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，美好的一天，歡迎來到特斯拉汽車公司 2011 年第三季度財務業績和問答電話會議。此時，所有參與者都處於只聽模式。 （操作員說明）今天的電話正在錄音。現在，我想將電話轉給您的主持人 Jeff Evanson。

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.

謝謝你，馬修，大家下午好。歡迎來到特斯拉汽車公司 2011 年第三季度財務業績問答環節。今天，特斯拉董事長、首席執行官兼首席產品架構師 Elon Musk 和特斯拉首席運營官 Deepak Ahuja 加入了我的行列。我們在太平洋時間今天下午 1 點後不久公佈了第三季度的財務業績。本次問答環節的股東信函、財務業績和網絡直播均可在公司投資者關係網站 IR.teslamotors.com 上查閱。與上個季度一樣，這次電話會議將包括 Elon 的一些簡短評論，然後是問答時間。我們將進行現場問答環節，如果您還沒有這樣做，如果您想提問，請立即登錄。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。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，包括我們最近提交給美國證券交易委員會的 10-Q 表格中提到的風險和不確定性，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今天的觀點，不應在今天之後依賴。我們也不承擔更新這些前瞻性陳述的任何義務，現在讓我將電話轉給 Elon。

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.

你好。感謝您加入我們。我認為我們可以直接提出問題，而我閱讀您已經擁有的東西是沒有意義的。讓我們直接回答您的問題。

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

謝謝（操作員說明）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.

大家好，謝謝。埃隆，第一個問題。與松下簽訂長期供應合同。您說它可以提高您對銷售可變成本的了解，但您是否也對成本增加了信心，即根據您目前所見，它是否比您想像的要好？而且，該問題的第二部分是，如果隨著時間的推移，您有一個提供低成本解決方案的競爭供應商，您是否可以選擇退出松下，如果有，一些成本或成本類型是什麼選擇退出？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，因此，我們確實從松下獲得了堅定的定價，因此我們對下一個報價（4 年）的價格有很好的可預測性。我們沒有義務購買所有這些銷售，所以我們有可能——如果松下變得沒有競爭力，以相對較小的價格退出交易——會有一些懲罰，但它很小。現在，話雖如此，我非常有信心松下將在相當長一段時間內從銷售和製造的角度處於領先地位。而且，我們可以很好地了解其他人在做什麼。所以，我認為我們擁有世界上最好的銷售合作夥伴，所以我將繼續這樣做，相當長一段時間。現在，我們確實預計在那段時間裡，比如說，接下來的 4 年，製造的汽車比我們目前談論的松下交易要多得多，其中訂單是 80,000 輛。因此，如果這確實有意義的話，這肯定會為第二個來源留下空間。

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 的商業發布越來越近，在建立或建立任何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。我實際上 - 我們已經進行了多次對話，但剛剛決定取消優先級，因為最初似乎不需要進行租賃 - 當然是前 6 個月，但我認為，也許，在前 12 個月內。而且，所以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 6 到 12 個月的第一次報價中實現我們的數量目標。是的

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

好的。那是我的全部了。非常感謝。

Thank you.

謝謝你。

Dan Galves with Deutsche Bank Securities.

德意志銀行證券公司的丹·加爾維斯。

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?

下午好。感謝您提出我的問題。我只是想問一下——你能告訴我們在 Model S 發布之前還有哪些工作要做嗎？你覺得你的供應商表現如何，或者你有什麼擔心的地方，供應商準時，或者工具準時送到你們手中？

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，基本上一切都很順利。就像你說的，進展非常順利。以防萬一。但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.

我們擁有超過 90% 的工廠工具設備。我真的不知道有什麼我會說特別危險的事情，但是有很多小事情，這可能會出錯，但我要確保的是，我們有能力對其中任何一件事情做出反應。所以，我們有一個特種部隊，在工程和製造方面，一旦出現任何具體問題，我們就可以去解決它，但我們還不知道它是什麼。如果那有意義的話。

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，事情看起來很棒。我現在真的沒有什麼可抱怨的。我們確實希望確保這款車盡可能接近完美，我認為，如果我們在這方面有較低的標準，我們可以在 7 月之前發貨。但我們希望從客戶收到汽車的那一刻起，真正給他們留下良好的印象。我們不想急於上市。

