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，美好的一天，歡迎來到特斯拉汽車公司 2011 年第一季度財報電話會議。 （操作員說明）。並且，作為提醒，本次電話會議正在錄製中。現在我想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, 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 2011 年第一季度財報電話會議。今天和我一起參加電話會議的是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；特斯拉首席財務官 Deepak Ahuja。

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.

在本次電話會議期間，我們將討論我們的業務前景，並根據 1995 年《私人證券訴訟改革法案》的安全港條款做出其他前瞻性陳述。此類陳述僅是基於管理層當前預期的預測。由於許多風險和不確定性，包括我們在今年 3 月 3 日提交並同時提交給 SEC 的最新 10-K 表的風險因素部分中討論的風險和不確定性，實際事件或結果可能與這些預測存在重大差異。

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天的觀點，不應被視為代表我們在任何後續日期的觀點。我們特別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 Elon。

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.

你好。因此，我們在業務的各個方面——Roadster、Model S 和動力總成——又實現了一個穩健的季度。這是特斯拉歷史上最高的收入和毛利潤，是去年第一季度的兩倍多。

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.

我們將繼續在公司的各個層面增加令人難以置信的人才。本季度我們有 130 名新員工加入公司，主要從事研發和製造。

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 的銷售情況非常好，比去年好——去年第一季度和第四季度大致相同。我們現在預測到今年年底我們將在北美售罄 Roadster，所以如果你想要一輛，我建議盡快行動。

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.

在為 Model S 做準備的同時，我們推出了令人興奮的全新零售體驗，我們的門店於 4 月在聖何塞的 Santana Row 開業。這裡的目標實際上是讓潛在客戶了解電動汽車的總體情況以及特斯拉的優勢，尤其是真正嘗試在人們真正做出購買決定之前抓住他們。所以這就是為什麼它在一個高端商場。這是 - 他們正在考慮 - 他們處於購買模式，但他們還沒有決定要買什麼車，甚至不一定要購買電動汽車，但是通過擁有一家非常吸引人、令人愉快的商店吸引人們，我們實際上可以在他們做出購買決定之前接觸到他們，而且真的，當他們做出購買決定時，會有非常非常愉快的體驗，這與大多數汽車的銷售方式形成鮮明對比。

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.

至於 Model S，它計劃在 2012 年中期向客戶交付第一批客戶，2012 年下半年產量將緩慢上升，到 2013 年達到穩定狀態。我不應該說穩定狀態。我們當然有能力超越目前每年 20,000 台的預測，這在一定程度上緩解了這種情況。因此，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 版本進展順利。我們已經完成了 alpha 構建，其中包括構建 15 輛汽車，它們現在正在進行密集測試。所以我們真的在測試車輛的每一個元素、系統集成、性能、安全性、寒冷天氣性能。我們已經積累了數千英里，取得了令人印象深刻的成果。

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。我盡量每週駕駛它，如果可能的話，最新的原型。

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.

而且我們顯然正在將從 alpha 中學到的東西應用到 beta 設計中，我們預計將在夏末左右製造出第一輛 beta 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進展順利。我們在生產過程的每個元素中都看到了高水平的活動。沖壓線現已安裝完畢，我們已經能夠操作幾台沖壓機，我們預計將在接下來的四到六個月內從這條線上沖壓零件。

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.

實際上，預訂進展順利。截至 4 月底，我們有超過 4,600 份預訂，最低預訂額為 5,000 美元。看起來預訂率實際上正在加快。

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.

我們在底特律車展上展示了白色的全鋁車身後，我們有了特別明顯的增長。這表明特斯拉 - 剛剛在內部從頭開始設計底盤和車身，以充分優化電動動力系統周圍的車輛。所以這顯然很受歡迎。

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.

憑藉戴姆勒和豐田這兩個主要戰略關係，戴姆勒將 Smart 的訂單再增加 300 輛，達到 2,100 輛。而 A 級電動汽車，梅賽德斯 A 級電動汽車的產量正在增加，我認為第一批梅賽德斯 A 級現在正在德國上路。

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 EV 計劃也進展順利。我認為這將是一個非常引人注目的車輛。我們在特斯拉的目標是——RAV4 是讓它成為任何帶有豐田銘牌的車輛的最佳加速，因此不包括雷克薩斯，但除了雷克薩斯車輛之外，擁有最好的加速並且還有——當然，有任何大眾市場車輛的最佳範圍。

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.

