特斯拉 (TSLA) 2012 Q1 法說會逐字稿

Good day ladies and gentlemen and welcome to the Tesla Motors first-quarter 2012 financial results. At this time all participants are in a listen-only mode. Later we will conduct a question and answer session and instructions will follow at that time.

女士們，先生們，美好的一天，歡迎來到特斯拉汽車公司 2012 年第一季度的財務業績。此時所有參與者都處於只聽模式。稍後我們將進行問答環節，屆時將遵循說明。

( Operator Instructions)

（操作員說明）

As a reminder, this conference call is being recorded. I would now like to introduce your host for today's conference, Mr. Jeff Evanson. Please go ahead.

提醒一下，正在錄製此電話會議。我現在想介紹一下今天會議的主持人 Jeff Evanson 先生。請繼續。

Thank you, Patrick and good afternoon, everyone. Welcome to the Tesla Motors first-quarter 2012 financial results question-and- answer conference call. I am joined today by Elon Musk, Tesla's Chairman, CEO and Chief Product Architect, as well as Deepak Ahuja, Tesla's Chief Financial Officer. We announced our financial results for the first-quarter, shortly after 1 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.

謝謝帕特里克，大家下午好。歡迎參加特斯拉汽車公司 2012 年第一季度財務業績問答電話會議。今天，特斯拉董事長、首席執行官兼首席產品架構師 Elon Musk 以及特斯拉首席財務官 Deepak Ahuja 加入了我的行列。我們今天在太平洋時間下午 1 點後不久公佈了第一季度的財務業績。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。

Today's call will consist of questions and answers and we will conduct the Q&A session live. So if you have not already done so, please press star one 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.

今天的電話會議將包括問答環節，我們將進行現場問答環節。因此，如果您還沒有這樣做，如果您想提問，請現在按星號。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。

Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in our most recent form 10-K 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. And now, let me pass the call to Elon.

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-K 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截至今天的觀點，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。

Alright, I think we can go right into questions. So, let's go ahead and start addressing the questions.

好吧，我想我們可以直接提問。所以，讓我們繼續並開始解決問題。

Thank you. If you a question at this time, please press star one on your touch-tone telephone.

謝謝你。如果您此時有問題，請在您的按鍵式電話上按星號。

( Operator Instructions)

（操作員說明）

Our first question comes from Amir Rozwadowski from Barclays Capital. Your line is open.

我們的第一個問題來自巴克萊資本的 Amir Rozwadowski。你的線路是開放的。

Thank you very much and good afternoon, Elon, Deepak and Jeff. I was wondering if we could talk a bit about the ramping of your facility at the moment. It seems as though, based on your release, you do expect to now deliver the vehicles in the June time frame. I was wondering if you could provide us an update in terms of getting the factory up and running to the run rate at which you expect to be delivering vehicles and where you stand today.

非常感謝，下午好，Elon、Deepak 和 Jeff。我想知道我們是否可以談談目前你們設施的擴建。似乎，根據您的發布，您現在確實希望在 6 月的時間範圍內交付車輛。我想知道您是否可以向我們提供有關使工廠啟動並運行到您期望交付車輛的運行速度以及您今天所處位置的最新信息。

Well, the initial ramp up course would be, sort of slow and then will spool up rapidly. We are keeping exact ramp sort of confidential and in part because we want to, as we increase production, we want to stabilize it at various plateaus, evaluate the quality, if it looks good, then ramp up. Our goal is to be at a run rate, an annualized run rate of greater than 20,000 units at the end of the year. But it's just a little difficult to predict that ramp, exactly, in advance. It's going to depend on how rapidly we can make cars at exceptional quality.

嗯，最初的加速過程會有點慢，然後會迅速加速。我們對確切的坡道保密，部分原因是我們希望隨著產量的增加，我們希望將其穩定在各個高原，評估質量，如果看起來不錯，然後進行坡道。我們的目標是在年底達到超過 20,000 台的年化運行率。但是要提前準確地預測這個斜坡有點困難。這將取決於我們能夠以多快的速度製造出卓越品質的汽車。

Are there any major pieces that need to be shipped in or installed, Elon? Is there any color you can give us as to where you stand today versus perhaps your last earnings call?

埃隆，是否有任何主要部件需要裝運或安裝？關於你今天的立場與你上一次財報電話會議的立場，你有什麼可以告訴我們的嗎？

Yes. We have all the factory machinery in place. We have the vast majority of the tooling in place. There are a few stamping dies that are stragglers, due to late changes. And those are coming in next month. But really, the machinery is in place and it's just a question of ironing out any bugs with the overall manufacturing system.

是的。我們有所有的工廠機器。我們擁有絕大多數工具。由於後期更改，有一些沖壓模具是落後的。這些將在下個月推出。但實際上，機器已經到位，這只是解決整個製造系統中的任何錯誤的問題。

The factory is like a big machine with many subcomponents essentially. So, it's getting that machine to work effectively at the subsystem level and then in the transition from one subsystem to the next and then being able to spool it up and go at it at a greater and greater speed. We really want to be supersensitive to the quality of the product. Our aspiration is to deliver cars that have zero defects. So, it will take some time to be able to have the whole system moved with equal cadence to achieve that goal.

工廠本質上就像一台帶有許多子組件的大型機器。因此，它使機器在子系統級別有效地工作，然後從一個子系統過渡到下一個子系統，然後能夠將它捲起來並以越來越快的速度運行。我們真的希望對產品的質量超級敏感。我們的願望是提供零缺陷的汽車。因此，需要一些時間才能使整個系統以相同的節奏移動以實現該目標。

But, you do feel comfortable that you can hit the 20,000 or greater by the end of the year?

但是，您是否對在年底前達到 20,000 或更多感到滿意？

I am highly confident of that, yes.

我對此非常有信心，是的。

Great Thank you very much for increments of color.

非常感謝您提供的顏色增量。

Our next question comes from Chris Kovacs from Robert Baird. Your line is open.

我們的下一個問題來自 Robert Baird 的 Chris Kovacs。你的線路是開放的。

Thanks for taking my question. Can you give us a sense of, it's going to be another record quarter with reservations. You have over 10,000 now. Can you tell us what percentage of those you started to lock in, take specs for cars? And then can you maybe comment on how the new stores have affected your reservation momentum and how you expect the momentum to increase or change, if you allow customers to test drive cars in the summer?

感謝您提出我的問題。你能給我們一個感覺嗎，這將是另一個創紀錄的季度。你現在有10,000多個。你能告訴我們你開始鎖定的人中有多少百分比是汽車規格？然後，如果您允許客戶在夏季試駕汽車，您能否評論一下新店如何影響您的預訂勢頭，以及您預計這種勢頭會如何增加或改變？

Sure. We have begun to lock in the cars that are -- as we queue the parts for production. So, we've got the first 100 cars locked in. We are really not seeing any significant follow-up from, at least in the beginning, from people -- as far as people said -- Oh, I put down a deposit but I'm not sure I want the car. It's really been a high rate of people wanting to put down the remainder of the money and complete the register of the vehicle.

當然。我們已經開始鎖定那些正在生產的汽車——我們將零件排隊等待生產。所以，我們已經鎖定了前 100 輛汽車。我們真的沒有看到任何重要的後續行動，至少在開始時，人們 - 正如人們所說 - 哦，我交了押金，但是我不確定我想要這輛車。想要放下剩餘的錢並完成車輛登記的人真的很高。

Regarding the new stores and how that's going, George, would you? George Blankenship, here. George would probably be the best person to provide some color and detail regarding the stores.

關於新店以及進展如何，喬治，你願意嗎？喬治·布蘭肯希普，在這裡。喬治可能是提供有關商店的一些顏色和細節的最佳人選。

We had very, very good traffic in Q1, as the shareholder letter said. We had over 410,000 people go through the six new design stores that we have. We are now getting ready to start opening our new stores for this year. We plan to open about 10 more new stores of the new design stores in traffic locations similar to those that the six exist in.

正如股東信中所說，我們在第一季度的流量非常非常好。我們有超過 410,000 人參觀了我們擁有的六家新設計商店。我們現在正準備開始在今年開設新店。我們計劃在與六家所在的交通位置相似的新設計店中再開設約 10 家新店。

The traffic has been very positive and has a positive effect on the reservation flow. Both from Model X -- Model S and Model X. It has been very, very positive, and we are looking to open at least 10 stores this year of the new design.

