特斯拉 (TSLA) 2011 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Tesla Motors' First Quarter 2011 Earnings Call. (Operator Instructions). And, as a reminder, this conference call is being recorded. And now I'd like to turn the call over to Jeff Evanson, Vice President of Investor Relations. Please begin, sir.

女士們，先生們，大家好！歡迎參加特斯拉汽車公司2011年第一季財報電話會議。 （接線生指示）。另外，提醒一下，本次電話會議正在錄音。現在，我想將電話交給投資者關係副總裁傑夫·埃文森。先生，請開始。

Thank you, Tyrone, and thank you, all for joining us this afternoon. Welcome to Tesla Motors' Earnings Call for the first quarter of 2011. With me on the call today are Elon Musk, Chairman, Product Architect and CEO of Tesla Motors; and Deepak Ahuja, Tesla's Chief Financial Officer.

謝謝泰隆，也謝謝大家今天下午加入我們。歡迎參加特斯拉汽車公司2011年第一季財報電話會議。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馬斯克，以及特斯拉財務長迪帕克·阿胡加。

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. Actual events or results could differ materially from those predictions due to a number of risks and uncertainties, including those discussed in the Risk Factors section of our most recent Form 10-K, filed on March 3rd of this year and also filed with the SEC.

在本次電話會議中，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》安全港條款做出其他前瞻性聲明。此類陳述僅基於管理層目前的預期。由於許多風險和不確定因素，實際事件或結果可能與這些預測有重大差異，包括我們於今年3月3日提交並已向美國證券交易委員會提交的最新10-K表格中「風險因素」部分所述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. We specifically disclaim any obligation to update these forward-looking statements.

此外，任何前瞻性陳述僅代表我們截至今日的觀點，不應被視為代表我們任何後續日期的觀點。我們明確聲明不承擔更新這些前瞻性陳述的任何義務。

And now, let me pass the call to Elon.

現在，讓我把電話轉給埃隆。

Hi. So we had another solid quarter of execution on all aspects of our business -- Roadster, Model S and power train. This was the highest-ever revenues and gross profit in Tesla's history, more than double that recorded in Q1 of last year.

您好。我們本季在Roadster、Model S和動力傳動系統等各方面都取得了穩健的表現。這是特斯拉史上最高的營收和毛利，比去年第一季成長了一倍以上。

We continue to add incredible talent at all levels of the Company. We had 130 new employees join the Company in the quarter, primarily in R&D and manufacturing.

我們持續在公司各個層面吸收優秀人才。本季度，我們有130名新員工加入公司，主要從事研發和製造工作。

The Roadster sales are going quite well, better than last -- Q1 last year and about the same as Q4. We now forecast that we will be sold out of Roadsters in North America by the end of this year, so if you want one, I recommend acting quickly.

Roadster 的銷量相當不錯，比去年第一季好，與第四季也差不多。我們預計今年年底北美的 Roadster 將會售罄，所以如果你想要一輛，我建議你盡快行動。

As we prepare for the Model S, we launched an exciting new retail experience, with our store opening in Santana Row in San Jose in April. The goal here is really to engage and inform potential customers about electric vehicles in general and the advantages of Tesla, in particular and really to try to catch people before they have actually made a buying decision. So that's why it's in a high-end mall. It's -- they're thinking about -- they're in a buying mode, but they haven't decided what car to buy or even necessarily that they're buying an electric vehicle, but by having a very inviting, delightful store that draws people in, we can actually get to people before they've made their buying decision and really, when they do make a buying decision have a very, very pleasant experience, in contrast to how most cars are sold.

在籌備Model S之際，我們推出了令人興奮的全新零售體驗，並於4月在聖荷西的桑塔納街（Santana Row）開設了門市。我們的目標是吸引潛在客戶，讓他們了解電動車的整體情況，尤其是特斯拉的優勢，並在他們真正做出購買決定之前就抓住他們的眼球。這就是為什麼我們選擇在高端商場開設門市。他們正在考慮購買，但還沒有決定要買哪一輛車，甚至還沒決定要買電動車。透過打造一個極具吸引力、令人愉悅的門市，我們能夠在客戶做出購買決定之前就吸引他們，讓他們在做出購買決定後獲得非常愉快的體驗，這與大多數汽車的銷售方式截然不同。

Going to the Model S it is on plan for first customer deliveries in mid-2012, with a slow ramp in production in the second half of 2012, reaching steady state in 2013. I shouldn't say steady state. It's somewhat mitigated by the fact that we certainly have the ability to go beyond the current projection of 20,000 units a year. So if demand is there, we're actually planning to be able to meet a higher demand if it is there.

就Model S而言，計畫於2012年中向客戶交付首批產品，並在2012年下半年緩慢提升產量，於2013年達到穩定狀態。我不應該說是穩定狀態。我們確實有能力超越目前每年2萬輛的產量預期，這在一定程度上緩解了這種壓力。所以，如果有需求，我們實際上計劃能夠滿足更高的需求。

The alpha build is proceeding well. We've completed the alpha build, which consists of build 15 vehicles and they're now going through intensive testing. So we're really testing every element of the vehicle, systems integration, performance, safety, cold weather performance. We've accumulated several thousand miles with pretty impressive results.

Alpha 測試進展順利。我們已經完成了 Alpha 測試，總共生產了 15 輛汽車，目前正在進行密集測試。我們正在對車輛的每個部件進行全面測試，包括系統整合、性能、安全性以及寒冷天氣下的表現。我們已經累積了數千英里，取得了令人印象深刻的成績。

The car is -- I think it's great to drive. I try to drive it every week, if possible, the latest prototype.

這輛車——我覺得開起來很棒。我盡量每週都開，如果可能的話，我會開最新的原型車。

And we're obviously rolling what we learn from the alpha into the beta design and we expect to have the first beta vehicle builds around the end of summer.

顯然，我們正在將從 alpha 測試中學到的知識運用到 beta 測試中，我們預計將在夏季末期製造出第一批 beta 測試車輛。

Our Fremont factory is going quite well. We saw high levels of activity in each element of the production process. The stamping line is now installed and we've been able to operate several of the stamping machines and we expect to be stamping parts from that line in the next, probably, four to six months.

我們的弗里蒙特工廠運作良好。我們看到生產流程中每個環節都高度活躍。沖壓生產線現已安裝完畢，我們已經能夠操作幾台沖壓機，預計未來大概四到六個月內，這條生產線就能開始沖壓零件。

The reservations are going very well, actually. As of the end of April we had over 4,600 reservations and the minimum reservation is $5,000. It would appear that the rate of reservations is actually accelerating.

事實上，預訂情況非常好。截至4月底，我們已收到超過4,600份預訂，最低預訂金額為5,000美元。看來預訂速度其實正在加快。

We had a particularly noticeable increase after we showcased the all-aluminum body in white at the Detroit Auto Show. This shows that Tesla is -- just has designed the chassis and body from the ground up, internally, to fully optimize the vehicle around the electric power train. So that was clearly well received.

在底特律車展上展示全鋁白色車身後，我們的銷售成長尤為顯著。這表明特斯拉——從內部徹底設計了底盤和車身，並圍繞電動傳動系統全面優化了車輛。因此，這顯然受到了廣泛好評。

With our two main strategic relationships of Daimler and Toyota, Daimler increased their order by another 300 vehicles for the Smart to 2,100 vehicles. And the A-Class electric vehicle, Mercedes A-Class electric vehicle production is ramping up and I think the first Mercedes A-Classes are now on the road in Germany.

憑藉我們與戴姆勒和豐田這兩大主要戰略合作夥伴的合作，戴姆勒將Smart的訂單增加了300輛，總訂單量達到2100輛。至於A級電動車，賓士A級電動車的產量正在不斷提升，我認為首批賓士A級電動車現在已經在德國上路了。

The Toyota RAV4 EV program also going very well. I think it's going to be a very compelling vehicle. Our goal at Tesla is to -- with RAV4 is to have it be the best acceleration of any vehicle with a Toyota nameplate, so excluding Lexus, but apart from Lexus vehicle, have the best acceleration and also have -- of course, to have the best range of any mass-market vehicle.

