特斯拉 (TSLA) 2013 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Tesla Motors fourth quarter 2013 financial results Q&A 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 now 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，歡迎來到特斯拉汽車公司 2013 年第四季度財務業績問答電話。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。我現在想把電話轉給你的主持人。傑夫埃文森，請繼續。

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

謝謝你，帕特里克，大家下午好；歡迎收聽我們的第四季度財務業績問答網絡直播。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 the financial results of our fourth quarter and full-year 2013 results 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. A replay of this webcast will be available at the same site later today.

我們在今天交易結束後不久公佈了我們第四季度的財務業績和 2013 年全年業績。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。該網絡廣播的重播將於今天晚些時候在同一站點上播放。

Please note that certain financial measures that we use on the call, such as revenue and income, are expressed on a non-GAAP basis and have been adjusted to exclude the effect of lease accounting on Model S sales and charges related to stock option compensation. Our GAAP results and reconciliations of non-GAAP to GAAP measures can be found in our earnings release.

請注意，我們在電話會議上使用的某些財務指標（例如收入和收入）是在非公認會計原則的基礎上表示的，並且已經過調整，以排除租賃會計對 Model S 銷售的影響以及與股票期權補償相關的費用。我們的 GAAP 結果以及非 GAAP 與 GAAP 措施的對賬可以在我們的收益發布中找到。

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 expectations as of today. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in our most recent SEC filings.

在本次電話會議期間，我們可能會討論我們的業務前景並做出前瞻性陳述。此類陳述是基於管理層截至今天的預期的預測。由於許多風險和不確定性，包括我們最近提交給美國證券交易委員會的文件中提到的風險和不確定性，實際事件或結果可能存在重大差異。

We'd ask you all to log in now for questions. So please press star-one on your phones. And with that, Patrick, let's turn it over to the first question.

我們要求大家現在登錄以提問。所以請在你的手機上按星號。有了這個，帕特里克，讓我們把它轉到第一個問題。

Actually, before we do that, I do want to say, if you could please limit your questions to one question and one follow-up, we do want to try to end this call in about 45 minutes. All right, Patrick, let's have the first question, please.

實際上，在我們這樣做之前，我確實想說，如果您可以將您的問題限制為一個問題和一個後續問題，我們確實希望在大約 45 分鐘內結束這次通話。好吧，帕特里克，請讓我們來回答第一個問題。

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

我們的第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。

All right. Thanks, everybody. Elon, the stock price and results have been obviously performing very well lately.

好的。謝謝大家。埃隆，最近股價和業績顯然表現得非常好。

You've got some great investment opportunities and some growth opportunities ahead of you, not only in the auto business, but also in the non-auto business == in the battery business. So I'm just wondering how you're thinking about being opportunistic and pulling in some fresh capital to help derisk the plan, plan for a force majeur, or to see some of these opportunities that you have. Thank you.

你有一些很好的投資機會和一些增長機會，不僅在汽車業務，而且在非汽車業務==電池業務。所以我只是想知道你是如何考慮投機取巧並吸引一些新的資金來幫助取消計劃的風險，為不可抗力做計劃，或者看到你擁有的一些機會。謝謝你。

Yes, I think that's a good idea. I would agree with that. I think that would be the smart move.

是的，我認為這是個好主意。我同意這一點。我認為這將是明智之舉。

We can talk more about that next week with -- and also discuss the giga factory plans. Unfortunately, I can't say anything right now --

我們可以在下週更多地討論這個問題——還可以討論千兆工廠的計劃。不幸的是，我現在什麼都不能說——

As a follow-up to that --

作為後續行動——

-- except that I think your advice is good.

——除了我認為你的建議很好。

Okay. I don't want to (inaudible) here or anything, but as a follow-up to that, I guess, is would a capital raising be a prerequisite to launch the giga factory? Or is that an understatement?

好的。我不想（聽不清）在這里或任何事情，但作為後續行動，我想，籌集資金是否會成為啟動千兆工廠的先決條件？或者這是輕描淡寫？

I think it's necessary to have it occur in three years. It's not necessary, if we allow that time frame to expand.

我認為有必要在三年內發生。如果我們允許該時間範圍擴大，則沒有必要。

That's very clear. Thanks, Elon.

這很清楚。謝謝，埃隆。

All right. You're welcome.

好的。別客氣。

Thanks, Adam. Next question.

謝謝，亞當。下一個問題。

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

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 very much for taking the call.

大家好。非常感謝您接聽電話。

First question would be, Deepak, just on your outlook for free cash flow in 2014 and maybe in 2015, given the requisite investment that's going to go into the business. How are you guys thinking about that?

第一個問題是，Deepak，就您對 2014 年和 2015 年自由現金流的展望，考慮到將要進入該業務的必要投資。你們是怎麼想的？

I think in 2014 we certainly expect to generate significant cash flow from operations. And our CapEx then which then feeds into free cash flow will depend quite a bit how we continue to expand and what opportunities we see globally throughout the rest of the year. So it's a bit early for me to call and give you clear guidance for certainly 2015 and potentially all of 2014, but we certainly see this as really a great year for growth, as we look forward.

我認為在 2014 年，我們當然希望從運營中產生可觀的現金流。然後我們的資本支出將在很大程度上取決於我們如何繼續擴張以及我們在今年餘下時間在全球看到的機會。因此，我現在打電話給你明確的 2015 年和可能的 2014 年全年的指導還為時過早，但正如我們所期待的那樣，我們當然認為這確實是增長的一年。

Okay. Thank you. That's very helpful.

好的。謝謝你。這很有幫助。

If I could just follow up with you, Deepak, just thinking longer term, what do you think is an achievable kind of mid-term or long-term EBIT margin? Taking gross margin aside, how are you thinking about just from an operating profit, longer term?

如果我可以跟進你，Deepak，只是從長遠來看，你認為可以實現的中期或長期息稅前利潤率是多少？撇開毛利率不談，從長遠來看，您如何看待營業利潤？

I think we have in the past, even since the time of our IPO, indicated that our long-term target is to get to an operating margin which is in the teens -- low to mid-teens. And I think that is still what our long-term goal is, to get there, as we continue to grow the business.

我認為我們過去，甚至自我們首次公開募股以來，就表明我們的長期目標是達到十幾歲的營業利潤率 - 低至十幾歲。我認為這仍然是我們的長期目標，在我們繼續發展業務的同時實現目標。

Yes, and we should emphasize that we expect the reinvestment opportunities to be very significant for a long time. So our actual profitability will be quite a bit less than that.

是的，我們應該強調，我們預計再投資機會在很長一段時間內都非常重要。所以我們的實際盈利能力會比這個少很多。

Right.

