roadster 銷量增加，清空了兩年的預訂積壓。

Turning to development services revenue, development services revenue decreased sequentially by 10% to $7 million in Q4, primarily due to the completion of the Daimler in-class development program during the quarter. But this was partially offset by work underway on the Toyota RAV4 EV program. After agreeing on the final specifications of the RAV4 EV during Q4, we now have the opportunity to earn up to $69 million in development services revenue as we execute on our deliverables. We currently anticipate recognizing this revenue over the next four or five quarters given Toyota's stated intent to enter production with the RAV4 EV in 2012. And just as clarification, the sale of production parts for the RAV4 EV will be part of a separate agreement, which has not been finalized yet.

談到開發服務收入，第四季開發服務收入季減 10% 至 700 萬美元，主要原因是戴姆勒同級開發案在本季完成。 但這部分被豐田 RAV4 EV 專案正在進行的工作所抵消。 在第四季度就 RAV4 EV 的最終規格達成一致後，我們現在有機會在交付成果的過程中賺取高達 6,900 萬美元的開發服務收入。 鑑於豐田已表示計劃於 2012 年開始生產 RAV4 EV，我們目前預計在未來四到五個季度內確認這筆收入。需要澄清的是，RAV4 EV 生產零件的銷售將作為單獨協議的一部分，該協議尚未最終確定。

On a full year basis, development services revenue in 2010 were $20 million. The comparison with 2009 is not meaningful here since we started recognizing revenue for development services only in Q1 of 2010.

從全年來看，2010 年開發服務收入為 2,000 萬美元。 與 2009 年的比較在這裡沒有意義，因為我們只是在 2010 年第一季才開始確認開發服務的收入。

Total gross margin for the quarter was a record 31% as compared to 30% last quarter. Gross margins increased across all revenue lines showing great execution by our entire team. Gross margin from our automotive sales was 20% as compared to 17% in Q3, the highest we've ever achieved in any calendar quarter. This was due to a combined focus or a continued focus on both average selling prices and cost reductions. Gross margin for development services was 78% in Q4, as the timing of revenue recognition did not fully match the period in which we booked the underlying cost of revenues.

本季總毛利率達到創紀錄的 31%，而上季為 30%。 所有收入線的毛利率都有所增加，顯示出我們整個團隊的出色執行力。 我們的汽車銷售毛利率為 20%，而第三季為 17%，這是我們在任何一個日曆季度中取得的最高水準。 這是由於我們綜合關注或持續關注平均銷售價格和成本降低。 第四季開發服務的毛利率為 78%，因為收入確認的時間與我們確認基礎收入成本的期間不完全匹配。

This [mismatch] was further heightened in Q4 with the completion of the A-class program and the start of the Toyota development contract in the same period. Remember that this gross margin for development services is not an indicator of future performance due to these timing differences.

隨著 A 級專案的完成和豐田開發合約的開始，這種不匹配在第四季度進一步加劇。 請記住，由於這些時間差異，開發服務的毛利率不能作為未來績效的指標。

Total gross margin for the year increased from just 9% in 2009 to 26% in 2010. While this increase was partially driven by a change in mix between the automotive and development services revenue, we also increased automotive gross margin from 9% in 2009 to 18% in 2010. This shows the extent of improvement we've been able to achieve in both our Roadster and Powertrain activities. We're intent on keeping the same discipline on the Model-S program as well.

全年總毛利率從 2009 年的 9% 成長至 2010 年的 26%。雖然這一成長部分是由於汽車和開發服務收入結構的變化所致，但我們也將汽車毛利率從 2009 年的 9% 提高至 2010 年的 18%。這顯示我們在 Roadster 和動力總成業務方面都取得了巨大進步。 我們有意在 Model-S 專案上也保持同樣的紀律。

Our operating expenses continue to reflect continued emphasis on the development of the Model S and our spending on infrastructure. R&D expenses were $38 million for the quarter on a GAAP basis and $36 million on a non-GAAP basis. Non-GAAP R&D expenses increased 40% sequentially, primarily due to expenses related to the Model S alpha prototype build and one-time relocations expenses of our vehicle engineers from LA to Palo Alto. We also had higher production and engineering headcount that grew by 15% during the quarter, and the accelerated completion of engineering work underway at several suppliers.

我們的營運費用持續反映我們對 Model S 的開發和基礎設施支出的持續重視。 根據 GAAP 計算，本季研發費用為 3,800 萬美元，根據非 GAAP 計算，本季研發費用為 3,600 萬美元。 非公認會計準則研發費用較上季成長 40%，主要原因是與 Model S alpha 原型製造相關的費用，以及我們的汽車工程師從洛杉磯到帕洛阿爾託的一次性搬遷費用。 我們的生產和工程員工數量在本季也增加了 15%，多家供應商正在進行的工程工作也加速完成了。

We expect quarterly spending in 2011 to increase moderately from the Q4 level as we continue to execute on the Model S program, and the spending may be lumpy in some quarters.

由於我們繼續執行 Model S 項目，我們預計 2011 年季度支出將較第四季度略有增長，但某些季度的支出可能會出現波動。

SG&A expenses for the quarter were $25 million on a GAAP basis and $20 million on a non-GAAP basis. The 9% increase in our SG&A expenses on a non-GAAP basis from the prior quarter is due principally to the growth of our sales and marketing activities, and headcount to support the continued growth of our Company globally. We expect quarterly SG&A expenses in 2011 to increase slightly from the Q4 level as we continue this global expansion. This will be offset by our continued cost control and G&A. In summary, we are closely monitoring expenses and have strong controls in place to ensure that our spending is transferred to our plant.

根據 GAAP 計算，本季的銷售、一般及行政開支為 2,500 萬美元，根據非 GAAP 計算，本季的銷售、一般及行政開支為 2,000 萬美元。 根據非公認會計準則，我們的銷售、一般及行政開支較上一季增加 9%，這主要歸因於我們的銷售和行銷活動的成長，以及為支持公司全球持續成長而增加的員工人數。 隨著我們繼續全球擴張，我們預計 2011 年季度的銷售、一般及行政開支將較第四季略有增加。 這將透過我們持續的成本控制和一般行政費用 (G&A) 來抵銷。 總之，我們正在密切監控費用，並實施強有力的控制措施，以確保我們的支出轉移到我們的工廠。

We are incurring a net loss despite improved margin and will continue to do so for the next several quarters, while we are making significant investment in R&D and our infrastructure to launch the Model-S. Net loss for the fourth quarter was $51 million on a GAAP basis. This loss included $8 million of non-cash stock-based compensation, of which $3 million related to our Model-S based performance grant, reflecting a higher probability of achieving future milestones.

