特斯拉 (TSLA) 2011 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Tesla Motors second quarter 2011 financial results Q&A conference call. At this time all participants are in a listen-only mode. Later we will conduct a question and answer session with instructions following at that time. (Operator Instructions) As a reminder, this conference call is being recorded.

女士們，先生們，美好的一天，歡迎來到特斯拉汽車公司 2011 年第二季度財務業績問答電話會議。此時所有參與者都處於只聽模式。稍後我們將進行問答環節，屆時將按照說明進行。 （操作員說明）作為提醒，此電話會議正在錄音中。

And now I'll turn the call over to Jeff Evanson. Please begin.

現在我將把電話轉給 Jeff Evanson。請開始。

Thank you, Tyrone, and good afternoon everyone. Welcome to Tesla Motors second quarter 2011 financial results and Q&A session. I'm joined here today by Elon Musk, Chairman, Chief Product Architect and CEO, and Deepak Ahuja, our Chief Financial Officer.

謝謝你，Tyrone，大家下午好。歡迎來到特斯拉汽車公司 2011 年第二季度財務業績和問答環節。今天，董事長、首席產品架構師兼首席執行官埃隆·馬斯克和我們的首席財務官迪帕克·阿胡賈 (Deepak Ahuja) 加入了我的行列。

00 p.m. Pacific time today. The shareholder letter and the Q2 financial results and the webcast of this Q&A session are all available at the Company's investor relations website at ir.teslamotors.com.

下午 00 點今天太平洋時間。股東信函和第二季度財務業績以及本次問答環節的網絡直播均可在公司投資者關係網站 ir.teslamotors.com 上查閱。

We've made some effort in this letter to answer some of your questions up front, but starting our new practice this quarter, this call will consist of some brief remarks by Elon followed by time for your questions and our answers. We will conduct the Q&A live, so please log in now if you wish to ask a question by pressing star then one.

我們已經在這封信中做出了一些努力來預先回答您的一些問題，但是從本季度開始我們的新實踐，本次電話會議將包括 Elon 的一些簡短評論，然後是您的問題和我們的回答的時間。我們將進行現場問答，所以如果您想通過按星號提問，請立即登錄。

During the course of this call we may discuss our business outlook and make other forward-looking statements. 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 S-1 registration statement filed on June 2, 2011 with the FCC.

在本次電話會議期間，我們可能會討論我們的業務前景並做出其他前瞻性陳述。這些陳述只是基於管理層當前預期的預測。由於許多風險和不確定性，包括我們於 2011 年 6 月 2 日提交給 FCC 的最新表格 S-1 註冊聲明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。

Thanks, Jeff. So if people have been listening in on the calls on prior quarters, you know that we've usually been pretty circumspect in our comment about the quarter results. But in this case I think I just want to be accurate. This was the best quarter in Tesla's history. It was just phenomenal across the board, and we saw a tremendous amount for Roadster, for Model S, well over 5,000 deposits, so almost all that -- all of next year's production of Model S. And we've obviously signed the $100 million deal with Toyota. We're actually in discussions with them for a deal that an order of magnitude larger than that.

謝謝，傑夫。因此，如果人們一直在聽取前幾個季度的電話，您就會知道我們在對季度業績的評論中通常非常謹慎。但在這種情況下，我想我只想準確。這是特斯拉歷史上最好的一個季度。整個過程都是驚人的，我們看到了 Roadster 和 Model S 的巨額定金，遠遠超過 5,000 筆定金，幾乎所有這些——所有明年的 Model S 生產。我們顯然已經簽署了 1 億美元的合同對付豐田。實際上，我們正在與他們討論一項比這大一個數量級的交易。

The retail strategy is going gangbusters. Two new stores that have our new approach to doing a store head have had 200,000 visitors since opening. It's just been tremendous across the board and with great momentum going into the third quarter so super excited. We tried to express as much of this as possible in the letter ahead of time to give people the maximum amount of time to ask questions, so with that let's go to questions.

零售戰略正在大放異彩。自開業以來，兩家採用我們新方法做店長的新店已經吸引了 200,000 名訪客。整體表現非常出色，進入第三季度的勢頭非常強勁，非常興奮。我們試圖提前在信中盡可能多地表達這一點，以便讓人們有最大的時間提問，所以讓我們開始提問吧。

Thank you, ladies and gentlemen. (Operator Instructions) Our first question is from Himanshu Patel of JPMorgan. Your line is open.

謝謝你們，女士們，先生們。 （操作員說明）我們的第一個問題來自摩根大通的 Himanshu Patel。你的線路是開放的。

A couple questions. I noticed the margins on the development services business had gotten down to 52%. It looks like that's about maybe 20 points or so below where it was in the recent quarter, and then margins on the automotive revenue were actually a few points higher than where they were. Can you just give a little bit of color behind how we should think about those two forecasts going forward?

幾個問題。我注意到開發服務業務的利潤率已經下降到 52%。看起來這比最近一個季度的水平低了大約 20 個百分點左右，然後汽車收入的利潤率實際上比他們的水平高了幾個百分點。您能否就我們應該如何看待這兩個預測的未來給出一點顏色？

Sure, Himanshu. The margin on our development services contract will fluctuate from quarter to quarter because there is a difference in the revenue recognition which is associated with the milestones that we deliver on that program versus the cost that we incur. This is very consistent with what we have been seeing in the last several quarters about our development services margin.

當然，喜滿洲。我們的開發服務合同的利潤率將在每個季度之間波動，因為與我們在該計劃中交付的里程碑相關的收入確認與我們產生的成本存在差異。這與我們在過去幾個季度看到的開發服務利潤率非常一致。

I think the automotive margin is a much better measure of our operational capabilities. As you correctly pointed out, sequentially our automotive margin has improved from 20% in Q1 to 22% as we have continued to improve the [ASEs] on the Roadster and our ongoing cost reductions that we've achieved.

我認為汽車利潤率是衡量我們運營能力的更好指標。正如您正確指出的那樣，隨著我們繼續改進 Roadster 上的 [ASE] 以及我們已經實現的持續成本降低，我們的汽車利潤率從第一季度的 20% 提高到 22%。

Yeah, which -- and it certainly bodes very well for the Model S, our target of at least 25% margin for the Model S.

是的，這對 Model S 來說無疑是個好兆頭，我們的目標是 Model S 的利潤率至少為 25%。

Right.

正確的。

Okay. And then, Elon, I guess a bigger question on Toyota. You alluded to some additional business beyond the $100 million contract with Toyota. I'm curious do you have a view at this stage on how Toyota is internally viewing just the broader EV portfolio or do they have parallel development efforts internally with their own engineers right now for electric vehicles that are I guess in some ways sort of competing with what you guys are doing or do you sense that they're kind of gravitating more towards using someone like a Tesla more exclusively?

好的。然後，埃隆，我想關於豐田的問題更大。除了與豐田簽訂的 1 億美元合同之外，您還提到了一些額外的業務。我很好奇您在現階段是否對豐田如何在內部僅查看更廣泛的電動汽車產品組合有看法，或者他們現在是否在內部與自己的工程師進行並行開發工作，以開發電動汽車，我猜這些電動汽車在某種程度上是競爭的你們正在做什麼，或者你是否感覺到他們更傾向於使用像特斯拉這樣的人？

It's difficult to answer that question with a high degree of accuracy, but certainly if one looks at the objective actions they've taken such as the recent $100 million deal and the fact that we're in discussions for a deal that is an order of magnitude higher than that. You can never foretell exactly what will happen there, but certainly if I was to judge from (inaudible) behavior, it's extremely positive. So I would expect a company like Toyota, which is obviously a gigantic one, one of the largest companies in the world, to have multiple irons in the fire, but I think it can also be said that there's no doubt that we're one of the significant irons in that fire.

