特斯拉 (TSLA) 2012 Q3 法說會逐字稿

Welcome to the Tesla Motors third quarter 2012 financial results Q&A conference call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time.

歡迎來到特斯拉汽車公司 2012 年第三季度財務業績問答電話會議。此時，所有參與者都處於只聽模式。稍後，我們將進行問答環節，屆時將按照說明進行。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Jeff Evanson. Sir, you may begin.

提醒一下，本次會議正在錄製中。我現在想將會議轉交給您的主持人 Jeff Evanson。先生，您可以開始了。

Thank you, Shannon. Good morning, everyone. Welcome to Tesla Motors third quarter 2012 financial results question-and-answer conference call. I'm joined today by Elon Musk, Deepak Ahuja, and George Blankenship, key executives of the Company, to answer your questions today. We announced our financial results for the third quarter at 3.30AM 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. Today's call is for your questions, but we would like to keep the call to 45 minutes today, so ask that you be succinct in your questions. We will conduct the Q&A session live.

謝謝你，香農。大家，早安。歡迎來到特斯拉汽車公司 2012 年第三季度財務業績問答電話會議。今天，公司的主要高管 Elon Musk、Deepak Ahuja 和 George Blankenship 與我一起回答您的問題。我們在太平洋時間今天凌晨 3 點 30 分公佈了第三季度的財務業績。本次問答環節的股東信函、財務業績和網絡直播均可在公司投資者關係網站 ir.teslamotors.com 上查閱。今天的電話是針對您的問題，但我們希望今天的通話時間保持在 45 分鐘，因此請您的問題簡潔明了。我們將現場進行問答環節。

(Operator Instructions)

（操作員說明）

Now, during the course of this call, we may discuss our business outlook and make forward-looking statements. Such statements are 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 10-Q filing with the SEC. Such forward-looking statements represent our views as of today and should not be relied upon after today. We also disclaim any obligation to update these forward-looking statements. Now, Shannon, could we please have the first question?

現在，在本次電話會議期間，我們可能會討論我們的業務前景並做出前瞻性陳述。此類陳述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 文件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，香農，我們可以問第一個問題嗎？

Adam Jonas, Morgan Stanley.

亞當喬納斯，摩根士丹利。

First question. How many vehicles are coming clean off the line with no material rework at this point? I'm just curious -- has any model really come pure off the line at all without much rework? Thanks.

第一個問題。目前有多少車輛在沒有材料返工的情況下順利下線？我只是好奇——有沒有什麼模型真的沒有太多返工就完全脫機了？謝謝。

Sure. We do get some cars that require vehicle rework, but generally we are trying to maintain an extremely high standard of quality. So if we something that is even a minor aesthetic issue, we want to correct that. So, yes, right now most vehicles require some work to correct minor issues. A lot of those issues are not something that most people would even notice, but we're trying to get as close to perfect as possible. Nonetheless, we are able to get to a production rate which is annualized at 10,000 cars a year. So, I feel really good about where we are with respect to manufacturing the vehicles.

當然。我們確實得到了一些需要車輛返工的汽車，但通常我們正在努力保持極高的質量標準。因此，如果我們的某些問題甚至是次要的美學問題，我們都想糾正它。所以，是的，現在大多數車輛都需要一些工作來糾正小問題。大多數人甚至不會注意到很多這些問題，但我們正在努力盡可能接近完美。儘管如此，我們還是能夠達到每年 10,000 輛汽車的生產速度。所以，我對我們在製造車輛方面的情況感到非常滿意。

Okay, thanks Elon. Which -- if you think of all the issues that were affecting the early production of the vehicle, what are the key ones that you've solved, which ones have yet to be solved, and is the list of new problems growing -- or, meaning are there any additional new problems that you're finding or are all the issues that you know in terms of either quality or supply known and that's a shrinking list now? Thanks.

好的，謝謝埃隆。其中——如果你考慮到影響車輛早期生產的所有問題，你已經解決了哪些關鍵問題，哪些問題尚未解決，以及新問題的清單是否在增加——或者，這意味著您是否發現了任何其他新問題，或者您所知道的質量或供應方面的所有問題是否都已知並且現在正在縮小列表？謝謝。

Yes, I think, the issue has been getting all of the parts of the vehicle on time from suppliers and at the quality that -- at a very high quality. I think we are through those issues. There are no supplier issues that I am aware of right now that prevent us from achieving a production rate -- an annualized production rate of 20,000 vehicles a year basically within the next four or five weeks. It's looking good. That's not to say something couldn't crop up, but it's looking quite good. We are seeing a rapid decline in the number of issues that need to be corrected as vehicles come off the line. So, it is getting better very quickly.

是的，我認為，問題在於按時從供應商處獲得車輛的所有部件，並且質量非常高。我認為我們已經解決了這些問題。據我所知，目前沒有供應商問題阻止我們實現生產率——基本上在接下來的四五週內實現每年 20,000 輛汽車的年化生產率。它看起來不錯。這並不是說什麼東西不能出現，但它看起來相當不錯。隨著車輛下線，我們看到需要糾正的問題數量迅速減少。因此，它正在迅速好轉。

So, right now, I feel very optimistic about -- with the way things are. I'm not aware of any issues in front of us getting to the 20,000 units year annualized production volume.

所以，現在，我對事情的現狀感到非常樂觀。在達到 20,000 台的年產量時，我不知道我們面前有任何問題。

Okay, thanks Elon. Deepak, just a couple very quick ones for you. On the reservation outlook, I know you're targeting a new high watermark in terms of unit reservations over 13,200 by year-end. But when we look at the reservation balance on the balance sheet, should we assume that is going to be lower? If it is lower, can you give any kind of lower bound to that? Meaning, should it be -- can it still be over $100 million, end of year?

好的，謝謝埃隆。迪帕克，給你幾個非常快的。在預訂前景方面，我知道您的目標是到年底的單位預訂量超過 13,200 套。但是，當我們查看資產負債表上的預留餘額時，我們是否應該假設它會更低？如果它更低，你能給出任何下限嗎？意思是，它應該是 - 它仍然可以超過 1 億美元，年底嗎？

Yes, I think it definitely will be over $100 million. You are right, to the extent that Signature reservations come off, we have collected a much higher deposit on them compared to general production reservations. So there will be some adjustment in our reservations balance to account for that.

是的，我認為肯定會超過 1 億美元。您是對的，就簽名預訂取消的程度而言，與一般生產預訂相比，我們收取的押金要高得多。因此，我們的預訂餘額將進行一些調整以解決這一問題。

Okay. Then, on R&D you gave the flat 4Q guidance at around $60 million. That is quite a bit higher than I think many people on the call would've expected. If you're able to explain, why is it running higher and is $60 million a quarter a run rate we should use going into next year? That is my last question. Thank you.

