特斯拉 (TSLA) 2011 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Tesla Motors Incorporated third quarter 2011 financial results and Q&A conference call. At this time, all participants are in a listen-only mode. (Operator Instructions) Today's call is being recorded. Now, I would like to turn the call over to your host, Jeff Evanson.

女士們、先生們，大家好！歡迎參加特斯拉汽車公司2011年第三季財務業績及問答電話會議。目前，所有與會者均處於收聽模式。 （接線員指示）今天的電話會議正在錄音中。現在，我想將電話轉給主持人傑夫·埃文森。

Thank you, Matthew and good afternoon, everyone. Welcome to the Tesla motors third quarter 2011 financial results Q&A session. I am joined today by Elon Musk, Tesla's Chairman, CEO, and Chief Product Architect and Deepak Ahuja, Tesla's Chief Operating Officer. We announced our financial results for the third quarter, shortly after 1.00 pm, Pacific Time today. The shareholder letter, financial results and webcast of this Q&A session are all available at the Company's investor relations website at IR.teslamotors.com. Like last quarter this call will consist of some brief remarks by Elon followed by time for questions and answers. We will conduct the Q&A session live so if you have not already done so, please log in now if you wish to ask a question. During the course of this call, we may discuss our business outlook and make forward-looking statements. Such statements are only predictions based on management's current expectations. Actual events or results could differ materially due to a number of risks and uncertainties including those mentioned in our most recent Form 10-Q filed with the SEC. Such forward-looking statements represent our views only as today and should not be relied upon after today. We also disclaim any obligation to update these forward-looking statements and now let me pass the call to Elon.

謝謝馬修，大家下午好。歡迎參加特斯拉汽車2011年第三季財務業績問答會。今天，特斯拉董事長、執行長兼首席產品架構師馬斯克和營運長迪帕克·阿胡加也出席了這次問答會。我們在今天太平洋時間下午1點後不久公佈了第三季的財務業績。致股東的信函、財務表現以及本次問答會的網路直播均可在公司投資者關係網站IR.teslamotors.com上取得。與上一季一樣，本次電話會議將由埃隆發表一些簡短講話，隨後是問答時間。我們將進行現場問答，因此如果您尚未登入並希望提問，請立即登入。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前瞻性陳述。此類陳述僅是基於管理階層目前預期的預測。由於許多風險和不確定因素，包括我們最近向美國證券交易委員會提交的10-Q表中提及的風險和不確定因素，實際事件或結果可能存在重大差異。此類前瞻性陳述僅代表我們截至目前為止的觀點，今日之後不應作為依據。我們亦不承擔更新這些前瞻性陳述的任何義務，現在請允許我將電話轉給埃隆。

Hi. Thanks for joining us. I think we can proceed directly to questions and there's no point in me reading something that you already have. Let's just get right to your questions.

嗨，謝謝你加入我們。我覺得我們可以直接進入提問環節，我沒有必要再讀你之前寫的內容了。我們直接回答你的問題吧。

Thank you (Operator Instructions) Adam Jonas of Morgan Stanley.

謝謝（操作員指示）摩根士丹利的亞當喬納斯。

Hi, thanks, everybody. Elon, first question. The long term supply contracts with Panasonic. You said it gives you increased visibility on variable costs for sales, but do you also have increased confidence in the cost, i.e., based on what you have seen so far, is it better than you thought? And, the second part to that question is, if over time you have a competing supplier that offers a lower-cost solution, do you have any opt-out from Panasonic, and if so, what are some of the costs or types of cost for that opt-out? Thanks.

嗨，謝謝大家。伊隆，第一個問題：與松下簽訂的長期供應合約。您說這能提高銷售變動成本的透明度，但您是否也對成本更有信心？也就是說，根據您目前的情況，它是否比您想像的要好？第二個問題是，如果隨著時間的推移，你們有競爭供應商提供更低成本的解決方案，你們是否會選擇退出松下？如果是，退出的成本或成本類型是什麼？謝謝。

Sure, so, we do have firm pricing from Panasonic so we have very good predictability as to what prices will be over the next quote, 4 years. We are not obligated to purchase all of those sales, so it's possible for us to -- if Panasonic becomes un-competitive, to exit the deal, with relatively small -- there's some penalty, but it's quite small. Now, that being said, I feel pretty confident that Panasonic is going to be in the lead position from a sales and manufacturing standpoint for quite some time. And, we have pretty good visibility into what others are doing. So, I think we have got the best sales partner in the world, and so I'm just going to remain with that, for quite a while. Now, we do expect over that period of time, let's say, the next 4 years, to make a lot more cars than we've currently talked about the Panasonic deal in which is an order of 80,000. So, that definitely leaves room for a second source, if that does make sense.

當然，我們確實有鬆下的固定價格，所以我們對未來四年的報價有很好的預測性。我們沒有義務購買所有這些銷售，所以如果松下失去競爭力，我們有可能以相對較小的金額退出交易——雖然會有一些懲罰，但幅度很小。話雖如此，我非常有信心，松下將在相當長的一段時間內從銷售和製造方面保持領先地位。而且，我們對其他公司的做法有相當好的了解。所以，我認為我們擁有世界上最好的銷售合作夥伴，我會在相當長的時間內維持這種關係。現在，我們確實預計在未來的四年裡，生產的汽車數量將遠遠超過我們目前與松下達成的8萬輛訂單。所以，如果這確實有意義的話，這肯定為第二個供應商留下了空間。

Thanks. Can I ask a question about leasing? Any progress on making or establishing any leasing partner, as you get closer to the commercial launch of Model S?

謝謝。我可以問一個關於租賃的問題嗎？隨著 Model S 的商業化發布臨近，你們在尋找或建立租賃合作夥伴方面有什麼進展嗎？

Yes. I have actually -- we have had a number of conversations but have just decided to deprioritize that, initially, because there really didn't seem to be a need to have leasing take place in probably the first -- certainly, the first 6 months, but I think, maybe, in the first 12 months. And, so it is better for us to focus on more important things. We could certainly get leasing done, it just doesn't seem to be necessary to achieve our volume target in the first quote, 6 to 12 months. Yes

是的。實際上，我們進行過多次溝通，但最初決定降低租賃的優先級，因為看起來似乎沒有必要在最初——當然是前6個月——進行租賃，但我認為，也許在前12個月。因此，我們最好專注於更重要的事情。我們當然可以完成租賃，只是似乎沒有必要在第一個報價（6到12個月）內達到我們的銷售目標。是的

Okay. That's all I have. Thanks very much.

好的。就這些。非常感謝。

Thank you.

謝謝。

Dan Galves with Deutsche Bank Securities.

德意志銀行證券公司的 Dan Galves。

Good afternoon. Thanks for taking my questions. I just wanted to ask -- can you give us an update on what is left to be done before launch of the Model S? How do you feel like your suppliers are performing, or is there anything you are worried about, in terms of suppliers on time, or tooling getting to you guys on time?

午安.感謝您回答我的問題。我只是想問一下——您能否告訴我們在 Model S 上市之前還有哪些工作要做？您覺得供應商的表現如何？或者說，在供應商能否按時交付，或者工具能否按時送達方面，您有什麼擔心的嗎？

Well, basically it's going very well. Like you said, it's going very well. In case that jinxes things. But things are going very well.

嗯，基本上進展很順利。就像你說的，進展很順利。萬一那東西帶來厄運呢？不過，事情進展得非常順利。

We have over 90% of the factory tooling equipment in place. I don't really know of any 1 thing that I would call out as being particularly risky, but there are a lot of little things, and that could, potentially go awry, but what I'm trying to make sure of, is that we have the agility to respond to any one of those things. So, we have, sort of, a special forces team, that is in the engineering and manufacturing side, that can go and tackle any specific problem, once it arises, but that we don't know what it is yet. If that makes any sense.