很難高度準確地回答這個問題，但如果看看他們採取的客觀行動，例如最近的 1 億美元交易，以及我們正在討論一筆交易的事實，那肯定是幅度高於此。你永遠無法準確預測那裡會發生什麼，但如果我從（聽不清）行為來判斷，那肯定是非常積極的。所以我希望像豐田這樣的公司，這顯然是一個巨大的公司，世界上最大的公司之一，會有多個鐵桿，但我認為也可以說毫無疑問，我們是一個在那場大火中的重要鐵桿。

Okay. And then lastly on the revenue guidance, you guys gave a midpoint of $185 million, and it sort of implies about $78 million for the second half, which on a quarterly basis is about $40 million or so per quarter. That's a bit of a slowdown from the kind of I guess $50 million and $60 million rate you did in the first two quarters. So can you shed some color on what drives that sequential decline in revenue?

好的。最後是收入指導，你們給出的中點為 1.85 億美元，這意味著下半年約 7800 萬美元，按季度計算約為每季度 4000 萬美元。與我猜你在前兩個季度所做的 5000 萬美元和 6000 萬美元的利率相比，這有點放緩。那麼，您能否對導致收入連續下降的原因有所了解？

We believe in being conservative.

我們相信保守。

Okay, great. Thank you.

好，太棒了。謝謝你。

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

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

Sure. Did you want to elaborate on that last question a little bit? It sounded like you did. Maybe not.

當然。你想詳細說明最後一個問題嗎？聽起來像你。也許不吧。

I'd like to elaborate on it. I'm being cautioned that I shouldn't. Let's say predictions for the remainder of the year are conservative. I'm optimistic that we will exceed them.

我想詳細說明一下。我被警告我不應該這樣做。假設對今年剩餘時間的預測是保守的。我很樂觀，我們將超越他們。

Okay. Thank you. I have three questions. First, regarding the retail store concept, are you seeing a correlation between foot traffic and reservations? And I guess to the extent that you can measure it, how much of the acceleration and reservations has to do with the store openings and how much of it has to do with the simple fact that we're getting closer to 2012?

好的。謝謝你。我有三個問題。首先，關於零售店概念，您是否看到客流量和預訂量之間存在相關性？我猜在你可以衡量的範圍內，加速和預訂有多少與商店開業有關，又有多少與我們越來越接近 2012 年這一簡單事實有關？

It's pretty hard to separate those two things, but I can say they're both having a significant effect. And we are seeing proportionately higher reservations from the stores with the greater foot traffic so -- but like I said, it's difficult to separate those two things. Yeah, I think we'll probably have a better sense of that in the coming months, but I can't say we have a firm understanding of what -- how exactly it would break down. It's all going in the right direction.

很難將這兩件事分開，但我可以說它們都有顯著的影響。我們看到，客流量越大的商店預訂量也相應增加——但就像我說的那樣，很難將這兩件事分開。是的，我認為我們可能會在接下來的幾個月中對此有更好的了解，但我不能說我們對它究竟會如何崩潰有一個堅定的理解。一切都在朝著正確的方向發展。

What we are seeing is a pretty interesting dynamic. We opened our Santana store first. We saw increased foot traffic there. Obviously we are better known in California, and that -- we could see that coming through in higher reservations for the Model S and orders for the Roadster. But what was interesting is that our Menlo Park store which is not very far also saw an uptick in Roadster sales and reservations, so there's a pretty dynamic effect. And in Denver where we opened our second store, a lot of people really didn't know what Tesla is, and opening that store has created a huge sense of awareness.

我們看到的是一個非常有趣的動態。我們先開了桑塔納商店。我們看到那裡的人流量增加了。顯然，我們在加利福尼亞更出名，而且我們可以看到，Model S 的預訂量和 Roadster 的訂單量都增加了。但有趣的是，我們距離不遠的 Menlo Park 店的 Roadster 銷售和預訂量也出現了增長，因此產生了非常動態的效果。在我們開設第二家店的丹佛，很多人真的不知道特斯拉是什麼，而開設那家店產生了巨大的意識。

Yeah, right.

是的，對。

And initially we didn't see the momentum of reservations increasing, but lately in the last few weeks we've certainly seen a significant increase in reservations and momentum. So it's a combination of awareness and --

最初我們沒有看到預訂量增加的勢頭，但最近幾週我們確實看到預訂量和勢頭顯著增加。所以這是意識和——

Yeah. Deepak's actually made a good point there. A pretty -- if you look at our Roadster sales, we've got about almost half of those sales occurring outside of the US. And US sales I think were maybe 30%, 40%, maybe 30% in California or something like that. But if you look at our sort of California Roadster sales I think we're maybe somewhere around 15% of the total sales in California. But if you look at our Model S reservations, it's actually closer to 40% or 45% of our Model S reservations are in California which means that there's a great deal of untapped demand for Model S outside of California that I think is at least proportionate to our Roadster sales.

是的。迪帕克實際上在那裡提出了一個很好的觀點。很漂亮——如果你看看我們的 Roadster 銷售情況，我們幾乎有一半的銷售發生在美國以外。我認為美國的銷售額在加利福尼亞可能是 30%、40% 或 30% 之類的。但如果你看看我們的加州跑車銷量，我想我們可能佔加州總銷量的 15% 左右。但是，如果您查看我們的 Model S 預訂量，實際上接近 40% 或 45% 的 Model S 預訂量在加利福尼亞州，這意味著加利福尼亞州以外的 Model S 有大量未開發的需求，我認為這至少是成比例的到我們的跑車銷售。

So we certainly are highly optimistic about Model S demand growth in the future, and we really particularly outside of the US have de-emphasized the Model S because the Model S will first be delivered in the US and we want to focus on getting into Roadster sales internationally so there's not too, too big of a gap there between Roadster and Model S.

因此，我們當然對 Model S 未來的需求增長非常樂觀，而且我們特別在美國以外的地方已經不再強調 Model S，因為 Model S 將首先在美國交付，我們希望專注於進入 Roadster在國際上銷售，所以 Roadster 和 Model S 之間沒有太大的差距。

But as we turn our focus to Model S internationally, I really think we'll see very strong demand. It's maybe worth just touching a bit more on Roadster, as well, because I've seen in the press some misinterpretation of the situation with Roadster with some people in the press thinking that we've sort of stopped production or something. The comments actually made a couple months ago was that we'd be -- we'd soon have sold out of Roadsters, meaning the orders for Roadsters, there would be no more order slots left.

但隨著我們將重點轉向國際 Model S，我真的認為我們會看到非常強勁的需求。或許也值得多談一下 Roadster，因為我在媒體上看到了對 Roadster 情況的一些誤解，媒體上的一些人認為我們已經停止了生產或其他什麼。幾個月前實際上發表的評論是，我們很快就會售罄 Roadsters，這意味著 Roadsters 的訂單將沒有更多的訂單位。

Our delivery takes place some time after we do a sale because we have a long waiting list. So we're actually delivering Roadsters in the US until January, but we've sold out of all custom orders. As I predicted, we've sold out of all custom orders for the Roadsters. There are some spec cars available, a small number of spec cars available, but otherwise we're sold out. So you can't actually buy a custom ordered Roadster in the US anymore, and there are only a few -- like I said, a few spec models available. So if somebody is interested in buying a Roadster they'd best act quickly.

我們的交貨時間是在我們進行銷售後的一段時間，因為我們的等候名單很長。因此，我們實際上在 1 月份之前在美國交付 Roadster，但我們已經售罄了所有定制訂單。正如我預測的那樣，我們已經售罄了 Roadsters 的所有定制訂單。有一些規格車可用，少量規格車可用，但除此之外我們都賣光了。所以你實際上不能再在美國購買定制的 Roadster 了，而且只有少數——就像我說的那樣，有幾個規格型號可供選擇。因此，如果有人有興趣購買 Roadster，他們最好迅速採取行動。

Now, we do have some inventory reserved for Asia and Europe and will continue deliveries in Asia and Europe until at least the third quarter of next year because Model S, (inaudible) towards the end of next year, so we're clarifying that because the media got that wrong.

