特斯拉 (TSLA) 2013 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Tesla Motors second quarter 2013 financial earnings results 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. I would like to turn the call over to your host, Jeff Evanson. Please go ahead.

女士們，先生們，美好的一天，歡迎參加特斯拉汽車公司 2013 年第二季度財務業績電話會議。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操作。我想將電話轉給您的主持人 Jeff Evanson。請繼續。

Thank you, Patrick, and good afternoon, everyone. Welcome to our second quarter financial results Q&A webcast and conference call. I'm joined today by Elon Musk, Tesla's Chairman and CEO, and Deepak Ahuja, Tesla's Chief Financial Officer.

謝謝帕特里克，大家下午好。歡迎來到我們的第二季度財務業績問答網絡直播和電話會議。今天，特斯拉董事長兼首席執行官埃隆馬斯克和特斯拉首席財務官迪帕克阿胡賈加入了我的行列。

We announced our financial results for the second quarter shortly after the close of trading today. The shareholder letter, financial results and webcast of this Q&A session are all available at our Investor Relations website, at IR.TeslaMotors.com. Today's webcast is for your questions, and I thank you for primarily using the webcast. That helps save us some money, so thank you. We're going to conduct this Q&A session live.

我們在今天交易結束後不久公佈了第二季度的財務業績。本次問答環節的股東信函、財務業績和網絡直播均可在我們的投資者關係網站 IR.TeslaMotors.com 上查閱。今天的網絡廣播是為了您的問題，我感謝您主要使用網絡廣播。這有助於為我們節省一些錢，所以謝謝。我們將現場進行這個問答環節。

(Operator Instructions)

（操作員說明）

And we do plan to end this call in 45 minutes, as always.

我們確實計劃像往常一樣在 45 分鐘內結束這次通話。

Now during the course of this discussion, we may talk about 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 filed 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.

現在，在討論過程中，我們可能會談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 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。

And so now, Patrick, could we please have the first question.

那麼現在，Patrick，我們能否提出第一個問題。

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

我們的第一個問題來自高盛的 Patrick Archambault。你的線路是開放的。

Thank you very much, guys. Congratulations on a good quarter. You know, I think obviously the execution looked great. But my one question would be, can you help us walk a little bit from, I think, your margin is adjusted 10%, ex-ZEV credits. It sounds like you still have some levers to pull to get to the 25%. Can you just go through those with us?

非常感謝你們。祝賀一個好季度。你知道，我認為顯然執行看起來很棒。但我的一個問題是，你能不能幫助我們從我認為你的保證金調整 10% 的前 ZEV 積分中走出來。聽起來您仍然需要一些槓桿才能達到 25%。你能和我們一起經歷那些嗎？

I think, Patrick -- Deepak here -- our automotive gross margin, excluding ZEV credits, is closer to 13%, and maybe we can walk you through that later on to clarify. I know this is a confusing quarter with significant accounting numbers here, so we'll just help you with that. But we see clearly a path that gets us to 25%, excluding ZEV credits, given the actions that are underway and have been underway for a while, and these relate to on the cost reduction aspects, with our part cost reduction road map, the efficiencies we have in our manufacturing and supply chain that are happening over the second half, as well as a combination of the new options that we have put in the marketplace and the margin enhancement we get from there. I'm sure Elon has more to add.

我認為，帕特里克——這裡是迪帕克——我們的汽車毛利率（不包括 ZEV 積分）接近 13%，也許我們可以稍後引導您進行澄清。我知道這是一個令人困惑的季度，這裡有大量的會計數字，所以我們會幫你解決這個問題。但是我們清楚地看到了一條讓我們達到 25% 的道路，不包括 ZEV 積分，考慮到正在進行的和已經進行了一段時間的行動，這些與降低成本方面有關，通過我們的零件成本降低路線圖，下半年我們在製造和供應鏈中的效率，以及我們在市場上推出的新選擇和我們從中獲得的利潤提升的組合。我相信埃隆還有更多要補充的。

Right. Just in summary, we're about 12 points away from getting to the 25% gross margin target, without ZEV credits. And if you look at, say, Q1 to Q2, we increased 8 points. So obviously on average, between Q3 and Q4, we need to do 6 points per quarter. So we need -- we don't need to make quite as big an improvement as we did Q1 to Q2, but obviously, significant hill to climb and huge amount of work. But we feel pretty confident about the 25% number. And it's important to note that we have visibility into these numbers, within reason, ahead of time. So the things that affect the gross margin, in order for them to affect the fourth quarter, really need to be in place or substantially in place about a month before the fourth quarter. Otherwise, the parts that go into the car will not contain the cost savings that are necessary. So essentially, things need to be in place next month. And so that's not very far away. So that's why we feel -- felt confident enough to reaffirm the 25% gross margin guidance, absent ZEV credits, for the fourth quarter. -- a force majeur event or something, some really big unexpected thing, but as long as there's nothing really unusual that happens, then that should beat that target.

正確的。總而言之，在沒有 ZEV 積分的情況下，我們距離達到 25% 的毛利率目標還有 12 個百分點的距離。如果你看一下，比如說，第一季度到第二季度，我們增加了 8 個點。所以很明顯，平均而言，在第三季度和第四季度之間，我們每季度需要做 6 分。所以我們需要——我們不需要像第一季度到第二季度那樣做出很大的改進，但很明顯，需要爬山和大量的工作。但我們對 25% 的數字非常有信心。重要的是要注意，我們可以在合理範圍內提前了解這些數字。因此，影響毛利率的事情，為了影響第四季度，確實需要在第四季度前一個月左右到位或基本到位。否則，進入汽車的零件將無法節省必要的成本。所以基本上，事情需要在下個月到位。所以這不是很遙遠。這就是為什麼我們感到 - 有足夠的信心重申第四季度 25% 的毛利率指導，沒有 ZEV 積分。 - 不可抗力事件或其他事情，一些非常大的意外事件，但只要沒有發生真正不尋常的事情，那麼應該超過那個目標。

Okay. Great. And then, we haven't had an update on the X and when that's likely to -- we understand that obviously, the variants of the S are what's taking a lot of engineering resources in the near term. Deepak maybe, in terms of the X timing is it still towards the end of next year when you're thinking about it, and when do those engineering resources come to bear on your capital budget? Thanks.

好的。偉大的。然後，我們還沒有關於 X 的更新，當它可能更新時——我們明白，很明顯，S 的變體在短期內會佔用大量工程資源。 Deepak 也許，就 X 時機而言，您是否還在考慮明年年底，這些工程資源何時會影響您的資本預算？謝謝。

So I'll maybe do part of the answer, and then Deepak. But yes, we're hard at work on the Model X, refining the design. We expect to be in limited -- to deliver a small number of units at the end of next year, and then volume production would only occur in 2015. So in terms of, if you're trying to model it financially, I'd model it more in 2015 than 2014, although we're on track to deliver (Inaudible) to customers at the end of next year. And from a product standpoint, the Model X is our primary focus. Obviously at this point, it's where most of our resources are spending a lot of time personally on the Model X and try to get the details right. And I think there are some things we can do to improve the Model X over the early demonstration prototype that people have seen. I think there's room to make it better. So we're going to push pretty hard to make it better than what people have seen. I think there's some exciting features that I love. Hopefully, other people like them, too.

所以我可能會做部分答案，然後是迪帕克。但是，是的，我們正在努力改進 Model X 的設計。我們預計會受到限制——在明年年底交付少量產品，然後到 2015 年才會量產。所以就財務方面而言，如果你想對其進行建模，我會2015 年的模型比 2014 年更多，儘管我們有望在明年年底向客戶交付（聽不清）。從產品的角度來看，Model X 是我們的主要關注點。顯然，在這一點上，我們的大部分資源都在親自花費大量時間在 Model X 上，並嘗試正確處理細節。而且我認為我們可以做一些事情來改進 Model X，而不是人們看到的早期演示原型。我認為還有改進的空間。因此，我們將非常努力地使它比人們所看到的更好。我認為有一些我喜歡的令人興奮的功能。希望其他人也喜歡他們。

I think Elon's covered the key points. A lot of the resources required for Model X is in our plan, in terms of expenditures. And that's one of the contributors for the increase in R&D expense as we go forward.

我認為 Elon 涵蓋了關鍵點。就支出而言，Model X 所需的很多資源都在我們的計劃中。這是我們前進的研發費用增加的原因之一。

Okay. Thanks a lot, guys. I'll get back in the queue.