好的。然後，在研發方面，你給出了大約 6000 萬美元的第四季度持平指導。這比我認為許多參加電話會議的人所預期的要高得多。如果您能夠解釋，為什麼它運行得更高，並且是我們應該在明年使用的每季度 6000 萬美元的運行率？這是我的最後一個問題。謝謝你。

Yes. I think what we should be -- as the Letter has indicated, this is still a 19% reduction from the prior quarter. That's primarily as we have pulled out all the manufacturing related expenses. Most of our R&D headcount now is stable at this point and we are focused on future product development, a bunch of actions to continue to improve our product. I think that is a fairly reasonable rate going forward.

是的。我認為我們應該是——正如信中所指出的，這仍然比上一季度減少了 19%。這主要是因為我們已經提取了所有與製造相關的費用。目前，我們的大部分研發人員數量都保持穩定，我們專注於未來的產品開發，採取一系列行動來繼續改進我們的產品。我認為這是一個相當合理的未來利率。

Patrick Archambault, Goldman Sachs.

帕特里克·阿爾尚博，高盛。

Congratulations on being on track with the benchmarks here. I guess I just wanted to -- one clarification and then a separate question just on Adam's question. We can affirm that what is left in terms of challenges is really fit and finish challenges, that are related to the assembly process rather than the availability of the right amount of components. Is that a correct interpretation?

恭喜您在此處的基準測試中步入正軌。我想我只是想 - 一個澄清，然後一個單獨的問題只是關於亞當的問題。我們可以肯定，就挑戰而言，剩下的真正是適合和完成的挑戰，這與組裝過程有關，而不是與正確數量的組件的可用性有關。這是正確的解釋嗎？

Yes, so right now, we are able to build cars at the 10,000 unit a year annualized rate with the parts we need. Like I said, as of today, I don't know of any parts that would prevent us from getting to the 20,000 a year level in four or five weeks. It looks like it's -- I wouldn't say plain sailing, but it looks like solid sailing in that direction. Something could always come up, but I am not aware of any obstacles to that -- to getting there right now. It's looking -- touch wood, it is looking quite good.

是的，所以現在，我們能夠用我們需要的零件以每年 10,000 輛的速度製造汽車。就像我說的，截至今天，我不知道有什麼因素會阻止我們在四五週內達到每年 20,000 的水平。看起來它是——我不會說一帆風順，但它看起來像朝著那個方向穩步航行。總會有一些事情發生，但我不知道有任何障礙——現在就到達那裡。它看起來——碰一下木頭，它看起來相當不錯。

Okay, great.

好，太棒了。

I should say, overall I feel Tesla is really past the point of high risk. Several months ago, I said I thought that the coming several months would really be the test for Tesla. The classic phrase, go through the valley of death, and I feel as though we are through that valley at this point.

我應該說，總的來說，我覺得特斯拉真的已經過了高風險點。幾個月前，我說我認為未來幾個月真的是對特斯拉的考驗。經典的那句，穿過死亡之谷，我覺得我們現在好像穿過了那個山谷。

Great, thank you. Maybe one for Deepak. Just at a high level, can you maybe just give us a little bit on the landscape of capital investments? You have clearly -- from an R&D point transitioned to the X but then there's also, I assume, some early engineering done for the Gen 3. So how should we think about the lumpiness of your R&D and capital spending patterns as we look out to the next 18 months or so?

太好了謝謝。也許是給迪帕克的。只是在一個高層次上，你能不能給我們一點關於資本投資的情況？你很清楚——從研發點過渡到 X，但我認為，還有一些為 Gen 3 完成的早期工程。所以我們應該如何考慮你的研發和資本支出模式的笨拙，因為我們期待未來 18 個月左右？

I think what I would prefer to do then is that the next earnings call is provide a far more -- a sense of the things we would have on our R&D expenses for 2013. But I think broadly speaking, the factors that affect R&D would be as you said, our new product development which includes Model X, Model S, we are going to be working on a right-hand drive version -- European version, there are a few other things. It's our continued improvement in manufacturing and design that we will be focused on. There will be some degree of lumpiness. But nothing that will be as significant as we saw in 2012, because of all the manufacturing expenses are no longer in R&D and will continue to stay that way.

我認為我更願意在下一次財報電話會議上提供更多——了解我們在 2013 年研發費用方面的情況。但我認為從廣義上講，影響研發的因素將是正如你所說，我們的新產品開發包括 Model X、Model S，我們將致力於開發右駕版本——歐洲版本，還有一些其他的東西。我們將專注於製造和設計方面的持續改進。會有一定程度的腫塊。但沒有什麼會像我們在 2012 年看到的那樣重要，因為所有製造費用都不再用於研發，並將繼續保持這種狀態。

Yes. Again, just to clarify what may have been determined by Deepak's statement is the left-hand drive, European version has very little work left to do to it. In fact we have two EU approved vehicles in the EU right now doing the initial marketing, we just started marketing in the EU. The real incremental R&D is with respect to, as Deepak mentioned, the right-hand drive version of the EU version which also would apply to Japan and Hong Kong and a few other places. Then there are a few other variants of the Model S, that we'll come out with the next year that I think are going to be pretty exciting. In addition to, of course, really getting into the Model X and starting the initial design work of the third generation mass market vehicle.

是的。同樣，為了澄清 Deepak 的聲明可能確定的是左駕駛，歐洲版本幾乎沒有什麼工作要做。事實上，我們現在在歐盟有兩輛獲得歐盟批准的車輛進行初步營銷，我們剛剛開始在歐盟進行營銷。正如 Deepak 所提到的，真正的增量研發是關於歐盟版本的右手驅動版本，該版本也將適用於日本和香港以及其他一些地方。然後還有其他一些 Model S 的變體，我們將在明年推出，我認為它們會非常令人興奮。當然，除了真正進入 Model X 並開始第三代大眾市場車輛的初步設計工作。

Amir Rozwadowski, Barclays.

阿米爾·羅茲瓦多夫斯基，巴克萊銀行。

Touching on the new reservation activity, you had mentioned new reservations in the quarter were roughly around 2,900 with net reservations around 1,700 as cancellations have crept up. I was wondering if you could give us a little bit of color in terms of what is driving the cancellation activity. Do you expect it to diminish at some point? Perhaps also, do you expect to transition to much more of a real-time order/delivery type Model versus what we have seen obviously in the early stages of the launch of the vehicle with a reservation type model?

談到新的預訂活動，您曾提到本季度的新預訂量約為 2,900，淨預訂量約為 1,700，因為取消量逐漸增加。我想知道您是否可以就取消活動的驅動因素給我們一些色彩。你預計它會在某個時候減少嗎？也許還有，您是否希望過渡到更多的實時訂單/交付類型模型，而不是我們在推出具有預訂類型模型的車輛的早期階段明顯看到的？

Sure, I can answer that, maybe at a floor level. Then turn it to George to add some more details. I think that the way things are going with Tesla, it will be a while before we transition to any kind of real-time, meaning like, you can just go in and buy a car. Given that it's -- the wait list is effectively several months, right now and I would expect that it would be -- at least for a few quarters, continued new high watermarks in new reservations. I think it could be quite a while before someone could just walk in and buy a car. It could be as far as 2014 before that's even possible. So, I'd certainly encourage people if they're interested in a car to put down a reservation and not be under the impression that they will just be able to at some point buy a car and just to have there be no line. In fact, I often encounter this sentiment with people where they think they can just wait and then they'll just go and think they'll buy a car. I think that is going to be a long time before that is the case. George, would you like to add anything to that?

