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，美好的一天，歡迎參加特斯拉汽車公司 2010 年第四季度財報電話會議。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，屆時將按照說明進行。 （操作員說明）作為提醒，本次會議正在錄製中。

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

現在我將把電話轉給投資者關係副總裁 Jeff Evanson。請開始，先生。

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，Tyrone，謝謝大家今天下午加入我們。歡迎參加特斯拉汽車公司 2010 年第四季度財報電話會議。今天與我一起參加電話會議的有特斯拉汽車公司董事長、產品架構師兼首席執行官埃隆馬斯克和我們的首席財務官迪帕克阿胡賈。

Before we begin the call, 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.

在開始電話會議之前，我將閱讀以下聲明，以告知您 1995 年《私人證券訴訟改革法案》中的某些安全港條款。在本次電話會議期間，我們將討論我們的業務前景並做出其他前瞻性- 1995 年《私人證券訴訟改革法案》的安全港條款含義內的前瞻性陳述。此類陳述僅是基於管理層當前預期的預測。

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.

由於許多風險和不確定性，實際結果或事件可能與這些預測存在重大差異，包括我們在 2010 年 11 月 12 日提交的最新填寫的 10-Q 的風險因素部分以及我們與首次公開發行相關的財務招股說明書中討論的那些於 2010 年 6 月 29 日向 SEC 提交並修訂的發行。

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

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

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

有了這個，我會把它交給埃隆。

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。第四季度是我們業務各個方面（包括 Roadster Model S 和 Powertrain）的又一個穩健執行季度。 Model S 的 alpha 階段進展順利。我對此感到非常高興，並且 Model S 的開發正在走上正軌。我們在動力總成業務方面做得很好，Smart EV 的交付量和訂單增加，完成了戴姆勒 A 級的開發計劃，並開始了豐田 RAV4 EV 開發計劃。我們還增加了大量的人才。

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的素質真的非常驚人。我的意思是它絕對是汽車行業和高科技行業的佼佼者。我認為也許最好的跡象之一是，如果您要參加大學展覽會，特斯拉出席的任何一個大學展覽會，並查看特斯拉展位的線路並將其與任何其他展位的線路進行比較，包括Facebook、谷歌、蘋果或者其他任何一家，特斯拉的隊伍都是整個招聘會上最長的隊伍。我認為這說明了很多。

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[增長]，一直做得很好。在銷售價格上漲和有利的租賃組合的推動下，該公司的收入環比增長了 10%。儘管存在季節性因素，但顯然人們並不真正希望在隆冬期間購買兩座敞篷跑車，因此我們在全球交付了 149 輛敞篷跑車，與 9 月季度的銷售環境保持同步。

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。除此之外，我們不會增加任何東西，即使實際需求可能超過 2,500 輛，因為我們希望忠於我們最初的承諾，即 Roadster 旨在成為收藏品，有限版收藏家的項目。因此，我們將其僅增加 100 輛，從 2,400 輛增加到 2,500 輛，因為我們已經看到了相當多的需求，但我們不會超出這個範圍。但這將使我們能夠在 2011 年和 2012 年再銷售一些單位。

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，我們在東京開啟了一個新故事，豐田章男親自參加了，就在上週，我們在華盛頓特區和米蘭開設了商店。

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.

接下來，我們將在幾個月後在 Santana Row 開設 San Jose 商店，這將是首批真正強調我們銷售汽車的新模式的商店之一。我們現在還沒有準備好談論它，但我認為這將是未來值得關注的事情。

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 計劃在 2012 年年中進行首批 [客戶] 交付。因此，與我在上個季度所談論的內容或我們在 IPO 中提到的內容相比，確實沒有任何變化。 （聽不清）報告稱 2012 年的產量將緩慢上升，正如我們過去所討論的那樣，它在 2013 年達到穩定生產。所以就 alpha 版本而言，我駕駛 alpha 版本，每週最新的 alpha 版本，我必須說我認為這輛車很棒，即使在這個早期階段。雖然是轎車，大小與寶馬5系或奔馳E級或奧迪A6相當，但感覺非常輕巧，在路上敏捷，擁有特斯拉所期望的強大動力或者來自具有先進軌跡電機的東西。所以我對這個項目的發展非常滿意。我真的，我認為這輛車將成為即使它不是電動的汽車，也會成為頂級轎車中的首選車型。

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.

所以我們上個季度按計劃完成了，所以我們在 12 月開車，現在已經積累了很多里程。實際上，我們本周剛剛完成了我們的第 15 個 alpha 原型、白車身原型，上個月我們在底特律的北美車展上展示了一張漂亮的白車身照片視圖。該節目的部分目標是真正強調特斯拉汽車工程的質量，因為這是特斯拉能力中最不受歡迎的方面之一。我認為人們普遍讚賞我們擁有世界上最好的動力總成。他們顯然可以通過觀看來欣賞 Model S 的美學，但我們真的不得不深入皮膚來證明車輛工程與動力總成工程和美學設計一樣好。這是一個全鋁車身和底盤。事實上，我們將是唯一在北美製造的鋁製汽車。下一個最先進的汽車可能是奧迪 A8，它顯然是德國製造的，但我們覺得有理由說 Model S 實際上更先進，在客觀指標上更好，所以像扭轉剛度，剛度 - 到-重量，強度重量比，安全特性，內部有用體積，那種東西，比A8。

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.