正確的。

But if we were to sort of level out the business at any given point, I think something like the mid-teens type of number is very achievable.

但是，如果我們要在任何給定的時間點對業務進行某種程度的平衡，我認為像青少年類型這樣的數字是非常可以實現的。

Exactly.

確切地。

And that's how we've always communicated.

這就是我們一直以來的溝通方式。

Right. Right.

正確的。正確的。

Okay, guys. Thank you.

好的，伙計們。謝謝你。

I mean, the car business is truly staggeringly big. It's over $2 trillion a year in new car sales. That's just new car sales. That's not even taking into account servicing and used car sales and accessories and all the other things. So there's just a pretty big ramp ahead in terms of reinvestment.

我的意思是，汽車業務確實大得驚人。每年的新車銷售額超過 2 萬億美元。這只是新車銷售。這甚至沒有考慮到維修和二手車銷售和配件以及所有其他事情。因此，在再投資方面，還有一個相當大的斜坡。

Got it. That's helpful. I'm going to try to sneak one more in here. Jeff, I apologize.

知道了。這很有幫助。我打算再偷偷溜進去一個。傑夫，我道歉。

But in terms of distribution licenses in China, from what we understand, they're pretty difficult to obtain, particularly without a local partner. How are you guys able to deal with this issue?

但就中國的發行許可證而言，據我們了解，它們很難獲得，尤其是在沒有當地合作夥伴的情況下。你們是如何處理這個問題的？

Actually, sales and service is not a problem in China. It's more local manufacturing, where there's an expectation that you partner with a local entity. And since we're really just at the early stages of -- very early stages of selling cars in China, and we're very far away from -- very far by Tesla's time frame standards -- away from manufacturing in China. But we do expect that in the long term -- at least for the short to medium term, there's not a need for a local partner.

實際上，銷售和服務在中國不是問題。它更多地是本地製造，期望您與本地實體合作。而且由於我們真的只是處於早期階段——在中國銷售汽車的非常早期階段，而且我們距離——按照特斯拉的時間框架標準——非常遙遠——遠離中國製造。但我們確實希望從長遠來看——至少在中短期內，不需要當地的合作夥伴。

Okay. Thank you very much, guys.

好的。非常感謝你們。

All right, John. Patrick, let's have the next question, please.

好吧，約翰。帕特里克，請讓我們來問下一個問題。

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

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. Just want to look at the line of what you used to call reservations and now you call customer deposits, went from 140 to 163, last year 138 and they've been churning in the 130s.

是的。下午好。只是想看看你以前稱之為預訂的線路，現在你稱之為客戶存款，從 140 到 163，去年是 138，他們一直在 130 年代攪動。

Can we infer from that -- should we be inferring a unit order uptake? Or is it more mix of the reservations and the currencies and the products that people put down there to make orders -- deposits, not reservations -- for?

我們可以從中推斷出——我們應該推斷出單位訂單的吸收嗎？或者它更多地混合了預訂、貨幣和人們在那裡下訂單的貨幣和產品——存款，而不是預訂——為了？

I think the biggest thing we can attribute that sort of growth to is that the Model X demand is very high. The number of -- obviously, we don't disclose that. But even though there's zero marketing for the Model X, essentially, if you were going fishing, it's like the fish are jumping in the boat. We're not actually trying to sell the Model X at all, but the demand seems to be remarkably high; and we're seeing a steady accumulation of Model X deposits.

我認為我們可以將這種增長歸因於 Model X 的需求非常高。數量——顯然，我們沒有透露。但即使 Model X 的營銷為零，本質上，如果你要去釣魚，就像魚在船上跳一樣。我們實際上並沒有試圖銷售 Model X，但需求似乎非常高；我們看到 Model X 礦床的穩定積累。

Which is on top of our ongoing Model S deposits coming, so that draws the overall part.

這是在我們正在進行的 Model S 存款的基礎上，因此吸引了整個部分。

Yes.

是的。

So if you look at your new guide for 35K units for 2014 and shared the comment a fair chunk of that will be in China and Europe. Just where it is, just directionally where does the order book stand in those geographies? What's trending better than you might have expected, and where do you still need some marketing or education work?

因此，如果您查看 2014 年 35K 單位的新指南並分享評論，其中相當一部分將在中國和歐洲。就在哪裡，就在這些地區的訂單簿的定向位置？什麼趨勢比您預期的要好，您在哪裡還需要一些營銷或教育工作？

Well, I think there's probably work to do in a number of locations in Europe. Mostly because we still have to sort out a number of charging issues. Because even though the EU is sort of one market economically, it's certainly not one market from an electricity standpoint. So we're sorting through a number of charging issues over there.

嗯，我認為在歐洲的許多地方可能還有工作要做。主要是因為我們仍然需要解決一些收費問題。因為儘管歐盟在經濟上是一個市場，但從電力的角度來看，它肯定不是一個市場。所以我們正在整理那裡的一些收費問題。

And I think that's slowing down our (inaudible) in Europe temporarily. But I feel confident about addressing those very near-term. And I expect that sales will pick up quite a bit over in Europe.

我認為這會暫時減緩我們在歐洲的（聽不清）。但我有信心在短期內解決這些問題。而且我預計歐洲的銷售額會有所回升。

At the same time, we see very good demand in China and in the emerging [vie] and drive markets.

與此同時，我們看到中國和新興 [vie] 和驅動市場的需求非常好。

Yes, absolutely. Yes, I mean, it's -- based on current trends, it seems unlikely that we'll be able to satisfy demand in China this year. So there will be unmet-- likely to be, I think, unmet demand in China this year.

是的，一點沒錯。是的，我的意思是，根據目前的趨勢，我們今年似乎不太可能滿足中國的需求。因此，今年中國將有未滿足的需求——我認為，可能會有未滿足的需求。

Okay. Thanks.

好的。謝謝。

Our next question comes from Ryan Brinkman with JPMorgan. Your line is open.

我們的下一個問題來自摩根大通的 Ryan Brinkman。你的線路是開放的。

Hello. Thanks for taking my question. Congrats on the quarter.

你好。感謝您提出我的問題。祝賀本季度。

Thanks.

謝謝。

I see that you're guiding to strong 28% gross margins by 4Q this year. Can you talk about some of the drivers of that margin expansion? Is it is more leverage of fixed COGS than higher revenue, or is it still the case that you're realizing significant supplier purchase price reductions as your volume ramps?

我看到你正在指導今年第四季度實現強勁的 28% 的毛利率。你能談談利潤率擴張的一些驅動因素嗎？是固定銷貨成本比更高的收入更具槓桿作用，還是隨著數量的增加，您仍然實現了供應商採購價格的顯著降低？

Yes, it's all of that. We are also continuing to make design improvements for the product, which is also helping us. And clearly, as we expand production, our suppliers see economies of scale and so do we.