當然，我可以回答這個問題，也許是在一個樓層。然後把它交給喬治添加更多細節。我認為按照特斯拉的發展方式，我們還需要一段時間才能過渡到任何類型的實時，也就是說，你可以進去買一輛車。鑑於它 - 等待名單實際上是幾個月，現在，我預計它會 - 至少在幾個季度內，新預訂的新高水位線。我認為可能需要很長時間才能有人走進去買車。甚至可能要到 2014 年。因此，如果人們對汽車感興趣，我當然會鼓勵他們進行預訂，而不是認為他們將能夠在某個時候購買汽車而無需排隊。事實上，我經常遇到這種情緒的人，他們認為他們可以等待，然後他們就會去認為他們會買車。我認為這需要很長時間才能實現。喬治，你想補充什麼嗎？

Yes, sure. I spent a lot of time in the stores and I think here's what is happening, is our increase in reservations is a combination of several things. One, is we have more stores open. As we open more stores, we're getting in front of more and more and more people everyday. We have seen 1.8 million people through our stores year to date, but the last quarter was a significant increase over previous quarters because of more stores being open. We've got five more opening by December 1 of this year, all in high-traffic, high visibility locations. As we open up new stores, more and more people are coming in and say, I've never -- Who's Tesla?

是的，當然。我花了很多時間在商店裡，我認為這就是正在發生的事情，我們的預訂量增加是幾件事的結合。一是我們有更多的商店開業。隨著我們開設更多商店，我們每天都會接觸到越來越多的人。迄今為止，我們已經看到 180 萬人通過我們的商店，但由於開設了更多商店，上一季度比前幾個季度顯著增加。到今年 12 月 1 日，我們還有五家開業，都在高流量、高能見度的地方。隨著我們開設新店，越來越多的人進來說，我從來沒有——誰是特斯拉？

Great.

偉大的。

We are getting that increase in awareness in significant ways. I think we're reaping some of the benefit of having been open now for about 18 months with these new design stores when we're getting a lot of traffic. Then, I think next is the awards. We're getting some very, very positive awards that we're letting people know about and that is reinforcing that the car is quite extraordinary and somebody else is saying it besides us. We got a lot of press right after the June 22 start, and now we've gotten more recently with Automobile Magazine, Yahoo Autos, that's thinking real positive.

我們正在以顯著的方式提高認識。我認為，當我們獲得大量客流量時，這些新設計商店已經營業了大約 18 個月，我認為我們正在獲得一些好處。然後，我認為接下來是獎項。我們獲得了一些非常非常積極的獎項，我們讓人們知道，這加強了這輛車非常非凡，而且除了我們之外還有其他人在說它。我們在 6 月 22 日開始後立即獲得了很多媒體，現在我們最近收到了《汽車雜誌》、雅虎汽車的報導，這是非常積極的想法。

Then there's one other element that I am experiencing in -- that we are experiencing in California specifically where we've delivered a lot of cars, is that we are putting cars on the road now that people are taking other people out to dinner with. They're going to movies with, they're going to shows with, they're going to their house and people are seeing the car and going, oh my God, how do I get one of these? So, our customer base that have actually received their cars are actually selling cars for us, making reservations for us. So we've got that really big effect going on right now, which is really positive. As far as a timeline to when people will be able to come in and buy a car right away, I don't see that anytime in the near future, in fact that's not even the goal. The goal will always be that there is a reservation time, so that we can build your car specifically for you. So, I don't see that on the horizon at all at this point.

然後還有另一個我正在經歷的元素——我們正在加利福尼亞經歷，特別是我們已經交付了很多汽車的地方，就是我們正在把汽車放在路上，現在人們正在帶其他人出去吃飯。他們會和他們一起去看電影，他們會去看表演，他們會去他們的房子，人們會看到這輛車然後去，哦，我的上帝，我怎麼才能得到這些？因此，我們實際收到汽車的客戶群實際上是在為我們銷售汽車，為我們預訂。所以我們現在正在產生非常大的影響，這非常積極。至於人們何時能夠立即進來買車的時間表，我看不到在不久的將來的任何時候，事實上這甚至不是目標。目標始終是有一個預訂時間，以便我們可以專門為您製造您的汽車。所以，我現在根本看不到這一點。

Sorry, it's actually -- I get to meet a customer who has received a car who hasn't told me immediately how many additional cars they have sold to people that they know, or in some cases, strangers on the street. (laughter) It really is spreading quite virally by word-of-mouth. It's worth noting that Tesla still does not spend any money on advertising.

抱歉，實際上是——我遇到了一位客戶，他收到了一輛汽車，他沒有立即告訴我他們向他們認識的人，或者在某些情況下，街上的陌生人賣了多少輛汽車。 （笑聲） 它真的是通過口耳相傳的方式傳播開來。值得注意的是，特斯拉仍然沒有在廣告上花一分錢。

It does seem like you folks are benefiting from this halo effect as you get vehicles on the road. Just on the flipside, with respect to cancellations however, do you expect to reach a threshold at which there is less cancellation activity just given that now that you have more stores out there perhaps it is a little bit -- the timeframe while there is a timeframe to wait for a car perhaps it's compressing a bit as you start to deliver these vehicles. Just trying to understand the dynamics for net reservations there.

當您讓車輛上路時，你們似乎確實從這種光環效應中受益。另一方面，關於取消，您是否希望達到取消活動較少的閾值，因為現在您有更多的商店，也許它是一點點 - 有一個時間框架當您開始交付這些車輛時，等待汽車的時間可能會有所壓縮。只是想了解那裡的淨預訂動態。

Sorry, George go ahead.

對不起，喬治繼續。

Yes. We do a lot of watching of this and analysis of it and what is happening is the refunds that are happening now were very, very expectant. We're going through people -- through the reservations that were made in 2009, 2010, lots of changes have happened at different points in time. By the time we get into Q1, what will happen is the waiting time for between when you make your reservation and when you actually configure your car will go from 2.5 to 3 years and then down to literally a couple months. So the time will just be minimal. The time will minimal; therefore, there won't be a reason to be canceling. We see this becoming a non issue in North America as we get into the beginning of next year. The refunds will go down very, very -- a lot.

是的。我們對此做了很多觀察和分析，正在發生的事情是現在正在發生的退款非常非常期待。我們正在經歷人們——通過在 2009 年和 2010 年進行的預訂，在不同的時間點發生了很多變化。當我們進入第一季度時，從預訂到實際配置汽車之間的等待時間將從 2.5 年到 3 年，然後縮短到幾個月。所以時間會很短。時間將最少；因此，沒有理由取消。隨著我們進入明年年初，我們認為這在北美已不再是問題。退款將非常非常多地下降。

Great. Then, lastly if I may, looking at your guidance for deliveries this year, it seems as though there was a modest down tick from your prior expectations around 2,700 to 3,250 versus now according to the release around 2,500 to 3,000. Is that largely attributed to some of the supply issues that you've already mentioned? Should we expect this to be -- now that it seems like those are behind you is this a fairly achievable target from your perspective?