所以是的，在這方面進展非常順利。我對擁有令人信服的數據感到非常、非常、非常有信心，這些數據將在今年夏天用於試駕。

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 Fremont 進行了交談，這確實是 Model-S 的一個高度集成的製造工廠。這包括沖壓、塑料、油漆、油漆和車身裝配車間，以及動力總成部件的製造。這是——我們真正利用了我們從豐田那裡繼承來的驚人的基礎設施，他們在那裡製造了豐田卡羅拉和塔科馬卡車。所以和我——有些人會不同意這個策略，但我認為垂直整合是一個聰明的舉動。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.

這對於一家小型汽車公司來說非常重要，因為我們沒有大型汽車公司的影響力。因此，儘管一家大公司可以——對供應商有影響力，因為他們總是可以說，好吧，固定收入你在這個項目上做得不好——我們不會讓你訪問另一個項目或類似的東西。我們真的沒有那種靈活性或影響力。因此，重要的是我們要說，好吧，如果您作為供應商不打算為我們工作，我們將內購併使其成為可信的威脅。

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.

[大型] 液壓機生產線正在按計劃在弗里蒙特組裝。這真是史詩。我的意思是它是北美最大的沖壓線，也是世界上最大的沖壓線之一，我們預計將在今年第二季度完全組裝。

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，我們將——我們實際上將設計它以允許單班生產 20,000 輛，這與我們之前的計劃略有不同，我們之前的計劃是雙班生產 20,000 輛。現在花了一點額外的錢。我們認為它為未來奠定了更好的基礎，因為這意味著我們可以進行雙班制甚至三班制，并快速適應不斷增長的客戶需求，特別是如果我們想快速擴大規模，可以引入 Model X 之類的產品將年產量排序為 40,000 或 50,000 輛，那麼這使我們能夠做到這一點，而無需大幅重新配置生產線。

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 動力總成看起來非常強勁。我不認為這對 Model S 來說是一個風險。事實上，我認為它會比 - 它比我預期的要好，而且我的期望非常高。所以我認為這看起來非常非常強大。我對 Model S 的運動版或 Model S 的性能版的想法感到非常興奮，它可能會勝過 M5 之類的產品，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.

生產的供應採購仍在進行中。真的，它幾乎完全完成了，這是一個重要的數據點，因為其中一個問題是如何在 ED&T 總和所有方面保持 Model S 計劃的支出，以及如何我們將對單位成本有所了解。我認為幾乎所有的供應商，幾乎所有的供應協議都完成了，然後我們會說，是的，我們對我認為非常重要的這兩個要素都感覺良好，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.

所以我們有（聽不清）設備和工藝現代化，油漆，這是（聽不清），我之前談到我認為油漆有多麼重要。這是汽車上一個非常非常重要的細節。因此，在車身車間方面，（聽不清）進行最終組裝（聽不清）。 [拖曳] 補給開始也正在進行中——為我們的伙計們開始拖曳，為我們的伙計們進行沖壓。那是——富士是那裡的設備電源。他們工作很努力，已經工作了幾個月。

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，我們現在有 3,700 多個預訂。請記住，預訂 Model-S 的最低金額為 5,000 美元，因此它不像是 100 美元的預訂。這是一個 5,000 美元的預訂，我們仍然為這項工作分配了非常少的資源，而且真的會在今年年中左右，在今年下半年，當我們開始加大對 Model-S 的銷售力度時.與我們可以讓人們試駕的測試版車輛相吻合。

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.

在戰略關係方面，只需再深入一點。戴姆勒業務繼續良好發展。戴姆勒今年 [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，原本只有1000台。因此，我認為這表明戴姆勒持續感興趣，我們在第四季度交付了創紀錄數量的電池組和充電。至於A級，EV，正如我提到的，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。所以這看起來很有希望。

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，總開發收入可能約為 6900 萬美元。在這種情況下，除了電池、充電器和軟件之外，您還提供電動動力總成工作，包括電機和齒輪 [零件]。我們實現了協議下的第一個重要里程碑。自 7 月以來，我們一直在交付 RAV4 原型，我們即將敲定生產供應協議，顯然，豐田選擇擁有（聽不清）是一個巨大的認可。我認為真正擁有豐田和戴姆勒，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，也是混合動力車的領導者，能有他們作為戰略合作夥伴對我們來說顯然是一種莫大的榮幸，真的不能要求對我們的核心技術有更好的認可。

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.