流量非常積極，對預訂流量產生了積極影響。來自 Model X——Model S 和 Model X。這非常非常積極，我們希望今年至少開設 10 家新設計的門店。

I should tell you, with a particular focus in the greater New York area. Where we think there is a substantial untapped market.

我應該告訴你，特別關注大紐約地區。我們認為有大量未開發的市場。

You combine that with the additional marketing colors that will be there in the stores and the customer rides and drives, definitely there will be a significantly higher level of a marketing effort and presence that the customers will see starting this quarter.

將其與商店中的其他營銷顏色以及客戶的乘車和駕駛相結合，從本季度開始，客戶肯定會看到更高水平的營銷工作和存在。

It's worth noting that-- I mean it's the sign-ups that we've-- the 10,000 people who have put down a reservation payment, they have not test-driven the cars. So, we're achieving those numbers with no advertising, with no test drives, and in many cases, with stores that only have cars part of the time. By the end of this month, I think that we will have more or less, cars in all the stores. But to date, we've-- since these cars have been reserved for testing, much of the time there has been no Model S in the store.

值得注意的是——我的意思是我們已經註冊了——10,000 人已經支付了預訂費用，他們沒有試駕過這些汽車。因此，我們在沒有廣告、沒有試駕的情況下實現了這些數字，而且在許多情況下，商店部分時間只有汽車。到本月底，我認為我們將在所有商店或多或少地擁有汽車。但迄今為止，我們已經 - 由於這些汽車已被保留用於測試，大部分時間商店裡都沒有 Model S。

It obviously adds to the sales challenge. So I think we should see some acceleration of reservations as a function of having cars that people can actually drive. And, having more stores open and increased word-of-mouth from people seeing cars actually on the road and eliminate any question marks as to whether the car is, in the mind of the consumer, if the car brings production.

這顯然增加了銷售挑戰。所以我認為我們應該看到預訂的加速是人們可以實際駕駛的汽車的功能。而且，開設更多商店並增加人們在路上看到汽車的口碑，並消除消費者心目中汽車是否能帶來生產的任何問號。

Thank you guys for that color. Just one follow-up. There was some news that came out with Toyota and the RAV4 announcing this week, I think they mentioned 2,600 cars over the next three years or so. Can you talk about -- is there more to that contract contemplated in that number in terms of the $100 million deal you guys have with them, besides the 2,600 cars? What is your indication of Toyota or what is the triggers for them to expand that number in future years, beyond the next three?

謝謝你們的顏色。只是一個後續。本周豐田和 RAV4 發布了一些消息，我認為他們提到了未來三年左右的 2,600 輛汽車。你能談談 - 除了 2,600 輛汽車之外，你們與他們達成的 1 億美元的合同中還有更多的合同嗎？您對豐田的看法是什麼，或者他們在未來三年內擴大這一數字的觸發因素是什麼？

We've had and continue to have extensive discussions with Toyota about scaling up the quantity significantly. Toyota wants to wait until the space of the RAV4 program gets on the road before potentially signing anything that's at a larger scale. But, I think that's certainly good grounds to conclude that the scale up -- the odds of scaling up, I think, are good. I am not sure I could characterize with any greater sense to you than that, but I think the reaction to the electric RAV4 will be quite positive.

我們已經並繼續與豐田就大幅增加數量進行廣泛討論。豐田希望等到 RAV4 計劃的空間上路之後，才可能簽署任何更大規模的協議。但是，我認為這肯定是得出擴大規模的良好理由——我認為擴大規模的可能性很好。我不確定我能否用比這更有意義的方式來描述你的特徵，但我認為對電動 RAV4 的反應會非常積極。

This car has amazing acceleration and handling and one thing that wasn't clear in the announcement earlier this week is it's got 60% more range than Leaf in highway, city, or any scenario, really. It should be quite a compelling vehicle from its capabilities, it's [unintelligible] capabilities compared to a Leaf. The price is a bit on the high side, but the volume numbers initially are low. So hopefully that's not an issue.

這輛車具有驚人的加速和操控性，本週早些時候的公告中並不清楚的一件事是，它在高速公路、城市或任何場景中的續航里程比 Leaf 多 60%，真的。從它的能力來看，它應該是一個非常引人注目的工具，與 Leaf 相比，它的能力是 [難以理解的]。價格有點偏高，但最初的數量很低。所以希望這不是問題。

Okay. Thank you very much.

好的。非常感謝。

Our next question comes from Patrick Archambault from Goldman Sachs. Your line is open.

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

I guess two questions from my end. Obviously, you have a pretty big event and a well anticipated event in front of you. Can you tell us a little bit about what your strategy is to, you know, get some cars in the hands of the press? Clearly, word-of-mouth, as you say, is important and that's going to be a key channel for getting the thing reviewed and, hopefully helping the reservation numbers. So how are you thinking about that in terms of your marketing strategy over the coming month or two?

我想我有兩個問題。顯然，你面前有一個相當大的事件和一個備受期待的事件。你能告訴我們一些關於你的策略是什麼，你知道，讓一些汽車交到媒體手中嗎？顯然，正如您所說，口碑很重要，這將成為審查事情的關鍵渠道，並有望幫助預訂人數。那麼您如何看待未來一兩個月的營銷策略呢？

We have had limited test rides for journalists, going back as far as September. The more exhaustive reviews, I think we want to wait until the car is as close to perfect as possible before we do that. Certainly, past the start of production. If we give a car that maybe has some bugs in it and a journalist is free to write whatever they write, they would presumably write about a few issues. There's no point in doing that if those expect to be cleared up within four or five weeks. We will wait until probably the end of June before doing any journalist reviews.

我們為記者進行了有限的試駕，最早可以追溯到 9 月。更詳盡的評論，我認為我們希望等到汽車盡可能接近完美後再這樣做。當然，在生產開始之後。如果我們給一輛可能有一些錯誤的汽車，而記者可以自由地寫他們寫的任何東西，他們大概會寫一些問題。如果那些希望在四五週內得到清理，那麼這樣做是沒有意義的。我們將等到大概 6 月底再做任何記者評論。

Got you. Certainly. Maybe one for Deepak, just on the modeling side. It sounds like with some of the tooling coming in late and the characteristics of low volume production when you are ramping up, you are going to probably be using components manufactured with pre-production tooling, and if you do it right, obviously, it doesn't impact the quality but it impacts the cost.

得到你。當然。也許是給 Deepak 的，只是在建模方面。聽起來有些工具遲到了，而且當你加速時，小批量生產的特點，你可能會使用用預生產工具製造的組件，如果你做得對，顯然，它不會不會影響質量，但會影響成本。

Can you tell us a little bit about how you expect your material costs to trend, as you ramp up, and when you think they can come down once you have the volume behind you to help you had that 25% gross margin target?

你能告訴我們一些關於你期望你的材料成本趨勢如何，隨著你的增加，以及當你認為一旦你有足夠的數量來幫助你實現 25% 的毛利率目標時它們會下降嗎？

Sure. As we have said, the 25% target is when we achieved our annualized 20,000 units of production since they delivered an overhead component as well to it. That would be sometime late this year and on a full-quarter basis we will get closer to that in Q1 of next year. Initially, at this point, primarily in Q2 as you said, there could be a variety of reasons why an initial pricing from suppliers could be low.

當然。正如我們所說，25% 的目標是當我們實現年產量 20,000 單位時，因為他們也向其交付了間接費用。這將是今年晚些時候的某個時候，在整個季度的基礎上，我們將在明年第一季度更接近這一水平。最初，在這一點上，主要是在您所說的第二季度，可能有多種原因導致供應商的初始定價可能很低。

It's just a mere fact that they have low volumes. Prices will be high, sorry. Just a mere fact that they have low volumes in some cases can result in higher prices. That is being factored in our financial assumptions. Most of Q2 expenses will be in R&D for those issues. That is why we also provided the guidance of our increased R&D expense in Q2.

它們的數量很少，這只是一個事實。價格會很高，對不起。在某些情況下，它們的數量很少這一事實可能會導致價格上漲。我們的財務假設已經考慮到了這一點。第二季度的大部分費用將用於這些問題的研發。這就是為什麼我們還提供了第二季度增加研發費用的指導。

To be clear, we are all, I think we agree at this point, increasingly confident of achieving 25% gross margin for 2013.