我們工廠90%以上的工裝設備都已到位。我實在想不出哪一件事特別危險，但有很多小細節都可能出錯，但我試圖確保的是，我們能夠靈活地應對任何情況。所以，我們在工程和製造方面有一支類似特種部隊的團隊，一旦出現任何具體問題，即使我們還不知道具體是什麼，他們也能立即趕去解決。如果這說得通的話。

So yes, things look great. I don't really have anything to complain about right now. We do want to make sure this car is close to perfect as possible and I think, we could ship cars sooner than July, if we had lower standards in that regard. But we want to really create a good impression with customers, from the moment they receive the car. We don't want to rush to market.

所以，是的，一切看起來都很棒。我現在真的沒什麼好抱怨的。我們確實想確保這輛車盡可能接近完美，而且我認為，如果我們在這方面降低標準，我們可以在7月之前發貨。但我們希望從客戶收到車子的那一刻起，就給他們留下良好的印象。我們不想倉促上市。

Okay, yes. That sounds good. And then, you know, my next question is related to the mix of vehicles. When do you expect to, kind of, let the reservation holder start specifying or specking the cars, and I guess, you know, more longer term, do you feel like you have the flexibility to kind of meet whatever mix of vehicles comes at you in terms of options, battery sizes and that type of thing?

好的，是的，聽起來不錯。然後，我的下一個問題是關於車型組合的。您預計什麼時候會讓預訂者開始指定或客製化車型？從長遠來看，您是否覺得在選配、電池尺寸等方面，您有彈性來滿足各種車款組合的需求？

Yes. In fact, we are just deciding that right now. Which is to pick out, what is the best way to price the various options, such that if it strikes a good happy medium between customer value perception and gross margin to Tesla and we really put a lot of thought into that. But, we may need to adapt, obviously, after that, if our assumptions are wrong, and after we put out the option mix. We do expect to have that out, before the end of this year, so I think December, at latest.

是的。事實上，我們現在正在考慮這個問題。也就是找出各種方案的最佳定價方式，以便在客戶價值感知和特斯拉的毛利率之間找到一個平衡點，我們對此確實進行了深思熟慮。但是，如果我們的假設是錯誤的，並且在我們公佈了方案組合之後，我們顯然可能需要進行調整。我們確實希望在今年年底前，也就是我認為最遲在12月之前，能夠公佈最終方案。

Okay. And is there any, -- again, you feel like you have the flexibility to kind of meet whatever mix of vehicles people end up ordering?

好的。您覺得你們能夠靈活地滿足顧客最終訂購的各種車型嗎？

Yes. I think so. And, for the first several months of production, we're going to constrain the option mix, to a pretty high -- you have to basically -- you have to order stuff that's got a pretty high option mix, initially. So, for example, and we said this several months ago, for the first 5 months or so, we won't be offering the 160-mile-range vehicle. It will just be the 300-mile and 230-mile range.

是的，我想是的。而且，在投產後的最初幾個月，我們會將選配配置限制在一個相當高的水平——基本上，你必須——一開始就訂購那些配置組合相當豐富的車型。例如，幾個月前我們就說過，在最初的五個月左右，我們不會提供續航里程為160英里的車型。只會提供續航里程為300英里和230英里的車型。

And there will be a couple of other options that are, kind of, mandatory in the initial period, so that makes it easier for us to constrain the number of variables in the start of production. So we don't have too many variations of vehicles coming out of the factory and I think that's sort of the best way to take advantage of early demand. Yes, it's kind of like when you bring out a new CPU, or something like that, it would initially be expensive and then, go down later, as production increased. So, we're kind of, insisting that people buy the heavily optioned car initially, and for the first several months.

在初期，還會有一些其他的選配配置，這在某種程度上是強制性的，這樣我們就能更容易控制生產初期的變數數量。因此，我們工廠不會生產太多不同版本的車型，我認為這是充分利用早期需求的最佳方式。是的，這有點像推出新的CPU或類似產品，一開始價格會很高，但隨著產量的增加，價格會下降。所以，我們堅持要求人們在最初幾個月以及最初幾個月購買配置豐富的車型。

Okay, that makes sense. One more, if I could. Based on the CapEx guidance, it looks the CapEx is going up a little bit slightly, next quarter. Will that represent the peak of CapEx spend for the next several quarters, and any indication you can give us on, kind of, the trajectory of--well, you're not really burning cash, because you're drawing the loan, but in terms of operating cash flow and CapEx, the trajectory of the negatives over the next several quarters, will it be moderating?

好的，說得通。如果可以的話，我再問一個問題。根據資本支出指引，下個季度的資本支出似乎會略有上升。這是否代表未來幾季資本支出的高峰？您能否提供一些跡象，說明未來幾季的趨勢——嗯，您實際上並沒有燒錢，因為您正在提取貸款，但就營運現金流和資本支出而言，未來幾季的負成長趨勢會有所緩和嗎？

Deepak, would you like to take that?

迪帕克，你想接受這個嗎？

Sure. It is on a full year basis, as you can see, we have taken down the CapEx guidance some slightly, although, in the big scheme of things, the timing difference really doesn't change things and doesn't matter much. It's difficult, for us to predict exactly what the quarterly CapEx is, given some of the timing issues, and how we pay suppliers. I think, as we pull together our 2012 guidance, and share that with you at the end of, during the Q4 earnings call, we can give you a better sense, at that point, of how CapEx will be spread through the year.

當然。這是全年的，正如您所見，我們略微下調了資本支出指引，不過，從總體來看，時間差異實際上不會改變什麼，也影響不大。考慮到一些時間因素以及我們向供應商付款的方式，我們很難準確預測季度資本支出。我認為，當我們匯總2012年的指引，並在第四季度財報電話會議結束時與您分享時，屆時我們可以讓您更好地了解資本支出在全年的分佈情況。

Okay, thanks very much.

好的，非常感謝。

Thanks, Dan.

謝謝，丹。

Thank you. Andrea James of Dougherty & Company.

謝謝。 Dougherty & Company 的 Andrea James。

Hello. Good afternoon. So, in the quarter letter, it says something about CapEx may come in at the low end of guidance and then, you go on to say, in spite of controlled expenditures on certain projects, and you want to keep that confidential. And, I guess, any type of context would be helpful. What are you trying to convey by sharing this sort of mysterious detail and what are investors supposed to take away from it?

你好，下午好。所以，在季度信中，你提到資本支出可能會達到指引的低端，然後你又說，儘管某些項目的支出有所控制，但你希望對此保密。我想，任何背景資訊都會有所幫助。你分享這種神祕的細節是想表達什麼？投資人應該從中得到什麼？

Well, I guess, as I mentioned this in the last earnings call, which is we -- I think it makes sense, strategically, to keep a few cards close to our vest, and not reveal everything. And that is essentially, that is part of what I am trying to hint at there. But I think, those are sort of, of a smart decisions that should -- there are things that we're doing, they are very important for long-term and when we do unveil them, I think people will -- most people will agree that those are sensible things to do.

嗯，我想，正如我在上次財報電話會議上提到的那樣，我認為從戰略上來說，我們應該保守一些秘密，而不是全部透露。這基本上就是我想暗示的部分內容。但我認為，這些都是明智的決定——我們正在做的一些事情，對長遠發展非常重要，當我們最終公佈這些事情時，我認為大多數人都會同意，這些都是明智的做法。

But, we're not spending a ton on that, but we're spending enough to make sure that when the timing is right, we're -- we can be quick to market with a few things. But I think people aren't expecting. Sorry to be so obtuse. But, previously we have been very -- we weren't extremely open about things, and I just want to make the point that strategically, and going forward, there are a few things that it doesn't make sense to be completely open about for competitive strategic reasons.

但是，我們不會在這方面投入太多，但我們會投入足夠的資金，以確保時機成熟時，我們能夠快速地將一些產品推向市場。但我認為人們並沒有期待。抱歉，我說話太遲鈍了。但是，之前我們一直都非常——我們對一些事情不太開放，我只想指出，從戰略上講，展望未來，出於競爭戰略原因，有些事情完全公開是沒有意義的。

Okay, and one more and then I will hop back in the queue. So, we see the Smart Fortwo program winding down, and now it looks like you have something new and Mercedes-related. I guess, how do we think about that, the size relative to Smart Fortwo program?