儘管利潤率有所提高，但我們仍面臨淨虧損，並且在接下來的幾個季度，這種虧損還將繼續，同時，我們正在對研發和基礎設施進行大量投資，以推出 Model-S。 根據 GAAP 計算，第四季淨虧損為 5,100 萬美元。 這筆損失包括 800 萬美元的非現金股票薪酬，其中 300 萬美元與我們基於 Model-S 的績效獎金有關，反映了實現未來里程碑的更高可能性。

Without these expenses, the loss in this quarter on a non-GAAP basis was $44 million or $0.47 per share with 94 million weighted average common shares outstanding. For the year, net loss per share was $3.04 on a GAAP basis and $2.53 on a non-GAAP basis with $51 million weighted average common shares outstanding.

除去這些費用，以非 GAAP 計算，本季的虧損為 4,400 萬美元，即每股虧損 0.47 美元，流通在外的加權平均普通股為 9,400 萬股。 全年每股淨虧損（以 GAAP 計算）為 3.04 美元，以非 GAAP 計算為 2.53 美元，流通在外的加權平均普通股為 5,100 萬美元。

As a quick note, we expect that most of our interest expense would be capitalized until the start of production of the Model S, since the DoE loan is being used to build out the Tesla factory in Fremont.

簡要說明一下，我們預計大部分利息支出將在 Model S 開始生產之前被資本化，因為能源部貸款將用於建造弗里蒙特的特斯拉工廠。

Turning now to the balance sheet, total cash including our cash in the DoE dedicated account was $173 million at the end of the quarter. This compares to total cash of $185 million at the end of the prior quarter. Combining total cash with the remaining DoE facility, we had capital resources of approximately $566 million available as of the end of the year. We currently anticipate that this will be sufficient to fund our operations through the launch of the Model-S based on our present plans.

現在來看看資產負債表，包括能源部專用帳戶中的現金在內的總現金在本季末為 1.73 億美元。 相比之下，上一季末的總現金為 1.85 億美元。 將總現金與剩餘的能源部設施結合，截至年底，我們可用的資本資源約為 5.66 億美元。 我們目前預計，根據我們目前的計劃，這將足以資助我們推出 Model-S 的營運。

Looking at cash flow for the quarter, operating activities consumed $34 million as compared to $46 million in the prior quarter despite a higher operating loss in Q4. The majority of the cash used in operating activities during Q4 is reimbursable under the DoE loan as it relates to our expanding R&D spending.

從本季的現金流來看，儘管第四季的經營虧損較大，但經營活動消耗了 3,400 萬美元，而上一季為 4,600 萬美元。 第四季營運活動中使用的大部分現金都可以透過能源部貸款償還，因為這與我們不斷擴大的研發支出有關。

Our inventory continued to grow to support our Roadster and Powertrain sells, but at a slower rate than the prior quarter. For the next few quarters, we expect inventory to continue to rise as we have elected to build Roadsters at a faster pace than our sales forecast given that Lotus production of Roadster gliders was installed just after year-end 2011 and we intend to continue with Roadster sales in 2012.

我們的庫存持續成長以支持我們的 Roadster 和 Powertrain 銷售，但成長速度比上一季慢。 在接下來的幾個季度中，我們預計庫存將繼續上升，因為我們選擇以比我們的銷售預測更快的速度生產 Roadster，因為 Lotus 的 Roadster 滑翔機生產是在 2011 年底之後安裝的，並且我們打算在 2012 年繼續銷售 Roadster。

Capital expenditures were $24 million in this quarter as compared to $67 million last quarter. Recall that last quarter's numbers included $56 million related to the acquisition of the Fremont facility. Over the last two quarters, we have made opportunistic purchases from the old NUMMI operations, particularly in stamping and plastics, which is allowing us to in-source a greater number of cars where we believe it makes good business sense. For the full year, we invested approximately $105 million in CapEx. This was lower than we anticipated, mainly due to timing. We expect that this deferral in spending will now show up in 2011.

本季資本支出為 2,400 萬美元，上季為 6,700 萬美元。 回想一下，上個季度的數字包括與收購弗里蒙特工廠相關的 5,600 萬美元。 在過去兩個季度中，我們從舊 NUMMI 業務中進行了投機性採購，特別是沖壓和塑料方面的採購，這使我們能夠在我們認為具有良好商業意義的領域內採購更多的汽車。 全年我們的資本支出約為 1.05 億美元。 這比我們預期的要低，主要是因為時間原因。 我們預計，這種支出延期將在 2011 年體現出來。

Offsetting our cash usage in the quarter was the drawdown of $15.3 million from our DoE loan facility at interest rates under 3%. Since the end of Q4, we have drawn an additional $15.6 million from the DoE loan facility related to our Q4 spending. I shared with you earlier the DoE funds half the expenses up front and the remaining half on a deferred basis.

本季我們從能源部貸款提取了 1530 萬美元，利率低於 3%，以抵消我們的現金使用量。 自第四季末以來，我們已從能源部貸款機構額外提取了 1,560 萬美元，用於第四季度的支出。 我之前與大家分享過，能源部將預先提供一半的資金，另一半則以延期的方式提供。

Next, I'd like to offer some thoughts on guidance. Since we remain focused on the long-term objective of delivering the Model S on time and its planned profitability, we are providing full year financial guidance for 2011. We project revenue to increase by about 40% to 50% in 2011 to a range of $150 million to $175 million. We expect Roadster sales to grow over last year, but still expect some seasonality during the winter months.

下面，我想談談幾點指導性的想法。 由於我們仍然專注於按時交付 Model S 及其計劃的盈利能力這一長期目標，我們為 2011 年提供了全年財務指導。我們預計 2011 年營收將成長約 40% 至 50%，達到 1.5 億美元至 1.75 億美元之間。 我們預計 Roadster 的銷量將比去年同期成長，但冬季仍會出現一些季節性因素。

The [core] Roadster program, as Elon mentioned, is now 2,500 units and we have delivered for 1,500 so far. Thus to the extent we exceed planned Roadster sales in 2011, we might not be able to admit all the Roadsters in (inaudible) in 2012. As Elon mentioned, 2011 should be our biggest year for capital spending for the Model-S program, as we will purchase most of the tooling and manufacturing equipment acquired for production. Looking at all of our capital expenditures for the full year, we expect to invest about $190 million to $215 million. Remember that the majority of these capital investments should be reimbursable under the terms of our DoE loans. With this level of CapEx spending, we can execute on our strategic decisions to increase in sourcing primarily in stampings and plastics. We've also elected to invent incrementally new technologies primarily in our paint and body shops to produce even higher quality at affordable costs.