好的。非常感謝，伙計們。我會回到隊列中。

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

我們的下一個問題來自 Dougherty & Company 的 Andrea James。你的線路是開放的。

Hello. Thank you for taking my questions. I imagine you have several options available to you now, from investing in the Model S capacity, which you mentioned in your letter, to finishing up the Model X and then to engineering the next generation of vehicle. And I was wondering if you could just weight your priorities and tell us how you're thinking about it, both from factory investment and also from your R&D.

你好。謝謝你接受我的問題。我想您現在有多種選擇，從投資 Model S 產能（您在信中提到）到完成 Model X 再到設計下一代汽車。我想知道您是否可以權衡您的優先事項並告訴我們您是如何考慮的，包括工廠投資和研發。

Okay. Well -- okay. So it depends on how you -- how one weights those things. So in terms of our expenditures, we're still more on Model S than anything else, on every front, including R&D, because bear in mind, we've got right-hand drive that's coming out in the spring, and then there's the China version. And obviously, we've got the European version that's going in, and there are a number of nuances in the various European countries that require work to ensure the car operates smoothly. There's the Japan right-hand drive version. So there's a lot of versions, and individually maybe not so huge, but you add them up and they amount to a fair bit of spending. In terms of executive time, I think we're -- the Model X is swiftly rising to become the main priority. It's not quite there yet, but it will be soon. I'm allocating an increasing portion of my time to that every week. Probably in the fourth quarter, it becomes the top one, the top item, is my guess. These are somewhat qualitative statements, but --

好的。哦，那好吧。所以這取決於你如何——一個人如何衡量這些事情。因此，就我們的支出而言，在包括研發在內的各個方面，我們仍然更多地關注 Model S，因為請記住，我們將在春季推出右舵駕駛，然後是中國版。顯然，我們已經推出了歐洲版本，並且在歐洲各個國家/地區存在許多細微差別，需要進行工作以確保汽車順利運行。有日本右駕版。所以有很多版本，單獨的可能不是那麼大，但你把它們加起來，它們相當於相當多的支出。就執行時間而言，我認為我們是——Model X 正在迅速上升成為主要優先事項。它還沒有完全實現，但很快就會實現。我每週都會將越來越多的時間分配給它。大概在第四季度，它會成為第一名，第一名，是我的猜測。這些是一些定性的陳述，但是——

The capital expenditures for Model X will primarily kick in next year, as we start to get some of the tooling phase. Right now, it's more of the human resource expenditure and some of the --

隨著我們開始進入一些工具階段，Model X 的資本支出將主要在明年開始。現在，更多的是人力資源支出和一些——

It's design and engineering, but not a lot of tooling. It's a lot of lab work and design work, but not a lot of hard tooling or anything. There will be a fairly big chunk of that in second and third quarter, and fourth quarter next year.

它是設計和工程，但不是很多工具。這是很多實驗室工作和設計工作，但不是很多硬工具或任何東西。第二季度和第三季度以及明年第四季度將有相當大的一部分。

When does the next generation of vehicles move up? Is it a timing thing? Is it a cost of the battery pack thing? Is it resources?

下一代汽車什麼時候上車？是時間問題嗎？這是電池組的成本嗎？是資源嗎？

You mean our high volume affordable car?

你的意思是我們的高容量負擔得起的汽車？

That's right.

這是正確的。

Right. So there's a couple -- as we think ahead to that vehicle, we're allocating a little bit of time to some of that advance planning. It's only maybe less than 5% a week, of our planning activity. But when you do the math, on saying okay, how many batteries do you need? What's the cell fabrication capability, the raw materials, all the elements? it's really quite a large number in order to ultimately, say, be at a factory that's producing half a million vehicles a year. And we start exceeding the entire laptop industry by a decent margin. So clearly new factories, new cell factories need to be built. And we need to be smarter about the raw materials going into the pack.

正確的。所以有幾個 - 當我們提前考慮該車輛時，我們正在分配一些時間來進行一些預先計劃。我們的計劃活動每週只佔不到 5%。但是當你做數學時，說好的，你需要多少電池？電池製造能力、原材料、所有元素是什麼？這確實是一個相當大的數字，以便最終成為一家年產 50 萬輛汽車的工廠。我們開始以可觀的優勢超越整個筆記本電腦行業。很明顯，需要建造新工廠、新電池工廠。我們需要更聰明地處理進入包裝的原材料。

I certainly see a clear path. I don't see any -- I see not really -- not only do I not see obstacles, I see a fairly clear path to that vehicle. I have high confidence that we can create a compelling car for around $35,000. Compelling meaning a 200-mile range and, of course, a lot of the other features that people have come to expect from Model S. Although fewer things would be default features. So yes, I feel pretty good about it. There's a huge amount of work, but no miracle is required.

我當然看到了一條清晰的道路。我沒有看到任何——我真的沒有看到——我不僅沒有看到障礙物，而且還看到了通往那輛車的相當清晰的路徑。我非常有信心我們可以以大約 35,000 美元的價格製造出引人注目的汽車。令人信服的意思是 200 英里的續航里程，當然，還有很多人們對 Model S 的期待。儘管默認功能更少。所以，是的，我對此感覺很好。有大量的工作，但不需要奇蹟。

Are Tesla shareholders going to see any benefit from the hyper loop?

特斯拉股東會從超級循環中看到任何好處嗎？

I don't know. I think it's not out of the question, but I think I kind of shot myself in the foot by ever mentioning that, I believe, because I'm too strung out. Obviously, I have to focus on core Tesla business and SpaceX business, and that's more than enough. But did I commit to publishing a design, and we're going to provide quite a detailed design, I think, on Monday. And then invite critical feedback and see if people can find ways to improve it and then it can just be out there as an open source design that maybe can keep improving. And I don't have any plans to execute it, because I must remain focused on SpaceX and Tesla. If nothing happens for a few years with that, I mean maybe it could make sense to make the hyper loop happen with Tesla involvement, but that's, I would say, is extremely speculative.

我不知道。我認為這不是不可能的，但我認為我曾經提到這一點是在打自己的腳，我相信，因為我太緊張了。顯然，我必須專注於特斯拉的核心業務和 SpaceX 業務，這已經綽綽有餘了。但我是否承諾發佈設計，我想我們將在周一提供相當詳細的設計。然後邀請批評性反饋，看看人們是否可以找到改進它的方法，然後它可以作為一個開源設計出現，也許可以不斷改進。而且我沒有任何執行它的計劃，因為我必須繼續專注於 SpaceX 和特斯拉。如果幾年內甚麼都沒有發生，我的意思是，讓特斯拉參與超級循環可能是有意義的，但我想說，這是非常投機的。

Finally, just for Deepak, what were the other regulatory credits in the quarter, and does your GM assumption include those in the long term?

最後，就 Deepak 而言，本季度的其他監管信用是什麼，您的 GM 假設是否包括長期信用？

Yes. Our gross margin for automotive does include the other regulatory credits, because we have good visibility of those and they're locked in for us over longer term. ZEV credits are the ones which are not predictable from, in terms of recognizing sales and revenue by quarter. And given their unpredictability, we have deliberately kept that aside in our own projections. And in this quarter, in Q2, those were roughly $18 million.

是的。我們的汽車毛利率確實包括其他監管信用，因為我們對這些信用有很好的了解，並且它們會長期鎖定在我們身上。就按季度確認銷售和收入而言，ZEV 積分是不可預測的。鑑於它們的不可預測性，我們故意將其保留在我們自己的預測中。在本季度，即第二季度，這些金額約為 1800 萬美元。

Can you just -- the visibility is better than the ZEV credits because why, exactly? And then I'll hop off. Thank you.

你能不能 - 能見度比 ZEV 學分更好，因為為什麼，確切地說？然後我就下車了。謝謝你。

Because we have longer term contracts with certain car makers to sell those credits.

因為我們與某些汽車製造商簽訂了出售這些積分的長期合同。

Thank you so much.

太感謝了。

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

我們的下一個問題來自摩根士丹利的亞當喬納斯。你的線路是開放的。

Hello, everybody. Okay, Elon, I'm not going to ask you any questions about a cap raise this time. I don't think we need to go there. First question, on the 40,000 unit annualized sales comment you made by late 2014 as a potential, what metric were you using when you were extrapolating that for Asia? Is that something like on a sales per store or percentage of addressable market?

大家好。好的，埃隆，這次我不會問你任何關於加薪的問題。我認為我們不需要去那裡。第一個問題，關於您在 2014 年底提出的 40,000 輛年化銷售評論作為潛力，您在推斷亞洲時使用的指標是什麼？這是否類似於每家商店的銷售額或目標市場的百分比？

Actually, it's just based on what we kind of see the demand as. Right now, obviously, we're selling in North America at about 20,000 units a year. So Europe is a similar size market to North America. China is actually bigger, and then that doesn't include the rest of Asia-Pacific, South America, South America, Australia. So it seems like that's a pretty safe number to assume. I mean, I think we've probably got some potential upside from that number.