然後還有鬆下。你可能還記得，松下已經 - 他們去年底投資了特斯拉，這是一個很好的驗證。他們還公開表示，特斯拉擁有世界上最快的電動汽車應用工廠專利技術。我們將繼續努力優化專門用於汽車用途的 18650 外形尺寸。這是一個重要的一點，有時人們並沒有意識到，這就是——儘管我們在 Roadster 中使用了幾乎未修改的筆記本電腦電池，但在 Model S 的情況下，它實際上是一個經過高度修改的電池，具有相同的外部尺寸作為筆記本電腦的細胞所以我們可以使用自動化的細胞處理設備，但它的內部幾何形狀明顯不同。這次重新設計是應特斯拉的要求進行的，我們能夠將這些更改轉移給其他供應商。因此，這不是我們與松下的獨家供應集團，鑑於其重要性，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——我們的第一大電池供應商。

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，作為一般的 18650，我們至少在接下來的幾年中看到，我們沒有看到比 18650 更好的東西。對於那些認為有更大格式的電池更好的人，我只想問什麼是因為千瓦時是（聽不清），直到某個電池供應商以比 18650 更好的數字返回給我們，對我們來說，使用 18650 以外的任何東西都是愚蠢的。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.

只是一點操作指導，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有關汽車在南加州進行出色 [雕刻] 轉彎的視頻。本季度，我們與 Model-S 相關的活動包括完成與三位開發人員的合作，在合適的氣候條件下對 alpha 進行廣泛的測試，測試制動安全性、操控性、NVH 以及所有其他方面。我們正在完成對供應商的最後一次內聚（聽不清），並在每個沖壓、塑料、油漆和總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 版本，beta 版本有點像——這是一個廣泛的高科技術語，但是當某些東西處於 beta 階段時，它幾乎是生產文章的本能，當然除了那個有一系列的錯誤需要解決，可能還有一些 [corner] 案例功能需要添加。而且我認為它真的 - 你在測試階段看到的幾乎與你在生產中收到的一樣。就像我說的，我們有信心在今年夏天推出我們的第一個測試版。

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.

有時只是在 Model X 上說幾句話，並在我把它交給 Deepak Ahuja 之前真正澄清一些事情，因為有一些不正確（聽不清）。但 Model X 是 Model S 平台上的一個變體。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）小型貨車的功能。這是一個很難實現的目標，我認為我們有機會做到這一點，尤其是我們的目標。所以定價將與 Model S 相當，所以這不是我們的第三代量產車。那輛車還需要幾年的時間，但 Model X 實際上只是一種通過在轎車之外提供跨界 SUV 的方式，在頂級汽車領域產生潛在兩倍的銷量。我們希望在今年年底公佈其設計原型。

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

有了這個，我會把它交給迪帕克。

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。本季度的主要收穫是，除了交付 Model S，正如 Elon 與您分享的那樣，我們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，然後總結一些關於指導的想法。

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.

在討論財務數據時，我將根據 GAAP 和非 GAAP 提供評論。我們的非公認會計原則財務包括 - 或排除，抱歉，與基於股票的薪酬和我們已發行股票認股權證的公允價值變化相關的非現金費用。非公認會計原則信息的核對包含在我們的收益發布中。

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，第四季度的總收入為 3600 萬美元，比第三季度增長 16%，幾乎是去年第四季度報告的兩倍。這一年的收入為 1.17 億美元，略高於 2009 年的 1.12 億美元。鑑於我們在 2009 年的大部分時間裡交付了兩年積壓的 Roadster，我們相信 2010 年的業績對公司來說是一個強勁的業績。

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 Roadster 銷售，其次是向 OEM 銷售動力總成部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原始設備製造商提供的服務，為他們的車輛開發電動動力總成組件和系統。

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.

從我們汽車銷售的 Roadster 部分開始，正如 Elon 所說，我們在第四季度交付了 149 輛 Roadster，而在第三季度交付了 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月份有一定程度的季節性。與上一季度相比，平均售價有所上漲。這一結果，再加上較低的租賃組合，促使 Roadster 相關收入在第四季度連續增長 10%，達到 2000 萬美元。今年，Roadster 的收入為 7600 萬美元，而 2009 年為 1.12 億美元。與此相比，由於 2009 年的兩年預訂積壓，再次與（聽不清）存儲。

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部件部分來看，本季度收入環比增長近 80%，達到 900 萬美元。我們連續第三個季度為戴姆勒提供電池組和充電服務。正如 Elon 所說，戴姆勒為 Fortwo EV 增加了 300 個電池組和充電器的訂單，因此現在總計劃達到 1,800 個。我們目前預計在今年夏天之前交付這些組件。

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，我們還開始確認來自戴姆勒 A 級項目的電池組和費用的交付收入，我們預計這將持續到 2011 年的餘額。值得注意的是，我們的 A 級電池組的單位收入實際上是 Smart Fortwo 的兩倍，這與電池容量大小的增加成正比。

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.