正如埃隆所提到的，核心 Roadster 項目目前已有 2,500 輛，到目前為止我們已經交付了 1,500 輛。 因此，如果我們 2011 年的 Roadster 銷量超出計劃，我們可能無法在 2012 年將所有 Roadster 都納入銷量。正如 Elon 所提到的，2011 年應該是我們在 Model-S 專案上資本支出最大的一年，因為我們將購買用於生產的大部分工具和製造設備。 縱觀我們全年的所有資本支出，我們預計將投資約 1.9 億至 2.15 億美元。 請記住，這些資本投資中的大部分應該根據我們的能源部貸款條款來償還。 憑藉這一水準的資本支出，我們可以執行策略決策，主要增加沖壓件和塑膠的採購。 我們也選擇主要在油漆和車身車間逐步發明新技術，以更實惠的成本生產更高品質的產品。

Furthermore, we are investing an additional plant automation, as Elon mentioned, to expand capacity to produce up to 20,000 units on just one shift. This has about a one-year payback in terms of saved labor and overhead cost. The strategic benefit of this decision is that it also accommodates either higher Model S production or the efficient introduction of future models, such as the Model X.

此外，正如 Elon 所提到的，我們正在投資額外的工廠自動化，以擴大產能，使單班產量達到 20,000 台。 從節省的勞動力和管理成本來看，這大約可以在一年內收回成本。 這項決策的戰略優勢在於，它還可以適應更高的 Model S 產量或有效推出未來車型，例如 Model X。

Finally, as we have concluded negotiations with most of our buyers, some investments planned for 2010 have been deferred into 2011, while others have come in at a slightly higher cost over plan. Please remember that all depreciation of our capital expenditures related to the Tesla factory will begin after we start our Model S production.

最後，由於我們已與大多數買家結束談判，一些原計劃於 2010 年進行的投資已被推遲到 2011 年，而其他投資的成本則略高於計劃。 請記住，與特斯拉工廠相關的所有資本支出的折舊將在我們開始生產 Model S 後開始。

Moving onto Model S reservations, we had received slightly over 3,400 Model S reservations as of December 31 and have now surpassed 3,700. We planned to disclose this number of refundable reservations received during these earnings calls, but will not provide future guidance on this number. Since we're not actively focused on getting Model S reservations at this time, we did not regard the number of new Model S reservations received in any given quarter to be an indicator of our performance at least for the next year or so.

談到 Model S 的預訂，截至 12 月 31 日，我們已收到 3,400 餘輛 Model S 預訂，目前已超過 3,700 輛。 我們計劃在此次財報電話會議上揭露收到的可退款預訂數量，但不會對此數字提供未來指引。 由於我們目前並未積極關注 Model S 的預訂，因此我們並不認為任何一個季度收到的 Model S 新預訂數量可以作為至少在未來一年左右我們業績的指標。

I'd like to conclude in summary by reinforcing that we continue to be excited about our long-term opportunities.

最後，我想強調的是，我們仍然對我們的長期機會感到興奮。

This ends my prepared remarks.

我的準備好的發言到此結束。

Okay, analysts, and just a quick note to all of you and our investors as well, we just want you to note that when comparing our results to what services, such as Thompson-Reuters present as consensus expectations as these services are reporting a 2010 annual loss expectation of $2.23 per share, and clearly this is incorrect since even before this quarter we had already reported a year-to-date loss of $2.50 a share. We think this discrepancy appears to be driven primarily by a misread of the sell-side analyst models and that may be attributable to the difference between past, actual, and pro forma share accounts. So analysts, we ask you to please make sure that going forward the consensus service providers actually accurately reflect what your expectations are.

好的，分析師，我只想向你們所有人以及我們的投資者簡要說明一下，我們只是想讓你們注意，當將我們的結果與湯森路透等服務機構的普遍預期進行比較時，這些服務機構報告的 2010 年年度虧損預期為每股 2.23 美元，這顯然是不正確的，因為甚至在本季度年初之前，我們就已經報告了50 美元至今的每股虧損。 我們認為，這種差異似乎主要是由於對賣方分析師模型的誤讀造成的，這可能是由於過去、實際和備考股票帳戶之間的差異造成的。 因此，分析師們，我們請你們確保未來的共識服務提供者能夠準確反映你們的期望。

So with that, Tyrone, let's now open the call for Q&A please.

那麼，泰隆，現在讓我們開始問答環節。

Yes, sir. (Operator Instructions) Our first question is from Dan Galves of Deutsch Bank. Your line is open.

是的，先生。 （操作員指示）我們的第一個問題來自德意志銀行的 Dan Galves。 您的線路已開通。

Thanks very much. Congratulations on a good quarter. Can you hear me?

非常感謝。 恭喜您本季業績良好。 你聽得到我嗎？

Yes.

是的。

Okay, great. Just wanted to think about -- how should we think about cost expectations, how they've changed for the Model S over the last couple of quarters in terms of raw material, changes to raw material pricing that you've seen in the market. It sounds like this investment in automation for 20,000 units on one shift is a cost reduction, but as you've gone through the supplier sourcing process how have your cost expectations, unit cost expectations changed for the Model S?

好的，太好了。 只是想思考一下——我們應該如何看待成本預期，過去幾季 Model S 的原物料價格發生了怎樣的變化，以及您在市場上看到的原物料價格變化。 聽起來，對一個班次 20,000 台設備的自動化進行投資可以降低成本，但在您完成供應商採購流程之後，您對 Model S 的成本預期和單位成本預期有何變化？

I think they are in line. So there's always a little bit of fluctuation in the cost of a car, but really we feel pretty confident of being able to achieve I'd say really good margins on the car. I mean there's slight sort of issues with maybe currency risk amongst some of our suppliers or some chance of raw materials going bonkers. I mean those things can affect cost. But overall, I feel good about achieving a 25% gross margin that we think we can achieve with the Model S. So I'd say this really reaffirms our ability to do that.