好的，還有一件事，然後我就回到隊列裡了。我們看到 Smart Fortwo 專案正在逐漸結束，現在看起來你們有了一些新的、與梅賽德斯相關的專案。我想，我們如何看待這個項目，相對於 Smart Fortwo 項目來說，它的規模如何？

In deference to Daimler, I can't make any specific comments about this deal. We're really waiting until they're ready to talk about it some more. I would love to talk about it, but I do need to be respectful of our key strategic partners -- 1 of our key strategic partners.

出於對戴姆勒的尊重，我無法對這筆交易發表任何具體評論。我們真的在等待他們準備好進一步討論。我很樂意談論此事，但我必須尊重我們的關鍵策略夥伴——我們的關鍵策略夥伴之一。

When do you think you'll be able to speak more about it?

您認為什麼時候可以進一步談論此事？

Well, hopefully around the end of this year, but that's really going to be upon mutual consent of Daimler and us. So, its when they are ready to talk about it, then that is when we will talk about it.

嗯，希望是在今年年底左右，但這實際上需要戴姆勒和我們雙方同意。所以，當他們準備好討論的時候，我們才會討論。

Okay, thank you.

好的，謝謝。

Thank you. Himanshu Patel of JPMorgan.

謝謝。摩根大通的 Himanshu Patel。

Hi. Good afternoon, guys. A couple of questions. Elon, on the last call, you had made a vague reference to some additional strategic opportunities. Was that the Daimler LOI? Was that what that was in reference to?

大家下午好。我有幾個問題。伊隆，上次電話會議中，你模糊地提到了一些額外的策略機會。那是戴姆勒的意向書嗎？那是指戴姆勒的意向書嗎？

No. I was referring to something different.

不，我指的是別的事情。

Okay. Number two, could you talk a little bit to just, Roadster volume. The quarterly cadence, really kind of, picked up. It looks like you sold 3 times as many. I guess, the growth rate is 45 units more than Q2, which seemed like it was 3 times as fast as what you saw Q1 to Q2. What, kind of, happened in the third quarter, and is there any way for us to think about, kind of, the quarterly cadence of Roadster volumes? And, is there any seasonal trends, here, that we should be thinking about either?

好的。第二點，您能否簡單談談Roadster的銷售？季度成長節奏確實有所加快。看起來你們的銷售量是去年同期的三倍。成長率比第二季增加了45輛，似乎是第一季到第二季增速的三倍。第三季發生了什麼事？我們能不能看看Roadster的季度銷量節奏？還有，有沒有一些季節性趨勢值得我們考慮？

Yes, Roadster, of course, was always intended to be, kind of, a limited production vehicle and there certainly is some seasonality, given that it is a convertible sports car. So, it will tend to sell a little bit better in summer than winter.

是的，Roadster 一直被認為是一款限量版車型，而且考慮到它是一款敞篷跑車，肯定會有一定的季節性。所以，它在夏季的銷售量往往會比冬季好一些。

But, I wouldn't read too much into Roadster sales, one way or the other. The biggest value the Roadster has, to Tesla, is really as kind of an advanced scout, to help us understand how to make an electric vehicle, and how it operates, and also for different countries and different climates and regulatory regimes. And, it is, kind of a beachhead, and it's really served its purpose very well, but we're really not moving away from that to the next major phase of things with the Model X. And, so I think that's what really matters in the long-term.

但無論如何，我不會對Roadster的銷量做太多解讀。對特斯拉來說，Roadster最大的價值在於它就像一個先進的偵察兵，幫助我們了解如何製造電動車，如何操作，以及它如何適應不同的國家、不同的氣候條件和監管制度。它就像一個灘頭陣地，而且確實很好地完成了它的任務，但我們不會真的放棄這一點，轉而通過Model X進入下一個重要的發展階段。所以，我認為從長遠來看，這才是真正重要的。

Okay. And then, I guess if you guys could speak, a little bit, to the kind of pace of reservation book building on the Model S. It looks like you're doing about 300 to 350 reservations a month here. Is there something to the pace of that, that we should be thinking about prospectively? Does it ever non-linear at one stage? It sounds like you're starting to be a lot more aggressive on the marketing. I'm just wondering if you guys had a view on how we should think about that?

好的。然後，我想你們能否稍微談談Model S的預訂速度。目前你們每個月的預訂量大概在300到350輛之間。這個速度有什麼值得我們事先考慮的嗎？它是否會在某個階段出現非線性成長？聽起來你們在行銷方面開始更加積極主動了。我想知道你們對於我們應該如何看待這個問題有什麼看法嗎？

Well, the rate of Model S reservations does appear to be accelerating, and I should say, we're not paying for any advertising. So it is not as though we actually advertise the Model S. We get a lot of press and absolutely have our stores and our sales team, particularly in North America, is starting to shift it's focus from the Roadster to, or has shifted it's focus from the Roadster to the Model S. But, it is noteworthy, that without advertising, that you're seeing this growth. I think that probably a lot of people don't realize that. And this is just word of mouth and our sales team.

嗯，Model S 的預訂率確實在加速成長，而且我應該說，我們沒有花錢做任何廣告。所以，我們並沒有真正為 Model S 做廣告。我們獲得了大量的媒體報道，我們的門市和銷售團隊，尤其是在北美的銷售團隊，也開始將重點從 Roadster 轉移到 Model S，或者說已經將重點從 Roadster 轉移到 Model S。但值得注意的是，即使沒有廣告，我們也看到了這種成長。我想很多人可能沒有意識到這一點。這只是我們銷售團隊的口耳相傳。

But, I think, something that people are interested in buying the Model S should appreciate is that if the Model S reservations continue to appreciate, continue to accelerate, it's very important for them to put down a deposit soon or, they'll be getting a car in 2014. I think, sometimes people are given an impression of like how other cars are where there's a ton of them on the lot, and you can just go to the lot and buy one. But, that's not the case. They're all sold out, way in advance.

但我認為，有意購買 Model S 的人士應該意識到，如果 Model S 的預訂量持續上漲，持續加速成長，那麼盡快支付訂金對他們來說至關重要，否則他們很可能在 2014 年就能拿到車。有時，人們會覺得其他車型的預訂量很大，停車場裡有很多這樣的車，你可以直接去那裡買。但事實並非如此。它們都提前售罄了。

Okay, and then, I guess one last question. I think of the press release, you guys make a reference to OpEx rising slightly as you kind of prep for the factory launch. Deepak, I'm wondering if you could talk a little about it, the $74 million non-GAAP OpEx from this quarter. How does that, sort of, move over the next 2 or 3 quarters? I'm trying to understand, is that a linear, sort of, mild rise or does it, sort of, have a big spike in Q1 or Q2.

好的，我想問最後一個問題。我想到新聞稿，你們提到營運支出會略有上升，因為你們正在為工廠的啟動做準備。 Deepak，我想請您談談本季7,400萬美元的非GAAP營運支出。在接下來的2到3個季度裡，這個數字會如何改變？我想了解的是，這是一個線性的、溫和的成長，還是在第一季或第二季會大幅成長？

Sure. Before that, let me just add, that our reservations in Q3 for Model S were 1150, so they were closer to between 350 and 400 a month. And, as compared to 1,000 in Q2, so there was, clearly, an increase in Q3, that we saw. And then, in terms of OpEx, as you know, all of our manufacturing-related expense, in addition to R&D, is being booked as OpEx. Until we are in the launch mode for Model S, at that point, our manufacturing expenses would move out of R&D into cost of goods sold.