現在，我們確實為亞洲和歐洲預留了一些庫存，並將繼續在亞洲和歐洲交付至少到明年第三季度，因為 Model S（聽不清）到明年年底，所以我們澄清一下，因為媒體弄錯了。

Okay. Thank you. Just two more. You shared a table in the shareholder newsletter that had Model S development, I guess a timeline. There's a lot of information packed into this table, but I was wondering if you kind of help me to understand how we should look at it. What are you trying to convey with the information, and just explain some concepts like what does it mean that the Beta is in the process? The Beta process and prototype/production phase in Q3/Q4 '11. Just kind of trying to understand what -- you know, how we should look at that table.

好的。謝謝你。就多了兩個。你在股東通訊中分享了一張關於 Model S 開發的表格，我猜是一個時間表。這張表中包含很多信息，但我想知道你是否能幫助我理解我們應該如何看待它。你想用這些信息傳達什麼，只是解釋一些概念，比如 Beta 正在進行中意味著什麼？ 11 年第 3 季度/第 4 季度的 Beta 流程和原型/生產階段。只是試圖理解什麼——你知道，我們應該如何看待那張桌子。

Sure. So essentially what we're saying is that we're done with the Alpha phase of the vehicle in all respects and we're now well into the Beta phase. I should mention that we're planning on having a major customer event on October 1st at our Fremont factory that will allow customers to test-drive the Beta vehicles and also have a tour of our factory. We're sending out invitations pretty soon, but that's going to be a huge customer event and people will have an opportunity to drive a car that is very, very close to a production design, so it's 99% production design. And so that will mark the first Beta vehicles that can be driven.

當然。所以基本上我們所說的是，我們已經完成了車輛的所有方面的 Alpha 階段，我們現在已經進入了 Beta 階段。我應該提到，我們計劃於 10 月 1 日在我們的弗里蒙特工廠舉辦一次大型客戶活動，讓客戶可以試駕 Beta 車輛並參觀我們的工廠。我們很快就會發出邀請，但這將是一個巨大的客戶活動，人們將有機會駕駛一輛非常非常接近生產設計的汽車，所以它是 99% 的生產設計。因此，這將標誌著第一批可以駕駛的 Beta 車輛。

And our definition of Beta is basically which is production design but there are still a series of small issues to be worked out just as you would imagine like Beta software or something like that. And then a relief candidate is something where we think the car is ready to go to customers but we're just checking that it is. We're just validating that sort of final production process.

我們對 Beta 的定義基本上是生產設計，但仍然有一系列小問題需要解決，就像你想像的 Beta 軟件或類似的東西一樣。然後一個救濟候選人是我們認為汽車已經準備好交付給客戶的東西，但我們只是在檢查它是否已經準備好。我們只是在驗證那種最終的生產過程。

So obviously we're very confident about the progress of the Model S in terms of what the Beta vehicle is going to be like to drive. We're also very confident about the progress in the factory, and this is why it's -- we're going to have this open house effectively on October 1st for all of our customers. We're going to bring people in from all around the world and it's going to be an awesome event, so it's going to be a lot of fun if anybody wants to come.

所以很明顯，我們對 Model S 在 Beta 車輛的駕駛方式方面的進展非常有信心。我們對工廠的進展也非常有信心，這就是為什麼——我們將在 10 月 1 日為所有客戶有效地舉辦這個開放日。我們將邀請來自世界各地的人們參加，這將是一場很棒的活動，所以如果有人想來，那將會很有趣。

Okay. And then finally this is regarding -- or was there something else?

好的。最後，這是關於 - 或者還有別的什麼？

No, go ahead.

沒有，繼續。

Regarding the recently signed RAV4 contract, I guess what does Tesla need to do to meet Toyota's specifications and should we model out some investment there, and do you invest in permanent structures in the factory?

關於最近簽署的 RAV4 合同，我想特斯拉需要做什麼才能滿足豐田的規格，我們是否應該在那裡進行一些投資建模，你是否投資於工廠的永久性結構？

Sorry, what was the first part of your question again?

抱歉，您的問題的第一部分又是什麼？

Regarding the RAV4 contract, what sort of investments do you need to make to meet their specifications and do you -- I mean, does it become a permanent part of the factory or what happens there?

關於 RAV4 合同，您需要進行什麼樣的投資才能滿足他們的規格，您是否 - 我的意思是，它會成為工廠的永久部分還是那裡會發生什麼？

There is a lot of synergy in the powertrain that we will provide to Toyota and the Model S, so this is a great way for us to really make the most efficient use of our capital resources by developing a common factory and common processes. Of course, there are certain tools that will be very unique for the shape and the size of the battery pack as an example that we'll have in the RAV4, but it's not as if we are establishing a separate factory. It's going to be common processes overall.

我們將為豐田和 Model S 提供的動力總成有很多協同作用，因此這是我們通過開發共同工廠和共同流程來真正最有效地利用我們的資本資源的好方法。當然，作為示例，我們將在 RAV4 中使用某些電池組的形狀和尺寸非常獨特的工具，但這並不是說我們正在建立一個單獨的工廠。總體而言，這將是通用流程。

Yeah, relatively small expenses that haven't already been recognized essentially, and it also gives us a great transition for the Roadster production workforce to work on the RAV4 vehicles as an interim measure before the full Model S production starts.

是的，相對較小的費用在本質上尚未得到確認，這也為我們提供了一個很好的過渡，讓 Roadster 生產人員在完全生產 Model S 之前作為臨時措施在 RAV4 車輛上工作。

Thank you so much.

太感謝了。

Thanks.

謝謝。

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

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

Thank you very much. Actually just wanted to build on that last question. It does seem from the press release that the testing on the Alpha really kind of came fairly close to a lot of the simulation work you did, and based on the fact that you're on track for all your major timetables here, can you just maybe just dive in a little bit and tell us were there some areas that were different where you had to adopt a little bit some challenges that are still being kind of ironed out in the Beta phase? Just wanted to get a little bit more color on how that transition is going.

非常感謝。實際上只是想在最後一個問題的基礎上再接再厲。從新聞稿看來，Alpha 的測試確實與您所做的許多模擬工作相當接近，並且基於您在這裡的所有主要時間表都步入正軌這一事實，您能不能也許只是深入一點，告訴我們是否有一些不同的領域，你必須接受一些挑戰，而這些挑戰仍然在 Beta 階段得到解決？只是想獲得更多關於過渡如何進行的色彩。

Sure. Well, in the Alpha phase of any project you discover quite a lot. That's why you have an Alpha phase. It's nothing that's really hindered us from moving to the Beta phase as planned. So there were a lot of problems and we solved a lot of problems, and one of the toughest challenges is achieving a five-star crash rating across the board by 2012 standards. Now, to be clear, there is no car currently in existence that has five-star in every category by 2012 standards. This is -- these standards have risen quite a bit.

當然。好吧，在任何項目的 Alpha 階段，你都會發現很多東西。這就是為什麼你有一個阿爾法階段。沒有什麼能真正阻礙我們按計劃進入 Beta 階段。所以有很多問題，我們解決了很多問題，最艱鉅的挑戰之一是到 2012 年標準全面實現五星級碰撞評級。現在，要明確的是，到 2012 年標準，目前還沒有汽車在每個類別中都達到五星級。這是 - 這些標準已經提高了很多。

But that's our target, and we got very close in the Alpha. And I think we're going to get there in either the early Beta phase or at minimum by the sort of mid to late Beta phase. So that's -- and the challenge there is you want to make a car that's extraordinarily safe. I mean, our goal is to make this the safest car in the world bar none. Not the safest electric car, the safest car, and I think we'll get there.

但這是我們的目標，我們在 Alpha 階段非常接近。而且我認為我們將在早期的 Beta 階段或至少在 Beta 的中後期到達那裡。所以這就是 - 那裡的挑戰是你想要製造一輛非常安全的汽車。我的意思是，我們的目標是讓這款車成為世界上最安全的汽車。不是最安全的電動汽車，最安全的汽車，我認為我們會到達那裡。

And then the challenge is to get there without adding a ton of weight, and the only way you can do that is by having a very sophisticated aluminum body and a chassis which is what we've got and using the most advanced techniques from the automotive business. Also applying a few ideas from the rocket business. Aerodynamics was extremely important, and I think we've really got something that's spectacular.

