特斯拉 (TSLA) 2011 Q4 法說會逐字稿

Good day, ladies and gentlemen and welcome to the Tesla Motors Incorporated fourth quarter 2011 financial results Q&A conference call. During today's call, all lines will be in a listen-only mode. Later we will conduct a question-and-answer session and instructions on how to participate will be given at that time. (Operator Instructions) As a reminder, today's conference is being recorded. Now I would like to turn the program over to Jeff Evanson.

女士們，先生們，美好的一天，歡迎參加特斯拉汽車公司 2011 年第四季度財務業績問答電話會議。在今天的通話中，所有線路都將處於只聽模式。稍後我們將進行問答環節，屆時將給出如何參與的說明。 （操作員說明）提醒一下，今天的會議正在錄製中。現在我想把程序交給 Jeff Evanson。

Thank you, Matthew. Good afternoon, everyone. Welcome to Tesla Motors fourth quarter and full-year 2011 financial results Q&A session. I'm joined today by Elon Musk, Tesla's Chairman, CEO and Chief Product Architect and Deepak Ahuja, Tesla's Chief Financial Officer. We announced our financial results for the fourth quarter and full-year shortly after 1 PM Pacific time today. The shareholder letter, financial results and webcast of this Q&A 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 of today and should not be relied upon after today. We also disclaim any obligation to update these forward-looking statements. 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 年第四季度和全年財務業績問答環節。今天，特斯拉董事長、首席執行官兼首席產品架構師 Elon Musk 和特斯拉首席財務官 Deepak Ahuja 加入了我的行列。我們在太平洋時間今天下午 1 點後不久公佈了第四季度和全年的財務業績。本問答的股東信函、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埃隆的一些簡短評論，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，包括我們最近向美國證券交易委員會提交的 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。現在讓我把電話轉給 Elon。

All right, well, welcome. (inaudible) to make a few comments. I'm incredibly excited by the sales and the interest in the Model X. When you introduce the product that is really groundbreaking and innovative you don't necessarily know how customers are going to react to that and they are reacting incredibly well and from a customer standpoint the Model X was clearly a home run and they've spoken with their dollars by putting down reservations on the Model X. In fact, if anyone on the call is interested in a Model X, I recommend putting down a deposit soon because this is by far the best selling product in Tesla history by a significant margin. It is just great. That's the main thing I wanted to mention. And then the other thing being that we've begun work on our first full Mercedes powertrain. Previously we've done the battery packs and the chargers and now we doing an entire powertrain for Mercedes. As is Tesla policy we don't comment on the details of powertrain agreements. We leave that to our strategic partner. So we will leave that up to Daimler whether they want to speak in more detailed about that. With those [interrupted] comments let's jump into questions.

好吧，好吧，歡迎。 （聽不清）發表一些評論。我對 Model X 的銷售和興趣感到非常興奮。當您介紹真正具有開創性和創新性的產品時，您不一定知道客戶對此有何反應，他們的反應非常好，而且來自客戶認為 Model X 顯然是一個本壘打，他們通過對 Model X 進行預訂來用他們的錢說話。事實上，如果電話中的任何人對 Model X 感興趣，我建議盡快存入押金，因為這是迄今為止特斯拉歷史上最暢銷的產品。這太棒了。這是我想提的主要內容。然後另一件事是我們已經開始研究我們的第一個完整的梅賽德斯動力系統。以前我們已經完成了電池組和充電器，現在我們為梅賽德斯製作了整個動力系統。與特斯拉的政策一樣，我們不對動力總成協議的細節發表評論。我們把它留給我們的戰略合作夥伴。所以我們將把它留給戴姆勒，他們是否想更詳細地談論這個問題。有了這些[被打斷的]評論，讓我們開始提問。

(Operator Instructions) Amir Rozwadowski, Barclays Capital.

（操作員說明）巴克萊資本的 Amir Rozwadowski。

Elon, on the discussion of the Daimler contract, I realize that you folks don't provide too much color in terms of the partnership, but in the past you have highlighted that you have a number of these discussions underway. Are these the folks that you have suggested could ultimately end up being a pretty significantly sized opportunity? Or should we assume that is with someone else at the moment?

Elon，關於戴姆勒合同的討論，我意識到你們在合作方面並沒有提供太多的色彩，但在過去，你強調過你們正在進行一些這樣的討論。你建議的這些人最終會成為一個相當大的機會嗎？或者我們應該假設目前與其他人在一起？

Tricky question. I'll have to break that question apart a little bit. I do expect that this deal will be significant and probably more significant than the sum of all things else we've done with Daimler to date. That's about all I can say on that front. Are there other deals of significance in discussion? Yes, there are.

棘手的問題。我將不得不將這個問題分開一點。我確實希望這筆交易意義重大，而且可能比我們迄今為止與戴姆勒所做的所有其他事情的總和更重要。這就是我在這方面所能說的。討論中是否還有其他重要的交易？是的，有。

Okay. That's very helpful. And then, if I may, you folks have provided some color in terms of where you expect your revenues to be in 2012. And certainly as I think you've fairly been consistent. That it is going to be fairly back half weighted to the launch of the Model S. I was wondering if you could give us some color in terms of the mix of the Model S reservations that you have so far. In terms of running the numbers it does seem as though you're going to be delivering on the high-end versions first. I'd love to hear mix potential what you guys are factoring in for ASPs for your deliveries for the year or any color along those lines.

好的。這很有幫助。然後，如果我可以的話，你們已經提供了一些關於你們預計 2012 年收入的顏色。當然，我認為你們相當一致。它將在 Model S 的推出時得到相當大的影響。我想知道你是否可以就你迄今為止所擁有的 Model S 預訂組合給我們一些顏色。在運行數字方面，您似乎首先要交付高端版本。我很想听聽你們為今年的交付或任何顏色的 ASP 考慮的混合潛力。

Sure. I do expect that is going to be weighted towards the higher end versions of the Model S. Necessarily so for the Signature Series which basically comes with almost all the options. That is the first 1,000 vehicles. But then even beyond that we've had to deliver our Regular Series with the 300-mile range and then we drop to the 230-mile range and then the 160-mile range version doesn't get delivered. We don't start deliveries on those in 2012, early next year. That's certainly going to shift the weighting towards the higher end versions of the Model S. We'll have, I think a much better sense -- really quite a precise sense for that in the coming months as we're releasing the configurator and see exactly what options people take.

當然。我確實希望這將偏向於 Model S 的高端版本。對於基本上配備幾乎所有選項的 Signature 系列來說必然如此。那是前 1,000 輛汽車。但即便如此，我們還必須交付 300 英里範圍的常規系列，然後我們降到 230 英里範圍，然後 160 英里範圍版本沒有交付。我們不會在 2012 年或明年初開始交付這些產品。這肯定會將權重轉移到 Model S 的高端版本上。我認為我們會有更好的感覺——在接下來的幾個月裡，我們將有一個非常精確的感覺，因為我們正在發布配置器並查看正是人們採取的選擇。

Okay, that's very helpful. And lastly, if I may, there's been a lot of questions around concerns on cash positioning, DoE loans among the industry at the moment. It seems from your prepared comments you feel comfortable with your current cash position and liquidity. I was wondering if you could give us a little bit of color in terms of how you view that progressing through the end of the year and into the beginning of next? Do you feel that with the trajectory of the Model S at this point do you feel comfortable in terms of how that's going to pan out for your cash burn situation currently?