豐田 RAV4 電動車專案進展順利。我認為它會是一款非常引人注目的車型。特斯拉的目標是——讓 RAV4 成為所有豐田品牌車型中加速性能最強的車型（不包括Lexus），當然，也要成為所有大眾市場車型中續航里程最短的車型。

In terms of operational guidance, last quarter our primary objective was to execute the alpha build and -- but that we did and it's going, actually, I'd say, slightly better than expected. And, as I mentioned a moment ago, we remain on track for first deliveries of the Model S in the middle of next year.

就營運指引而言，上個季度我們的主要目標是完成Alpha版車型的製造——我們確實完成了，而且實際上，我認為進展比預期要好一些。正如我剛才提到的，我們仍有望在明年年中交付首批Model S。

This quarter our Model S activities will be a great deal of testing of the Alphas, preparation for the beta build, which will be done in our Fremont factory and in the spring -- finishing off the stamping press, bringing our plastics factory up and running and getting pain and assembly active.

本季度，我們的 Model S 活動將對 Alpha 進行大量測試，為 Beta 版構建做準備，這將在我們的弗里蒙特工廠完成，並在春季完成沖壓機，使我們的塑料工廠投入運營，並開始進行塗裝和裝配。

It's all looking great. And that's about it for me.

一切看起來都很棒。對我來說，就這些了。

Thank you, Elon. The major financial theme in Q1 was the very strong revenue and gross margin performance across all of our various activities. Total revenue in Q1 was $49 million, a 35% increase over Q4 and the highest quarterly revenue we've recorded.

謝謝，埃隆。第一季的主要財務主題是我們各項業務的收入和毛利率都非常強勁。第一季總營收為4,900萬美元，季增35%，創下了我們季度營收的最高紀錄。

Automotive sales, which include sales of Roadsters and power train components, increased sequentially by 15% to almost $34 million. We delivered 145 Roadsters in Q1, which is up strongly in comparison to the 126 deliveries in Q1 of last year and just about equal to the deliveries in Q4, despite the severe winter months in the quarter.

汽車銷售額（包括Roadster跑車和動力傳動系統零件）季增15%，達到近3,400萬美元。第一季度，我們交付了145輛Roadster跑車，與去年同期的126輛相比增長強勁，儘管第四季度經歷了嚴寒的冬季，但交付量與第四季度基本持平。

Average Roadster selling prices remained relatively constant from the prior quarter and the retail mix was slightly higher versus leasing, which caused Roadster-related revenue to increase modestly to just over $20 million.

Roadster 的平均售價與上一季相比保持相對穩定，零售組合略高於租賃組合，這導致 Roadster 相關收入小幅增長至略高於 2000 萬美元。

Looking at the power train components of automotive sales, revenues were up almost 44% sequentially to $13 million in the quarter. This was due to record shipments of batteries and chargers for Daimler Smart EV and the first full quarter of shipments of batteries and chargers for Daimler A-Class EV.

從汽車動力傳動系統零件的銷售來看，本季營收季增近44%，達到1,300萬美元。這得歸功於戴姆勒Smart電動車電池和充電器的出貨量創下歷史新高，以及戴姆勒A級電動車電池和充電器第一季的出貨量創下新高。

Including the incremental order of 300 Smart EVs that Elon referred to, we'll continue to deliver components to both these Daimler programs through 2011.

包括伊隆提到的 300 輛 Smart EV 的增量訂單在內，我們將在 2011 年繼續向戴姆勒的這兩個項目提供零件。

Development services revenue more than doubled, sequentially to $15 million. This increase was primarily driven by the development program for Toyota RAV4 EV as we completed the initial deliverables and shipped several early samples and prototype vehicles. We expect to recognize about $45 million in additional development services revenue as we execute on our remaining deliverables under this program over the next three to four quarters.

開發服務收入季增逾一倍，達1500萬美元。這一增長主要得益於豐田RAV4純電動車的開發項目，該項目已完成初期交付，並已交付多輛早期樣品和原型車​​。隨著未來三到四個季度內該專案剩餘交付成果的交付，我們預計新增約4,500萬美元的開發服務收入。

As shared earlier, Toyota's intent is to enter into production with the RAV4 EV in 2012 and we're working jointly to finalize a separate agreement to supply the production components.

正如之前所分享的，豐田的目標是在 2012 年開始生產 RAV4 EV，我們正在共同努力，以達成單獨的協議來供應生產零件。

Total gross margin for the quarter was a record 37% as compared to 31% last quarter. The gross margin from our automotive sales was 20%, matching our record gross margin from the last quarter, due to a continued focus on both average selling prices and cost control.

本季總毛利率創下37%的新高，而上季為31%。得益於持續關注平均售價和成本控制，汽車銷售毛利率達到20%，與上季度創下的歷史最高水準持平。

Our operating expenses continued to reflect our efforts in developing the Model S and the buildout of our Company infrastructure. Total operating expenses were $65 million on a GAAP basis and $60 million on a non-GAAP basis. A reconciliation of the non-GAAP information is included in today's earnings release.

我們的營運費用持續反映了我們在開發 Model S 和公司基礎設施建設方面的努力。總營運費用（以 GAAP 計算）為 6,500 萬美元，以非 GAAP 計算為 6,000 萬美元。非 GAAP 資訊的調整表已包含在今天的收益報告中。

Non-GAAP operating expenses increased 8% sequentially, primarily due to greater R&D spending on the Model S, expenses related to the Model S alpha build and employee-related expenses as a result of a 12% sequential growth in headcount. Notably, non-GAAP SG&A spending rose only 6% sequentially, as a result of our continued focus on controlling costs, with most of this increase due to growth in our worldwide selling efforts.

非公認會計準則營運費用較上季成長8%，主要原因是Model S研發支出增加、Model S Alpha版生產相關費用以及員工人數較上季成長12%導致的員工相關費用。值得注意的是，非公認會計準則銷售、一般及行政管理費用較上季僅成長6%，這得益於我們持續注重成本控制，其中大部分成長源自於我們全球銷售業務的成長。

Our higher operating expenses were more than offset by increased gross margin, thus narrowing the net loss for the quarter as compared to Q4. On a non-GAAP basis, net loss for the quarter was $42 million or $0.44 per share, with 95.2 million weighted average common shares outstanding. For comparison, our non-GAAP net loss was $44 million in Q4.

我們較高的營運費用被毛利率的提高所抵消，因此本季淨虧損較第四季有所收窄。以非公認會計準則 (Non-GAAP) 計算，本季淨虧損為 4,200 萬美元，即每股 0.44 美元，流通在外普通股加權平均數為 9,520 萬股。相較之下，第四季的非公認會計準則淨虧損為 4,400 萬美元。

As we have previously indicated, we will continue to incur net losses for the next several quarters as we make significant investments in R&D and our corporate infrastructure to launch the Model S.

正如我們之前所指出的，由於我們為推出 Model S 對研發和公司基礎設施進行了大量投資，未來幾季我們將繼續遭受淨虧損。

Turning now to the balance sheet, our total capital resources, including cash on hand, cash in the DOE dedicated account and the remaining undrawn DOE loan facility, were approximately $506 million. We currently anticipate that our available cash resources will be sufficient to fund our operations through the launch of the Model S, based on our present plans.

現在來看資產負債表，我們的總資本資源（包括庫存現金、能源部專用帳戶中的現金以及剩餘未提取的能源部貸款）約為5.06億美元。根據目前的計劃，我們預計可用現金資源足以支持我們營運直至Model S上市。

With the alpha build now completed, we are pleased with the pace of development of the Model S and, as we have previously discussed, the Company will evaluate its fund-raising needs from time to time and may opportunistically raise additional funds if market conditions are favorable.

隨著 alpha 版本的完成，我們對 Model S 的開發速度感到滿意，並且正如我們之前所討論的，公司將不時評估其融資需求，並且如果市場條件有利，可能會適時籌集額外資金。

Looking at cash flows, operating activities consumed $43 million in the quarter versus $34 million in the prior quarter. This was primarily due to an increase in accounts receivable from Daimler and Toyota, partially offset by a significant increase in reservations collected during the quarter. And just as a reminder, the majority of cash used in R&D activities is reimbursable under the DOE loan facility.