然後挑戰是在不增加一噸重量的情況下到達那裡，而你能做到這一點的唯一方法是擁有一個非常複雜的鋁製車身和一個我們所擁有的底盤，並使用最先進的汽車技術商業。還應用了火箭業務的一些想法。空氣動力學非常重要，我認為我們確實有一些非常壯觀的東西。

And we'll go into detail on that on the -- on October 1st when we have the customer event. I'm actually planning on doing quite a detailed presentation on crash safety just to educate people exactly what goes into crash safety, how do you simulate it, how do you solve the problem, what makes something good or bad, because I want to actually really have people come away from that really understanding and knowing what makes a car safe rather than just sort of typical marketing nonsense.

我們將在 10 月 1 日舉行客戶活動時對此進行詳細介紹。實際上，我正計劃對碰撞安全進行非常詳細的介紹，只是為了教育人們確切地了解碰撞安全的內容，你如何模擬它，你如何解決問題，是什麼讓事情變得好或壞，因為我想實際上真的讓人們擺脫了真正的理解和了解是什麼使汽車安全，而不僅僅是那種典型的營銷廢話。

Gotcha. And I take it like the biggest piece there is the side impact requirement, right?

明白了。我認為最大的部分是側面碰撞要求，對吧？

Well, there's the side -- there's multiple types of side impact, there's multiple types of front impact, and then there's also rear impact and roof crash.

嗯，有側面——有多種側面碰撞，有多種正面碰撞，還有後面碰撞和車頂碰撞。

And are those all new? I thought it was the side impact that was new, but I might be simplifying things.

這些都是新的嗎？我認為這是新的副作用，但我可能會簡化事情。

Oh, in terms of what's new by 2012 standards?

哦，就 2012 年標準的新內容而言？

Yes.

是的。

By 2012 standards, the roof crash requirements has increased dramatically and side impact, so it's -- those are the two biggest changes.

到 2012 年的標準，屋頂碰撞要求和側面影響急劇增加，所以它是 - 這是兩個最大的變化。

Gotcha. Okay. And actually just on that note, one of the things that's very differentiated is your choice of an aluminum body. I see you had some discussion of the Schuler press that you guys have installed there. Clearly I think you guys would be the only aluminum-based body in the US if I'm correct. How is that process going? What are some of the challenges with that?

明白了。好的。實際上，就這一點而言，非常與眾不同的一件事是您選擇的鋁製車身。我看到你們討論了你們在那里安裝的舒勒印刷機。顯然，如果我是正確的，我認為你們將是美國唯一的鋁基車身。這個過程進展如何？有哪些挑戰？

You're correct. We would be the only aluminum car in the country, made in the United States. Of course, there are many other aluminum structures made in the United States including planes and rockets, and you're familiar with the rocket side of things. We've really brought in expertise from all around the world on shaping of aluminum, and I think we're going to -- I feel reasonably confident in saying that this is going to be the most advanced body and chassis in the world and I'd stack it up against anything.

你是對的。我們將成為該國唯一的鋁製汽車，在美國製造。當然，還有很多其他的美國製造的鋁結構，包括飛機和火箭，你對火箭方面很熟悉。我們確實從世界各地引進了鋁成型方面的專業知識，我認為我們將——我有理由相信這將是世界上最先進的車身和底盤，我'd 堆它反對任何東西。

And as far as the -- I mean, it is more challenging to shape and bond aluminum than steel, but we've really gone through most of those issues in the Alpha phase. And then with the Beta vehicles we're getting to very tight tolerances. I think it's very important to build a car to very precise measurements, to have good gas and tight build clearances, and we're really building it to a very exacting standard. The challenge I have for the manufacturing team is like I want to use this car as a yardstick. I mean, that's how accurate it needs to be, but I don't see any issues in achieving that goal.

至於 - 我的意思是，鋁的成型和粘合比鋼更具挑戰性，但我們確實在 Alpha 階段已經解決了大部分問題。然後使用 Beta 版車輛，我們將達到非常嚴格的公差。我認為將汽車製造到非常精確的測量值、良好的氣體和緊湊的製造間隙非常重要，而且我們真的按照非常嚴格的標準製造它。我對製造團隊的挑戰就像我想用這輛車作為衡量標準。我的意思是，這就是它需要的準確度，但我認為實現該目標沒有任何問題。

Great. And one last quick one if I may, maybe more for Deepak. The CapEx, increased CapEx guidance, is that more of a timing issue? Is that kind of pulling forward money you were expecting to spend anyways or is that just kind of an increase in the overall amount of investment required to execute?

偉大的。如果可以的話，最後一個快速的，也許更多給迪帕克。資本支出，增加的資本支出指導，更多的是時間問題嗎？是那種你本來希望花的錢，還是只是增加了執行所需的總投資額？

It's a mixture of several items. Timing is an aspect of it, but it's also making some additional strategic investments on the Model S to improve cost and quality in some of our shops. It also includes some investments for Model X since we are beginning to kick that off, and some additional strategic work that we are doing.

它是幾個項目的混合物。時機是其中的一個方面，但它也在 Model S 上進行了一些額外的戰略投資，以提高我們一些商店的成本和質量。它還包括對 Model X 的一些投資，因為我們開始啟動它，以及我們正在做的一些額外的戰略工作。

Yeah, and I think your impression is (inaudible), but the plan is to have an unveiling of the Model X prototype at the end of this year, so probably in the mid December timeframe we'll get a real good sense for that and it's going to be a super exciting vehicle.

是的，我認為你的印像是（聽不清），但計劃是在今年年底推出 Model X 原型，所以可能在 12 月中旬的時間框架內，我們會對此有一個真正的了解和這將是一輛超級令人興奮的車輛。

I should mention that thus far we've been very open about the projects that we've been working on such as the Model S, Model X, the Roadster, and the powertrain deals and so on. We're going to transition to something where not every project is talked about, so there are going to be some projects that for proprietary reasons we want to keep silent about until the timing is right to unveil them. And so there are a couple of those going on that I think are going to be very exciting when people learn about them, but we don't want to talk about them publicly.

我應該提一下，到目前為止，我們對我們一直在從事的項目非常開放，例如 Model S、Model X、Roadster 和動力總成交易等等。我們將過渡到不是每個項目都被談論的東西，所以會有一些項目出於專有原因我們希望保持沉默，直到時機成熟。因此，當人們了解它們時，我認為其中有一些會非常令人興奮，但我們不想公開談論它們。

Great. Thank you very much.

偉大的。非常感謝。

Thank you, Pat.

謝謝你，帕特。

Thank you. Our next question is from Dan Galves of Deutsch Bank. Your line is open.

謝謝你。我們的下一個問題來自德意志銀行的 Dan Galves。你的線路是開放的。

So I wanted to ask a little bit about the Model X. Thanks for the detail on startup production of that vehicle and volumes. Could you give us a sense of in terms of the overall product development process for that vehicle versus the Model S, how long would you say -- or I guess considering that you're leveraging the Model S platform, is the product development process much quicker on the X than the S has been?

所以我想問一些關於 Model X 的問題。感謝您提供有關該車輛的啟動生產和數量的詳細信息。您能否讓我們了解一下該車與 Model S 的整體產品開發過程，您會說多長時間 - 或者我想考慮到您正在利用 Model S 平台，產品開發過程是多少？ X 比 S 更快？

Yeah, definitely. It's much lower CapEx and a much quicker development process because we're really keeping the fundamental powertrain and the chassis, the electronic components, the 17-inch touch screen instrument panel, these things are all common between the cars and it's kind of just the -- sort of the upper body that changes. I don't want to say too much about the Model X because I want to really leave a little bit for the big unveil in December. So there are some pretty exciting things about the Model X that I think are going to be super cool, but I don't want to say too much at this point.