在運營指導方面，上個季度我們的主要目標是執行 alpha 版本，但我們確實做到了，而且實際上，我想說，比預期的要好一些。而且，正如我剛才提到的，我們仍有望在明年年中首次交付 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 活動將是對 Alpha 進行大量測試，為 beta 版本做準備，這將在我們的弗里蒙特工廠和春季完成——完成沖壓機，讓我們的塑料工廠啟動並運行並讓疼痛和組裝活躍起來。

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

這一切看起來都很棒。對我來說就是這樣。

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.

謝謝你，埃隆。第一季度的主要財務主題是我們所有各種活動的非常強勁的收入和毛利率表現。第一季度的總收入為 4900 萬美元，比第四季度增長 35%，是我們記錄的最高季度收入。

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（包括跑車和動力總成部件的銷售額）環比增長 15%，達到近 3400 萬美元。我們在第一季度交付了 145 輛敞篷跑車，與去年第一季度的 126 輛相比大幅增長，幾乎與第四季度的交付量持平，儘管該季度是嚴冬。

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度相比保持相對穩定，零售組合略高於租賃，這導致 Roadster 相關收入小幅增加至略高於 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.

從汽車銷售的動力總成組件來看，本季度收入環比增長近 44%，達到 1300 萬美元。這是由於戴姆勒智能電動汽車的電池和充電器出貨量創歷史新高，以及戴姆勒 A 級電動汽車的電池和充電器的第一季度出貨量達到創紀錄水平。

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 Elon 提到的 300 輛智能電動汽車的增量訂單，我們將在 2011 年之前繼續為這兩個戴姆勒項目提供組件。

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.

開發服務收入增長了一倍多，依次達到 1500 萬美元。這一增長主要是由豐田 RAV4 EV 的開發計劃推動的，因為我們完成了最初的交付並交付了幾個早期樣品和原型車。隨著我們在接下來的三到四個季度執行該計劃下的剩餘可交付成果，我們預計將確認約 4500 萬美元的額外開發服務收入。

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.

如前所述，豐田的意圖是在 2012 年開始生產 RAV4 EV，我們正在共同敲定一份單獨的協議以供應生產部件。

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.

本季度的總毛利率為創紀錄的 37%，而上一季度為 31%。由於持續關注平均售價和成本控制，我們汽車銷售的毛利率為 20%，與上一季度創紀錄的毛利率相匹配。

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.

我們的運營費用繼續反映我們在開發 Model S 和擴建公司基礎設施方面的努力。按公認會計原則計算，總運營費用為 6500 萬美元，按非公認會計原則計算為 6000 萬美元。非公認會計原則信息的對賬包含在今天的收益發布中。

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.

非美國通用會計準則運營費用環比增長 8%，主要是由於 Model S 的研發支出增加、與 Model S alpha 構建相關的費用以及員工相關費用（由於員工人數環比增長 12%）。值得注意的是，非 GAAP SG&A 支出環比僅增長 6%，這是由於我們繼續專注於控製成本，其中大部分增長是由於我們在全球銷售工作的增長。

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.

我們較高的運營費用被增加的毛利率所抵消，因此與第四季度相比，本季度的淨虧損收窄了。按非公認會計原則計算，本季度淨虧損為 4200 萬美元或每股 0.44 美元，流通在外的加權平均普通股為 9520 萬股。相比之下，我們在第四季度的非公認會計原則淨虧損為 4400 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，隨著我們在研發和公司基礎設施方面進行大量投資以推出 Model S，我們將在接下來的幾個季度繼續蒙受淨虧損。

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.

現在轉向資產負債表，我們的總資本資源，包括手頭現金、能源部專用賬戶中的現金和剩餘未提取的能源部貸款工具，約為 5.06 億美元。根據我們目前的計劃，我們目前預計我們的可用現金資源將足以通過推出 Model S 為我們的運營提供資金。

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 構建現已完成，我們對 Model S 的開發速度感到滿意，並且正如我們之前討論的，公司將不時評估其籌資需求，並可能在市場狀況良好時機會性地籌集更多資金有利。

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，本季度的經營活動消耗了 4300 萬美元，而上一季度為 3400 萬美元。這主要是由於戴姆勒和豐田的應收賬款增加，部分被本季度收集的預訂量的顯著增加所抵消。提醒一下，研發活動中使用的大部分現金都可以通過 DOE 貸款機制償還。

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，我們的庫存繼續增長以支持我們的跑車和動力總成銷售。如前所述，在計劃於今年年底結束 Roadster 滑翔機生產之前，這種增長將持續到接下來的幾個季度。這使我們有能力在 2012 年繼續銷售任何剩餘的 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.