從現金流來看，本季營運活動支出為4,300萬美元，而上一季為3,400萬美元。這主要是由於戴姆勒和豐田應收帳款的增加，但本季收到的預訂量大幅增加部分抵消了這一影響。需要提醒的是，研發活動所花費的現金大多可以透過美國能源部貸款機制獲得償還。

Finally, our inventory continued to grow to support our Roadster and power train sales. As previously indicated, such increases will continue for the next few quarters, prior to the planned end of Roadster glider production by the end of this year. This provides us with the ability to continue to sell any remaining Roadsters in 2012.

最後，我們的庫存持續成長，以支援Roadster和動力傳動系統的銷售。如前所述，這種成長將在未來幾季持續，直至Roadster滑翔機計劃於今年底停產。這使我們能夠在2012年繼續銷售剩餘的Roadster。

Capital expenditures were $20 million this quarter. We still expect to invest about $190 million to $215 million this year, primarily in tooling and manufacturing equipment required for the Model S program.

本季資本支出為2000萬美元。我們預計今年仍將投資約1.9億至2.15億美元，主要用於Model S專案所需的工裝和製造設備。

Therefore, we expect that our capital expenditures will increase significantly in the remaining quarters of this year. Note that the majority of these capital investments will be reimbursable under the terms of our DOE loan facility.

因此，我們預計今年剩餘幾季的資本支出將大幅增加。需要注意的是，這些資本投資的大部分將根據能源部貸款協議獲得償還。

(technical difficulty)

（技術難度）

Ladies and gentlemen, please stand by. Your conference will resume momentarily. Again, ladies and gentlemen, please stand by, your conference call will resume momentarily.

女士們，先生們，請稍候。您的電話會議即將恢復。女士們，先生們，請稍候，您的電話會議即將恢復。

Sir, you're on the conference now.

先生，您現在正在參加會議。

Everyone, this is Jeff Evanson. I apologize for any technical difficulties. We're going to return to Deepak with his comments on capital expenditures. Go ahead, Deepak.

各位，我是傑夫·埃文森。如有技術故障，敬請諒解。接下來，我們將請迪帕克就資本支出發表意見。請迪帕克發言。

Okay. Capital expenditures were $20 million this quarter. I'm just going to continue from this point on. We still expect to invest about $190 million to $215 million this year, primarily in tooling and manufacturing equipment related to the Model S program.

好的。本季的資本支出為2000萬美元。我接下來會繼續討論。我們預計今年仍將投資約1.9億至2.15億美元，主要用於與Model S專案相關的工裝和製造設備。

Therefore, we expect that our capital expenditures will increase significantly in the remaining quarters of this year. Note that a majority of these capital investments will be reimbursable under the terms of the DOE loan.

因此，我們預計今年剩餘幾季的資本支出將大幅增加。需要注意的是，這些資本投資的大部分將根據能源部貸款條款獲得償還。

Offsetting our cash usage in this quarter was the draw-down of $31 million from our DOE loan at interest rates close to 3%. Recall that the DOE loan funds half the eligible expenses up front and the remaining half on a deferred basis.

本季度，我們從能源部貸款提取了3,100萬美元，利率接近3%，這抵消了我們現金的使用。需要注意的是，能源部貸款可預先支付一半的合格費用，剩餘一半則以遞延方式支付。

Next, I'd like to offer some thoughts on revenue guidance. We now project that full-year revenue will be between $170 million to $185 million, up from our previous guidance of $160 million to $175 million. Also, per our previous guidance, we anticipate that our R&D spending will continue to grow at a moderate pace and SG&A should grow slightly.

接下來，我想就收入指引提出一些想法。我們目前預計全年收入將在1.7億美元至1.85億美元之間，高於先前1.6億美元至1.75億美元的指引。此外，根據先前的指引，我們預期研發支出將持續溫和成長，銷售、一般及行政費用（SG&A）將略有成長。

Regarding Model S reservations, the growth of almost 900 reservations in Q1 is a measure of the strong customer interest in this car, despite our limited marketing efforts. We had received slightly over 4,300 Model S reservations as of March 31 and have now surpassed 4,600. Again, we're not providing guidance on this metric, as we have not yet embarked on focused marketing activities for Model S sales.

關於Model S的預訂量，儘管我們的行銷力度有限，但第一季近900輛的預訂量增長表明客戶對這款車的興趣依然濃厚。截至3月31日，我們收到的Model S預訂量略高於4,300輛，目前已超過4,600輛。再次強調，由於我們尚未針對Model S的銷售開展專門的行銷活動，因此我們不提供此指標的指導。

I'd like to like to conclude by reinforcing that we continue to be excited about our long-term opportunities. This ends our prepared remarks and I'm going to turn it over to Jeff at this point for additional comments.

最後，我想再次強調，我們仍然對長期發展機會充滿期待。我們的準備演講到此結束，現在我將把演講時間交給傑夫，請他補充評論。

Thank you, Deepak. Before we begin the Q&A, we'd like to announce that we will be changing the format of our quarterly earnings releases, starting next quarter.

謝謝，Deepak。在開始問答環節之前，我們想宣布一下，從下個季度開始，我們將更改季度收益發布的格式。

Our second quarter results, we expect, will be released in August. We hope everyone will find these changes save time.

我們預計第二季業績將於8月公佈。希望這些調整能為大家節省時間。

The first change is that rather than issuing a press release with our quarterly results, we will simply issue a short press release announcing that our quarterly results are available on our website. These results will take the form of a quarterly shareholder letter. There will be no change to the level of disclosure of any of the financial tables, but simply where and how it is presented.

第一個變化是，我們將不再發布季度業績新聞稿，而是只發布一份簡短的新聞稿，宣布季度業績可在我們的網站上查閱。這些業績將以季度股東信函的形式發布。所有財務表格的揭露等級均保持不變，只是其呈現的位置和方式有所調整。

We expect to post this quarterly shareholder letter at ir.teslamotors.com under events and presentations, as well as in an 8-K filing with the SEC.

我們預計將在 ir.teslamotors.com 的活動和演示部分發布這封季度股東信，並在向美國證券交易委員會提交的 8-K 文件中發布。

Second, rather than have Elon and Deepak read through their highlights of the quarter during the conference call, we will include that information in the quarterly shareholder letter. We will continue to host a conference call after the results have been posted to answer any questions from investors and analysts.

其次，我們將不再讓伊隆和迪帕克在電話會議上詳細解讀本季的亮點，而是將這些資訊納入季度股東信中。業績公佈後，我們將繼續舉行電話會議，解答投資人和分析師的疑問。

So to recap, going forward the financial release will be on our website in the form of a shareholder letter and Elon and Deepak's comments will be included in written form in that letter. Nothing else will change.

總而言之，今後的財務報告將以股東信的形式發佈在我們的網站上，Elon 和 Deepak 的評論也將以書面形式包含在股東信中。其他內容不變。

So with that, Tyrone, let's open the call for questions, please.

那麼，泰隆，請允許我們開始提問。

Thank you, sir. (Operator Instructions). Our first question is from Patrick Archambault of Goldman Sachs. Your line is open.

謝謝您，先生。 （接線生指示）。我們的第一個問題來自高盛的派崔克‧阿尚博。您的線路已開通。

Hi, good afternoon. So, yes, I guess a couple of questions. Maybe first on just on just the marketing side. You've opened Santana Row and I believe there was some talk about also broadening out the approach to have maybe smaller selling points in public places like malls and stuff like that.

大家下午好。是的，我想問幾個問題。首先是關於行銷方面的問題。你們已經開設了桑塔納街（Santana Row），我相信你們也討論過拓展銷售管道，例如在商場之類的公共場所設立一些小型的銷售點。

Can you tell us a little bit about like how your retailing strategy has evolved now that you are, obviously, ramping it up more aggressively? That would be my first question.

您能否稍微談談你們的零售策略是如何演變的？現在你們顯然正在更積極地推進零售策略。這是我的第一個問題。

Sure. Well, the -- our goal at Tesla has always been to try to reinvent the sales and service process, because I think it's pretty bad in the conventional industry. In fact, most people would rate purchasing a car as their worst retail experience. Some regard it as equivalent to going to a dentist.