需要明確的是，我們所有人，我認為我們在這一點上都同意，越來越有信心在 2013 年實現 25% 的毛利率。

Okay. Terrific. Very helpful. Thank you.

好的。了不起。非常有幫助。謝謝你。

Our next question comes from Colin Rusch from ThinkEquity. Your line is open.

我們的下一個問題來自 ThinkEquity 的 Colin Rusch。你的線路是開放的。

Thanks so much. Can you talk about the cycle time right now in terms of car production? How many more iterations of the manufacturing process do expect to go through before you start shipping cars? I should say the Model S in specific.

非常感謝。你能談談現在汽車生產的周期時間嗎？在您開始運輸汽車之前，預計還要經歷多少次製造過程的迭代？我應該具體說Model S。

I'm not sure what you mean by cycle time on the reproducing cars at a very slow pace, at this point. Perhaps you can clarify that?

在這一點上，我不確定您所說的以非常慢的速度複製汽車的周期時間是什麼意思。也許你可以澄清一下？

I'm just asking how long does it take, you are running test cars through there, assuming, now. I mean is it taking two weeks, is it taking a full month? How many iterations on the those process refinements do you think you'll go through before you really lock them in?

我只是問需要多長時間，假設現在你正在通過那裡運行測試車。我的意思是它需要兩個星期，它需要整整一個月嗎？在你真正鎖定它們之前，你認為你會經歷多少次對這些流程改進的迭代？

I think we're going to keep iterating for the next four or five weeks. Even after we start production, I think there's going to be room for improvement on the car. As there is with any product. I don't think we will ever stop iterating on improvements of the vehicle. But, we are really down to very small refinements, at this point.

我認為我們將在接下來的四五週內繼續迭代。即使在我們開始生產之後，我認為這輛車仍有改進的空間。就像任何產品一樣。我認為我們永遠不會停止對車輛的改進進行迭代。但是，在這一點上，我們真的要進行非常小的改進。

These are nuance issues of fit and finish, and rattle, squeak, the fine tuning of the stereo system and that kind of thing. Not major stuff, really. But, I want to be really attentive to the details. I don't want -- I want the Model S to be right all the way down to the smallest detail. That's what we are dealing with right now, going to a very tiny level detail level.

這些是適合和完成的細微差別問題，還有嘎嘎聲、吱吱聲、立體聲系統的微調等等。不是主要的東西，真的。但是，我想真正注意細節。我不想要——我希望 Model S 一直到最小的細節都是正確的。這就是我們現在正在處理的，達到非常微小的細節級別。

Great, and can you talk a little bit about the cost reduction for the battery packs? How much do you think you can improve power performance through further controls as opposed to improvements on the battery itself? What is the timeline for making those sorts of improvements?

太好了，您能談談電池組的成本降低嗎？您認為通過進一步控製而不是改進電池本身可以提高功率性能多少？進行這些改進的時間表是什麼？

In increasing the charge per kilowatt per hour or the range? I think, if we wanted to, right now we could build a pack with 500 miles range. It just doesn't seem to us that people would necessarily -- that most people wouldn't really have a need or want for that. So it's better to use that space for cargo capacity or other things. The bigger focus over time will be improving the cost per kilowatt hour battery pack. Improving both the non-cell cost and the cell cost.

在增加每千瓦時的充電量還是范圍？我認為，如果我們願意，現在我們可以製造一個 500 英里範圍的背包。在我們看來，人們並不一定會——大多數人實際上並不需要或不想要它。所以最好將該空間用於貨物容量或其他東西。隨著時間的推移，更大的焦點將是提高每千瓦時電池組的成本。提高非電池成本和電池成本。

We're pretty comfortable with where we are in terms of achieving the 25% gross margin next year. So, we have a pretty good idea of how to get there. And then over time, we will continue to see both the cell and non-cell pack cost decrease. Historically, it has been at roughly the 8% to 10% per year rate, not necessarily a smooth thing, but it's been that average over time. It looks like things will continue to improve at around that rate in the future.

就明年實現 25% 的毛利率而言，我們非常滿意。所以，我們對如何到達那裡有一個很好的想法。然後隨著時間的推移，我們將繼續看到電池組和非電池組的成本都在下降。從歷史上看，它一直在每年大約 8% 到 10% 的速度，這不一定是一件順利的事情，但隨著時間的推移，它一直是這個平均值。看起來事情在未來會繼續以這個速度改善。

Thank you so much.

太感謝了。

Our next question comes from the line of Adam Jonas from Morgan Stanley. Your line is open.

我們的下一個問題來自摩根士丹利的亞當喬納斯。你的線路是開放的。

A couple questions. First, I appreciate that you won't disclose more reservations ongoing on the Model X. I think that is a wise decision to focus the attention on the S. But, will you continue to publish the balance sheet item and reservation payment? And if you do, will that balance still include Model X reservations payments, as well? That is my first question.

幾個問題。首先，我很欣賞你不會透露更多關於 Model X 正在進行的預訂。我認為將注意力集中在 S 上是一個明智的決定。但是，你會繼續公佈資產負債表項目和預訂付款嗎？如果你這樣做了，這個餘額還會包括 Model X 的預訂付款嗎？這是我的第一個問題。

Adam, yes, it will. We will have to report that on our balance sheet.

亞當，是的，它會的。我們將不得不在我們的資產負債表上報告這一點。

Yes, obviously, if we show Model S reservations show the total balance sheet number, it won't be super hard to figure out what the Model X. reservation number is. But, we don't want to call attention to something when our focus is very much on the S.

是的，很明顯，如果我們顯示 Model S 的預訂顯示總資產負債表編號，那麼弄清楚 Model X 的預訂編號是什麼並不難。但是，當我們非常關注 S 時，我們不想引起對某事的注意。

Understood. But it may raise some questions like my next one which is -- if you look at that ratio of the cumulative reservation balance over the reservation number, to get a ratio, that ratio did decline materially from 4Q from the end of December to the end of March around 11,500 about 10,500, implying an incremental reservation amount on incremental reservation number declined a bit sharper than that. Is there anything to read into that?

明白了。但這可能會引發一些問題，例如我的下一個問題——如果您查看累積預訂餘額與預訂數量的比率，得到一個比率，該比率從 12 月底到年底的第四季度確實大幅下降3 月份的 11,500 左右約為 10,500，這意味著增量預訂數量的增量預訂量下降幅度比這更劇烈。有什麼要讀的嗎？

Is that because the Model X reservation amounts are just a much lower per unit or are we seeing the incremental -- now at the first, your VIPs, super high net worth folks that maybe were higher up on the reservation list getting the performance packages, is it reflecting more of the mass-market buyer, now, if you can call it that, for the Model S incremental reservation?

是因為 Model X 的每台預訂量要低得多，還是我們看到的是增量——現在首先，您的 VIP、超高淨值人士可能在預訂名單上排名靠前，獲得了性能包，現在，如果可以這麼說的話，它是否更多地反映了大眾市場的購買者，對於 Model S 的增量預訂？

That's a good, good question, Adam. A driver is we received far fewer -- we receive more general reservations, not signature reservations. As he may recall, we basically completed or sold out all of our signature series cars in early January. And deposit of the reservation amount for signature series cars is $40,000, versus $5,000 for general production. Clearly, in Q4, that's when a big chunk of the last signature reservations came in and that resulted in that higher average reservations amount.

這是一個很好的問題，亞當。我們收到的司機要少得多——我們收到更多的一般預訂，而不是簽名預訂。他可能還記得，我們在 1 月初基本完成或售罄了我們所有的簽名系列汽車。簽名系列汽車的預訂金額為 40,000 美元，而一般生產為 5,000 美元。顯然，在第四季度，最後一個簽名預訂的很大一部分進入了，這導致了更高的平均預訂量。

Great. Next question is on the -- your Model S delivery target, moving it up into June. But yet you're still providing the revenue guidance of roughly stable at $30 million at the group level. That would imply, if I'm correct, this is a very small number of deliveries that you are going to be making in Q2. I mention that because I am presumably most people on the call have Tesla models have probably zero deliveries in the second quarter right now.