偉大的。最後，如果我可以的話，看看你們今年的交付指導，似乎從您之前的預期 2,700 到 3,250 與現在根據發布的 2,500 到 3,000 相比略有下降。這主要歸因於您已經提到的一些供應問題嗎？我們是否應該期望這是 - 現在看起來那些已經落後於您，從您的角度來看，這是一個相當可實現的目標嗎？

Just to clarify there, Amir, our guidance hasn't changed. The 2,500 to 3,000 deliveries is for Q4, while the 2,750 to 3,250 was the full-year guidance and that includes Q3 deliveries.

只是澄清一下，阿米爾，我們的指導沒有改變。 2,500 至 3,000 輛是第四季度的交付量，而 2,750 至 3,250 輛是全年指導，其中包括第三季度的交付量。

Got it. Thank you very much for the clarification Deepak.

知道了。非常感謝 Deepak 的澄清。

[Aditya Satghare], Lazard.

[Aditya Satgare]，拉扎德。

I wanted to better understand your prepared remarks about the gross margin target by the end of the year. So, could you give us a sense of, if you were to take away the cost of the ramp-up and say, cost of additional rework where would your gross margin today?

我想更好地了解你準備好的關於年底前毛利率目標的評論。那麼，您能否讓我們了解一下，如果您要扣除升級成本，並說額外返工的成本，您今天的毛利率會在哪裡？

That's an interesting hypothetical. Well, I guess I would say -- assuming that we are at the 20,000 unit per year production rate, which we're not quite at, because -- gross margin is going to be affected by the ramp, but assuming that if we were to fast-forward five weeks or something like that, and if you take out the short-term cost issues associated with the ramp and things that we have put on hold, if you take that known cost down issues that we put on hold to ensure that we make the ramp, we would be at the 25% gross margin level.

這是一個有趣的假設。好吧，我想我會說——假設我們的年產量為 20,000 件，但我們還沒有達到這個水平，因為——毛利率會受到斜坡的影響，但假設如果我們是快進五週或類似的時間，如果您解決與坡道相關的短期成本問題以及我們擱置的事情，如果您解決我們擱置的已知成本降低問題以確保如果我們做到這一點，我們將達到 25% 的毛利率水平。

Got it. My follow-up question was on delivering mix for 4Q. Could you give us some more color as to how is the mix shaping out versus your prior expectations into -- going into the last quarter?

知道了。我的後續問題是關於為第四季度交付組合。你能否給我們一些關於混合如何與你之前的預期相比的顏色 - 進入最後一個季度？

It is right on track. Exactly what we expected.

這是正確的。正是我們所期望的。

Aaron Chew, Maxim.

亞倫週，馬克西姆。

Wondering -- I know you offer a decent amount of updates on reservations. Is there any way you can offer some insight into how reservations on a gross or net basis were churning in October and maybe even some general highlights and how they trended on a monthly basis throughout 3Q?

想知道——我知道你提供了相當數量的預訂更新。有什麼方法可以讓您深入了解 10 月份的總預訂量或淨額預訂情況，甚至可能是一些一般亮點，以及它們在整個第三季度的每月趨勢如何？

I think we would prefer not to give specific monthly numbers, but I think George gave you a good sense earlier that given our continued store openings, the visibility of the car and the recent awards that the car has won, we've certainly have seen a good uptick recently.

我認為我們不想提供具體的月度數字，但我認為喬治早些時候給了你一個很好的感覺，考慮到我們的持續開店、汽車的知名度和汽車最近贏得的獎項，我們當然已經看到最近好轉。

Okay. Fair enough. If I made for my follow-up, wondering if you can offer any further insights beyond what was mentioned on the website, with regard to the lawsuit. I'm sure it's a sensitive matter, so there's only so much you guys can say, but maybe some general thoughts on timing, what the damages are being sought and what implications you guys think may be to your store strategy if they were to win. Thanks much.

好的。很公平。如果我進行了後續跟進，想知道您是否可以就訴訟提供除網站上提到的內容之外的任何進一步的見解。我敢肯定這是一個敏感的問題，所以你們只能說這麼多，但也許是關於時間的一些一般性想法，正在尋求的損害賠償以及你們認為如果他們獲勝可能對你的商店策略產生什麼影響.非常感謝。

Sure. We have to be a little bit cautious about commenting on ongoing lawsuits, out of respect to the judicial process. But we feel -- we're really quite optimistic with respect to our legal position. We really feel strongly that we are in the right and it's worth noting that at least, thus far, no injunctions have been issued. So we are -- we feel optimistic in that we will prevail in these cases. And that we are strongly on the side of what the Lord intended to occur. But other than that, no great insight except to say that we feel reasonably optimistic about where we are.

當然。出於對司法程序的尊重，我們在評論正在進行的訴訟時必須謹慎一點。但我們覺得——我們對我們的法律地位非常樂觀。我們真的強烈認為我們是對的，值得注意的是，至少到目前為止，還沒有發布任何禁令。所以我們 - 我們感到樂觀，因為我們將在這些情況下獲勝。並且我們強烈支持主想要發生的事情。但除此之外，除了說我們對自己所處的位置感到相當樂觀之外，沒有什麼深刻的見解。

Carter Driscoll, Capstone Investments.

卡特德里斯科爾，Capstone Investments。

The first question is trying to get a little closer to an ASP figure. Could you talk about what the average option package size or range has been so far for the Signature Series and how you see that potentially playing out as you are mix shift changes? Should that stay similar, range, as a percentage of the base model, your expectations there. Then I have a follow-up.

第一個問題是試圖更接近 ASP 數字。您能否談談迄今為止簽名系列的平均選項包大小或範圍，以及您如何看待隨著您的混音變化而可能發揮的作用？如果保持相似，範圍，作為基本模型的百分比，你的期望。然後我有一個跟進。

Right now, we're still working our way through the Signature Series, which is quite a heavy options version of the car. We have been surprised by the level of interest in the performance version of the car that actually takes us a bit by surprise and actually caused us some slight challenges in meeting the production ramp for components that are specific to the performance version of the car. We were just surprised by how many people were interested in that. Looking ahead, our option mix still looks like it's quite rich actually. It's really looking -- I'd say maybe a little better than anticipated, but obviously that could change. We don't have a crystal ball as to how things will go long-term, but it's been better than I expected in terms of the number of things that people are interested in having on the car. George or Deepak, if you want to add to that.

現在，我們仍在努力通過簽名系列，這是汽車的一個相當重的選項版本。我們對性能版本的汽車的興趣程度感到驚訝，這實際上讓我們有點驚訝，實際上給我們帶來了一些輕微的挑戰，以滿足特定於性能版本汽車的組件的生產坡道。我們只是驚訝於有多少人對此感興趣。展望未來，我們的期權組合看起來仍然相當豐富。它真的看起來 - 我會說可能比預期的要好一點，但顯然這可能會改變。我們沒有關於事情會如何長期發展的水晶球，但就人們對汽車感興趣的物品數量而言，它比我預期的要好。喬治或迪帕克，如果你想補充的話。

I think that -- go ahead, George.