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，你知道，我的下一個問題與車輛的混合有關。您希望什麼時候讓預訂持有人開始指定或指定汽車，我想，您知道，從長遠來看，您是否覺得您可以靈活地滿足您遇到的任何車輛組合在選項，電池尺寸和那種東西方面？

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，我們現在才剛剛決定。哪個是挑選出來，為各種選項定價的最佳方式是什麼，這樣如果它在客戶價值感知和特斯拉的毛利率之間找到一個很好的平衡點，我們真的對此進行了很多思考。但是，顯然，如果我們的假設是錯誤的，並且在我們推出期權組合之後，我們可能需要進行調整。我們確實希望在今年年底之前完成，所以我認為最遲在 12 月。

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。有沒有， - 再一次，你覺得你可以靈活地滿足人們最終訂購的任何車輛組合？

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。我認同。而且，在生產的前幾個月，我們將把選項組合限制在一個相當高的水平——你必須基本上——你必須首先訂購具有相當高選項組合的東西。例如，幾個月前我們說過，在前 5 個月左右，我們不會提供 160 英里範圍的車輛。這將只是 300 英里和 230 英里的範圍。

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.

還有一些其他選項在初始階段是強制性的，這樣我們就可以更容易地在生產開始時限制變量的數量。所以我們沒有太多的車輛從工廠出來，我認為這是利用早期需求的最佳方式。是的，這有點像當你推出一個新的 CPU 或類似的東西時，它最初會很昂貴，然後隨著產量的增加而下降。所以，我們有點堅持人們最初購買這輛重度選擇的汽車，以及最初的幾個月。

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?

好吧，這是有道理的。如果可以的話，再來一張。根據資本支出指導，下個季度資本支出看起來會略有上升。這是否代表未來幾個季度資本支出支出的峰值，以及您可以向我們提供的任何跡象，有點，軌跡——嗯，你並沒有真正燒錢，因為你正在提取貸款，但是就經營現金流和資本支出而言，未來幾個季度的負面軌跡會放緩嗎？

Deepak, would you like to take that?

迪帕克，你願意接受嗎？

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。如您所見，這是全年的基礎上，我們略微降低了資本支出指導，儘管在大的計劃中，時間差異確實不會改變事情並且無關緊要。考慮到一些時間問題以及我們如何向供應商付款，我們很難準確預測季度資本支出是多少。我認為，當我們匯總我們的 2012 年指引並在第四季度財報電話會議結束時與您分享時，我們可以讓您更好地了解資本支出將如何在全年中分配。

Okay, thanks very much.

好的，非常感謝。

Thanks, Dan.

謝謝，丹。

Thank you. Andrea James of Dougherty & Company.

謝謝你。多爾蒂公司的安德里亞·詹姆斯。

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。因此，在季度信中，它說資本支出可能會出現在指導的低端，然後，你繼續說，儘管某些項目的支出受到控制，但你希望對此保密。而且，我想，任何類型的上下文都會有所幫助。你想通過分享這種神秘的細節來傳達什麼，以及投資者應該從中得到什麼？

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.

好吧，我想，正如我在上次財報電話會議中提到的那樣，我們——我認為從戰略上講，將幾張卡片放在我們的背心附近，而不是透露一切是有道理的。這本質上是我試圖暗示的一部分。但我認為，這些是一種明智的決定，應該——我們正在做一些事情，它們對長期來說非常重要，當我們揭開它們的面紗時，我認為人們會——大多數人會同意這些是明智的做法。

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，我們並沒有在這方面花很多錢，但我們花的錢足夠確保時機合適時，我們可以——我們可以用一些東西快速推向市場。但我認為人們並不期待。抱歉這麼遲鈍。但是，以前我們一直非常 - 我們對事情並不是非常開放，我只想從戰略上說明一點，並且展望未來，有一些事情完全開放是沒有意義的出於競爭戰略的原因。

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，還有一個，然後我會跳回隊列中。所以，我們看到 Smart Fortwo 計劃逐漸結束，現在看起來你有一些新的和梅賽德斯相關的東西。我想，我們如何看待這一點，相對於 Smart Fortwo 程序的大小？

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.