我認為他們是一致的。 因此，汽車成本總是會發生一些波動，但我們確實非常有信心實現汽車的真正高利潤。 我的意思是，我們的一些供應商之間可能存在一些貨幣風險，或者原材料可能出現異常。 我的意思是這些因素會影響成本。 但總體而言，我對 Model S 能夠實現 25% 的毛利率感到很滿意。 所以我認為這再次證明了我們有能力做到這一點。

Okay, thanks very much. On the vertical integration strategy, you talked quite a bit about, is there any part of that that essentially the timing of validating some of your processes, could there be a chance that you get to the point where you want to outsource a part of the vehicle production and do you have backup plans? Or is there any part of that vertical integration strategy that could really change the timing of the Model S launch if it didn't work the way you thought?

好的，非常感謝。 關於垂直整合策略，您談了很多，其中是否有任何部分本質上是驗證某些流程的時機，是否有可能您想要將部分汽車生產外包，您是否有備用計劃？ 或者，如果垂直整合策略沒有按照你想像的那樣發展，那麼其中的某個部分是否真的能夠改變 Model S 的上市時間？

No, it's actually essentially the opposite, which is to reduce the risk of having one or two suppliers that caused the delay in deliveries of Model S. The basic philosophy for in-sourcing is to, if we need to, to be able to do almost anything in-house. So we don't expect to do everything in-house because that would be foolish, but to have the ability, to have that optionality to say worst-case scenario we can crank 24/7 internally and make that part ourselves is incredibly powerful. It's -- and I think also it helps to keep suppliers honest if they know that we have that ability. Because sometimes what can happen is suppliers will wait until quite late in the game before trying to raise costs on you or do some kind of bait and switch, or tell you -- or reveal that they really can't deliver. I have seen that so many times and being able to rally the troops internally and solve that problem is I think very, very important for controlling one's destiny.

不，實際上恰恰相反，這是為了降低因一兩家供應商而導致 Model S 交付延遲的風險。 因此，我們並不期望在公司內部完成所有工作，因為這樣做很愚蠢，但是，如果能夠擁有這種能力，擁有這種選擇權，也就是說，在最壞的情況下，我們可以在內部全天候開工，自己生產那個部件，這是非常強大的。 而且我認為，如果供應商知道我們有這種能力，這也有助於保持他們的誠實。 因為有時會發生的情況是，供應商會等到很晚才試圖提高成本，或者採取某種誘餌轉換策略，或者告訴你——或者透露他們確實無法交付。 我已經多次看到這種情況，我認為能夠在內部團結力量並解決這個問題對於掌握自己的命運非常非常重要。

Just one other quick one. Can you give us an indication of incremental investment for new top hats and potential timing for those vehicles after Model S?

再來一個快速的。 您能否透露一下新款頂篷的增量投資以及 Model S 之後這些車型的潛在上市時間？

Yes, a fair amount of these are just rough approximations, so I wouldn't treat this as cost for anything. It's been for something like Model X, we're thinking it's between a $100 and $150 million. Total CapEx, hopefully we're trying to do it at the lower end of that. But even if it's at the higher end of that, I mean it's a ridiculously good return on investments, so it's an obvious move.

是的，其中相當一部分只是粗略的近似值，所以我不會將其視為任何東西的成本。 例如對於 Model X 之類的車型，我們認為其售價在 1 億至 1.5 億美元之間。 總資本支出，希望我們能嘗試將其控制在較低水準。 但即使它處於較高的水平，我的意思是，這是一個非常好的投資回報，所以這是一個顯而易見的舉措。

Okay, thanks very much.

好的，非常感謝。

Thanks.

謝謝。

Thank you sir. Your next question is from Joshua Paradise of Morgan Stanley. Your line is open.

謝謝先生。 您的下一個問題來自摩根士丹利的 Joshua Paradise。 您的線路已開通。

Hey, guys. Congratulations on great execution and thank you for taking the question. You talked a little bit about the battery chemistry that you're developing with Panasonic. So I guess is the chemistry that you're going to use in the Model S, at least in the first version of the Model S, finalized, or is that still under development or refinement?

嘿，大家好。 恭喜您出色的表現，並感謝您回答這個問題。 您談到了與松下合作開發的電池化學技術。 所以我猜想您將在 Model S 中使用的化學成分，至少是 Model S 的第一個版本，是否已經最終確定，還是仍在開發或改進中？

It is finalized in the broad brush strokes. There are a few financial items that are little details that will continue to be optimized over this year, but there no major outstanding question marks. We're very pleased with the results we're getting in our test packs. I think people will be pretty impressed with the results. I think it's, as far as I can tell it's more than what anyone thinks is possible.

它是以粗略的筆觸完成的。 有一些財務項目是小細節，將在今年繼續優化，但沒有重大懸而未決的問號。 我們對測試包所得到的結果非常滿意。 我想人們會對結果印象深刻。 我認為，據我所知，這超出了任何人想像的可能性。

Can you give a little bit more information on what you are refining, is it the chemistry, is it the internal geometry, is it something else?

您能否提供更多有關您正在提煉的東西的信息，是化學性質，是內部幾何形狀，還是其他什麼？

All of the above, yes. There have been some tweaks to the internal chemistry, a lot of tweaks to internal geometry, and it's fairly proprietary, so we can't talk about exactly what they are. Of course, as soon as we have the car on road, then you can buy a car and then do your own post-mortem here, start dissecting the pack and the sale, but we'll leave it to that point before they can --- before they know what exactly we've done.

以上皆是，是的。 對內部化學成分進行了一些調整，對內部幾何形狀進行了大量調整，並且這些調整是相當專有的，因此我們無法確切談論它們是什麼。 當然，一旦我們的汽車上路，您就可以購買汽車，然後在這裡進行自己的事後分析，開始分析包裝和銷售情況，但我們會在他們知道我們到底做了什麼之前將其留到那個時候。

Right, and then in the past you've talked about potential agreements with other OEMs. Obviously, you have a strong agreement with Toyota, you have Daimler. Can you give any update on where you are with discussions with other OEMs?

