特斯拉 (TSLA) 2014 Q1 法說會逐字稿

Good day ladies and gentlemen, and welcome to the Tesla Motors First Quarter 2014 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, with Investor Relations. 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 2014 年第一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。我現在想將電話轉給您的主持人 Jeff Evanson，負責投資者關係。請繼續。

Thank you, Patrick, and good afternoon, everyone. Welcome to Tesla's First-Quarter Financial Results Question and Answer Webcast. I'm joined today by Elon Musk, Tesla's Chairman and CEO; and Deepak Ahuja, Tesla's Chief Financial Officer; as well as J.B. Straubal, our Chief Technology Officer. We announced first-quarter results today in our quarterly shareholder letter. This letter is available at the same link as this webcast. Also a replay of this webcast will be available later today at the same link.

謝謝帕特里克，大家下午好。歡迎收聽特斯拉第一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 (Elon Musk) 加入了我的行列。特斯拉首席財務官 Deepak Ahuja；以及我們的首席技術官 J.B. Straubal。我們今天在季度股東信中公佈了第一季度業績。這封信可在與此網絡廣播相同的鏈接上找到。今天晚些時候，該網絡廣播的重播也將在同一鏈接上提供。

Please note that certain financial measures used on this call, such as revenue and income, are expressed on a non-GAAP basis, and have been adjusted to exclude the effect of lease accounting used on Model S sales, with the residual value guarantee and charges related to stock-based compensation. Our GAAP results and reconciliations to non-GAAP measures can be found in the shareholder letter.

請注意，本次電話會議中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，並且已進行調整以排除對 Model S 銷售使用的租賃會計的影響，以及剩餘價值保證和費用與股票薪酬有關。我們的 GAAP 結果以及與非 GAAP 措施的對賬可以在股東信中找到。

During the course of this call, we may discuss our business outlook and make other 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 Form 10-K filed with the SEC.

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其他前瞻性陳述。這些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，包括我們最近向美國證券交易委員會提交的 10-K 表格中提到的風險和不確定性，實際事件或結果可能存在重大差異。

We are ready to take questions, so please press star one to ask a question. We are going to try to limit the call to about 45 minutes, so please be respectful of other callers by limiting your questions. Patrick, let's have the first question, please.

我們已準備好接受提問，所以請按星號提問。我們將嘗試將通話時間限制在 45 分鐘左右，因此請通過限制您的問題來尊重其他來電者。帕特里克，請讓我們來問第一個問題。

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

我們的第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. I know Elon you're back from China. Just want to get a sense of what the order book in China is looking for, how much of a contribution that's going to make to your especially second-half implied delivery targets? Then do you have to get beyond Beijing or Shanghai this year in order to grow in China -- grow further in China?

是的，下午好。我知道埃隆你從中國回來了。只是想了解一下中國的訂單在尋找什麼，這將對您特別是下半年的隱含交付目標做出多少貢獻？那麼今年你是否必須超越北京或上海才能在中國發展——在中國進一步發展？

Well, I really don't think we've got any kind of demand challenge in China. In fact, I was blown away by my visit to China at the level of interest and enthusiasm for Tesla and the amount of goodwill that I encountered from people at all levels, from the government, from people in industry, and consumers in general. I'm really optimistic for how things will go there.

嗯，我真的不認為我們在中國遇到了任何形式的需求挑戰。事實上，我在中國之行對特斯拉的興趣和熱情，以及我在各級人民、政府、行業人士和廣大消費者中遇到的善意，都讓我感到震驚。我對事情將如何發展感到非常樂觀。

We are trying to expand our service centers and Supercharger coverage as fast as possible in China. It's not to generate sales. It's in order to be able to deal with the cars that we deliver in market. We're really doing very few stores in China, just our focus is 90%-plus on service centers and Superchargers. Then I think we'll actually have to limit the amount of cars we send to China, otherwise it would starve the rest of the world production. That's really how we view things there.

我們正在努力盡快擴大我們在中國的服務中心和超級充電站的覆蓋範圍。這不是為了產生銷售。這是為了能夠處理我們在市場上交付的汽車。我們在中國的門店真的很少，只是我們的重點是 90% 以上的服務中心和增壓器。然後我認為我們實際上必須限制我們發送到中國的汽車數量，否則它將使世界其他地區的生產挨餓。這就是我們如何看待那裡的事情。

I did mention that we are likely to do local vehicle production in China in three or four years, although I should mention that goodwill existed before I said that -- goodwill wasn't a function of that. But that will be for vehicles delivered to the local market in China, and not to some surrounding countries. Actually, just to be clear, that wouldn't mean shifting any production from California. That would be assuming that California's starting to reach its max production.

我確實提到我們很可能在三四年內在中國進行本地汽車生產，儘管我應該提到在我說之前存在商譽——商譽不是其中的一個函數。但這將適用於交付給中國當地市場的車輛，而不是交付給一些周邊國家的車輛。實際上，需要明確的是，這並不意味著將任何生產從加利福尼亞轉移。那將假設加利福尼亞開始達到其最大產量。

It makes sense for us to start looking at local-country factories. I think we'd be looking at one in Europe as well, just to -- these really ended minimizing a logistics cost, because shipping two tons of metal over long distances is not very efficient. It's just a sensible thing to do is to try to satisfy local demand with local production over time.

我們開始關注當地的工廠是有道理的。我想我們也會在歐洲尋找一個，只是為了——這些真的最終降低了物流成本，因為長距離運輸兩噸金屬效率不高。明智的做法是隨著時間的推移嘗試通過本地生產來滿足本地需求。

Any sense of quantification in either the orders or the deposits or the wait times in China?

在中國的訂單或存款或等待時間是否有量化感？

We're actually really trying to get the wait times down in China. That's -- it's really quite a long wait time. In fact, the only source of unhappiness I encountered in China was that some customers who are in some of the mid-sized cities are unhappy that we're delaying their deliveries, because it will take us a bit longer to get the service and Supercharger access.

我們實際上是在努力縮短在中國的等待時間。那是 - 這真的是一個相當長的等待時間。事實上，我在中國遇到的唯一不愉快的原因是一些中型城市的一些客戶對我們延遲交貨感到不滿，因為我們需要更長的時間才能獲得服務和增壓器使用權。

But service is a necessary (inaudible) for a client. We can't have a service center be like 500 miles away from where somebody lives. That's -- our biggest issue in China is like customer unhappiness that they're not getting their cars soon enough. I think the wait time is quite long in some cases, like four months or five months or something like that.

但是服務對於客戶來說是必要的（聽不清）。我們不能讓服務中心離某人居住的地方 500 英里。那就是——我們在中國最大的問題是客戶不滿意，因為他們沒有盡快拿到車。我認為在某些情況下等待時間很長，例如四個月或五個月或類似的時間。

Thanks.