全年，動力總成收入為 2200 萬美元。我們在 2009 年的這部分收入流可以忽略不計，因為我們剛剛在 2009 年第四季度開始交付生產的動力總成組件。總體而言，汽車銷售收入環比增長 25% 至 2900 萬美元，我們認為這是一個強勁的結果，並且在全面按年計算，汽車銷售收入為 9700 萬美元，而 2009 年為 1.12 億美元，這也是由於 2009 年 Roadster 銷量增加，以清理兩年的預訂積壓。

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，第四季度開發服務收入環比下降 10% 至 700 萬美元，這主要是由於該季度完成了戴姆勒同類開發計劃。但這部分被豐田 RAV4 EV 項目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，我們現在有機會在執行交付成果時獲得高達 6900 萬美元的開發服務收入。鑑於豐田表示打算在 2012 年投入生產 RAV4 EV，我們目前預計將在未來四五個季度確認這一收入。正如澄清一樣，RAV4 EV 生產部件的銷售將是單獨協議的一部分，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.

按全年計算，2010 年的開發服務收入為 2000 萬美元。與 2009 年的比較在這裡沒有意義，因為我們僅在 2010 年第一季度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.

本季度的總毛利率為創紀錄的 31%，而上一季度為 30%。所有收入線的毛利率都有所增加，這表明我們整個團隊的執行力都非常出色。我們汽車銷售的毛利率為 20%，而第三季度為 17%，這是我們在任何日曆季度中取得的最高水平。這是由於對平均售價和成本降低的綜合關注或持續關注。第四季度開發服務的毛利率為 78%，因為收入確認的時間與我們計入基本收入成本的時期不完全一致。

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 級項目的完成和豐田開發合同在同一時期的開始，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，開發服務的毛利率並不是未來業績的指標。

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.

今年的總毛利率從 2009 年的 9% 增長到 2010 年的 26%。雖然這一增長部分是由於汽車和開發服務收入組合的變化，我們還將汽車毛利率從 2009 年的 9% 提高到2010 年為 18%。這顯示了我們在 Roadster 和 Powertrain 活動中能夠實現的改進程度。我們也打算在 Model-S 項目上保持同樣的紀律。

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.

我們的運營費用繼續反映對 Model S 開發和基礎設施支出的持續重視。按美國通用會計準則計算，本季度的研發費用為 3800 萬美元，按非美國通用會計準則計算為 3600 萬美元。非 GAAP 研發費用環比增長 40%，主要是由於與 Model S alpha 原型製造相關的費用以及我們的車輛工程師從洛杉磯到帕洛阿爾託的一次性搬遷費用。我們還擁有更高的生產和工程人員人數，在本季度增長了 15%，並且幾家供應商正在加速完成工程工作。

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.

隨著我們繼續執行 Model S 計劃，我們預計 2011 年的季度支出將在第四季度的基礎上適度增加，並且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.

本季度的 SG&A 費用按 GAAP 計算為 2500 萬美元，按非 GAAP 計算為 2000 萬美元。按非公認會計原則計算，我們的 SG&A 費用比上一季度增加了 9%，這主要是由於我們的銷售和營銷活動的增長，以及支持我們公司在全球持續增長的員工人數。隨著我們繼續全球擴張，我們預計 2011 年季度 SG&A 費用將比第四季度略有增加。這將被我們持續的成本控制和 G&A 所抵消。總而言之，我們正在密切監控開支，並採取強有力的控制措施，以確保我們的開支轉移到我們的工廠。

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，但我們仍蒙受淨虧損，並將在接下來的幾個季度繼續這樣做，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。按公認會計原則計算，第四季度的淨虧損為 5100 萬美元。這一損失包括 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 的績效補助金有關，這反映出實現未來里程碑的可能性更高。

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.

如果沒有這些費用，按非公認會計原則計算，本季度的虧損為 4400 萬美元或每股 0.47 美元，其中流通的加權平均普通股為 9400 萬股。今年，按公認會計原則計算，每股淨虧損為 3.04 美元，按非公認會計原則計算為 2.53 美元，加權平均普通股流通股為 5100 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.

作為一個簡短的說明，我們預計我們的大部分利息費用將在 Model S 開始生產之前資本化，因為美國能源部的貸款被用於在弗里蒙特建造特斯拉工廠。

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.

現在轉向資產負債表，截至本季度末，包括我們在美國能源部專用賬戶中的現金在內的總現金為 1.73 億美元。相比之下，上一季度末的總現金為 1.85 億美元。將總現金與剩餘的能源部設施相結合，截至今年年底，我們擁有約 5.66 億美元的可用資本資源。我們目前預計，根據我們目前的計劃，通過推出 Model-S，這將足以為我們的運營提供資金。

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.

從本季度的現金流來看，儘管第四季度的運營虧損較高，但運營活動消耗了 3400 萬美元，而上一季度為 4600 萬美元。第四季度運營活動中使用的大部分現金都可以通過美國能源部貸款償還，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.

我們的庫存繼續增長以支持我們的 Roadster 和 Powertrain 銷售，但增速低於上一季度。在接下來的幾個季度，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製造 Roadster，因為 Lotus 生產的 Roadster 滑翔機是在 2011 年底之後安裝的，我們打算繼續使用 Roadster 2012 年的銷售額。

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.

