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.

歡迎參加特斯拉汽車2012年第三季財務業績問答電話會議。目前，所有與會者均處於聆聽模式。稍後我們將進行問答環節，屆時將提供相關說明。

(Operator Instructions)

（操作員指示）

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。現在，我想將會議交給主持人傑夫·埃文森。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.

謝謝香農。大家早安。歡迎參加特斯拉汽車2012年第三季財務業績問答電話會議。今天，公司主要主管伊隆馬斯克、迪帕克阿胡加和喬治布蘭肯希普將與我一同回答大家的問題。我們在今天太平洋時間凌晨3:30公佈了第三季的財務表現。股東信函、財務表現以及本問答環節的網路直播均可在公司投資者關係網站ir.teslamotors.com上取得。今天的電話會議主要用於問答，但我們希望將會議時長控制在45分鐘以內，因此請大家簡明扼要地提問。我們將進行現場問答。

(Operator Instructions)

（操作員指示）

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?

在本次電話會議期間，我們可能會討論業務前景並做出前瞻性陳述。此類陳述是基於管理階層目前預期的預測。由於許多風險和不確定因素，包括我們最近提交給美國證券交易委員會的10-Q文件中提到的因素，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截至今日的觀點，今日之後不應作為依據。我們也不承擔更新這些前瞻性聲明的任何義務。 Shannon，請問第一個問題。

Adam Jonas, Morgan Stanley.

摩根士丹利的亞當喬納斯。

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。目前有多少車輛是完全沒有經過任何材料返工就直接下線的？我只是好奇——有沒有哪個車型是真正完全沒有經過太多返工就直接下線的？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。我們確實有一些車需要返工，但總的來說，我們一直努力保持極高的品質標準。所以，即使是一個很小的美觀問題，我們也想修復它。所以，是的，目前大多數車輛都需要進行一些維修來修復一些小問題。很多問題大多數人甚至不會注意到，但我們正努力盡可能地接近完美。儘管如此，我們的年產量仍能達到1萬輛。所以，我對我們目前的車輛製造水準感到非常滿意。

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。想想所有影響車輛早期生產的問題，哪些關鍵問題你已經解決了，哪些問題還沒解決？新問題的清單還在增加嗎？或者說，你發現了什麼新的問題？或者，你所知道的品質或供應方面的問題都已知，而這個清單現在在縮小嗎？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，我認為問題在於如何按時從供應商那裡獲得車輛的所有零件，並且保證品質——非常高。我認為我們已經解決了這些問題。據我所知，目前沒有任何供應商問題阻礙我們在未來四、五週內實現年產2萬輛汽車的生產目標。情況看起來不錯。這並不是說不會出現問題，而是情況看起來相當不錯。我們看到，隨著車輛下線，需要糾正的問題數量正在迅速減少。所以，情況正在迅速好轉。

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，就目前的情況來看，我對此非常樂觀。我認為在實現2萬台的年產量目標方面，我們目前沒有遇到任何問題。

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，我只想快速問你幾個問題。關於預訂前景，我知道你的目標是到年底預訂量超過13,200台，創下新高。但是，當我們查看資產負債表上的預訂餘額時，我們是否應該假設這個數字會更低？如果更低，你能給出一個下限嗎？也就是說，到年底，它還能超過1億美元嗎？

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。你說得對，就Signature系列電影的預訂而言，我們收取的定金比一般製作預訂要高得多。因此，我們的預訂餘額會有所調整，以反映這一點。

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，關於研發，您給出了第四季度的預期，約為6000萬美元。我想這比電話會議上很多人的預期要高得多。您能解釋一下嗎？為什麼這個數字會更高？每季6000萬美元是我們明年應該使用的營運率嗎？這是我的最後一個問題。謝謝。

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——正如信中所說，這仍然比上一季下降了19%。這主要是因為我們扣除了所有製造相關的費用。目前，我們大部分研發人員的數量已經穩定，我們專注於未來的產品開發，並採取一系列措施來繼續改進我們的產品。我認為這是一個相當合理的未來成長率。

Patrick Archambault, Goldman Sachs.