謝謝。

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 questions. Your R&D expense is ramping pretty significantly sequentially in Q2, and I was wondering if you could talk about what components make up the R&D increase. Also, in line with that, how are the costs to bring the Model X to market kind of tracking against your earlier expectations?

感謝您提出我的問題。您的研發費用在第二季度連續顯著增加，我想知道您是否可以談談哪些組件構成了研發增長。此外，與此一致，將 Model X 推向市場的成本與您之前的預期相比如何？

Hi A.J. Our R&D expenses went up exactly as planned in Q1. It's primarily driven by all the engineering design and testing work that's going on, on our new product development. It's the Model X, as well as what we're doing to get the Model S ready for China and other markets.

嗨 A.J.我們的研發費用在第一季度完全按計劃增長。它主要由我們新產品開發中正在進行的所有工程設計和測試工作驅動。這就是 Model X，以及我們為讓 Model S 為中國和其他市場做好準備所做的工作。

Yes, for example, it's like right-hand drive.

是的，例如，它就像右手駕駛。

Exactly.

確切地。

Japan localization, China localization, UK --

日本本土化、中國本土化、英國——

Right.

正確的。

Hong Kong, that kind of thing.

香港，那種東西。

Right. It's more driven by those expenses rather than just head-count increases. These are the cyclical expenses that you typically see before the launch of new products.

正確的。它更多地受到這些費用的推動，而不僅僅是員工人數的增加。這些是您在推出新產品之前通常會看到的周期性費用。

Yes, I should say that some of that is also that we want to do ongoing improvement through to the Model S. As times go by, we've made hundreds of small improvements to the car. A lot of these people wouldn't necessarily notice, but I think collectively they add up to an improved experience with the car. We've made some improvements in seat comfort, for example, and here and there in fit and finish. We're modifying the rear door so it can open wider, so rear ingress-egress is improved. There's a whole bunch of things.

是的，我應該說其中一些也是我們希望對 Model S 進行持續改進。隨著時間的推移，我們已經對汽車進行了數百次小改進。這些人中的很多人不一定會注意到，但我認為他們共同提高了汽車的體驗。例如，我們在座椅舒適度方面進行了一些改進，並且在這里和那裡的合身和完成。我們正在修改後門，使其可以更寬地打開，因此後門進出得到改善。有一大堆東西。

Software improvements, (inaudible - multiple speakers) --

軟件改進，（聽不見 - 多個揚聲器）-

I think there's some very exciting software updates that are going to come out in the next few months that will improve the experience for the whole fleet of customers out there. If anyone's thinking about asking me about that, I'm not going to say what they are, so just throw out information as it is. But I think customers can look forward to some really awesome functionality improvements in their existing car.

我認為未來幾個月將推出一些非常令人興奮的軟件更新，這將改善整個客戶群的體驗。如果有人想問我這個問題，我不會說他們是什麼，所以直接扔掉信息。但我認為客戶可以期待他們現有汽車的一些非常棒的功能改進。

We're doing a lot more in-country testing before launching in new markets to make sure it's an outstanding customer experience.

在進入新市場之前，我們正在做更多的國內測試，以確保它是出色的客戶體驗。

Exactly.

確切地。

In China and doing in other countries too.

在中國，在其他國家也是如此。

Yes, exactly. It's -- I was mentioning it earlier, but there was a kind of unhappiness in China about some of the mid-sized cities delaying customers' deliveries, but what we found is that it's more important that we can service the cars really well, that charging is sorted out, and to make sure that when customers do get their car they have an excellent experience. I think we've -- we didn't do as good a job as we should have done in some of our prime market launches. We want to make sure we recognize that mistake and correct it going forward.

對，就是這樣。是——我之前提到過，但在中國，有些中型城市會延遲客戶的交貨時間，但我們發現更重要的是，我們能夠很好地為汽車服務，那就是充電已被整理，並確保客戶在獲得汽車時獲得出色的體驗。我認為我們已經 - 在我們的一些主要市場發布中，我們沒有做得像我們應該做的那樣好。我們要確保我們認識到這個錯誤並在未來糾正它。

I want to make sure I mention Model X costs are also obviously driving the increased R&D expenses are we are working to Model X.

我想確保我提到 Model X 的成本也明顯推動了研發費用的增加，因為我們正在為 Model X 工作。

Model X is like the biggest driver for R&D expense, honestly. With the X, we're really trying to make an amazing car, and very importantly to have a car that -- with a production version that is better than the prototype, better than the show car. One thing that drives me crazy about the car industry is you'll see often these great show cars, and then when you actually get the production car it's some bizarre dumbed-down facsimile of the exciting prototype that was displayed. That's terrible.

老實說，Model X 就像是研發費用的最大推動力。有了X，我們真的在努力製造一輛令人驚嘆的汽車，而且非常重要的是要擁有一輛比原型車更好的量產版，比展示車更好的車。讓我對汽車行業發瘋的一件事是，你會經常看到這些很棒的展示車，然後當你真正拿到量產車時，它就是展示的令人興奮的原型的一些奇怪的愚蠢的複製品。這太可怕了。

The baseline expectation of Tesla is that whenever we have a prototype, the production car is better in every way. That's quite difficult to do, and requires some creative problem solving. With Model X, the one biggest challenge is the Falcon-wing door, making sure that is truly a step-change in utility for the car, and not a gimmick. It's got to work perfectly. The details have to be just right.

特斯拉的基線期望是，只要我們有原型，量產車在各方面都會更好。這很難做到，並且需要一些創造性的問題解決。對於 Model X，最大的挑戰是獵鷹翼門，確保這確實是汽車實用性的一步改變，而不是噱頭。它必須完美地工作。細節必須恰到好處。

It's amazing how like seemingly little things become quite significant engineering challenges; such as for example getting the seals on the Falcon-wing door to work properly, and not be too prominent, so you that you've got a seal against rain, winds, and against road noise, but you've got something that's articulating across multiple hinges. You've got key junction joints and that kind of thing. It's quite a difficult ceiling problem to get it right, and be consistent and remain good over many years. We spent a lot of time on seal engineering.

令人驚訝的是，看似很小的事情如何變成了重大的工程挑戰；例如讓獵鷹翼門上的密封件正常工作，不要太突出，這樣你就有了防雨、防風和防道路噪音的密封件，但你有一些可以表達的東西跨越多個鉸鏈。你有關鍵連接點之類的東西。這是一個相當困難的天花板問題，要讓它正確，並保持一致並在多年內保持良好狀態。我們在密封工程上花了很多時間。

Thank you for the thorough response. One more and then I'm done. Why haven't your giga-factory partner or partners, why haven't they signed on the dotted line yet?

感謝您的徹底答复。再來一張，然後我就完成了。為什麼你的超級工廠合作夥伴還沒有，為什麼他們還沒有在虛線上簽約？

I was actually -- I was waiting to be asked that question. We actually do have a letter of intent signed with Panasonic. We're happy to announce that, yes we have a letter of intent signed. For us, that's actually not that big of a deal, because our expectation has always been that Panasonic would be the partner with the giga-factory. I believe that's been Panasonic's intent. In fact, just to make sure we're both on the same page, J.B. spoke with Panasonic yesterday just to make sure we're on exactly the same page. J.B. do you want to elaborate on that?