當然。嗯，特斯拉的目標一直是嘗試重塑銷售和服務流程，因為我認為傳統產業的現狀相當糟糕。事實上，大多數人會認為買車是最糟糕的零售體驗。有些人認為這就像去看牙醫一樣。

So we really want to be the polar opposite of that. We want it to be buying a car is something you look forward to, that it's a delightful experience. We wanted to have stores that you're drawn to come in, even if you don't really need to buy a car at the time.

所以我們真的想完全相反。我們希望買車成為一件值得期待的事情，成為愉悅的體驗。我們希望擁有吸引你光顧的店，即使你當時並不需要買車。

And so we try -- we've been iterating, since opening our first store a few years ago, trying to refine this and Santana Row is basically the latest version of the store, if you will. It's Store Version 3 or something like that.

所以我們一直在嘗試——自從幾年前開了第一家店以來，我們一直在不斷迭代，試圖改進這一點。 Santana Row 基本上是這家店的最新版本，如果你願意這麼說的話。它是 Store Version 3 或類似的版本。

And I think we're really getting it pretty dialed in. We're seeing tremendous traffic at the stores, thousands of people coming in per week and while this is slightly helpful for Roadster, it's really helpful for Model S and for future vehicles that we bring out that are more affordable.

我認為我們確實已經做好了充分的準備。我們看到商店的客流量非常大，每週都有成千上萬的人光顧，雖然這對 Roadster 來說略有幫助，但對 Model S 以及我們未來推出的更實惠的車型來說，這才是真正的幫助。

I'd really recommend going and visiting the Santana Row store to get a virtual sense of what I'm talking about, because it's hard to describe exactly, but easy to understand if you go there.

我真的建議你去參觀 Santana Row 商店，以便虛擬地了解我所說的內容，因為很難準確描述，但如果你去了那裡就很容易理解。

And, I guess, just building on that -- is your -- I believe the original plan was to not really do much traditional marketing at all. I guess, because with the volume you're targeting probably it might not have been necessary. Is that still the view or is that something that you might engage in to increase awareness on the Model S?

我想，在此基礎上——您最初的計劃是根本不做太多傳統行銷。我想，因為考慮到您的目標銷售量，可能沒有必要這麼做。您現在還是這樣想嗎？還是說，為了提高Model S的知名度，您打算採取一些措施？

Well, I mean, clearly, since we've almost -- we're not far from having sold out all of next year's production of the Model S and it's not yet next year, there's clearly no need for advertising yet. At some point there may be a need for advertising, but that's only going to be when we're not production constrained. So we're largely going to focus our energies on ensuring that we're not production constrained.

嗯，我的意思是，顯然，既然我們幾乎——距離明年 Model S 的產量售罄不遠了，而且現在還沒到明年，顯然現在還不需要做廣告。也許以後需要做廣告，但那隻有在我們不受產量限制的情況下才會發生。所以我們主要會集中精力確保產量不受限制。

And that's why we reconfigured the plant to make the Model S production, 20,000 units a year production on one shift instead of two shifts, so that we have the ability, potentially, to double the production fairly quickly, if need be.

這就是為什麼我們重新配置工廠來生產 Model S，每年用一個班次而不是兩個班次生產 20,000 輛，這樣我們就有能力在必要時將產量相當快地翻一番。

But we really don't anticipate any short-to-medium-term need for advertising expenditures of any kind, really.

但我們確實不認為短期至中期需要任何類型的廣告支出。

Okay. And just a couple of more housekeeping questions. I mean, Deepak, do you have -- can you give us the working capital number, that -- I know that -- you'll give it in the Q later, but do you have that handy? And the other thing I was looking for is can you give us the split in terms of the US versus international sales that you saw for the Roadster?

好的。還有幾個基本問題。 Deepak，可以告訴我們營運資本的具體數字嗎？我知道你稍後會在問答環節提供，但你方便拿到嗎？另外，我想知道的是，你能告訴我們Roadster在美國和國際市場的銷售佔比嗎？

Let me answer the second question first. This was, in fact, our first quarter where we saw international sales to be slightly more than US sales in our history. So it's a good indication of the growth and presence of Tesla outside of the US, in Europe and in Asia. We really saw some good growth in Japan and Asian markets in Q1.

我先回答第二個問題。事實上，這是我們史上第一次國際銷售略高於美國本土銷售的季度。這很好地體現了特斯拉在美國以外、歐洲和亞洲市場的成長和影響力。我們在第一季確實看到了日本和亞洲市場的良好成長。

And regarding the working capital discussion, I think our cash flow statement and our usage of operating cash is the answer. I'm not exactly sure what further information you're looking for, Pat.

關於營運資本的討論，我認為我們的現金流量表和營運現金的使用是答案。帕特，我不太確定您想了解更多。

I'm -- yes, sorry, I'm just looking at it now. We can follow up online. I just saw a use in operating activity, so I just wondering what portion of that was, the 43 was a working capital use versus other operating uses of cash.

是的，抱歉，我現在正在查看。我們可以在線上跟進。我剛剛看到了營運活動用途，所以我想知道其中有多少部分，43%是營運資本用途，還是其他營運用途的現金。

Yes, I think, as I mentioned in the call, the working capital usage would be from inventory, as well as accounts receivable and those are the primary drivers for the slight increase in our working capital this quarter compared to the previous one.

是的，我認為，正如我在電話會議中提到的那樣，營運資本的使用將來自庫存以及應收帳款，這些是本季我們的營運資本與上一季相比略有增加的主要驅動因素。

Okay. So just the delta in those two items will get us the number. Okay.

好的。所以，只要計算這兩個項目的差值，我們就能得到這個數字。好的。

Actually, I forgot to mention regarding the Model S is our sales team is not selling Model S. They're selling Roadster, so the sales growth you've seen from Model S is not due to, say, us ramping up sales in Model S. In fact, there isn't even a Model S in the Santana Row store. I think that may not be obvious, based on my last comments.

其實，關於Model S，我忘了說了，我們的銷售團隊現在不賣Model S了。他們賣的是Roadster，所以你看到的Model S銷售成長，並不是因為我們提升了Model S的銷售。事實上，桑塔納街店裡甚至連一輛Model S都沒有。根據我上次的評論，我覺得這可能不太明顯。

Okay, terrific. Thanks a lot, guys.

好的，太棒了。非常感謝，大家。

Thanks, Pat.

謝謝，帕特。

Thank you.

謝謝。

Thank you. Our next question is from Dan Galves of Deutsche Bank. Your line is open, sir.

謝謝。下一個問題來自德意志銀行的 Dan Galves。先生，您的電話已接通。

Okay, thanks. Good afternoon.

好的，謝謝。午安.

I just wanted to ask, interesting that the international sales were higher in the quarter than the US. I just wanted to ask about option content, uptake from consumers. It seems like it's stayed pretty steady with the Roadster, given steady average transaction prices. Are you seeing any differences in the amount of options people buy internationally versus US and does that provide any lessons for Model S for you?

我只是想問一下，有趣的是，本季國際銷售量高於美國。我只是想問一下選配配置的內容，以及消費者的接受程度。考慮到平均交易價格穩定，Roadster 的選配似乎保持相當穩定。您認為國際市場和美國市場消費者購買的選配數量有何差異？這對 Model S 有什麼借鏡意義嗎？

And then also, just a follow up, is are you planning on offering a leasing program for the Model S and is there any update on the financing for that leasing program?

另外，再問一下，您是否打算為 Model S 提供租賃方案？該租賃計劃的融資情況有什麼更新嗎？

I think our options mix is pretty comparable between regions. I wouldn't say there's any significant statistical difference. They're pretty minor. And so, do you want to take the next one?

我認為我們不同地區的選項組合相當具有可比性。我不認為存在任何顯著的統計差異。差異很小。那麼，你想參加下一個嗎？

Yes, regarding providing a leasing option on the Model S, definitely that is in our plan and we've been working with a bank to partner with us regarding that and we'll announce the details when they're in place. But we definitely offer leasing as a financing option for our customers.

是的，關於為 Model S 提供租賃選項，這絕對是我們的計劃，我們一直在與一家銀行合作，具體細節到位後我們會公佈。但我們肯定會為客戶提供租賃融資選項。

Yes. We're actually seeing quite strong interest from some of the major banks in working with us on a leasing program for the Model S with quite compelling numbers. It looks like there may be a bit of a bidding war there, which is good.