好的，這很有幫助。最後，如果可以的話，目前業界存在很多關於現金頭寸和美國能源部貸款的問題。從您準備好的評論看來，您對當前的現金頭寸和流動性感到滿意。我想知道您是否可以就您如何看待今年年底和明年年初的進展情況給我們一些色彩？您是否認為目前 Model S 的軌跡會讓您對目前的燒錢情況感到滿意？

I feel confident saying that Tesla does not need to ever raise another financing round. In terms of need. It is possible that we may choose, that we may want to do so, but importantly, we do not need to do so. At least by our projection. So yes, we are in a really strong cash position. Our relationship with the DoE is very good. So I feel pretty secure on those fronts.

我有信心說特斯拉不需要再進行一輪融資。在需要方面。我們可能會選擇，我們可能想要這樣做，但重要的是，我們不需要這樣做。至少根據我們的預測。所以是的，我們的現金狀況非常強勁。我們與能源部的關係非常好。所以我在這些方面感覺很安全。

Great. Thank you very much for the incremental color.

偉大的。非常感謝您提供的增量顏色。

Jesse Pichel, Jefferies.

傑西·皮切爾，傑富瑞。

Congratulations on the launch last week. Thank you for hosting us. My question is from a branding and strategic perspective, how should we think about the Mercedes brand cannibalizing Tesla products and what keeps Tesla differentiated from your customers in this particular supply arrangement?

祝賀上週發布。感謝您接待我們。我的問題是從品牌和戰略的角度來看，我們應該如何看待梅賽德斯品牌蠶食特斯拉產品的問題，以及是什麼讓特斯拉在這種特定的供應安排中與您的客戶區分開來？

Yes, absolutely. You may have heard me say on a few occasions that the goal of Tesla is the catalyst for electric vehicles. So we want to do everything we can to advance the course of electric cars whether that's cars we make ourselves or cars that we help others make. And at the end of the day if our vehicle engineering isn't up to par but our powertrain is then obviously that would lend us to become more of a powertrain Company. Now, I think that we do good vehicle engineering and good powertrain engineering and that our parts will find a place in the market and that's as demonstrated by the customer interest, really. It's also important to bear in mind, the new car market is something like 80 million vehicles a year. For the Model S our core production that's 20,000 vehicles year.

是的，一點沒錯。你可能聽我說過幾次，特斯拉的目標是電動汽車的催化劑。因此，我們希望盡我們所能推動電動汽車的發展，無論是我們自己製造的汽車，還是我們幫助他人製造的汽車。歸根結底，如果我們的車輛工程沒有達到標準，但我們的動力總成顯然可以讓我們成為一家動力總成公司。現在，我認為我們的車輛工程和動力總成工程做得很好，我們的零件將在市場上找到一席之地，正如客戶的興趣所證明的那樣，真的。同樣重要的是要記住，新車市場每年大約有 8000 萬輛汽車。對於 Model S，我們的核心產量是每年 20,000 輛。

It is a very tiny portion of the market. We are certainly not taking business away from -- very much business away from partners and nor are they taking much business away from us. We are still at a small portion of the market. When comparing vehicles I think it is important to think about comparing premium sedans or premium SUVs rather than thinking of say the Model S and Model X as competing against at this point, the set of all electric vehicles which range from golf carts to the Nissan Leaf, to whatever the case may be. That's not really what people think of. When somebody is looking at applying a Model S they are considering that against, they like an Audi A6 or A8 or against a Porch Panamera or BMW 5 Series, 7 Series. That really tends to be the basis of comparison.

它只是市場的一小部分。我們當然不會從合作夥伴那里奪走很多業務，他們也不會從我們那里奪走太多業務。我們仍處於市場的一小部分。在比較車輛時，我認為重要的是要考慮比較高級轎車或高級 SUV，而不是考慮說 Model S 和 Model X 在這一點上與之競爭，從高爾夫球車到日產 Leaf 的所有電動汽車的集合，無論情況如何。人們真的不是這麼想的。當有人在考慮應用 Model S 時，他們會考慮使用奧迪 A6 或 A8 或 Porch Panamera 或寶馬 5 系、7 系。這確實往往是比較的基礎。

Peter Christiansen, Bank of America Merrill Lynch.

美銀美林的彼得·克里斯蒂安森。

Elon, I was wondering if you could just give us some color on the range, the guidance range, is that more of a function of Model S output or the timing of development services revenue and how does that tie into your gross margin outlook?

Elon，我想知道你是否可以給我們一些關於範圍的顏色，指導範圍，更多的是 Model S 輸出的函數還是開發服務收入的時間安排，這與你的毛利率前景有何關係？

I will leave Deepak to answer most that. Certainly, the bulk of the 2012 revenue is Model S related. Deepak?

我會讓迪帕克回答大部分問題。當然，2012 年的大部分收入都與 Model S 相關。迪帕克？

There are three elements to this, Steve. Obviously the biggest one is our projection of 5,000 Model Ss which drives it and then we have our own Roadster sales that we will have in Europe and in Asia. And beyond that we have the powertrain components business with Toyota. Then some bit of development services revenue with OEMs.

這有三個要素，史蒂夫。顯然，最大的一個是我們預測的 5,000 輛 Model S 來推動它，然後我們將在歐洲和亞洲擁有自己的 Roadster 銷售。除此之外，我們還與豐田開展了動力總成零部件業務。然後是 OEM 的一些開發服務收入。

Great. Then, I was wondering if you can characterize the revenue opportunity of providing a full drivetrain solution versus some of your previous programs notwithstanding a different battery size?

偉大的。然後，我想知道您是否可以描述提供完整動力傳動系統解決方案與您以前的一些計劃相比的收入機會，儘管電池尺寸不同？

Are you referring to the Daimler program? Clearly there's more revenue but in our minds it's the ability to provide to Daimler a much higher performing vehicle which includes the full integration of our systems. It allows us to provide a much more cost effective and higher performing EV to Daimler rather than just our battery pack which gets integrated into their system.

你指的是戴姆勒計劃嗎？顯然有更多的收入，但在我們看來，這是為戴姆勒提供性能更高的車輛的能力，其中包括我們系統的完全集成。它使我們能夠為戴姆勒提供更具成本效益和更高性能的電動汽車，而不僅僅是集成到他們系統中的電池組。

Yes, exactly, by providing a full powertrain, it's a really seamless integration. It is a better customer experience and everything's really optimized to work well with the other elements. We demonstrated that for Daimler. They're pretty impressed and that's what led them to what we've got.

是的，確切地說，通過提供完整的動力系統，這是一個真正的無縫集成。這是一種更好的客戶體驗，並且一切都經過優化，可以與其他元素很好地配合使用。我們為戴姆勒證明了這一點。他們印象深刻，這就是導致他們得到我們所擁有的東西的原因。

Thank you. And just one last one, Elon you just talked about the difference between needing additional financing or wanting one. One would assume that could imply accelerating the Gen 3 program. If that were the case, what would be your thought process? Would it be driven more by the momentum and the confidence that you are experiencing right now or possibly a response to some other competitive threats that you see from other OEMs?

謝謝你。最後一個，埃隆，你剛剛談到了需要額外融資或想要融資之間的區別。有人會認為這可能意味著加速第 3 代計劃。如果是這樣，你的思考過程是什麼？它會更多地受到您現在所經歷的勢頭和信心的推動，還是可能是對您從其他 OEM 看到的其他一些競爭威脅的回應？

I'm not too worried about competitor threats because just the market is so big. What we are really focused on is not what any other company's doing but rather are we making the best possible product. Is there anything we can do to make a product that is going to amaze and delight customers more. That's, I think the right thing to focus on. We are going to do as the next significant vehicle -- the next major vehicle announced after the Model X, will be a Gen 3. I've made these comments to some of the media, but it's perhaps worth reaffirming that. Previously we were going to do a Next Generation Roadster after the Model X. But I've absolutely gained enough confidence that the technology will be scalable to higher volume but maybe a bit sooner and so we will be able to go to our third generation vehicle which will be a mass market vehicle with the price in the $30,000 range. If we were to accelerate that, it would be an argument for being -- doing a modest capital raise.