實際上，我正在等待被問到這個問題。實際上，我們確實與松下簽署了意向書。我們很高興地宣布，是的，我們簽署了一份意向書。對我們來說，這實際上沒什麼大不了的，因為我們一直期望松下會成為超級工廠的合作夥伴。我相信這是松下的意圖。事實上，為了確保我們都在同一頁面上，J.B. 昨天與松下進行了交談，以確保我們在同一頁面上。 J.B. 你想詳細說明一下嗎？

Sure. As Elon said, we do have a signed letter of intent. Under that letter of intent, we've also created a joint working team between Panasonic and Tesla that's working almost daily, certainly weekly, exploring all the mutual topics, and answering questions and making progress. We're actually quite comfortable that we're heading toward final agreements in the later part of this year. It's something where, as we said, it doesn't seem like a big step change. It's something that's been progressing smoothly for the last months, and we feel confident in it.

當然。正如埃隆所說，我們確實有一份已簽署的意向書。根據這份意向書，我們還在松下和特斯拉之間建立了一個聯合工作團隊，該團隊幾乎每天、當然每週都在工作，探索所有共同話題，回答問題並取得進展。實際上，我們很高興我們將在今年晚些時候達成最終協議。正如我們所說，這似乎不是一個很大的變化。在過去的幾個月裡，這件事進展順利，我們對此充滿信心。

Yes. I think we're quite confident, highly confident at this point, of achieving the 30% reduction in costs per kilowatt hour -- maybe moving towards cautiously optimistic about exceeding that number. I don't want to make any commitments, but I think we've got a decent chance of exceeding that number. As we explore the cost structure (inaudible) and the supply chain with Panasonic and with a number of other companies that make the precursor materials, we've found that there's really a lot of opportunity for innovation and for cost reduction.

是的。我認為我們在這一點上非常有信心，非常有信心實現每千瓦時成本降低 30%——也許對超過這個數字持謹慎樂觀的態度。我不想做出任何承諾，但我認為我們很有可能超過這個數字。當我們與松下和其他一些生產前體材料的公司一起探索成本結構（聽不清）和供應鏈時，我們發現確實有很多創新和降低成本的機會。

In fact, we've had a number of conversations that are really interesting with mining companies, talking about some of the key constituents that go into the cell, such as the nickel and the cobalt, the lithium -- although lithium is sometimes thought of as a bigger thing than it really is for lithium-ion cell. It's used by a maybe a couple percent of the cell mass. But the biggest cost constituent is nickel. We're in conversations with some of the big nickel mines in Canada, in particular. We've been really, I'd say positively surprised, by the potential for cost reduction on producing the pre-cursor materials.

事實上，我們與礦業公司進行了許多非常有趣的對話，討論了進入電池的一些關鍵成分，例如鎳和鈷、鋰——儘管有時會想到鋰對於鋰離子電池來說，這是一件比實際更大的事情。它被大約百分之幾的細胞團使用。但最大的成本成分是鎳。特別是，我們正在與加拿大的一些大型鎳礦進行對話。我們對生產前體材料的成本降低潛力感到非常驚訝。

It's kind of funny, it's like the -- in talking to the mining companies, it's like nobody ever calls them. We call them up, and hey, we never get calls from companies like Tesla. They're always selling to the London metal exchange or the big stainless steel companies -- because nickel is a common alloy constituent in steel. Cutlery, for example, usually involves quite a bit of nickel. Your knife and fork is usually electro-plated nickel silver, is usually what they do.

這有點好笑，就像 - 在與礦業公司交談時，就像沒有人打電話給他們一樣。我們打電話給他們，嘿，我們從來沒有接到特斯拉等公司的電話。他們總是向倫敦金屬交易所或大型不銹鋼公司出售產品——因為鎳是鋼中常見的合金成分。例如，餐具通常包含相當多的鎳。你的刀叉通常是電鍍鎳銀的，通常是他們做的。

The mining guys are super-happy to hear from us, and have quite good ideas for how to optimize the costs of the materials through minimizing logistics and processing, and just doing the fairly sensible things. A lot of it's actually quite obvious to create a supply chain that can deliver s large volume of battery packs with dramatically reduced costs.

礦工們非常高興收到我們的來信，並且對於如何通過最小化物流和加工來優化材料成本以及做相當明智的事情有很好的想法。創建一個可以提供大量電池組並顯著降低成本的供應鏈實際上很明顯。

They were also -- we're trying to do our best to ensure that in the supply of the components for the cell that our suppliers -- going all the way to the mine level, are companies that operate in a good and fair way. Do they take reasonable care from an environmental standpoint? Do they take care of people who work in the mine, that kind of thing. As much as we can, we want to make sure that our suppliers are good suppliers, yes.

他們也是 - 我們正在盡最大努力確保我們的供應商 - 一直到礦山級別的電池組件供應都是以良好和公平的方式運營的公司。從環境的角度來看，他們是否採取了合理的措施？他們會照顧在礦井工作的人嗎，諸如此類。我們盡可能地確保我們的供應商是好的供應商，是的。

Fantastic. Thank you so much.

極好的。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。

First question just following up on the giga-factory. Is the formal announcement, more than a letter of intent, a prerequisite for breaking ground on the factory?

第一個問題只是跟進千兆工廠。正式公告，不僅僅是一份意向書，是工廠破土動工的先決條件嗎？

No. We actually expect to break ground on the first giga-factory location -- I want to be precise about this, because I don't want any of the states with which we're talking to, to sort of have the wrong impression. We're going to move forward with breaking ground on multiple sites, in order to minimize the risk of completion of the giga-factory. We expect to break ground on the first of those probably next month. It's really quite soon. Shortly thereafter, maybe a month or two after that, we'll break ground on the second one.

不。我們實際上希望在第一個超級工廠位置破土動工——我想準確地說，因為我不希望我們正在與之交談的任何州產生錯誤的印象.我們將繼續在多個地點破土動工，以最大程度地降低建成千兆工廠的風險。我們預計可能會在下個月破土動工。真的很快。此後不久，也許一兩個月之後，我們將在第二個項目上破土動工。

I should also say that California's potentially back in the running. But that's -- it's still in the sort of improbable -- in the category of being improbable, but it is back in the running. The governor and his staff have really tried to do everything they can to make California a significant candidate for the giga-factory. The main thing with California is -- it's got nothing to do with incentives or anything like that, it's the time to completion for the giga-factory. I don't think we did a good job of explaining why California wasn't on the list of four states to begin with, and it's just because this is a large green-field construction project. California has quite a complex and lengthy process for approval of green-field sites.