實際上，這只是基於我們對需求的看法。現在，很明顯，我們在北美的年銷量約為 20,000 台。所以歐洲是一個與北美相似的市場。中國實際上更大，這還不包括亞太其他地區、南美、南美、澳大利亞。所以這似乎是一個相當安全的數字。我的意思是，我認為我們可能從這個數字中獲得了一些潛在的好處。

Okay. That's clear. Next one, can you elaborate a bit on the nature of the supplier bottlenecks that you mentioned? Is it related to homologation for some of the exotic either European or right-hand drive type deliveries? Is it a new issue or was it a lingering legacy issue, and any update on when this could be resolved?

好的。這很清楚。下一個，您能詳細說明一下您提到的供應商瓶頸的性質嗎？它是否與某些異國情調的歐洲或右駕型交付的認證有關？這是一個新問題還是一個揮之不去的遺留問題，以及何時可以解決此問題的任何更新？

Yes. This is an important point that our production is -- we have production constraint, not demand constraint. Very often, people will suggest all sorts of marketing ideas, this, that and the other thing. But obviously, our time is spent trying to figure out how to make more cars. And the things that prevent us from doing that are supplier parts, essentially. And we've got 90% of our suppliers are able to ramp up. And if 5% have some difficulty and 4% have a lot of difficulty and 1% just can't, and so we've got to replace those or insource those items. You can't supply -- give people a car that's 99% complete, unfortunately. And there's several thousand unique parts in the car. So that's really what we're really spending our time on is clearing out those production bottlenecks or supply chain bottlenecks. And I think we should have probably cleared most of them out in the next six months. I think by maybe end of Q1, Q2 we should -- certainly by Q2, I think, unlock a fair bit more production potential. And we'll see what the demand looks like at that point.

是的。這一點很重要，我們的生產是——我們有生產約束，而不是需求約束。很多時候，人們會提出各種各樣的營銷理念，這個，那個和其他的。但顯然，我們的時間都花在了弄清楚如何製造更多汽車上。阻止我們這樣做的事情本質上是供應商零件。而且我們有 90% 的供應商能夠提高產能。如果 5% 有一些困難，4% 有很多困難，而 1% 就是不能，所以我們必須更換那些或內購這些項目。你不能提供——不幸的是，給人們一輛完成率 99% 的汽車。汽車裡有幾千個獨特的零件。因此，我們真正花時間在清除那些生產瓶頸或供應鏈瓶頸上。而且我認為我們應該在接下來的六個月內清除其中的大部分。我認為到第一季度末，第二季度我們應該——當然到第二季度，我認為，釋放更多的生產潛力。我們將看到那時的需求是什麼樣的。

But we're striving to become demand limited, as opposed to production limited. And I feel like we're actually able to attract more the A team on suppliers, whereas previously we had some trouble attracting the A team from suppliers. They felt we wouldn't be around long term. And we had that issue where IHS had predicted that Tesla would only ever sell 3,000 cars, lifetime, of the Model S. And then we sold that in the first -- basically the first quarter of production. And so the tricky thing was that a lot of us -- many of our suppliers had taken the IHS number or taken historical electric vehicle numbers and maybe given us a little bit of credit for our projections, but not much. And so they didn't tool up for the production that we actually experienced, as they were scrambling to make up for it. And, yes, so that's really -- they just didn't believe it. You have to take some time to tool up and do it. And then some suppliers, a small number, they're just not set up for volume production. So we've got to switch them out or insource them.

但我們正在努力限制需求，而不是限制生產。而且我覺得我們實際上能夠吸引更多的供應商 A 團隊，而以前我們在從供應商那裡吸引 A 團隊時遇到了一些麻煩。他們覺得我們不會長期存在。我們遇到了這個問題，IHS 曾預測特斯拉終生只能售出 3,000 輛 Model S。然後我們在第一季度售出——基本上是在生產的第一季度。所以棘手的是，我們中的很多人——我們的許多供應商都採用了 IHS 編號或歷史電動汽車編號，並且可能對我們的預測給予了一點信任，但並不多。所以他們沒有為我們實際經歷的製作準備好工具，因為他們正在爭先恐後地彌補它。而且，是的，那是真的 - 他們只是不相信。您必須花一些時間來準備並做到這一點。然後是一些供應商，一小部分，他們只是沒有為批量生產做好準備。所以我們必須把它們換掉或內購。

That's clear, Elon. Thanks. And this is my last question. I think many of the people on this call might be interested in your views on the BMW I3. That's it. Thanks. What do you think?

很清楚，埃隆。謝謝。這是我的最後一個問題。我認為本次電話會議中的許多人可能會對您對 BMW I3 的看法感興趣。而已。謝謝。你怎麼看？

Well, I'm glad to see that BMW is bringing an electric car to market. That's cool. I think there's room to improve on the I3, and I hope they do. My comments about manufacturers --

好吧，我很高興看到寶馬正在將電動汽車推向市場。這很酷。我認為 I3 有改進的空間，我希望他們能做到。我對製造商的評論——

Sorry. (Laughter)

對不起。 （笑聲）

Anyway, I keep on -- I really do encourage other manufacturers to bring electric cars to market, because it's a good thing. And they need to bring it to market, and then keep innovating and improving and making better and better electric cars. And that's what's going to result in us, in humanity, achieving a sustainable transport future. I wish it was going faster than it is.

無論如何，我繼續——我真的鼓勵其他製造商將電動汽車推向市場，因為這是一件好事。他們需要將其推向市場，然後不斷創新和改進，製造越來越好的電動汽車。這就是我們人類實現可持續交通未來的結果。我希望它比現在更快。

Yes. Thank you for that, Elon. Good answer.

是的。謝謝你，埃隆。好答案。

Sure.

當然。

Our next question comes from Brian Johnson with Barclays. Your line is open.

我們的下一個問題來自巴克萊銀行的 Brian Johnson。你的線路是開放的。

Yes. Good afternoon. Two questions. One for Deepak, probably, and one for Elon on Gen 3. For Deepak, the first question, ask you to bridge on gross margin through the end of the year. Could you just maybe give us, on the bridge of improvement from 1Q to 2Q, the big chunks of things that contributed to that margin increase, ex-reg credits?

是的。下午好。兩個問題。一個可能是給 Deepak 的，另一個是給第三代 Elon 的。對於 Deepak，第一個問題，要求你在年底前彌補毛利率。在從 1Q 到 2Q 改善的橋樑上，您能否給我們提供導致利潤率增長的大部分因素，即前監管信貸？

Sure. I would say the biggest pieces there were spot cost reduction. As we continue to get more efficient at our suppliers, as well as some of the design changes we made to make the design efficient, while not taking anything away from a consumer point of view. We also had improvements in our labor and overhead and our freight costs. And all of those, in fact, were partially offset by the mix we had. We had a poorer mix in Q2, since we sold the 40 (Inaudible) cars that had the 60 (Inaudible) battery pack and --

當然。我會說最大的部分是現貨成本降低。隨著我們繼續提高供應商的效率，以及我們為提高設計效率而進行的一些設計更改，同時不會從消費者的角度採取任何措施。我們的勞動力和管理費用以及貨運成本也有所改善。事實上，所有這些都被我們所擁有的組合部分抵消了。我們在第二季度的組合較差，因為我們出售了 40 輛（聽不清）具有 60 個（聽不清）電池組的汽車，並且——

We essentially sold at a loss.

我們基本上是虧本出售的。

Right, yes. Which had, from an average gross margin perspective, a negative impact. So I think what I'm sharing with you is no different than what we have shared before. It's those same levers, and part cost is our biggest lever that helps to drive.

對，是的。從平均毛利率的角度來看，這產生了負面影響。所以我認為我與您分享的內容與我們之前分享的內容沒有什麼不同。正是這些相同的槓桿，而零件成本是我們幫助推動的最大槓桿。

Yes, parts, labor, yes. That's what cars are made of. And I think -- maybe another way to characterize it is like in the fourth quarter of last year, we were extremely dumb at making cars. In the first quarter, we were maybe still pretty dumb/ And we're slightly dumb in the second quarter; and hopefully, by the fourth quarter, we will at least not be dumb, when you think about it. (Laughter)

是的，零件，人工，是的。這就是汽車的組成部分。而且我認為 - 也許另一種描述它的方式就像去年第四季度一樣，我們在製造汽車方面非常愚蠢。在第一季度，我們可能仍然很愚蠢/第二季度我們有點愚蠢；希望到第四季度，當你想到它時，我們至少不會愚蠢。 （笑聲）

I'll figure out how to quantify that.