我不太擔心競爭對手的威脅，因為市場太大了。我們真正關注的不是任何其他公司在做什麼，而是我們是否在製造最好的產品。我們可以做些什麼來製造出讓客戶更加驚奇和愉悅的產品。也就是說，我認為應該關注正確的事情。我們將作為下一款重要車型——Model X 之後宣布的下一款主要車型將是 Gen 3。我已經向一些媒體發表了這些評論，但也許值得重申這一點。之前我們打算在 Model X 之後生產下一代 Roadster。但我絕對有足夠的信心相信這項技術可以擴展到更高的產量，但可能會更快一些，因此我們將能夠使用我們的第三代汽車這將是一款價格在 30,000 美元左右的大眾市場車型。如果我們要加快這一進程，這將是一個理由——進行適度的融資。

Dan Galves, Deutsche Bank.

德意志銀行的丹·加爾維斯。

Wondering if you could take us a little bit through kind of the near-term certification process or qualification process for the Model S. Just curious considering that you're still have some dies arriving in the next couple months. What are the key bottlenecks that could come up and qualification and what level of vehicles need to be used to qualify for driving on US roads in terms of whether it is a Beta or a release candidate vehicles or something full with full dies, production intent parts from the factory?

想知道您是否可以帶我們了解一下 Model S 的近期認證流程或資格認證流程。考慮到您在接下來的幾個月內仍有一些模具到達，只是好奇。可能出現的關鍵瓶頸和資格以及需要使用什麼級別的車輛才能有資格在美國道路上行駛，無論是 Beta 還是發布候選車輛，還是充滿完整模具、生產意圖部件的車輛從工廠？

Yes, (inaudible) before the dies are shipped from Fuji who is our primary die supplier, they actually do stamp a number of body parts. So we actually do get production body parts before the die is shipped and are making cars with those production body parts now. That way when we received the dies then we put them into our stamping presses and all we are doing is just verifying that there's no meaningful difference between the stamping press at Fuji and our stamping press. But the dies themselves are already sorted out. As far as risks for production timing, yes, I can provide a little bit of color there, previously I said we expect to be 5-star on average, but maybe we'll be 4-star in some categories. It is looking increasingly like we will be 5-star in all categories. That is looking increasingly optimistic. There's a particular challenge with the fifth percentile female in the passenger, the very front passenger seat.

是的，（聽不清）在模具從我們的主要模具供應商富士運送之前，他們實際上確實在許多車身部件上加蓋了印章。因此，我們實際上確實在模具發貨之前獲得了生產車身部件，並且現在正在使用這些生產車身部件製造汽車。這樣，當我們收到模具後，我們將它們放入我們的沖壓機中，我們所做的只是驗證富士的沖壓機和我們的沖壓機之間沒有任何有意義的區別。但是模具本身已經整理好了。至於生產時間的風險，是的，我可以在那裡提供一點顏色，之前我說過我們預計平均是 5 星級，但也許我們會在某些類別中達到 4 星級。看起來我們在所有類別中都將成為 5 星級。這看起來越來越樂觀。乘客中第五個百分位的女性，即前排乘客座位，存在一個特別的挑戰。

Just had a meeting this morning which looks like we will be able to achieve 5-star in that category which is great news. We are going to be doing some pretty innovative things, working with Takata who is our airbag supplier. So that's good. I think all our homologation timeline is on track in terms of the certification that Dan was asking. Since most of that certification is self-certification and it's on production intent constant part and as you mentioned the dies in Fuji are producing the parts which allow us to make the bodies and get that certification done. Jeff was suggesting that I should reaffirm that it's looking like we're 5-star in all categories. I don't want to say for sure, sure. But it is looking like that's quite likely. I'm sorry. Just in case there was any ambiguating. Sorry.

今天早上剛剛開了個會，看起來我們將能夠在該類別中獲得 5 星，這是個好消息。我們將做一些非常創新的事情，與我們的安全氣囊供應商高田合作。所以這很好。我認為就丹所要求的認證而言，我們所有的認證時間表都在軌道上。由於大部分認證都是自我認證，而且它是在生產意圖不變的部分，正如你提到的，富士的模具正在生產允許我們製造車身並完成認證的零件。 Jeff 建議我應該重申，看起來我們在所有類別中都是 5 星級。我不想說肯定的，肯定的。但看起來很有可能。對不起。以防萬一有歧義。對不起。

I think we've answered Dan's question.

我想我們已經回答了丹的問題。

Thanks for that, that's very clear. Then my second question has to do with your our R&D factory, if you will. With work probably winding down on the Model S coming up and ramping up on the Model X, will you have additional capacity in R&D? I guess my real question is, would you have the capacity with your current R&D staff to begin work on a Gen 3 vehicle, let's say by early 2013 after the Model S is fully launched?

謝謝你，這很清楚。那麼我的第二個問題與您的我們的研發工廠有關，如果您願意的話。隨著 Model S 的工作可能會逐漸結束，而 Model X 的工作量會有所增加，你們是否有額外的研發能力？我想我真正的問題是，您目前的研發人員是否有能力在 Model S 全面推出後的 2013 年初開始研發 Gen 3 車輛？

Yes. I think so. That's the plan of action, in fact.

是的。我認同。事實上，這就是行動計劃。

Patrick Archambault, Goldman Sachs.

帕特里克·阿爾尚博，高盛。

I guess maybe my first question would be, as we think about -- I think reading through here it sounds like if you look at the R&D and CapEx plan for 2012 it is largely still Model S focused, unless I'm mistaken; right? I think the wording is that on the R&D front by the end there is some X spending that picks up. How do we think about what that might look like both on a CapEx basis next year? I'm presuming the R&D in the CapEx for that program is going to be really at its peak. How should we think about that? Whatever you're comfortable talking about maybe a year on year comparison or a comparison of how it is vis a vis what you spent on the S, presumably, obviously it is a lot less because it is on the same platform. So just hoping you could mentioned that.

我想也許我的第一個問題是，正如我們所想的那樣——我認為通讀這裡聽起來，如果你看一下 2012 年的研發和資本支出計劃，它基本上仍然以 Model S 為重點，除非我弄錯了；正確的？我認為措辭是在研發方面到最後會有一些 X 支出增加。我們如何看待明年在資本支出基礎上的情況？我假設該計劃的資本支出中的研發將真正達到頂峰。我們應該怎麼想？無論您喜歡談論什麼，可能是逐年比較，或者比較它與您在 S 上花費的費用，大概，顯然它要少得多，因為它在同一個平台上。所以只是希望你能提到這一點。

In fact, just to clarify firstly, the R&D spending on the S should reduce in the second half of the year it said in the letter, not just with the end of 2012. Because once we go into the production of the S, a lot of foreign manufacturing expenses, preproduction which are presently in R&D will move into cost of goods sold. So there should be a substantial reduction and we will be done with a lot of the spending we are presently incurring on building the prototypes. And testing them. So yes, there will be some ongoing R&D on the Ss. We look to bring out a European version, or fine tune some other things, but it will be at a lower level. Then we will see a pickup in the X spending at that point. The same goes for CapEx. A lot of our CapEx is in the first half, it is heavily weighted. We bid our suppliers both for tooling and equipment, the final payment's once we sign off on the tooling and the equipment.