本季度的資本支出為 2000 萬美元。我們仍預計今年將投資約 1.9 億至 2.15 億美元，主要用於 Model S 項目所需的工具和製造設備。

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，我們預計今年剩餘季度的資本支出將顯著增加。請注意，這些資本投資中的大部分將根據我們的 DOE 貸款融資條款進行償還。

(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。您的會議將立即恢復。再次，女士們，先生們，請稍候，您的電話會議將立即恢復。

Sir, you're on the conference now.

先生，您現在正在開會。

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.

大家，這是傑夫埃文森。對於任何技術困難，我深表歉意。我們將回到迪帕克對資本支出的評論。去吧，迪帕克。

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。本季度的資本支出為 2000 萬美元。我將繼續從這一點開始。我們仍預計今年將投資約 1.9 億至 2.15 億美元，主要用於與 Model S 計劃相關的工具和製造設備。

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，我們預計今年剩餘季度的資本支出將顯著增加。請注意，這些資本投資中的大部分將根據 DOE 貸款的條款得到償還。

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.

抵消我們在本季度的現金使用的是從我們的 DOE 貸款中以接近 3% 的利率提取的 3100 萬美元。回想一下，DOE 貸款預先支付了一半的合格費用，剩下的一半是延期支付的。

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，我想提供一些關於收入指導的想法。我們現在預計全年收入將在 1.7 億美元至 1.85 億美元之間，高於我們之前的 1.6 億美元至 1.75 億美元的指導。此外，根據我們之前的指導，我們預計我們的研發支出將繼續以適度的速度增長，而 SG&A 應該會略有增長。

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，儘管我們的營銷努力有限，但第一季度近 900 輛預訂量的增長表明了客戶對這款車的強烈興趣。截至 3 月 31 日，我們已收到略多於 4,300 輛 Model S 的預訂，現在已超過 4,600 輛。同樣，我們沒有就這一指標提供指導，因為我們還沒有針對 Model S 的銷售開展有針對性的營銷活動。

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，我想強調我們繼續對我們的長期機會感到興奮。我們準備好的評論到此結束，此時我將把它交給 Jeff 以獲取更多評論。

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.

謝謝你，迪帕克。在開始問答之前，我們想宣布，我們將從下個季度開始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，我們的第二季度業績將在 8 月發布。我們希望每個人都會發現這些更改可以節省時間。

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，我們不會發布包含季度業績的新聞稿，而是發布簡短的新聞稿，宣布我們的季度業績可在我們的網站上獲得。這些結果將採取季度股東信函的形式。任何財務表格的披露程度都不會改變，只是在何處以及如何呈現。

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 的活動和演示文稿以及向 SEC 提交的 8-K 文件中發布此季度股東信函。

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，與其讓埃隆和迪帕克在電話會議期間通讀本季度的亮點，我們將把這些信息包含在季度股東信中。在結果公佈後，我們將繼續召開電話會議，回答投資者和分析師的任何問題。

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.

因此，回顧一下，今後財務報告將以股東信函的形式在我們的網站上發布，Elon 和 Deepak 的評論將以書面形式包含在該信函中。其他一切都不會改變。

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

有了這個，Tyrone，讓我們開始提問吧。

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

謝謝你，先生。 （操作員說明）。我們的第一個問題來自高盛的 Patrick Archambault。你的線路是開放的。

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.

你好，下午好。所以，是的，我想有幾個問題。也許首先只是在營銷方面。您已經開設了 Santana Row，我相信有人談到擴大方法，以便在商場等公共場所擁有更小的賣點。

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.

你能告訴我們一些關於你的零售策略是如何演變的嗎？顯然你正在更積極地提升它？那將是我的第一個問題。

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，我們在特斯拉的目標一直是嘗試重塑銷售和服務流程，因為我認為這在傳統行業非常糟糕。事實上，大多數人會認為購買汽車是他們最糟糕的零售體驗。有些人認為這相當於去看牙醫。

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.