我還應該說，加利福尼亞可能會重新參與競選。但那是 - 它仍然屬於不太可能 - 在不太可能的類別中，但它又回到了運行中。州長和他的工作人員真的竭盡全力讓加州成為超級工廠的重要候選人。加州的主要問題是——它與激勵或類似的東西無關，現在是完成超級工廠的時候了。我認為我們沒有很好地解釋為什麼加利福尼亞不在四個州的名單上，這只是因為這是一個大型的綠地建設項目。加利福尼亞州的綠地批准程序相當複雜和冗長。

What we couldn't afford was waiting like a year or more for permits to proceed, which would -- I think often leads to no environmental impact of any significance, but it would just take a long time for the California regulatory agencies to process the information that they would need to fulfill their obligations under California law. Whereas in other states, it's a much more streamlined approach. The vehicles we build in Fremont in California, if we don't have the giga-factory on line when we have the vehicle capacity on line, we will actually be in deep trouble, because we'll have all the equipment and tooling and people for making cars, but not be able to produce the battery packs.

我們負擔不起的是等待一年或更長時間才能獲得許可，這將 - 我認為這通常不會導致任何重大的環境影響，但加州監管機構只需要很長時間來處理他們需要履行加州法律規定的義務的信息。而在其他州，這是一種更加精簡的方法。我們在加利福尼亞州弗里蒙特製造的車輛，如果我們在有車輛容量上線的情況下沒有超級工廠上線，我們實際上將陷入困境，因為我們將擁有所有的設備、工具和人員用於製造汽車，但無法生產電池組。

That was the reason why California wasn't originally on the list. The governor and legislature are going to try to do something about that, but I think the question of timing is still a big one. We also need to make sure that the ongoing operational costs of the giga-factory are not significantly worse than other states. Like I said, I think California's still in the sort of improbable but not impossible category at this point.

這就是為什麼加州最初不在名單上的原因。州長和立法機關將嘗試對此做點什麼，但我認為時間問題仍然是一個大問題。我們還需要確保超級工廠的持續運營成本不會明顯低於其他州。就像我說的那樣，我認為加州目前仍處於不太可能但並非不可能的類別中。

Okay, thanks Elon. Let me just add a follow-up. When you're thinking about the giga-factory, is the idea to have just one dedicated full-cell supplier like a Panasonic, or is it possible that it could be Panasonic and some co-opetition with another battery component or cell supplier making another part of the sub-cell, the cathode, or anode. Is there mutual or pure exclusivity for a Panasonic, for example?

好的，謝謝埃隆。讓我添加一個後續。當你在考慮超級工廠時，是只有一個像松下這樣的專用全電池供應商的想法，還是有可能是松下，並與另一家電池組件或電池供應商合作製造另一個子電池、陰極或陽極的一部分。例如，松下是否存在相互或純粹的排他性？

Finally, on China, do you have -- or the expansion of other manufacturing in China or Europe, is that within the scope of your current capitalization and financial resources, or is that something -- or that of your expectation of your cash-flow generation, or is that another item on the list that might require new capital at some point? Thank you.

最後，關於中國，你是否有——或者在中國或歐洲擴張其他製造業，是在你目前的資本和財務資源的範圍內，還是那件事——或者你對現金流的預期一代，還是清單上的另一個項目在某個時候可能需要新的資本？謝謝你。

The way the giga-factory is set up right now is we -- Panasonic would be the only company producing cells in the giga-factory, and -- one way to think of the giga-factory is like an industrial park under one roof. Tesla's producing the modules. Tesla's sort of the overall landlord. We're producing the modules and the battery pack. Then the cells will be produced by Panasonic. Then we'd actually have a number of other companies producing the pre-cursors to the anode, cathode, separator, electrolyte, and so forth, that are then feeding into Panasonic.

現在建立超級工廠的方式是我們——松下將是唯一一家在超級工廠生產電池的公司，而且——人們認為超級工廠就像一個屋簷下的工業園區。特斯拉正在生產這些模塊。特斯拉的整體房東。我們正在生產模塊和電池組。然後電池將由松下生產。然後我們實際上會有許多其他公司生產陽極、陰極、隔膜、電解質等的前體，然後將這些前體供應給松下。

However, referring back to our original short presentation on the giga-factory, you'll see that the cell capacity target is around 35 gigawatt hours, but the pack capacity is 50. We expect to bring in cells from other cell factories in the world to make up for others who are roughly 15 gigawatts hours. Those would be -- I would expect a lot of those would be Panasonic cells, but to the degree that Panasonic isn't able to meet that demand, there would be other suppliers, as well.

但是，回顧我們最初關於千兆工廠的簡短介紹，您會看到電池容量目標約為 35 吉瓦時，但電池組容量為 50。我們希望從世界其他電池工廠引進電池以彌補其他大約 15 吉瓦時的電量。那些將是 - 我預計其中很多將是松下電池，但在松下無法滿足這一需求的程度上，也會有其他供應商。

Okay. Thank you.

好的。謝謝你。

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

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

Good evening. Just a couple ones here. In terms of the cadence of some of the OpEx items, maybe R&D specifically, Deepak, you described how there's a sequential increase of 30%. Can you -- I guess the first part of my question is, how do we think about it trending in the back half? Longer term, how do we see that as an expense as we sort of model out over the next couple of years? I think best-in-class vehicle producers probably have that in the mid-single digits as a percentage of sales, but just given your growth profile would probably be higher. Can you help us dimensioning -- to dimension that as we think about our forward modeling?

晚上好。這裡只有幾個。就某些 OpEx 項目的節奏而言，也許是研發，特別是 Deepak，您描述瞭如何連續增長 30%。你能 - 我想我的問題的第一部分是，我們如何看待它在後半區的趨勢？從長遠來看，我們如何將其視為未來幾年建模的費用？我認為一流的汽車製造商在銷售額中的百分比可能在中個位數，但考慮到您的增長情況可能會更高。您能幫助我們確定尺寸——在我們考慮正向建模時確定尺寸嗎？

Yes. As time -- in future quarters as we go towards the end of the year, and potentially next year early as Model X development is behind us, I would expect some reduction in R&D spending, and then of course Gen 3 will pick up, and other products that we start working.

是的。隨著時間的推移——在我們接近年底的未來幾個季度中，並且可能在明年早些時候，因為 Model X 的開發已經過去，我預計研發支出會有所減少，然後當然 Gen 3 將會回升，並且我們開始工作的其他產品。

But to your broader point of percentage of revenue, we clearly see that as revenue is going to pick up significantly, the percentage of revenue of R&D expenses is going to be, I expect, in the single digits, with the high-single digits, clearly. I think we won't be too far away in that sense from some of the other -- I would say more growth-oriented companies, don't want to just bet it against automotive, because we will be doing more R&D in general.

但是從更廣泛的收入百分比來看，我們清楚地看到，隨著收入將顯著回升，我預計研發費用的收入百分比將達到個位數，並且達到高個位數，清楚地。我認為從這個意義上說，我們與其他一些公司不會相差太遠——我會說更多以增長為導向的公司，不想僅僅把賭注押在汽車上，因為我們總體上會做更多的研發。

Absolutely.