是的，就是這樣。我們還在繼續對產品進行設計改進，這也對我們有所幫助。顯然，隨著我們擴大生產，我們的供應商看到了規模經濟，我們也看到了。

In addition, there is efficiency, as we continue to stabilize and mature our production processes. So all of that, we feel, is a contributor to getting to that gross margin improvement.

此外，隨著我們不斷穩定和成熟我們的生產流程，還有效率。因此，我們認為所有這些都是提高毛利率的一個因素。

It's not a huge difference from 25 to 28, and I think we can arguably achieve that just by scaling up. So in fact, the 28 number is assuming that the take rate of options decreases slightly. So we're not planning on lowering the price of the car.

從 25 到 28 並沒有太大的區別，我認為我們可以通過擴大規模來實現這一目標。所以事實上，28這個數字是假設期權的接受率略有下降。所以我們不打算降低汽車的價格。

But as we reach the broader market, the option uptake, for example, people ordering, say, performance-plus, we expect will decrease. And there will be more orders of the more affordable version of the car. So the 28% is assuming a lower average price because of lower option take.

但隨著我們進入更廣泛的市場，我們預計期權的採用率將會下降，例如人們訂購的性能加成。並且將有更多更實惠版本的汽車訂單。所以 28% 的人假設平均價格較低，因為較低的選擇權。

Great. Thanks. Then just last question in China.

偉大的。謝謝。然後是中國的最後一個問題。

There's been a lot of talk of government incentives there to spur clean vehicle sales to try to improve the air quality. Have you been able to determine whether or not Tesla can be eligible for these types of subsidies?

有很多關於政府鼓勵清潔汽車銷售以改善空氣質量的討論。您是否能夠確定特斯拉是否有資格獲得這些類型的補貼？

And then separate to that, I'm just curious what kind of volume assumptions do you have in China baked into that 35,000 delivery number? And what do you think China could do for you, over time?

然後除此之外，我只是想知道您在中國對 35,000 的交付數量有什麼樣的假設？隨著時間的推移，您認為中國可以為您做什麼？

I don't think we want to break out the exact market percentages. And I think it's difficult for us to estimate them with precision. Except that it appears that based on demand, since we announced pricing in China, that it seems unlikely that we'll be able to get everyone a car this year.

我不認為我們想打破確切的市場百分比。而且我認為我們很難精確地估計它們。除了看起來是基於需求，因為我們宣布了在中國的定價，我們今年似乎不太可能讓每個人都有一輛汽車。

And in terms of the incentives, we are talking to the authorities and we're working to see how the Model S can be included. Clearly, the initial round was -- or the expectation was this only applies to local manufacturers. But that is something we're working to include Model S in that list.

在激勵措施方面，我們正在與當局交談，我們正在努力研究如何將 Model S 納入其中。顯然，第一輪是——或者預期這僅適用於本地製造商。但這是我們正在努力將 Model S 包含在該列表中的內容。

Okay, great. Thanks. Congrats again on the quarter.

好，太棒了。謝謝。再次祝賀本季度。

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

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

Thanks for taking my two questions. Regarding the giga factory, are you guys prepared to say you've secured a partner yet? And can you give us a sense of what you mean by "major reduction" intact costs?

感謝您提出我的兩個問題。關於giga工廠，你們準備好說已經找到合作夥伴了嗎？您能否讓我們了解您所說的“大幅降低”完整成本是什麼意思？

Well, we actually expect there to be more than one partner in the factory. Obviously, Panasonic is currently our primary partner on cell production. And so a default assumption would be that Panasonic would continue to partner with us in the giga factory.

嗯，我們實際上預計工廠裡會有不止一個合作夥伴。顯然，松下目前是我們在電池生產方面的主要合作夥伴。因此，默認假設是松下將繼續與我們在千兆工廠合作。

But there are also likely to be other suppliers in the factory that provide the precursor materials to the cell. So the anode and cathode materials, separator, electrolyte, that kind of thing. But I don't want talk too much about the giga factory, because we're going to talk about that next week and there's a lot of stuff to talk about, besides that, in this earnings release. Yes, so I think that we'll have to just to punt that answer and detail to next week.

但工廠中也可能有其他供應商為電池提供前體材料。所以陽極和陰極材料，隔膜，電解質，那種東西。但我不想過多談論千兆工廠，因為我們將在下週討論這個問題，除此之外還有很多東西要討論，在這個收益發布中。是的，所以我認為我們必須將答案和細節放到下週。

Okay. Fair enough. And then the next question, obviously, customer deposits are up 16%, so demand looks good. But I think it would be helpful if you could address the effect on demand that was caused by the vehicle fires last fall and the subsequent media firestorm regarding all that.

好的。很公平。然後下一個問題，很明顯，客戶存款增加了 16%，所以需求看起來不錯。但我認為，如果你能解決去年秋天車輛起火造成的需求影響以及隨後的媒體風暴，這將是有幫助的。

And then, is it measurable? What did you see?

然後，它是可測量的嗎？你看見什麼了？

Yes. So at first, we saw a significant drop in demand. And we were quite worried about it.

是的。所以起初，我們看到需求顯著下降。我們對此非常擔心。

And then, as consumers came to understand that this was really kind of a media-driven thing and not a real danger with the car, our sales improved steadily since then. And have continued to improve since that initial news. Basically, consumers have come to understand that actually our car has a far lower propensity for fire than a gasoline car, and by reason of a half order of magnitude.

然後，隨著消費者開始明白這實際上是一種媒體驅動的事情，而不是對汽車的真正危險，我們的銷售從那時起穩步增長。並且自最初的消息以來一直在改善。基本上，消費者已經開始明白，實際上我們的汽車著火的可能性遠低於汽油車，而且是半個數量級。

And so, yes, as consumers became aware of that, their fears have subsided. I think it's great that we live in an era where there's the internet and social media. So that when something is -- when the fans are flamed, literally, by the media, there is at least a path for consumers to understand what is really going on. I think in the absence of social media, I'm not sure we would have been able to correct the misperception.

因此，是的，隨著消費者意識到這一點，他們的恐懼已經消退。我認為我們生活在一個有互聯網和社交媒體的時代真是太好了。因此，當某些事情發生時——當粉絲被媒體激怒時，至少有一條途徑讓消費者了解真正發生的事情。我認為在沒有社交媒體的情況下，我不確定我們是否能夠糾正這種誤解。

Do you need the NHTSA report then to come out then, or do you think it will have no effect when it does? I'm assuming it will clear the car completely.