偉大的。下一個問題是關於您的 Model S 交付目標，將其移至 6 月。但是，您仍然在集團層面提供大致穩定在 3000 萬美元的收入指導。這意味著，如果我是正確的，這是您將在第二季度進行的極少數交付。我之所以提到這一點，是因為我大概是大多數參加電話會議的人，特斯拉車型目前在第二季度的交付量可能為零。

So, are we talking about a handful, 10, 20, 30, that order of magnitude? It doesn't seem like it could be much more than that if you're going to be near the $30 million revenue mark.

那麼，我們是在談論少數，10、20、30，那個數量級嗎？如果你要接近 3000 萬美元的收入大關，它似乎不會比這更多。

Yes, it's on that order, yes. It's not like, it's not one and it's not hundreds. It's sort of in the tens.

是的，按這個順序，是的。它不像，它不是一個，也不是數百個。差不多是幾十。

I just want to confirm that, thanks Elon. And then finally, given the pull forward, the good time frame of the launch timing, the very positive reception of Model X. Your ability to show and accelerate perhaps key developments for the Gen 3 a few years out. Have you given any further thought to potentially using an opportunity to raise a bit more capital to help fund these projects that really deserve, probably, more resources, or could deserve more resources given the great interest in your early execution on them? That's my last question. Thank you.

我只是想確認一下，謝謝 Elon。最後，考慮到推進、發佈時間的良好時間框架、Model X 的非常積極的接受度。您展示和加速可能是幾年後第 3 代的關鍵開發的能力。您是否進一步考慮過可能利用一個機會籌集更多資金來幫助資助這些真正應該獲得更多資源的項目，或者考慮到您對早期執行這些項目的極大興趣，可能應該獲得更多資源？這是我的最後一個問題。謝謝你。

Thank you. Our next question comes from Carter Driscoll from CapStone Investments. Your line is open.

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

Good afternoon, gentlemen. I guess I just want to follow up on the reservation question. Just a little differently. I was talking to some of the stores and some of the sales people and I've talked about maybe multiple orders from individuals and maybe, some that actually exceeded multiple orders.

先生們，下午好。我想我只是想跟進預訂問題。只是有點不同。我正在與一些商店和一些銷售人員交談，我談到了可能來自個人的多個訂單，也許有些實際上超過了多個訂單。

And maybe that effect is positive or negative in terms of your positioning the car, and then also, maybe some people have been rumored to be potentially reselling the car or flipping the car. Whether that might have a minor impact or not at all? Maybe could address that for me first?

就您對汽車的定位而言，這種影響可能是正面的或負面的，然後，也許有人傳言可能會轉售汽車或翻轉汽車。這是否可能會產生輕微影響？也許可以先為我解決這個問題？

Participants, please hold on for a moment. We are having technical difficulties. Ladies and gentlemen, thank you for holding. Please stand by. Ladies and gentlemen, thank you for holding. Please stand by Thank you, please go ahead

參加者，請稍等片刻。我們遇到了技術難題。女士們，先生們，謝謝你們的捧場。請待命。女士們，先生們，謝謝你們的捧場。請稍等 謝謝，請繼續

Sorry about that everyone. Why don't we pick it up with Adam Jonas' last question, please? Adam, if you're on the line, do you want to repeat that, please?

對不起大家。我們為什麼不回答亞當喬納斯的最後一個問題，好嗎？亞當，如果你在線，你想再說一遍好嗎？

Pardon me, Adam Jonas, can you please queue back up? We currently have Carter Driscoll's line open from CapStone.

對不起，亞當喬納斯，你能再排隊嗎？目前，我們從 CapStone 開通了 Carter Driscoll 的生產線。

Why don't we take Carter's question and then we'll come back to Adam.

我們為什麼不接受卡特的問題，然後再回到亞當。

Thanks for taking my question. I just want to follow up on the Model S reservations question. Talking to some of the stores, I heard a certain comments that maybe certain individuals had ordered multiple or put down multiple reservations in the chance of potentially flipping the car. Is that at all a concern? Have your heard similar things from some of your -- some feedback from your sales people?

感謝您提出我的問題。我只想跟進 Model S 的預訂問題。在與一些商店交談時，我聽到一些評論說，也許某些人已經訂購了多個或進行了多個預訂，以防翻車。這完全是一個問題嗎？您是否從您的一些銷售人員那裡聽到過類似的事情——一些反饋？

There's been a few mentions of that. The quantity is so minimal that it is not an issue. There have been a couple issues on -- there's been a couple inputs on our web form as well on the subject. But it is so few and far between that it is not an issue.

有幾次提到這一點。數量非常少，這不是問題。有幾個問題——在我們的網絡表單上也有一些關於這個主題的意見。但它是如此之少和相距甚遠，這不是一個問題。

Okay. And then just moving over quickly just a question on the Daimler agreement. In your prepared remarks you alluded to that potentially outpacing all the other development contracts you had before. Has the automobile moved from the prototype into early stage production? Maybe you could shed some color on where that is progressing right now.

好的。然後只是快速移動只是關於戴姆勒協議的問題。在您準備好的評論中，您提到這可能會超過您之前擁有的所有其他開發合同。汽車是否已從原型進入早期生產階段？也許您可以對目前的進展情況有所了解。

It's effectively early stage production, although, in terms of cars that we would be prepared to deliver to customers, those would occur next month.

這實際上是早期生產，儘管就我們準備交付給客戶的汽車而言，這些將在下個月進行。

Okay. Thank you for that. That's all I have.

好的。謝謝你。那是我的全部了。

I'm sorry, so with respect to Daimler, I know, my apologies for any misinterpreting context there. We certainly delivered many Electric Smart battery packs and chargers in Mercedes A class, but we've not yet delivered anything for the new program beyond the initial prototype level.

對不起，關於戴姆勒，我知道，對於那裡的任何誤解上下文，我深表歉意。我們當然在梅賽德斯 A 級中交付了許多 Electric Smart 電池組和充電器，但我們還沒有為新項目交付超出初始原型級別的任何東西。

Therefore the prepared comments about it potentially exceeding your other development contracts, is that based on their market position globally? Is it based on discussions you've had before? I guess, having seen the RAV4 hit essentially the push this week, and we're getting a picture of that, what makes it comfortable that it's going to exceed all your other development contracts if the vehicle is not out of the prototype stage?

因此，準備好的關於它的評論可能超過您的其他開發合同，這是基於他們在全球的市場地位嗎？它是基於你之前的討論嗎？我想，看到 RAV4 基本上在本週受到了推動，我們得到了一張照片，如果車輛沒有脫離原型階段，它會超過你所有的其他開發合同，是什麼讓你感到舒服？

Well, the nature of the agreement is in excess of everything combined to date. So, that is the plan, essentially. That is what we are gearing up to do with Daimler.

好吧，該協議的性質超出了迄今為止的所有內容。所以，這就是計劃，基本上。這就是我們正準備與戴姆勒合作的事情。

Is this the last -- not to push it too hard, but is that -- do you expect something in the back half of this year? Or is it really just all the focus on the Model S today?

這是最後一次 - 不要太用力，但那是 - 你預計今年下半年會發生什麼嗎？或者它真的只是今天所有的焦點都集中在 Model S 上？

Our primary focus really is on the Model S, but we certainly expect to make material progress on the new electric Mercedes Benz later this year. Production delivery in terms of our customers would see is essentially in the early 2014 time frame.

我們主要關注的是 Model S，但我們當然希望在今年晚些時候在新款電動梅賽德斯奔馳上取得實質性進展。就我們的客戶而言，生產交付基本上是在 2014 年初的時間範圍內。

Okay. I appreciate the color. Thank you.

好的。我很欣賞這種顏色。謝謝你。

Thank you. We do have a question from Adam Jonas. Your line is open.

謝謝你。我們確實有來自 Adam Jonas 的問題。你的線路是開放的。

Thanks for taking a follow-up. You mentioned that the Model S has now been fully certified by the US Environmental Protection Agency and the State of California. But, unless I missed it in the release, I didn't see the disclosure of what the mileage was going to be. Presumably when this goes on sale and initial deliveries are in June, unless I'm mistaken, won't it have to have a sticker with the combined fuel economy?