絕對地。

Okay, great.

好，太棒了。

In fact, I think our R&D is very more limited by the pace with which we can create (inaudible - background noise) integrated to the Company, rather than a budget.

事實上，我認為我們的研發受到我們可以創建（聽不見 - 背景噪音）集成到公司的速度的限制，而不是預算。

Yes.

是的。

Got you. Okay, that's helpful. Just as we think about the cadence of deliveries, which is obviously very back-half loaded, but you're obviously confident in the 35,000. Can we just get a little bit more clarity as to what's driving the back-half inflection. Is it cell capacity, is it that second production line coming on? Is it just -- it seems like it's more supply-driven than demand-driven, but just wanted to get a little more clarity on what's driving that sequential progression?

得到你。好的，這很有幫助。就像我們考慮交付的節奏一樣，這顯然是非常落後的，但您顯然對 35,000 充滿信心。我們能否更清楚地了解推動後半部分拐點的原因。是電池產能，是第二條生產線來了嗎？是不是——看起來它更像是供應驅動而不是需求驅動，但只是想更清楚地了解推動這種連續進展的因素是什麼？

Yes. The main thing in the first half of the year -- and that's something actually I mentioned, I think late last year, is that the -- for the first half of this year, we're constrained by cell supply. We expect that to -- I mean, it is in the process of alleviating, and we expect that to really -- really start alleviating in the third quarter, basically. There's obviously a bit of a delay, because the cell's coming from Japan. They've got it produced and port on the water and port over here, that kind of thing.

是的。今年上半年的主要事情 - 實際上我在去年年底提到的事情是 - 今年上半年，我們受到電池供應的限制。我們預計這將 - 我的意思是，它正在緩解，我們預計這將在第三季度真正開始緩解，基本上。顯然有一點延遲，因為手機來自日本。他們已經把它生產出來了，並在水上港口和港口在這裡，諸如此類的事情。

Thus far, from what we see everything's on track to have cells -- be able to at least meet, but probably exceed by a little bit the 35,000 targeted deliveries. Our production in [Rost] will be higher than that, because the Company's growing quite a bit, and we've got a lot of vehicles that will be en route to various countries.

到目前為止，從我們所看到的一切都有望擁有細胞——至少能夠滿足，但可能會超過 35,000 次目標交付。我們在 [Rost] 的產量將高於此，因為公司的增長相當大，而且我們有很多車輛將在前往各個國家的途中。

Then there is that other constrainer, which is -- potentially, which is the vehicle production line. It will actually be taking the factory -- the Fremont factory down for roughly ten days or so in July to convert to the new line, which enables a substantial increase in our production capacity on the vehicle side, as well as a labor-hours reduction. It's just a fundamentally more efficient process.

然後是另一個限制因素，可能是汽車生產線。實際上，它將把工廠——弗里蒙特工廠在 7 月份關閉大約十天左右，以轉換為新生產線，從而使我們在車輛方面的產能大幅增加，並減少工時.這只是一個從根本上更有效的過程。

It is worth highlighting the point. Very often, in the media it seems like there's confusion between Tesla production and Tesla demand. For example, we're sold out of Q2 production already. The term sales usually means demand, but in our case sales means deliveries. It's not a measure of demand, it's a measure of how many cars we're actually able to get to customers. If we'd been better at production and delivery, we would have delivered more cars.

值得強調一點。很多時候，在媒體上，特斯拉的生產和需求之間似乎存在混淆。例如，我們第二季度的生產已經售罄。銷售一詞通常意味著需求，但在我們的案例中，銷售意味著交付。這不是衡量需求的標準，而是衡量我們實際上能夠為客戶提供多少輛汽車。如果我們在生產和交付方面做得更好，我們就會交付更多的汽車。

Thank you.

謝謝你。

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。

With the Model X, previously you talked about going into production before the end of 2014. Can I just understand exactly what you're saying with the prototypes being done by the end of the year versus production, and how we should think about that relative to the previous comments? Yes, there's no question we're delayed on the Model X, although that's I wouldn't say particularly new information. Relative to our earlier forecast, we had to spend a lot more time making sure we got the Model S right, and it took longer to get to some of the international markets and what not. It just didn't make sense for us to be focusing on Model X if we didn't have our Model S house in order.

關於 Model X，您之前談到過在 2014 年底之前投入生產。我能否準確理解您所說的年底前完成的原型與生產，以及我們應該如何看待這個相對對之前的評論？是的，毫無疑問，我們推遲了 Model X，儘管我不會說特別新的信息。相對於我們之前的預測，我們不得不花更多的時間來確保我們的 Model S 是正確的，並且需要更長的時間才能進入一些國際市場等等。如果我們的 Model S 房子沒有井井有條，我們專注於 Model X 是沒有意義的。

I think we're in pretty good shape on the S front, so our focus is very heavily on the X, and just making sure it's a phenomenal product. We expect to be delivering production cars roughly Q2 next year. We'll have the production design articles, I guess beta articles or production-release candidates around the end of this year, but we want to make sure we've got a decent period of validation with those release-candidate vehicles, because the production ramp for Model X will be much greater than for S, so much deeper.

我認為我們在 S 方面的狀態非常好，所以我們的重點非常放在 X 上，只是確保它是一款非凡的產品。我們預計將在明年第二季度左右交付量產車。我們將在今年年底左右發布生產設計文章，我猜是測試版文章或生產發布候選，但我們希望確保我們對這些候選發布車輛有一段適當的驗證期，因為生產Model X 的坡道將比 S 大得多，而且要深得多。

With S we have quite a shallow production ramp -- start off real slow and as we encountered issues we were able to correct them without having a large number of cars in production or on the roads. With X it's going to be sharp ramp, which means we really need to make sure that we've properly validated issues and made sure in all temperatures and climates and road types that the car is really solid before ramping up production. Otherwise, we risk having a recall or a bad customer experience. Okay. Then one quick technical question. As you look at the components and the materials inside of yourselves, the quality of lithium, how much leverage do you think you can get as you start to see higher-quality lithium from the supply chain?

對於 S，我們的生產坡道相當淺——開始時非常緩慢，當我們遇到問題時，我們能夠在沒有大量汽車生產或上路的情況下糾正它們。對於 X，它將是一個陡峭的斜坡，這意味著我們真的需要確保我們已經正確驗證了問題，並確保在提高產量之前汽車在所有溫度、氣候和道路類型下都非常可靠。否則，我們將面臨召回或糟糕的客戶體驗的風險。好的。然後是一個快速的技術問題。當您查看自己內部的組件和材料時，鋰的質量，當您開始從供應鏈中看到更高質量的鋰時，您認為您可以獲得多少槓桿？

The quality of lithium -- I'm not sure what you mean by it.

鋰的質量——我不確定你的意思。

Just in terms of higher purity, I should say.