當然。在此之前，我想補充一下，我們第三季Model S的預訂量為1150輛，也就是說每月預訂量接近350到400輛。與第二季的1000輛相比，第三季的預訂量明顯有所成長。然後，就營運成本而言，如您所知，除了研發費用外，我們所有與製造相關的費用都計入了營運成本。在Model S正式上市之前，我們的製造費用將從研發費用中轉入銷售成本。

As a result, as we continue to hire more people, and we'll hire more of the production work force in the next few quarters, and start training them and getting ready, clearly our manufacturing-related expenses will continue to increase and that is going to drive our OpEx, primarily. At the same time, we'll see some decline in Model S development expenses, as some of the testing and supplier ED&T work gets done. So, there's a bit of in-and-out happening, but it's really, once we are in the production mode of Model S, and manufacturing expenses are in cost of goods sold, then we'll see an appreciable drop in OpEx.

因此，隨著我們繼續招募更多員工，並將在未來幾季招募更多生產員工，並開始培訓他們並做好準備，我們與製造相關的費用顯然會繼續增加，這將主要推動我們的營運成本。同時，隨著部分測試和供應商的ED&T工作完成，Model S的開發費用將會下降。所以，雖然會有一些進進出出的情況，但實際上，一旦我們進入Model S的生產模式，製造費用計入銷售成本，我們的營運成本就會顯著下降。

Thank you.

謝謝。

Carter Driscoll of Capstone Investments.

Capstone Investments 的 Carter Driscoll。

Thank you. Good afternoon. I want to ask the first question, if I may, about, maybe you could add some additional color about the Model X. What you are hoping to unveil in December, do you think you will be able to have an alpha-model produced by then? Could you, maybe, compare and contrast the Model X with the Model S, in a little bit more detail? If I understand, correctly, you are going to be using the same power train and chassis. Could you maybe, just drill down a little bit, without revealing anything you don't want to, compare why the Model S would be in 1 segment versus the Model X being targeted at another type of customer segment?

謝謝。午安.我想問第一個問題，如果可以的話，您能否補充一些關於Model X的細節？您希望在12月發表Model X，您認為到那時能生產出Alpha版車型嗎？能否更詳細地比較一下Model X和Model S？如果我理解正確的話，你們將使用相同的動力傳動系統和底盤。您能否在不透露任何您不想透露的資訊的情況下，稍微深入一點，比較一下為什麼Model S定位於某個細分市場，而Model X則瞄準另一個細分市場？

Sure. I don't want to give away too much, because, obviously, then there wouldn't be much of an unveiling. Whereas, with the Model S, our goal is to address the premium sedan and to some degree, premium SUV market. With the Model X, we are also trying to bridge a market, but we are trying to address, primarily the SUV market bridging to the minivan market. So, what we are trying to achieve with the Model X, is to have more functionality than a minivan, being that it is easier to get in and out of, you can pack more cargo along with people, and that, I think, that is really missing. Right now, if you -- for a lot of people, I know that they're forced to buy a minivan and they kind of, hate it, but they need the functionality. So we want to give them that functionality. In fact we want to give them more than that functionality. It's something that looks really cool.

當然。我不想透露太多，因為顯然那樣的話，揭幕儀式就少了。而Model S的目標是瞄準高階轎車市場，某種程度上也瞄準高階SUV市場。 Model X也嘗試連接不同的市場，但我們主要想做的是從SUV市場到小型貨車市場的銜接。所以，我們Model X的目標是比小型貨車擁有更多的功能，因為它更容易上下車，可以裝載更多貨物和乘客，而我認為小型貨車確實缺少這些功能。現在，我知道很多人被迫購買小型貨車，他們可能有點討厭它，但他們需要它的功能。所以我們想給他們這種功能。事實上，我們想給他們的不僅僅是這些功能。它看起來真的很酷。

So, it's a little bit more functionality Do you anticipate that you will able to price segment? I imagine, the minivan segment is a tad more price-sensitive than the premium sedan group.

所以，它的功能性更強一些。您預計可以進行價格細分嗎？我想，小型貨車市場對價格的敏感度比高級轎車市場更高。

Well, the premium SUV. I know a lot of people who can afford to pay a lot more for a minivan, but there's just nothing that is out there to buy. There isn't really a premium minivan, and there's certainly, premium SUVs, like with Porsche Cayenne and whatnot. But, take Porsche Cayenne, it's got less room than some sedans. It's like a sedan, with more ride height, and really it's not that great. Sorry.

嗯，高端SUV。我知道很多人能負擔得起比MPV高得多的價錢，但市面上根本買不到。 MPV其實沒什麼高端，當然也有高階SUV，像是保時捷卡宴之類的。不過，就拿保時捷卡宴來說，它的空間比一些轎車小。它就像一輛轎車，只是車身高度更高，所以它真的沒那麼好。抱歉。

That is fair criticism. All right, thank you for that elaboration. Could you also, maybe, just talk, you had made a public statement, that you expect to reach net profitability in 2013,. Could you talk about what you are expecting? Obviously, the first 6 months, you are trying to limit the option range to reduce the level of potential production defects and tightly control that, initially. Could you talk about in 2013, where you think the mix of options and range, whether you're talking 160, the 230, the 300. Where do you think that mix will be to get you to that 25% targeted gross margin line, and what the variables might be that would increase it above or below?

你的批評很中肯。好的，謝謝你的闡述。你能不能也簡單聊聊，你曾公開聲明，預計2013年將實現淨利。你能不能談談你的預期？顯然，在最初的6個月裡，你會盡量限制選項範圍，以降低潛在的生產缺陷率，並在初期嚴格控制。能不能談談2013年，你認為選項和範圍的組合會是怎麼樣的？你指的是160、230還是300？你認為這個組合應該如何讓你達到25%的目標毛利率？哪些變數可能會使這個目標高於或低於25%？

Well, I can give you just my best guesses, I think most people are going to probably want the 230 mile range car. I think a lot of people are going to want the 300-plus mile car. We think we'll probably do 310 miles to 320 miles range. And, there are some other advantages to that car, in that, we're going to be offering a much longer battery warranty. There are some cool things that we're going to tie into long distance intercity fast-charging -- I think we'll see probably most people at the 230,and the next largest thing, the 300, and then the 160.

嗯，我只能給出我最樂觀的估計，我認為大多數人可能想要續航里程230英里的汽車。我想很多人會想要續航里程超過300英里的汽車。我們認為我們的續航里程可能會達到310英里到320英里。而且，這款車還有其他一些優勢，例如，我們將提供更長的電池保固期。我們也會將一些很酷的功能與長距離城際快速充電結合在一起——我認為大多數人可能會選擇續航里程為230英里的汽車，其次是300英里，然後是160英里。

And then there are a number of other options that are pretty cool. We have the biggest roof opening of any car, I believe, of any van or SUV or anything. In fact, the Model S panoramic group, is the closest thing you can get to having a convertible without it being a convertible. A lot of people want to pick that option. The S expansion, which is able to dynamically adjust the ride height, according to the load of the car and it also improves efficiency on the highway, because it can hunker down. You can raise the car going through heavy snow. I think, a lot of people -- I hope a lot of people take that option because I don't think a lot of people don't even realize how cool that option is. It depends on how well we can convey the value of having that.

此外，還有很多其他很酷的配置。我相信，我們的車頂開口是所有車型中最大的，在所有廂型車、SUV或其他車型中都是如此。事實上，Model S 的全景天窗是最接近敞篷車的配置，但又不是敞篷車。很多人都想選擇這個配置。 S 擴展功能可根據車輛負載動態調整行駛高度，還能提高高速公路行駛效率，因為它可以降低車身高度。在大雪天，你還可以升起車身。我想，很多人——我希望很多人——都會選擇這個配置，因為我覺得很多人甚至沒有意識到這個配置有多酷。這取決於我們如何更好地傳達它的價值。

That's very helpful. And, maybe just switch gears quickly, and then I'll slip back in the queue. Can you give me a view of where the charging infrastructure is nationally, regionally, and where you expect it to be over the next 12 to, say 24 months and do you think that does support higher production level that you are hoping to achieve in 2013 and then, obviously a lot of competitor vehicles that will also need that infrastructure?