高盛的 Patrick Archambault。

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?

恭喜您達到了基準要求。我想我只是想澄清一下，然後針對Adam的問題再提一個問題。我們可以肯定，剩下的挑戰實際上是組裝和完成方面的挑戰，這些挑戰與組裝過程有關，而不是與零件數量是否足夠有關。這樣理解正確嗎？

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，所以目前，我們能夠用所需的零件以每年1萬輛的年產量生產汽車。就像我說的，截至今天，我不知道有任何零件會阻礙我們在四、五週內達到每年2萬輛的產量。看起來——我不會說一帆風順，但看起來朝著這個方向穩步前進。總有意外發生，但我不知道目前有任何障礙阻礙我們實現目標。看起來——敲敲木頭，一切看起來都很好。

Okay, great.

好的，太好了。

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.

總的來說，我覺得特斯拉真的已經過了高風險階段。幾個月前，我就說過，未來幾個月對特斯拉來說才是真正的考驗。經典說法是“穿越死亡之谷”，而我現在感覺我們已經穿越了。

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。也許可以問Deepak一個問題。能否從宏觀角度簡單介紹一下資本投資的狀況？顯然，您已經從研發角度轉向了X，但我想，您也為第三代X做了一些早期的工程設計。那麼，展望未來18個月左右，我們該如何看待您的研發和資本支出模式的不均衡性呢？

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.

我認為我更希望在下次財報電話會議上提供更多關於我們2013年研發支出的預測。但我認為，總體而言，影響研發的因素正如您所說，包括Model X和Model S在內的新產品開發，我們將開發右舵版車型——歐洲版車型，還有其他一些因素。我們將專注於持續改善製造和設計。雖然會有一定程度的波動，但不會像2012年那麼顯著，因為所有製造支出都不再用於研發，而且這種趨勢還會持續下去。

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。再次澄清一下，Deepak 的聲明可能已經確定了左側駕駛的歐洲版車型幾乎已經沒什麼改進了。事實上，我們目前在歐盟有兩款獲得歐盟認證的車型正在進行初步行銷，我們才剛開始在歐盟市場銷售。正如 Deepak 所提到的，真正的增量研發是針對歐盟版右側駕駛車型的，該車型也適用於日本、香港和其他一些地區。此外，我們還將在明年推出其他幾款 Model S 車型，我認為這些車型將會非常令人興奮。當然，除此之外，我們還將深入研究 Model X，並啟動第三代大眾市場車型的初步設計工作。

Amir Rozwadowski, Barclays.

巴克萊銀行的阿米爾·羅茲瓦多夫斯基（Amir Rozwadowski）。

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，您提到本季新增預訂量約為2900個，淨預訂量約為1700個，因為取消訂單的數量有所增加。請問您能否稍微解釋一下導致取消訂單量增加的原因。您預計取消訂單量會在某個時候減少嗎？或者，您是否預計未來會轉向更即時的訂單/配送模式，而不是像我們在車輛上市初期看到的預訂模式那樣？

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，或許可以大致回答一下。然後請喬治補充一些細節。我認為，就特斯拉目前的狀況來看，我們還需要一段時間才能實現即時購車，也就是說，你直接進去就能買車。考慮到目前的等候名單實際上已經排了好幾個月了，而且我預計至少在接下來的幾個季度裡，新預訂的數量將持續創下新高。我認為，人們可能還需要相當長一段時間才能直接走進去買車。甚至可能要到2014年才能實現。所以，我強烈建議對車有興趣的人提前預訂，不要以為他們很快就能買到車，而且不用排隊。事實上，我常常遇到有人有這種想法，他們覺得只要等一等，然後就直接去買車了。我認為這種情況還需要很長時間才能實現。喬治，你還有什麼要補充的嗎？

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。我花了很多時間在門市，我認為預訂量的成長是多種因素共同作用的結果。首先，我們開設了更多門市。隨著門市數量的增加，我們每天面對的顧客也越來越多。今年迄今為止，我們的門市客流量已達180萬人次，但由於門市數量的增加，上一季的客流量比前幾季有了顯著增長。到今年12月1日，我們還有五家新店開業，它們都位於人流大、能見度高的地方。隨著我們新店的開業，越來越多的人走進來，問道：“我以前從來沒想過——特斯拉是誰？”

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.