是的，絕對的。它的資本支出要低得多，開發過程要快得多，因為我們確實保留了基本的動力總成和底盤、電子元件、17 英寸觸摸屏儀表板，這些東西在汽車之間都很常見，而且只是——有點上身的變化。關於 Model X，我不想多說，因為我真的想為 12 月的大型揭幕留一點。因此，關於 Model X 有一些非常令人興奮的事情，我認為它們會非常酷，但我現在不想說太多。

Okay. But would you say these additional top hats are -- is it half the time to develop them from kind of, I don't know what you guys call it, maybe design frieze to start of production or is it even faster than that?

好的。但是你會說這些額外的大禮帽是 - 開發它們的時間是一半，我不知道你們怎麼稱呼它，也許是設計楣開始生產，還是比這更快？

First approximation it's probably about half, yeah. It's maybe a third of the CapEx and half the time.

第一個近似值可能大約是一半，是的。這可能是資本支出的三分之一和一半的時間。

A third of the CapEx, half the time. Okay. Thanks for that. And then in talking about R&D and CapEx, just wondering if you expect to have a decline in R&D spending as you get up to the Model S launch or will that stay relatively flat versus 2011 levels considering that you seem to be in the midst of other development processes as well? So kind of the cadence of R&D and CapEx, should that decline in 2012 versus 2011?

三分之一的資本支出，一半的時間。好的。感謝那。然後在談論研發和資本支出時，只是想知道您是否預計隨著 Model S 的推出而研發支出會下降，或者考慮到您似乎處於其他階段，與 2011 年的水平相比是否會保持相對平穩開發過程也是如此？研發和資本支出的節奏如此之快，2012 年會比 2011 年下降嗎？

The bigger thing is by quarter, as well, and I think certainly at this point we have fairly significant one-time expenses related to the Model S as we are completing the engineering design and testing work with our suppliers, and we're building the prototypes of the Beta as we speak. And in addition we have almost 150 people in our manufacturing facility which are continuing to show up in R&D expenses, and they will move up into cost of goods sold once we go into the production phase of Model S. So there will be some substantial reductions there on Model S related R&D in our manufacturing facility.

更大的事情也是按季度計算，我認為在這一點上，我們肯定有相當大的與 Model S 相關的一次性費用，因為我們正在與供應商完成工程設計和測試工作，並且我們正在建造我們所說的 Beta 的原型。此外，我們的製造工廠有近 150 名員工，他們繼續出現在研發費用中，一旦我們進入 Model S 的生產階段，他們將上升到銷售成本。所以會有一些實質性的削減在我們的製造工廠進行 Model S 相關的研發。

The things that would come up is as we go into 2012 is Model X and some of the other projects that we are working on. But overall, yeah, there will be some reductions.

當我們進入 2012 年時，將會出現的事情是 Model X 和我們正在開展的其他一些項目。但總的來說，是的，會有一些減少。

Okay, great. And just I wanted to ask about the cadence of Model S production a bit. I know you've announced that early production will be kind of the highest end models. Do you have any sense for how long that might last? It could definitely impact average transaction prices over time. Just of the 5,000 vehicles you expect to produce in 2012, will those all be the highest end models?

好，太棒了。我只是想問一下 Model S 的生產節奏。我知道你已經宣布早期生產將是最高端的型號。你知道這可能會持續多久嗎？隨著時間的推移，它肯定會影響平均交易價格。在您預計 2012 年生產的 5,000 輛汽車中，這些都是最高端的車型嗎？

Well, we plan to start with as we have announced the 300-mile-range Model S, and it will be the signature series initially which will be fully optioned, so certainly they'll have higher ASEs but I'm not -- I guess you had a couple of different pieces in your question. Perhaps you can ask, Dan, what was your first part again on that?

好吧，我們計劃從我們宣布 300 英里範圍的 Model S 開始，這將是最初完全可選的標誌性系列，所以他們肯定會有更高的 ASE，但我不是——我猜你的問題有幾個不同的部分。也許你可以問，丹，你的第一部分是什麼？

I guess maybe how long you expect that to last. Just trying to get a sense of whether it would be the first couple quarters of production that will be the 300-mile vehicle or is that more like the first 500 to 1,000?

我猜也許你希望這能持續多久。只是想了解是前幾個季度的生產將是 300 英里的車輛，還是更像是前 500 到 1,000 輛？

Well, we've indicated that before year-end we would have the 230-mile in 2012. We will have the 230-mile range car out.

好吧，我們已經表示，在年底之前，我們將在 2012 年擁有 230 英里的續航里程。我們將推出 230 英里續航里程的汽車。

Well, the signature series which is the first 1,000 will be the 300-mile-range only because it's kind of like the fully loaded vehicle. And then thereafter if you want the option of the 300 or the 230-mile, and then at the very end of next year, sort of probably in December is when the one will start. Next year some of the 160-mile (inaudible) predict in advance how many people are going to pick 300 versus 230, but it's -- it could be half and half. It could be one-third/two-thirds. The (inaudible) in advance, but we don't have an indication of that yet because we've not insisted that people pick one or the other yet.

好吧，作為第一個 1,000 的標誌性系列將是 300 英里範圍，只是因為它有點像滿載車輛。然後，如果你想要選擇 300 或 230 英里，然後在明年年底，大概在 12 月開始。明年，160 英里（聽不清）中的一些人會提前預測有多少人會選擇 300 和 230，但它是 - 可能是一半一半。可能是三分之一/三分之二。 （聽不清）提前，但我們還沒有任何跡象，因為我們還沒有堅持讓人們選擇其中一個。

Right.

正確的。

Okay. That's very helpful. Maybe just one more just looking at you're probably getting a pretty good sense of how your suppliers are performing as the Beta phase comes to a start. Are you having any issues with suppliers or are you more worried about your suppliers or your own capability in terms of making sure to be on time with the Model S?

好的。這很有幫助。也許只是再看一眼，您就可以很好地了解您的供應商在 Beta 階段開始時的表現。您是否與供應商有任何問題，或者您是否更擔心您的供應商或您自己在確保按時使用 Model S 的能力？

Well, I mean so far it looks like everything is on track, so we're not aware of any supplier or internal issue that would prevent deliveries in the middle of next year. And we're certainly staying on top of that, making sure that we have a strong supply, a quality engineering team that's out there verifying the facts on the ground with suppliers, not just sort of taking their word for it. And then we're making sure that internally our manufacturing ability is ready, and ready before it needs to be ready, and so far it's looking good. Don't know of anything that's going to cause an issue.

好吧，我的意思是，到目前為止，一切似乎都在進行中，所以我們不知道有任何供應商或內部問題會阻止明年年中的交付。我們當然會保持領先地位，確保我們擁有強大的供應，一支優質的工程團隊，與供應商一起核實實地事實，而不僅僅是相信他們的話。然後我們確保在內部我們的製造能力已經準備好，並且在需要準備好之前就準備好了，到目前為止它看起來不錯。不知道有什麼事情會引起問題。

That sounds great. Thanks a lot.

聽起來不錯。非常感謝。

Thanks, Dan.

謝謝，丹。

Thank you. Our next question is from Carter Driscoll of Capstone Investments. Your line is open.

謝謝你。我們的下一個問題來自 Capstone Investments 的 Carter Driscoll。你的線路是開放的。

My question really stems around obviously the Model S. You've had good growth in the reservations ramping nicely, and obviously given your stated intentions for your second half production models in 2012, you're fully booked for that production level. Help me understand what the limiting factors are. Let's say you had a continued ramp between now and your on-target production in the second of 2012, and let's say you reached, I don't know, say 15,000 reservations. Why wouldn't you produce those 15,000 in the second half of the year? Maybe you could help me and discuss maybe some of those limiting factors, early production run, trying to figure the bugs, things of that nature.