本季度的資本支出為 2400 萬美元，而上一季度為 6700 萬美元。回想一下，上一季度的數字包括與收購弗里蒙特工廠有關的 5600 萬美元。在過去的兩個季度中，我們從舊的 NUMMI 業務中進行了機會性採購，特別是在沖壓和塑料方面，這使我們能夠內購更多我們認為具有良好商業意義的汽車。全年，我們在資本支出上投資了約 1.05 億美元。這低於我們的預期，主要是因為時間安排。我們預計這種延遲支出現在將在 2011 年顯現。

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.

抵消我們在本季度的現金使用量的是我們從美國能源部貸款工具中以低於 3% 的利率提取的 1530 萬美元。自第四季度末以來，我們從與第四季度支出相關的美國能源部貸款工具中額外提取了 1560 萬美元。我早些時候與您分享了美國能源部預先支付了一半的費用，剩下的一半是延期支付的。

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.

接下來，我想提供一些關於指導的想法。由於我們始終專注於按時交付 Model S 及其計劃盈利能力的長期目標，因此我們將提供 2011 年全年財務指導。我們預計 2011 年收入將增長約 40% 至 50%，範圍為1.5 億至 1.75 億美元。我們預計 Roadster 的銷量將比去年增長，但仍預計冬季會出現一些季節性變化。

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 Elon 所提到的，[核心] Roadster 計劃現在有 2,500 輛，到目前為止我們已經交付了 1,500 輛。因此，如果我們在 2011 年超過計劃的 Roadster 銷售量，我們可能無法在 2012 年承認所有 Roadster（聽不清）。正如 Elon 所說，2011 年應該是我們在 Model-S 計劃資本支出方面最大的一年，因為我們將購買大部分用於生產的工具和製造設備。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，根據我們的 DoE 貸款條款，這些資本投資中的大部分應該是可以償還的。憑藉這一水平的資本支出，我們可以執行我們的戰略決策，以增加主要在沖壓件和塑料方面的採購。我們還選擇主要在我們的油漆和車身車間發明漸進式新技術，以負擔得起的成本生產更高的質量。

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，一次班次生產多達 20,000 台設備。就節省的勞動力和間接成本而言，這大約有一年的回報。這一決定的戰略優勢在於，它還可以適應更高的 Model S 產量或高效引入未來車型，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，隨著我們與大多數買家的談判結束，一些計劃在 2010 年進行的投資已被推遲到 2011 年，而另一些則以比計劃略高的成本進入。請記住，我們與特斯拉工廠相關的所有資本支出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.

轉向 Model S 預訂，截至 12 月 31 日，我們收到了略高於 3,400 輛 Model S 的預訂，現在已經超過 3,700 輛。我們計劃披露在這些財報電話會議期間收到的可退款預訂數量，但不會提供有關此數字的未來指導。由於我們目前沒有積極專注於獲取 Model S 預訂，因此我們不認為任何特定季度收到的新 Model S 預訂數量至少是我們明年左右業績的指標。

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

最後，我想強調我們繼續對我們的長期機會感到興奮。

This ends my prepared remarks.

我準備的發言到此結束。

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，並且只是給你們所有人和我們的投資者的簡短說明，我們只想讓你們注意，在將我們的結果與湯普森 - 路透等服務所呈現的共識預期進行比較時，因為這些服務報告了 2010年度虧損預期為每股 2.23 美元，顯然這是不正確的，因為甚至在本季度之前，我們就已經報告了年初至今每股虧損 2.50 美元。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，這可能是由於過去、實際和備考股票賬戶之間的差異所致。因此，分析師們，我們請您確保共識服務提供商能夠準確地反映您的期望。

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

因此，Tyrone，現在讓我們打開問答電話。

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

是的先生。 （操作員說明）我們的第一個問題來自德意志銀行的 Dan Galves。你的線路是開放的。

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

非常感謝。祝賀一個好季度。你能聽到我嗎？

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，太棒了。只是想考慮一下——我們應該如何考慮成本預期，過去幾個季度 Model S 在原材料方面的變化，以及你在市場上看到的原材料定價的變化。聽起來這種在一個班次中對 20,000 輛汽車進行自動化的投資可以降低成本，但是當您經歷了供應商採購流程時，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。所以汽車的成本總是會有一點波動，但我們真的很有信心能夠實現我想說的汽車的非常好的利潤率。我的意思是在我們的一些供應商中可能存在輕微的貨幣風險或原材料變得瘋狂的可能性。我的意思是這些東西會影響成本。但總的來說，我對實現 25% 的毛利率感到滿意，我們認為我們可以通過 Model S 實現這一目標。所以我想說這真的重申了我們做到這一點的能力。

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。關於垂直整合戰略，你談了很多，是否有任何部分本質上是驗證你的一些流程的時間，你是否有可能達到你想要外包一部分的地步？車輛生產，您有後備計劃嗎？或者，如果 Model S 的發佈時間沒有按照你想像的方式進行，那麼垂直整合戰略中是否有任何部分能夠真正改變它的發佈時間？

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，實際上是相反的，這是為了降低一兩個供應商導致 Model S 交付延遲的風險。內包的基本理念是，如果我們需要，能夠做到幾乎所有內部的東西。因此，我們不希望在內部完成所有事情，因為那將是愚蠢的，但是有能力，有選擇權，說最壞的情況，我們可以在內部 24/7 全天候運行，並且自己製作這部分功能非常強大。這是 - 我認為如果他們知道我們有這種能力，這也有助於讓供應商保持誠實。因為有時可能發生的情況是，供應商會等到遊戲的後期才試圖提高您的成本，或者做一些誘餌和轉換，或者告訴你——或者透露他們真的無法交付。我已經看到很多次了，能夠內部集結軍隊並解決這個問題，我認為對於控制一個人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?