這很有幫助。也許我只需要快速切換話題，然後我就可以回到隊列了。您能否介紹一下全國和各地區的充電基礎設施情況，以及您預計未來12到24個月內充電基礎設施的狀況？您是否認為這是否有助於實現您希望在2013年實現的更高產量水準？當然，屆時許多競爭對手的車款也需要這些基礎設施？

That's a good question. I think we're going to have a very exciting announcement about intra-city charging, or intra-city super charging, if you will. We developed this, what we will call the Tesla Supercharger, which is a 90 kilowatt charger, and I think we're hoping to have the first 1 installed, between Tesla stores, in L.A., probably in January or February time frame.

這個問題問得好。我想我們即將發布一個非常令人興奮的消息，關於市內充電，或者說市內超級充電。我們開發了這個，我們稱之為特斯拉超級充電樁，它是90千瓦的充電器。我們希望在明年一月或二月左右在洛杉磯的特斯拉門市之間安裝第一台超級充電樁。

And then, there's a whole rollout schedule for that. And we're planning on getting the press around the unveiling of the first 1 because, when you see what this looks like in a highway rest stop parking lot, it's like the coolest thing. It looks like an advanced alien artifact landed in the middle of the otherwise drab -- well they are not that drab, we think it is still okay, but it just looks amazing and we'll allow people to charge their cars, to charge 150-miles in 30 minutes. So you can park, plug your car in, and grab a bite to eat, and come out and come back and continue your journey. But I feel like I'm getting ahead of myself on that.

然後，我們有一個完整的發布計劃。我們計劃讓媒體見證第一款電動車的發布，因為當你在高速公路休息站的停車場看到它的樣子時，你會覺得它太酷了。它看起來就像一個先進的外星文物降落在原本單調乏味的——其實它們也沒那麼單調，我們覺得它還不錯，但它看起來太棒了。我們還能讓人們為電動車充電，30分鐘充電可行駛150英里。所以你可以停車，插上電源，吃點東西，然後出來再回來繼續你的旅程。但我覺得我有點操之過急了。

That's very helpful. Obviously, you guys stay on top of legislative developments with electric vehicles. Could you talk about some of the noise that, perhaps, there might be a surcharge in terms of, Congress worried about losing the gas tax, as EVs proliferate, and how that may or may not impact sales?

這很有幫助。顯然，你們一直密切關注電動車的立法進展。能否談談一些關於電動車附加稅的傳聞？國會擔心隨著電動車的普及，燃油稅可能會取消。這是否會對電動車銷量產生影響？

Well, I think that is a high-class problem because if there are that many EVs, it pretty much means we've won. So, it would mean we're selling so many cars that it actually matters to the grid. I think we're probably more than a decade away from that. What we have seen for the Roadster is, the vast majority of charging occurs at night, in somebody's garage, which I guess, one would, intuitively, expect. And the great capacity at night, we have this huge mass capacity, so, it seems to fit well with the existing infrastructure.

嗯，我認為這是個很棘手的問題，因為如果有這麼多電動車，就代表我們贏了。也就是說，我們的汽車銷售量會非常高，對電網來說真的很重要。我想我們可能還需要十多年的時間才能達成這個目標。就Roadster而言，絕大多數充電發生在夜間，在別人的車庫裡，我想這在直覺上是可以預料到的。而且夜間充電容量巨大，我們擁有如此巨大的容量，所以，它似乎與現有的基礎設施非常契合。

Appreciate you taking my questions. I'll jump back in the queue now.

感謝您回答我的問題。我現在就回到隊列。

Thank you. Steve Milunovich from Bank of America, Merrill Lynch.

謝謝。美國銀行、美林證券的史蒂夫‧米盧諾維奇。

Thank you very much. Could you comment, a bit, about how you take back customer feedback and any changes that you're looking to make post the reveal on October 1. Obviously, you have generally had very good reviews, but there has been some concerns about seat comfort and a few other things. Do you have the ability or interest in taking that in and, potentially making any changes to the production model?

非常感謝。您能否簡單談談您如何採納客戶回饋，以及在10月1日發布後計劃做出哪些改進？顯然，總體來說，您的評價都很好，但也有人對座椅舒適度和其他一些方面表示擔憂。您是否有能力或興趣採納這些意見，並可能對量產車型做出一些改進？

Yes. Absolutely. We emphasized it was really a Beta, that people were getting a test ride in. Because, there are 1,000 little details that we want to improve, from the Beta, and my goal requires us to be as close to perfect as possible. I think, certainly, the seat needs to be extremely comfortable. Just everything needs to be as close to perfect as possible. We actually can't beat out our Beta. We try to set people's expectations appropriately, but I think almost all of the concerns that I have heard people express about the Beta, are concerns that we already have planned to address.

是的，絕對是如此。我們強調這真的是一款 Beta 版，供大家試駕。因為 Beta 版有上千個細節需要改進，而我的目標就是盡可能接近完美。我認為座椅當然需要非常舒適。一切都需要盡可能地接近完美。實際上，我們無法超越 Beta 版。我們努力設定合適的預期，但我認為，幾乎所有我聽到的關於 Beta 版的擔憂，都是我們已經計劃好的。

Okay. And then, as I recall, last quarter, you had discussed potentially a large contract. I thought that was with Toyota and you had suggested it could be an order of magnitude larger than what you have done before. Would you like to provide any update on that thinking?

好的。我記得上個季度，您曾討論過一份潛在的大合約。我以為是和豐田的，您當時表示，這份合約可能比您之前做的要大一個數量級。您能談談您的想法嗎？

I think we remain quite optimistic about the future relationship with Toyota. Along with Daimler, they are a key strategic partner, and things seem to be going very well. So, as with -- I always prefer to take my cue from our strategic partner before making too much of a -- before talking about something too much. So, I think, stay tuned on that.

我認為我們對與豐田未來的合作關係仍然非常樂觀。豐田和戴姆勒是我們重要的策略夥伴，目前進展似乎非常順利。所以，就像我之前一樣——我總是傾向於先聽取我們戰略合作夥伴的意見，然後再做太多——然後再談論太多。所以，我想，請繼續關注。

Okay, thank you. It was worth a shot. And finally, as you pointed out, you haven't had to advertise yet. Will you begin to ship the car, you obviously, have enough demand for some period of time so you won't necessarily need to advertise then, but, when do you plan on advertising? And when you do start to ship, I think it might be worth, from a branding standpoint, beginning to get out there, in any case.

好的，謝謝。值得一試。最後，正如您所說，您還沒有做廣告。您會開始出貨嗎？顯然，一段時間內需求量夠大，所以到那時您不一定需要做廣告。但是，您計劃什麼時候做廣告？當您開始出貨時，我認為從品牌推廣的角度來看，無論如何都應該開始推廣。

Yes. Definitely, at some point, we'll be advertising. But, I think it will be a few years before we do advertising. If we're production-limited, then there's not much point in spending money on advertising, and if we want to get to the point where we're not production-limited, then advertising can make sense. So, I guess we'll probably start advertising in 2013. Yes, that is just a guess. We may not need to in 2013, but I wouldn't say that it would be any sooner than 2013.

是的。我們肯定會在某個時候做廣告。但我認為還要過幾年才會開始做廣告。如果我們的產量有限，那麼花錢做廣告就沒什麼意義了；如果我們想達到產量不受限制的程度，那麼做廣告就很有意義了。所以，我猜我們可能會在2013年開始做廣告。是的，這只是個猜測。我們可能不需要在2013年開始做廣告，但我不會說會早於2013年。

Great, thank you.

太好了，謝謝。

Thank you. Aditya Oberoi from Goldman Sachs.

謝謝。高盛的 Aditya Oberoi。

Great, thanks a lot. Can you provide some color around the costs you are incurring in Europe related to the Roadster issue?

太好了，非常感謝。能具體說說你們在歐洲因Roadster問題所產生的成本嗎？

Oh, you mean with respect to Top Gear, I'm sorry, trashing us?

哦，您指的是《Top Gear》，對不起，是在貶低我們？

Yes.