我的問題顯然是圍繞 Model S 提出的。您的預訂量增長良好，而且顯然考慮到您在 2012 年下半年量產車型的明確意圖，您已經為該生產水平預訂滿了。幫助我了解限制因素是什麼。假設您從現在到 2012 年第二季度的目標生產之間持續增長，假設您達到了（我不知道）15,000 個預訂量。下半年為什麼不生產那15000輛？也許你可以幫助我並討論其中一些限制因素，早期生產運行，試圖找出錯誤，這種性質的事情。

Well, the nature of a manufacturing line is it's sort of like spinning up a wheel. You've got to -- you can't just sort of go from nothing to 2,000 vehicles a month instantly because if you did that there would be a lot of issues you encounter. You really have to kind of start the line with ten vehicles a week and then go to 20 and then 30 and 40 and eventually get up to the rate that -- where the production line can manufacture the vehicle with very high quality at the rate that you need it. And if you just sort of went full blast, you wouldn't be able to keep the quality where it needs to be.

嗯，生產線的性質有點像旋轉輪子。你必須——你不能立即從零到每月 2,000 輛汽車，因為如果你這樣做了，你會遇到很多問題。你真的必須從每週生產 10 輛汽車開始生產線，然後到 20 輛，然後是 30 輛和 40 輛，最終達到這樣的速度——生產線可以以你需要它。如果你只是全力以赴，你將無法將質量保持在需要的地方。

Now, we have set things up such that -- and this is where part of the increased CapEx comes from -- such that we can do 20,000 units on a single shift. Previously we had talked about doing 20,000 units on a double shift, and we thought to allow for a better ability to capture outside potential, let's spend a bit more money and be able to do that on a single shift. So yeah, I mean sort of in the 2013 timeframe, if the demand is there, we can certainly do more than 20,000 vehicles and like I said we'll work hard to drive that demand to the best possible level.

現在，我們已經進行了這樣的設置——這就是增加的資本支出的一部分——這樣我們可以在一個班次中生產 20,000 個單位。之前我們討論過雙班制生產 20,000 個單位，我們認為可以更好地捕捉外部潛力，讓我們花更多的錢，並且能夠在一個班次中完成。所以，是的，我的意思是在 2013 年的時間範圍內，如果有需求，我們當然可以生產超過 20,000 輛汽車，就像我說的那樣，我們將努力將需求推到最好的水平。

And then just my next question really circles around obviously some of the strategic initiatives that you want to keep under wraps for now. Obviously you had the secondary raise, and I would imagine most of that's for the Model X, the RAV4 and the Model S. Do you envision that you might need for some of these initiatives additional capital or do you feel comfortable with what you have on the books?

然後我的下一個問題顯然圍繞著一些你現在想要保密的戰略舉措。顯然，您獲得了二次加薪，我想大部分是針對 Model X、RAV4 和 Model S。您是否認為其中一些計劃可能需要額外資金，或者您對現有的資金感到滿意圖書？

At this point we're not -- we don't plan any -- don't anticipate any need for a secondary between now and the start of Model S production, and so we'll have to see how things develop. I mean, if there is -- if we see a significant opportunity and it seems as though it's worth the dilution to pursue that opportunity then we would go to market, but we don't currently see the need to do that.

在這一點上，我們沒有——我們沒有任何計劃——預計從現在到 Model S 生產開始之間有任何二級市場需要，所以我們必須看看事情如何發展。我的意思是，如果有——如果我們看到了一個重要的機會，並且似乎值得稀釋去追求那個機會，那麼我們就會進入市場，但我們目前認為沒有必要這樣做。

It's way too early to tell until we have fully evaluated the projects and looked at the full-scale implementation and make sure these projects make financial sense, and we won't obviously commit and go to that extent of raising external funding.

在我們對項目進行全面評估並查看全面實施並確保這些項目具有財務意義之前，現在下結論還為時過早，我們顯然不會承諾並達到籌集外部資金的程度。

Does that answer your question?

這是否回答你的問題？

Yes. No, thank you very much.

是的。不，非常感謝。

Thank you. Our next question is from Erik Olbeter of Pacific Crest. Your line is open.

謝謝你。我們的下一個問題來自 Pacific Crest 的 Erik Olbeter。你的線路是開放的。

Hi, this is Eric Leeper in for Erik Olbeter today. My question was on SG&A. Obviously good cost control over the last several quarters. I was wondering if you could fill us in on your expectations for that going forward and kind of how it relates to opening new stores and bringing on new staff as you ramp up production here.

嗨，我是 Eric Leeper 今天為 Erik Olbeter 工作。我的問題是關於 SG&A。顯然，過去幾個季度的成本控制良好。我想知道您是否可以向我們說明您對未來發展的期望，以及隨著您在這裡提高產量，這與開設新店和引進新員工有何關係。

Sure. Yeah, you're absolutely right, Eric, that as we do add more stores in significant numbers next year and in 2013, we will see a corresponding increase in SG&A. It was good to see that despite adding two stores this quarter our SG&A was relatively flat. In all though I am pretty sure given our overall approach, and not spending any money on advertising as an example, we would see that our SG&A as a percentage of revenue would be at industry -- better than industry benchmarks or at industry benchmarks.

當然。是的，Eric，你說的完全正確，因為我們在明年和 2013 年確實增加了大量門店，我們將看到 SG&A 的相應增長。很高興看到，儘管本季度增加了兩家商店，但我們的 SG&A 相對持平。總而言之，儘管我很確定我們的整體方法，並且不花任何錢在廣告上，但我們會看到我們的 SG&A 佔收入的百分比將處於行業水平——優於行業基准或行業基準。

Okay. That's helpful. And I was wondering if you could just talk about the -- sorry?

好的。這很有幫助。我想知道你是否可以談談——對不起？

Oh, go ahead.

哦，繼續。

I was wondering if you could just talk about the competitive environment. You've had specifically the Fisker being delivered very recently. I was wondering if you could talk about sort of how you view the market now that you have a luxury non-gasoline vehicle in the market.

我想知道你是否可以談談競爭環境。您最近專門交付了 Fisker。我想知道您是否可以談談您對市場的看法，因為您在市場上有一輛豪華的非汽油車。

We've not seen any impact on our sales at all of the Fisker, so I mean quite frankly I'm a little concerned about -- that people, if something were to go wrong with Fisker either on their demand or production side, that people would infer that there is a similar issue with Tesla. I just don't think there's a good correlation.

我們沒有看到對 Fisker 的銷售產生任何影響，所以坦率地說，我有點擔心——如果 Fisker 在需求或生產方面出現問題，那人們會推斷特斯拉也存在類似的問題。我只是不認為有很好的相關性。

Great. Thank you.

偉大的。謝謝你。

Thank you. Our next question is from Ravi Shanker 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 Ravi Shanker。你的線路是開放的。

I'm very interested in this customer event that you're having for the Model S on October 1st. I think this is the first time you've spoken of that. Can you give us some more detail here? Are these customers going to be existing Roadster customers, anyone who's placed an order for the Model S, and are they actually going to get to drive the car?

我對你們在 10 月 1 日舉辦的 Model S 客戶活動非常感興趣。我想這是你第一次提到這個。你能在這裡給我們更多的細節嗎？這些客戶是否會成為現有的 Roadster 客戶，任何訂購 Model S 的人，他們真的會開車嗎？

Yes. So this is actually -- you have to have placed a reservation for the Model S. And it's -- we're trying to think of what are the things that we can do to reward customer loyalty and have them feel really confident about the vehicle that they put down a deposit for. And I'm a big believer that the best sales people for a product are existing customers, and so we really want to have people come to this event, drive -- we won't have enough time for everybody, for them to drive the cars themselves, but we're going to drive them in the cars on the test track at -- that we have at Fremont, the (inaudible) facility.