我們的知名度正在顯著提升。我認為，這些新設計店開業大約18個月以來，人流不斷增長，這讓我們獲益良多。接下來，我想是獎項。我們獲得了一些非常積極的獎項，我們正在向人們宣傳，這進一步證明了我們的汽車非常出色，而且除了我們之外，還有其他人在宣傳。 6月22日開業後，我們獲得了大量媒體報道，最近又獲得了《汽車雜誌》和雅虎汽車的報道，這些報道都非常積極。

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.

我還感受到了另一個因素——尤其是在加州，我們已經交付了大量車輛。現在，我們的車輛上路了，人們會帶其他人出去吃飯、看電影、看演出，甚至回家。人們看到車後會問，天哪，我怎麼才能買到這樣的車？所以，那些已經收到車的客戶其實是在幫我們賣車、預訂車。所以，我們現在取得了巨大的成效，這非常正面。至於人們何時可以立即到店購車，我預計在近期不會實現，事實上，這甚至不是我們的目標。我們的目標始終是預留時間，以便我們為您量身定制專屬座駕。所以，目前我完全看不到這種前景。

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——我遇到過一位已經收到車的顧客，他沒有立即告訴我他們又賣了多少輛車給他們認識的人，或者在某些情況下，賣給街上的陌生人。 （笑聲）這確實透過口耳相傳迅速傳播開來。值得注意的是，特斯拉仍然沒有在廣告上投入任何資金。

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.

隨著車輛上路，你們似乎確實受益於這種光環效應。另一方面，關於取消預訂的情況，考慮到現在你們門市增多，您是否預計會達到一個門檻，屆時取消預訂的情況會減少？或許會有點…雖然等待車輛的時間可能會有所壓縮，但隨著車輛開始交付，等待時間可能會有所壓縮。我只是想了解淨預訂量的動態。

Sorry, George go ahead.

抱歉，喬治，請繼續。

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。我們對此進行了大量的觀察和分析，目前的情況是，現在的退款情況非常令人期待。我們正在分析2009年和2010年的預訂情況，發現在不同時間點發生了許多變化。到第一季度，從預訂到實際配置車輛的等待時間將從2.5到3年縮短到幾個月。所以等待時間會非常短。時間會非常短；因此，沒有理由取消預訂。我們預計，到明年年初，北美地區的退款情況將不再是問題。退款率將大幅下降。

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?

好的。最後，如果可以的話，請允許我問一下，看看您對今年交付量的預期，似乎比您之前預期的2700到3250輛略有下降，而根據目前的發布，交付量約為2500到3000輛。這主要歸因於您之前提到的一些供應問題嗎？我們是否應該預期這種情況——現在看來這些問題已經過去了，從您的角度來看，這是一個相當容易實現的目標嗎？

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.

阿米爾，需要澄清的是，我們的預期沒有改變。 2500 到 3000 輛的交付量是針對第四季度的，而 2750 到 3250 輛是全年預期，其中包括第三季度的交付量。

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

明白了。非常感謝 Deepak 的澄清。

[Aditya Satghare], Lazard.

[Aditya Satghare]，Lazard。

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?

我想更能理解您關於年底毛利率目標的準備發言。那麼，您能否告訴我們，如果扣除產能提升的成本和額外重工成本，您目前的毛利率會是多少？

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。嗯，我想說的是──假設我們的年產量達到2萬台，雖然我們還沒完全達到，因為毛利率會受到產量提升的影響。但如果我們將時間快轉五週左右，並且排除與產量提升相關的短期成本問題以及我們擱置的事項，如果排除我們為了確保產量提升而擱置的已知成本削減問題，我們的毛利率將達到25%。

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?

明白了。我的後續問題是關於第四季的產品組合交付情況。您能否進一步說明一下，第四季的產品組合與您先前的預期相比如何？

It is right on track. Exactly what we expected.

一切進展順利，正如我們所料。

Aaron Chew, Maxim.