尊重戴姆勒，我無法對這筆交易發表任何具體評論。我們真的在等他們準備好再談一談。我很想談論它，但我確實需要尊重我們的主要戰略合作夥伴——我們的主要戰略合作夥伴之一。

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

你認為你什麼時候可以談論更多？

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.

好吧，希望在今年年底左右，但這確實需要戴姆勒和我們雙方的同意。所以，當他們準備好談論它的時候，那就是我們談論它的時候。

Okay, thank you.

好的謝謝你。

Thank you. Himanshu Patel of JPMorgan.

謝謝你。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?

你好。下午好，伙計們。幾個問題。 Elon，在最後一次電話會議上，你含糊地提到了一些額外的戰略機會。那是戴姆勒的 LOI 嗎？那是指的嗎？

No. I was referring to something different.

不，我指的是不同的東西。

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，你能不能說一下，Roadster 的音量。每季度的節奏，真的有點，回升了。看起來你的銷量是原來的 3 倍。我猜，增長率比 Q2 多 45 個單位，這似乎是 Q1 到 Q2 的 3 倍。第三季度發生了什麼，我們有什麼辦法可以考慮 Roadster 銷量的季度節奏嗎？而且，這裡有沒有我們應該考慮的季節性趨勢？

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，當然，Roadster 一直是一種限量生產的車輛，而且肯定有一些季節性，因為它是一款敞篷跑車。因此，它在夏季的銷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.

但是，無論哪種方式，我都不會過多地了解 Roadster 的銷售情況。對特斯拉而言，Roadster 的最大價值實際上是一種先進的偵察員，可以幫助我們了解如何製造電動汽車，以及它是如何運作的，也適用於不同的國家、不同的氣候和監管制度。而且，它是一種灘頭陣地，它確實很好地達到了它的目的，但我們真的不會從它轉移到 Model X 的下一個主要階段。而且，所以我認為這才是真正重要的在長期。

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，我想你們是否可以稍微談談在 Model S 上預訂預訂的速度。看起來你們每個月要進行大約 300 到 350 次預訂。我們應該前瞻性地考慮這種速度嗎？它在一個階段是否曾經是非線性的？聽起來你開始在營銷上更加激進了。我只是想知道你們是否對我們應該如何考慮這一點有看法？

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.

好吧，Model S 的預訂率似乎確實在加快，我應該說，我們沒有為任何廣告付費。因此，我們實際上並沒有為 Model S 做廣告。我們得到了很多媒體，我們的商店和銷售團隊，尤其是在北美，開始將重點從 Roadster 轉移到，或者已經轉移了重點從 Roadster 到 Model S。但是，值得注意的是，在沒有廣告的情況下，您會看到這種增長。我想可能很多人都沒有意識到這一點。這只是口耳相傳和我們的銷售團隊。

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.

但是，我認為，有興趣購買 Model S 的人們應該欣賞的是，如果 Model S 的預訂量繼續升值，繼續加速，對他們來說盡快存入定金非常重要，或者他們會得到一輛 2014 年的汽車。我想，有時人們會給人一種印象，就像其他汽車一樣，那裡有很多車，你可以去那裡買一輛。但是，事實並非如此。他們都提前售罄了。

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，然後，我想最後一個問題。我想到新聞稿，你們提到運營支出略有上升，因為你們為工廠推出做準備。迪帕克，我想知道你能否談談這個季度的 7400 萬美元非公認會計準則運營支出。在接下來的 2 或 3 個季度中，這在某種程度上是如何變化的？我試圖理解，是線性的，有點，溫和的上升，還是在第一季度或第二季度有一個大的峰值。

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，讓我補充一下，我們在第三季度對 Model S 的預訂量為 1150 輛，因此每月接近 350 到 400 輛。而且，與第二季度的 1,000 人相比，我們看到第三季度顯然有所增加。然後，就運營支出而言，如您所知，除了研發之外，我們所有與製造相關的費用都被記為運營支出。在我們進入 Model S 的發布模式之前，我們的製造費用將從研發轉移到銷售成本。

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.