我認為 - 繼續，喬治。

I agree with that. One of the options that has been most favorably received has been performance. The Signature version of the car, as I said, was highly optioned and there really weren't a lot of options on that car specifically because of the Signature card. As we've moved into general projection and reservations, I'm a very happy with performance and some of the other options that we weren't sure how well they would be received and they've been received very, very well. I agree with Elon that we are slightly ahead of where we thought we would be with options.

我同意這一點。最受好評的選項之一是性能。正如我所說，這輛車的簽名版是高度可選的，而且因為簽名卡，那輛車上確實沒有很多選擇。當我們進入一般預測和預訂時，我對性能和其他一些選項非常滿意，我們不確定它們會被接收到什麼程度，而且它們被接收得非常非常好。我同意 Elon 的觀點，即我們稍微領先於我們認為可以選擇的地方。

Thank you for that.

謝謝你。

We've had a lot of customers really ask for more options. We will try to roll out a few more extras that people can buy if they'd like and maybe a few that people can retroactively add to their car.

我們有很多客戶真的要求更多的選擇。我們將嘗試推出更多人們可以根據需要購買的額外功能，也許還有一些人們可以追溯添加到他們的汽車中。

Okay, thank you for the color. Then just my quick follow-up is, I think you had talked just a few weeks ago about potentially reaching cash flow break even by the end of November. I think, in your written commentary, you think it's closer to the end of the year. If you could talk about whether that was expediting cost, supplier issues, some -- the net reservations changing, can you talk about what changed that date by approximately a month and why you are confident that it will be December now?

好的，謝謝你的顏色。然後我的快速跟進是，我認為您在幾週前曾談到可能在 11 月底之前達到現金流收支平衡。我認為，在您的書面評論中，您認為離今年年底更近了。如果你能談談這是否是加速成本、供應商問題，還有一些——淨預訂量的變化，你能談談是什麼讓那個日期改變了大約一個月，為什麼你有信心現在是 12 月？

Well we haven't really changed the date by a month. I think we actually expect that to occur as we previously expected it. But things can shift around by a week or two, but I don't really much more than that. I think actually it will be as expected.

好吧，我們還沒有真正改變一個月的日期。我認為我們實際上希望這會像我們之前預期的那樣發生。但是事情可能會在一兩個星期內發生變化，但我並沒有比這更多。我認為實際上它會如預期的那樣。

Okay. All right --

好的。好的 -

Just to reinforce that point Carter, that there is no change in that sense, it is pretty consistent with what you see.

只是為了強化卡特這一點，在這個意義上沒有變化，這與你所看到的非常一致。

[John Lovallo], Merrill Lynch.

[約翰洛瓦洛]，美林證券。

First question is, if we think about the Daimler contract and the shift in timing, can you just talk about maybe what were the drivers of that shift?

第一個問題是，如果我們考慮戴姆勒的合同和時間上的轉變，你能談談這種轉變的驅動因素是什麼嗎？

Sorry Deepak, go ahead.

對不起，迪帕克，繼續。

Yes. It was really not something significant. We were sorting out some of the technical specification for the milestones. That was required for us to make sure we were doing revenue recognition correction correctly. Those issues are all pretty much behind us.

是的。這真的不是什麼重要的事情。我們正在整理一些里程碑的技術規範。這是我們確保正確進行收入確認更正所必需的。這些問題都已經過去了。

Yes. Officially the project is proceeding actually at the expected pace. We're just being conservative about the revenue recognition and we want to make sure we don't run the risk of a restatement. What with respect to the Daimler contract, operationally it is proceeding as expected. But we're just being a little more on the conservative side here with rev rec, otherwise our revenue would actually be higher than what we currently stated.

是的。正式地，該項目實際上正在以預期的速度進行。我們只是對收入確認持保守態度，我們希望確保我們不會冒重述的風險。至於戴姆勒的合同，在操作上它正在按預期進行。但我們只是在 rev rec 方面更加保守，否則我們的收入實際上會高於我們目前所說的。

That's a very good point. That operationally the program is proceeding very well and has been.

這是一個很好的觀點。從操作上講，該計劃進展順利，而且一直如此。

Our actual revenue would be higher, if we had been less conservative in the recognition of that revenue.

如果我們在確認該收入時不那麼保守，我們的實際收入會更高。

Okay, great, that is helpful. Then if I could just follow-up with maybe a quick housekeeping question here. I was under the impression that the interest expense would flip to closer to $2 million once production began on the Model S. Am I incorrect on that? Or was there some kind of change?

好的，太好了，這很有幫助。然後，如果我可以在這裡跟進一個快速的家政問題。我的印像是，一旦 Model S 開始生產，利息費用將接近 200 萬美元。我是否不正確？還是有什麼變化？

It will more in Q4 than Q3. We were still capitalizing since a lot of our assets were under construction during the quarter.

第四季度將比第三季度更多。由於本季度我們的許多資產正在建設中，我們仍在資本化。

Elaine Kwei, Jefferies.

伊萊恩·奎，傑富瑞。

Congrats on the great progress in the quarter. I think most of my questions have been touched on, but just a big picture one. What is the eventual vision for the supercharger network. Is this going to be expanded to the 60-kilowatt and 40-kilowatt and possibly even the future mainstream mass-market Gen 3 vehicles? What is the thought there?

祝賀本季度取得的巨大進展。我認為我的大部分問題都已被觸及，但只是一個宏觀問題。增壓器網絡的最終願景是什麼。這是否會擴展到 60 千瓦和 40 千瓦，甚至可能是未來主流的大眾市場 Gen 3 車輛？那裡的想法是什麼？

It actually applies to the APAC kilowatt version automatically that is just included. Then for a couple thousand dollars you can get the supercharger hardware added to the 60-kilowatt version. We're not currently planning on adding it to the 40-kilowatt version, because we see that as the customer buying that is really buying it because they don't really make long distance trips. It tends to be more of a car that you would want to use for travel just within a greater metropolitan area. We do expect to have the supercharger network be used by the -- certainly by the Model X and by a third-generation vehicle. But we are thinking that if you want to have a normal range at least on the order of 200 miles, at range at 55 miles for the supercharger network. That's the basic version. We do expect the vast majority of cars that we produce going forward to have access to the supercharger network. Like I said, apart from the very lowest version of the model, which is for those who just who almost never take long distance trips.

它實際上自動適用於剛剛包含的 APAC 千瓦版本。然後，你可以花幾千美元將增壓器硬件添加到 60 千瓦版本中。我們目前不打算將其添加到 40 千瓦版本中，因為我們認為這是真正購買它的客戶，因為他們並沒有真正進行長途旅行。它往往更像是一輛你想在大都市區內旅行的汽車。我們確實希望增壓器網絡能夠被 Model X 和第三代汽車使用。但我們正在考慮，如果您想擁有至少 200 英里左右的正常範圍，增壓器網絡的範圍為 55 英里。那是基本版本。我們確實希望我們未來生產的絕大多數汽車都可以使用增壓器網絡。就像我說的，除了模型的最低版本，它是為那些幾乎從不長途旅行的人準備的。

Okay, great. Then, just one follow-up. Will there still be any deliveries of new Roadsters in 4Q or is that done now? Had you always planned to also sell the pre-owned roadsters or was that a more recent development? Do you see yourself off the dominating -- that resell market for any future Model S or X or other vehicles?