是的。所以這實際上是 - 你必須為 Model S 預訂。而且 - 我們正在努力思考我們可以做些什麼來獎勵客戶忠誠度並讓他們對車輛感到真正有信心他們為此付了押金。我堅信產品的最佳銷售人員是現有客戶，所以我們真的希望人們來參加這個活動，開車——我們沒有足夠的時間讓每個人，讓他們開車汽車本身，但我們將在測試賽道上駕駛它們 - 我們在弗里蒙特，（聽不清）設施。

So that's -- so they'll get a real feeling for the acceleration and handling, the fit and finish, just the -- I think people are really going to be impressed by that, and that's why we're doing it. And then as well as a detailed factory tour to see all the progress we've made towards production there. And of course as someone who's an analyst, I mean you're welcome to come at any point and see what progress has been made, but -- and you're also welcome to come to this event.

所以那是——所以他們會對加速和操控、合身和完成有一個真實的感覺，只是——我認為人們真的會對此印象深刻，這就是我們這樣做的原因。然後是詳細的工廠參觀，以了解我們在生產方面取得的所有進展。當然，作為分析師，我的意思是歡迎您隨時來看看取得了哪些進展，但是——也歡迎您來參加這個活動。

Yeah, I wouldn't mind scoring one of those ride and drives myself. And related to that, when do you think the automotive media gets to ride or drive in the car then?

是的，我不介意自己駕駛其中一輛。與此相關的是，您認為汽車媒體什麼時候才能騎車或開車？

I think we'll have some of the automotive media do that on October 1st. Now, it's not a full production so we're to be a little cautious that people aren't officially evaluating -- people will need to be evaluating a Beta product as a Beta product, but we expect to have some fairly significant automotive press activity at the event.

我想我們會讓一些汽車媒體在 10 月 1 日這樣做。現在，它還不是完整的生產，所以我們要謹慎一點，人們沒有正式評估——人們需要將 Beta 產品評估為 Beta 產品，但我們預計會有一些相當重要的汽車新聞活動在活動中。

And since you said fit and finish, I'm assuming that these would be -- these prototypes would be much, much farther along than the current Alphas and even the Betas that we're seeing currently going -- undergoing testing.

既然你說適合和完成，我假設這些原型將比當前的 Alpha 甚至我們目前看到的 Beta 走得更遠，正在接受測試。

Yes.

是的。

Just to clarify what we are testing right now are the Alphas that were fully built as our schedule said by Q2, and these will be the first of the Beta builds that we will do.

只是為了澄清我們現在正在測試的是按照我們在第二季度的時間表所說的完全構建的 Alpha，這些將是我們將要做的第一個 Beta 構建。

Yeah. The Alphas you're testing sort of fundamental functionality as opposed to tolerances of the interior, leather and metal trim and that kind of thing.

是的。您正在測試的 Alpha 是一種基本功能，而不是內部、皮革和金屬飾邊的公差等。

And just a final point on this. It seems like there's been a bit of a step up in the profile of the Model S lately. I've seen them on the front page of a couple of automotive websites and magazines, just the video that you guys have been putting out. Also I believe a couple of people have sighted Model S prototypes at some malls around the country and now you're having this event. It seems like a pretty significant step up when you're probably, what, nine months at least out from the launch of the vehicle. Is this something you had planned all along or is this potentially telegraphing that you have room to bring the launch schedule up a little bit?

最後一點。最近，Model S 的形像似乎有了一些進步。我在一些汽車網站和雜誌的首頁上看到了它們，只是你們發布的視頻。此外，我相信有幾個人在全國的一些購物中心看到了 Model S 原型，現在你正在舉辦這個活動。這似乎是一個相當重要的進步，因為您可能至少距離車輛推出還有 9 個月的時間。這是您一直計劃的事情，還是這可能表明您有空間將發射計劃提前一點？

We're keeping our prediction for release in the middle of next year, and that's -- we feel confident of being able to meet that goal. But as far as the Model S attention, I mean certainly within the US since we have basically sold out of custom-ordered Roadsters and only have a few Roadsters in the showrooms to sell, it makes sense for us to shift our focus domestically to the Model S, and that's what we've been doing and that's going to increase with each passing month. But this is for the US, and then internationally we'll start shifting that focus more in the middle of next year.

我們保持對明年年中發布的預測，那就是——我們有信心能夠實現這一目標。但就 Model S 的關注度而言，我的意思是在美國，因為我們基本上已經售罄了定制的 Roadster，而且展廳裡只有幾輛 Roadster 可供出售，所以我們將重點轉移到國內是有道理的。 Model S，這就是我們一直在做的事情，而且每個月都會增加。但這是針對美國的，然後在國際上，我們將在明年年中開始更多地轉移關注點。

Great. Thanks very much.

偉大的。非常感謝。

Thank you.

謝謝你。

Thank you. Our next question is from [John Laconna] of [Lou Phoenix]. Your line is open.

謝謝你。我們的下一個問題來自 [Lou Phoenix] 的 [John Laconna]。你的線路是開放的。

Hi. This question is for Elon. Elon, first, thank you for being a visionary at this time in our nation's history. I think the country could certainly use more people like you trying to challenge limits so thanks for that. I just was curious, a couple quick questions. What do you think is one of the most important lessons you took from selling the Roadster that makes you confident that you can actually meet or possibly exceed 20,000 sales for the S next year?

你好。這個問題是給埃隆的。埃隆，首先，感謝您在我們國家歷史的這個時候成為一個有遠見的人。我認為這個國家當然可以使用更多像你這樣的人來挑戰極限，所以謝謝你。我只是很好奇，幾個快速的問題。您認為您從銷售 Roadster 中學到的最重要的一課是什麼，讓您確信明年 S 的銷量實際上可以達到或超過 20,000 輛？

Well, I think there's certainly -- the lessons from the Roadster are more in terms of an understanding of what it takes to produce a compelling electric car. And if you think of -- the way I think of the Roadster model is kind of like the -- if the Roadster is kind of like the Apple I and the Model S is a bit like sort of the Apple II, and there's -- it makes a huge difference to lower the price.

好吧，我認為肯定有——Roadster 的教訓更多地在於了解生產引人注目的電動汽車需要什麼。如果你想——我對 Roadster 模型的看法有點像——如果 Roadster 有點像 Apple I，Model S 有點像 Apple II，那麼——降低價格有很大的不同。

Basically car sales increase exponentially as you lower the price, so having a vehicle that has a starting price half that of the Roadster is a huge increase in the number of people that can afford to buy the car, and then you consider the increased functionality of the vehicle being five adults and two kids, up to seven people, more cargo space than any other sedan and just great handling. We're aiming to make it the safest car in the world. I mean, these are all things that really amplify demand, so I think we'll be -- I think 20,000 units a years is a very doable number for the Model S.

基本上，隨著價格的降低，汽車銷量會呈指數增長，因此擁有一輛起價僅為 Roadster 一半的汽車意味著有能力購買汽車的人數會大幅增加，然後您會考慮增加的功能該車由五個成人和兩個孩子組成，最多可容納 7 人，比任何其他轎車都有更多的載貨空間，而且操控性很好。我們的目標是讓它成為世界上最安全的汽車。我的意思是，這些都是真正放大需求的東西，所以我認為我們會——我認為每年 20,000 輛對於 Model S 來說是一個非常可行的數字。

The Roadster has also enabled us to fine tune our retail strategy, understand how we can sell electric cars actively, and we have sold Roadsters in over 30 countries globally. Small numbers overall but it's really taught us how to sell cars globally and it set the stage for us to sell 20,000 Model S's for our projection globally.

Roadster 還使我們能夠微調我們的零售策略，了解我們如何積極銷售電動汽車，我們已經在全球 30 多個國家銷售了 Roadster。總體數量很少，但它確實教會了我們如何在全球銷售汽車，它為我們在全球銷售 20,000 輛 Model S 奠定了基礎。

And I guess to that point though, because I guess what we're seeing in the industry is there's still a huge need for education. And I mean it's great that the retail stores, hopefully that does help in that regard and your being I guess one of the front runners in kind of implementing that sort of strategy, which is great, but there still is a lot of consumers that aren't willing to embrace this. There's still so much of a disconnect between the OEMs and like yourself and the utility companies, and I guess my question is how do we bridge that gap? How does education get down to the consumer level to have the confidence to completely forget about any sort of anxiety related to miles per charge?