你需要NHTSA報告然後出來，還是你認為它不會有效果？我假設它會完全清除汽車。

We anticipate a positive result. And I think it will certainly help some number of people out there.

我們預計會有積極的結果。我認為它肯定會幫助一些人。

And it's worth noting that we've been cleared by the regulatory agencies in every other country, so Germany, Britain, Japan, China, everyone else. So it's actually just the US regulatory authorities are the lone holdout, at this point. But we've provided NHTSA with all the information that they've requested, and we're awaiting a decision from them, which hopefully would come soon. And yes, probably helpful to some number of consumers out there.

值得注意的是，我們已經獲得了其他所有國家的監管機構的許可，包括德國、英國、日本、中國和其他所有人。因此，在這一點上，實際上只有美國監管機構是唯一的反對者。但是我們已經向 NHTSA 提供了他們要求的所有信息，我們正在等待他們的決定，希望很快就會做出決定。是的，可能對一些消費者有幫助。

Thank you so much.

太感謝了。

Our next question comes from Elaine Kwei with Jefferies. Your line is open.

我們的下一個問題來自傑富瑞的 Elaine Kwei。你的線路是開放的。

Yes, hello. Thanks for taking my question.

是的你好。感謝您提出我的問題。

First, on the production guidance for ending the year at 1,000-car-a-week rate. That sounds like it's two lines going full-time at roughly a 20,000-a-year type of rate, and a pretty good step-up from, I think, some of the previous guidance. Could you help shed some light on what's getting you there? And is that pretty much where you'd be maxing out?

首先，關於以每週 1,000 輛的速度結束年底的生產指導。這聽起來像是兩條線以每年大約 20,000 條的速度全職運行，而且我認為，與之前的一些指導相比，這是一個相當不錯的進步。你能幫忙解釋一下是什麼讓你在那裡嗎？這幾乎就是你要最大化的地方嗎？

So we are constructing a new line in the factory. So it's a little -- the full answer is a little complex, because there are many pieces that go into making a Model S, some of which are production constrained and some of which are not. So to get to the sort of height, the sort of 1,000-plus production rate, we do need a sort of a new final assembly line, which we're in the process of constructing. And then we'll transition the final assembly to that, hopefully around the end of the third quarter, or thereabouts.

所以我們正在工廠建設一條新生產線。所以它有點——完整的答案有點複雜，因為製造 Model S 有很多部件，其中一些是生產受限的，而另一些則不是。所以要達到這樣的高度，達到 1000 多台的生產率，我們確實需要一條新的總裝線，我們正在建設中。然後我們將把最後的組裝過渡到那個，希望在第三季度末左右，或者大約。

Then there's sort of separately a body construction line, which is where you create the body and welded assembly, welded and bonded assembly, that's also taking place. That's not needed to achieve the production rate, but will help with production efficiency. And will also be where the Model X is built. It will be a sort of a next-generation body assembly facility for the X, and then the S. So I'm not sure -- it's quite -- it would be quite a long answer to give you the full story, but that's -- maybe those are the highlights.

然後有一條單獨的車身構造線，您可以在其中創建車身和焊接組件，焊接和粘合組件，這也在發生。這不是實現生產率所必需的，但有助於提高生產效率。也將是 Model X 的製造地。這將是 X 的一種下一代車身裝配設施，然後是 S。所以我不確定——這相當——給你完整的故事會是一個很長的答案，但那是——也許這些是亮點。

Sure. That's really helpful.

當然。這真的很有幫助。

And with that 1,000-a-week with the new final assembly line, is that, with that I assume that's not with that maxed out? And that's sort of using part of the capacity, and then there would be additional capacity beyond that, once the construction is completed. Would that be fair to assume?

新的總裝線每週生產 1,000 條，是嗎，我認為這不是最大的嗎？這就是使用部分產能，一旦建設完成，就會有額外的產能。這樣假設公平嗎？

It's fair to assume that we would be able to go to higher numbers, if the demand is there to -- yes, yes.

可以公平地假設，如果有需求，我們將能夠獲得更高的數字——是的，是的。

Okay. Thank you very much, Elon.

好的。非常感謝，埃隆。

All right.

好的。

Our next question comes from Ben Kallo with Robert Baird. Your line is open.

我們的下一個問題來自 Ben Kallo 和 Robert Baird。你的線路是開放的。

Hello, Elon. Hello, Deepak. Hello, Jeff.

你好，埃隆。你好，迪帕克。你好，傑夫。

Just building on Elaine's question, you said if demand's there, can you just talk about the evolution of what you see in demand if you look back a year ago and where you think it could be two years from now, in 2016, just for the S? And then if you could loop that in with your production expansion and where that could get you with the two different factors that you mentioned to answer Elaine 's question?

只是基於 Elaine 的問題，你說如果有需求，你能談談你看到的需求的演變，如果你回顧一年前，以及你認為兩年後的情況，即 2016 年，只是為了年代？然後，如果您可以將其與您的生產擴展相結合，那麼您在哪裡可以使用您提到的兩個不同因素來回答 Elaine 的問題？

It's difficult to predict where the demand really settles out with the S. But I can say, in relative terms, it appears that the X will see at least as much demand as the S. And if I was to guess -- I mean, it's just a guess -- I think the X demand may exceed the S demand.

很難預測 S 的需求在哪裡真正穩定下來。但我可以說，相對而言，X 的需求似乎至少與 S 一樣多。如果我猜測——我的意思是，這只是一個猜測——我認為 X 需求可能超過 S 需求。

This is very speculative. Don't hold me to it. But that's my best guess. I think X demand will exceed S demand.

這是非常投機的。不要讓我堅持。但這是我最好的猜測。我認為 X 需求將超過 S 需求。

And as far as S demand, of course, there are a lot of factors here, because it's not just demand for the S, but let's say the world were to go into a recession in 2016. It's difficult to say what the gas demand, how would we be affected and that kind of thing. So then you start to encounter macro factors.

至於 S 的需求，當然，這裡有很多因素，因為不僅僅是對 S 的需求，假設世界將在 2016 年陷入衰退。很難說天然氣的需求，我們將如何受到影響以及諸如此類的事情。然後你開始遇到宏觀因素。

But it seems like -- it seems pretty likely that we could sustain demand of around 1,000 units a week. That's my best guess for the S.

但看起來 - 我們似乎很有可能維持每週約 1,000 台的需求。這是我對S的最佳猜測。

Okay, great. And I'm going to ask on the giga factory, try my best here.

好，太棒了。我要去問千兆工廠，在這裡盡力而為。

You talked about partners, really supply partners. Should we expect also, I guess people that would use the cells, so customer off-takes or partners in that aspect of people that would use lithium ion batteries, in the announcement?