我應該說，就更高的純度而言。

That's really not been an issue.

這真的不是問題。

That's not a big trade-off or driver of performance. It's something that we're constantly looking at with the different suppliers and trading off different processing mechanisms and different feed stocks. That can affect the pricing, but the ultimate purity doesn't really drive performance of the final cell.

這不是一個很大的權衡或性能驅動因素。這是我們一直在與不同的供應商一起研究並權衡不同的加工機制和不同的原料的東西。這可能會影響定價，但最終純度並不能真正推動最終電池的性能。

Yes, there are some things that are sort of a tricky, or that matter, like for example the anode, the structure of the carbon in the anode is important. We use a very high percentage of synthetic graphite, because that gets a more precise microstructure. Yes, there is some potential trade-offs there as to how much work effort you put into creating the synthetic graphite. I think generally we want to probably aim for highly precise microstructures, which is a little trickier to do. You don't want to just have random microstructures, stuff that came out of the ground.

是的，有些事情有點棘手，或者很重要，例如陽極，陽極中碳的結構很重要。我們使用了非常高比例的合成石墨，因為這樣可以獲得更精確的微觀結構。是的，對於您在製造合成石墨方面投入了多少工作量，存在一些潛在的權衡。我認為通常我們可能希望瞄準高度精確的微結構，這有點棘手。你不想只是有隨機的微觀結構，從地下出來的東西。

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

下一個問題來自美林公司的 John Lovallo。你的線路是開放的。

Thank you very much for taking my call. First question is, we've recently had conversations with several of your customers in China and Hong Kong who have placed firm orders, pretty high trim levels, and now are actually seeking refunds because what they've discovered is that the electric wiring at the residential level is so poor that charging equipment is not being permitted in their high-rise buildings. The question is are these kind of one-off exceptions, or are you guys seeing a trend in this?

非常感謝您接聽我的電話。第一個問題是，我們最近與您在中國大陸和香港的幾位客戶進行了交談，他們已經下了確定的訂單，相當高的裝飾水平，現在實際上正在尋求退款，因為他們發現在住宅水平太差，以至於他們的高層建築不允許使用充電設備。問題是這些一次性的例外，還是你們看到了這種趨勢？

No, we're not really seeing a lot of cancellations. That's the first I've heard. One of the things we have required of customers who place the deposit is that we want to before they take delivery of their car, we want to make sure that they have a wall connector installed. Usually the wiring configuration (inaudible - background noise) what max amperage the outlet can be. Some places may be able to handle an 80-amp outlet. Some maybe only 20 amps. It's pretty unusual to see this.

不，我們並沒有真正看到很多取消。這是我第一次聽說。我們對存入押金的客戶的要求之一是，我們希望在他們提貨之前，確保他們安裝了牆壁連接器。通常接線配置（聽不見 - 背景噪音）插座的最大安培數是多少。有些地方可能能夠處理 80 安培的插座。有些可能只有 20 安培。看到這個很不尋常。

Something we are doing, though, in China -- another possibility is we're putting Superchargers in cities, not just between cities. This is obviously important in places like Beijing, Shanghai, London, San Francisco, New York, where at times people may have a challenge with having a fixed parking space. The first part maybe the wiring thing it's more like some of those people don't have a definitive parking space, they might have street parking or something. London's a particularly tricky one, where there's -- a lot of high-end neighborhoods just have street parking.

不過，我們在中國正在做的事情——另一種可能性是我們在城市中放置超級充電站，而不僅僅是在城市之間。這在北京、上海、倫敦、舊金山、紐約等地顯然很重要，在這些地方，人們有時可能會遇到固定停車位的挑戰。第一部分可能是佈線問題，這更像是其中一些人沒有明確的停車位，他們可能有路邊停車位或其他東西。倫敦是一個特別棘手的地方，那裡有很多高端社區只有路邊停車位。

If I might add, there's been a lot of questions about the supposed poor quality of the grid in China. But from what we've seen installing hard-wired charging equipment and Superchargers, it's actually been somewhat the opposite, and been quite a robust, very new equipment, new grid. We have not seen very many problems.

如果我可以補充，有很多關於中國電網質量差的問題。但從我們所看到的安裝硬接線充電設備和增壓器的情況來看，它實際上有點相反，並且是一個非常強大、非常新的設備、新電網。我們還沒有看到很多問題。

Yes, no exactly. In fact it's exactly as J.B. said. We've actually found -- it's been a positive surprise for us in China, not a negative one.

是的，不完全是。事實上，正如 J.B. 所說。我們實際上已經發現——這對我們在中國的人來說是一個積極的驚喜，而不是消極的驚喜。

Okay. For my second question, I think in the release you mentioned that North American deliveries were up 10% sequentially. This would still imply they were lower for the first quarter and the second quarter of 2013, and about in line with the third quarter. Is that a fair characterization?

好的。對於我的第二個問題，我認為您在新聞稿中提到北美的交付量環比增長了 10%。這仍然意味著它們在 2013 年第一季度和第二季度較低，與第三季度基本持平。這是一個公平的表徵嗎？

John, just to clarify, we said the order in North America were up 10%, not deliveries.

約翰，澄清一下，我們說北美的訂單增長了 10%，而不是交貨。

But how were the deliveries in the quarter in North America?

但北美該季度的交付情況如何？

The deliveries were down. We were trying to reduce the lead time in Europe. We had a long lead time there, and we were shipping a lot of cars into Europe, so that may come to a more even lead time between North America and Europe.

交貨量下降了。我們試圖縮短在歐洲的交貨時間。我們在那裡有很長的交貨時間，我們向歐洲運送了很多汽車，因此北美和歐洲之間的交貨時間可能會更加均勻。

Yes, I think this is getting back to what I was talking about earlier. It's easy to confuse deliveries with demand. Deliveries and demand are not the same thing for Tesla. They are for other car companies, but not for Tesla.

是的，我認為這又回到了我之前所說的內容。交付與需求很容易混淆。對特斯拉來說，交付和需求不是一回事。它們適用於其他汽車公司，但不適用於特斯拉。

Okay. Thanks very much guys.

好的。非常感謝你們。

Let me speak to be clear. We are seeing a steadily increasing demand in North America.

讓我說清楚。我們看到北美的需求穩步增長。

Okay. Thanks, guys.

好的。多謝你們。

The next question comes from Rod Lache with Deutsche Bank. Your line is open.

下一個問題來自德意志銀行的 Rod Lache。你的線路是開放的。

Hey, everybody. It seems like you're making a lot of progress in terms of purchased material and efficiency. Just looking at the numbers, and what I'm looking at is it looks like your product's gross profit, you reported like $190 million last quarter, but there was a gain in there, so maybe it was $180 million in Q4. This quarter you did $180 million including a charge. It seems like your gross profit didn't move, even though your revenue was down.