我會弄清楚如何量化它。

This is not some super -- how did we get so super good? It's like, how do we stop being so stupid?

這不是一些超級——我們是如何變得如此優秀的？就像，我們如何停止變得如此愚蠢？

Second question, Gen 3, two questions underneath, the 35K price point, is that before or after regulatory -- excuse me, consumer credits and tax credits? And then second, as you think of Gen 3 and making money at it, some talk I've heard that maybe small format batteries aren't the right way to go, but large formats, just maybe reiterate, I kind of think the former, small format, where you are on those and how that gives you some comfort in getting to the price point on the Gen 3?

第二個問題，第 3 代，下面的兩個問題，35K 價格點，是在監管之前還是之後——請問，消費者抵免和稅收抵免？其次，當你想到 Gen 3 並從中賺錢時，我聽說有些人說也許小格式電池不是正確的方法，但是大格式電池，也許重申一下，我有點認為前者，小格式，你在哪裡，這如何讓你在獲得第 3 代的價格點時感到舒適？

Sure. So yes, the 35K does not assume -- assumes that the $7,500 federal tax credit is no longer available. There may be other sort of state level tax credits, or maybe other things, but we're assuming that the 35K is without any subsidy.

當然。所以是的，35K 沒有假設 - 假設 7,500 美元的聯邦稅收抵免不再可用。可能有其他類型的州級稅收抵免，或者其他東西，但我們假設 35K 沒有任何補貼。

Right.

正確的。

It's always helpful to have some subsidy, but we're not counting on it. And so in terms of the cell format, for us, when we talk to our key cell suppliers and we ask them to give us -- say at the cell level, what is the best energy density, and what is the best price dollars per watt hour, invariably, the 18650 format is the best, usually by a pretty decent margin. That's an 18-millimeter by 65-millimeter cylinder -- yes, that's the format that seems to be the best. It has advantages. I think, you say, well, why does it cost less? You're able to kind of pack -- and why does it have that energy savings -- you're able to compress and pack in quite a bit of electrode and electrolyte in that cylinder. That's why batteries really were like -- can survey batteries, there's like cylinder, AA, AAA, and that kind of thing, but you can pack more in there. And this just happens to be a fairly efficient manufacturing process in almost every way, relative to the prismatic approach. Also as you make the cell bigger, you have to say that the reject rate for the cell is going to increase. So you think of maybe an analogy to the silicon wafer fab and say, what would be cheaper, having a whole bunch of, say, 6-inch wafers or one 12-inch wafer? And actually, it's the lower diameter wafer that is cheaper, because with the silicon, as with electrode area, you have to reject anything that's got a flaw. So the reject rate -- and to also help us think of things in the limit. So you say in the limit, where the battery -- where the whole battery is one cell, the reject rate would be virtually 100%. And then as you make the cell smaller and smaller, the reject rate will reduce. And at the 18650 format, the reject rate is very low. And you have very good statistical reliability. So I'm sort of giving long winded answers here.

獲得一些補貼總是有幫助的，但我們並不指望它。因此，就電池格式而言，對我們而言，當我們與主要電池供應商交談並要求他們提供給我們時——比如在電池層面，最佳能量密度是多少，以及每美元的最佳價格是多少瓦時，總是，18650 格式是最好的，通常有相當大的差距。那是一個 18 毫米 x 65 毫米的圓柱體——是的，這似乎是最好的格式。它有優點。我想，你說，好吧，為什麼它的成本更低？你可以打包——以及為什麼它可以節省能源——你可以在氣缸中壓縮和打包相當多的電極和電解質。這就是為什麼電池真的很像——可以檢查電池，有圓柱體、AA、AAA 之類的東西，但你可以在裡面裝更多東西。相對於棱柱形方法，這恰好是一個在幾乎所有方面都相當有效的製造過程。此外，當您使單元格變大時，您不得不說單元格的廢品率將會增加。因此，您可能會想到矽晶圓廠的類比，然後說，擁有一大堆（例如，6 英寸晶圓或一個 12 英寸晶圓）會更便宜？實際上，更便宜的是直徑較小的晶圓，因為對於矽，就像電極區域一樣，你必須拒絕任何有缺陷的東西。所以拒絕率——也幫助我們思考極限。所以你說，在電池——整個電池是一個電池的情況下，廢品率幾乎是 100%。然後隨著您使單元越來越小，廢品率會降低。並且在 18650 格式下，廢品率非常低。而且你有很好的統計可靠性。所以我在這裡給出了冗長的答案。

Shorthand, could we call it a server rack versus a mainframe strategy?

速記，我們可以稱之為服務器機架與大型機策略嗎？

Yes, sure.

是的，當然。

Okay. And in terms of how you're managing the load, are there advantages to having several thousand? I've heard numbers as high as 8,000 cells, versus a smaller number, again kind of thinking about the statistics behind it?

好的。就您如何管理負載而言，擁有數千個是否有優勢？我聽說數字高達 8,000 個細胞，而不是一個較小的數字，再次思考它背後的統計數據？

Well, I think we're at around 7,000 cell number for the 85-kilowatt hour pack. If we were to say, what's the ideal cell number, and if we were to get a whole new cell, like the whole new cell plant -- I think we might drop the cell number in half, but probably not less than that. And the other thing that cells give you is that for long term life of the pack, if you have a large number of cells, then losing a cell actually has a very small impact on the total capacity of a pack, whereas if you have a small number of cells, then losing a cell has a big impact on the capacity of the pack. So there's some advantages for life as well, and for reliability.

嗯，我認為我們的 85 千瓦時電池組的電池數量約為 7,000 個。如果我們要說，理想的細胞數量是多少，如果我們要獲得一個全新的細胞，就像整個新的細胞工廠一樣——我認為我們可能會將細胞數量減少一半，但可能不會少於這個數量。電池給你的另一件事是，對於電池組的長期使用壽命，如果你有大量電池，那麼失去一個電池實際上對電池組的總容量影響很小，而如果你有一個電池數量少，則丟失一個電池對電池組的容量有很大影響。因此，在壽命和可靠性方面也有一些優勢。

Okay. Thanks.

好的。謝謝。

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

我們的下一個問題來自德意志銀行的 Dan Galves。你的線路是開放的。

Okay. Thanks. Just wanted to follow up on the 40,000 units per year by late 2014 comment in the shareholder letter, can you tell us what North American order flow is on an annualized basis right now? And what type of order rate are you seeing in Europe currently, and what's the trajectory, what's been the trajectory of that?

好的。謝謝。只是想在 2014 年底之前跟進股東信中每年 40,000 台的評論，你能告訴我們現在北美的年訂單流是多少嗎？你目前在歐洲看到什麼類型的訂單率，軌跡是什麼，軌跡是什麼？

Yes. So I don't want to get too specific, but we're at a -- in terms of net orders, weekly net orders, so new orders net of cancellations, it's something on -- fluctuates a little bit from week to week, but it's around 20,000 right now for North America. We're not trying to push it higher than that, because it's kind of pointless to push volume when you don't have the production to meet it. So I think there's potential there for, once we are sort of -- we have service centers in more parts of the country and more stores out there and more word of mouth and more Supercharger stations, and there's an argument that the long-term demand in North America is greater than 20,000 units a year, since we lack those things today, and have that approximate demand.

是的。所以我不想太具體，但我們處於 - 就淨訂單而言，每週淨訂單，所以新訂單淨取消，這是一些事情 - 每週都有一點波動，但現在北美大約有 20,000 個。我們並沒有試圖把它推得更高，因為當你沒有產量來滿足它的時候，推量是沒有意義的。所以我認為有潛力，一旦我們有點——我們在全國更多的地方有服務中心，有更多的商店，更多的口碑和更多的超級充電站，有一種觀點認為，長期需求在北美，每年超過 20,000 台，因為我們今天缺乏這些東西，並且有大致的需求。

And then in Europe, also in Europe, we're actually not trying to push sales very hard, because the -- if you order a car in Europe, you're going to get it in like maybe November. So we really, again, need to improve our production. We need to make sure that the entry of the car into Europe is smooth, that people have a good experience with the car, that all the service centers are there, that the people are well trained. These are the really important things. And then like I said, I think if you look at sedan demand, the EU or greater EU area is actually higher than North America in general sedan demand. So if you say, how many Prius sedans are sold? More are sold in the greater EU area than in North America. So to the degree that there's some -- that we achieve a similar percentage in Europe, and maybe it's a bit less, because our car costs a bit more because it's got to come from the US and there's increased logistics costs and import duties and that kind of thing.