你談到了合作夥伴，真正的供應合作夥伴。我們是否也應該期待，我猜人們會在公告中使用電池，所以客戶承購或合作夥伴會使用鋰離子電池的人？

Yes, it's tempting to get into the giga factory stuff. But I could have the whole call talking about that, and we're going to have more of a dedicated call next week to talk about it. But I think that the giga factory would absorb all of the sales produced and that we would probably even need to bring in cells from other factories from around the world.

是的，進入千兆工廠的東西很誘人。但我可以讓整個電話會議討論這個問題，下週我們將有更多專門的電話會議來討論它。但我認為千兆工廠將吸收所有生產的銷售額，我們甚至可能需要從世界各地的其他工廠引進電池。

Okay. Fair enough. And then, just housekeeping for Deepak.

好的。很公平。然後，只是為迪帕克做家務。

Q1, as we flex it, we're right on the verge of profitability. How should we think about that and your guys' goal for Q1?

第一季度，當我們調整它時，我們正處於盈利的邊緣。我們應該如何看待這一點以及你們對第一季度的目標？

Sorry, could you clarify that further?

對不起，你能再澄清一下嗎？

If I flex the numbers in Q1 and what you said operating expenses and then your deliveries, I can be on the verge of being profitable or not profitable. So how are you guys leaning in that aspect as we model Q1?

如果我在第一季度調整數字以及您所說的運營費用和交付量，我可能處於盈利或不盈利的邊緣。那麼，當我們為 Q1 建模時，你們在這方面的傾向如何？

I see. We definitely should be profitable on a non-GAAP basis, even in Q1.

我懂了。我們絕對應該在非公認會計原則的基礎上盈利，即使在第一季度也是如此。

Great. Thank you very much, guys. Great quarter.

偉大的。非常感謝你們。很棒的季度。

I do want to emphasize something that, it would be -- we could have tried to aim for a higher delivery number in Q1. If we were to kind of gain deliveries and not try to sort of be a bit of a contortionist and enter the vehicles in transit. But I made a decision that we shouldn't try to do that, and we should just try to produce cars in the right way for the various markets.

我確實想強調一點，那就是——我們本可以嘗試在第一季度爭取更高的交付數量。如果我們要獲得交付，而不是試圖成為一個柔術家並進入運輸途中的車輛。但我做出了一個決定，我們不應該嘗試這樣做，我們應該嘗試以正確的方式為各個市場生產汽車。

And so our actual revenue number for Q1 is going to be less than it would be if we did try to play all sorts of games with delivery, delivery between domestic and international markets. So I think that it's the right decision for the long term, but it means that our Q1 actual recognized revenue will be lower than it might otherwise be.

因此，我們第一季度的實際收入數字將低於如果我們確實嘗試在國內和國際市場之間進行各種交付、交付的遊戲。所以我認為從長遠來看這是正確的決定，但這意味著我們第一季度的實際確認收入將低於其他情況。

Patrick, we're ready for the next question.

帕特里克，我們準備好回答下一個問題了。

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

下一個問題來自德意志銀行的 Dan Galves。你的線路是開放的。

Good afternoon. Thanks for taking my questions.

下午好。感謝您提出我的問題。

Just thinking about your comment on 1,000 per week Model S's, and putting that together with your comment that Europe and Asia could be about double the US deliveries by Q4 this year. I guess if you think about 12,000 units like something approximately for Q4, four, four and four between the three markets, is that where you're seeing US demand now? Is that where you think it will settle out? Or is that basically trying to kind of balance getting vehicles to each region?

想想你對每週 1,000 輛 Model S 的評論，再加上你對今年第四季度歐洲和亞洲的交付量可能是美國的兩倍左右的評論。我想如果您考慮一下大約 12,000 個單位，例如在三個市場之間的第四季度、第四季度、第四季度和第四季度，您現在看到的是美國需求嗎？那是你認為它會解決的地方嗎？或者這基本上是為了平衡將車輛運送到每個地區？

Yes, I sort of answered this question earlier. It's very difficult to predict with precision the exact division of sales.

是的，我早些時候回答了這個問題。準確地預測銷售的確切劃分是非常困難的。

Actually, the best fidelity that we can forecast right now is really that we think non-North American sales will be about twice the size of American sales, roughly speaking. This is not to say it will be exactly twice the size, but it's roughly. And -- yes -- yes.

實際上，我們現在可以預測的最佳保真度實際上是我們認為非北美地區的銷售額大約是美國銷售額的兩倍，粗略地說。這並不是說它的大小正好是兩倍，但它是大致的。而且——是的——是的。

Okay.

好的。

And I mean, something we try to do is to try to balance customer wait times. Because, for example, like last quarter, we actually did quite a few European deliveries, because customers in Europe had been waiting for a really long time to receive their car. And so we just had to balance that with slowing down US deliveries and try to make people as happy as possible, given the production constraints.

我的意思是，我們嘗試做的是嘗試平衡客戶等待時間。因為，例如，像上個季度一樣，我們實際上做了很多歐洲交付，因為歐洲的客戶已經等待了很長時間才能收到他們的汽車。因此，鑑於生產限制，我們只需要在放慢美國交付速度和盡量讓人們開心之間取得平衡。

I imagine that's a difficult task. The second question is related to China charging. What's your view on -- in the US, most people are just charging at their home.

我想這是一項艱鉅的任務。第二個問題與中國收費有關。你怎麼看——在美國，大多數人只是在家充電。

Is that a viable option, based on where Chinese consumers are living? What is an option for a Chinese consumer that may live in an apartment building, and how much work have you guys done on that?

根據中國消費者的居住地，這是一個可行的選擇嗎？對於可能住在公寓樓裡的中國消費者來說，有什麼選擇，你們在這方面做了多少工作？

We're working pretty hard on that and we believe we've got some good solutions. We're going to talk more about that in the coming months.

我們正在為此努力工作，我們相信我們已經找到了一些好的解決方案。我們將在接下來的幾個月裡更多地討論這個問題。

Okay. Thank you.

好的。謝謝你。

We're going to make sure that that's not a limitation.

我們將確保這不是限制。

Okay. Great. Thank you.

好的。偉大的。謝謝你。

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

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

Great. Thank you. Just a couple from me, maybe starting with OpEx.

偉大的。謝謝你。只是我的幾個，也許從 OpEx 開始。

Deepak, you said that OpEx is, I believe, up 15% Q1, and I think increasing thereafter, based on the investments. And can we put some parameters around that? Is there still, as we think about, operating profit, is there still some leverage, some ability to leverage OpEx? Or is investment costs next year really kind of offsetting this -- this fixed cost component for now?