好，太棒了。然後，只有一個後續。第四季度還會有新的 Roadster 交付嗎？或者現在已經交付了嗎？您是否一直計劃出售二手跑車，或者那是最近的發展？您是否認為自己擺脫了未來 Model S 或 X 或其他車輛的轉售市場的主導地位？

Yes. There will be a few more Roadsters. These are just ones, in terms of Euros, in Europe and Asia, there's not very many left. So, it's not going to be a huge number just because there aren't very many left. But in terms of used Roadsters here, we do expect to do decent business and used Roadsters, that we resell to people who are interested and doing the same with the Model S and X. I think that's going to be an interesting revenue source for us in the future. George, is there anything you'd like to add to that?

是的。將會有更多的Roadsters。這些只是歐元，在歐洲和亞洲，剩下的不多了。所以，這不會是一個巨大的數字，因為剩下的人不多。但就這裡的二手 Roadster 而言，我們確實希望做體面的生意和二手 Roadster，我們將其轉售給對 Model S 和 X 感興趣並做同樣事情的人。我認為這對我們來說將是一個有趣的收入來源在將來。喬治，你有什麼要補充的嗎？

Yes. All of the Roadsters that are remaining that are new are in Europe and Asia and right-hand drive is basically done except for a couple of demos. We're putting together an actual program that actually bring back Roadsters and this will translate to Model S in the future and Model X. So that we actually manage that process and so we control the value of that secondary part of the market, because we think that's very important. We actually have a staff that is dedicated to specifically managing used Roadsters now in North America, based out of California. We think its an important part of our business opportunity for us going forward.

是的。剩下的所有新跑車都在歐洲和亞洲，除了幾個演示之外，基本上都完成了右手駕駛。我們正在製定一個實際的計劃，真正讓 Roadster 回歸，這將在未來轉化為 Model S 和 Model X。所以我們實際上管理這個過程，所以我們控制市場的次要部分的價值，因為我們認為這很重要。實際上，我們現在在加利福尼亞以外的北美有專門負責管理二手 Roadster 的員工。我們認為這是我們未來業務機會的重要組成部分。

Ben Schuman, Pacific Crest.

本·舒曼，Pacific Crest。

Am I right understanding the halfway to 25% gross margin expectation as sort of a snapshot exiting Q4? If so, can you give some color on what the overall gross margin could be in Q4?

我是否正確理解毛利率達到 25% 的預期作為退出第四季度的快照？如果是這樣，您能否對第四季度的整體毛利率有所了解？

Deepak, [for you].

迪帕克，[為你]。

Yes. We want to be sure we are beating our numbers here so I want to be careful. But it should be relatively close and I think we want to just help give the sense that we are on the right track and as Elon said, looking beyond we are on track to get to 25%.

是的。我們想確保我們在這裡擊敗我們的數字，所以我要小心。但它應該相對接近，我認為我們只想幫助給人一種我們走在正確軌道上的感覺，正如埃隆所說，展望未來，我們有望達到 25%。

Okay great. Then, have you hired all the employees you need in terms of manufacturing to get to the 20,000 unit run rate and how long is it typically taking you to get new factory employees ramped up?

好，太棒了。那麼，您是否僱用了製造方面所需的所有員工以達到 20,000 台的運行速度？通常需要多長時間才能讓新的工廠員工增加？

We have hired almost all of the people that we need for the 20,000 unit a year ramp. Typically to get people on board and trained is around a two to three-week process. Yes. I think really everything is in place to get to that ramp rate in four or five weeks.

我們已經為每年 20,000 個單位的產量增加了幾乎所有需要的人員。通常，讓人們加入並接受培訓大約需要兩到三週的時間。是的。我認為實際上一切都已準備就緒，可以在四五週內達到該斜坡率。

Dan Galves, Deutsche Bank.

德意志銀行的丹·加爾維斯。

Just wanted to dig into this comment on the absent cost inefficiencies. You are now at a production rate capable of generating positive operating cash flow. Just trying to keep it simple. Your operating expenses excluding stock based comp are running about $350 million annualized right now. If we use $25,000 gross margin per unit, you would need to do about 14,000 units per year to breakeven on that. Just wondering if you can give me any additional color on what is involved in that -- or what I am missing in that calculation. Then if you could talk about your cash breakeven point going forward as ASPs likely will come down at some point. But gross margin will continue to -- looks like it continues to improve from current levels. But if you could give us any more color on that calculation.

只是想深入探討一下關於缺乏成本效率低下的評論。您現在處於能夠產生正運營現金流的生產率。只是想保持簡單。目前，您的運營費用（不包括基於股票的補償）的年化費用約為 3.5 億美元。如果我們使用每單位 25,000 美元的毛利率，您每年需要生產約 14,000 單位才能實現盈虧平衡。只是想知道您是否可以就其中涉及的內容給我任何其他顏色 - 或者我在該計算中缺少什麼。然後，如果您可以談論您的現金盈虧平衡點，因為平均售價可能會在某個時候下降。但毛利率將繼續 - 看起來它會繼續從目前的水平提高。但是，如果你能給我們更多關於這個計算的顏色。

Dan, the other elements are the balance sheet items that I've said, including how our inventories and APs get managed and our reservations counts. So let me look at that on a combined basis from an operations perspective. We are comfortable with the message that we have provided in the Letter.

丹，其他元素是我所說的資產負債表項目，包括我們的庫存和 AP 的管理方式以及我們的預訂計數。因此，讓我從運營的角度綜合考慮這一點。我們對信中提供的信息感到滿意。

Okay, so that includes some working balance sheet changes in there?

好的，這包括一些工作資產負債表的變化嗎？

Correct.

正確的。

That is helpful. Could you give us an update on where you stand in terms of homologation of the vehicle in Europe? When you expect that to launch and how -- what is the ability of people in Europe to make reservations currently? How many have?

這很有幫助。您能否向我們介紹一下您在歐洲車輛認證方面的最新情況？您預計何時推出以及如何推出 - 歐洲人目前進行預訂的能力是什麼？有幾個？

We have made huge progress on homologation. It should be pointed out that we design the Model S from the beginning to meet the European and American specs. In fact, specs in Japan and Asia as much as possible so those specs want initially exclusive. In fact we have two Model S with German plates currently driving around that we completed as part of our European media launch recently. Really there is very little to do to get the European spec and homologation ready for production. We could do so sooner -- we could start production of those up close units sooner than the March, April timeframe next year. But there's not really a need to do that since we have -- we can fully absorb our production with North American demand. Rather than increase the complication of managing a hopeless cause in Europe and North America. We want to stay focused on North America just for a few more months before we start to ship cars over to Europe and then Asia shortly thereafter.