感謝您的跟進。您提到 Model S 現在已經通過了美國環境保護署和加利福尼亞州的全面認證。但是，除非我在發佈時錯過了它，否則我沒有看到里程數的披露。大概當它開始銷售並在 6 月首次交付時，除非我弄錯了，否則它不是必須貼上綜合燃油經濟性的標籤嗎？

Yes. Are you talking about the MPG rating?

是的。你說的是MPG等級嗎？

Exactly.

確切地。

And the range I think is what -- (multiple speakers)

我認為的範圍是——（多位發言者）

I'm not sure if you had a chance to see the range blog we published earlier today. But, as far as the EPA fuel economy rating, we are expecting it to be at least -- initially it will be 89 mpg, although we think we might be able to improve that with some efficiency improvements at the charger level, because it's measuring the a/c watt hours in -- so I think those -- we're not going to promise anything but we think there's more room for improvement there. But the current official rating is 89 mpg. Then, on the two-cycle test we have 320 miles and on the five-cycle test, 265.

我不確定您是否有機會看到我們今天早些時候發布的範圍博客。但是，就 EPA 燃油經濟性評級而言，我們預計它至少會達到 - 最初將是 89 mpg，儘管我們認為我們可以通過在充電器級別上的一些效率改進來改善這一點，因為它正在測量空調瓦時 - 所以我認為那些 - 我們不會承諾任何事情，但我們認為那裡還有更大的改進空間。但目前的官方評級是 89 mpg。然後，在兩輪測試中，我們有 320 英里，在五輪測試中，我們有 265 英里。

Can you repeat those, please?

請你再重複一遍好嗎？

On the two-cycle test 320 miles, so it's actually 20 miles above our target. On the five-cycle test, which is a much more intense test, where the car can sometimes go -- it goes up to 80 miles an hour type of thing. That is 265-mile range.

在 320 英里的兩循環測試中，它實際上比我們的目標高出 20 英里。在五循環測試中，這是一個更加激烈的測試，汽車有時可以行駛——它可以達到每小時 80 英里的速度。那是265英里的範圍。

Excellent. And you only release it for the largest battery size?

出色的。你只為最大的電池尺寸發布它？

Correct. All initial deliveries are for the largest battery size.

正確的。所有初始交付都是針對最大電池尺寸的。

Okay.

好的。

And I just want to mention everyone should go check out our website blog. You will see a very thorough letter from Elon and JB Straubel, our CTO, that explains a lot of the details and some of the numbers behind that. It's interesting reading.

我只想提一下，每個人都應該去看看我們的網站博客。你會看到一封來自 Elon 和我們的 CTO JB Straubel 的非常詳盡的信，其中解釋了很多細節和背後的一些數字。讀起來很有趣。

Thank you.

謝謝你。

We'll have an exciting thing to announce later this year regarding long-distance travel with the Model S. Sometime, probably, in the July-ish time frame. It's going to be pretty cool.

我們將在今年晚些時候宣布一件令人興奮的事情，關於 Model S 的長途旅行。某個時候，可能是在 7 月左右的時間框架內。這會很酷。

Great. Thanks Elon.

偉大的。謝謝埃隆。

Our next question comes from Dan Galves from Deutsche Bank. Your line is open.

我們的下一個問題來自德意志銀行的 Dan Galves。你的線路是開放的。

Hey, good afternoon. You guys mentioned that there was still some stamping dies to be delivered next month. Are you comfortable with all your suppliers in terms of them being able to supply production parts in time for the launch?

嘿，下午好。你們提到下個月還有一些沖壓模具要交付。您對所有供應商是否能夠及時提供生產零件以進行發布感到滿意？

Yes. We are highly confident of that.

是的。我們對此充滿信心。

Okay. Got it. In terms of the Tesla stores and service centers, can you give us an update on how many you feel like you need to support global sales of the Model S and the Model X? Clearly, by owning your own stores, you guys are capturing a lot of the margin that is usually taken by franchise dealers. But, do you have an estimate for what percentage of sales the Tesla store and service center costs will represent as a percentage of your revenue over time?

好的。知道了。關於特斯拉門店和服務中心，您能否告訴我們您認為需要多少門店才能支持 Model S 和 Model X 的全球銷售？顯然，通過擁有自己的商店，你們獲得了特許經銷商通常獲得的大量利潤。但是，您是否估計隨著時間的推移，特斯拉商店和服務中心的成本將佔您收入的百分比？

Dan, to answer your earlier question, we expect to have close to 30 stores by the end of this year. As we look at next year and growth of Model X in 2014, we will be somewhere north of 50 stores at that time. We think, globally, that gives us enough capacity and throughput in the stores to sell projected volumes of Model S and X as we have shared externally so far.

丹，為了回答你之前的問題，我們預計到今年年底將有近 30 家門店。當我們展望明年和 2014 年 Model X 的增長時，我們將在 50 家門店以北的某個地方。我們認為，在全球範圍內，這為我們提供了足夠的商店容量和吞吐量來銷售我們迄今為止對外共享的預計數量的 Model S 和 X。

We certainly have a sense of our percentage of revenue for these stores; it's part of our SG&A expenses. We don't necessarily split that out but, I can tell you that we find that we are very efficient in our selling, as compared to the typical dealership model. That is something we absolutely track.

我們當然知道這些商店的收入百分比；這是我們 SG&A 費用的一部分。我們不一定將其分開，但我可以告訴您，與典型的經銷模式相比，我們發現我們的銷售效率非常高。這是我們絕對追踪的東西。

We'd don't have a national advertising spend. It's zero. At some point, we will want to do that. But, probably not for the first few years, at least. Right now, demand outstrips supply. We need to improve supply. That's our focus.

我們不會有全國性的廣告支出。它是零。在某個時候，我們會想要這樣做。但是，至少在最初的幾年裡可能不會。目前，供不應求。我們需要改善供應。這是我們的重點。

Okay. Thanks very much for that. Can you give us an update on when you expect to begin sales in Europe of the Model S? Not sure if you have announced pricing for the European vehicle -- but when would that be, if you haven't already?

好的。非常感謝。您能否告訴我們您預計何時開始在歐洲銷售 Model S？不確定您是否已經宣布了歐洲車輛的定價——但如果您還沒有，那什麼時候公佈呢？

Sure. We expect to start delivery in Europe early next year. We have not yet announced final pricing for Europe. It's going to be sensible pricing compared to what's in the US. It will be a little higher, to account for exchange rate variations and the logistic cost of bringing things to Europe and the import duties and what not. But, it will be, otherwise, quite similar to our US pricing.

當然。我們預計明年初開始在歐洲交付。我們尚未宣佈歐洲的最終定價。與美國的價格相比，這將是明智的定價。考慮到匯率變化和將東西運到歐洲的物流成本以及進口關稅等等，它會更高一些。但是，否則，它將與我們的美國定價非常相似。

Got you. There are certain countries in Europe that the tax regimes are very favorable to EVs. Is there any opportunity to take advantage of that a bit by selling the car higher, or do you think the pricing will be consistent across Europe?

得到你。歐洲某些國家的稅收制度對電動汽車非常有利。有沒有機會通過提高汽車銷量來利用這一點，或者你認為整個歐洲的定價會保持一致嗎？

It's important to do the right thing for customers. If they think we are taking advantage of them through lower tax rates, I think that would be very bad. But we are going to have really great sales in a lot of those countries. We are huge in Norway. In fact I have to visit Norway at some point. We actually have a phenomenal customer base in Norway. And in places like Switzerland, the Netherlands, Denmark --

為客戶做正確的事很重要。如果他們認為我們通過降低稅率來利用他們，我認為那將是非常糟糕的。但我們將在其中很多國家實現非常好的銷售。我們在挪威很龐大。事實上，我必須在某個時候訪問挪威。實際上，我們在挪威擁有非凡的客戶群。在瑞士、荷蘭、丹麥等地——

The Scandinavian countries are really strong on the incentives. The customers have responded very positively both for Roadster and for Model S and Model X.

斯堪的納維亞國家的激勵措施非常強大。客戶對 Roadster 以及 Model S 和 Model X 的反應非常積極。

I think London is going to be a very strong market, as well. There is no congestion -- you don't pay congestion fee if you have an electric car. The city is taking a lot of steps to install access to electricity for electric vehicles for charging. But, at any rate, from a pricing standpoint. We will probably see a slight premium in Europe. But, we don't want to try to push to get a lot of premium in Europe. I think that would be -- send the wrong message to customers.