大家好。看來您在採購材料和效率方面取得了很大進展。只看數字，我看到的是你產品的毛利潤，你上個季度報告了 1.9 億美元，但那裡有收益，所以第四季度可能是 1.8 億美元。本季度你做了 1.8 億美元，包括一筆費用。即使您的收入下降，您的毛利潤似乎也沒有變化。

I'm just hoping that you can maybe give us a little bit of an update on where your incremental margins stand today, just given some of the progress that you've made. In a steady-state basis, these incremental units, what kind of conversion for incremental volume do you achieve to date on the gross profit line?

我只是希望你能給我們一些關於你今天的增量利潤的最新情況，只是考慮到你已經取得的一些進展。在穩態基礎上，這些增量單位，到目前為止，您在毛利潤線上實現了什麼樣的增量換算？

John, I'm not exactly clear what your question is, but I think to your broader point, there is gross margin improvement that's happening because of cost improvements that we continue to achieve. This is the internal road map that we have on a variety of actions to achieve material cost reduction --some internally, some at our suppliers, some through design. Those actions have continued throughout the year, and that's why we feel comfortable that we will achieve 28% gross margin by Q4.

約翰，我不太清楚你的問題是什麼，但我認為從更廣泛的角度來看，由於我們繼續實現成本改進，毛利率正在提高。這是我們為實現材料成本降低而採取的各種行動的內部路線圖——一些在內部，一些在我們的供應商處，一些通過設計。這些行動全年都在持續，這就是為什麼我們對到第四季度將實現 28% 的毛利率感到滿意。

There's I think a couple of important points I'd like to make here. First of all, I have a rule that we don't do any cost-down if it makes the product worse. That doesn't really gain us anything, which it's quite tempting to do that sometimes, and it drives me crazy when companies elsewhere in the car industry or in other industries reduce costs by reducing value. That's not a good thing.

我想在這裡提出幾個重要的觀點。首先，我有一條規則，如果它使產品變得更糟，我們不會降低成本。這並沒有真正為我們帶來任何好處，有時這樣做很誘人，當汽車行業或其他行業的其他公司通過降低價值來降低成本時，這讓我抓狂。這不是一件好事。

Our cost reductions are really aimed at figuring out how to get the molecules in the right shape in a smarter way, as opposed to trying to sort of strip value out. In fact, in a number of cases we've actually added costs to the car because this was something that needed to be improved. The under-body shield is an example of that. Our gross margin in Q1 will be -- we have a number of charges against -- that negatively affected gross margin, would have been a little bit higher if it hadn't been for things like, for example, the under-body shield activity. I think we feel fairly comfortable of achieving the 28% gross margin by the end of the year on the Model S front.

我們降低成本的真正目的是弄清楚如何以更智能的方式使分子具有正確的形狀，而不是試圖剝離價值。事實上，在許多情況下，我們實際上已經增加了汽車的成本，因為這是需要改進的地方。車身下方的防護罩就是一個例子。我們在第一季度的毛利率將是——我們有一些指控——對毛利率產生負面影響，如果不是因為諸如車身下方防護活動之類的事情，它會更高一些.我認為我們對在年底前在 Model S 方面實現 28% 的毛利率感到相當自在。

Okay, thanks. You indicated again in your release $650 million to $850 million of CapEx this year. Can you give us some high-level thoughts on preliminarily what next year might look like as you're starting to ramp up the giga-factory. Also, I know that you made some reference to SG&A and R&D as a percentage of sales, but I guess for your stage of development, I'm not sure that's really applicable. Can you give us an idea of how that I might look on an absolute basis?

好的謝謝。您在新聞稿中再次指出今年的資本支出為 6.5 億至 8.5 億美元。當你開始擴大超級工廠時，你能否就明年的初步情況給我們一些高層次的想法。另外，我知道您提到了 SG&A 和 R&D 佔銷售額的百分比，但我想對於您的發展階段，我不確定這是否真的適用。你能告訴我們我在絕對基礎上的樣子嗎？

Rod, it's a bit too early for us to give clear guidance, our thoughts on 2015 CapEx. Clearly 2015 at a high level will be dominated by spending on the giga-factory, as well as we start to prepare for Gen 3. I think much of Model S and Model X spending will be behind us. There will be some lagging Model X spending from a CapEx perspective just before launch from a tooling and an equipment perspective. There will be a small change -- there will be a change in the categorization of spending. Beyond that, clearly we will continue to expand rapidly globally with our store service centers and Superchargers, so that growth will continue. But I think we can provide you a bit more clarity on that, perhaps a couple of quarters from now.

羅德，我們現在給出明確的指導還為時過早，我們對 2015 年資本支出的看法。顯然，2015 年的高水平將主要由超級工廠的支出主導，我們也開始為 Gen 3 做準備。我認為 Model S 和 Model X 的大部分支出都將落後於我們。從工具和設備的角度來看，在發布之前，從資本支出的角度來看，Model X 的支出會有所滯後。會有一個小的變化——支出的分類會有變化。除此之外，很明顯，我們將繼續通過我們的商店服務中心和增壓器在全球範圍內快速擴張，以便繼續增長。但我認為我們可以為您提供更清晰的信息，也許是從現在開始的幾個季度。

Okay. Last one on China. When you do actually expand to domestic production, do those requirements for 50-50 JV partners, do they apply to you, or are there any exceptions for new energy vehicles, or do you actually have any thoughts on that at this point?

好的。最後一個關於中國的。當你真正擴展到國內生產時，對50-50個合資夥伴的要求是否適用於你，或者新能源汽車是否有例外，或者你現在對此有什麼想法？

I think it's too early to make a prediction on that front. I think we can't say for sure what -- how things will look at that time. I can't say that we're postponing any serious partnership discussions with big companies in China, because we're still really a two-year stage. We're not trying to sort of run this to ground, because we've got really basic priorities of getting service and super-charging rolled out in China. Yes, we just don't have anything to say on that front yet.

我認為在這方面做出預測還為時過早。我認為我們不能確定什麼——當時情況會如何。我不能說我們推遲了與中國大公司的任何認真的合作討論，因為我們仍然處於一個為期兩年的階段。我們並沒有試圖將其付諸實踐，因為我們確實有基本的優先事項，即在中國推出服務和超級充電。是的，我們只是在這方面還沒有什麼要說的。

Great. Thank you.

偉大的。謝謝你。

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

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

All right. Thanks for taking my question. Back to the battery factory. Can you talk about the costs associated with running two sites in parallel, maybe three, and any optionality you have there? Then adding maybe two more on top of it. One is, how much work have you done as far as business development with stationary stores to get comfortable with that angle there? As far as additional investors, should we wait to see them after Panasonic comes to the table? I'll stop there. Thanks guys.