事實上，首先要澄清的是，信中所說的下半年S的研發支出應該減少，而不僅僅是2012年底。因為一旦我們投入生產S，很多在國外製造費用中，目前處於研發階段的預生產將轉入銷貨成本。所以應該會大幅減少，我們將完成目前在構建原型方面的大量支出。並測試它們。所以是的，Ss 上將會有一些正在進行的研發。我們希望推出一個歐洲版本，或者微調其他一些東西，但它會處於較低的水平。然後我們將看到那時 X 支出的回升。資本支出也是如此。我們的很多資本支出都在上半年，權重很大。我們為我們的供應商投標工具和設備，最終付款是在我們簽署工具和設備後支付的。

And if I think about just how those things trend into 2013, one would expect that perhaps you get a bigger spike in our R&D then you would maybe in CapEx because you can leverage some of the equipment. How do we think about that?

如果我考慮這些事情在 2013 年的趨勢，人們會期望我們的研發可能會獲得更大的峰值，然後你可能會在資本支出中獲得更大的增長，因為你可以利用一些設備。我們怎麼看？

I think the leverage is there in both R&D and CapEx. I can't tell you specifically where the bigger leverage is. Our spending on the Model X is going to be very substantially lower overall than the S because we are leveraging every element of the manufacturing factory, the platform, the powertrain and there's quite a bit of commonization of parts in areas where you can't see divisible differences between the S and X.

我認為研發和資本支出都存在槓桿作用。我不能具體告訴你更大的槓桿在哪裡。我們在 Model X 上的總體支出將大大低於 S，因為我們正在利用製造工廠、平台、動力系統的每一個元素，並且在你看不到的區域有相當多的零件通用化S 和 X 之間的可分差異。

You're probably right. But as Deepak says it is maybe -- it's that they're saving in both but relatively speaking there's probably more savings in CapEx than there are in R&D.

你也許是對的。但正如迪帕克所說，這可能是——他們在兩者上都節省了，但相對而言，資本支出可能比研發節省更多。

Okay. Taking a step back in terms of more of a product question. How are you thinking about sort of higher mileage vehicles in your product cadence? I think at the Detroit Auto Show you had put up a slide suggesting it would not be inconceivable to get your cost per kilowatt hour down to I want to say something like $200 if I'm remembering correctly. You've mentioned the Next Gen and perhaps after that maybe a new Roadster, but might there be an interim demand for a S or a X with even higher mileage capabilities just given the availability of cheaper batteries?

好的。在更多的產品問題方面退後一步。您如何看待產品節奏中行駛里程更高的車輛？我想在底特律車展上，你已經放了一張幻燈片，暗示如果我沒記錯的話，將每千瓦時的成本降低到 200 美元並不是不可想像的。您已經提到了下一代，也許在那之後可能是新的 Roadster，但考慮到更便宜的電池，是否會暫時需要具有更高里程能力的 S 或 X？

Yes. It's just like that phrase in Texas Hold'em, like you never know what the River Card is going to be. Well, you never know, could be.

是的。就像德州撲克中的那句話，就像你永遠不知道河牌會是什麼。好吧，你永遠不知道，可能是。

Okay. I guess last one, just -- I know you guys have reiterated this before, but just to remind myself, what kind of IP protections do you have in place when you do these programs with other OEMs. What kind of restrictions are there to prevent them from leveraging what they learned from working with you? And doing something independently?

好的。我想最後一個，只是--我知道你們之前已經重申過這一點，但只是為了提醒自己，當您與其他 OEM 進行這些程序時，您有什麼樣的 IP 保護措施。有哪些限制可以阻止他們利用從與您合作中學到的知識？並獨立做某事？

Our relationship with Toyota and Daimler where we have these programs has been such that they are very respectful of our IP. Certainly, we don't see any issues where this relationship is based on their desire to do things their own way and we think feel very comfortable. And as we grow that business, we will look at and if we get to very high volumes we'd look at licensing and other opportunities to manage that growth. But at this time we are not concerned about our IP in these relationships.

我們與擁有這些項目的豐田和戴姆勒的關係一直如此，他們非常尊重我們的知識產權。當然，我們看不到任何問題，這種關係是基於他們以自己的方式做事的願望，我們認為感覺很舒服。隨著我們業務的發展，我們會考慮如果我們達到非常高的產量，我們會考慮許可和其他機會來管理這種增長。但此時我們並不關心我們在這些關係中的 IP。

I'm going to say, it's been a really great working with Toyota and Daimler. They are really stand up companies. There's been no indication at all of them wanting to abscond with IP and we've got pretty clear agreements lineating what IP belongs to which Company and we really had no disputes at all. There's quite a bit of mutual trust there. We do of course have patents. There are quite a few patents, but there's never really even been a bout of contention of any significance. And we've actually said we are open to licensing IP as well so it's not as though we necessarily have to be the ones manufacturing the powertrain if our partners want to do that then we can license them to the IP. At certain volume at 100,000 units or something that then can make a lot of sense. (inaudible) model in that sense. I should say, I was also being a little cheeky there with the River Card, but I think the real River Card is going to be the supercharger. When people really see how awesome that is. It is a pretty killer. We will unveil that with all the elements of the supercharger later this year.

我要說，與豐田和戴姆勒的合作真的很棒。他們是真正的獨立公司。沒有任何跡象表明他們想帶著知識產權潛逃，我們已經達成了非常明確的協議，說明什麼知識產權屬於哪家公司，我們真的沒有任何爭議。那裡有相當多的相互信任。我們當然有專利。有不少專利，但從來沒有真正發生過任何有意義的爭論。而且我們實際上已經說過我們也對許可 IP 持開放態度，所以如果我們的合作夥伴想要這樣做，我們不一定必須成為製造動力總成的人，然後我們可以將他們許可給 IP。在一定數量的 100,000 單位或其他可以很有意義的情況下。 （聽不清）這個意義上的模型。我應該說，我對河牌也有點厚臉皮，但我認為真正的河牌將成為增壓器。當人們真正看到這有多棒時。這是一個漂亮的殺手。我們將在今年晚些時候公佈增壓器的所有元素。

That's the Stage 3 Charger, correct?

那是第三階段充電器，對嗎？

It's beyond Stage 3.

已經超過了第三階段。

All right. Very good. Congratulations on all the benchmarks met so far and thanks for taking my question.

好的。很好。恭喜到目前為止達到的所有基準，並感謝您提出我的問題。

Himanshu Patel, JPMorgan.

摩根大通的Himanshu Patel。

A few questions. Just, I wanted to clarify on the R&D. You did $208 million in full year 2011. You're sort of indicating about a $70 million annualized reduction from the sort of fall off on Model S and Fremont related cost, gets you to run rate of $138 million and then you're indicating some uptick from there related to the Model X in the second half. I guess could you justify simplify all of this and just give us a 2012 R&D number that you are thinking and then also any sort of dimensioning you can do on sort of just a run rate of that number prospectively either in absolute terms or as a percentage of sales?