是的。實際上，我們看到一些大型銀行對與我們合作開發Model S租賃專案表現出濃厚興趣，業績也相當可觀。看起來可能會出現一些競價戰，這很好。

And we're also working with banks regionally in the sense -- obviously, we'll have a partner in Europe different from the US. So we will have regional concentrations there, too.

我們也與區域性銀行合作——顯然，我們在歐洲的合作夥伴與美國不同。所以我們也會在那裡進行區域集中化。

Yes and Europe has a -- obviously, it needs to adapt to the different environments and Europe has a very strong corporate leasing program. A lot of cars are actually company cars, effectively. So we're making sure that the Model S is well positioned to be in the company car programs.

是的，歐洲顯然需要適應不同的環境，而且歐洲的企業租賃專案非常強大。很多汽車其實都是公司用車。所以我們要確保Model S能夠很好地融入公司用車專案。

Okay, excellent. Thanks for that. And just one other one. I just wanted to ask about performance in terms of quality, quality performance of the drive train on the Roadster. How have warranty trends been going as some of the vehicles probably get a little older. Just asking about that. Has it been to your expectations? Better? Worse?

好的，太好了。謝謝。還有最後一個問題。我想問Roadster的傳動系統在品質上的表現。由於一些車輛可能已經有點老了，保固趨勢如何？只是想問這個問題。符合你的預期嗎？更好還是更差？

Yes, Dan. We haven't seen any significant change in the trend of our warranty work on these cars. So there has been no significant change in our warranty reserves, as a result, this quarter. It's been pretty steady state.

是的，丹。我們這些車輛的保固趨勢沒有顯著變化。因此，本季我們的保固儲備金並沒有發生顯著變化。一直保持相當穩定的狀態。

Okay, great. And just -- did you want to follow up, Elon?

好的，太好了。還有——埃隆，你還有什麼想跟進的嗎？

Sorry, none of our customers have actually -- no battery pack has yet reached end of life. And it's been now about three years. So even ones that are driven very heavily, that are approaching 100,000 miles.

抱歉，我們目前還沒有客戶電池組的壽命達到極限。到現在已經三年了。即使是那些行駛頻率很高的車輛，行駛里程也接近10萬英里。

Wow. Okay, excellent. Thanks for taking my call.

哇。好的，太好了。謝謝接聽我的電話。

Thanks, Dan.

謝謝，丹。

Thank you. Our next question is from Adam Jonas of Morgan Stanley. Your line is open.

謝謝。下一個問題來自摩根士丹利的亞當‧喬納斯 (Adam Jonas)。您的電話已接通。

Hey, Elon, Deepak, Jeff. How are you guys doing?

嘿，伊隆、迪帕克、傑夫。你們好嗎？

Hey, good. How are you?

嘿，很好。你好嗎？

Hi.

你好。

Good. Hi. I just want to drill in a bit more on the Model S. First, the reservations, of the 1,200 additional reservations you've had since the start of the year, any detail on geographically how those are spread? And also, how much has that acceleration in the reservations been influenced by the growth in the footprint, in particular the Santana Row, knowing, of course, you don't have a vehicle in the showroom, but just how much did that spur reservation activity, as well?

好的。你好。我想再深入講講 Model S 的情況。首先，關於預訂量，自今年年初以來，你們新增了 1,200 筆預訂，能否詳細介紹一下這些預訂的地理分佈？另外，預訂量的加速成長在多大程度上受到了門市擴張的影響，尤其是在桑塔納展廳（當然，你們的展廳裡還沒有現車）的影響，但這在多大程度上刺激了預訂活動？

Well, it's difficult to say how much it spurred reservation activity. It's got to have some help, but it's not obvious how much. I think the biggest thing affecting Model S reservations for us is we're sort of getting close to deliveries and there's a lot more detail being released about the car and we're trying to be as open as possible with customers about the progress we make. We have journalist days to come in and take a look at the alpha cars and that's been very well received.

嗯，很難說這在多大程度上刺激了預訂活動。肯定有一些幫助，但具體有多大還不得而知。我認為對我們而言，影響Model S預訂的最大因素是，我們即將開始交付，而且關於這款車的更多細節正在陸續公佈，我們正努力盡可能地向客戶公開我們的進展。我們安排了記者日來參觀首發車型，這受到了熱烈的反響。

So I think it's more press than anything else that's a big driver. But certainly the stores are part of it.

所以我認為媒體比其他任何因素都更能起到推動作用。當然，商店也是其中的一部分。

As I say, though, the sales people in the stores are actually instructed to focus on Roadster, not on Model S, because we don't yet have the Model S vehicles in the stores to really actively sell.

不過，正如我所說，商店裡的銷售人員實際上被指示將重點放在 Roadster 上，而不是 Model S 上，因為我們的商店裡還沒有 Model S 車輛可以真正積極銷售。

Our Model S reservations right now are -- I don't have the exact numbers in front of me, but biased pretty strongly towards North America and at least sort of on the order of three-quarters North America, but part for that is because we're delivering North America first. So we're delivering North America in middle of next year, Europe end of next year and then our right-hand-drive vehicle, which is key for UK, is only in 2013.

我們目前的Model S預訂情況是——我手頭上沒有確切的數字，但北美的預訂量相當大，至少有四分之三的預訂量在北美，部分原因是我們優先在北美交付。所以我們計劃明年年中在北美交付，明年年底在歐洲交付，然後是右舵車型，也就是對英國市場至關重要的車型，要到2013年才會交付。

So I think we'll start -- we'll see the mix of sales for Model S start to get roughly comparable between North America and Europe down the road, but that probably happens like next year or something like that.

所以我認為我們將開始——我們將看到 Model S 的銷售組合在北美和歐洲之間開始變得大致相當，但這可能發生在明年左右。

Also, we haven't really kicked off accepting reservations on Model S.

此外，我們還沒有真正開始接受 Model S 的預訂。

Right. Unless you like dollars.

對。除非你喜歡美元。

Right.

正確的。

I mean, you actually, literally, have to do the reservation in dollars.

我的意思是，實際上，你必須用美元預訂。

Right. As we get systematically -- well, we put in the processes to collect reservations systematically in Asia and most of Europe, we'll see a much bigger uptick there.

是的。隨著我們系統性地——嗯，我們在亞洲和歐洲大部分地區有系統地實施預訂收集流程，我們將看到那裡的預訂量出現更大的增長。

Yes.

是的。

There's a huge potential that we haven't really exploited.

還有巨大的潛力我們尚未真正開發。

We don't even have a local language site. So you've got to read it in English and pay in dollars. We're hoping to correct those issues.

我們甚至沒有本地語言網站。所以你只能用英文閱讀，還要用美元支付。我們希望能夠解決這些問題。

And just to follow up, I mean, you mentioned you have some journalist days scheduled, but, specifically, when can we drive it? When can we expect the journalists to begin driving either the late alpha prototype or a beta version, realistically, and then when could you have us out there driving it ourselves?

再問個問題，你提到安排了一些記者見面會，具體來說，我們什麼時候可以試駕？記者們什麼時候可以開始試駕後期Alpha版或Beta版？那我們什麼時候可以親自試駕？

Well, I think, particularly given that it's a car and safety is paramount, I think testing at the beta level is about the first time that we'd let non-Tesla personnel drive the car and we're expecting to have the first betas done at the end of summer, so that's about when you can expect non-Tesla people to be able to drive the car. Yes.

嗯，我認為，尤其是考慮到它是一輛車，安全至關重要，我認為Beta測試大概是我們第一次讓非特斯拉員工駕駛這款車。我們預計在夏末完成第一批Beta測試，到那時，非特斯拉員工也就能駕駛這款車了。是的。

Okay, that's clear. Thank you for being so clear. A question on CapEx -- you're, obviously, running far below the run rate you're going to have to catch up to come anywhere near the $190 million to $215 million, but any way you could explain to us, of the remaining three quarters of this year how lumpy that CapEx will be? I mean, will it be a smooth roughly $60 million per quarter or is it going to be heavily, heavily weighted towards the end of the year? Any rough curve of that CapEx spend would be appreciated.