Aaron Chew，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?

我想知道——我知道您提供了大量關於預訂的最新資訊。您能否提供一些關於10月份預訂總額或淨額變動情況的見解，甚至一些整體亮點以及第三季每月的趨勢？

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.

我想我們不想給出具體的月度數字，但我認為喬治早些時候讓你感覺到，鑑於我們不斷開設新店、汽車的知名度以及汽車最近獲得的獎項，我們最近肯定看到了良好的增長勢頭。

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。說得對。如果我繼續我的後續提問，除了網站上提到的內容之外，我想知道您是否能就這起訴訟提供一些進一步的見解。我相信這是一個敏感話題，所以你們能說的有限，但或許可以談談一些關於時機、索賠金額以及如果勝訴會給你們的門店策略帶來哪些影響的一般性看法。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，我們對正在進行的訴訟發表評論時必須謹慎一些。但我們對我們的法律立場非常樂觀。我們堅信我們是正確的，值得注意的是，至少到目前為止，還沒有發布任何禁令。所以我們樂觀地認為我們將在這些案件中獲勝。我們堅定地站在上帝希望發生的事情這一邊。但除此之外，除了說我們對目前的處境感到相當樂觀之外，沒有什麼深刻的見解。

Carter Driscoll, Capstone Investments.

卡特·德里斯科爾（Carter Driscoll），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.

第一個問題是想更接近平均售價（ASP）的數據。您能否談談到目前為止Signature系列的平均選配包大小或續航里程是多少？隨著混合換檔的進行，您認為這可能會帶來什麼影響？續航里程是否應該與基本車型的百分比保持相似？您對此有何預期？然後我有一個後續問題。

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.

目前，我們仍在開發Signature系列，這是一個選配配置相當豐富的車型。我們對性能版車型的關注程度感到意外，這實際上讓我們有點措手不及，也給我們在滿足性能版專用部件的產量提升方面帶來了一些挑戰。我們對有這麼多人對此感興趣感到驚訝。展望未來，我們的選配配置組合實際上仍然相當豐富。看起來——我想說可能比預期的要好一些，但顯然情況可能會有所變化。我們無法預知長期發展，但就人們對這款車感興趣的配置數量而言，情況比我預期的要好。喬治或迪帕克，如果你想補充的話。

I think that -- go ahead, George.

我認為——繼續吧，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就是性能。正如我所說，Signature版的選配非常豐富，但由於Signature卡的原因，這款車的選配實際上並不多。隨著我們進入整體預測和預訂階段，我對性能以及其他一些我們之前不確定會受到多大歡迎的選配感到非常滿意，而這些選配也得到了非常非常好的反饋。我同意伊隆的觀點，我們在選配方面的進展略微超出了我們的預期。

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.

很多客戶確實希望我們提供更多選擇。我們會嘗試推出一些額外的配置，方便客戶按需購買，或許還會推出一些可以後期添加到車上的配置。

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，謝謝你的解釋。那麼我的快速跟進是，我記得您幾週前就談到可能在11月底實現現金流盈虧平衡。我想，在您的書面評論中，您認為現在更接近年底了。您能否談談這是否與加急成本、供應商問題以及其他一些因素有關——淨預訂量的變化？您能否談談是什麼原因導致這個日期大約一個月後才達到損益平衡？以及為什麼您有信心現在是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.

嗯，我們其實並沒有把日期調整一個月。我認為我們實際上預計它會像我們之前預期的那樣發生。但情況可能會有一兩週的變動，但我預計不會超過這個時間。我認為它實際上會和預期的一樣。

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.

只是為了強調這一點，卡特，從這個意義上來說沒有變化，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約和時間的變化，您能否談談這種變化的驅動因素是什麼？

Sorry Deepak, go ahead.