Deepak，你說 OpEx 第一季度增長了 15%，我認為之後會增加，基於投資。我們可以為此設置一些參數嗎？正如我們所想的那樣，營業利潤是否仍然存在，是否還有一些槓桿作用，一些利用 OpEx 的能力？或者明年的投資成本真的會抵消這一點——目前這個固定成本部分？

We're very mindful of OpEx. We continue with our culture of being frugal, but investing where it makes sense for the business. So I think it's a bit early or premature for me to give you sort of longer-term guidance beyond Q1. But our approach really is to be focused in the most cost efficient manner to achieve our growth.

我們非常注意運營支出。我們繼續秉承節儉的文化，但在對企業有意義的地方進行投資。因此，我認為在第一季度之後給你一些長期指導對我來說有點早或為時過早。但我們的方法確實是以最具成本效益的方式來實現我們的增長。

And also trying, over time, bring our percentage -- our OpEx percentage of revenue down and contribute to the bottom line. So I think that's the longer-term trend that you will continue to see.

隨著時間的推移，我們還嘗試降低我們的百分比——我們的運營支出佔收入的百分比，並為利潤做出貢獻。所以我認為這是你將繼續看到的長期趨勢。

Okay. Just, I guess, one quick housekeeping one for me. I don't know if I missed it, but did you give the US/international split on the 6,829 fourth quarter and 22,000 and change for the full year, in terms of deliveries?

好的。只是，我想，給我一個快速的家政服務。我不知道我是否錯過了，但就交付而言，您是否給出了美國/國際在第四季度的 6,829 輛和 22,000 輛和全年的變化？

No, we didn't provide that. We haven't done that in the past. And we have -- for Europe, more than -- I think -- I would just put it this way, most of the growth that came in Q4 is from Europe, though US and North America continued at the same pace as Q3. I think that's the more relevant information.

不，我們沒有提供。我們過去沒有這樣做過。而且我們 - 對於歐洲來說，不僅僅是 - 我認為 - 我會這樣說，第四季度的大部分增長來自歐洲，儘管美國和北美的增長速度與第三季度相同。我認為這是更相關的信息。

Q3 to Q4, US deliveries were very similar, but the increment went to Europe.

第三季度到第四季度，美國的交付量非常相似，但增量流向了歐洲。

Can I squeeze one last one in? It sounds like your expectations for the X are perhaps higher than many of us had thought. How can we, from a profitability standpoint, how can we think about the accretion of that platform?

我可以擠最後一個嗎？聽起來您對 X 的期望可能比我們許多人想像的要高。從盈利的角度來看，我們如何考慮該平台的增長？

It sounds like the volume's going to be pretty high. You're leveraging infrastructure that's in already. Presumably, there's things you've learned in the manufacturing process of the S that you can apply, and that your suppliers have learned, as well. So how should we think about that as kind of a tailwind or impact on the overall mix?

聽起來音量會很高。您正在利用已經存在的基礎設施。據推測，您在 S 的製造過程中學到了一些可以應用的東西，並且您的供應商也學到了這些東西。那麼我們應該如何將其視為一種順風或對整體組合的影響呢？

I'm not sure I totally understand the question, but --

我不確定我是否完全理解這個問題，但是——

I can rephrase it. It's just that you're launching a new vehicle having garnered considerable efficiencies and learnings through the process of the S. And presumably also, your suppliers have done, as well. So in addition to just the leverage, is there kind of a margin tailwind that you can expect just from launching the X and having applied all the stuff that you've learned in the process of developing the S?

我可以改寫。只是您正在推出一款新車，通過 S 的流程獲得了可觀的效率和學習。而且大概您的供應商也已經做到了。因此，除了槓桿作用之外，您是否可以通過推出 X 並應用您在開發 S 的過程中學到的所有東西來獲得某種利潤順風？

Okay. So basically, do we expect gross margins to be higher with the X, and maybe flowing back into the S, as well?

好的。所以基本上，我們是否預計 X 的毛利率會更高，並且可能會流回 S ？

Yes, that would be -- and I'm not talking about just on a fixed cost. I'm talking more on a variable cost basis, actually.

是的，那將是 - 我不是在談論固定成本。實際上，我更多地談論的是可變成本。

Right. You know, there could be. Although, as I said, we do expect the option take rate to reduce, so that's why we're being, we're saying 28% gross margin. But if the option take rate doesn't reduce, obviously it will be higher than that.

正確的。你知道，可能會有。雖然，正如我所說，我們確實預計期權費率會降低，所以這就是我們存在的原因，我們說的是 28% 的毛利率。但如果期權接受率不降低，顯然會高於此。

Okay. And then what about, like I know we're looking out to 2015 for when the X is going to be -- well, in launch mode and have some volume on it. But from -- is there some kind of mix tail wind to be garnered just from the launch of that product, just applying, again, all of the efficiencies that you've learned and supply relationships. And all those benefits that you've accrued through the launch process of the S?

好的。然後呢，就像我知道我們正在期待 2015 年 X 的發佈時間——嗯，處於啟動模式並有一些音量。但是從 - 是否有某種混合順風可以從該產品的推出中獲得，再次應用您學到的所有效率和供應關係。以及您通過 S 的發布過程獲得的所有這些好處？

I'm sure there will be efficiencies, yes. We don't want top predict something better than a 28% gross margin, but I think there probably will be efficiencies. It seems likely.

我相信會有效率，是的。我們不希望最高預測比 28% 的毛利率更好，但我認為可能會有效率。似乎很有可能。

All right. Pat, we've got to get on to the next question, please.

好的。帕特，我們必須進入下一個問題，拜託。

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

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

Thanks so much. Can you guys give us an update on the tack time that you're seeing right now, and the transition towards running two full shifts? How do you see that playing out, just in terms of hiring and how many people are you going to have to add to do that?

非常感謝。你們能否向我們介紹一下你們現在看到的基本時間，以及向兩個全班製過渡的情況？您如何看待這種情況，僅就招聘而言，以及您將需要增加多少人來做到這一點？

Colin, so just to clarify, we are running a two-shift operation in one of our factories. And again, the factory is very complex, as Elon said, in different shops, run under different operating patterns, and there is no single tack time, per se, that we can share with you. Our focus is just to continue to improve efficiencies.

Colin，所以澄清一下，我們正在我們的一個工廠進行兩班倒操作。再說一次，正如 Elon 所說，工廠非常複雜，在不同的車間，在不同的運營模式下運行，並且沒有單一的生產週期，就其本身而言，我們可以與您分享。我們的重點只是繼續提高效率。

And then, through the significant ramp-up in the second half will come, as Elon indicated, with the move to the new final assembly line and the body construction line. So I think there are broader factors which help us get there. And tell me if I'm answering your question satisfactorily?