好的，很清楚。感謝您如此清晰地解釋。關於資本支出，您目前的營運顯然遠低於預期，您必須迎頭趕上才能達到1.9億至2.15億美元的目標。您能否解釋一下，今年剩餘三個季度的資本支出會有多大波動？我的意思是，它會平穩地保持在每季6000萬美元左右，還是在年底大幅增加？如果您能提供資本支出的大致曲線，我們將不勝感激。

I think it'll be fairly smooth over the three quarters. CapEx payments, as you can imagine, tend to be large and lumpy. So even a week or two delay in a payment can significantly move the recognition of CapEx from one quarter to the other.

我認為三個季度的進展會比較平穩。正如你所想的，資本支出的支付往往規模較大且不均衡。因此，即使付款延遲一兩週，也會導致資本支出的確認從一個季度轉移到另一個季度。

So I wouldn't be very firm or clear in my guidance on that issue, but we have very clear visibility of what our CapEx spending will be over the next few quarters --

因此，我對這個問題的指導不會非常堅定或明確，但我們對未來幾季的資本支出狀況有非常清晰的認識——

Yes, I mean --

是的，我的意思是——

-- so that gives me comfort.

——這讓我感到安慰。

Yes, we have clear visibility on our CapEx expenditures, but not to the granularity of a quarter, because a few payments delayed one month to the next can make a pretty big difference. I mean, there's -- apart from a minor ones, all of our supplier deals are done. I mean, the Model S is almost 100% sourced at this point, so unless the suppliers break their deals or something, then it's -- these are pretty known quantities.

是的，我們對資本支出有清晰的了解，但不是按季度來計算，因為幾筆付款延遲一個月到下個月可能會造成很大的影響。我的意思是，除了一些小額款項外，我們所有的供應商交易都已經完成了。我的意思是，目前Model S的供貨幾乎100%是100%的，所以除非供應商違約或出現其他情況，否則這些數量都是相當已知的。

But the point is, the lower spending level isn't so much that you're getting more bang for the buck. It's just that lumpiness and the timing issue and you --?

但關鍵在於，較低的支出水準並不代表你能獲得更多的回報。問題在於資金的不平衡和時間安排，你…？

Yes.

是的。

Okay.

好的。

Exactly.

確切地。

That's clear. All right. Thanks very much.

很清楚。好的。非常感謝。

I mean, I think we're getting pretty good bang for the buck to begin with, but --

我的意思是，我認為我們一開始就獲得了相當不錯的回報，但是——

Well, right, but the bar is raised for you.

嗯，沒錯，但是你的標準提高了。

True. True. Yes. It's worth knowing that -- based with the capital we have on hand and the DOE loan, we do have enough capital, based on our projections, to reach cash flow positive and profitability without ever raising another dollar.

沒錯。沒錯。是的。值得了解的是——基於我們手頭上的資金和能源部貸款，根據我們的預測，我們確實有足夠的資金來實現現金流為正和盈利，而無需再籌集一美元。

I mean, but as we said in the last quarter, there's a decent chance we will raise a secondary for the Model X activity, the -- some additional potential headroom growth on the Model S production and then just, it's a good idea to have a larger rather than smaller cash cushion.

我的意思是，但正如我們在上個季度所說的那樣，我們很有可能為 Model X 活動籌集二次資金，這為 Model S 的生產帶來了一些額外的潛在成長空間，因此，擁有更大而不是更小的現金緩衝是一個好主意。

Well, and since you brought that up, one final question, then. I mean, you mentioned the word "secondary." Would your preferred -- I mean, obviously, leaving room to be opportunistic on whatever method of a capital raise you would do, is the preference more towards equity rather than debt or convert?

好吧，既然你提到了這一點，那麼最後一個問題。我的意思是，你提到了「次級融資」這個詞。你更傾向於——我的意思是，顯然，無論你選擇哪種融資方式，你都會留下機會空間，你更傾向於股權融資而不是債務融資或轉換融資嗎？

I think we'd probably err on the side of equity, since have a favorable effect with the DOE loan.

我認為我們可能會在公平方面犯錯，因為 DOE 貸款會產生有利的影響。

You're probably not going to get a better rate than that.

您可能不會獲得比這更好的利率。

It's pretty nice.

非常好。

Okay. All right. Thanks very much. Have a good evening.

好的。好的。非常感謝。祝您晚上愉快。

Thanks. You, too.

謝謝。你也是。

Thank you. Our next question is from Himanshu Patel of JPMorgan. Your line is open.

謝謝。下一個問題來自摩根大通的Himanshu Patel。您的電話已接通。

Hi, good afternoon, guys.

大家下午好。

Hey.

嘿。

Hi.

你好。

A couple questions. Just on the issue of additional fund raising, Elon, maybe, or Deepak, can you talk a little bit about, just aside from market conditions, what are the kind of key governing factors that is going to help you guys decide how much to raise and when to raise? Is this really just about, primarily, the Model X and how fast you'd like to follow up with another car after the Model S? Or are there other things here that we're not thinking about?

幾個問題。關於額外融資的問題，埃隆，或迪帕克，除了市場行情之外，您能否談談，哪些關鍵因素會幫助您決定融資金額和時間？這真的主要與Model X有關嗎？以及在Model S之後，您希望多快推出另一款車型？還是還有其他我們沒有考慮到的事情？

And I wanted to supplement that question, could additional fund-raising needs also be satisfied with, maybe, having another strategic investor come into the Company, as opposed to a public market transaction?

我想補充一下這個問題，除了公開市場交易之外，是否還可以透過引進另一個策略性投資者進入公司來滿足額外的融資需求？

I think, Himanshu, I'd like to just sort of step back and not answer this question to this level of detail. I think, as you can imagine, like any other company, we will evaluate our fund-raising needs from time to time and raise funds opportunistically when it makes sense and when the market conditions are right. So, I think it's probably best to leave it at that, regarding this question.

Himanshu，我想稍微退一步，不詳細回答這個問題。正如你所想像的，就像其他公司一樣，我們會不時評估我們的融資需求，並在合理且市場條件合適時適時融資。所以，關於這個問題，我認為最好就此打住。

Yes, I mean, obviously, in compliance with financial regulations we have to be circumspect in discussing future financings.

是的，我的意思是，顯然，為了遵守金融法規，我們必須謹慎討論未來的融資。

Okay. The other big question I had is just since you've done your IPO the euro is up 20%, 25% and I'm just wondering what are kind of the implications of that, operationally? You mentioned how the European deliveries for the Model S are kind of end of '12, '13. Does it make sense to, potentially, accelerate some of that and maybe de-emphasize US deliveries initially?

好的。我的另一個大問題是，自從你們完成IPO以來，歐元已經上漲了20%到25%，我想知道這對營運有什麼影響？你提到Model S的歐洲交貨時間大概是2012年末或2013年末。那麼，是否有必要加快交貨速度，並先降低美國市場的交付量？

And, I guess, in addition to that, at a minimum, should we think about the currency rate changes as at least being just a direct margin addition to the Company on the non-US sales or would you consider recalibrating your pricing expectations on European volumes as a result, as well?

而且，我想，除此之外，我們至少應該將匯率變動視為公司在非美國銷售中的直接利潤增加，或者您會考慮重新調整對歐洲銷售的定價預期？

Well, the reason for starting with US deliveries is the -- if we have to deal with any corrective actions on the cars, it's a lot easier to get our hands around it if they're in a more tightly contained geographic area and closer to our headquarters.

嗯，從美國交付開始的原因是——如果我們必須對汽車採取任何糾正措施，如果它們位於更緊密的地理區域並且靠近我們的總部，那麼我們就更容易著手處理。

So, I think it's important for those first few months to be able to monitor very closely the status of the cars and make sure customers have a wonderful experience and, in a worst-case scenario where there is, potentially, a recall or something like that, we can do that quickly and take care of it with minimal disruption.

因此，我認為在最初幾個月密切監控汽車狀況並確保客戶擁有良好的體驗非常重要，並且在可能發生召回或類似情況的最壞情況下，我們可以迅速採取行動並以最小的干擾來處理。

And then it's also important to note that a car which meets US regulations doesn't meet European regulations. So it's not like it's the same car in both cases. Unfortunately, they are slightly different and so we have to decide which car do we build first. So it's not the same car to either market. So, I think it's possible we could make a little more money if we shipped to Europe, maybe even probable, if we shipped to Europe initially, but I think the right decision in terms of long-term thinking is to build the cars initially in the US, make sure they're super good and then expand internationally.