抱歉，迪帕克，請繼續。

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。其實不是什麼大事。我們當時正在整理里程碑的一些技術規格。這是為了確保我們正確地進行收入確認修正。這些問題基本上都已經解決了。

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。官方說法是，該專案實際上正在按預期進度進行。我們只是對收入確認持保守態度，希望確保不冒重述的風險。就戴姆勒合約而言，營運方面進展順利。但在收入確認方面，我們稍微保守一些，否則我們的收入實際上會高於目前公佈的數字。

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

這話說得非常好。從操作上來說，這個專案進展非常順利。

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

如果我們在確認收入時不那麼保守，我們的實際收入就會更高。

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。那麼，我可以再問一個簡單的問題嗎？我之前以為，一旦Model S投產，利息支出就會升至接近200萬美元。我的想法錯了嗎？還是說情況真的改變了？

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

第四季的支出將比第三季更多。由於本季我們的許多資產仍在建設中，因此我們仍在利用資本。

Elaine Kwei, Jefferies.

傑富瑞 (Jefferies) 的 Elaine Kwei。

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?

恭喜您本季的巨大進展。我想我的大部分問題都已經提到了，但我只想提一個大概的問題。超級充電網路的最終願景是什麼？它會擴展到60千瓦和40千瓦的車型，甚至可能擴展到未來主流大眾市場的第三代電動車嗎？你們是怎麼想的？

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已包含的亞太地區千瓦版本。然後，只需花費數千美元，您就可以為60千瓦版本添加超級充電硬體。我們目前不打算在40千瓦版本上添加這項功能，因為我們認為購買它的客戶真正購買它的原因是他們實際上並沒有進行長途旅行。它更像是一款在大都市地區內旅行的汽車。我們確實希望超級充電網路能夠被Model X和第三代車型使用。但我們認為，如果想要至少200英里左右的正常續航里程，那麼超級充電網路的續航里程應該會在55英里左右。這是基本款。我們確實希望未來生產的絕大多數車型都能連接超充電網路。就像我說的，除了最低配的車型，這款車型是為那些幾乎從不進行長途旅行的人設計的。

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?

好的，太好了。接下來還有一個問題。第四季還會交付新款Roadster嗎？還是現在已經交付了？你們一直在計劃銷售二手Roadster嗎？還是說這是最近才開始的？你們認為自己會退出未來Model S、Model X或其他車型的轉售市場嗎？

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。還會有幾輛Roadster。這些只是歐元版，在歐洲和亞洲，剩下的不多了。所以，數量不會很大，因為剩下的不多了。不過，就二手Roadster而言，我們預期會有不錯的業績，我們會把二手Roadster轉售給對Model S和Model X有興趣的人。我認為這將成為我們未來一個有趣的收入來源。喬治，您還有什麼想補充的嗎？

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。目前所有新款Roadster都在歐洲和亞洲銷售，除了幾輛示範車外，右舵車型基本上停產。我們正在製定一個真正的計劃，讓Roadster回歸市場，未來這將轉化為Model S和Model X的銷售。這樣我們就能真正管理好這個過程，進而控制二手市場的價值，因為我們認為這非常重要。目前，我們在北美有一支專門負責管理二手Roadster的團隊，駐紮在加州。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 (Ben Schuman)，太平洋山脊。

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?

我理解的毛利率預期中途達到25%只是第四季結束前的一個小縮影，對嗎？如果是這樣，您能否透露一下第四季的整體毛利率可能是多少？

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。我們想確保業績超出預期，所以我想謹慎行事。但應該比較接近，我想我們只是想讓人們感覺到我們正走在正確的軌道上，正如埃隆所說，展望未來，我們正朝著25%的目標前進。

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?

好的，太好了。那麼，你們是否已經僱用了所有需要的員工來達到2萬台的產能目標？通常需要多長時間才能讓新進員工上崗？

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.

我們已經招募了幾乎所有達到年產2萬台產能目標所需的人員。通常情況下，人員入職和培訓大約需要兩到三週的時間。是的。我認為所有準備工作都已到位，可以在四到五週內達到這個產能目標。

Dan Galves, Deutsche Bank.

德意志銀行的丹‧加爾維斯 (Dan Galves)。

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.