只是另一個快速的。您能否告訴我們在 Model S 之後對新大禮帽的增量投資以及這些車輛的潛在時機？

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成本。像 Model X 這樣的東西，我們認為它在 100 到 1.5 億美元之間。總資本支出，希望我們能做到這一點的低端。但即使它處於較高端，我的意思是這是一個非常好的投資回報，所以這是一個明顯的舉動。

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.

謝謝你，先生。您的下一個問題來自摩根士丹利的 Joshua Paradise。你的線路是開放的。

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?

大家好。祝賀您的出色執行，並感謝您提出問題。您談到了與松下合作開發的電池化學成分。所以我猜你將在 Model S 中使用的化學成分，至少在 Model S 的第一個版本中，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.

它是在廣泛的筆觸中完成的。有一些財務項目是小細節，今年將繼續優化，但沒有大的懸而未決的問號。我們對我們在測試包中獲得的結果感到非常滿意。我認為人們會對結果印象深刻。我認為這是，據我所知，這比任何人認為的可能都多。

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?

你能提供更多關於你正在提煉什麼的信息嗎？是化學成分，是內部幾何形狀，還是別的什麼？

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.

綜上所述，是的。對內部化學進行了一些調整，對內部幾何進行了很多調整，而且它是相當專有的，所以我們不能確切地談論它們是什麼。當然，一旦我們把車上路了，你就可以買車，然後在這裡做你自己的事後分析，開始解剖包裝和銷售，但我們會在他們能夠之前把它留到那個時候—— ——在他們知道我們到底做了什麼之前。

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，然後您過去曾談到與其他 OEM 的潛在協議。顯然，你與豐田有很強的協議，你有戴姆勒。您能否提供有關您與其他 OEM 討論的最新情況？

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，我們是——我們最近與原始設備製造商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，還有其他原始設備製造商。我的意思是，鑑於 Model S 計劃的重要性，我們現在確實需要謹慎對待另一項大型 OEM 交易、共同開發交易，並專注於這一點，並確保我們為戴姆勒和豐田。我的意思是我認為我們現在肯定已經忙得不可開交了。我認為我們特別想確保 RAV4 的開發，這是今年一個非常緊張的開發計劃，我們為豐田做了非常好的工作，然後就像我對 Model S 所說的那樣，這有點像我們的主要住宿。所以，想一想，並不是沒有我們可以做的交易我們想做，但我們必須——確保我們不會咬得比我們能咀嚼的更多。

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.

謝謝你。我們的下一個問題來自高盛的 Patrick Archambault。你的線路是開放的。

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。我猜有幾個問題。關於資本支出，我想你說的 2011 年是 1.9 億到 2.15 億美元，如果我沒記錯的話。迪帕克，這與你今年最初的設想相比如何？也許你能告訴我們一些差異，什麼是時間安排，什麼增加了垂直整合，什麼可能只是成本比你們的預算高一點？

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，這比我們最初的數字要高，但出於很好的理由，我們已經充分審查並理解了，正如我們所說，正如我和埃隆所討論的，我認為，這一切都與戰略相關我們內購，特別是在沖壓和塑料方面，我們投資更好的技術以在噴漆車間獲得高質量，在我們的車身車間獲得完美的配合和完成是有意義的。對我們來說有意義的是——多花一點錢，在一個班次中獲得 20,000 個單位並獲得良好的回報，這有助於我們實現總盈利能力。我認為，所有這一切的底線是我們手頭有足夠的現金來源，正如我所提到的，現金和美國能源部貸款設施之間的 5.66 億美元，我們對在到位的資金下完成 Model S 計劃感到滿意.

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，事實上我只是想再次強調迪帕克剛才所說的話。即使我們根本沒有籌集到額外的資金，我們也有足夠的資金來完成 Model S 項目並實現盈利。我想這可能是——我只是想明確一點。現在，我認為有可能，事實上，我的意思是，可以說，我們會為 Model X 項目籌集一些增量資金。但就時間而言，這可能要等到今年年底。這不像在不久的將來。我認為我們不會在 Model S 測試版發布後立即這樣做。人們也許可以感覺到——可以更直接地了解特斯拉可以提供什麼樣的產品，以及它們是否真的很棒，但這似乎是我們最快的時間。

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.