是的，過去您曾談到與其他 OEM 的潛在協議。 顯然，你與豐田、與戴姆勒都簽署了強而有力的協議。 能否介紹一下與其他 OEM 廠商的討論進度？

Yes, we are -- we've had some recent significant discussions with OEMs, with other OEMs besides our two main partners. I mean we do need to be a little cautious about engaging another big OEM deal, co-development deal right now, given the importance of the Model S program, and focus on that as well as making sure we do a great job for Daimler and Toyota. I mean I think we definitely have our hands full right now. I think we want to make sure particularly with respect to the RAV4 development, which is a very intense development program this year that we do a really great job for Toyota, and then like I said for the Model S as well, which is kind of our main stay. So, think of it like, it's not as though there aren't deals that we could do it we wanted to do them, but we have to be -- make sure we don't bite off more than we can chew.

是的，我們最近也與 OEM 進行了一些重要的討論，除了我們的兩個主要合作夥伴之外，還與其他 OEM 進行了一些重要的討論。 我的意思是，考慮到 Model S 專案的重要性，我們現在確實需要對參與另一項大型 OEM 交易和共同開發交易保持謹慎，並專注於此，同時確保我們為戴姆勒和豐田做得很好。 我的意思是，我認為我們現在肯定已經忙得不可開交了。 我認為我們要確保 RAV4 的開發，這是今年非常緊張的開發計劃，我們能為豐田做出出色的工作，然後就像我說過的，對於 Model S 也是如此，這是我們的支柱。 所以，想想看，並不是說我們沒有可以做的交易，我們想做，但我們必須——確保我們不會承擔超出我們能力範圍的任務。

Okay, thanks so much.

好的，非常感謝。

Thank you. Our next question is from Patrick Archambault of Goldman Sachs. Your line is open.

謝謝。 我們的下一個問題來自高盛的帕特里克·阿尚博（Patrick Archambault）。 您的線路已開通。

Hi. Good afternoon, everybody. I guess a couple questions. On the CapEx spending, I think you had said $190 million to $215 million for 2011 if I got that right. Deepak, how does that compare to what you had originally envisioned for the year? And maybe could you tell us a little bit about some of the variances, what was timing, what's increased vertical integration, what's maybe just cost that is a little higher than you guys had budgeted?

你好。 大家下午好。 我想有幾個問題。 關於資本支出，如果我沒記錯的話，我想您說過 2011 年的資本支出為 1.9 億至 2.15 億美元。 迪帕克，這與你最初設想的今年的情況相比如何？ 也許您能否向我們介紹其中的一些差異，例如時間安排、垂直整合程度的提高以及成本是否比您預算的略高一些？

Yes, Pat, it is higher than our initial numbers, but for very good reasons that we have fully vetted out and understood, and as we said, as Elon and I have discussed, I think, it's all strategic related to what makes sense for us to in-source, particularly in stamping and plastics, what makes sense for us to go invest in better technology to get that high quality in the paint shop, to get that perfect fit and finish in our body shop. What makes sense for us to add that --- spend that extra bit of money and get the 20,000 units on a single shift and get a good payback, which helps us to achieve our total profitability. I think, the bottom line of all of this is that we have sufficient sources of cash on hand, as I mentioned, the $566 million between cash and the DoE loan facility that we feel comfortable about completing the Model S program with that funding in place.

是的，帕特，這個數字高於我們最初的數字，但出於非常充分的理由，我們已經充分審查和理解了這些理由，正如我們所說的，正如埃隆和我討論過的，我認為，這一切都是戰略性的，與我們進行內部採購的意義有關，特別是在沖壓和塑料方面，與我們投資更好的技術以在噴漆車間獲得高質量、在我們的車間 對我們來說，補充這一點是有意義的 --- 多花一點錢，在一個班次中生產出 20,000 個單位，並獲得豐厚的回報，這有助於我們實現總體盈利。 我認為，所有這一切的底線是我們手頭上有足夠的現金來源，正如我所提到的那樣，現金和能源部貸款額度之間的差額為 5.66 億美元，有了這些資金，我們對完成 Model S 專案充滿信心。

Yes, in fact I'd just like to reemphasize what Deepak just said. Even if we raise no additional funds at all, we have sufficient availability of capital to complete the Model S program and reach profitability. I think this is perhaps -- I just want to be really explicit about that. Now, I think that there is a likelihood, in fact, I mean, arguably an expectation that we will raise some incremental capital for the Model X program. But that would be maybe towards the end of this year in terms of timing. It's not like in the immediate future. I think we wouldn't do it any sooner than after the Model S beta is unveiled. People perhaps can feel -- can sort of get a more direct sense of what kind of products Tesla can deliver and are they really great products or not, but that seems like the sort of soonest timing that we would do it.

是的，事實上我只是想重申迪帕克剛才說的話。 即使我們沒有籌集到任何額外資金，我們也有足夠的資金來完成 Model S 專案並實現盈利。 我想這也許是──我只是想明確地說明這一點。 現在，我認為我們有可能，事實上，我的意思是，可以說是預期我們會為 Model X 專案籌集一些增量資本。 但從時間上來說，這或許要到今年年底了。 這不像是在不久的將來。 我認為我們不會在 Model S 測試版發布後立即這樣做。 人們或許可以感受到——可以更直接地了解特斯拉可以提供什麼樣的產品，以及它們是否真的是優秀的產品，但這似乎是我們能做到的最快的時間。

On that note, is kind of the incremental capital that you'd be looking for, for the Model X program, is that sort of in the zip code of what you outlined to Dan there? I think you said $100 million, $150 million, or something.

就這一點而言，您所尋求的用於 Model X 專案的增量資本是否與您向 Dan 概述的郵遞區號一致？ 我想你說的是 1 億美元、1.5 億美元或類似的金額。

Yes, it would be probably in the order of $100 million to $150 million type of thing.

是的，可能在 1 億到 1.5 億美元之間。

Okay, and one the beta prototype, when do you guys actually start testing on that, excuse me, for safety ratings?

好的，還有一個 beta 原型，請問你們什麼時候真正開始測試它，為了進行安全評級？

Actually, the safety stuff is already underway with the alpha prototype. And that testing is then used to calibrate crash simulations, and then we make modifications from those initial safety tests that are being done with the alphas. There's a slight design integration going to the betas, so just to be clear that that crash testing is actually going to start very shortly, and we've already started safety testing of doing things like the ABS brakes testing, which is underway with Bosch. And that was an important milestone because we needed to get cold weather ABS testing underway, which is great. That's happening now. Then there is going to be another period of intense crash testing for the betas starting towards the end of summer, and then yet more crash testing that takes place once we have our release candidates, because the beta is caught in sort of 98%, 99% production design, but it isn't entire made with production tooling. So we have to get another confirmed confirmation step with the release candidate articles, which would be kind of in the roughly 11 to 12 months from now. That's just to confirm that the process used to manufacture the cars results in cars that are consistently of the design intent.