是的。

Well, I have to be a little bit careful, because we do have an ongoing legal action there and, we're just trying to right a wrong, essentially. Tesla was really wronged by that show, and it left the negative, lasting impression in the UK, particularly because that is where Top Gear is strongest, so we just have to change that bad data point that has been conveyed. And I think, we're making some progress in that direction, and I don't want to say anything that would negatively affect our legal case there, so I'll have to, probably not say any more before I put my foot in my mouth.

嗯，我必須稍微小心一點，因為我們在那裡確實正在進行法律訴訟，本質上我們只是在試圖糾正錯誤。特斯拉確實被那檔節目冤枉了，它在英國留下了負面而持久的印象，尤其是因為英國是Top Gear最火爆的地方，所以我們必須改變已經傳達的負面數據點。我認為我們在這方面取得了一些進展，我不想說任何會對我們在那裡的法律案件產生負面影響的話，所以我不得不，可能得，在說錯話之前就不再說了。

Or, maybe I can ask you it in another way that you guys mentioned that you guys are incurring additional costs to correct consumer misperception. So are these costs related to advertising or are they more of just, legal costs?

或者，我可以換個角度問，你們提到為了修正消費者的錯誤認知，你們正在承擔額外的成本。這些成本是與廣告相關的，還是只是法律成本？

Yes. It's not advertising, but certainly legal costs. We do executive marketing events. We have salespeople on salary, and of course, then there's a little bit of brand damage, but we'll correct that brand damage over time, but it's still there.

是的。這不算廣告費，但肯定是法律費用。我們會舉辦高階主管行銷活動。我們有領薪的銷售人員，當然，品牌形象會受到一些損害，但我們會隨著時間的推移而糾正這些損害，但損害仍然存在。

Got it. And, can you talk a little bit, about what are those 10% of things that are left at the Fremont facility as you guys mentioned, that you are almost 90% there.

明白了。您能不能稍微談談，您提到的弗里蒙特工廠剩下的10%的產品是什麼？目前弗里蒙特工廠已經完成了將近90%的產品。

Yes, it's less with each passing week. So, the door enclosures, basically closures, which are sort of, doors, bonnets, and trunk. The assembly equipment for that, is arriving but hasn't completely arrived. That is one example. And, I think, we expect to have that in the next 1month or 2. The next big thing after that will be the staffing dies for the body panels. Those are being made by our 3G partner on that front. Yes, we should have all of the equipment in place by the end of this year and that is going to be working -- we have to work very hard to iron out any bugs in the overall manufacturing line. Yes.

是的，每週都在減少。門框，基本上就是封閉裝置，也就是車門、引擎罩和後車箱。這些零件的組裝設備正在到貨，但還沒有完全到位。這是一個例子。我想，我們預計在未來一兩個月內就能到貨。接下來的重點是車身覆蓋件的模具。這些模具是由我們3G的合作夥伴生產的。是的，我們應該在今年年底前把所有設備都安裝到位，而且它們會正常運作——我們必須非常努力地解決整個生產線上的任何故障。是的。

Got it.

知道了。

To add to Elon's information, a lot of this equipment is at our supplier's and is being tested including the body enclosures line, and when the trials are completed and they are fully acceptable to us, they get shipped to us. There is progress happening at our suppliers, at the same time.

補充一下Elon的訊息，很多設備都在我們供應商那裡進行測試，包括車身外殼生產線。測試完成後，如果完全符合我們的要求，就會出貨給我們。同時，我們的供應商也在推動相關工作。

That is a good point. I should have mentioned that. It has been for our suppliers, for those assemblies, is they (inaudible) they are debugging it (inaudible) and once it is debugged they ship it to us, so in principle, at least at the manufacturing module level, stuff has been de-bugged, and then we are just kind of, what we have to do pretty much is de-bugging the module-to-module interaction, as stuff moves from one part of the line to the next. So, that should minimize overall manufacturing line risks.

你說得對。我應該提一下。對於我們的供應商來說，對於這些組件，他們（聽不清楚）正在調試（聽不清楚），調試完成後就會發貨給我們。所以原則上，至少在製造模組層面，元件已經調試完畢，接下來我們要做的就是，在元件從生產線的一個部分移動到下一個部分時，對模組間的交互進行調試。這樣可以最大限度地降低生產線的整體風險。

And while they're doing this, we are continuing to do a bit of those in our Fremont factory, so even though we may not have the full automation, in some cases, our suppliers can provide us those parts, based on automation in their facility. And, that is allowing us to then continue doing the build out and just refining and learning our own manufacturing processes and interacting with our suppliers as well.

在他們這樣做的同時，我們也在弗里蒙特工廠繼續進行一些類似的工作。因此，即使我們可能沒有完全自動化，但在某些情況下，我們的供應商可以憑藉其工廠的自動化技術為我們提供這些零件。這使我們能夠繼續進行擴建，完善和學習我們自己的製造流程，並與供應商互動。

Exactly. When Fuji makes the stamping dies, and they first stamp a bunch of panels, in Japan or Taiwan or whatever the case may be and then they send us those parts and the stamping die.

沒錯。富士製造沖壓模具時，會先在日本、台灣或其他地區沖壓出一堆面板，然後把這些零件和沖壓模具寄給我們。

But that is very helpful. One last one if I may ask. The contract you guys signed with Panasonic, is it just for Model S or all of the vehicles that will be on the Model S architecture?

但這非常有幫助。最後一個問題，請容許我問一下。你們和松下簽訂的合約是只針對 Model S 還是所有基於 Model S 架構的車款？

We plan on using a common battery cell so, it would apply to all vehicles that use -- it would apply more than just the Model S. Not necessarily all vehicles, but more than just a Model S.

我們計劃使用通用電池，因此它將適用於所有使用電池的車輛——它不僅適用於 Model S。不一定適用於所有車輛，但不僅適用於 Model S。

Great. Thanks a lot, guys.

太好了！非常感謝大家。

Thanks.

謝謝。

Thank you. Ben Callow of Robert W. Baird

謝謝。羅伯特·W·貝爾德公司的本·卡洛

Thanks for taking my question. I wanted to focus on the retail strategy. It looks like you are going to end the year with about 25 stores, I think, is the number. Can you kind of talk about how reservations have changed for the Model S, if you are seeing reservations actually come from the stores or from surrounding areas, whether it is on the internet? And also, could you talk about what metrics each of those locations are going to be judged on, as you go forward? Is there actual targets for reservations at each store?

感謝您回答我的問題。我想重點談談零售策略。看起來你們今年年底的店數大概是25家左右，我想是這個數字。您能否談談Model S的預訂情況發生了哪些變化？您是否看到預訂實際上來自門市，還是來自周邊地區，無論是透過網路？另外，您能否談談未來將根據哪些指標來評估每家店？每家店是否有具體的預訂目標？

Yes, we see most of our reservations coming from the stores, particularly the ones that have high foot traffic. We are still at the early stages so it is difficult to say what should a store do, but early indications are very promising. We're just seeing an incredible number of people come through our stores, in a high traffic shopping mall, and even if they don't buy a car now, we kind of plant the seed for them to buy a car in the future, whether it's a Model S, a Model X or a future, sort of, third generation vehicle.

是的，我們發現大部分預訂都來自門市，尤其是那些客流量大的門市。我們目前還處於早期階段，所以很難說門市應該怎麼做，但早期跡象非常樂觀。我們看到，在人流量大的購物中心，有數量驚人的人流光顧我們的門市。即使他們現在不買車，我們也為他們未來買車埋下了伏筆，無論是Model S、Model X，還是未來的第三代汽車。

So, we think our store strategies and it to people, to be very powerful and fundamentally different from how things have historically been in the auto business. And, most people don't have a positive experience buying a car and for some, they sort of look at it like it is a dental appointment. We want to get to the complete opposite side of things, where you're magnetically drawn into the Tesla store, and it just is a really appealing place to be and, we don't actually don't have, -- they not really sales people; they are product specialists. But they are just there to, sort of, explain anything you know about the Model S or electric vehicles in general.