我只是想深入探討一下關於成本效率缺失的評論。你們目前的生產速度能夠產生正的營運現金流。我只是想簡單說一下。你們目前的營運費用（不包括股票補償）年化約為3.5億美元。如果我們以每單位2.5萬美元的毛利率計算，你們每年需要生產大約1.4萬台才能達到損益兩平。我想知道您能否進一步解釋這其中涉及的內容——或者我在計算中遺漏了什麼。然後，您能否談談您們未來的現金損益平衡點，因為平均售價（ASP）可能會在某個時候下降。但毛利率看起來會繼續下去——看起來會從目前的水平繼續提高。但您能否就這個計算再多說一點？

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，其他因素是我之前提到的資產負債表項目，包括我們的庫存和應付帳款的管理方式，以及我們的預留金的計算方式。所以，讓我從營運的角度綜合來看這些面向。我們對信函中傳達的訊息感到滿意。

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

好的，這其中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。能否介紹一下這款車在歐洲的認證進度？預計什麼時候上市？目前歐洲用戶預訂情況如何？有多少人預訂了？

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，我們從一開始就設計Model S以滿足歐洲和美國的規格。事實上，我們盡可能地滿足日本和亞洲的規格，因此這些規格最初是獨家的。事實上，我們目前有兩輛掛著德國牌照的Model S，它們是我們最近在歐洲媒體發布會上完成的。實際上，要達到歐洲規格並獲得認證並投入生產，我們幾乎無事可做。我們可以更早做到這一點——我們可以在明年3月或4月之前開始生產這些接近生產的車型。但實際上沒有必要這樣做，因為我們已經——我們完全可以透過北美的需求來吸收我們的產量。與其增加管理歐洲和北美無望專案的複雜性，不如再專注於北美幾個月，然後再開始向歐洲和亞洲發貨。

Are people able to make reservations year in Europe now?

現在人們可以在歐洲預訂嗎？

Yes, absolutely.

是的，絕對是。

Okay, great.

好的，太好了。

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.

喬治可以補充一些。顯然，我們最近的活動有所回升，因為你們剛開始在歐洲啟動Model S的行銷活動。總的來說，我們在歐洲的預訂量大概佔了15%到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（Andrea James），Dougherty & Company。

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?

如果我估算一下你打電話預約的人數，我估計取消預約的人數大概是十分之一。這樣對嗎？這和你的預期相比如何？

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，對於我們主動聯繫確認預訂的顧客，取消率大概在10%到15%之間。這取決於有些顧客預訂的時間有多長。安德里亞，你的估計很準確。喬治，還有什麼要補充的嗎？

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

不，只是這個數字完全在意料之中。預計進入第一季後會下降。

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

好的。謝謝。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.

非常抱歉。也許就像你們的網路一樣。實際上，您說的是已鎖定的客戶的取消價格。那些已經確認了選項的客戶取消的幾率非常低。很少有人在確定選項後再取消。取消往往發生在他們做出決定之前。這就是10%到15%的取消率發生的原因。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.

這很有道理。然後我看了你們9月25日關於總預訂量的通報。然後我看了你們今天說的情況，看起來你們在第三季的最後五天新增了大約300個預訂。聽起來對嗎？我覺得這差不多就是你們想要達成的目標。聽起來你們已經達到這個目標，而且按日計算了。

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.

我想說的是，那裡有點四捨五入。雖然大概範圍內，但還是有點四捨五入。

Michael Lew, Needham.

麥可劉易斯，尼德姆。

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，或者您是否預計它會成為影響一般預訂人群的一個因素，以及他們是否會選擇 85 千瓦時的車型還是 40 千瓦時的車型？

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，我想是的。是的。我認為選擇續航里程更高的車型有很多理由。考慮到性能因素，它的速度會更快一些，在我們更高的最高時速下加速也更順暢。保固方面，它的外觀會更好，但我認為，使用超級充電樁進行長途旅行，或者說，你可以真正免費在美國任何地方進行長途旅行，這一點非常吸引人。我們的超級充電樁系統剛剛向公眾開放，我真的覺得使用它的體驗非常棒。我開著我的五個孩子開著Model S，行李都放在前車箱裡，滿載而歸，從洛杉磯一路開到了舊金山。這真是一次很棒的公路旅行。一路上沒有遇到任何意外，我們偶爾會停下來吃飯或上廁所，等我們回來的時候，車子已經準備好了，而且我認為它真的超出了我的預期，無論是在性能方面還是在功能方面。我對此非常興奮。我認為隨著人們使用它，他們會真正大開眼界，了解電動車的魅力。不用去加油站，不用沉浸在濃煙中，也不用花大大筆油錢。特斯拉的太陽能長途供電系統，我認為這是一個相當令人驚喜的發現。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。鑑於其高速率或快速充電能力，它們是否也推動了原始設備製造商對動力傳動系統協議的增量需求或成長？