實際上，安全工作已在 Alpha 原型機上進行。 然後，該測試用於校準碰撞模擬，然後我們根據使用 alpha 進行的初始安全測試進行修改。 測試版中會進行一些輕微的設計整合，因此需要明確的是，碰撞測試實際上很快就會開始，而且我們已經開始進行安全測試，例如 ABS 煞車測試，這項測試正在與博世合作進行。 這是一個重要的里程碑，因為我們需要進行寒冷天氣 ABS 測試，這很棒。 那件事現在就正在發生。 然後，從夏末開始，我們將對測試版進行另一期密集的碰撞測試，然後在我們有了候選版本後，還會進行更多的碰撞測試，因為測試版已經完成了 98%、99% 的生產設計，但尚未完全使用生產工具製作。 因此，我們必須對候選發布文章進行另一次確認，這將在大約 11 到 12 個月後完成。 這只是為了確認製造汽車的工藝能夠生產出始終符合設計意圖的汽車。

So, there is a whole lot of crash --- there is a tremendous amount of crash testing taking place. Because our standard that we're --- what we're aiming for here with Model S is pretty extraordinary in terms of safety. We're aiming for sort of all round five star rating by 2012 standards, which is a very high standard to meet. A car that was five star by 2010 standard would be a three star in 2012. So this is important to appreciate just how high a bar it is that we're aiming for, but we could miss that standard by a mile and still be better than other standards on the road. So but we want to be the best, so that involves a lot of crashes unfortunately. So I mean, we have to do them, but it is sad to see so many getting mashed up, but then this is extremely important competitive dimension, and to me, I'll have my family in it, my friend's families. I want to ensure that this is -- that we can say that there isn't a safer care on the road. Sorry for the laborious answer.

因此，存在大量的碰撞 --- 正在進行大量的碰撞測試。 因為我們對 Model S 所設定的標準在安全性方面是相當高的。 我們的目標是按照 2012 年的標準獲得全面五星評級，這是一個非常高的標準。 以 2010 年的標準獲得五星級評價的汽車在 2012 年就會變成三星級。 但我們想要做到最好，因此不幸的是，這會導致很多事故。 所以我的意思是，我們必須這樣做，但看到這麼多人被搞垮真是令人難過，但這是一個極其重要的競爭維度，對我來說，我的家人、我朋友的家人也參與其中。 我想確保這一點——我們可以說，道路上沒有比這更安全的交通了。 抱歉回答這麼辛苦。

Got you. I guess, I mean one more question related to that actually is, is the release candidate, can you talk us through is that what -- you have kind of I guess an assembly tooling product that you released and that's when you get your final rating, and that happens some time next year. Is sort of that the way to think about it at the end of your internal testing process, is that how it works?

明白了。 我想，我的意思是與此相關的另一個問題實際上是，候選版本是什麼樣的，您能否向我們講解一下 - 您發布了一種裝配工具產品，然後您就會得到最終評級，這會在明年的某個時候發生。 在內部測試過程結束時，您是否會這樣思考這個問題？

Yes, in the US, it's kind of, I guess a self-certification process. I mean you conduct the tests, you compile the data, but then your tests aren't chaperoned by others. It is different in Europe. The tests are chaperoned, so we'll be doing these tests both according to US and European specifications because a Model S is designed to a similar set of those requirements. So it's actually, it's more of witnessing tests more on the European side. But yes, it's basically --- the alpha is about validating the --- calibrating the crash simulations to the computer models matched to what we see in reality, is there anything that we learn that is perhaps not captured in simulations. And then we do an iteration, go into beta. In the beta phase, we sort of confirm the corrected design. So there would be some sort of minor iterations in the beta phase, and then the release kind of phase is really just confirming that we've been consistent to the way that we make actual vehicles.

是的，在美國，我想這是一種自我認證的過程。 我的意思是你進行測試，彙編數據，但你的測試沒有其他人陪同。 歐洲的情況則不同。 測試是有專人陪同的，所以我們將根據美國和歐洲的規範進行這些測試，因為 Model S 是按照類似的要求設計的。 因此實際上，這更多的是見證歐洲方面的測試。 但是的，它基本上是 --- alpha 是關於驗證 --- 將碰撞模擬校準到與我們在現實中看到的相匹配的計算機模型，我們是否學到了模擬中可能無法捕獲的東西。 然後我們進行一次迭代，進入測試階段。 在測試階段，我們會對修正後的設計進行確認。 因此，在測試階段會有一些小的迭代，而發布階段實際上只是確認我們製造實際車輛的方式始終保持一致。

Got you. Well, one last just small modeling thing. Can you tell us how many battery units you sold for the quarter?

明白了。 好的，最後一個只是小小的建模事物。 您能告訴我們本季您銷售了多少電池嗎？

I don't think we have publically shared that information so far, Pat.

帕特，我認為我們迄今為止還沒有公開分享這些資訊。

Okay. How about [Fed] credits, do you have that handy?

好的。 那麼[聯邦]信貸怎麼樣？

I think we do mention that. It's about $800,000 in Q4.

我想我們確實提到過這一點。 第四季約 80 萬美元。

Yes, and just on the (inaudible), for the Model S, our margin assumptions depend only very slightly on Fed credit. I think it's only like a few percentage points, or something like that.

是的，就（聽不清楚）而言，對於 Model S，我們的利潤假設僅僅稍微依賴聯準會信貸。 我認為這只是幾個百分點，或類似的數字。

And it's broader than Fed credits. It's global and it's on any other trading of foreign credits that may be happening in Europe.

而且其範圍比聯準會信貸更廣泛。 它是全球性的，並且涉及歐洲可能發生的任何其他外國信貸交易。

Yes, as I said, we are seeing a little more interest in Fed credits than we previously thought might be the case. But we will see. We don't know if that's going to materialize or not.

是的，正如我所說，我們看到人們對聯準會信貸的興趣比我們之前想像的要高一些。 但我們會看到。 我們不知道這是否會實現。

Great. Thanks a lot, guys.