我猜到了這一點，因為我猜我們在這個行業中看到的是仍然存在對教育的巨大需求。我的意思是，零售店很棒，希望在這方面能有所幫助不願意接受這個。原始設備製造商與您自己和公用事業公司之間仍然存在很大的脫節，我想我的問題是我們如何彌合這種差距？教育如何深入到消費者層面，從而有信心完全忘記與每次充電里程相關的任何焦慮？

I think we're making good strides in the -- with the range concern with the Model S, having the option to have up to a 300-mile range of vehicle, sort of a roughly 45-minute charge time from a (inaudible) charge, and then enabling the pack to be swapped out in under a minute, and then that's not bad for going to essentially a second generation of vehicles.

我認為我們在 Model S 的續航里程方面取得了長足的進步，可以選擇擁有長達 300 英里的車輛續航里程，從（聽不清）充電大約需要 45 分鐘。充電，然後在不到一分鐘的時間內更換電池組，這對於本質上是第二代車輛來說還不錯。

And I've said for many years now that in order to make some things -- in order to really to achieve the mass market, to have something be compelling at the mass market level for a product, you really need to optimize the design and achieve economies of scale. And I think generally you need to do about three significant iterations on a new technology at least, and that's why our strategy has been to start off with the Roadster at low volumes with a relatively higher price, then go to the Model S, mid volumes, mid price, and then our third generation vehicle would be high volumes at a low price, or a lower price.

多年來我一直在說，為了製造一些東西——為了真正進入大眾市場，讓產品在大眾市場層面具有吸引力，你真的需要優化設計和實現規模經濟。而且我認為一般來說，您至少需要對一項新技術進行大約 3 次重大迭代，這就是為什麼我們的策略是從小批量、價格相對較高的 Roadster 開始，然後轉向中等批量的 Model S ，中等價格，然後我們的第三代汽車將以低價或低價大批量生產。

Well, I guess my last question would be I was just curious, you briefly touched on competition and I think Fisker as well as probably anyone else that has problems in the industry gives a growing industry a bad name. But I was getting -- I guess we don't have a national standard with charging, and I was wondering if you could just give us your thoughts on what you see -- we need to see from the government to have a national standard put in place so maybe that actually welcomes consumers about not worrying about the next -- the new technology coming so quickly.

好吧，我想我的最後一個問題是我只是好奇，你簡要地談到了競爭，我認為 Fisker 以及可能在該行業遇到問題的任何其他人都給這個不斷發展的行業一個壞名聲。但我得到了——我想我們沒有關於充電的國家標準，我想知道你是否可以就你所看到的告訴我們你的想法——我們需要從政府那裡看到一個國家標準到位所以也許這實際上歡迎消費者不用擔心下一個 - 新技術來得如此之快。

Sure. Well, there is a SAE charging standard which is not bad. I mean, it could use some refinement, and there are sort of additional SAE charging standards that are coming out. But I think it's actually going to be okay. I think the issue is really going to be one of production limitations rather than demand limitations, and I think -- I mean, I think -- I hope this is true but I think it's true is that Tesla will always be, at least for the next several years, production limited.

當然。嗯，有一個 SAE 收費標準，還不錯。我的意思是，它可以進行一些改進，並且還會出現一些額外的 SAE 收費標準。但我認為這實際上會好起來的。我認為問題實際上將是生產限製而不是需求限制之一，我認為 - 我的意思是，我認為 - 我希望這是真的，但我認為特斯拉將永遠如此，至少對於未來幾年，產量有限。

I mean, right now if you put down a deposit for a Model S, you've got to wait 18 months and yet people are still putting down deposits, a minimum of $5,000. So until -- at least being from Tesla's standpoint, until we start seeing deposits, that wait time go from 18 months to let's say three months or six months, then really our focus needs to be on ramping up production as fast as possible.

我的意思是，現在如果你為 Model S 存入定金，你必須等待 18 個月，但人們仍在存入至少 5,000 美元的定金。因此，直到——至少從特斯拉的角度來看，直到我們開始看到存款，等待時間從 18 個月到比如說三個月或六個月，那麼我們的重點需要放在盡快提高產量上。

Thank you very much.

非常感謝。

Thanks, John.

謝謝，約翰。

Looking forward to speaking to you guys soon.

期待很快與你們交談。

All right.

好的。

Tyrone, we have time for one more quick question.

蒂龍，我們有時間再提一個簡單的問題。

Thank you. Our next question is from William Peck. Your line is open.

謝謝你。我們的下一個問題來自威廉·派克。你的線路是開放的。

I think my question has been answered for the most part, Mr. Musk. I was curious about previous factory output for the NUMMI auto factory, I think up to 500,000 cars a year. With Model S looking at 20,000 and Model X at up to 15,000 a year, I was just curious about any plans or vision for maxing out your capacity in the future, maybe in conjunction with this recent contract to settle a set point for your automation.

馬斯克先生，我想我的問題已經得到了大部分答案。我很好奇NUMMI汽車廠以前的工廠產量，我想每年最多50萬輛。由於 Model S 的年產量為 20,000 輛，Model X 的年產量高達 15,000 輛，我只是對未來最大化產能的任何計劃或願景感到好奇，也許與最近的這份合同一起為您的自動化設定一個設定點。

Well, I think we certainly hope at some point in the future to use the full capacity of the NUMMI factory at a half million vehicles a year, and we're going to work towards that as fast as we reasonably can but without getting too far ahead of ourselves. We don't want to bite off more than we can chew at any given point in time, and so we're trying to sort of make the sense of all things.

好吧，我認為我們當然希望在未來的某個時候以每年 50 萬輛的速度使用 NUMMI 工廠的全部產能，我們將盡可能快地朝著這個目標努力，但不會走得太遠領先於我們。我們不想在任何給定的時間點咬得比我們能咀嚼的更多，所以我們試圖讓所有事情都變得有意義。

But we want to come out with a new product every year, and so that will be Model S obviously next year, Model X the year thereafter, and another vehicle the year after that, another vehicle the year after that. And try to get to that full capacity as soon as we reasonably can, but making intelligent use of the capital we have on hand. So we'd like to be able to use the free cash flow from existing sales of say the Model S and Model X to sort of then leap up to the next level without having to go through a significant dilutive event. That's our strategy and sort of what I think makes sense for us to do. That's what we're going to try to execute.

但我們希望每年都推出一款新產品，所以明年顯然是 Model S，後年是 Model X，後年又是另一輛車，後年是另一輛車。並嘗試在合理的情況下盡快達到全部產能，但要明智地利用我們手頭的資金。因此，我們希望能夠利用現有銷售的自由現金流，比如 Model S 和 Model X，然後在不經歷重大稀釋事件的情況下躍升到一個新的水平。這是我們的策略，也是我認為對我們有意義的事情。這就是我們要嘗試執行的。

Thank you very much for your time.

非常感謝您的寶貴時間。

Thank you. Tyrone, I've got some quick closing remarks. So thank you everyone for joining us today. We look forward to seeing many of you even as soon as next week. Next Monday we'll be at Pacific Crest's Emerging Technology Summit in Vale or on Wednesday we'll be at JPMorgan's Automotive Conference in Detroit. So thank you for your time and interest in Tesla and have a great day.

謝謝你。蒂龍，我有一些簡短的結束語。所以感謝大家今天加入我們。我們期待著在下週見到你們中的許多人。下週一，我們將參加在淡水河谷舉行的 Pacific Crest 新興技術峰會，或者在周三，我們將參加在底特律舉行的摩根大通汽車會議。因此，感謝您對特斯拉的時間和興趣，祝您度過愉快的一天。

Ladies and gentlemen, thank you for your participation in today's conference. This concludes the program. You may now disconnect. 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。有一個美好的一天。