所以我們真的想成為與之相反的極端。我們希望它是您所期待的買車，這是一種令人愉快的體驗。我們希望擁有吸引您光顧的商店，即使您當時並不真正需要購買汽車。

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.

所以我們嘗試——我們一直在迭代，自幾年前開設第一家商店以來，嘗試改進這一點，如果你願意的話，Santana Row 基本上是商店的最新版本。它是商店版本 3 或類似的東西。

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.

而且我認為我們真的很熟悉它。我們看到商店裡的人流量很大，每周有成千上萬的人進來，雖然這對 Roadster 有點幫助，但對 Model S 和未來的車輛來說真的很有幫助我們推出了更實惠的產品。

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 Santana Row 商店看看我在說什麼，因為很難準確描述，但如果你去那裡很容易理解。

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?

而且，我想，只是在此基礎上——是你的——我相信最初的計劃是根本不做太多的傳統營銷。我想，因為您的目標數量可能沒有必要。這仍然是這種觀點，還是您可能會採取一些措施來提高對 Model S 的認識？

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.

好吧，我的意思是，很明顯，因為我們幾乎——我們離賣完明年所有的 Model S 生產不遠了，而且還不是明年，顯然還沒有必要做廣告。在某些時候可能需要廣告，但這只會發生在我們不受生產限制的情況下。因此，我們將主要集中精力確保我們不受生產限制。

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.

這就是我們重新配置工廠以生產 Model S 的原因，一年生產 20,000 輛，一班而不是兩班，這樣我們就有能力，如果需要的話，可以相當快地將產量翻一番。

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

但我們真的預計短期到中期不會需要任何形式的廣告支出，真的。

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。還有幾個家務問題。我的意思是，Deepak，你有沒有——你能給我們營運資金號碼嗎？那個——我知道——你稍後會在 Q 中給出，但是你有那個方便的嗎？我一直在尋找的另一件事是，你能告訴我們你看到的 Roadster 在美國與國際銷售方面的差異嗎？

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，這是我們歷史上第一季度的國際銷售額略高於美國銷售額。因此，這很好地表明了特斯拉在美國以外、歐洲和亞洲的增長和存在。我們確實在第一季度看到了日本和亞洲市場的一些良好增長。

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.

關於營運資金的討論，我認為我們的現金流量表和我們對營運現金的使用是答案。帕特，我不太確定你在尋找什麼進一步的信息。

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.

我 - 是的，對不起，我現在只是在看。我們可以在線跟進。我剛剛看到了在運營活動中的用途，所以我只是想知道其中的哪一部分，43 是營運資金用途，而不是現金的其他運營用途。

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，營運資金的使用將來自庫存以及應收賬款，這些是本季度與上一季度相比，我們的營運資金略有增加的主要驅動力。

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

好的。因此，僅這兩項中的增量即可為我們提供數字。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.

實際上，我忘了提到 Model S，因為我們的銷售團隊不賣 Model S。他們賣的是 Roadster，所以你從 Model S 看到的銷售增長並不是因為，比如說，我們提高了 Model 的銷量S。事實上，桑塔納街商店甚至沒有 Model S。根據我最後的評論，我認為這可能並不明顯。

Okay, terrific. Thanks a lot, guys.

好的，棒極了。非常感謝，伙計們。

Thanks, Pat.

謝謝，帕特。

Thank you.

謝謝你。

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

謝謝你。我們的下一個問題來自德意志銀行的 Dan Galves。先生，您的線路已開通。

Okay, thanks. Good afternoon.

好的謝謝。下午好。

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，有趣的是，本季度的國際銷售額高於美國。我只是想問一下選項內容，消費者的接受度。鑑於穩定的平均交易價格，Roadster 似乎保持相當穩定。您是否發現人們在國際上購買的選件數量與美國相比有任何差異，這是否為您提供了 Model S 的任何經驗教訓？

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?

然後，只是跟進一下，您是否計劃為 Model S 提供租賃計劃，並且該租賃計劃的融資是否有任何更新？

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?