我們在認證方面取得了巨大進展。需要指出的是，我們從一開始就對 Model S 進行了設計，以滿足歐美規格。事實上，日本和亞洲的規格盡可能多，因此這些規格最初希望是獨家的。事實上，我們有兩輛帶有德國牌照的 Model S 目前正在行駛，這是我們最近在歐洲媒體發布的一部分完成的。實際上，要使歐洲規範和認證準備好投入生產，幾乎沒有什麼可做的。我們可以更早地這樣做——我們可以在明年 3 月、4 月的時間框架之前開始生產這些近距離單元。但實際上沒有必要這樣做，因為我們有——我們可以完全吸收北美需求的生產。而不是增加管理歐洲和北美無望事業的複雜性。在我們開始將汽車運往歐洲和隨後不久的亞洲之前，我們希望繼續專注於北美幾個月。

Are people able to make reservations year in Europe now?

人們現在可以在歐洲預訂年嗎？

Yes, absolutely.

是的，一點沒錯。

Okay, great.

好，太棒了。

George can add some more inside there. Clearly we've seen an uptick with our recent activities, since you've just begun to launch of the Model S marketing activities in Europe. Overall we have probably around 15%, 20% of our reservations in Europe.

喬治可以在裡面添加更多。很明顯，我們最近的活動有所增加，因為您剛剛開始在歐洲推出 Model S 營銷活動。總體而言，我們在歐洲的預訂量可能約為 15%、20%。

Thanks for that color, I appreciate it.

謝謝你的顏色，我很感激。

Andrea James, Dougherty & Company.

安德里亞詹姆斯，多爾蒂公司。

If I make some assumptions on how many people you're calling to lock in, I think I calculate that the cancellation rate for lock-ins is about one in ten. Is that about right? How does that compare to what you were expecting?

如果我對您要呼叫鎖定的人數做出一些假設，我想我計算出鎖定的取消率約為十分之一。這對嗎？這與您的預期相比如何？

I think our cancellation rates are for people that we reach out to confirm a booking is 10% to 15% range. It depends on how old some of these were. You're in the right ballpark there, Andrea. George, anything else you may want to add?

我認為我們的取消率適用於我們聯繫確認預訂的人，其範圍為 10% 至 15%。這取決於其中一些的年齡。安德里亞，你在正確的球場上。喬治，您還想補充什麼嗎？

No, just that the number was completely expected to be where it is. Is expected to go down as we get into Q1.

不，只是這個數字完全符合預期。隨著我們進入第一季度，預計會下降。

Okay. Thank you. And then if I look at --

好的。謝謝你。然後如果我看——

I'm very sorry. Maybe it's like your internet. Actually, you said that the price cancellations for people that have locked in. The cancellation of people that have actually confirmed their options is extremely low. There are very few people that cancel once they've decided what their options are going to be. Cancellations tend to occur before they have decided there. That's where the 10% to 15% cancellation occurs. That is important.

我很抱歉。也許它就像你的互聯網。其實你說的是鎖定的人取消價格。實際確認選項的人取消價格是極低的。一旦決定了他們的選擇，很少有人會取消。取消往往發生在他們做出決定之前。這就是 10% 到 15% 的取消發生的地方。這很重要。

That makes sense. Then I look at your September 25 communication on gross reservations. Then I look at what you're saying today, it looks like you have booked about 300 new reservations in the last five days of Q3. Does that sound about right? I think that's about where you would want to be. It sounds like you got there already, per day.

那講得通。然後我看一下你們 9 月 25 日關於總預訂量的通訊。然後我看看你今天所說的，看起來你在第三季度的最後五天預訂了大約 300 個新預訂。那個聽起來是對的嗎？我想這就是你想去的地方。聽起來你已經到了那裡，每天。

George?

喬治？

I would say it's a bit of rounding there. It's in the ballpark but there's a bit of rounding.

我會說那裡有點四捨五入。它在球場上，但有一點四捨五入。

Michael Lew, Needham.

邁克爾·盧，李約瑟。

With regard to the superchargers, has it yet been a factor or do you expect it to be an influencing factor in the general reservations population and whether or not they choose, let say, an 85-kilowatt hour model versus a 40-kilowatt hour vehicle?

關於增壓器，它是否已經成為一個因素，或者您是否認為它會成為一般預訂人群的一個影響因素，以及他們是否選擇，比如說，85 千瓦時的車型與 40 千瓦時的車輛?

Yes, I think so. Yes. I think there are a lot of reasons to pick the higher range car. Assuming the performance elements, it goes a little faster, it's accelerations at our higher top speed. The warranty it'll look better, but I think the ability to travel long distance with the supercharger or the fact that you can travel really -- you'll be able to travel for free anywhere in America long distance, I think, is pretty appealing. We've only just opened the supercharger system up to the public and I really think it's a wonderful experience when you use it. I actually drove with all five of my kids in the Model S with luggage in the front trunk, fully loaded all the way from LA to San Francisco. It was really a great road trip. With no hitches and when we would stop for a meal or to go to the restroom, by the time we came back the car was ready to go and I think it's really exceeded my expectations actually for what I was hoping it would be and how well it would function. I am really excited about it. I think as people use it, it's really going to open their eyes as to what an electric car can be like. Just not having to go to a gas station and be immersed in fumes and pay a whole bunch of money for gas. Tesla's free, free long-distance powered by sunlight, I think it is quite a revelation I think. Yes.

是的，我想是這樣。是的。我認為選擇更高範圍的汽車有很多理由。假設性能元素，它會更快一點，它以我們更高的最高速度加速。保修看起來會更好，但我認為使用增壓器長途旅行的能力或者你可以真正旅行的事實——你可以在美國任何地方免費長途旅行，我認為，很漂亮吸引人。我們剛剛向公眾開放了增壓器系統，我真的認為當你使用它時這是一次美妙的體驗。實際上，我和我的五個孩子都開著 Model S，行李放在前備箱裡，從洛杉磯到舊金山一直滿載而歸。這真是一次很棒的公路旅行。沒有任何障礙，當我們停下來吃飯或去洗手間時，當我們回來的時候，車已經準備好了，我認為它真的超出了我的預期，實際上我希望它會是這樣，而且有多好它會起作用。我真的很興奮。我認為當人們使用它時，它真的會讓他們大開眼界，了解電動汽車會是什麼樣子。只是不必去加油站並沉浸在煙霧中並為汽油支付一大筆錢。特斯拉的免費、免費長距離由陽光驅動，我覺得這是一個相當大的啟示。是的。

Okay. Have they also drove incremental demand or increase from OEMs for power train agreements just given it's high rate or fast charging capabilities?

好的。考慮到動力總成協議的高速率或快速充電能力，他們是否也推動了原始設備製造商對動力總成協議的增量需求或增加？

With our partners with Mercedes and Toyota -- both of them have been more interested in shorter range vehicles rather than tackling the long-range problem. Certainly it's something we would be happy to give access to, give access to it but I think it needs just a bit of a larger factory packed than they're currently expecting for the car -- the cars that they're getting with the RAV4, V class Mercedes.