幾個問題。只是，我想澄清一下研發。你在 2011 年全年賺了 2.08 億美元。你有點表示從 Model S 和弗里蒙特相關成本的下降中每年減少了大約 7000 萬美元，讓你的運行率達到 1.38 億美元，然後你表示一些從那裡開始的上漲與下半年的 Model X 有關。我想你能證明簡化這一切的合理性，只給我們一個你正在考慮的 2012 年研發數字，然後你可以做任何類型的尺寸標註，無論是絕對值還是百分比銷售額？

I think Himanshu, we will see some increase in Q1 and Q2 because we are just adding a lot more people in our manufacturing facility. As we indicated in our letter, there's about $15 million to $20 million of manufacturing related expense that comes out in the second half once it moves to COG and then, when you add in a bit of Model X, I think we are specifically not giving a guidance, but giving you sufficient granularity and trend here that I'm sure you can work it out reasonably well in your model.

我認為Himanshu，我們將看到第一季度和第二季度的一些增長，因為我們只是在我們的製造工廠中增加了更多的人。正如我們在信中所指出的那樣，一旦轉移到 COG，下半年就會出現大約 1500 萬至 2000 萬美元的製造相關費用，然後，當您添加一點 Model X 時，我認為我們特別沒有給予一個指導，但在這裡給你足夠的粒度和趨勢，我相信你可以在你的模型中很好地解決它。

But Deepak, I just wanted to be clear, it sounds like there's two issues going on with the R&D cost. There's a reduction happening from just an accounting reallocation from R&D to COGS and then there's another -- it sounds like another reduction happening from just turning off, if you will of elevated cost related to the Model S launch and the Fremont factory. My understanding was the $15 million to $20 million per quarter reduction which was kind of the genesis of my $70 million annualized comment, is that related to the latter or the former?

但是迪帕克，我只是想澄清一下，聽起來研發成本有兩個問題。從研發到 COGS 的會計重新分配發生了減少，然後還有另一個 - 如果您願意與 Model S 的推出和弗里蒙特工廠相關的成本升高，這聽起來像是關閉時發生的另一種減少。我的理解是每季度減少 1500 萬美元到 2000 萬美元，這是我每年 7000 萬美元評論的起源，這與後者或前者有關嗎？

The former.

前者。

I see. How much of a -- those costs don't actually go away entirely, they just get reallocated from R&D into cost of goods sold?

我懂了。有多少——這些成本實際上並沒有完全消失，它們只是從研發重新分配到銷售成本中？

That's right.

這是正確的。

Okay. And is there a reduction, an overall cost reduction in the Corporation regardless of where it gets binned on the P&L just related to the fact that the Model S development is behind you. You indicated that the X is going to be considerably lower cost presuming a lot of cost related to getting Fremont up may have been hitting the R&D line as well. What is the reduction associated with that regardless of where it is classified on the P&L?

好的。是否有減少，公司的總體成本降低，無論它在損益表上的哪個位置都與 Model S 的開發落後這一事實有關。您表示 X 的成本將大大降低，假設與讓弗里蒙特（Fremont）有關的大量成本也可能已經觸及研發線。無論它在損益表中的哪個位置，與之相關的減少是多少？

There's a reduction related to that, you're absolutely right. That will be partially offset by some spending in X that we talked about. There are some calendarization there which is we have a sense of it but it depends on how our spending goes by quarter so we aren't giving any specific numbers, but I think overall we will be in the $200 million or so range for R&D. I think when you run the models you come somewhere there.

有一個與此相關的減少，你是絕對正確的。這將被我們談到的 X 的一些支出部分抵消。有一些日曆化，我們對此有所了解，但這取決於我們按季度的支出情況，因此我們沒有給出任何具體數字，但我認為總體而言，我們的研發費用將在 2 億美元左右。我認為當您運行模型時，您會來到某個地方。

$200 million for this year?

今年2億美元？

Yes.

是的。

Okay. Then the next question is, just the Roadster, what is the long-term plan for that? Will that be reincarnated at some stage? Or is this just going into the sunset for ever?

好的。那麼下一個問題是，只有Roadster，它的長期計劃是什麼？會在某個階段重生嗎？或者這只是永遠進入日落？

Our intent with the Roadster -- or the first version of Roadster was really to create a real collectors item. It is obviously the first viable electric car of the modern era. I think it is likely to be one of our first true collectors cars of the 21st century and we want it to be that -- That's why we capped the volume at 2,500. They're will be at some point a new generation Roadster. But my only comment, that's going to come after the third generation vehicle. That pushes it out probably about four years or so.

我們對 Roadster 的意圖——或者說第一版 Roadster 的真正目的是創造一個真正的收藏品。它顯然是現代第一款可行的電動汽車。我認為它很可能是我們 21 世紀第一批真正的收藏汽車之一，我們希望它成為那樣——這就是我們將銷量限制在 2,500 輛的原因。他們將在某個時候成為新一代 Roadster。但我唯一的評論是，這將在第三代汽車之後出現。這可能會推出大約四年左右的時間。

Then Elon, just going back to one of the earlier questions. There's sort of this theoretical curve, if you will, on prospective cost per kilowatt hour of reduction that I'm sure you've got some historic data to sort of support. Then there's sort of the stuff you're working on right now that may just be in validation and there's -- it's a matter of time before you actually get there. Can you just dimension for us how much of that kind of $200 per kilowatt hour number is sort of in the bag from the engineering efforts that you can see and know that the organization has pretty good visibility on right now versus something that you haven't really figured out exactly how you are doing it but you sort of know over time that will happen?

然後 Elon，回到前面的問題之一。如果你願意的話，有這樣的理論曲線，關於每千瓦時減少的預期成本，我相信你有一些歷史數據可以支持。然後有一些你現在正在處理的東西可能只是在驗證中——你真正到達那裡只是時間問題。您能否為我們確定每千瓦時 200 美元的數字中有多少可以從您可以看到的工程工作中獲得，並且您知道該組織現在對某些東西有很好的可見性，而您還沒有真的弄清楚了你是怎麼做的，但你知道隨著時間的推移會發生嗎？

I'm not sure we've actually ever said anything about explicitly or publicly about a $200 per kilowatt hour. I wouldn't put it, people just assume that we have. I do think that cost per kilowatt hour at the sale level will decline below that -- below $200. In the not-too-distant future. I don't -- then there's incremental cost for the pack. The cost of the seller was not the cost of the pack with all the pack safety systems are included. The cost per kilowatt hour of the battery pack is a high proprietary number, so that's something we'd guard pretty closely. In terms of where it is at any given point in time.

我不確定我們實際上是否曾明確或公開說過每千瓦時 200 美元。我不會說，人們只是假設我們有。我確實認為銷售水平的每千瓦時成本將下降到低於 200 美元。在不遠的將來。我沒有——那麼這個包裝就會增加成本。賣方的成本不是包含所有包裝安全系統的包裝成本。電池組每千瓦時的成本是一個很高的專有數字，因此我們會密切關注這一點。就它在任何給定時間點的位置而言。

Maybe just one last question. What was the thought process on opening up the reservation book for the X at this moment? Clearly there some demand for it, but are there any risk that it could be some cannibalization of S volumes?

也許只是最後一個問題。此刻打開 X 的預訂簿的想法是什麼？顯然對它有一些需求，但是否有可能會蠶食 S 卷？

Yes. That's a good question actually, we are concerned that perhaps there would be some cannibalization of the S. In fact, the opposite occurred. We've seen higher Model S reservations, not lower. I think it is kind of like when people see that you've got more than one product in the lineup that actually is complementary. Kind of like you go into a store and it's better if the store sells pants and shirts and not just being the shirt store. So that's what we see -- people saw the press and pictures of the X and then some of them came to the website and said well, the X looks really cool but I prefer a sedan and bought the Model S. We've actually had customers who decided to buy both. That's really the objective data is that it is complimentary, not competitive.