我認為我們的選項組合在不同地區之間是相當可比的。我不會說有任何顯著的統計差異。他們很小。所以，你想拿下一個嗎？

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，關於在 Model S 上提供租賃選項，這絕對是我們的計劃，我們一直在與一家銀行合作，與我們合作，我們將在他們到位時公佈細節。但我們肯定會為我們的客戶提供租賃作為融資選擇。

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，我們看到一些主要銀行對與我們合作開展 Model S 租賃計劃非常感興趣，該計劃的數據非常引人注目。看起來那裡可能會有一場競購戰，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.

從某種意義上說，我們也在與地區性的銀行合作——顯然，我們將在歐洲擁有一個不同於美國的合作夥伴。因此，我們也將在那裡進行區域集中。

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，歐洲有一個 - 顯然，它需要適應不同的環境，歐洲有一個非常強大的企業租賃計劃。實際上，很多汽車實際上是公司汽車。因此，我們確保 Model S 能夠很好地參與公司的汽車計劃。

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，很棒。感謝那。而且只有另外一個。我只是想從質量方面詢問性能，Roadster 上的傳動系統的質量性能。隨著某些車輛的老化，保修趨勢如何發展。只是問這個。有沒有達到你的預期？更好的？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。我們還沒有看到我們對這些汽車的保修工作的趨勢有任何重大變化。因此，本季度我們的保修準備金沒有顯著變化。一直是相當穩定的狀態。

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

好，太棒了。只是——你想跟進嗎，埃隆？

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，我們的客戶實際上都沒有——還沒有電池組達到使用壽命。而現在已經快三年了。因此，即使是那些非常重的駕駛，也接近 100,000 英里。

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

哇。好的，很棒。感謝您接聽我的電話。

Thanks, Dan.

謝謝，丹。

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

謝謝你。我們的下一個問題來自摩根士丹利的亞當喬納斯。你的線路是開放的。

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

嘿，伊隆，迪帕克，傑夫。你們最近還好嗎？

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。我只是想深入了解一下 Model S。首先，在您自今年年初以來額外預訂的 1,200 次預訂中，有關於這些預訂在地理上如何分佈的詳細信息嗎？而且，預訂量的加速在多大程度上受到了足跡增長的影響，尤其是桑塔納街，當然，你知道展廳裡沒有車輛，但是這刺激了預訂量的多少活動，還有？

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，很難說它刺激了預訂活動的程度。它必須有一些幫助，但不清楚有多少。我認為對我們來說影響 Model S 預訂的最大因素是我們接近交付，並且有更多關於汽車的細節正在發布，我們正努力盡可能地向客戶公開我們取得的進展.我們有記者的日子進來看看阿爾法汽車，這很受歡迎。

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

所以我認為它比其他任何東西都更受媒體關注，這是一個重要的驅動因素。但可以肯定的是，商店是其中的一部分。

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專注於 Roadster，而不是 Model S，因為我們還沒有在商店中真正積極銷售 Model S 車輛。

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.

我們現在對 Model S 的預訂是——我面前沒有確切的數字，但對北美的偏見非常強烈，至少在北美的四分之三左右，但部分原因是我們首先交付北美。因此，我們將在明年年中交付北美，明年年底交付歐洲，然後我們的右手駕駛車輛（對英國至關重要）僅在 2013 年推出。

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 的銷售組合開始在北美和歐洲之間大致可比，但這可能會在明年或類似的時候發生。

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.

正確的。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，您實際上必須以美元進行預訂。

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.

正確的。隨著我們系統化——好吧，我們在亞洲和歐洲大部分地區系統地收集預訂，我們將在那裡看到更大的增長。

Yes.

是的。

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

我們還沒有真正開發出巨大的潛力。

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。所以你必須用英文閱讀它並用美元支付。我們希望糾正這些問題。

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?

只是為了跟進，我的意思是，你提到你安排了一些記者日，但是，具體來說，我們什麼時候可以開車？實際上，我們什麼時候可以期待記者們開始駕駛後期的 alpha 原型或 beta 版本，然後你什麼時候可以讓我們自己駕駛它？

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，特別是考慮到它是一輛汽車並且安全是最重要的，我認為在 beta 級別的測試是我們第一次讓非特斯拉人員駕駛汽車，我們期待第一個 beta 版本在夏末完成，所以你可以期待非特斯拉人能夠駕駛汽車。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，這很清楚。謝謝你這麼清楚。一個關於資本支出的問題——顯然，你的運行速度遠遠低於你必須趕上的運行速度才能接近 1.9 億美元到 2.15 億美元，但是你可以通過任何方式向我們解釋剩餘的今年三季度的資本支出會有多大？我的意思是，它會是每季度平穩約 6000 萬美元，還是會在年底時變得非常重要？該資本支出支出的任何粗略曲線將不勝感激。

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.