我認為倫敦也將是一個非常強大的市場。沒有擁堵——如果您有電動汽車，您無需支付擁堵費。該市正在採取許多措施為電動汽車安裝電力以進行充電。但是，無論如何，從定價的角度來看。我們可能會在歐洲看到小幅溢價。但是，我們不想試圖推動在歐洲獲得大量溢價。我認為那會是——向客戶發送錯誤的信息。

That makes sense. Thanks very much.

那講得通。非常感謝。

Our next question comes from Ben Schuman from Pacific Crest. Your line is open.

我們的下一個問題來自 Pacific Crest 的 Ben Schuman。你的線路是開放的。

Hi, guys, thanks for taking my call. Maybe, Elon, can you discuss how you divide your time these days between Tesla, Space X and Solar City with all three companies approaching such critical events and milestones?

嗨，伙計們，感謝您接聽我的電話。也許，埃隆，你能談談你如何在特斯拉、Space X 和太陽城之間分配你的時間，這三家公司都在接近這樣的關鍵事件和里程碑嗎？

Yes, it is intense right now, I have to admit. I'm not getting a lot of sleep. My time is generally, on average, split roughly 50/50 between Tesla and Space X. And then Solar City is less than one day a month. That doesn't take much time at all. Credit for Solar City really goes to Lyndon and Peter Rive who are doing an awesome job running a company. And I think it's going to have just an outstanding IPO later this year. I don't think most people realize how good it's going to be. It's going to be really good.

是的，現在很激烈，我不得不承認。我睡得不多。平均而言，我的時間在特斯拉和 Space X 之間平均分配了大約 50/50。然後太陽能城一個月不到一天。這根本不需要太多時間。 Solar City 的功勞真的要歸功於 Lyndon 和 Peter Rive，他們在經營一家公司方面做得非常出色。我認為它將在今年晚些時候進行一次出色的首次公開募股。我認為大多數人都沒有意識到它會有多好。這會非常好。

Yes. Basically, I am on e-mail a lot. I think I am primarily an e-mail processing device. That is really helpful to run both companies simultaneously. And then when I'm with my kids, when they don't need my direct attention, then I'm on e-mail as well. That's kind of how it works.

是的。基本上，我經常使用電子郵件。我想我主要是一個電子郵件處理設備。這對同時經營兩家公司非常有幫助。然後當我和我的孩子們在一起時，當他們不需要我的直接關注時，我也會使用電子郵件。這就是它的工作原理。

All right, great, thanks. An then, with the Toyota announcement, given the size of the production contract we get to about 38,000 Tesla content per vehicle. You mentioned in the shareholder letter that the Mercedes powertrain cost can be low enough on higher volumes to get a higher-volume vehicle. Can you walk through the steps there? Is it all just pure economy to scale or is there some additional cost reduction that you can point to?

好的，太好了，謝謝。然後，隨著豐田的宣布，考慮到生產合同的規模，我們每輛車大約有 38,000 個特斯拉內容。您在股東信中提到，梅賽德斯動力總成的成本在大批量生產時可以足夠低，從而獲得大批量的車輛。你能走過那裡的台階嗎？這只是純粹的規模經濟，還是您可以指出一些額外的成本降低？

Ben, just want to clarify a certain point. It's very tempting to take the approximations that you just did of $100 million deal versus the volumes announced to come up with $38,000, It's a simple math, but I have to say it's very imprecise and not very useful. There are many elements to our transaction with Toyota in addition to volume. We have partnership with them on ongoing training and support and service and warranty and a few other things. The analysis of cost that you mentioned is not that straightforward on a per unit basis.

本，只是想澄清一點。將您剛剛完成的 1 億美元交易與宣布的交易量 38,000 美元相比較是非常誘人的，這是一個簡單的數學運算，但我不得不說它非常不精確而且不是很有用。除了數量之外，我們與豐田的交易還有很多因素。我們與他們在持續的培訓、支持、服務和保修以及其他一些事情上建立了合作夥伴關係。您提到的成本分析並不是按單位計算的那麼簡單。

Furthermore, for confidentiality reasons, as you can imagine, we can't share with you the price itself of the powertrain and the underlying cost to us. So, I want to clarify that. And, also keep in mind that the volumes we're talking here on the Toyota program are far lower. And there is an inherent design inefficiency, when you are trying to develop a powertrain and make it fit in an internal combustion engine vehicle.

此外，出於保密原因，您可以想像，我們無法與您分享動力總成本身的價格以及我們的潛在成本。所以，我想澄清一下。而且，還要記住，我們在這裡談論的豐田計劃的數量要低得多。當您嘗試開發動力總成並使其適合內燃機車輛時，存在固有的設計效率低下。

It doesn't give us those cost savings that we get inherently from the Model S platform. When we look at the higher volumes, for the Daimler program, there are huge economies of scale and other design factors that help us out.

它並沒有給我們帶來 Model S 平台固有的成本節約。當我們看到更高的產量時，對於戴姆勒計劃，有巨大的規模經濟和其他幫助我們的設計因素。

Yes. Just to be clear, the economy scale is the single biggest driver of cost reduction. I think first it's an approximation, if you scale and production by a factor of 10, your costs will generally drop by half. That's a good generalization, I think. So, that is where most of the cost savings is coming from.

是的。需要明確的是，經濟規模是降低成本的最大驅動力。我認為首先這是一個近似值，如果您將規模和生產擴大 10 倍，您的成本通常會下降一半。我認為這是一個很好的概括。因此，這就是大部分成本節省的來源。

And then there will obviously be continued design improvements as we figure out how to achieve the same end goal in a smarter way. Those are the two drivers of mass market, of technology getting to mass market which is continued iteration on the design and economies of scale. That is generally true for any technology.

隨著我們弄清楚如何以更智能的方式實現相同的最終目標，顯然會有持續的設計改進。這是大眾市場的兩個驅動因素，技術進入大眾市場，即設計和規模經濟的持續迭代。對於任何技術來說，這通常都是正確的。

Great. Thanks for the help on the math, there That is very helpful.

偉大的。感謝您對數學的幫助，這非常有幫助。

Our next call comes from Jesse Pichel from Jefferies. Your line is open

我們的下一個電話來自 Jefferies 的 Jesse Pichel。您的線路已開通

Yes. Good evening gentlemen. I'd like to ask about the Daimler drivetrains. In your letter you allude to tremendous volumes. Can these volumes be large enough to change the cost structure of the S drivetrains? Was a contract of this magnitude factored into your 25% margin guide?

是的。先生們晚上好。我想問一下戴姆勒傳動系統。在你的信中，你提到了大量的書籍。這些數量能否大到足以改變 S 傳動系統的成本結構？您的 25% 保證金指南中是否考慮瞭如此規模的合約？

With respect to the margin, that is not really -- we're talking about the 25% gross margin, were talking about the Model S. Just by itself. So, no, that's not been factored in. I think economies of scale is helpful. There does need to be some commonality to achieve those economies of scale. There will be some amount of commonality so, I guess it would probably be of some help to the Model S costs to add the Daimler volume in there. It's not directly additive but I think it's at least partially additive to the economies of scale.

關於利潤率，這並不是真的——我們談論的是 25% 的毛利率，談論的是 Model S。就其本身而言。所以，不，這沒有被考慮在內。我認為規模經濟是有幫助的。要實現這些規模經濟，確實需要一些共性。會有一些共性，所以我想在 Model S 的成本中增加戴姆勒的體積可能會有所幫助。它不是直接附加的，但我認為它至少部分附加了規模經濟。

There has been a lot of chatter in the media about the Tesla battery pack showing up in solar projects. Do you think that solar could be a driver of your -- a significant driver of your battery sales in the future?

媒體上有很多關於特斯拉電池組出現在太陽能項目中的討論。您認為太陽能會成為您未來電池銷售的重要推動力嗎？

I don't think we want to show all of our cards right now. But I think there is some interesting potential in that direction. Maybe in partnership with a certain solar company.