結果，隨著我們繼續僱用更多的人，我們將在接下來的幾個季度僱用更多的生產勞動力，並開始培訓他們並做好準備，顯然我們與製造相關的費用將繼續增加，那就是主要是推動我們的運營支出。與此同時，隨著一些測試和供應商 ED&T 工作的完成，我們將看到 Model S 開發費用有所下降。所以，有一點進進出出，但確實，一旦我們進入 Model S 的生產模式，製造費用是銷售商品的成本，那麼我們會看到 OpEx 的顯著下降。

Thank you.

謝謝你。

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?

謝謝你。下午好。我想問第一個問題，如果可以的話，關於，也許你可以為 Model X 添加一些額外的顏色。你希望在 12 月推出什麼，你認為你將能夠擁有一個由然後？你能否更詳細地比較一下 Model X 和 Model S？如果我理解正確，您將使用相同的動力傳動系統和底盤。您是否可以在不透露任何您不想透露的信息的情況下，稍微深入一點，比較一下為什麼 Model S 會屬於一個細分市場，而 Model X 會針對另一種類型的客戶群？

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，因為很明顯，這樣就不會有太多的揭幕了。而對於 Model S，我們的目標是解決高端轎車市場，在某種程度上也是高端 SUV 市場。借助 Model X，我們也在嘗試連接一個市場，但我們正在嘗試解決的問題，主要是 SUV 市場與小型貨車市場之間的橋樑。所以，我們試圖用 Model X 實現的目標是比小型貨車擁有更多的功能，因為它更容易進出，你可以和人一起打包更多的貨物，而且，我認為，真的失踪了。現在，如果你 - 對於很多人來說，我知道他們被迫購買小型貨車，他們有點討厭它，但他們需要功能。所以我們想給他們這個功能。事實上，我們想給他們更多的功能。這看起來真的很酷。

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，它的功能要多一點 你預計你將能夠進行定價嗎？我想，小型貨車市場對價格的敏感度要比高檔轎車集團高一些。

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.

好吧，高級SUV。我知道很多人有能力為一輛小型貨車支付更多的錢，但是那裡沒有什麼可以買的。沒有真正的高檔小型貨車，當然還有高檔 SUV，比如保時捷卡宴之類的。但是，以保時捷卡宴為例，它的空間比一些轎車要小。它就像一輛轎車，具有更高的行駛高度，實際上並沒有那麼好。對不起。

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?

這是公平的批評。好的，謝謝你的詳細說明。您是否也可以，也許，只是談談，您已經發表了公開聲明，您希望在 2013 年實現淨利潤。你能談談你的期待嗎？顯然，最初的 6 個月，您試圖限制選項範圍以降低潛在生產缺陷的水平並嚴格控制它。您能否談談 2013 年，您認為選項和範圍的組合，無論您是在談論 160、230 還是 300。您認為這種組合將使您達到 25% 的目標毛利率線，哪些變量可能會使其高於或低於？

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.

好吧，我可以給你我最好的猜測，我想大多數人可能會想要 230 英里範圍的汽車。我想很多人會想要一輛 300 多英里的汽車。我們認為我們可能會做 310 英里到 320 英里的範圍。而且，這輛車還有其他一些優勢，我們將提供更長的電池保修期。我們將在長途城際快速充電中加入一些很酷的東西——我想我們可能會在 230 上看到大多數人，其次是 300，然後是 160。

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.

然後還有許多其他非常酷的選項。我相信，在任何貨車或 SUV 或任何東西中，我們擁有所有汽車中最大的車頂開口。事實上，Model S 全景組是最接近敞篷車的東西，而不是敞篷車。很多人都想選擇那個選項。 S擴展，可以根據汽車的負載動態調整行駛高度，還可以提高高速公路的效率，因為它可以彎腰。您可以在大雪中抬起汽車。我認為，很多人——我希望很多人選擇這個選項，因為我認為很多人甚至沒有意識到這個選項有多酷。這取決於我們如何傳達擁有它的價值。

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。而且，也許只是快速換檔，然後我會滑回隊列中。你能告訴我充電基礎設施在全國、地區的位置，以及你預計在未來 12 到 24 個月內的位置嗎？你認為這確實支持你希望在 2013 年實現的更高生產水平嗎？然後，顯然很多競爭對手的車輛也需要這種基礎設施？

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.