然後在歐洲，同樣在歐洲，我們實際上並沒有非常努力地推動銷售，因為 - 如果你在歐洲訂購汽車，你可能會在 11 月收到它。因此，我們真的需要再次改進我們的生產。我們需要確保汽車順利進入歐洲，人們對汽車有良好的體驗，所有的服務中心都在那裡，人們訓練有素。這些才是真正重要的事情。然後就像我說的，我認為如果你看看轎車需求，歐盟或更大的歐盟地區實際上高於北美的一般轎車需求。所以如果你說，普銳斯轎車賣了多少？大歐盟地區的銷量高於北美。所以在某種程度上，我們在歐洲取得了相似的百分比，也許會少一些，因為我們的汽車成本更高，因為它必須來自美國，而且物流成本和進口關稅增加了之類的事情。

So that's why we're not going to say we assume it's going to be just as good as North America, but it's probably at least half as good as North America, and maybe it is ultimately as good as North America. But a conservative estimate would say it's half as good. And then China and rest of Asia and other countries, if they can be half as good as North America, then we're at the 40,000 unit number. So that all seems pretty reasonable to me.

所以這就是為什麼我們不會說我們假設它會和北美一樣好，但它可能至少是北美的一半，也許最終和北美一樣好。但保守估計會說它只有一半好。然後是中國和亞洲其他國家和其他國家，如果它們能達到北美的一半，那麼我們的數量就達到了 40,000 台。所以這一切對我來說似乎都很合理。

That makes sense. In terms of capacity to build, I think your current line is set up for maybe 40,000 to 50,000 units on two shifts. I guess, two questions. When do you think you can get to that number in terms of production rate, and what is the decision making process in terms of potentially adding more capacity if you're going to fill that up with just the Model S?

那講得通。就建設能力而言，我認為您目前的生產線可能分兩班生產 40,000 到 50,000 個單位。我猜，兩個問題。你認為你什麼時候可以在生產率方面達到這個數字，如果你打算只用 Model S 來填補這個數字，那麼在可能增加更多產能方面的決策過程是什麼？

Right. And yes, as I said earlier, while we have the ability to produce at the 40,000 unit level, all of our suppliers must also have that ability. So that's the thing that's holding us back. I think we -- there's certainly room to grow beyond that. We have a big factory, but yes. So we'll have to see how demand settles out. As I mentioned, we want to get to being demand constrained as soon as possible. Hopefully, we'll get there next year. That's our goal, at least by the end of next year. And then, of course, we'll bring the Model X online in limited numbers next year and then in bigger numbers in 2015. And the potential is obviously very significant. But I won't over promise or -- I think there's a lot of potential, but we'll have to see how it turns out.

正確的。是的，正如我之前所說，雖然我們有能力生產 40,000 個單位，但我們所有的供應商也必須具備這種能力。所以這就是阻礙我們的事情。我認為我們——當然還有超越的空間。我們有一個大工廠，但是是的。所以我們必須看看需求是如何解決的。正如我所提到的，我們希望盡快受到需求限制。希望我們明年能到達那裡。這是我們的目標，至少到明年年底。然後，當然，我們將在明年推出有限數量的 Model X，然後在 2015 年推出更多數量。而且潛力顯然非常重要。但我不會過度承諾或 - 我認為有很大的潛力，但我們必須看看結果如何。

Okay. Great. One last question. You mentioned that the changes to options and pricing that went in maybe a week ago was going to be a benefit to margin in the back half. Do you have any sense of kind of how much it would have benefited margins in this quarter, or do you have a projection for how much of an increase you'll see from that action?

好的。偉大的。最後一個問題。您提到可能在一周前對期權和定價進行的更改將有利於後半部分的利潤率。您是否對本季度的利潤率有多大的了解，或者您是否預測您將從該行動中看到多少增長？

We're really not sure, because we only introduced them less than a week ago, like four days ago, five days ago, and we don't know what the take rate's going to be. We've got some guesses, but I think there's no need to guess, because we'll in, let's say, a few weeks time, we'll have a pretty good sense for what the option mix is in reality, as opposed to just like a guess. So what we did with the options is we actually unbundled a bunch of things. We added some additional options that weren't there before, like parking sensors and improved interior trim options, and a number of other things that people had been asking for that are -- subzero weather package. There's improved tires, which come as default on the 85 and are an option on the 60. There's a whole bunch of cool things actually, and then --

我們真的不確定，因為我們在不到一周前才推出它們，比如四天前，五天前，我們不知道採用率會是多少。我們有一些猜測，但我認為沒有必要猜測，因為我們將在幾週後，我們將對現實中的期權組合有一個很好的了解，而不是就像一個猜測。所以我們對選項所做的是我們實際上解開了一堆東西。我們添加了一些以前沒有的附加選項，例如停車傳感器和改進的內部裝飾選項，以及人們一直要求的其他一些東西——零下天氣包。有改進的輪胎，在 85 上是默認的，在 60 上是一個選項。實際上有一大堆很酷的東西，然後——

New wheels.

新輪子。

Oh, yes, new wheels, the aerowheels, which improve range and give us actually by far the lowest drag coefficient of any car in production. And yes, there's a whole bunch of cool stuff. And like I said, we unbundled some things like the performance package, which required you to buy a whole bunch of things in addition to just the 0 to 60 time. Now you essentially can buy just the power and then decide if you want the other options. And we slightly lowered the price of the technology package. And to be clear, the base price stayed the same, and the technology package dropped. The cold weather package, we also dropped, in deference to our customers in Norway, because I think the subzero package you kind of need if you're in Norway, and so we actually dropped the cost. We made on headlights and the Hi-Definition backup camera, we made that standard equipment on all cars. So essentially, I think the value for money is actually better. But we did increase the price on some of the optional, the extras that, so we'll actually make more margin on some of the things out there, like for example, the third row seats, and those were a fairly low margin item. So we increased the price to make it more of a better margin item for us.

哦，是的，新的輪子，氣動輪子，它提高了續航里程，實際上給我們提供了迄今為止生產中的任何汽車中最低的阻力係數。是的，有一大堆很酷的東西。就像我說的，我們解開了一些東西，比如性能包，除了 0 到 60 時間之外，你還需要購買一大堆東西。現在您基本上可以只購買電源，然後再決定是否需要其他選項。我們略微降低了技術包的價格。需要明確的是，基本價格保持不變，而技術包下降了。我們也放棄了寒冷天氣套餐，以尊重我們在挪威的客戶，因為我認為如果你在挪威，你會需要零下套餐，所以我們實際上降低了成本。我們製造了前照燈和高清倒車攝像頭，我們在所有汽車上都製造了該標准設備。所以本質上，我認為物有所值實際上更好。但是我們確實提高了一些可選配件的價格，所以我們實際上會在一些東西上賺更多的利潤，比如第三排座位，這些都是利潤率相當低的項目。所以我們提高了價格，使它對我們來說更像是一個更好的利潤項目。

Okay. Great. Thanks.

好的。偉大的。謝謝。

Our next question comes from Colin Rusch with Northland Capital Markets. Your line is open.

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

Great. Can you guys talk a little bit about the introduction of new generations of batteries into the battery pack? How much testing do they need to go through, and how much impact do you think that can be on the cost structure over the next several quarters?

偉大的。各位能不能稍微談談將新一代電池引入電池組的事情？他們需要進行多少測試，您認為這會對未來幾個季度的成本結構產生多大影響？

We're not planning on making a significant fundamental technology change at the cell level. We' re making a number of improvements at the pack level, and in the electronics and packaging and all that stuff that surrounds the pack. So there's the cell and the non-cell portion of the cost. To get the cell cost lower, we're working with our main cell supplier, which is Panasonic, and working with them to improve the cost of the cell. And obviously, the more volume there helps. And we're quite optimistic about that relationship. It's going really well. They're a great partner to have, actually. So yes, I'm not quite fully answering your question, but we feel good about where things are and where they're headed on both the cell and non-cell portion of the battery pack cost.