我們與梅賽德斯和豐田的合作夥伴——他們都對短程車輛更感興趣，而不是解決遠程問題。當然，我們很樂意提供訪問權，提供訪問權，但我認為它只需要一個比他們目前對汽車的期望更大的工廠——他們用 RAV4 獲得的汽車，V級奔馳。

Yes, I guess I meant were there new inquiries since the unveiling of the superchargers from OEMs for like new platforms in the future? Let's put it this way. Ten minutes is a lot faster than eight hours.

是的，我想我的意思是，自從 OEM 推出增壓器後，是否有新的詢問會出現在未來類似的新平台上？讓我們這樣說吧。十分鐘比八小時快很多。

Yes, true. Surprisingly there haven't been a lot of inquiries on that front. I believe it's just taking time to sink in, but I think this is currently in the mind frame that it's going to tend to be more of a greater metropolitan area travel vehicle in the case of the RAV4 and the V class Mercedes. I think perhaps once they see how customers are adopting it and using the supercharge network they will -- their interest will peak. I really don't think people realize how cool it is. It is just works. It's one of those things where its even better than it sounds. It's better than the marketing.

是的。令人驚訝的是，這方面的詢問並不多。我相信這只是需要時間來理解，但我認為這是目前的思維框架，在 RAV4 和 V 級梅賽德斯的情況下，它往往會成為更大的都市地區旅行車。我認為，也許一旦他們看到客戶如何採用它並使用增壓網絡，他們就會——他們的興趣將達到頂峰。我真的不認為人們意識到它有多酷。這只是工作。這是其中比聽起來更好的事情之一。這比營銷好。

Okay and one last question. You have highlighted the role of word-of-mouth as how the girl that's played in driving reservations. Could you give us a sense or gauge of what percentage or what number of net adds in 3Q were by word-of-mouth? If there is a figure out there. I don't know if you have tracked it that way.

好的，最後一個問題。你已經強調了口碑的作用，就像女孩在預訂時所扮演的角色一樣。您能否讓我們了解或衡量 3Q 中通過口耳相傳的淨增加量的百分比或數量？如果那裡有一個數字。不知道你有沒有這樣追踪過。

It's essentially almost all our word-of-mouth or media because really, there's no advertising that we do.

這基本上是我們所有的口碑或媒體，因為實際上，我們沒有做任何廣告。

I guess I meant versus store walk-ins.

我想我的意思是與商店走入。

Sure. George, how would you answer the question?

當然。喬治，你會怎麼回答這個問題？

We don't have the exact numbers of which ones were customer references because some of them are multiple customer references, some of them come to the stores specifically because they went to dinner the night before with somebody who has received a car and then they come into the store, they get more information to make a reservation. We don't track it's specifically by customer but when we start to look at geographic areas where we have the most delivered cars, those areas are really starting to escalate very quickly in reservations for more cars. We don't have it down to a specific percentage or number. Just when you look at the overall picture you can see that where you have the most cars delivered reservations are escalating significantly.

我們不知道哪些是客戶推薦人的確切數字，因為其中一些是多個客戶推薦人，其中一些人專門來商店是因為他們前一天晚上和收到車的人共進晚餐，然後他們來了進入商店，他們獲得更多信息以進行預訂。我們不會專門針對客戶進行跟踪，但是當我們開始查看交付汽車最多的地理區域時，這些區域的預訂量確實開始迅速上升，以預訂更多汽車。我們沒有將其歸結為特定的百分比或數字。就在您查看整體情況時，您會發現交付車輛最多的地方的預訂量正在顯著增加。

So, on that note, I guess you would also apply it towards cancellation rates? So it's fair to say in the areas where there were fewer vehicles on the road? You probably experienced more cancellations? Is that the right way to look at it?

那麼，在那張紙條上，我想您也會將其應用於取消率？所以說在道路上車輛較少的地區是公平的嗎？您可能經歷過更多的取消？這是正確的看待它的方式嗎？

I haven't really track it that way. I haven't really backed into it that way. I couldn't really quantify anything like that for you.

我還沒有真正那樣追踪它。我還沒有真正支持這種方式。我真的無法為你量化這樣的事情。

That is probably true anecdotally. Just given that the word-of-mouth for cars is incredibly good. I have not encountered anyone who has said that they try the car and then didn't like it. It tends to be very opposite.

這可能是真實的軼事。只是考慮到汽車的口碑非常好。我沒有遇到任何人說他們試了車然後不喜歡它。它往往是非常相反的。

All right. Thanks. We have maybe time for one more quick question. Operator?

好的。謝謝。我們也許有時間再提一個簡單的問題。操作員？

Ben Kallo, Robert W Baird.

本·卡洛，羅伯特·W·貝爾德。

I was wondering, we get a lot of questions about the 25% gross margin. How much of a battery cost reductions are built into you meeting that target if any and then how do you view any cost reductions on the battery side as upside to the gross margin? Thanks.

我想知道，我們收到了很多關於 25% 毛利率的問題。如果有的話，您在實現該目標的過程中會降低多少電池成本，那麼您如何將電池方面的任何成本降低視為毛利率的上升空間？謝謝。

Sure. Just to separate out the battery, there's the cell cost and then there's the battery balance and system cost. We're really not building any significant production in sale cost into getting to the 25% gross margin. There are a bunch of reductions associates with the pack costs but we're really good inside of those and a clear path to get those done in a fairly short period of time. So not really worried about the battery pack costs at all. In fact, I think just overall, we've got a really good handle on getting to 25%. I have very high confidences of getting there. I should point out our goal is to exceed 25%, not to stop at that point.

當然。只是為了分離電池，有電池成本，然後是電池平衡和系統成本。我們真的沒有在銷售成本上建立任何顯著的生產來達到 25% 的毛利率。有很多與包裝成本相關的降低，但我們在這些方面做得非常好，並且有一條明確的途徑可以在相當短的時間內完成這些工作。所以根本不用擔心電池組的成本。事實上，我認為總體而言，我們已經很好地掌握了達到 25% 的目標。我對到達那裡充滿信心。我應該指出，我們的目標是超過 25%，而不是止步於此。

Thank you. I would like to turn comments back over to Jeff Evanson for closing remarks.

謝謝你。我想將評論轉回給 Jeff Evanson 以完成結束語。

Thanks, Shannon. Thank you everyone for joining us this morning. We look forward to seeing you in the coming weeks either on a factory tour, tomorrow in Chicago at RW Baird's Industrial conference or at other events through the remainder of the year. Goodbye, everyone.

謝謝，香農。感謝大家今天早上加入我們。我們期待在接下來的幾週內與您見面，無論是參觀工廠、明天在芝加哥參加 RW Baird 的工業會議，還是在今年剩餘時間的其他活動中見到您。大家再見。

Ladies and gentlemen, this concludes today's conference. Thank you for your participation and have a wonderful day.

女士們，先生們，今天的會議到此結束。感謝您的參與，祝您有美好的一天。