這是個好問題。我想如果你願意的話，我們將會發布一個關於城市內充電或城市內超級充電的非常激動人心的公告。我們開發了這個，我們稱之為特斯拉增壓器，它是一個 90 千瓦的充電器，我認為我們希望在洛杉磯的特斯拉商店之間安裝第一個，可能在 1 月或 2 月的時間框架內。

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，有一個完整的推出時間表。我們計劃讓媒體圍繞第一個 1 的揭幕，因為當你看到它在高速公路休息站停車場的樣子時，這就像最酷的事情。它看起來像是一個先進的外星神器降落在原本單調的中間——好吧，它們不是那麼單調，我們認為這還可以，但它看起來很神奇，我們將允許人們為他們的汽車充電，充電 150 - 30 分鐘內英里。所以你可以停車，插上你的車，吃點東西，然後出來然後回來繼續你的旅程。但我覺得我在這方面走在了前面。

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，你們要緊跟電動汽車的立法發展。您能否談談一些噪音，也許，國會擔心隨著電動汽車的普及而失去汽油稅，以及這可能會或可能不會影響銷售？

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，我認為這是一個高級問題，因為如果有那麼多電動汽車，這幾乎意味著我們贏了。因此，這意味著我們銷售的汽車數量如此之多，這對電網來說實際上很重要。我想我們可能還有十多年的時間。我們所看到的 Roadster 的大部分充電發生在晚上，在某人的車庫裡，我猜這是直覺上的預期。晚上的大容量，我們有這麼大的海量容量，所以，它似乎很適合現有的基礎設施。

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

感謝您接受我的問題。我現在會跳回隊列中。

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

謝謝你。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。您能否評論一下您如何收回客戶反饋以及您希望在 10 月 1 日發布後做出的任何更改。顯然，您通常獲得了非常好的評價，但對座椅舒適度存在一些擔憂和其他一些事情。您是否有能力或有興趣接受並可能對生產模型進行任何更改？

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。絕對地。我們強調它實際上是一個 Beta 版，人們正在試駕。因為，從 Beta 版開始，我們想要改進 1,000 個小細節，而我的目標要求我們盡可能接近完美。我認為，當然，座椅需要非常舒適。只是一切都需要盡可能接近完美。我們實際上無法擊敗我們的 Beta。我們試圖適當地設定人們的期望，但我認為我聽到人們表達的關於 Beta 版的幾乎所有擔憂都是我們已經計劃解決的擔憂。

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。然後，我記得上個季度，你曾討論過一份潛在的大合同。我以為那是豐田，您曾建議它可能比您以前所做的大一個數量級。你想提供關於這種想法的任何更新嗎？

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.

我認為我們對未來與豐田的關係仍然相當樂觀。與戴姆勒一起，他們是重要的戰略合作夥伴，而且事情似乎進展順利。所以，就像 - 在談論太多事情之前，我總是更喜歡從我們的戰略合作夥伴那裡得到啟示，然後再做太多。所以，我認為，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.

好的謝謝你。值得一試。最後，正如你所指出的，你還沒有做廣告。你會開始發貨嗎，很明顯，你在一段時間內有足夠的需求，所以那時你不一定需要做廣告，但是，你打算什麼時候做廣告？當你開始發貨時，我認為從品牌的角度來看，無論如何，開始走出去可能是值得的。

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。當然，在某個時候，我們會做廣告。但是，我認為我們要做廣告還需要幾年的時間。如果我們的產量有限，那麼在廣告上花錢就沒有多大意義，如果我們想達到我們不受產量限制的地步，那麼廣告就有意義了。所以，我想我們可能會在 2013 年開始投放廣告。是的，這只是一個猜測。 2013 年我們可能不需要，但我不會說它會早於 2013 年。

Great, thank you.

太好了謝謝。

Thank you. Aditya Oberoi from Goldman Sachs.

謝謝你。來自高盛的 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。您能否提供一些關於您在歐洲與 Roadster 問題相關的成本的顏色？

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

哦，你是說關於Top Gear，對不起，毀了我們？

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.