還有一點要注意，符合美國法規的汽車並不符合歐洲法規。所以，兩種情況的汽車並非同一款。不幸的是，它們略有不同，所以我們必須決定先生產哪一輛車。所以，對兩個市場來說，它都不是同一款車。所以，我認為如果我們先出口到歐洲，我們可能會賺更多錢，甚至很有可能，如果我們先出口到歐洲，但我認為從長遠來看，正確的決定是先在美國生產汽車，確保它們性能卓越，然後再進行國際擴張。

And, I guess, the second question I had is, I think you guys had originally talked about US versus non-US volumes for the Model S eventually being kind of even. Just given what's happened --

我想問的第二個問題是，你們最初討論的是，美國和美國以外地區的 Model S 銷售最終會持平。考慮到目前的情況—

To be precise, I said North American and Europe would be about even. But I think Asia would be at least as big as those. I would say something a third Asia, a third North America, a third Europe.

準確地說，我說的是北美和歐洲的規模差不多。但我認為亞洲至少應該和它們一樣大。我估計亞洲的規模應該在三分之一左右，北美的規模在三分之一左右，歐洲的規模在三分之一左右。

Right, okay. So, I mean, but just given what the dollar has done, obviously, that's financially very beneficial for your percent margin, because you're the only US car maker exporting from the US really. So, I guess the question, Elon, is do you kind of just keep your pricing for that vehicle where you expected it and let it all drop down to margin or is there a thought here that you could actually grab a lot more volume in the non-US markets, given what currency rates have done, by lowering the price points that you were previously thinking about?

好的。所以，我的意思是，考慮到美元的走勢，這顯然對你們的利潤率非常有利，因為你們是唯一一家真正從美國出口的美國汽車製造商。所以，伊隆，我想問題是，你們會不會只是把這款車的定價維持在預期水平，然後讓價格全部降到利潤水平？或者，考慮到匯率的變化，你們有沒有想過，透過降低先前考慮的價格點，你們實際上可以在非美國市場獲得更多銷售？

Well, I think it's always -- it's always a bit dodgy to try to guess currency. Because what's true today could be different a year from now. And so I think the way -- we just want to proceed along the way of making sure we have the best product at the best price and with incredible value for money in each market. And if some customers are getting a better deal because their currency has shifted, relatively speaking, then good for them.

嗯，我覺得猜測貨幣匯率總是有點不靠譜。因為今天的情況一年後可能會不一樣。所以我認為，我們只是想繼續努力，確保我們在每個市場都能以最優價格提供最好的產品，並實現物超所值。如果有些客戶因為貨幣匯率變動而獲得了更好的優惠，相對而言，這對他們來說是件好事。

Has Toyota made any decisions on the final assembly site for the RAV4?

豐田是否已就 RAV4 的最終組裝地點做出任何決定？

I don't want to speak on Toyota's behalf, so I would ask you to direct that question to Toyota. But certainly the power train is made by Tesla in California.

我不想代表豐田發言，所以我請你直接問豐田。不過動力傳動系統肯定是由特斯拉在加州製造的。

I think previously you've sort of indicated that Tesla is, I guess, agnostic is maybe the best adjective as to whether or not Toyota wants to do final assembly at Fremont or not. I mean, is that still pretty much your view?

我想您之前好像說過，特斯拉對豐田是否想在弗里蒙特進行最終組裝持「不可知論」的態度，這或許是最貼切的形容詞了。我的意思是，您現在還是這麼認為嗎？

Toyota is an important customer. We're a supplier to Toyota, so we want to do whatever makes Toyota happy in this regard. And where the power train is installed is entirely up to them.

豐田是我們的重要客戶。我們是豐田的供應商，所以我們想盡辦法讓豐田滿意。至於動力傳動系統的安裝位置，完全由他們決定。

Okay. Can you update us, lastly, on -- I know it's fairly early stages, but on the Model X? You've been talking a little bit more about it publicly and I think privately. Just -- have you put any more granularity behind your thoughts on timing, any design elements that have kind of been a little bit more solidified in your mind, price points, or is this still all at a fairly conceptual level?

好的。最後，您能否更新一下——我知道現在還處於早期階段，但關於Model X，您之前在公開場合和私下都談過一些。您是否對時間安排、哪些設計元素在您心中已經比較確定、價格點也比較清晰，或者說，這一切還停留在概念層面？

We're actually hard at work on the Model X in the design studio, but I don't want to let the cat out of the bag on what it's going to be like. I mean, I think it's shaping up to be something pretty incredible, but I think we'll let the public be a judge when they see it at the end of -- we are planning to unveil it at the end of this year, as I've said previously.

實際上，我們正​​在設計工作室裡努力研發Model X，但我不想透露它的最終樣子。我的意思是，我認為它最終會是一款非常出色的車型，但我想等到年底公眾看到它的時候再做評判——我們計劃在今年年底發布它，就像我之前說的。

And it will use the same basic power -- the same power train as the Model S. It's -- the Model X is built on the Model S platform, so it allows us to leverage that platform with a relatively small amount of incremental CapEx. And it just addresses a market that is the SUV and minivan.

它將使用與 Model S 相同的基本動力——相同的動力傳動系統。 Model X 是基於 Model S 平台打造的，因此我們能夠以相對較小的增量資本支出充分利用該平台。它的目標市場是 SUV 和小型貨車。

So if you think of the -- with the Model S, we've tried to make a sedan that is so functional, has so much cargo capacity, can seat seven people, such that it addresses, obviously, the sedan market, but also addresses perhaps half of the people that would otherwise buy an SUV. With the Model X, we're trying to address the other half of the people that would buy an SUV, as well as people who would buy a minivan.

所以，如果你想想──在Model S上，我們試著打造一款功能齊全、載貨能力強、可容納七人的轎車，這樣它不僅能滿足轎車市場的需求，還能滿足大約一半原本會購買SUV的消費者的需求。而Model X，我們則試著滿足另一半會購買SUV的消費者的需求，以及那些會購買小型貨車的消費者的需求。

So, I'm pretty excited about it and I think it's going to be well received, but we'll see at the end of this year.

所以，我對此感到非常興奮，我認為它會受到好評，但我們將在今年年底看到結果。

Okay, thank you.

好的，謝謝。

Thank you.

謝謝。

Thank you. Our next question is from Andrea James of Dougherty. Your line is open.

謝謝。下一個問題來自Dougherty的Andrea James。您的電話已接通。

Good afternoon.

午安.

Hi, Andrea.

你好，安德里亞。

Hey.

嘿。

Piggybacking on the Model X question, do you think there'll be, I guess, some synergies from developing the RAV4? Do you think any of that and move that over, capture that for the Model X development?

說到Model X的問題，您覺得開發RAV4會帶來一些綜效嗎？您覺得會不會把這些綜效轉移到Model X的開發上？

There's a little bit. I wouldn't say there's a lot, but there's certainly a little bit that's in there and, of course, working with Toyota and meeting their extremely stringent standards, as with Daimler, is a learning experience for us.

有一點。我不會說有很多，但肯定有一點。當然，與豐田合作並滿足他們極其嚴格的標準，就像與戴姆勒合作一樣，對我們來說也是一次學習經驗。

So I think it's certainly helpful. There's a lot of mutual learning taking place with us and Toyota and so it's definitely a helpful relationship that has intangible benefits beyond the -- purely us being the power train supplier for the RAV4.

所以我認為這肯定是有幫助的。我們和豐田之間有很多相互學習的地方，所以這絕對是一種有益的關係，除了我們作為RAV4動力傳動系統供應商之外，還帶來了其他無形的利益。

And as far as R&D long term and head count, can you just talk a little bit about how you're going to manage head count going into FY '12, what your expectations are, and then into FY '13?

至於長期研發和員工人數，您能否稍微談談您將如何管理 2012 財年的員工人數，您的期望是什麼，以及對 2013 財年的員工人數有何期望？

Is that something we should --

我們應該這樣做嗎？

I think that is something we haven't shared much of, in terms of guidance, Andrea. Obviously, at a high level, our focus this year is to continue to grow our manufacturing team and then bring in the work force to manufacture the car and a lot of the engineering people are already in place, since we've spent the time and the effort to develop the Model S. So, I'd just leave it at that.