是的。實際上這是一個很好的問題，我們擔心可能會出現對 S 的蠶食。事實上，相反的情況發生了。我們看到 Model S 的預訂量更高，而不是更低。我認為這有點像人們看到你的陣容中有不止一種產品實際上是互補的。有點像你走進一家商店，如果商店出售褲子和襯衫，而不僅僅是襯衫店，那就更好了。所以這就是我們所看到的——人們看到了 X 的新聞和圖片，然後他們中的一些人來到網站上說，X 看起來真的很酷，但我更喜歡轎車並買了 Model S。我們實際上已經擁有決定同時購買的客戶。這真的是客觀數據，它是互補的，而不是競爭的。

(Operator Instructions) Andrea James, Dougherty & Company.

（操作員說明）Andrea James，Dougherty & Company。

So what needs to happen before you can offer test drive on the Model S to a customer? I guess what seems to be the position of those first 5,000 customers, will they all need to test drive or will some be happy to take delivery without that?

那麼，在您向客戶提供 Model S 試駕之前，需要做什麼呢？我猜這前 5,000 名客戶的位置似乎是什麼，他們是否都需要試駕，或者有些人會很樂意在沒有試駕的情況下收貨？

I think the assumption of customers is that they are just going to take delivery. There's no presumption of a test drive before delivery. There may be a few that want to do that, but my understanding is in talking to those customers really is that they just want the car as soon as possible. No, in terms of test drives we have to wait until the car is fully homologated. So that's really essentially going to be at the point that we are delivering the first production cars. That's the middle of this year is when people will be able to take a test drive.

我認為客戶的假設是他們只是要收貨。交付前沒有試駕的假設。可能有一些人想要這樣做，但我的理解是，在與這些客戶交談時，他們真的只是希望盡快獲得汽車。不，就試駕而言，我們必須等到汽車完全獲得認證。因此，這實際上將是我們交付第一批量產汽車的關鍵。那是今年年中人們可以試駕的時候。

Over time we'll have a lot more cars out there, Andrea. So clearly any customer who wants to have a test drive before (inaudible) that should not be a problem at all.

安德里亞，隨著時間的推移，我們會有更多的汽車出現。很明顯，任何想要試駕的客戶（聽不清）根本不應該成為問題。

Absolutely. Given the fact that there's excess demand for the Model S, even if somebody doesn't like the Model S, they are probably -- should probably take delivery and then sell it because I expect that the cars will sell for more than the nominal price.

絕對地。鑑於對 Model S 的需求過剩，即使有人不喜歡 Model S，他們也可能 - 可能應該收貨然後賣掉它，因為我預計這些汽車的售價會高於名義價格.

Okay. So it sounds like from your view given the choice of delivering a car to a customer or setting that car aside for test drives you would just do the delivery?

好的。因此，在您看來，如果選擇將汽車交付給客戶或將汽車放在一邊進行試駕，您會直接進行交付嗎？

Yes, we're going to do a little bit of both, so there will be cars that are -- marketing cars that are delivered to the stores for test drives. That's going to be having a parallel with delivery to customers.

是的，我們將在這兩方面都做一點，所以會有一些汽車——營銷汽車被送到商店進行試駕。這將與向客戶的交付並行。

Okay. Then moving on to just Toyota. How has your communication gone with them as far as them saying this is what we need and when. Do they give you hard targets or moving targets? And also you said you're going to do a shipment in Q2, is that in line with the Rev Rec on that contract? Thank you.

好的。然後轉到豐田。就他們說這是我們需要的以及何時需要的而言，您與他們的溝通如何。他們給你硬目標還是移動目標？而且您還說您將在第二季度發貨，這符合該合同的 Rev Rec 嗎？謝謝你。

Toyota, as you can imagine, has very established processes and systems so and they have suppliers globally. They have a fairly stable production plan which they share with us in advance. So we have full clarity and visibility of what they need. Clearly the components that we will supply to them in Q2, the revenue on those will be recognized when we delivered those components like any other supplier.

正如您可以想像的那樣，豐田擁有非常成熟的流程和系統，並且他們在全球範圍內都有供應商。他們有一個相當穩定的生產計劃，他們提前與我們分享。因此，我們對他們的需求有充分的清晰和可見性。很明顯，我們將在第二季度向他們提供組件，這些收入將在我們像任何其他供應商一樣交付這些組件時確認。

Okay. You think it will be lumpy there then?

好的。你認為那裡會是塊狀的嗎？

No, I don't think so. I think there's going to be a ramp-up as we pick up the production rate but it won't be lumpy.

不，我不這麼認為。我認為隨著我們提高生產率，將會有一個提升，但它不會是崎嶇不平的。

Adam Jonas, Morgan Stanley.

亞當喬納斯，摩根士丹利。

Just to follow up on the test drive question, would the magazines first chance to drive the Model S also coincide with deliveries to customers in the middle of the year or would there be an opportunity before?

只是為了跟進試駕問題，雜誌第一次有機會駕駛 Model S 是否也與年中交付給客戶的時間相吻合，還是之前有機會？

It would probably coincide, yes. We definitely don't want to deliver -- really we want the car to be as close to perfect as possible before we get it to any automotive journalists to just drive.

它可能會同時發生，是的。我們絕對不想交付——真的，我們希望汽車盡可能接近完美，然後才能讓任何汽車記者開車。

Understood. Deepak, in 2011, it looks like your cash flow was just under a negative $300 million or $290 million, can you at this point confirm given the assumption of 5,000 units deliveries of the Model S that cash earned in 2012 should be significantly less than this amount, well still negative but less negative?

明白了。迪帕克，在 2011 年，您的現金流看起來剛剛低於 3 億美元或 2.9 億美元的負數，您能否在此時確認假設 Model S 交付 5,000 輛，2012 年賺取的現金應該大大少於這個數量，仍然是負數，但負數較小？

Yes, it will be. Our cash flow from operations here clearly we have reservations in play as well as working capital needs and in our case as we ramp up, we can have some benefits in working capital. Given the difference in payments to our suppliers versus payments that we collect from our customers. So yes, it will be less than that.

是的，會的。顯然，我們在這裡的運營現金流量和營運資金需求有所保留，在我們的情況下，隨著我們的增加，我們可以在營運資金方面獲得一些好處。鑑於向我們的供應商支付的款項與我們從客戶那裡收取的款項的差異。所以是的，它會比這更少。

Great. Just a follow-on, the CapEx outlook, the $200 million to $220 million, any rough split of how much of that is related to final spending on the Model S versus early spending on the Model X or the other buckets which we know include Retail or development work or early Gen 3? Any idea of a rough split?

偉大的。只是後續，資本支出前景，2 億美元到 2.2 億美元，其中有多少與 Model S 的最終支出與 Model X 或我們所知道的其他領域（包括零售）的早期支出有關還是開發工作或早期的第 3 代？有粗略分裂的想法嗎？

As you clearly said we have the bucket of spending on putting new stores out there, service centers, we are also going to do some supercharging installation as Elon mentioned and then spending on the X. It's going to be -- the majority is I would say S and leave it at that. I think that gives you enough granularity.

正如你明確表示的那樣，我們有足夠的資金用於在那裡開設新商店、服務中心，我們還將像 Elon 提到的那樣進行一些增壓安裝，然後在 X 上花費。這將是 - 大部分是我會的說 S 並保留它。我認為這給了你足夠的粒度。

I appreciate that. Just finally on the Model X reservations, it'd be nice if we could continue that daily amount, but looking at that split, I know it is early data, but how does the reservation amount compare to the roughly $11,000 per reservation that you're getting on average for the Model S?