好吧，我必須要小心一點，因為我們確實在那裡有正在進行的法律訴訟，而且我們只是試圖糾正錯誤，本質上。特斯拉真的被那個節目委屈了，它在英國留下了負面的、持久的印象，特別是因為那裡是 Top Gear 最強的地方，所以我們只需要改變已經傳達的那個糟糕的數據點。而且我認為，我們正在朝著這個方向取得一些進展，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事情，所以在我涉足之前，我不得不說，可能不會再說了我的嘴巴。

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，也許我可以用另一種方式問你，你們提到你們正在承擔額外的費用來糾正消費者的誤解。那麼這些成本與廣告相關還是更公正的法律成本？

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。這不是廣告，而是法律費用。我們進行執行營銷活動。我們有帶薪銷售人員，當然，還有一點品牌損害，但我們會隨著時間的推移糾正品牌損害，但它仍然存在。

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.

知道了。而且，你們能不能談談你們提到的弗里蒙特工廠剩下的 10% 的東西是什麼，你們幾乎有 90% 在那裡。

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。所以，門罩，基本上是封閉件，有點像門、發動機罩和行李箱。組裝設備已經到了，但還沒有完全到貨。這是一個例子。而且，我認為，我們希望在接下來的 1 個月或 2 個月內實現這一目標。之後的下一件大事將是車身面板的人員配備。這些是由我們的 3G 合作夥伴在這方面製造的。是的，我們應該在今年年底之前將所有設備都安裝到位，而且這將會奏效——我們必須非常努力地消除整個生產線中的任何錯誤。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.

添加到 Elon 的信息中，很多這種設備都在我們的供應商處，並且正在測試，包括車身外殼線，當測試完成並且我們完全可以接受時，它們就會被運送給我們。與此同時，我們的供應商也在取得進展。

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.

這是一個好點。我應該提到這一點。對於我們的供應商來說，對於那些組件，他們（聽不清）是否正在調試它（聽不清），一旦調試完畢，他們就會將其運送給我們，所以原則上，至少在製造模塊級別，東西已經被de -bugged，然後我們只是一種，我們要做的就是調試模塊到模塊的交互，因為東西從一行的一個部分移動到下一個部分。因此，這應該可以最大限度地降低整體生產線風險。

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，我們還在弗里蒙特工廠繼續做一些事情，所以即使我們可能沒有完全自動化，在某些情況下，我們的供應商可以根據他們的自動化向我們提供這些零件設施。而且，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，並與我們的供應商互動。

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.

確切地。當富士製造沖壓模具時，他們首先在日本或台灣或任何情況下沖壓一堆面板，然後他們將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?

但這很有幫助。如果我可以問的話，最後一個。你們與松下簽訂的合同，是只針對 Model S 還是針對 Model S 架構的所有車輛？

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，因此它適用於所有使用的車輛——它不僅適用於 Model S。不一定適用於所有車輛，但不僅僅是 Model S。

Great. Thanks a lot, guys.

偉大的。非常感謝，伙計們。

Thanks.

謝謝。

Thank you. Ben Callow of Robert W. Baird

謝謝你。羅伯特·W·貝爾德的本·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?

感謝您提出我的問題。我想專注於零售戰略。看起來你將在年底擁有大約 25 家商店，我認為，這就是數字。如果您看到預訂實際上來自商店或周邊地區，無論是在互聯網上，您能否談談 Model S 的預訂發生了怎樣的變化？此外，您能否談談在您前進的過程中，每個地點將根據哪些指標進行評判？每家商店是否有實際的預訂目標？

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，我們看到大部分預訂來自商店，尤其是人流量大的商店。我們仍處於早期階段，因此很難說商店應該做什麼，但早期跡象非常有希望。我們只是看到大量的人來到我們的商店，在一個人流量大的購物中心，即使他們現在不買車，我們也為他們在未來買車播下了種子，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.