然後，正如埃隆所指出的，隨著下半年的大幅提升，將進入新的總裝線和車身製造線。所以我認為有更廣泛的因素可以幫助我們實現目標。告訴我我是否滿意地回答了你的問題？

And you would need to add a ton of people to achieve the 1,000 car per week rate? Is that what you're asking?

你需要增加一噸人才能達到每週 1000 輛汽車的速度嗎？你問的是這個嗎？

No. More what I'm thinking about is standardization and the leverage that you guys are going to get off of the process improvement. It seems like you've done an awful lot of prep work, in terms of setting a foundation for the process. and then are making ongoing improvements to that and then potentially locking in processes that then just basically speed up, and you're going to get more leverage out of that. So that's what I'm trying to get after.

不，我更多的是考慮標準化和你們將從流程改進中獲得的影響力。在為流程奠定基礎方面，您似乎做了很多準備工作。然後正在對此進行持續改進，然後可能鎖定流程，然後基本上會加快速度，您將從中獲得更多影響力。所以這就是我想要得到的。

Yes, I think we'll be able to ramp our production rate quite a bit with a fairly small increase in hiring. So, yes. Our labor efficiency, essentially, is likely to improve a lot over the course of this year.

是的，我認為我們將能夠通過相當小的招聘增加來大幅提高我們的生產率。所以，是的。從本質上講，我們的勞動效率在今年可能會大大提高。

Okay. Great. I can take some of that off-line.

好的。偉大的。我可以把其中的一部分離線。

Can you just give us a bit of an update on the trend line for shipments into North America from 3Q into 4Q and your expectation into the first quarter?

您能否向我們介紹一下從 3 季度到 4 季度北美出貨量的趨勢線以及您對第一季度的預期？

Yes, I think as going from Q4 to Q1 -- sorry, or is it from Q3 to Q4? Could you clarify that?

是的，我認為是從第四季度到第一季度——抱歉，還是從第三季度到第四季度？你能澄清一下嗎？

I'll have both, if you don't mind.

如果你不介意的話，我兩個都要。

I think Q4 to Q1, as we indicated in the shareholder letter, and as Elon mentioned, we are ramping up even further into Europe and China. And we could have played games and tried to shift the mix and delivered more cars in the US to hit a higher delivery number in Q1. but we decided to smoothen the flow of cars in our operational issues. And that's why you see the small reduction in Q1 deliveries and the mix shift little bit more into Europe and Asia and from a production point of view.

我認為第四季度到第一季度，正如我們在股東信中指出的那樣，正如埃隆所說，我們正在進一步進軍歐洲和中國。我們本可以玩遊戲並嘗試改變組合併在美國交付更多汽車，以在第一季度達到更高的交付數量。但我們決定在我們的運營問題上讓汽車暢通無阻。這就是為什麼您會看到第一季度交付量小幅減少，並且從生產的角度來看，這種情況更多地轉移到了歐洲和亞洲。

I wouldn't try to read too much into it, essentially.

基本上，我不會嘗試過多地閱讀它。

Great. Appreciate it.

偉大的。欣賞它。

Our next question comes from [Agidi Sagari] with FBR Capital. Your line is open.

我們的下一個問題來自 FBR Capital 的 [Agidi Sagari]。你的線路是開放的。

Thank you. My first question is on China.

謝謝你。我的第一個問題是關於中國的。

So currently, China is pretty unique, first of its kind. Do you expect any kind of competitive response in the market, and maybe if you could elaborate on how that pricing is translating into demand for the vehicle?

所以目前，中國是非常獨特的，是同類中的第一個。您是否預計市場會出現任何形式的競爭反應，或者您是否可以詳細說明定價如何轉化為對車輛的需求？

Well, I mean, hopefully other manufacturers will adjust their pricing to not exploit Chinese consumers. I think that's the right thing for them to do, and it's what they ought to have been doing from the beginning. I don't know that they will do that, but that's what they probably should do.

好吧，我的意思是，希望其他製造商能夠調整定價，以免剝削中國消費者。我認為這對他們來說是正確的事情，也是他們從一開始就應該做的事情。我不知道他們會這樣做，但他們可能應該這樣做。

And we are seeing really strong demand, which hopefully will continue. But it's been very strong since we announced pricing. And I think our bigger challenge will be trying to satisfy that demand.

我們看到了非常強勁的需求，希望這種需求會持續下去。但自從我們宣布定價以來，它一直非常強勁。我認為我們更大的挑戰將是努力滿足這一需求。

Got it. My second question was on the Model X. So if we think about the Model X coming out with an improved power train, more capabilities, should we expect some of those improvements to be translated into the Model S also, when that gets launched?

知道了。我的第二個問題是關於 Model X。因此，如果我們考慮到 Model X 推出改進的動力總成、更多功能，我們是否應該期望其中一些改進也會在 Model S 推出時轉化為模型 S？

Actually, I'd rather not comment too much on future Model S changes, except to say that obviously, we add features to the vehicle all the time. With every month, there's something that's been added or improved. It's sort of a continuously improved vehicle.

實際上，我不想過多評論 Model S 未來的變化，只是說很明顯，我們一直在為車輛添加功能。每個月，都會有一些東西被添加或改進。這是一種不斷改進的車輛。

All right. Thank you. That's all I had.

好的。謝謝你。這就是我所擁有的。

Thanks.

謝謝。

The next question comes from James Albertine with Stifel. Your line is open.

下一個問題來自與 Stifel 的 James Albertine。你的線路是開放的。

Thanks for taking the question and good afternoon, everyone. Just wanted to get a sense for -- really, a clarification first -- on the commentary you made with respect to the construction you're undertaking at the facility in California. Will any of that construction be leverageable for the third generation car, or is this primarily dedicated to the X and S, at this point?

感謝大家提出問題，大家下午好。只是想了解一下——實際上，首先要澄清一下——你對你在加利福尼亞州的工廠進行的建設所做的評論。這些結構中的任何一個是否可以用於第三代汽車，或者這主要是專門用於 X 和 S 的，在這一點上？

It's dedicated to the S and X. So the third generation vehicle -- certainly, we'll learn from those lines, but third generation vehicle will have a completely separate production process.

它專用於 S 和 X。所以第三代汽車——當然，我們將從這些生產線中學習，但第三代汽車將有一個完全獨立的生產過程。

Okay. Thank you for that.

好的。謝謝你。

It's geared to a higher volume -- so, yes.