我很感激。終於在 Model X 的預訂中，如果我們能繼續每天的金額就好了，但看看那個拆分，我知道這是早期數據，但預訂金額與您每次預訂大約 11,000 美元相比如何？重新獲得 Model S 的平均水平？

I guess you may be getting to that average because we collect $40,000 on the Signature Series and $5,000 on general production. We have a combination of Signature and general production reservations on the X. I don't have that number offhand what that breakdown is, but we're getting substantial Signature reservations, no doubt about that.

我猜你可能會達到這個平均水平，因為我們在 Signature 系列上收取 40,000 美元，在一般生產上收取 5,000 美元。我們在 X 上結合了 Signature 和一般生產預訂。我沒有立即知道那個數字是什麼，但我們得到了大量的 Signature 預訂，這一點毫無疑問。

For the X.

對於 X。

For the X, yes.

對於 X，是的。

Yes. Absolutely.

是的。絕對地。

I presume with the order of magnitude difference on the upfront reservation per for Signature X would be comparable to a Signature S versus the higher battery non Signature S?

我認為 Signature X 的前期預訂量級差異與 Signature S 與更高電池的非 Signature S 相當？

For the model that's regular series which is the $5,000 reservation, then there's Signature Series which is $40,000, it's the same for the Model X. But the $5,000 number is in (inaudible) the configuration of the Model S.

對於 5,000 美元預訂的常規系列車型，還有 40,000 美元的 Signature 系列，Model X 也是如此。但 5,000 美元的數字在（聽不清）Model S 的配置中。

Ben Kallo, Robert W Baird.

本·卡洛，羅伯特·W·貝爾德。

A lot of attention is being paid on to the number of dies that you have in Fremont. Is it plausible that you don't have all dies there at the manufacturing plant and you're still stamping some parts with your partner yet still delivering vehicles? I know that's not your best case scenario, but is that an option you would have to meet your delivery timeline?

您在弗里蒙特擁有的模具數量受到了很多關注。您是否有可能在製造工廠沒有所有模具，並且您仍在與您的合作夥伴一起沖壓一些零件但仍在交付車輛？我知道這不是您最好的情況，但這是您必須滿足交付時間表的選擇嗎？

I think we have enough gap in between that we don't see that as a possibility. We expect just about all the dies if not all of them to be here by early Q2 which gives us enough time to fine tune them and use them for the production cars.

我認為我們之間有足夠的差距，我們認為這是不可能的。我們預計幾乎所有的模具（如果不是全部的話）都會在第二季度初出現，這給了我們足夠的時間來微調它們並將它們用於量產車。

Okay. But would that be a possibility if something came up where you couldn't get the dies?

好的。但是，如果出現無法獲得模具的事情，那是否有可能？

There's always a possibility, yes. We could always have a lot of parts produced at Fuji and have them shipped when the dies is coming but clearly that's not part of the plan.

總是有可能的，是的。我們總是可以在富士生產很多零件，並在模具到來時發貨，但顯然這不是計劃的一部分。

Okay. Could you talk about how you get to the 10,000 to 15,000 delivery number outlook for 2014?

好的。您能否談談您如何實現 2014 年 10,000 到 15,000 個交付數量的前景？

For the Model X?

對於 X 型車？

Yes, for the Model X.

是的，對於 Model X。

We are just scaling that at roughly 0.5 to 0.75 of Model S. And it could be higher than that. I think that based on the demand we're seen thus far, it probably will be higher than that. But we don't know -- I think it probably will be higher than that. (inaudible) speculate as to an exact number but --

我們只是將 Model S 的大約 0.5 到 0.75 縮放。它可能會更高。我認為根據我們迄今為止看到的需求，它可能會比這更高。但我們不知道——我認為它可能會更高。 （聽不清）推測一個確切的數字，但是——

We eventually put it as a good conservative projection.

我們最終把它作為一個很好的保守預測。

I would say a conservative projection, yes.

我會說一個保守的預測，是的。

Okay, great. Actually, finally, could you just talk about your 5-star rating and the timing around that. We don't need that 5-star rating before the cars can actually be sold, is that correct? Should I understand it like that? It could come after you start marketing your cars?

好，太棒了。實際上，最後，您能否談談您的 5 星評級以及相關時間。在汽車實際銷售之前，我們不需要那個 5 星評級，對嗎？我應該這樣理解嗎？它可能會在您開始推銷您的汽車之後出現？

Yes. You do everything that's necessary to achieve the cars 5-star rating and then it is officially awarded at some point after start of production. Yes, but you pretty much know in advance what it's going to be. Yes.

是的。你做了一切必要的事情來獲得汽車 5 星評級，然後在生產開始後的某個時候正式授予它。是的，但你幾乎提前知道它會是什麼。是的。

And to your point, your right. We don't have to have a 5-star rating to get the car in production, it's our goal to get there. There's no regulatory requirement.

就你而言，你的權利。我們不必獲得 5 星評級才能讓汽車投入生產，這是我們的目標。沒有監管要求。

Yes. No, no absolutely. Really our goal with the Model S was to create the safest car on the road. To be the safe car on the road you really -- you obviously want to inspire to a 5-star in every category and actually there isn't a 6-star but we aim for a virtual 6-star. If you achieve that, the highest possible safety rating.

是的。不，絕對不。實際上，我們對 Model S 的目標是創造道路上最安全的汽車。要成為道路上的安全車，您真的--您顯然想在每個類別中激勵到 5 星級，實際上沒有 6 星級，但我們的目標是虛擬 6 星級。如果您實現了這一目標，則可能是最高的安全等級。

Carter Driscoll, Capstone.

卡特德里斯科爾，頂峰。

First question centers around potential financing options. Obviously maybe not quite as relevant for the S or the X but maybe you could talk about what you're attempting to line up for more of the mass-market Gen 3 vehicle?

第一個問題圍繞潛在的融資方案展開。顯然可能與 S 或 X 不太相關，但也許你可以談談你試圖為更多的大眾市場 Gen 3 車輛排隊的東西？

Sure. We would expect to have the full range of leasing and financing options that people are used to seeing for cars. And probably working with a number of large financial institutions to make that happen. We've had some very promising talks. But yes, we definitely want to make sure that the cars are as affordable as possible. I think there's an argument actually that the appeal of electric cars on the leasing side is going to be greater than on the purchase side. I certainly see that in solar. It is much more appealing to have a solar system on a lease basis because people can then compare that correctly with the cost that they are paying from the utility. Since the cost of electricity is so much less than the cost of gasoline it is really we're talking about an order of magnitude difference. By leasing the car and comparing and adding that cost of electricity versus comparing the lease cost of a gasoline car and the price of gasoline which is likely to be increasingly expensive, the value proposition to customers on purely an economic level is going to be that much more compelling.