因此，我們認為我們的商店策略及其對人們的影響非常強大，並且與歷史上汽車行業的情況有著根本的不同。而且，大多數人買車並沒有積極的經驗，對於一些人來說，他們把它看成是看牙醫。我們想要完全相反的事情，在那裡你被磁力吸引到特斯拉商店，它只是一個非常吸引人的地方，我們實際上沒有， - 他們不是真的銷售人員；他們是產品專家。但他們只是在那裡，在某種程度上，解釋你對 Model S 或一般電動汽車的了解。

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，它似乎真的很順利。我們也賣衣服。實際上，我們在特斯拉服裝方面做得很好。只是意想不到的收入來源。

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，按照這些思路，在每個地點實際部署 Model S 車輛的策略是什麼？我想在某些方面眼見為實。

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。而且，當然，如果我們在那裡有沒有 Model S Beta，它會產生很大的影響。在接下來的幾個月裡，我們有一個二分法，即我們需要 Beta 車輛進行測試，我們需要 Beta 車輛以便客戶可以看到它們。因此，我們必須在這兩個相互競爭的優先事項之間進行艱難的交易，但這在幾個月後不會成為問題，因此我們將在第一季度開始將汽車部署到所有商店。

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

好的，最後一個問題是在測試方面，就安全測試而言，您在哪裡有任何更新嗎？

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，那就是每個類別的碰撞評級都是 5 星，據我所知，如果我們做到了，我們將是唯一一輛在每個類別中都獲得 5 星碰撞評級的汽車，按 2012 年標準。所以，這看起來非常好。現在，我們仍然擁有 Model S 的基本優勢，這是因為我們的前部沒有大型發動機缸體，事實上，我們有一個前行李箱，這給了我們比現在更長的折疊區可能在其他高級轎車中。

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.

我不確定我的類比是否正確，但如果你這樣想，如果你跳出 5 層樓的窗戶，你可能想跳進奧林匹克規模的游泳池而不是兒童游泳池。而且，有那個長的碾壓區，意味著你可以將汽車的減速分散到更遠的距離，否則，汽油驅動的轎車就無法做到這一點，因為它只會將發動機推入你的胸部.而且，這可能就是我們能夠做到的原因——從根本上說，這種卓越的架構以及我們有機會使其成為世界上最安全的汽車。

Great. Thank you very much.

偉大的。非常感謝。

You're welcome.

別客氣。

Thank you. Andrea James of Dougherty & Company.

謝謝你。多爾蒂公司的安德里亞·詹姆斯。

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。謝謝你讓我再投一個。所以，我覺得這很有趣。您在英國看到，電視節目可以以負面且可量化的方式影響業務。那麼，對我來說，合乎邏輯的後續行動是，您是否看到 Model S 事件和隨後的積極媒體產生了可量化的影響？如果是這樣，它是如何與您在活動結束後的期望保持一致的？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，我們肯定從 Model S Beta 活動中獲得了積極影響。並且，大約有 3000 人來參觀我們在弗里蒙特的工廠；其中許多來自世界各地的國家。而且，我們的目標實際上是——實際上不是媒體，而是讓我們的客戶知道他們的信念沒有放錯地方。那是最重要的。因此，為了參加活動，您必須是 Model S 預訂持有者，是的，我們想展示這就是這輛車，至少是 Beta 版；試駕，這是我們的工廠，它是真實的，設備在那裡。

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.

因此，當他們回家並與他們的朋友和同事交談時，他們可以自信地說他們已經在車裡並且他們已經看過工廠並且真正銷售產品的最佳人是您現有的客戶。因為他們真的沒有任何動機。而且，這是主要目標，我認為這是有效的，它將繼續有效，媒體也非常積極和樂於助人。

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了，或者您是否看到 5000 美元中的一些轉換為 40 美元？

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。簽名系列有1000輛，實際上只剩下幾百輛，所以簽名系列有700輛左右。事實上，明年獲得汽車的唯一方法是購買剩餘的 200 輛 Signature 系列汽車中的一輛。因此，與此相比，您有總人數，這真是一個了不起的事件。

Thank you.

謝謝你。

Thank you. Ben Rose of Battle Road Research.

謝謝你。 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?

下午好。根據 Beta 版的反饋，關於 Model S 中材料的使用，您對可能在 Model X 和其他即將推出的車輛中使用碳纖維或其他先進材料的想法有什麼不同嗎？

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。我們將提供碳纖維以及幾種木材裝飾選項，一種是花邊木，一種很酷的黑色木材，另一種是香蕉葉。實際上，它的落下的香蕉葉。如果有人在尋找道德高地，我認為我們找不到比落下的香蕉葉更好的道德高地，作為木材裝飾的選擇。而且，隨著時間的推移，我們將繼續嘗試添加一些有趣的選項——當然，Model X 會有一些獨特的東西。我們真的想在汽車的幾乎每一個方面推動創新，無論我們能想到什麼都有可能讓我們的客戶感到驚訝和高興，我們都想這樣做。

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。然後，最後一個問題，關於你對未來車輛的計劃，有點籠統。您是否有可能關注其他類型的越野類別，或者可能是非傳統汽車類別，您可以在其中發揮您的電動專業知識？

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.