在那張紙條上，對於 Model X 計劃，您正在尋找的增量資本是在您向 Dan 概述的郵政編碼中嗎？我想你說的是 1 億美元、1.5 億美元之類的。

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

是的，它可能在 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的安全等級？

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，Alpha 原型的安全工作已經在進行中。然後使用該測試來校準碰撞模擬，然後我們對那些使用 alpha 進行的初始安全測試進行修改。測試版有輕微的設計整合，所以要明確的是，碰撞測試實際上很快就會開始，我們已經開始進行安全測試，比如博世正在進行的 ABS 剎車測試。這是一個重要的里程碑，因為我們需要進行寒冷天氣的 ABS 測試，這很棒。現在正在發生這種情況。然後將在夏末開始對 Beta 版進行另一段激烈的碰撞測試，然後在我們有了候選發布版本後進行更多的碰撞測試，因為 Beta 版被捕獲在 98%、99 % 生產設計，但它並非完全由生產工具製成。因此，我們必須通過發布候選文章獲得另一個確認確認步驟，這將在大約 11 到 12 個月後進行。這只是為了確認用於製造汽車的過程會產生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.

所以，有大量的碰撞——有大量的碰撞測試正在發生。因為我們的標準——我們在 Model S 上的目標是在安全性方面非常出色。我們的目標是到 2012 年標準達到全面的五星級評級，這是一個非常高的標準。一輛按 2010 年標準為五星級的汽車在 2012 年將是三星級。因此，了解我們的目標有多高很重要，但我們可能會錯過該標準一英里，但仍然會更好比路上的其他標準。所以，但我們想成為最好的，所以不幸的是，這涉及到很多崩潰。所以我的意思是，我們必須這樣做，但看到這麼多人混在一起很傷心，但這是非常重要的競爭維度，對我來說，我的家人，我朋友的家人都會參與其中。我想確保這是 - 我們可以說道路上沒有更安全的護理。對不起，費力的回答。

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?

得到你。我想，我的意思是另一個與此相關的問題實際上是，是發布候選，你能告訴我們是什麼 - 你有一種我猜你發布的裝配工具產品，那是你獲得最終評級的時候，這會在明年的某個時候發生。在您的內部測試過程結束時考慮它的方式是這樣的，它是這樣工作的嗎？

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，我想這是一個自我認證的過程。我的意思是你進行測試，你編譯數據，但是你的測試沒有被其他人陪伴。在歐洲就不同了。這些測試是由陪同人員進行的，因此我們將根據美國和歐洲的規范進行這些測試，因為 Model S 的設計符合這些要求的類似集合。所以實際上，更多的是在歐洲方面見證測試。但是，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，有沒有我們學到的東西可能沒有在模擬中捕獲。然後我們進行迭代，進入測試階段。在 beta 階段，我們在某種程度上確認了正確的設計。所以在測試階段會有一些小的迭代，然後發布階段實際上只是確認我們一直在與我們製造實際車輛的方式保持一致。

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

得到你。好吧，最後一個只是小建模的事情。您能告訴我們本季度您銷售了多少電池單元嗎？

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

帕特，我認為到目前為止我們還沒有公開分享過這些信息。

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

好的。 [Fed] 信貸怎麼樣，你有這個方便嗎？

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

我想我們確實提到了這一點。第四季度約為 800,000 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，僅就（聽不清）而言，對於 Model S，我們的保證金假設僅非常輕微地依賴於美聯儲的信貸。我認為這只是幾個百分點，或者類似的東西。

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.

它比美聯儲的信貸更廣泛。它是全球性的，它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，我們看到對美聯儲信貸的興趣比我們之前認為的要多一些。但我們會看到的。我們不知道這是否會實現。

Great. Thanks a lot, guys.

偉大的。非常感謝，伙計們。

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

再次感謝你。 （操作員說明）我們的下一個問題來自 Dougherty & Company 的 Andrea James。你的線路是開放的。

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。關於您的一些 OEM 合作夥伴關係的問題。你能告訴我們更多關於戴姆勒在增加電池組數量方面的想法嗎？你們是否有可能獲得生產合同？

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，但他們顯然是正式對此發表評論的最佳實體。但他們只是看到了人們對智能電動汽車的興趣。人們真的很喜歡它，世界各地的城市都在為它爭吵。所以這就是為什麼他們增加了測試車隊的規模和長度。我認為這是最好的理由。至於智能電池組的更大生產交易，那就是——他們現在正在經歷一個詳細的 RFQ 準備過程。

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.

我們當然認為我們處於贏得這樣一份合同的絕佳位置。我不想冒昧，但我們肯定處於有利位置。我們的包在測試車隊中。因此，任何其他替代方案都必須——好吧，我不確定他們必須經過什麼測試過程，但他們肯定會落後於我們所做的一切。因此，有理由認為，如果測試車隊使用我們的包裝和充電，那麼我們可以說在 Smart 的生產情況下處於領先地位。

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.

是肯定的。至於A-Class E-Cell，我想你在評論中提到了一些東西，你提到了生產。你能不能——我錯過了，我不太明白，我沒有意識到那是，那是生產。

Sorry, could you repeat that question again?