它適用於更高的音量 - 所以，是的。

And the Fremont factory is big enough to accommodate --

弗里蒙特工廠足夠大，可以容納——

Absolutely. I should mention that we do anticipate being able to do the third generation vehicle production in that Fremont facility. When it was owned by Toyota and General Motors, it was able to produce half a million vehicles a year. And I feel like we could get there with our vehicles, as well.

絕對地。我應該提到，我們確實預計能夠在弗里蒙特工廠生產第三代汽車。當它歸豐田和通用汽車所有時，它每年能夠生產 50 萬輛汽車。我覺得我們也可以用我們的車輛到達那裡。

Understood. And then sort of a related question or follow-up.

明白了。然後是一個相關的問題或跟進。

Over the course of the next three years, you've alluded to -- and I guess we'll hear next week more about the giga factory. Obviously, that overlaps with what we had understood the expectation for the third generation timeline. Is it fair to say there's been a shift, or a reprioritization, above and beyond the third generation car that's, again, more focused on the importance and relevance of the giga factory and its contribution?

在接下來的三年裡，你已經提到過——我想我們會在下週聽到更多關於千兆工廠的消息。顯然，這與我們對第三代時間表的預期有所重疊。是否可以公平地說，在第三代汽車之外發生了轉變，或者重新調整了優先級，再次更加關注超級工廠的重要性和相關性及其貢獻？

The giga factory is really there to support the volume of the third generation car. And yes, that's really -- so it's happening in parallel with development of the third generation car. And we want to have the vehicle engineering and tooling come to fruition at the same time as the giga factory. And yes, so it's all really part of one strategy, one combined effort.

千兆工廠真的是為了支持第三代車的體積。是的，這確實是——所以它與第三代汽車的開發同時發生。我們希望車輛工程和工具與千兆工廠同時實現。是的，所以這實際上是一種策略的一部分，一種聯合努力。

So there's no movement, in other words, on the expectation for a 2017 launch on that third generation?

換句話說，對於 2017 年推出的第三代產品的預期沒有任何動靜？

No.

不。

Okay. Appreciate it. Thanks for taking the question. Good luck.

好的。欣賞它。感謝您提出問題。祝你好運。

All right. Thanks.

好的。謝謝。

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

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

Most of the things that I wanted to ask have already been pretty thoroughly raked through. But maybe, Elon, if you could clarify for us what you said, I think on the last call, where you discussed a preference for battery manufacturing technology with a significantly lower environmental footprint than what's conventionally used today. Are you possibly referring to maybe some of the solvent-free manufacturing approaches, or are you referring to some of the more advanced recovery systems? Maybe could you clarify for us little bit what you're referring to and what you prefer, as far as technology approach?

我想問的大部分事情都已經被徹底梳理過了。但也許，埃隆，如果你能向我們澄清你所說的話，我想在上次電話會議上，你討論了對環境足跡遠低於當今傳統使用的電池製造技術的偏好。您可能指的是一些無溶劑製造方法，還是指一些更先進的回收系統？就技術方法而言，也許您能為我們澄清一下您指的是什麼以及您更喜歡什麼？

Sure. First of all, I don't think it's the case that current lithium ion production is particularly bad, environmentally. But I think if you visit, say, the Panasonic cell factories in Japan, they're super-clean, and they don't have terrible emissions or waste or anything like that.

當然。首先，我不認為當前的鋰離子生產對環境特別不利。但我認為，如果你參觀一下日本的松下電池工廠，它們非常乾淨，沒有可怕的排放物或廢物或類似的東西。

But I think we can also take it a step further with the giga factory and have a plant that is heavily powered by renewables, wind and solar. And that has built into it the recycling capability for all battery packs. So you can really look at the whole life cycle of the battery pack and be in the best possible situation, from an environmental standpoint.

但我認為我們還可以通過千兆工廠更進一步，並擁有一個主要由可再生能源、風能和太陽能供電的工廠。這已經內置了所有電池組的回收能力。因此，您可以從環保的角度真正了解電池組的整個生命週期，並處於最佳狀態。

And I should point out, also, though, that lithium ion battery packs are recycled today. There's a recycling facility in Vancouver and one in Belgium, for US and Europe. And they have quite a bit of value.

不過，我還應該指出，鋰離子電池組如今已被回收利用。溫哥華有一個回收設施，比利時有一個，用於美國和歐洲。他們有相當多的價值。

So it's not as though they are sent to a landfill, even as it is. But with the giga, factory we'd like to combine the whole thing. Yes.

因此，它們並不是被送到垃圾填埋場，即使它是。但是對於千兆工廠，我們希望將整個事情結合起來。是的。

Okay. And then one other clarification.

好的。然後是另一個澄清。

So your ASPs have been trending positive the last couple of quarters. You seem to be conservative about the progression in 2014. Do you expect the sequential increases in the ASPs to continue for the next couple quarters and then abate? Or when you look at your current order book, are you seeing a flattening out of the curve already?

因此，您的 ASP 在過去幾個季度一直呈正趨勢。您似乎對 2014 年的進展持保守態度。您是否預計 ASP 的連續增長會在接下來的幾個季度繼續然後減弱？或者當您查看當前的訂單時，您是否已經看到曲線趨於平緩？

It's definitely flattening out, in terms of the purchase price. Flattening out to, I'd say maybe slightly reducing, but I mean it's -- I mean it's within like a cent or two.

就購買價格而言，它肯定會趨於平緩。平緩到，我會說可能會略微減少，但我的意思是 - 我的意思是它在一兩美分之內。

But we do -- I mean, I do think -- it seems like the prudent thing is to assume that there's a reduction in the option take rate as we get to more of a mainstream market and fewer people take the high-performance options on the car, which generate quite a bit of margin. So we're just trying to be conservative on this front, and maybe that -- maybe the average selling price doesn't decline, but we want to protect for a scenario where it does.

但我們確實 - 我的意思是，我確實認為 - 謹慎的做法似乎是假設隨著我們進入更多的主流市場並且越來越少的人選擇高性能期權，期權採用率會降低汽車，產生了相當多的利潤。所以我們只是試圖在這方面保持保守，也許——也許平均售價不會下降，但我們想保護它的情況。

Okay. Thank you very much, everyone, for joining us this afternoon. We look forward to seeing many of you in early March at the Barclays BNP Paribas Auto Conference in Geneva or on any of our upcoming investor events. Have a great day.

好的。非常感謝大家今天下午加入我們。我們期待在 3 月初在日內瓦舉行的巴克萊法國巴黎銀行汽車大會或我們即將舉行的任何投資者活動中見到你們中的許多人。祝你有美好的一天。

Thank you.

謝謝你。

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

女士們，先生們，感謝你們參加今天的節目。程序到此結束。你們都可以斷開連接。