我認為我們需要繼續專注於 Model S，這確實是在推動我們的焦點，然後是 Model X。但是，對於 Model X，它將成為一款非常出色的運營車輛，因為我們也有這種空氣懸架，您可以提高行駛高度，並且它將具有特別殺手級的 4 輪驅動系統。我認為這可能是任何汽車中最好的 4 輪驅動系統。因此，這應該很好地涵蓋了我們在運營方面的情況。從長遠來看，我們可能會涉足廣泛的領域，但我認為，在短期內，保持專注非常重要。

Okay, thank you.

好的謝謝你。

Thank you. Jessie Mitchell of Jeffrey's.

謝謝你。杰弗裡的傑西米切爾。

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?

你好。這是 Jessie 的 Elaine Kwei。感謝您提出我們的問題。只是為了跟進 Ben Callow 之前的問題。就聯邦和州碰撞測試以及讓新車上路所需的其他要求以及獲得不同激勵措施（如 HOV 車道）的資格而言，究竟還剩下什麼？已經犧牲了幾輛 Model S，還是很快就會犧牲？

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，我認為可能接近 12 個，隨著我們的迭代，還有另外 12 個即將到來——我們盡可能多地進行模擬並進行碰撞測試校準和驗證模擬，然後進行一系列迭代周期。我們已經非常接近結束了。我認為最終的碰撞測試是在 9 月進行的，我們做出了正確的改變。所以，這一切看起來都很好。至於 - 因為 Model S 是純電動的，任何對純電動有 HOV 偏好的州，比如加利福尼亞，你都可以像現在使用 Roadster 一樣，毫無問題地在拼車車道上行駛。

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，我認為純電動我們沒有，有點，EPA 問題需要處理，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?

偉大的。既然我們正在談論一種汽車，它可能會在以前的某些車型中被大量採用，也許是更小眾的電動汽車，您是否正在與任何當地的公用事業公司或類似的機構合作，討論潛在的客戶問題收費。會不會內置智能充電App？我想這是一個白痴打樣問題。那麼，是否存在變壓器崩潰或人們將 PG 和 E 賬單增加三倍的潛在問題？

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.

好吧，我們在 Roadster 上獲得了一些經驗。沒有三倍的 P G & E 賬單，也沒有你提到的壞東西。

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，在解決充電錯誤並了解那裡的房屋會出現什麼問題方面。這就是 Roadster 真正非常有價值的地方，所以我們確實在 Roadster 上犯了錯誤，我們小規模地製造它們，以避免在 Model S 和後續車輛上大規模製造它們。所以我認為我們已經很好地處理了一些事情，Model S 的充電算法有很多智能，Roadster 更是如此。是的，車輛會自動回到當前電壓下的輸入充電，以免給任何電路供電產生問題。它有一個非常智能的反饋循環。

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，我們希望將通話保持在 1 小時，所以還有其他問題嗎，讓我們去找最後一個來電者吧。

Okay. Bryan Russell of Russell Group.

好的。羅素集團的布萊恩·拉塞爾。

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?

謝謝你。晚上好。真的很快，在商店裡，隨著你的數量增加並超過最初的預訂，以舊換新的計劃是什麼？這將如何處理？

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.

我們肯定希望啟用以舊換新，我們正在與該國的幾個大型二手車集團進行談判，以便能夠以無縫方式為我們的客戶處理。因此，我們將有能力處理 Model S 的以舊換新。對於 Roadster，我們會迴避這個問題。這對 Roadster 來說並不那麼重要，但對 Model S 來說，確實如此。

Okay, thank you.

好的謝謝你。

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

好的。嗯，謝謝大家。而且，是的，我們期待下個季度。

Thank you.

謝謝你。

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，感謝你們參加今天的會議。這確實結束了程序，您現在可以斷開連接。