所以，我們認為我們的門市策略及其對顧客的影響非常強大，與汽車產業過去的做法有著根本的不同。大多數人買車的體驗並不好，有些人甚至把它看作是看牙醫。我們希望達到完全相反的效果，讓你被特斯拉門市的磁力所吸引，這是一個非常有吸引力的地方。我們實際上沒有——他們不是真正的銷售人員；他們是產品專家。他們在那裡只是為了向你解釋關於Model S或電動車的一切。

And, it seems to be really going well. We sell clothing, as well. We are actually doing quite a good business with Tesla clothing. Just unexpected revenue source.

而且看起來進展很順利。我們也賣服裝。特斯拉服裝的生意其實還不錯。這真是個意外的收入來源。

And, so, along those lines, what is the strategy and then the roll-out of actually having Model S vehicles at each location? I guess seeing is believing, in some ways.

那麼，按照這個思路，在每個地點實際投放 Model S 車型的策略和部署是怎麼樣的呢？我想，從某種程度上來說，眼見為憑。

Sure, absolutely. And, certainly, it has a big impact if we have got a Model S Beta there or not. For the next few months, we have a dichotomy which is, that we need Beta vehicles for testing and we need Beta vehicles so that customers can see them. So, we have to make a tough trade between those 2 competing priorities, But that is not going to be an issue a few months from now, and so we'll start deploying the cars to all of the stores in the first quarter.

當然，絕對是如此。當然，我們是否在門市投放 Model S Beta 版車型，影響也很大。接下來的幾個月，我們面臨兩難：我們需要 Beta 版車款進行測試，也需要 Beta 版車款讓客戶看到。因此，我們必須在這兩個相互競爭的優先事項之間做出艱難的權衡。但幾個月後，這個問題就迎刃而解了，所以我們將在第一季開始在所有門市投放這些車型。

Okay, and the last question is on the testing front, any update on where you are, as far as, safety testing goes?

好的，最後一個問題是關於測試方面的，就安全測試而言，您有什麼最新進展嗎？

Yes, the safety testing is looking really good. I set an extremely high bar, which is to be a 5-star crash rating in every category, and from what I am told, if we achieve that, we will be the only car that is 5-star crash rated in every category, by 2012 standards. So, that is looking extremely good. Now, we have a fundamental advantage, still, with the Model S, which is because we do not have a large engine block in the front, and in fact, we have a front trunk, that gives us a much longer crumple zone than is possible in other premium sedans.

是的，安全測試看起來非常好。我設定了一個非常高的標準，那就是在所有類別的撞擊測試中都獲得五星評級。據我所知，如果我們能達到這個標準，以2012年的標準，我們將成為唯一一款在所有類別碰撞測試中都獲得五星評級的汽車。所以，這看起來非常好。現在，Model S仍然擁有一個根本性的優勢，那就是我們的前部沒有大型引擎缸體，而且實際上，我們有前備箱，這為我們提供了比其他高端轎車更長的潰縮區。

I'm not sure my analogy is good, but if you think of it like, if you jump out of a 5-story window, you probably want to jump into an Olympic-sized swimming pool rather than kiddie pool. And, having that long crumple zone, means that you can spread out the deceleration of the car over a much longer distance, whereas, otherwise a gas-run sedan can't do that, because it would just shove the engine right through your chest. And, that is probably why we can -- that is fundamentally, that superior architecture as well we have a shot at making this the safest car in the world.

我不確定我的比喻是否恰當，但你可以想像一下，如果你從五層樓高的窗戶跳下去，你可能更想跳進一個奧林匹克標準的游泳池，而不是兒童游泳池。而且，擁有這麼長的潰縮區意味著你可以將汽車的減速分散到更長的距離，而汽油驅動的轎車則做不到這一點，因為它會直接把引擎推到你的胸口。這或許就是我們能夠做到的——從根本上來說，正是憑藉著卓越的架構，我們有機會讓這款車成為全世界最安全的車款。

Great. Thank you very much.

太好了。非常感謝。

You're welcome.

不客氣。

Thank you. Andrea James of Dougherty & Company.

謝謝。 Dougherty & Company 的 Andrea James。

Hi. Thanks for letting me lob in one more. So, I thought this was interesting. You saw in the UK that a TV show can affect a business in a negative and also in a quantifiable way. So, the logical follow-up to me, would be, did you see a quantifiable effect from the Model S event and the subsequent positive media? And if so, how did it track with what your expectations were after the event? Thanks.

你好。謝謝你讓我再插播一個問題。我覺得這個問題很有趣。你在英國看到，電視節目既能對企業產生負面影響，也能以可量化的方式產生影響。那麼，接下來的問題是，你是否看到了Model S發表會和隨後的正面媒體報導帶來的可量化影響？如果是，那麼這與你發表會後的預期如何？謝謝。

Sure, We definitely had a positive impact from the Model S Beta event. And, with roughly 3000 people came to visit our factory in Fremont; many of them coming from countries all around the world. And, our goal there was with actually -- it was actually not media, it was really to let our customers know that their faith was not misplaced. That was the most important thing. So, in order to come to the event, you had to be a Model S reservation holder and yes, we wanted to show this is what the car is, at least in Beta form; with the test drive and this is our factory and it's real and the equipment is there.

當然，Model S Beta 活動確實對我們產生了正面的影響。大約有 3000 人來參觀我們位於弗里蒙特的工廠，其中許多人來自世界各地。我們的目的其實並非媒體宣傳，而是要讓客戶知道，他們的信任沒有錯。這才是最重要的。所以，要參加這次活動，你必須是 Model S 的預訂持有者。是的，我們想展示這款車的真面目，至少是 Beta 版的；透過試駕，這是我們的工廠，是真的，設備也一應俱全。

And so, when they go home and they talk to their friends and colleagues, they can speak with confidence that they have been in the car and they have seen the factory and really the best people to sell a product are your existing customers. Because they don't really have any incentives. And, that was the main goal and I think that's been effective and it will continue to be effective and the media was also very positive and helpful as well.

這樣，當他們回家與朋友和同事交談時，就可以自信地告訴他們，他們坐過車，參觀過工廠，而真正最適合銷售產品的人是現有客戶。因為他們實際上沒有任何激勵措施。這就是主要目標，我認為這一直很有效，而且會繼續有效，媒體也非常積極，很有幫助。

Did you see reservations increase or did you see some of the $5000 convert over to the 40?

您是否看到預訂量增加，或者您是否看到部分 5,000 美元的預訂量轉化為 40 美元的預訂量？

We did. There are 1000 cars in the Signature Series and there are only a few hundred left actually, so there are 700-something of the Signature Series have been reserved. In fact, the only way to get a car next year is if you buy 1 of the 200 remaining Signature Series cars. So you have total number of people compared to that, and it was just a awesome event.

我們做到了。簽名系列共有1000輛，實際上只剩下幾百輛了，所以有700多輛已經被預訂了。事實上，明年唯一能拿到車的辦法就是購買剩下的200輛簽名系列中的一輛。所以，總人數和這個數字相比，這真是一場精彩的活動。

Thank you.

謝謝。

Thank you. Ben Rose of Battle Road Research.

謝謝。 Battle Road Research 的 Ben Rose。

Good afternoon. Based upon the feedback from the Betas, with regard to the use of materials in the Model S, are you thinking any differently about possibly using carbon fiber, or other advanced materials in the Model X and other forthcoming vehicles?

午安.根據 Beta 團隊的回饋，關於 Model S 的材料使用，您是否考慮過在 Model X 和其他即將推出的車型中使用碳纖維或其他先進材料？

Yes. We'll be offering carbon fiber as well as a couple of wood trim options, one being lace wood which is kind of a cool, kind of black wood and the other thing banana leaf. Actually, its fallen banana leaf. If somebody is looking for the moral high ground, I don't think we could find better moral high ground than fallen banana leaf, as the choice of wood trim. And, we'll continue to try to add some interesting options over time so -- and there will be some things unique to the Model X, certainly. We really want to drive innovation on almost every front with cars, and whatever we can think of that has the potential to amaze and delight our customers, we want to do that.