我認為這將在三個季度內相當順利。正如您可以想像的那樣，資本支出付款往往很大且不固定。因此，即使是一兩週的付款延遲也會顯著地將資本支出的認可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，但我們非常清楚未來幾個季度我們的資本支出將是多少——

Yes, I mean --

是的，我的意思是——

-- so that gives me comfort.

——這讓我很舒服。

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，我們清楚地了解我們的資本支出支出，但不是一個季度的粒度，因為延遲一個月到下一個月的幾筆付款可能會產生很大的不同。我的意思是，除了少量的，我們所有的供應商交易都已完成。我的意思是，Model S 在這一點上幾乎 100% 採購，所以除非供應商打破他們的交易或其他什麼，否則它是 - 這些都是眾所周知的數量。

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 --?

但關鍵是，較低的支出水平並沒有讓您獲得更多的收益。只是那種混亂和時間問題，而你——？

Yes.

是的。

Okay.

好的。

Exactly.

確切地。

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

這很清楚。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，我認為我們從一開始就很划算，但是——

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

好吧，對，但是為您提高了標準。

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.

真的。真的。是的。值得知道的是——根據我們手頭的資金和美國能源部的貸款，根據我們的預測，我們確實有足夠的資金來實現正現金流和盈利，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，我們很有可能會為 Model X 活動籌集二級市場，即——Model S 生產的一些額外潛在淨空增長，然後只是，擁有一個好主意更大而不是更小的現金緩衝。

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，既然你提出來了，那麼最後一個問題。我的意思是，你提到了“次要”這個詞。您是否更喜歡 - 我的意思是，顯然，在您將採取的任何融資方式留出機會主義的空間，是更傾向於股權而不是債務或轉換？

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股權方面犯錯，因為對 DOE 貸款有有利影響。

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

你可能不會得到比這更好的利率。

It's pretty nice.

這很不錯。

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

好的。好的。非常感謝。祝你有個美好的夜晚。

Thanks. You, too.

謝謝。你也是。

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

謝謝你。我們的下一個問題來自摩根大通的 Himanshu Patel。你的線路是開放的。

Hi, good afternoon, guys.

嗨，下午好，伙計們。

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。就額外籌資的問題，Elon，也許，或者 Deepak，你能不能談談，除了市場條件之外，有哪些關鍵的管理因素可以幫助你們決定籌集多少資金什麼時候加註？這真的主要是關於 Model X 以及你想在 Model S 之後以多快的速度跟進另一輛車？或者這裡還有其他我們沒有考慮的事情嗎？

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，如果讓另一位戰略投資者進入公司，而不是公開市場交易，是否也能滿足額外的籌資需求？

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.

我想，Himanshu，我想退後一步，而不是回答這個問題的詳細程度。我認為，正如您可以想像的那樣，與任何其他公司一樣，我們會不時評估我們的籌資需求，並在合理且市場條件合適的情況下進行機會性籌集資金。所以，關於這個問題，我認為最好還是這樣。

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，我們在討論未來的融資時必須謹慎。

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。我遇到的另一個大問題是，自從你完成首次公開募股後，歐元上漲了 20%、25%，我只是想知道這對運營有何影響？你提到了 Model S 在歐洲的交付是如何在 12 和 13 年結束的。是否有可能加速其中的一些，並可能在最初不強調美國的交付？

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，至少，我們是否應該將匯率變化視為至少只是公司對非美國銷售的直接利潤增加，或者您是否會考慮重新調整您對歐洲的定價預期結果，成交量？

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更接近我們的總部。

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，我認為在最初的幾個月裡，能夠非常密切地監控汽車的狀態並確保客戶擁有美妙的體驗，並且在最壞的情況下可能會發生召回或類似情況，這一點很重要那個，我們可以快速做到這一點，並以最小的干擾來處理它。

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.