我們不打算在細胞層面進行重大的基礎技術變革。我們在包裝級別、電子設備和包裝以及包裝周圍的所有東西方面進行了許多改進。所以有細胞和非細胞部分的成本。為了降低電池成本，我們正在與我們的主要電池供應商松下合作，並與他們合作以提高電池成本。顯然，更多的音量有幫助。我們對這種關係非常樂觀。進展非常順利。實際上，他們是一個很好的合作夥伴。所以是的，我沒有完全回答你的問題，但我們對電池組成本的電池和非電池部分的情況以及它們的發展方向感到滿意。

Okay. Perfect. And then with the purchase of the additional land around your current facility, pie in the sky. How much capacity does that -- would that potentially give you, if you build out all that area?

好的。完美的。然後購買您當前設施周圍的額外土地，天上掉餡餅。那有多少容量——如果你把所有的區域都建起來，那可能會給你帶來多少？

Well, it's worth learning that that piece of land adjacent to the factory was originally part of the Nummi facility. So when we bought the factory, it was actually divided into the center parcel and then kind of a north parcel. It was mostly just land, and a south parcel that was mostly land. So when we bought, we bought essentially the factory and the main parcel of land, but there were these two little sort of satellite parcels. And what we did was we bought about half, I guess, of the south land parcel. And Nummi as a whole, as a factory, had about half million unit capacity. So we'd actually need to be slightly more space efficient than them to achieve the 500K number, or buy maybe some more land. So I don't think buying that land puts us above the 500K number. It just makes it easier for to us achieve the 500K number.

嗯，值得一提的是，工廠附近的那塊土地原本是 Nummi 工廠的一部分。所以當我們買工廠的時候，它實際上被分成了中心地塊和北地塊。它主要是土地，而南部地塊主要是土地。所以當我們買的時候，我們基本上買了工廠和主要地塊，但是有這兩個小衛星地塊。我們所做的是我們買了大約一半，我猜，南部地塊。 Nummi 作為一個整體，作為一家工廠，擁有大約 50 萬台的產能。所以我們實際上需要比他們稍微節省空間來達到 500K 的數量，或者購買更多的土地。所以我不認為購買那塊土地會讓我們超過 50 萬。它只是讓我們更容易達到 500K 的數字。

Okay. Excellent. Thank you so much.

好的。出色的。太感謝了。

Our next question comes from John Lovallo with Bank of America Merrill Lynch. Your line is open.

我們的下一個問題來自美銀美林的 John Lovallo。你的線路是開放的。

Hello, guys. Thanks for taking the call. First question would be on what you're expecting in terms of the ramp in R&D and SG&A in the back half of the year. Can you hear me okay?

大家好。感謝您接聽電話。第一個問題是您對今年下半年研發和 SG&A 的增長有何預期。你能聽到我的聲音嗎？

Yes. R&D and SG&A, right?

是的。研發和SG&A，對吧？

Yes, please.

是的，請。

Right. I think certainly it's going to be fairly significant. I want to be careful about how much I quote in terms of percentages, but I think it's more important to understand the physicals, as we have indicated in the shareholder letter, that overall, given the continued emphasis on multiple product programs that we have, we will see an increase in R&D. And on the sales and SG&A side overall, we are strengthening our infrastructure globally on a variety of fronts. So I would say from a trend perspective, the percentage increase would be higher than what you've seen in the last couple of quarters.

正確的。我認為這肯定會相當重要。我想小心我引用了多少百分比，但我認為更重要的是了解實際情況，正如我們在股東信中所指出的那樣，總體而言，鑑於我們一直強調我們擁有的多個產品計劃，我們將看到研發的增加。在銷售和 SG&A 方面，我們正在全球各個方面加強我們的基礎設施。所以我會說從趨勢的角度來看，百分比增長將高於你在過去幾個季度看到的。

Okay. That's helpful. And then if we think about cash flow for a minute, I think if you look at just free cash flow was a use of about $79 million in the quarter, and I think if you make the adjustments that you guys had talked about, I think $11 million for the DOE payments and a $67 million increase in receivables that may not occur. That looks like about a use of $1 million. Now you have CapEx ramping up in the back half of the year. So how are you thinking about just free cash flow generation through the remainder of the year and into 2014?

好的。這很有幫助。然後，如果我們考慮一下現金流，我認為如果你只看自由現金流，本季度使用了大約 7900 萬美元，我認為如果你做出你們所說的調整，我認為美國能源部支付 1100 萬美元，可能不會發生的應收賬款增加 6700 萬美元。這看起來大約需要 100 萬美元。現在，您的資本支出在今年下半年有所增加。那麼，您如何考慮在今年剩餘時間和 2014 年僅產生自由現金流？

We said in the shareholder letter that we clearly intend to generate cash flow from operations. You're right in pointing out that some of that will be offset by our capital expenditures, and we want to be very careful about burning cash. We want to be sure we are as close as possible to a free cash flow position, but that's something that we don't want to necessarily guide to. We're going to manage it, but we are going to be judicious and spend the CapEx where we need to, in order to make sure that we are growing at the right pace.

我們在股東信中表示，我們顯然打算從運營中產生現金流。你說得對，其中一些將被我們的資本支出所抵消，我們希望非常小心地燒錢。我們希望確保我們盡可能接近自由現金流狀況，但這是我們不一定要引導的事情。我們將對其進行管理，但我們將明智地將資本支出用於我們需要的地方，以確保我們以正確的速度增長。

Yes. We are aspiring to make slight improvements to our cash position quarter over quarter. I mean, that's our aspiration.

是的。我們希望每季度對我們的現金狀況進行輕微改善。我的意思是，這是我們的願望。

Okay. That's very helpful, again. And the final question would be, just looking at the typical ramp curve of a vehicle after launch, generally speaking, and I don't want to put you guys in a category with any other vehicle, but generally speaking, volumes tend to peak, call it seven, eight quarters out. Now you guys -- sorry.

好的。這非常有幫助，再次。最後一個問題是，一般來說，只看車輛發射後的典型坡道曲線，我不想把你們與任何其他車輛歸為一類，但一般來說，銷量往往會達到頂峰，稱之為七，八分之一。現在你們——對不起。

I don't think that's going to be the case for the Model S.

我認為 Model S 不會出現這種情況。

Okay. That was the question. So in North America, you would say that you have not seen any signs of slowdown in new orders?

好的。這就是問題所在。那麼在北美，你會說你沒有看到任何新訂單放緩的跡象嗎？

No.

不。

Yes. The traditional model doesn't apply for Tesla, because that assumes that you have a network which is already present, not only in the US, but globally.

是的。傳統模式不適用於特斯拉，因為這假設您擁有一個已經存在的網絡，不僅在美國，而且在全球範圍內。

Correct, exactly.

正確，完全正確。

So we just don't have that presence. We are starting here essentially from scratch and slowly increasing our presence, and making consumers feel comfortable about what EVs are.

所以我們只是沒有那種存在感。我們基本上是從零開始，慢慢增加我們的影響力，讓消費者對電動汽車感到滿意。

Exactly. I think there's a pretty long way to go.

確切地。我認為還有很長的路要走。

Go ahead. Sorry.

前進。對不起。

It's sort of like an S curve of technology adoption. You've got the really early adopters. But for the mainstream audience, they need to really see a lot of cars on the road for a long time to really feel like -- to feel comfortable buying it, particularly when it's a new technology, like an electric car, as Deepak was saying.

這有點像技術採用的 S 曲線。你有真正的早期採用者。但對於主流觀眾來說，他們需要在很長一段時間內真正看到很多汽車在路上，才能真正感受到——購買它時感覺舒服，尤其是當它是一種新技術時，比如電動汽車，正如迪帕克所說.

Okay. Thanks very much, guys.

好的。非常感謝，伙計們。

Our next question comes from Craig Irwin with Wedbush. Your line is open.

我們的下一個問題來自 Craig Irwin 和 Wedbush。你的線路是開放的。

Evening, gentlemen. Congratulations on the solid progress.

晚安，先生們。祝賀取得了紮實的進展。

Thanks.

謝謝。

Thanks.

謝謝。

First question I wanted to ask was about the Tilburg plant capacity. What sort of capacity have you put into that plant, and what sort of capital investment would be needed there, as far as expanding finishing capacity? Can you sort of sketch this out for us a little bit?

我想問的第一個問題是關於蒂爾堡工廠的產能。就擴大精加工能力而言，您在該工廠投入了何種產能，需要什麼樣的資本投資？你能幫我們畫出一些草圖嗎？

Yes. I really -- I don't think that that's going to be in any way a limitation on our progress. To be clear, it's a final assembly plant. So we're not dependent on parts from suppliers or anything. Generally, when we haven't been dependent on parts -- when we haven't had an external dependency, we've been able to get the job done, but once data is in the hands of others, that makes it a lot more difficult. And it is not in the hands of others in the case of the Tilburg plant.