是的。我們會提供碳纖維以及一些木質內裝選項，一種是蕾絲木紋，有點酷炫，有點像黑色的木質，另一種是香蕉葉，其實是落葉香蕉葉。如果有人想佔據道德高點，我認為沒有比落葉香蕉葉更好的道德高點了，因為木質內飾的選擇。而且，我們會繼續嘗試添加一些有趣的選項——當然，Model X 也會有一些獨特的功能。我們真心希望在汽車的幾乎所有方面都推動創新，任何我們能想到的、有可能讓客戶驚嘆和滿意的東西，我們都想去做。

Okay. And then, just one final question, with regard to your plans for future vehicles, sort of, broadly defined. Is it possible that you would look at some other kind of off-road categories and maybe, sort of, nontraditional automotive categories where you could parlay your electric expertise?

好的。最後，關於您對未來汽車的規劃，廣義上講，我只想問最後一個問題。您是否會考慮其他類型的越野車，或一些非傳統的汽車類別，以便您能夠利用自己在電動車方面的專業知識？

I think we need to stay focused on the Model S and that is really sort of driving our focus and then the Model X. But with the Model X, though, it's going to be a pretty great operating vehicle, because we also have that air suspension that you can raise the ride height and it's going to have a particularly killer 4-wheel drive system. I think probably the best 4 wheel drive system of any car, period. So that should cover us really well on the operating front. Long-term, it's possible that we could go into a wide range of areas, but, I think, in short-term it's very important to stay focused.

我認為我們需要專注於Model S，這實際上推動了我們的發展，其次是Model X。不過，Model X將會是一款非常出色的營運車輛，因為我們還配備了可以升高行駛高度的空氣懸架，並且它將配備一個非常強大的四輪驅動系統。我認為這可能是所有汽車中最好的四輪驅動系統，僅此而已。所以這應該會在營運方面為我們帶來很好的保障。從長遠來看，我們可能會涉足廣泛的領域，但我認為，短期內保持專注非常重要。

Okay, thank you.

好的，謝謝。

Thank you. Jessie Mitchell of Jeffrey's.

謝謝。 Jeffrey's 的 Jessie Mitchell。

Hi. This is Elaine Kwei for Jessie. Thanks for taking our question. Just to follow-up on Ben Callow's earlier question. What, exactly, is left in terms of the federal and state crash testing and other requirements needed to get a new car on the road and to qualify for the different incentives out there such as HOV lanes? Have a couple of Model S's already been sacrificed or will they be soon?

大家好。我是 Jessie 的 Elaine Kwei。感謝您回答我們的問題。我想跟進一下 Ben Callow 之前的問題。關於新車上路以及享受 HOV 車道等各種激勵措施所需的聯邦和州碰撞測試以及其他要求，具體還剩下什麼？已經有幾輛 Model S 被淘汰了嗎？或很快就會被淘汰？

Actually, we're going to sacrifice quite a few Model S's to crash testing, I think probably approaching 12, and there's another 12 to come, as we iterate through -- we do as much as we can with simulations and do the crash tests to calibrate and validate the simulations and you go though a series of iteration cycles. We're very close to the end of that. I think the final crash test were in September and that we made the correct changes. So, that is all looking really good. And as far as -- because the Model S is pure electric, any state that has HOV preference for pure electric, such as California, you will be able to drive in the carpool lane without a problem as you can right now with Roadster.

實際上，我們將犧牲相當多的 Model S 來進行碰撞測試，我想大概接近 12 輛，而且隨著我們不斷迭代，還會有另外 12 輛。我們會盡可能進行模擬，並進行碰撞測試來校準和驗證模擬結果，然後進行一系列迭代循環。我們已經非常接近完成。我認為最後一次碰撞測試是在 9 月進行的，我們做出了正確的調整。所以，一切看起來都很好。由於 Model S 是純電動車，因此在任何對純電動車實施 HOV 優先政策的州，例如加州，您都可以像現在駕駛 Roadster 一樣在共乘車道上順利行駛。

Great.

偉大的。

And, I think pure electric we don't have, sort of, EPA issues to deal with because we don't have any direct emissions.

而且，我認為純電動車不需要處理任何 EPA 問題，因為我們沒有任何直接排放。

Great. And now that we're talking about a car that could potentially be adopted in much greater numbers in some of the prior maybe, perhaps more niche EVs, are you engaging with any local utilities or anything like that, in discussions about potential customer issues with charging. Will there be smart charging Apps built in? I guess it's kind of an idiot-proofing question. So, there is any case of potential issues of crashing transformers or people tripling their PG and E bills?

太好了。既然我們討論的是一款可能比之前一些更小眾的電動車更大規模普及的車型，您是否正在與當地公用事業公司或類似機構進行溝通，討論潛在的客戶充電問題？這款車會內建智慧充電應用程式嗎？我想這個問題有點傻瓜化。那麼，是否有變壓器崩潰或電力帳單增加三倍的潛在問題呢？

Well, we got our bit of experience with that, with the Roadster. Not with the tripling P G & E bills, not with the bad stuff you mentioned.

嗯，我們開Roadster的時候有過一些經驗，但不是開著那三倍的寶潔和電力賬單，也不是開著你提到的那些糟糕的事情。

But, in terms of working out the bugs with charging and knowing what's going to be an issue with houses out there. That is where the Roadster has been really, really valuable, so where we did make mistakes with the Roadster, we made them at a small scale, in order to avoid making them with a large scale with the Model S and subsequent vehicles. So I think we've got a pretty good handle on things, and there's been a lot of intelligence in the charge algorithms of the Model S and even more so that the Roadster. And yes, the vehicle automatically backs to the input charging at the current voltage so as not to create problems with whatever circuits are feeding it. It has a really intelligent feedback loop.

但是，說到解決充電問題，以及了解哪些地方可能對普通家庭造成問題，Roadster 在這方面非常非常有價值。我們在 Roadster 上犯過的錯誤，都是小規模犯的，以避免在 Model S 和後續車型上大規模重蹈覆轍。所以我認為我們在這方面做得相當不錯，Model S 的充電演算法非常智能，Roadster 的智慧程度更高。沒錯，車輛會自動回到目前電壓下的輸入充電模式，以免對供電電路造成問題。它有一個非常聰明的回饋迴路。

Matthew, we want to keep the call to 1 hour, so are there any more questions, let's go to the last caller, please.

馬修，我們希望通話時間保持在 1 小時以內，如果還有其他問題，請讓我們接聽最後一位來電者。

Okay. Bryan Russell of Russell Group.

好的。羅素集團的布萊恩·羅素。

Thank you. Good evening. Real quick, on the stores, as you ramp up to a higher volume and get past the initial reservations, what are the plans for trade-ins? How is that going to be handled?

謝謝。晚安.關於門市，隨著你們的銷量增加，並突破了最初的預訂高峰，你們對以舊換新有什麼計劃？如何處理這個問題？

We definitely want to enable trade-ins and we're talking to a couple of large used car groups in the country, to be able to handle that in a seamless manner for our customers. So, we will have that ability to deal with trade-ins for the Model S. For the Roadster, we kind of sidestep, that issue. It wasn't really that important for the Roadster, but for the Model S, it certainly is.

我們當然希望能夠實現以舊換新，並且正在與國內幾家大型二手車集團洽談，以便能夠為我們的客戶提供無縫銜接的服務。因此，我們將能夠處理Model S的以舊換新。對於Roadster，我們在某種程度上迴避了這個問題。對Roadster來說，這個問題其實沒那麼重要，但對Model S來說，它絕對重要。

Okay, thank you.

好的，謝謝。

All right. Well, thanks, everyone. And, yes, we look forward to next quarter.

好的。謝謝大家。是的，我們期待下個季度。

Thank you.

謝謝。

Ladies and gentlemen, thank you for your participation on today's conference. This does conclude the program, and you may now disconnect.

女士們，先生們，感謝各位參加今天的會議。今天的節目到此結束，各位可以斷開連線了。