偉大的。 非常感謝大家。

Thank you, again. (Operator Instructions) Our next question is from Andrea James of Dougherty & Company. Your line is open.

再次感謝您。 （操作員指示）我們的下一個問題來自 Dougherty & Company 的 Andrea James。 您的線路已開通。

Hi, guys. A question about some of your OEM partnerships. Can you tell us a little bit more about what Daimler was thinking with upsizing the number of battery packs, and is there a possibility of you guys getting a production contract on that?

嗨，大家好。 關於你們的一些 OEM 合作關係的問題。 您能否告訴我們更多關於戴姆勒在增加電池組數量方面的想法，以及您是否有可能獲得生產合約？

Yes, I can tell you what I think Daimler thinks, but they would be obviously the best entity to comment on this officially. But they're just seeing al to of interest in the Smart EV. People really like it and cities around the world are clamoring for it. So that's why they have increased the sort of test fleet size and length. I think that's the best rationale there. As far as the larger production deal for smart battery packs, that's -- they are going through sort of a detailed RFQ preparation process right now.

是的，我可以告訴你我認為戴姆勒的想法，但他們顯然是對此進行官方評論的最佳實體。 但他們只是看到了人們對智慧電動車的興趣。 人們非常喜歡它，世界各地的城市都爭相擁有它。 這就是他們增加測試艦隊規模和長度的原因。 我認為這是最好的理由。 就智慧電池組的更大規模生產交易而言，他們目前正在進行某種詳細的 RFQ 準備流程。

We certainly think that we're in an excellent position to win such a contract. I don't want to be presumptuous, but certainly we're in an excellent position. Our pack is in the test fleet. So any other alternatives would have to --- well, I am not sure what testing process they'd have to go through, but they would certainly be behind whatever we've done. So it sort of stands to reason that if the test fleet is using our pack and charge that kind of gives us arguably pole position in a production situation for Smart.

我們確實認為我們很有機會贏得這樣的合約。 我不想妄自揣測，但確實我們處於非常有利的地位。 我們的裝備目前在測試艦隊。 所以任何其他替代方案都必須——嗯，我不確定他們必須經歷什麼樣的測試過程，但他們肯定會支持我們所做的一切。 因此，如果測試車隊使用我們的電池組和充電器，那麼我們在 Smart 生產中就佔據了領先地位。

Yes, for sure. And as far as the A-Class E-Cell, I think you had said something in your commentary about, you mentioned production. Can you just --- I missed, I didn't quite understand and I didn't realize that had been, that was production yet.

是的，當然。 至於 A-Class E-Cell，我認為您在評論中提到了生產。 你能不能只是---我錯過了，我不太明白，我也沒有意識到那已經是生產了。

Sorry, could you repeat that question again?

抱歉，您能再重複一次這個問題嗎？

Yes, I guess, Elon, you had said something about the A-Class you start delivering, I thought you said production battery packs. Is that a production contract or is it still development?

是的，我想，埃隆，你說過一些關於你開始交付的 A 級車的事情，我以為你說的是生產電池組。 這是生產合約還是仍在開發中？

Just to clarify, we call it production battery packs because the development contract is over and now we're providing them battery packs for their test fleet, which will primarily be running in Europe.

需要澄清的是，我們稱之為生產電池組，因為開發合約已經結束，現在我們為他們的測試車隊提供電池組，該車隊主要在歐洲運行。

Yes, called perhaps a small scale production versus large scale production. Its production by Daimler standards because you have to meet all of the very intense safety and reliability standards of Daimler, even for a test fleet. So, Daimler regards it as production because they hold us to the same standards they would hold a much larger production level.

是的，也許可以稱之為小規模生產與大規模生產。 它是按照戴姆勒標準生產的，因為你必須滿足戴姆勒所有非常嚴格的安全性和可靠性標準，即使對於測試車隊也是如此。 因此，戴姆勒將其視為生產，因為他們對我們的要求與對更大規模生產水準的要求相同。

That explains it. And then about the Toyota upsize that you said $69 million and I think before it had been $60 million. Is it just you're doing more for them now, it's a bigger contract than before?

這就解釋了。 然後關於豐田的增資，您說的是 6900 萬美元，但我認為之前是 6000 萬美元。 是不是因為你現在為他們做得更多了，所以合約比以前更大了？

No, let me just clarify. We signed an initial contract in Q3 for $9 million to provide them some initial prototypes and later on, we followed that up with the $60 million in Q4 for the development contract, which is broader in scope and needs completely the specifications that they want. So that's the combined $69 million.

不，讓我澄清一下。 我們在第三季度簽署了一份價值 900 萬美元的初始合同，為他們提供一些初始原型，隨後，我們又在第四季度簽署了價值 6000 萬美元的開發合同，該合同的範圍更廣，需要完全滿足他們想要的規格。 因此總計為 6900 萬美元。

Okay, and my final question is just on the Model S distribution. When can we hope to hear more about I guess your store rollout and what your plans are there?

好的，我的最後一個問題是關於 Model S 的分佈。 我們什麼時候可以了解更多有關您的商店推出的信息以及您的計劃？

Well, I think there was two parts to that. One is kind of the schedule of store rollouts and then the other is kind of the refinement of the whole purchasing and servicing process, the sales and services process for automotive. Because we're trying to innovate significantly on that dimension of the auto business, which is I think historically has been --- been rather poor. And a lot people would regard their car buying experiences as the worst retail experience they've had, not always, but a lot of people would say that and in fact have said that to me. So we really want to change that so that you really look forward to buying a car and that you actually would come into a Tesla store to sort of just browse around and kind of see what's happening even if you weren't specifically in the mood to buy a car right at that moment.

嗯，我認為這有兩個部分。 一是商店開業的計劃，二是整個採購和服務流程、汽車銷售和服務流程的改進。 因為我們正試圖在汽車業務的這個層面上進行重大創新，而我認為從歷史上看，這個層面一直比較糟糕。 很多人會認為他們的購車經驗是他們經歷過的最糟糕的零售體驗，雖然並非總是如此，但很多人都會這麼說，事實上他們也對我這麼說過。 所以我們真的想改變這種狀況，讓你真正期待購買汽車，即使你當時並沒有特別想買車，你也會走進特斯拉商店，只是瀏覽一下，看看那裡的情況。

We want to be really inviting and essentially and our first core prototype of that experience is going to be the Santana Row store in a couple of months, but it is going to take us little bit of time to refine that process, refine the experience. So I think you'll really start to see that kind of develop over the course of this year. And as far as the rollout is concerned, right now we're making sure that we're identifying locations in key metros for Model S and beginning kind of the long lead process of lease negotiation and permitting and that kind of thing, but we're going to try to avoid applying a ton of capital to it too far in advance in the Model S sales. Because we really won't have any trouble selling the first --- the 2012 production of Model S.