是的。我真的 - 我不認為這會以任何方式限制我們的進步。需要明確的是，這是一個總裝廠。所以我們不依賴供應商的零件或任何東西。一般來說，當我們不依賴部件時——當我們沒有外部依賴時，我們已經能夠完成工作，但是一旦數據到了其他人的手中，那就更難了難的。就蒂爾堡工廠而言，它不在其他人的手中。

Great. Great. Progress in China, obviously the Chinese market is a huge market. There's a lot of enthusiasm over there for electric cars. Can you share with us where you stand on your order rate out of China, what you think we're likely to see over the course of the next couple quarters, and if maybe you could update us on your store plan for China?

偉大的。偉大的。中國的進步，顯然中國市場是一個巨大的市場。那裡對電動汽車充滿熱情。您能否與我們分享您在中國以外的訂單率，您認為我們在接下來的幾個季度中可能會看到什麼，以及您是否可以向我們介紹您在中國的商店計劃？

Sure. I wouldn't say that this is quite the quarter to talk about China. I think we might want to talk about it, probably at the next earnings call, in more depth. But as you say, China is a huge market. It's the world's biggest market for premium sedans. If you take something like, say the Mercedes S class, they sell approximately half of allof their worldwide production in China. Obviously, if we were to ratio -- have a similar ratio, that would be a pretty amazing outcome for Tesla. But we're not counting on anything remotely like that, quite the opposite. But it could be a positive upside surprise there, you just never know.

當然。我不會說這是談論中國的好時機。我認為我們可能想在下一次財報電話會議上更深入地討論它。但正如你所說，中國是一個巨大的市場。它是全球最大的高檔轎車市場。如果你拿梅賽德斯 S 級來說，他們在中國銷售了大約一半的全球產量。顯然，如果我們要比率 - 具有相似的比率，那對特斯拉來說將是一個非常驚人的結果。但我們並不指望這樣的事情，恰恰相反。但這可能是一個積極的上行驚喜，你永遠不知道。

But we have one store in Beijing that we'll probably open later this year. And I'm going to visit China obviously and really try to understand the market and make sure we're doing the right things for Chinese consumers and the buyers over there, because not every market wants exactly the same thing, so we've got to make sure that our product is properly tailored to the desires of consumers in every market, in Europe, North America or China or Japan, or anywhere else. So we're doing a few things especially for the China market, for example, improving the comfort level of the rear seat, because it's common for people in China to be driven rather than drive themselves. And when we first designed the Model S, we designed it to be the perfect driver's car, really. It's like, how do we make the driver fall in love with the car? And obviously, we -- if people are being driven around, then we need to make sure that the back seat is optimized. We're working on an executive -- kind of an executive back seat that's more comfortable than what we have right now, which is kind of like the family back seat.

但我們在北京有一家店，可能會在今年晚些時候開業。我很明顯會訪問中國，並真正嘗試了解市場並確保我們為中國消費者和那裡的買家做正確的事情，因為不是每個市場都想要完全相同的東西，所以我們有確保我們的產品適合歐洲、北美、中國、日本或其他任何地方的每個市場消費者的需求。所以我們特別針對中國市場做了一些事情，比如提高後座的舒適度，因為中國人開車而不是自己開車是很常見的。當我們第一次設計 Model S 時，我們真的把它設計成完美的駕駛汽車。這就像，我們如何讓司機愛上汽車？顯然，我們 - 如果人們被驅趕，那麼我們需要確保後座得到優化。我們正在研究行政人員——一種行政人員後座，比我們現在擁有的更舒適，有點像家庭後座。

So those are some of the things. It's difficult to predict, and this is not the quarter to talk about China. Maybe at the next earnings call, and certainly at the earnings call about Q4, as we'll be talking quite a bit about it at that point, I think.

所以這些是一些事情。很難預測，現在不是談論中國的季度。也許在下一次財報電話會議上，當然在關於第四季度的財報電話會議上，我想我們屆時會談論很多。

Great. And then last one, if I may, you've got a pretty interesting trajectory on battery costs over the next few years. Can you share with us philosophically whether or not you might use the reduction in battery pack costs as a way to sort of neutralize the impact of the federal tax credit rolling off for your customers or do you see this possibly extending out beyond the time frame where that would have the necessary benefit?

偉大的。最後一個，如果我可以的話，你對未來幾年的電池成本有一個非常有趣的軌跡。您能否從哲學上與我們分享您是否可以使用降低電池組成本作為一種方式來抵消聯邦稅收抵免對您的客戶的影響，或者您是否認為這可能會超出時間範圍那會有必要的好處嗎？

Well, the $7,500 federal tax credit is limited to the first 200,000 cars for any manufacturer. So that -- between model S and X, we think probably that's going to get exhausted in the next several years, and that's why we think it probably wouldn't apply to our third generation, the affordable car. At that point, if it's possible for us to maintain a high margin and neutralize the loss of the tax credit, if I think we'll probably -- I'd probably elect to do that, rather than have a higher margin car.

好吧，7,500 美元的聯邦稅收抵免僅限於任何製造商的前 200,000 輛汽車。所以——在 S 型和 X 型之間，我們認為這可能會在未來幾年內變得筋疲力盡，這就是為什麼我們認為它可能不適用於我們的第三代經濟型汽車。到那時，如果我們有可能保持高利潤率並抵消稅收抵免的損失，如果我認為我們可能會 - 我可能會選擇這樣做，而不是擁有更高利潤率的汽車。

Thanks again for taking my questions.

再次感謝您提出我的問題。

Okay. We're running about five minutes over, everyone. We want to make sure that we get to all the questions in the queue. So we have a couple more left. So if we can keep the questions brief, we'll wrap this up as quickly as we can.

好的。各位，我們跑了大約五分鐘。我們希望確保我們能夠解決隊列中的所有問題。所以我們還有幾個。因此，如果我們可以保持問題簡短，我們將盡快結束。

Our next question comes from Aditya Satghare with Lazard Capital Markets. Your line is open

我們的下一個問題來自 Lazard Capital Markets 的 Aditya Satgare。您的線路已開通

Thank you. I had two questions. Firstly, as a follow-up on the 40,000 unit price, on the 40,000 unit target, how many different versions of the ModelS and how many different countries do you plan to sell into to get to that 40,000 unit target?

謝謝你。我有兩個問題。首先，作為4萬輛的後續，在4萬輛的目標上，為了達到4萬輛的目標，你打算銷售多少個不同版本的ModelS，以及銷售到多少個不同的國家？

In terms of actually the number of countries, it would be quite a large number of countries, because of the EU, which is -- I forget, I'm not sure of the exact number of countries in the EU, but I think it's 14 or 15 or something like that. And then, of course, there's Norway and Switzerland which are not in the EU. So right there, you're approaching -- and taking Canada and the US into account, you're talking about 20 countries right there. And then the China, Japan -- Japan's a very important market for us, by the way. We're going to take the Japan market very seriously. I know that a lot of American car companies, they don't take the Japan market really seriously, but I think if we're going to do that, I know it would -- yes. The Japanese market's very discerning, and actually I would consider it a great honor if the Japanese were to actually buy our car.

就實際國家數量而言，這將是相當多的國家，因為歐盟，我忘記了，我不確定歐盟國家的確切數量，但我認為它是14或15或類似的東西。當然，還有不在歐盟的挪威和瑞士。所以就在那裡，你正在接近——考慮到加拿大和美國，你正在談論那裡的 20 個國家。然後是中國、日本——順便說一句，日本對我們來說是一個非常重要的市場。我們將非常重視日本市場。我知道很多美國汽車公司並沒有真正認真對待日本市場，但我認為如果我們要這樣做，我知道它會——是的。日本市場很挑剔，如果日本人真的買我們的車，我會覺得很榮幸。

Got it. Okay. Okay. And the second question was on the US market. Could you give us a little bit more color about your buyer base here, and what kind of potential brands do you think your customers are swapping out and who do you think you're grabbing share from?

知道了。好的。好的。第二個問題是關於美國市場的。您能否在這裡給我們更多關於您的買家群的信息，您認為您的客戶正在更換什麼樣的潛在品牌以及您認為您從誰那裡搶占份額？

We have some pretty good numbers for that. It's a really broad mix of cars. It's not -- they're not just premium sedan. In fact, I think we --

我們有一些非常好的數字。這是一個非常廣泛的汽車組合。不是——它們不僅僅是高級轎車。事實上，我認為我們——

I believe we (Inaudible) that in our last earnings call, where we shared that --

我相信我們（聽不清）在我們上次的財報電話會議上，我們分享了——

At the capital rate --

按資本利率——

Probably. That's right.