對不起，你能再重複一遍這個問題嗎？

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，你說過你開始交付的 A 級，我以為你說的是生產電池組。那是生產合同還是仍在開發中？

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.

澄清一下，我們稱之為生產電池組，因為開發合同已經結束，現在我們為他們的測試車隊提供電池組，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，可能稱為小規模生產與大規模生產。它按照戴姆勒標準生產，因為您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，因為他們要求我們遵守相同的標準，他們將擁有更大的生產水平。

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。然後關於你說的 6900 萬美元的豐田升遷，我認為之前是 6000 萬美元。只是你現在為他們做的更多，這是一份比以前更大的合同嗎？

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 900 萬美元的初始合同，為他們提供一些初始原型，隨後，我們在第四季度簽訂了 6000 萬美元的開發合同，該合同範圍更廣，完全需要他們想要的規格。這就是總計 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。我們什麼時候可以希望聽到更多關於我猜您的商店推出以及您的計劃的信息？

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，我認為有兩個部分。一種是商店推出的時間表，另一種是整個採購和服務流程的細化，汽車的銷售和服務流程。因為我們正試圖在汽車業務的這一方面進行重大創新，我認為這在歷史上一直是——相當糟糕。很多人會認為他們的購車經歷是他們經歷過的最糟糕的零售經歷，但並非總是如此，但很多人會這樣說，事實上也對我這麼說。所以我們真的很想改變這一點，讓你真的很期待買車，你實際上會進入特斯拉商店只是瀏覽一下，看看發生了什麼，即使你不是特別有心情就在那個時候買車。

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.

我們想要真正吸引人，本質上，我們的第一個體驗的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。所以我認為你會在今年真正開始看到這種發展。就推出而言，現在我們正在確保我們正在為 Model S 確定關鍵地鐵站的位置，並開始長期的租賃談判和許可等過程，但我們我們將盡量避免在 Model S 銷售中提前過多投入大量資金。因為我們真的不會在銷售第一輛——2012 年生產的 Model S 時遇到任何麻煩。

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 可能會在之前銷售，我的意思是（聽不清）這個預測，但我認為這樣做是相當安全的，我們的生產，我們 2012 年生產的 Model S 將在 2012 年開始之前售罄。我認為這是很有可能發生的事情。所以很明顯，沒有必要擁有大量的商店，因為，好吧，我們已經有點，我們將在 2013 年（聽不清）銷售汽車。所以真的，你會看到大坡道為 2012 年而不是 2011 年的 Model S 開設門店，為 2013 年真正推動銷售做準備。我認為這是一種明智的策略。

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

太感謝了。這就是我的全部。

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

謝謝你。我們的下一個問題來自 Robert W. Baird 的 Ben Kallo。你的線路是開放的。

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?

您好，感謝您提出我的問題。那麼你們能否談談你們的戰略，如果你們現在有的話，那就是進入發展中市場。那麼，您是否計劃開發特定市場的汽車商城，或者您會這樣做，您會單獨或與合作夥伴一起這樣做嗎？

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?

我們肯定，通過開發市場，我認為您可能正在考慮金磚國家。我們正在嘗試，顯然目前還不是一個發展中的市場。但是，您是否想到了特定的市場？

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。我真的認為，考慮到在中國交付的新車現在比在美國的多，中國無疑是最重要的。隨著美國經濟的改善，這種情況可能會發生變化，但這肯定是過去幾個季度的情況。所以我們認為進入中國將在 2013 年的時間範圍內。正如我剛才提到的，在我們現有的市場中，我們將——我們將滿足 2012 年的所有需求，或者我應該說我們的需求將超過 2012 年的產量，並且可能到 2011 年底已經預售了 2012 年。因此，只有在 2013 年的時間範圍內，進入其他市場才是真正重要的，所以合乎邏輯的是，我們會去中國。我們會選擇 --- 我們會直接選擇。所以它只是特斯拉，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?

所以當你修改你的模型時，如果你需要進入這些市場，你的成本會增加嗎？或者您如何看待進入這些不同市場的成本？

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.

除了與本地語言相關的內容外，我們預計不會進行重大修改，並且需要進行一些小的 [修改] 更改。但是就像梅賽德斯沒有在市場上顯著修改他們的 S 級，或者寶馬沒有修改他們的 5 或 7 系列，或者瑪莎拉蒂沒有真正修改 Quattroporte，那麼我認為我們也不會顯著修改 Model S。可能是長期的，我們可能會推出針對特定市場的模型，但我預計未來幾年不會出現這種情況。

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.

謝謝你。我目前沒有進一步的問題或評論。我想把電話轉給埃隆·馬斯克（Elon Musk）來做任何結束語。

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。我感謝大家的通話時間。

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。我們期待著在 3 月 2 日星期三在舊金山舉行的摩根士丹利技術媒體和電信會議上見到你們中的許多人，Deepak 將在該會議上發表演講。謝謝你。

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，感謝你們參加今天的會議。程序到此結束。您現在可以斷開連接並度過美好的一天。