我們希望真正具有吸引力，本質上，我們這種體驗的第一個核心原型將在幾個月後成為桑塔納街商店，但我們需要一點時間來完善這個過程，完善體驗。 所以我認為你將在今年真正開始看到這種發展。 就推出而言，目前我們正在確保在主要大都市為 Model S 確定地點，並開始進行租賃談判和許可等長期準備過程，但我們會盡量避免在 Model S 銷售前期投入大量資金。 因為我們確實不會在銷售第一輛——2012 年生產的 Model S ——上遇到任何困難。

In fact 2012 production of Model S will probably be sold before, I mean (inaudible) this prediction, but I think I'm reasonably safe in doing so that our production, our 2012 production of Model S will be sold out before 2012 starts. I think that is a very likely thing to occur. And so obviously there isn't a need to have a huge number of stores because, well, we've already sort of, we'll be selling cars for (inaudible) 2013. So really, you'll see the big ramp in store locations and whatnot for Model S in 2012 rather than 2011 in preparation for really driving sales in 2013. I think that's kind of a sensible strategy.

事實上，2012 年生產的 Model S 可能會在…之前售完，我的意思是（聽不清楚）這個預測，但我認為我可以相當有把握地這樣做，我們 2012 年生產的 Model S 將在 2012 年開始前售罄。 我認為這是非常有可能發生的事情。 因此，顯然我們不需要開設大量的門市，因為我們已經準備好在 2013 年銷售汽車了。

Thank you so much. That's all for me.

太感謝了。 對我來說這就是全部了。

Thank you. Our next question is from Ben Kallo of Robert W. Baird. Your line is open.

謝謝。 下一個問題來自 Robert W. Baird 的 Ben Kallo。 您的線路已開通。

Hi, thanks for taking my question. So could you guys talk about your strategy, if you have one at this point, about entering developing markets. So do you plan on developing market specific car malls or would you do this and would you do this alone or with a partner?

你好，謝謝你回答我的問題。 那麼，如果你們現在有進入發展中市場的策略的話，能不能談談你們的策略？ 那麼，您是否計劃開發針對特定市場的汽車商城，或者您會這樣做嗎？

We definitely, by developing markets I think you may be thinking about the BRIC nations. We're trying, obviously not a developing market at this point. But are there particulars markets that you have in mind?

我們當然會考慮發展市場，我想您可能會想到金磚國家。 我們正在嘗試，顯然目前還不是一個發展中市場。 但是，您是否考慮過特定的市場？

Yes, the BRIC markets.

是的，金磚四國市場。

Okay. I think really of those, China is by far and away the most significant given that new cars delivered in China are now greater than that in the US. That could shift as the US economy improves, but that certainly has been for last few quarters. So we're thinking entry into China would be in kind of the 2013 timeframe. As I mentioned just a moment ago, just in our existing markets we'll be --- we'll have covered all of the demand for 2012, or I should say we'll have demand in excess of the production of 2012 and probably have pre-sold 2012 by the end of 2011. So therefore getting to markets beyond that is kind of only important really in the 2013 timeframe so that's logically when we would go to China. We would go with a --- we would go direct. So it would be just Tesla and not a local partner.

好的。 我認為，其中中國是迄今為止最重要的，因為中國的新車交付量現在超過了美國。 隨著美國經濟好轉，這種情況可能會發生變化，但過去幾季確實已經發生了變化。 因此我們認為進入中國市場的時間大概是 2013 年左右。 我剛才提到，僅在現有市場，我們就能滿足 2012 年的所有需求，或者說，2012 年的需求將超過產量，而且可能在 2011 年底就預售完 2012 年的車型。 我們會選擇 --- 我們會直接選擇。 所以這只是特斯拉，而不是當地的合作夥伴。

So as you modify your models, if you need to, to enter those markets, do your costs increase? Or how do you view costs by entering those different markets?

那麼，如果您需要修改模型以進入這些市場，您的成本會增加嗎？ 或者您如何看待進入不同市場的成本？

We don't anticipate significant modifications apart from local language related stuff, and there is sort of small [modification] changes that need to take place. But just as Mercedes doesn't modify their S-class significantly by market or BMW doesn't modify their 5 or 7 Series, or Maserati doesn't really modify the Quattroporte then I think we would likewise not significantly modify the Model S. There may be, like, long-term, there maybe market-specific models that we bring out, but I don't anticipate that in the next few years.

除了本地語言相關的內容外，我們預計不會有重大的修改，只需要進行一些小的[修改]。 但就像梅賽德斯不會根據市場對其 S-Class 轎車進行大幅改動，寶馬不會對其 5 系或 7 系進行改動，瑪莎拉蒂不會真正改動 Quattroporte 一樣，我認為我們同樣也不會對 Model S 進行大幅改動。

Great. Thank you very much.

偉大的。 非常感謝。

Thank you. I'm showing no further questions or comments at this time. I would like to turn the call over to Elon Musk for any closing remarks.

謝謝。 我目前沒有其他問題或評論。 我想將電話轉給伊隆馬斯克，請他做最後發言。

Thanks. I don't have any closing remarks. Good questions. I appreciate everyone's time on the call.

謝謝。 我沒有任何結束語。 好問題。 我感謝大家在通話中付出的時間。

Thank you everyone. We look forward to seeing many of you on Wednesday, March 2 in San Francisco at Morgan Stanley's Technology Media and Telecom Conference where Deepak will be presenting. Thank you.

謝謝大家。 我們期待在 3 月 2 日星期三於舊金山舉行的摩根士丹利技術媒體和電信會議上見到大家，Deepak 將在會上發表演講。 謝謝。

Ladies and gentlemen, thank you for your participation in today's conference. This concludes the program. You may now disconnect and have a wonderful day.

女士們、先生們，感謝大家參加今天的會議。 本節目到此結束。 現在您可以斷開連接並享受美好的一天。