當然。我們希望擁有人們習慣於看到汽車的全方位租賃和融資選擇。並且可能與許多大型金融機構合作以實現這一目標。我們進行了一些非常有希望的會談。但是，是的，我們絕對希望確保這些汽車盡可能實惠。我認為實際上有一種說法是電動汽車在租賃方面的吸引力將大於在購買方面。我當然在太陽能中看到了這一點。在租賃的基礎上擁有一個太陽能係統更具吸引力，因為人們可以將其與他們從公用事業公司支付的成本進行正確比較。由於電力成本遠低於汽油成本，因此我們實際上是在談論一個數量級的差異。通過租賃汽車並比較和增加電力成本與比較汽油汽車的租賃成本和可能越來越昂貴的汽油價格，純粹從經濟層面上對客戶的價值主張將如此之多更有說服力。

That's helpful. That's what I was driving at is in terms of the volatility of the residual value in using a much more constant kilowatt per hour price nationally then certainly differences regionally in gasoline prices. My next question is maybe you could -- in your own opinion, Elon or Deepak, talk about the different Model options you expect people to take in the different Models or maybe even compare and contrast the Model S versus the X, so we can drill down into what you think an ASP might look like, a final ASP might look like not necessarily just the base price, at least your best guess?

這很有幫助。這就是我所推動的，就剩餘價值的波動而言，在全國范圍內使用更加恆定的千瓦時價格，然後當然是汽油價格的地區差異。我的下一個問題是，也許你可以——以你自己的看法，Elon 或 Deepak，談談你希望人們在不同模型中採用的不同模型選項，或者甚至可以比較和對比 Model S 與 X，這樣我們就可以鑽深入到您認為 ASP 的樣子，最終的 ASP 可能看起來不一定只是基本價格，至少您的最佳猜測是？

Carter, I think Elon sort of answered there at a high level in one of the earlier questions that initially we will have the Signature Series which is 300-miles or the 85 kilowatt battery pack and then we will have the base 85 kilowatt battery pack. In addition, we're going to offer the performance version which we expect to have a very fairly significant debut given the specs on that. So between that and the options, we wouldn't be surprised if there's on average a $10,000 to $15,000 pick up above the base price which is fairly normal in the premium (inaudible). And then in 2012 it becomes a mix of sales, 2013 rather becomes a mix of sales in Asia and Europe, their pricing structures are different in the content, what's standard versus optional is different. So as we sort that out, for 2013, I know we'll provide more granularity. But I think 2012 is fairly clear. Given our plans of launching the different series over time.

卡特，我認為埃隆在之前的一個問題中回答了一個高水平的問題，最初我們將擁有 300 英里的簽名系列或 85 千瓦的電池組，然後我們將擁有基本的 85 千瓦電池組。此外，我們將提供性能版本，考慮到它的規格，我們預計它會有一個非常重要的首次亮相。因此，在這與期權之間，如果平均溢價高於基本價格 10,000 至 15,000 美元，我們不會感到驚訝（聽不清）。然後在2012年變成了混合銷售，2013年變成了亞洲和歐洲的混合銷售，它們的定價結構在內容上是不同的，標準和可選的不同。所以當我們解決這個問題時，對於 2013 年，我知道我們將提供更多的粒度。但我認為 2012 年相當清晰。鑑於我們計劃隨著時間的推移推出不同的系列。

Okay, just keeping an eye on the time here, we probably have time for questions from maybe one more analyst. So operator, just one more, please.

好的，請注意這裡的時間，我們可能有時間從另外一位分析師那裡提問。接線員，請再多一個。

Michael Lew, Needham.

邁克爾·盧，李約瑟。

You had mentioned other potential supply agreements and partnerships in the pipeline and I realize Daimler and Toyota are solid partners. But could you give us a sense of how many other ongoing powertrain development discussions are going on with other automakers and are they for more mainstream vehicles or luxury type of offerings?

你提到了其他潛在的供應協議和合作夥伴關係，我意識到戴姆勒和豐田是可靠的合作夥伴。但是，您能否告訴我們還有多少其他正在進行的動力總成開發討論正在與其他汽車製造商進行，它們是針對更主流的車輛還是豪華型產品？

I'm sorry, but I can't give you any color on that.

對不起，我不能給你任何顏色。

Okay. Wanted to follow-up on your comments regarding a Gen 3 mainstream model, would this be an EV targeted more at the emerging markets like I would say, China or broader-based type of offering?

好的。想跟進您對第 3 代主流車型的評論，這是一款更針對新興市場的電動汽車，如我所說的中國或更廣泛的產品類型？

It would be targeted, I think worldwide.

這將是有針對性的，我認為全世界。

Worldwide?

全世界？

Certainly inclusive of China. I wouldn't say virtually every country in the world, but certainly China. It is pretty to hard to ignore China as a market these days. I think -- in fact, we expect to be selling the Model S and the Model X in China. We think that there could be a lot of appeal interestingly for the Model X in China.

當然包括中國。我不會說世界上幾乎每個國家，但肯定是中國。如今，很難忽視中國這個市場。我認為——事實上，我們希望在中國銷售 Model S 和 Model X。我們認為 Model X 在中國可能會有很多有趣的吸引力。

Got it. Okay. Also regarding your prior comments on sales cost reductions from the current kilowatt hour pricing. How much would it be, let's say scale driven versus immaterial change driven? What would be the split on that?

知道了。好的。另外關於您之前對當前千瓦時定價降低銷售成本的評論。比方說規模驅動與非物質變化驅動的關係是多少？那會有什麼分歧？

That's a good question. Even without any material changes done efficiently at scale, you can get a current chemistry below $200 a kilowatt hour. I think that you will see material changes over time that amplify that opportunity.

這是個好問題。即使沒有大規模有效地進行任何材料更改，您也可以獲得低於每千瓦時 200 美元的當前化學物質。我認為隨著時間的推移，你會看到實質性的變化，這些變化會放大這個機會。

How long would it take to let's say qualify and enhance non-material driven change, if you wanted to, let's say implement it on the Model S, or an existing model at that time?

如果您願意，假設在 Model S 或當時現有的模型上實施它需要多長時間？

I think you kind of see most of the material changes coming because you have to implement them at large scale. So it's not as though you could have something that's just working in a lab and then very rapidly bring that to full scale production. Plus you have to assess things like calendar life degradation and particularly as well as cycle life degradation. So you tend to see sale chemistry changes coming from a few years away. We've got a roadmap of changes that look pretty interesting and of course the steady improvement, year-over-year. But that's not to say if we were to go and implement a new chemistry every year. I think we'd probably look to implement new chemistries probably every three years or something like that.

我認為您會看到大部分重大變化即將到來，因為您必須大規模實施它們。所以這並不是說你可以擁有一些只是在實驗室里工作的東西，然後很快就會將其投入到全面生產中。另外，您必須評估諸如日曆壽命退化，特別是循環壽命退化之類的事情。因此，您往往會看到幾年後的銷售化學變化。我們有一個看起來非常有趣的變化路線圖，當然還有逐年穩步改進。但這並不是說我們是否每年都去實施一種新的化學反應。我認為我們可能會考慮每三年或類似的時間實施新的化學物質。

Thank you. I'd like to turn the call back to our presenters for any concluding remarks.

謝謝你。我想將電話轉回給我們的演示者，以獲得任何結束語。

Thank you everyone for joining us. We look forward to seeing many of you over the coming weeks as we attend conferences. In particular we will be at the Jefferies Growth conference next week in New York City. And the week after that we will be at the Morgan Stanley Technology Media and Telecom conference in San Francisco. So we look forward to seeing many of you at those events. Thank you, goodbye.

感謝大家加入我們。我們期待在接下來的幾週內與你們中的許多人在我們參加會議時見面。特別是我們將參加下週在紐約市舉行的傑富瑞增長會議。在那之後的一周，我們將參加在舊金山舉行的摩根士丹利科技媒體和電信會議。因此，我們期待在這些活動中見到你們中的許多人。謝謝你再見。

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

謝謝你。女士們，先生們，感謝你們參加今天的電話會議。這確實結束了程序，您現在可以斷開連接。