安德里亞，我認為在規劃方面我們之前沒有分享太多。顯然，從高層來看，我們今年的重點是繼續壯大我們的製造團隊，並引進生產汽車所需的勞動力。由於我們投入了大量時間和精力來開發 Model S，許多工程人員已經到位。所以，我就不多說了。

Yes, I mean, it'll certainly be significant double-digit growth in employee count, but, yes, it's difficult to predict exactly what that number is going to be. Our hiring standards at Tesla are extremely. I mean, it's unequivocally the highest in the car business. And so, that tends to be the gating factor on hiring decisions, more than anything else.

是的，我的意思是，員工數量肯定會大幅增加兩位數，但很難準確預測這個數字。特斯拉的招募標準非常高。我的意思是，它無疑是汽車行業最高的。所以，這往往是招募決策中最重要的決定因素。

Right. The other area where we will see some hiring towards the end of this year and next year is marketing and sales as we put in the infrastructure to sell 20,000 units of Model S globally.

是的。今年年底和明年，我們將在行銷和銷售領域招募一些員工，因為我們正在建立基礎設施，力爭在全球銷售 2 萬輛 Model S。

Right, absolutely.

對，絕對如此。

You had a great gross margin this quarter. Can you talk about the sustainability of that? And once the Model S is launched, I guess maybe some of your R&D, does that move up into cost of goods sold?

你們本季的毛利率很高。能談談這種成長的可持續性嗎？ Model S上市後，我想你們的部分研發投入會不會轉入銷售成本？

Yes, our gross margin on the automotive side of the business is fairly steady. The gross margin on the development services side is unpredictable because of timing differences and the recognition of revenue and cost. So, you would definitely see some variation in our gross margin overall, depending on the size and the accounting issues around development services.

是的，我們汽車業務的毛利率相當穩定。但由於時間差異以及收入和成本的確認，開發服務業務的毛利率難以預測。因此，我們整體的毛利率肯定會有所波動，這取決於開發服務的規模和會計問題。

Does that answer your question?

這回答了你的問題嗎？

Yes.

是的。

On the Model S, we are expecting to have higher gross margins with the Model S than the Roadster, because we're insourcing much more of the Model S.

對於 Model S 來說，我們預計它的毛利率會比 Roadster 更高，因為我們對 Model S 的採購量要大得多。

And one final one. What's your confidence level with your parts sourcing and your suppliers and delivery? I know it's just where you are right now, obviously you're confident you're going to get there, but just how do you feel about it now, and then, also, with the manufacturing equipment, are there any delays coming -- anything coming from Japan or --? Yes, so confidence level on suppliers and on manufacturing equipment?

最後一個問題。您對零件採購、供應商和交付的信心如何？我知道您現在的情況，顯然您有信心實現目標，但您現在感覺如何？另外，製造設備方面，是否有任何延誤——例如來自日本或其他國家的訂單？是的，那麼您對供應商和製造設備的信心如何？

So, again, just to elaborate on the last answer, we're pretty confident of the 25% gross margin number for Model S. That's a number that we expect to be measured by and that we're confident we'll hit.

所以，再次詳細說明最後一個答案，我們對 Model S 25% 的毛利率非常有信心。這是我們預期衡量的數字，我們有信心能夠達到這個數字。

As far as supplier disruptions, we haven't really seen any significant supplier disruptions. So things are proceeding pretty smoothly. There were a few hiccups here and there for a week or so, but it was less than our buffer inventory, so it didn't -- it really didn't make a difference.

就供應商中斷而言，我們目前還沒有看到任何重大的供應商中斷。所以一切進展得相當順利。大約一週的時間裡，偶爾會有一些小問題，但比我們的緩衝庫存少，所以並沒有造成什麼影響。

And it hasn't affected us both the Roadster and Model S.

但這並沒有影響到我們的 Roadster 和 Model S。

Right.

正確的。

Thank you so much.

太感謝了。

Thank you. (Operator Instructions). Our next question is from [Bryan Russell] of [Russell Group]. Your line is open.

謝謝。 （接線生指示）。下一個問題來自[Russell Group]的[Bryan Russell]。您的線路已開通。

Good afternoon.

午安.

Hi.

你好。

Hi, could you talk a little bit about the Daimler situation. You had an additional 300 Smart battery packs ordered, but I saw somewhere where they've decided to go with Bosch on the motors?

您好，能不能談談戴姆勒的狀況？你們之前額外訂購了300個Smart電池組，但我看到有消息稱，他們決定與博世合作開發電機？

I think you read an article -- it's sort of an article that doesn't actually mean anything, because we don't supply the motors to Daimler. In the case of Toyota, we do.

我想你讀過一篇文章——這篇文章其實沒什麼意義，因為我們不會向戴姆勒供應引擎。至於豐田，我們供應。

For the RAV4 we provide the whole power train, motor, inverter, charger, transmission and all the interconnects and everything. So we do the whole power train in the case of the RAV4.

我們為 RAV4 提供整套動力傳動系統，包括引擎、逆變器、充電器、變速箱以及所有連接部件等等。所以，就 RAV4 而言，我們負責整套動力傳動系統。

In the case of the Smart and the Mercedes A-Class, we provide the battery pack and charger and that's always how it's been.

對於 Smart 和 Mercedes A-Class，我們提供電池組和充電器，而且一直都是這樣。

They said they were going to use, even for their battery packs on the production Smarts. Is that correct or have you heard anything on that?

他們說他們甚至會把電池組用在量產版Smart上。這是真的嗎？或是你聽過什麼消息？

Well, that also has been their or their stated plan for quite a long time. However, they also -- what has happened, at least historically, is that Evonik has not been able to provide a product that's as compelling as Tesla's and so then Daimler has at every stage of the process chosen to continue with Tesla. That may change in the future, of course, but that's the history to date.

嗯，這也是他們長期以來的既定計畫。然而，至少從歷史上看，贏創未能提供與特斯拉一樣引人注目的產品，因此戴姆勒在收購的每個階段都選擇繼續與特斯拉合作。當然，這種情況未來可能會改變，但迄今為止的情況就是這樣。

And would I be right in assuming -- you just kind of upped the revenue projection by about $10 million. About half of that is the additional 300 Smart battery pack chargers?

您的假設對嗎？您剛剛將收入預測上調了約 1000 萬美元。其中大約一半來自新增的 300 個智慧電池組充電器？

That's correct.

沒錯。

And then where do you see the rest of it? Is it going to be in development services?

那麼，您覺得剩下的部分會在哪裡呢？會用於開發服務嗎？

We just have seen better visibility on all aspects of our business and it could be from either or and we just feel more comfortable at this point, given that we are in May here, with that $10 million increase in revenue guidance.

我們只是看到了我們業務各個方面的更好的可見性，這可能是來自任何一個方面，我們現在感覺更舒服，因為我們現在是五月份，收入預期增加了 1000 萬美元。

Okay, thank you.

好的，謝謝。

Thank you. I'm showing no further questions at this time. I'd like to turn the call over to management for any closing remarks.

謝謝。目前我沒有其他問題。我想將電話交給管理階層，請他們做最後發言。

Okay, thank you, Tyrone. We, again, appreciate all of you taking the time to join us today and we look forward to seeing many of you during our travels. We're here in Palo Alto or at our first annual shareholder meeting on Wednesday, June 1st, from 9 a.m. to 10 a.m. The meeting will be held at the Network Meeting Center at TechMart in Santa Clara, California.

好的，謝謝你，泰隆。再次感謝大家今天抽出時間參加我們的活動，我們期待在旅途中再次見到你們。我們第一次年度股東大會將於6月1日（星期三）上午9點至10點在帕洛阿爾托舉行。會議將在加州聖克拉拉TechMart的網路會議中心舉行。

Thank you, everyone, and have a great day.

謝謝大家，祝大家有個愉快的一天。

All right. Thanks.

好的。謝謝。

Thank you.

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，感謝各位參加今天的會議。今天的節目到此結束。現在，您可以放下手機，享受美好的一天。