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——他們都對短途汽車更感興趣，而不是解決長距離問題。當然，我們很樂意提供這方面的資源，但我認為，這需要比他們目前對這款車的預期——也就是他們為 RAV4 和 V 級梅賽德斯——更大的工廠規模——進行生產。

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，我的意思是，自從原始設備製造商發布增壓器以來，有沒有收到關於未來新平台的新諮詢？這麼說吧，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，沒錯。令人驚訝的是，這方面的諮詢並不多。我相信這只是需要時間去消化，但我認為目前的市場預期是，就像RAV4和梅賽德斯V級轎車那樣，它更傾向於成為大都市地區的出行工具。我想，也許一旦他們看到消費者如何接受它以及如何使用超級充電網絡，他們的興趣就會達到頂峰。我真的不認為人們意識到它有多酷。它只是在發揮作用。它是那種比聽起來更好，比行銷更棒的東西。

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。您強調了口碑在推動預訂方面所扮演的角色。您能否告訴我們，第三季淨增客戶中有多少比例或數量是透過口碑實現的？如果有具體數據的話。我不知道您是否透過這種方式進行過追蹤。

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

基本上，這幾乎都是我們的口耳相傳或媒體宣傳，因為實際上，我們並沒有做廣告。

I guess I meant versus store walk-ins.

我想我的意思是相對於商店顧客而言。

Sure. George, how would you answer the question?

當然。喬治，你會怎麼回答這個問題呢？

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.

我們沒有確切的數字，不知道哪些是客戶推薦，因為有些是多次推薦，有些是專門來店裡的，因為他們前一天晚上和已經收到車的人一起吃了晚飯，然後他們再來店裡，獲取更多信息進行預訂。我們不會逐一追蹤客戶，但當我們開始關注交付車輛最多的地理區域時，這些地區的車輛預訂量確實開始迅速成長。我們沒有具體的百分比或數字。但只要看一下整體情況，你就會發現，交付車輛最多的地方，預訂量正在顯著增長。

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，我想您也會將其應用於取消率吧？所以，在車輛較少的地區，取消率也應該算在內吧？您遇到的取消率可能更高？這樣理解對嗎？

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.

我還沒怎麼追蹤過。我也沒怎麼深入研究。我無法量化這些。

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.

這可能是真的。畢竟汽車的口碑非常好。我還沒遇過有人試駕後說不喜歡。通常情況恰恰相反。

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

好的。謝謝。我們可能還有時間再問一個簡短的問題。接線生？

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，我們收到很多關於25%毛利率的問題。為了實現這個目標，你們在多大程度上降低了電池成本？您認為電池成本的降低對毛利率有什麼好處？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。如果只考慮電池，那就要考慮電芯成本，然後還有電池組和系統成本。我們實際上並沒有為了實現25%的毛利率而大幅增加生產成本。電池組成本確實有很多降低空間，但我們在這方面做得非常好，並且有明確的路徑可以在相當短的時間內實現這些目標。所以，我們完全不擔心電池組成本。事實上，我認為總體而言，我們在實現25%毛利率方面已經做得很好了。我對實現這一目標非常有信心。需要指出的是，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。我想把發言時間交回給 Jeff Evanson，請他做最後發言。

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。感謝大家今天早上的到來。我們期待在接下來的幾週與你們見面，無論是在工廠參觀，還是明天在芝加哥舉行的RW Baird工業大會上，或是在今年餘下時間的其他活動中。再見，各位。

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。感謝各位的參與，祝福大家有美好的一天。