我不認為我們現在想展示我們所有的卡片。但我認為在這個方向上有一些有趣的潛力。也許與某家太陽能公司合作。

When investors are thinking about what it takes for EVs to really penetrate the market, we always come back to the charging infrastructure buildout. Do you think you could give us some color on how you see this build out occurring? Along key corridors? Where are we in the buildout? What are you doing to accelerate the buildout? What business models do you see emerging?

當投資者考慮電動汽車真正打入市場需要什麼時，我們總是會回到充電基礎設施建設。你認為你可以給我們一些關於你如何看待這種構建發生的顏色嗎？沿著關鍵走廊？我們在哪裡？你在做什麼來加速建設？您認為新興的商業模式是什麼？

I think we are going to have a very exciting announcement on the charging front in the July time frame, I alluded to earlier. I don't want to release details of that, quite yet. But, I think it's really going to -- the light bulb is going to turn on when people see that. It's pretty awesome. I think it's really going to put in the missing piece of the puzzle. Now is not quite the right time to talk about it.

我認為我們將在 7 月的時間框架內發布一個非常令人興奮的充電前沿公告，我之前提到過。我還不想公佈這方面的細節。但是，我認為它真的會——當人們看到它時，燈泡會打開。這真是太棒了。我認為它真的會填補拼圖中缺失的部分。現在不是談論它的合適時機。

That's what I was hoping to get. I have one more question. You talk about Norway, but you missed the big -- perhaps the biggest market for EVs, which is China. What kind of interest are you getting from China, either for store or for a drivetrain?

這就是我希望得到的。我還有一個問題。你談論挪威，但你錯過了一個大的——也許是最大的電動汽車市場，那就是中國。您從中國獲得了什麼樣的興趣，無論是對商店還是對動力傳動系統？

Was certainly see China as a very important market. We are hoping to begin sales in China towards the end of next year. There is a lot of variables in there. With regard to approvals from the Chinese authorities. Our aspiration would be to begin sales there in the latter half of next year. It's an important market. We are not currently in a discussion for any powertrain supply deals to companies within China, but that's, I suppose, a possibility in the long term. In the short term, we are very focused on our partnerships with Daimler and Toyota.

當時肯定把中國視為一個非常重要的市場。我們希望在明年年底開始在中國銷售。裡面有很多變數。關於中國當局的批准。我們的願望是在明年下半年開始在那裡銷售。這是一個重要的市場。我們目前沒有討論向中國公司提供任何動力總成供應交易，但我認為這是長期的可能性。在短期內，我們非常關注與戴姆勒和豐田的合作夥伴關係。

Thank you, gentlemen.

謝謝你們，先生們。

Our next question comes from Andrea James from Dougherty and Company. Your line is open

我們的下一個問題來自 Dougherty and Company 的 Andrea James。您的線路已開通

Thanks for taking my question. I'm trying to gauge the opportunity in the Daimler partnership, if you look at all the powertrain agreements signed in Tesla history, it's about $140 million in agreements. Is that about right? Are we talking about a Mercedes contract value that is an order of magnitude greater than that or just simply greater?

感謝您提出我的問題。我正在嘗試評估與戴姆勒合作的機會，如果你看看特斯拉歷史上簽署的所有動力總成協議，協議金額約為 1.4 億美元。這對嗎？我們是在談論梅賽德斯合同價值比它大一個數量級還是僅僅更大？

Yes, the $140 million is probably what's partially in our financial statement, Andrea. There is a little bit more to it as well as our existing Toyota agreement which is not in our financials as it will happen over the next few years. So our number is north of that, roughly in the $280 million or so million range. In terms of the Daimler contract, it's north of that, how much, I think it's probably best to just wait until we mature or get to that level and talk beyond. But we wanted to still give you some sense of scale by providing that guidance.

是的，1.4 億美元可能是我們財務報表中的部分內容，安德里亞。除了我們現有的豐田協議之外，還有更多內容不在我們的財務中，因為它將在未來幾年內發生。所以我們的數字在這個數字的北部，大約在 2.8 億美元左右。就戴姆勒合同而言，它在北邊，多少，我認為最好等到我們成熟或達到那個水平後再談。但是我們仍然希望通過提供該指導來給您一些規模感。

Thank you.

謝謝你。

There is certainly the possibility for it to lead to something that is an order of magnitude greater but we need to get things -- we reach one level after another. The question of proving ourselves at each successive level. Which we have been able to do thus far. But, we need to keep doing that in order to progress to, essentially, the next level.

它當然有可能導致更大數量級的事情，但我們需要得到一些東西——我們一個接一個地達到一個水平。在每個連續級別證明自己的問題。到目前為止，我們已經能夠做到這一點。但是，我們需要繼續這樣做，以便從本質上進入下一個級別。

Okay. And then R&D in Q3, do you look at that as roughly about half of Q2, because some of that shifts up into COGS?

好的。然後是第三季度的研發，您是否認為這大約是第二季度的一半，因為其中一些轉移到了 COGS？

A lot will shift into COGS. I think half is probably a bit on the high side. In terms of half reduction, I mean. So, it all depends and there's some accounting implications here that we need to sort out as to what costs can turn into COGS and what time versus in R&D. We will provide you better guidance when we do the Q2 call and go into Q3 specifically.

很多都將轉移到 COGS。我認為一半可能有點偏高。就減半而言，我的意思是。所以，這一切都取決於，這裡有一些會計含義，我們需要理清哪些成本可以轉化為 COGS，以及研發時間與時間。當我們進行第二季度電話會議並具體進入第三季度時，我們將為您提供更好的指導。

Okay. And then just raising the lower end of your guidance by the $10 million there on the earlier deliveries. What exactly -- can you just go over what exactly is in the guidance range, again? And what about the early delivery helps you to feel more confident on the lower end?

好的。然後只是將您指導的下限提高了 1000 萬美元。究竟是什麼——你能再看看指導範圍內的確切內容嗎？提早交付如何幫助您對低端產品更有信心？

The think its a measure of the slightly higher confidence that we have in achieving our numbers that enabled us to narrow the range.

認為這是衡量我們對實現我們的數字的信心略高的指標，這使我們能夠縮小範圍。

Okay. Thank you.

好的。謝謝你。

(Operator Instructions).

（操作員說明）。

Our next question comes from Michael Lew from Needham. Your line is open.

我們的下一個問題來自 Needham 的 Michael Lew。你的線路是開放的。

Thanks and good afternoon. On the last call, you mentioned that you were thinking about a mainstream offering for Gen 3 instead of an updated roadster. Do you have any update on your thought process, there, like to what type of market signs you're looking for?

謝謝，下午好。在上次電話會議中，您提到您正在考慮為 Gen 3 提供主流產品，而不是更新的跑車。你有任何關於你的思考過程的更新嗎，比如你正在尋找什麼類型的市場跡象？

It's very aspirational, at this point, because our attention is focused on the Model S. And our key powertrain partners, Toyota and Daimler. So, I mean, it's late 2015 would be the earliest. For 2016 is probably most likely. Something like that.

在這一點上，這是非常有抱負的，因為我們的注意力集中在 Model S 上。以及我們的主要動力系統合作夥伴豐田和戴姆勒。所以，我的意思是，2015 年末將是最早的。 2016 年的可能性最大。類似的東西。

Got it. Okay. Also, on the RAV4 electric, are you providing multiple versions of a battery pack as Toyota had stated a100-mile range and you have highlighted in the shareholders letter that you are providing a range of 170 miles?

知道了。好的。此外，在 RAV4 電動車上，您是否提供多個版本的電池組，正如豐田所說的 100 英里續航里程，並且您在股東信中強調您提供的續航里程為 170 英里？

I think there was, unfortunately the way that the information was communicated was a little confusing. There is actually only this one battery pack. The range is actually, if you were comparing today to what the Leaf 100-mile range is, which is city driving, that compares to the 170-mile number for the RAV4 or 165, 165 or 170 miles. If you look at the Leaf, five-cycle test, that range is around the 70 to 75 mile number, I believe. Around maybe 71 or 73. We think it's probably 73.