然後同樣重要的是要注意符合美國法規的汽車不符合歐洲法規。所以在這兩種情況下，它不像是同一輛車。不幸的是，它們略有不同，因此我們必須決定首先製造哪輛車。因此，對於任何一個市場來說，它都不是同一輛車。所以，我認為如果我們先運到歐洲，我們可能會賺更多的錢，甚至可能，如果我們最初運到歐洲，但我認為從長遠來看，正確的決定是最初在美國，確保他們超級好，然後在國際上擴張。

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 --

而且，我想，我遇到的第二個問題是，我認為你們最初談論的是 Model S 的美國銷量與非美國銷量，最終結果是相當的。剛剛發生的事情——

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，我說北美和歐洲差不多。但我認為亞洲至少會和那些一樣大。我想說第三個亞洲，第三個北美，第三個歐洲。

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?

對，好吧。所以，我的意思是，但考慮到美元的表現，顯然，這在財務上對你的利潤率非常有利，因為你是唯一一家真正從美國出口的美國汽車製造商。所以，我想問題是，埃隆，你是否只是將你對那輛車的定價保持在你預期的水平，然後讓它全部下降到利潤率，或者這裡有一個想法，你實際上可以在考慮到貨幣匯率的影響，非美國市場通過降低您之前考慮的價格點？

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，我認為它總是 - 試圖猜測貨幣總是有點狡猾。因為今天的真實情況在一年後可能會有所不同。所以我想的方式 - 我們只是想繼續確保我們以最優惠的價格提供最好的產品，並且在每個市場都具有令人難以置信的物有所值。如果一些客戶因為他們的貨幣發生了變化而獲得了更好的交易，相對而言，那對他們有利。

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

豐田是否對 RAV4 的總裝現場做出了任何決定？

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，所以我想請你把這個問題直接問豐田。但可以肯定的是，動力總成是由特斯拉在加利福尼亞製造的。

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?

我想你之前已經暗示過，我猜，對於豐田是否想在弗里蒙特進行總裝，特斯拉是不可知論者可能是最好的形容詞。我的意思是，這仍然是你的觀點嗎？

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.

豐田是一個重要的客戶。我們是豐田的供應商，所以我們想做任何讓豐田在這方面感到高興的事情。動力總成的安裝位置完全取決於他們。

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，您能否向我們更新一下——我知道現在還處於早期階段，但在 Model X 上？你一直在公開談論它，我私下認為。只是——你是否在你對時間的想法、任何設計元素在你的腦海中更加固化、價格點上更細化了，或者這仍然是一個相當概念的水平？

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，我們在設計工作室裡正在努力開發 Model X，但我不想讓貓從袋子裡拿出來看看它會是什麼樣子。我的意思是，我認為它正在形成非常令人難以置信的東西，但我認為我們會讓公眾在他們看到它結束時成為評委 - 我們計劃在今年年底推出它，因為我之前說過。

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——與 Model S 相同的動力系統。Model X 建立在 Model S 平台上，因此它允許我們以相對少量的增量資本支出來利用該平台。它只是針對 SUV 和小型貨車的市場。

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.

因此，如果您想到 - 對於 Model S，我們試圖製造一款功能如此強大、載貨量如此之大、可容納 7 人的轎車，這樣它顯然可以解決轎車市場，但也可能有一半的人會購買 SUV。借助 Model X，我們正試圖解決另一半會購買 SUV 的人，以及會購買小型貨車的人。

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。

Okay, thank you.

好的謝謝你。

Thank you.

謝謝你。

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

謝謝你。我們的下一個問題來自 Dougherty 的 Andrea James。你的線路是開放的。

Good afternoon.

下午好。

Hi, Andrea.

嗨，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?

關於 Model X 的問題，你認為開發 RAV4 會產生一些協同效應嗎？你有沒有想過並把它移開，為 Model X 開發捕捉它？

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.

有一點點。我不會說有很多，但肯定有一點，當然，與豐田合作並達到他們極其嚴格的標準，就像戴姆勒一樣，對我們來說是一次學習經歷。

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，所以這絕對是一種有益的關係，除了我們作為 RAV4 的動力總成供應商之外，還有無形的好處。

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?

至於長期的研發和人數，你能談談你將如何管理進入 12 財年的人數，你的期望是什麼，然後進入 13 財年？

Is that something we should --

這是我們應該——

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.