大概。這是正確的。

If you go back and look at our capital rates presentation --

如果你回過頭來看看我們的資本利率介紹——

Go ahead and just talk about some of the cars we're replacing.

來吧，談談我們正在更換的一些汽車。

Yes. it's a wide range of cars. It's not like you can say, oh, it's a BMW-5 series or something like that. In fact, we're just pulling up the pie chart right now.

是的。這是各種各樣的汽車。你不能說，哦，是寶馬5系什麼的。事實上，我們現在只是拉出餅圖。

This is from the -- it's an ALG overview taking data from Polk, and they're showing sort of the -- it's essentially like the famous sedans and hybrids are the big ones. But seriously, like we've got -- there's no -- the largest one here is sort of on the order of 10%, 10%, 11%. A lot of people are buying our car instead of the Prius, but that's 10%. There's obviously things like the E-class are buying our car instead of the Leaf, or coming from -- I'm sorry, these are cars they're coming from. So it's like E-class, Prius, Leaf, the Highlander, E-5 series, Odyssey, Honda Odyssey has 4%, the Honda Odyssey going to Model S. Volvo XE90 is 4%. Volkswagen Jetta is 4%.

這是來自 - 這是從 Polk 獲取數據的 ALG 概述，他們正在展示 - 它基本上就像著名的轎車和混合動力車是大的。但說真的，就像我們有 - 沒有 - 這裡最大的一個大約是 10%、10%、11%。很多人買我們的車而不是普銳斯，但那是 10%。很明顯，像 E 級正在購買我們的汽車而不是 Leaf，或者來自 - 對不起，這些是他們來自的汽車。所以就像E級，普銳斯，Leaf，漢蘭達，E-5系列，奧德賽，本田奧德賽有4%，本田奧德賽去Model S。沃爾沃XE90是4%。大眾捷達是4%。

A pretty broad mix, overall.

總體而言，這是一個相當廣泛的組合。

Honda Civic is 3%. So it's really a pretty broad range. It's not just from the premium sedan segment.

本田思域是3%。所以它確實是一個相當廣泛的範圍。它不僅來自高檔轎車領域。

Got it. That's helpful, and congratulations on good execution this quarter.

知道了。這很有幫助，並祝賀本季度的良好執行。

Thank you.

謝謝你。

Okay. We have time for one last question, please.

好的。請有時間回答最後一個問題。

Our last question comes from Elaine Kwei from Jefferies. your line is open.

我們的最後一個問題來自 Jefferies 的 Elaine Kwei。你的線路是開放的。

Hello, everyone. Thanks for squeezing me in. Now that you're beginning to ship internationally, could you talk a little bit about the thinking behind the pricing strategy for Europe and Asia? Are there any adjustments based on local incentives? Is it based on what the local market can bear, and would you expect margins to vary compared to the US? And then I'll just throw the second part in there, with the Supercharger network has really overcome the infrastructure obstacles for long distance driving, and does Tesla have any strategy for addressing the challenges for urban dwellers, especially in international markets where that might be more common? Thanks so much.

大家好。謝謝你的邀請。既然你開始向國際發貨，你能談談歐洲和亞洲定價策略背後的想法嗎？是否有根據當地激勵措施的調整？它是否基於當地市場的承受能力，您是否預計利潤率與美國相比會有所不同？然後我將把第二部分放在那裡，增壓器網絡確實克服了長途駕駛的基礎設施障礙，特斯拉是否有任何策略來解決城市居民面臨的挑戰，尤其是在可能存在的國際市場上比較普遍;普遍上？非常感謝。

Sure. The Tesla policy is to try to make the same amount of money on a car in any given market. So this is not a policy that -- in fact, we may be unique in this. I'm not sure if there's another automaker that does this. But we don't want to make more money off someone just because they're in another country. So I don't think that's the right thing to do. So for example, in China, it's quite common for manufacturers to mark up the cars in a pretty huge way. We will not be doing that, and we'll also try to be extremely transparent about our pricing. So you can take the US price and you could factor in logistics and any import taxes, and then there's maybe a 3% allowable for exchange rate movements, and then some incremental for any extra costs of doing business in that country, that would increase our overhead. But we try to be really transparent about that and keep trying to improve those costs over time. I guess the overarching principle here is that we don't want to rip anyone off. So you should assume the same margin in every country.

當然。特斯拉的政策是嘗試在任何特定市場上通過汽車賺取相同數量的利潤。所以這不是一項政策——事實上，我們在這方面可能是獨一無二的。我不確定是否有另一家汽車製造商這樣做。但是我們不想僅僅因為他們在另一個國家而從某人身上賺更多的錢。所以我認為這不是正確的做法。例如，在中國，製造商以非常大的方式標記汽車是很常見的。我們不會那樣做，我們也會盡量讓我們的定價變得非常透明。所以你可以拿美國的價格，你可以考慮物流和任何進口稅，然後可能允許 3% 的匯率變動，然後在那個國家做生意的任何額外成本都有一些增量，這將增加我們的高架。但我們試圖對此保持透明，並隨著時間的推移不斷努力改善這些成本。我想這裡的首要原則是我們不想扯掉任何人。因此，您應該假設每個國家/地區的保證金都相同。

That's great. And then is there any thoughts behind addressing the challenges for folks living in apartments or condos, where you might not have a personal garage? I could see this especially being an issue for the Gen 3 buyers, especially.

那太棒了。那麼，在解決您可能沒有私人車庫的公寓或共管公寓的人們所面臨的挑戰之後，您有什麼想法嗎？我可以看到這對 Gen 3 買家來說尤其是一個問題，尤其是。

Yes, absolutely. It's not a huge percentage of the market that has this issue, but it is something we need to address. So for -- and the toughest one is street parking. A lot of cities and municipalities are putting in charging infrastructure on the street. So we're working with them to get more of that established. And then on the -- for apartments and condos, for their garages there, we're forming -- or we actually have sort of loosely formed a group within our sales and service operations team that is able to work with the -- whoever is running the condo or apartment building and tell them what they need to do to install sockets.

是的，一點沒錯。存在這個問題的市場比例並不大，但這是我們需要解決的問題。所以 - 最難的是街邊停車。許多城市和直轄市都在街道上安裝充電基礎設施。因此，我們正在與他們合作，以建立更多的基礎。然後 - 對於公寓和公寓，對於他們那裡的車庫，我們正在組建 - 或者我們實際上已經在我們的銷售和服務運營團隊中鬆散地組建了一個小組，能夠與 - 無論是誰經營公寓或公寓樓，並告訴他們安裝插座需要做什麼。

And I think it's going to be important long term is the ability to sort of load level or limit total power -- electricity power load in an apartment building. So if there's a lot of cars, you don't want to exceed the total power going to that building at any one time. So it's just kind of a peak power limiter that's able to communicate between the cars that are getting charged. And there's -- there are a few companies we're working with in that regard to deal with that peak power load in apartment buildings. You know, it really hasn't been, thus far, a constraint on our growth. So it's occupied a little bit of our attention. As that becomes -- next year, perhaps it will become a constraint on our growth, and then it's going to be more centrally in our attention.

而且我認為長期重要的是分類負載水平或限制總功率的能力 - 公寓樓中的電力負載。因此，如果有很多汽車，您在任何時候都不想超過該建築物的總功率。所以它只是一種峰值功率限制器，能夠在正在充電的汽車之間進行通信。在這方面，我們正在與幾家公司合作，以應對公寓樓的峰值電力負荷。你知道，到目前為止，它確實沒有成為我們發展的限制因素。所以它佔據了我們的一點注意力。隨著這種情況的發生——明年，也許它會成為我們增長的製約因素，然後它將成為我們關注的焦點。

That's great to hear on the international and the infrastructure front. Thank you so much, Elon.

很高興聽到國際和基礎設施方面的消息。非常感謝，埃隆。

Okay. Thank you, everyone, for joining us today. We look forward to seeing you over the next quarter. And in fact, we'll be at Jefferies' Industrial Growth Conference in Manhattan next Monday. And on Tuesday, also in Manhattan, we'll be at JPMorgan's Auto Conference. So hope to see you all out on the road, and happy driving.

好的。謝謝大家，今天加入我們。我們期待在下個季度見到您。事實上，我們將參加下週一在曼哈頓舉行的傑富瑞工業增長會議。週二，同樣在曼哈頓，我們將參加摩根大通的汽車大會。所以希望在路上見到你們，祝你們駕駛愉快。

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

女士們，先生們，感謝您參加今天的節目。程序到此結束。你們都可以斷開連接。