不幸的是，我認為傳達信息的方式有點混亂。實際上只有這一個電池組。實際上，如果您將今天的範圍與 Leaf 100 英里範圍（城市駕駛）進行比較，那麼與 RAV4 或 165、165 或 170 英里的 170 英里範圍相比。如果你看一下 Leaf，五循環測試，我相信這個範圍大約是 70 到 75 英里數。大約 71 或 73。我們認為可能是 73。

So, when comparing to the five-cycle range, the RAV4 range is around 105 miles. So, in both cases it's -- in any given range scenario -- the RAV4 is about 60% more range than a Leaf. I think where you were a bit confused was comparing the Leaf's city range to the RAV4's five-cycle range. Which is not apples-to-apples, obviously.

因此，與五循環範圍相比，RAV4 範圍約為 105 英里。因此，在這兩種情況下，在任何給定的射程場景中，RAV4 的射程都比 Leaf 多 60%。我認為你有點困惑的地方是將 Leaf 的城市範圍與 RAV4 的五週期範圍進行比較。顯然，這不是蘋果對蘋果。

Okay. I was trying to reconcile the 100 from Toyota and your 170. I was a little bit confused. That's a big 70 mile delta, unless Toyota is talking about 100 miles strictly highway driving but still that is a nice 70 mile increment on the city side.

好的。我試圖調和豐田的 100 和你的 170。我有點困惑。這是一個 70 英里的大三角洲，除非豐田正在談論 100 英里嚴格的高速公路駕駛，但在城市一側仍然是一個不錯的 70 英里增量。

I'm sorry, could you repeat the question?

對不起，你能重複一下這個問題嗎？

Toyota had stated 100 miles and you're at 170 for the RAV4. There's a 70-mile delta, there. I guess -- well maybe Toyota is mentioning highway driving versus city driving.

豐田已經聲明了 100 英里，而 RAV4 是 170 英里。那裡有一個 70 英里的三角洲。我猜——也許豐田提到了高速公路駕駛與城市駕駛。

What Toyota's referring to there is what's called the five cycle -- it's an extremely arduous range. It's at least 100 miles. Actually, depending on the configuration pockets at least 105 miles, and may be as high as 120 miles. If you are to compare that to the Leaf, you would compare to the Leaf's five cycle range which is 73 miles.

豐田在這裡指的是所謂的五個週期——這是一個極其艱鉅的範圍。至少有100英里。實際上，取決於配置口袋至少 105 英里，並且可能高達 120 英里。如果要將其與 Leaf 進行比較，您將與 Leaf 的 73 英里的五個循環範圍進行比較。

Okay. I get that. And then, one more--

好的。我明白了。然後，還有一個——

What happened in the media was people were looking at the Leaf's city range of 100 miles, and comparing that to the RAV4's five-cycle range and those are not comparable numbers. That's where you -- it makes more sense to compare it to the almost 170-mile range for the RAV4.

媒體上發生的事情是，人們正在查看 Leaf 的 100 英里城市範圍，並將其與 RAV4 的五週期範圍進行比較，而這些數字是不可比的。這就是您所在的地方-將其與 RAV4 的近 170 英里範圍進行比較更有意義。

I agree. And also, one last question. You mentioned a high-- earlier you mentioned a high conversion rate for the Model S sign-ups to reservations. Have you seen any signs of, let's say cannibalization for Model X, since those that are on the wait list for the S may just choose to switch over if they can get on the Model X a little bit earlier?

我同意。還有，最後一個問題。你提到了一個高——之前你提到了 Model S 註冊到預訂的高轉化率。你有沒有看到任何跡象，比如說 Model X 被蠶食，因為那些在 S 等待名單上的人可能會選擇切換，如果他們能早一點上 Model X？

Well, the Model X deliveries will be really -- if you put down a deposit on the Model X, you're going to get the car in almost two years, maybe 22 months, that kind of thing. You are getting a car in Q2 of 2014, if you put down a deposit for the Model X. Whereas, you getting a car in Q2 of next year if you put down a deposit on the Model S, so there's about a year advantage there.

好吧，Model X 的交付將是真的——如果你在 Model X 上付定金，你將在將近兩年，也許是 22 個月之內拿到這輛車。如果您為 Model X 支付押金，您將在 2014 年第二季度獲得一輛汽車。而如果您為 Model S 支付押金，您將在明年第二季度獲得一輛汽車，所以那里大約有一年的優勢.

We'll see how deposits track. I think it will remain true that you be able to get the Model S a lot sooner than a Model X for quite some time.

我們將看到存款如何追踪。我認為在相當長的一段時間內，你能夠比 Model X 更早地獲得 Model S 仍然是事實。

Okay. I misunderstood. I thought they would be rolling out late in 2013. Thank you.

好的。我誤解了。我以為他們會在 2013 年底推出。謝謝。

In very tiny numbers. It's possible. But, if you put down a deposit, now, you're really going to get your car in about 22 months-ish. That's overly precise. Figure it at approximately two years.

數量非常少。這是可能的。但是，如果你現在付定金，你真的會在大約 22 個月內拿到你的車。這太精確了。估計大約兩年。

I appreciate that.

我很感激。

Patrick, we probably only have time for one more question.

帕特里克，我們可能只有時間再問一個問題了。

Our last question comes from the line of Ben Rose from Battle Road Research. Your line is open.

我們的最後一個問題來自 Battle Road Research 的 Ben Rose。你的線路是開放的。

Good afternoon, gentlemen. Just a question from the shareholder letter, you say quote, selected cars are independently purchased and crash tested by the NHTSA. Do know whether the Model S will be one of those cars? And if so, when?

先生們，下午好。只是股東信中的一個問題，你說報價，選定的汽車是獨立購買的，並由 NHTSA 進行了碰撞測試。知道 Model S 是否會成為其中的一款嗎？如果是這樣，什麼時候？

It will definitely be one of those cars. I am not sure -- in fact I'm not sure if they actually tell us exactly when they do it. Because, I think that they just buy the cars secretly and we don't actually know where they are in the queue.

它肯定會是其中一輛。我不確定——事實上，我不確定他們是否真的準確地告訴我們他們何時這樣做。因為，我認為他們只是偷偷買車，我們實際上並不知道他們在哪裡排隊。

But you would be surprised if they didn't issue a crash safety test rating by say August or September?

但是，如果他們在 8 月或 9 月之前沒有發布碰撞安全測試評級，您會感到驚訝嗎？

Honestly, I don't know. But, we do feel that we are very confident that when they do test the car, it will be at the five-star safety rating level. In fact, I think the Model S is, in my opinion, will be the safest car on the road. We have certain architectural advantages that other cars don't have like a much longer crumple zone in the front because we don't have a big engine block that we've got to deal with.

老實說，我不知道。但是，我們確實覺得我們非常有信心，當他們對這輛車進行測試時，它將達到五星級的安全等級。事實上，我認為 Model S 將是道路上最安全的汽車。我們具有其他汽車所沒有的某些架構優勢，例如前部更長的折疊區，因為我們沒有必須處理的大型發動機組。

A sidewall intrusion is, we think will probably be the lowest of any sedan. And our rear crash performance is definitely going to be better than any sedan. Because we are protecting for the third-row occupants. For the rear impact, the car is designed to not just take a highway speed impact in the rear, but able to take a highway speed impact on half the car. That's an important threshold for safety for the third-row seats. It has very good rollover protection. I really think this is going to the safest car on the road.

側壁侵入是，我們認為可能是所有轎車中最低的。而且我們的後部碰撞性能肯定會比任何轎車都要好。因為我們正在保護第三排乘客。對於後部衝擊，汽車的設計不僅可以在後部承受高速沖擊，而且能夠對一半的汽車進行高速沖擊。這是第三排座椅安全的重要門檻。它具有非常好的防側翻保護。我真的認為這將是道路上最安全的汽車。

Okay. Thanks very much. I appreciate it.

好的。非常感謝。我很感激。

Thank you everyone for joining us today on the call. We look forward to talking with you next quarter. We will also be attending a couple conferences in the month of May. Including the Deutsche Bank Clean Tech conference next week. Thank you everyone. Have a great day.

感謝大家今天加入我們的電話會議。我們期待在下個季度與您交談。我們還將在 5 月份參加一些會議。包括下週的德意志銀行清潔技術會議。謝謝大家。祝你有美好的一天。

Ladies and gentlemen thanks for participating in today's program. This concludes the program. You may all disconnect.

女士們，先生們，感謝您參加今天的節目。程序到此結束。你們都可以斷開連接。