就指導而言，我認為這是我們沒有分享的太多內容，Andrea。顯然，在較高的水平上，我們今年的重點是繼續發展我們的製造團隊，然後引進勞動力來製造汽車，而且很多工程人員已經到位，因為我們已經花時間和開發 Model S 的努力。所以，我就這樣吧。

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，員工人數肯定會出現兩位數的顯著增長，但是，是的，很難準確預測這個數字會是多少。我們在特斯拉的招聘標準非常高。我的意思是，它無疑是汽車行業中最高的。因此，這往往是招聘決定的關鍵因素，比其他任何事情都重要。

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.

正確的。我們將在今年年底和明年看到一些招聘的另一個領域是營銷和銷售，因為我們投入了基礎設施以在全球銷售 20,000 輛 Model S。

Right, absolutely.

沒錯，絕對。

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?

您本季度的毛利率很高。你能談談它的可持續性嗎？一旦 Model S 推出，我想可能是你們的一些研發，這會上升到銷售成本嗎？

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，我們在汽車業務方面的毛利率相當穩定。由於時間差異以及收入和成本的確認，開發服務方面的毛利率是不可預測的。因此，您肯定會看到我們的整體毛利率存在一些差異，具體取決於開發服務的規模和會計問題。

Does that answer your question?

這是否回答你的問題？

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.

在 Model S 上，我們預計 Model S 的毛利率會高於 Roadster，因為我們將更多的 Model S 內包。

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。您對零件採購、供應商和交付的信心如何？我知道這就是你現在所處的位置，顯然你有信心你會到達那裡，但你現在感覺如何，然後，對於製造設備，是否會有任何延遲 -來自日本的任何東西或--？是的，對供應商和製造設備的信心水平如何？

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.

因此，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。這是我們期望衡量的一個數字，我們相信我們會達到這個數字。

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.

至於供應商中斷，我們還沒有真正看到任何重大的供應商中斷。所以事情進展得相當順利。在一周左右的時間裡到處都有一些小問題，但它比我們的緩衝庫存少，所以它沒有——它真的沒有任何區別。

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

它並沒有影響我們的 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.

謝謝你。 （操作員說明）。我們的下一個問題來自 [Russell Group] 的 [Bryan Russell]。你的線路是開放的。

Good afternoon.

下午好。

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?

嗨，你能談談戴姆勒的情況嗎？您訂購了另外 300 個智能電池組，但我在某個地方看到他們決定在電機上與博世一起使用？

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——這是一篇實際上沒有任何意義的文章，因為我們不向戴姆勒提供電機。就豐田而言，我們做到了。

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.

對於 RAV4，我們提供整個動力傳動系統、電機、逆變器、充電器、變速箱以及所有互連和一切。所以我們在 RAV4 的情況下做整個動力系統。

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，而且一直如此。

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?

他們說他們將使用，甚至用於生產 Smarts 上的電池組。這是正確的還是你聽說過什麼？

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.

好吧，這也是他們或他們長期以來的既定計劃。然而，他們也 - 至少從歷史上看，贏創無法提供與特斯拉一樣引人注目的產品，因此戴姆勒在流程的每個階段都選擇繼續使用特斯拉。當然，這在未來可能會改變，但這是迄今為止的歷史。

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?

我的假設是否正確 - 你只是將收入預測提高了約 1000 萬美元。其中大約一半是額外的 300 個智能電池組充電器？

That's correct.

這是正確的。

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

然後你在哪裡看到它的其餘部分？它會在開發服務中嗎？

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.

我們剛剛在我們業務的各個方面看到了更好的可見性，它可能來自任何一個，或者我們只是在這一點上感覺更舒服，因為我們在 5 月份來到這裡，收入指導增加了 1000 萬美元。

Okay, thank you.

好的謝謝你。

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.

謝謝你。我現在沒有進一步的問題。我想將電話轉給管理層，以獲取任何結束語。

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。我們再次感謝你們今天抽出時間加入我們，我們期待在旅途中見到你們中的許多人。我們將於 6 月 1 日星期三上午 9 點至 10 點在帕洛阿爾託或參加我們的第一次年度股東大會。會議將在加利福尼亞州聖克拉拉 TechMart 的網絡會議中心舉行。

Thank you, everyone, and have a great day.

謝謝大家，祝您有美好的一天。

All right. Thanks.

好的。謝謝。

Thank you.

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。