好的。感謝您提出我的問題。回到電池廠。您能談談與並行運行兩個站點（可能是三個站點）相關的成本，以及您在那裡擁有的任何選擇權嗎？然後在它上面再加兩個。一個是，就固定商店的業務發展而言，您做了多少工作才能適應那裡的這個角度？至於其他投資者，我們是否應該等到松下上台後才能看到他們？我會停在那裡。多謝你們。

The reason -- your first question was fundamentally are we spending too much money by working on three sites together. I think as Elon has said a few times, for us it's really critical that we have the first giga-factory ready on time to supply the sales for Gen 3. That delay, every one-month delay at that point is far more expensive for us than the incremental costs that we may incur up front to kick off two sites at one time.

原因——你的第一個問題基本上是我們在三個站點上一起工作花費了太多錢。我認為正如 Elon 多次說過的那樣，對我們來說，及時準備好第一家超級工廠以提供 Gen 3 的銷售非常重要。這種延遲，在那個時候每延遲一個月對我們來說代價要高得多。我們比一次啟動兩個站點可能預先產生的增量成本。

Absolutely.

絕對地。

Maybe I can speak to the stationary business development part of the question. We have done a huge amount of effort there, work there, and we've talked to most major utilities and energy service companies at this point. It's still early days in that effort. I think maybe the thing to focus on is our long-term optimism looking at the price versus cost of what we expect we could do. The demand for -- the long-term demand for stationary energy storage is quite extraordinary. When you look at the size of the grid and what needs to be done with renewable energy and buffering the variability of that. I think that's really where we keep our focus, is on the long-term economics that could be enabled once the giga-factory is on line.

也許我可以談談問題的固定業務發展部分。我們在那裡做了大量的工作，在那里工作，我們已經與大多數主要的公用事業和能源服務公司進行了交談。這種努力還處於初期階段。我認為也許要關注的是我們對價格與我們期望我們可以做的成本的長期樂觀態度。對固定式儲能的長期需求是非常不同尋常的。當您查看電網的規模以及需要用可再生能源做什麼並緩衝其可變性時。我認為這才是我們真正關注的地方，即一旦超級工廠上線，可以實現的長期經濟性。

Yes, exactly. Right now we're not trying to build demand for stationary storage because we have cell constrains, so kind of at the expense of vehicles. What we're doing right now is more on the engineering side, figuring out what would be a really cool stationary storage pack that could be produced at volume, and that could be combined so you could stack a whole bunch of them if you wanted.

對，就是這樣。目前，我們並沒有試圖建立對固定存儲的需求，因為我們有單元限制，所以以犧牲車輛為代價。我們現在正在做的更多的是在工程方面，弄清楚什麼是可以批量生產的非常酷的固定式存儲包，並且可以組合起來，以便您可以根據需要堆疊一大堆。

I think particularly for the home solution, the sort of thing we have in mind is something that looks a bit like the battery pack from the Model S, something really flat that just maybe takes -- is coming five inches off the wall, wall-mounted, nice beautiful cover, integrated bi-directional inverter, and just plug and play. That's the sort of thing we have in mind for the stationary storage pack on the residential front, which could conceivably you could stack a bunch of them and have something that works commercially, as well. But we'll probably want to talk about that in detail end of the year or early next year, or something like that.

我認為特別是對於家庭解決方案，我們想到的那種東西看起來有點像 Model S 的電池組，非常扁平的東西，可能需要 - 離牆五英寸，牆 -已安裝，漂亮漂亮的外殼，集成雙向逆變器，即插即用。這就是我們為住宅正面的固定存儲包所考慮的那種東西，可以想像你可以堆疊一堆它們並擁有一些商業上可行的東西。但我們可能想在年底或明年初詳細討論這個問題，或者類似的事情。

I think the third part of your question was about other participants in the giga-factory. We are talking to various different people in parallel. I think there's -- it's important to understand that there's a lot of aspects of this that Panasonic simply doesn't do, so it's not necessarily a competition, but it's complementary -- different pieces of the production operation. Those discussions are under way, but it's premature to talk about any specifics.

我認為你問題的第三部分是關於超級工廠的其他參與者。我們正在同時與各種不同的人交談。我認為 - 重要的是要了解松下根本沒有這樣做的很多方面，所以它不一定是競爭，但它是互補的 - 生產運營的不同部分。這些討論正在進行中，但談論任何細節還為時過早。

Great. Thank you guys very much.

偉大的。非常感謝你們。

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

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

Good evening. Thank you for taking my question. Elon, when you look at the Chinese market, everybody knows that this is the largest luxury automotive market in the world. It's not a market that we have as much visibility as we might like. How do you quantify the total opportunity for sales for Tesla, and what have you seen since you launched in China that surprised you, or maybe that you didn't expect? How is this shaping the plans for your store -- your store map over there, and the obvious service centers and other investments?

晚上好。謝謝你接受我的問題。 Elon，你看中國市場，大家都知道這是世界上最大的豪華汽車市場。這不是一個我們擁有盡可能多的知名度的市場。您如何量化特斯拉的總銷售機會？自從您在中國推出以來，您看到了什麼讓您感到驚訝，或者您可能沒有預料到的事情？這對您的商店計劃有何影響——您的商店地圖、明顯的服務中心和其他投資？

I don't think -- I think you probably know about as much as I do about the demand for our cars in China, as far as it's an incredible crystal ball. As you mentioned, China is the biggest market for cars in the world, and actually the biggest market for premium sedans in the world. To the degree that our sales track that of other manufacturers, presumably China would over time become the biggest market for Tesla. That's probably the best guess that anyone could make at this point.

我不認為——我想你可能和我一樣了解中國對我們汽車的需求，因為它是一個令人難以置信的水晶球。正如你所說，中國是全球最大的汽車市場，也是全球最大的豪華轎車市場。如果我們的銷售量跟上其他製造商，中國大概會隨著時間的推移成為特斯拉最大的市場。這可能是目前任何人都可以做出的最佳猜測。

All I know in the short-term is that we really don't have a demand issue in China -- we've got a lot of demand. Our focus then obviously is just to make sure that demand is serviced, and we're trying to roll out service centers and Superchargers as fast as we possibly can. My instruction to the China team are to spend money as fast as they can spend it without wasting it. I think that's what's happening.

我所知道的短期內我們在中國確實沒有需求問題——我們有很多需求。顯然，我們的重點只是確保滿足需求，我們正在努力盡快推出服務中心和增壓器。我對中國團隊的指示是盡可能快地花錢而不浪費。我認為這就是正在發生的事情。

Makes sense.

說得通。

Let's make this the last question, please.

請讓我們把這個問題作為最後一個問題。

The last question comes from Colin Langdon with UBS. Your line is open.

最後一個問題來自瑞銀的 Colin Langdon。你的線路是開放的。

Hi, this is (inaudible - accent) on behalf of Colin. Can you help us understand the difference in the variable cost structure for the Model S compared to a comparable luxury sedan like maybe a BMW 7 Series. Other than battery, which are the key areas where you'll be able to cut costs as you go ahead and achieve scale?

嗨，我是（聽不清 - 口音）代表 Colin。您能否幫助我們了解 Model S 的可變成本結構與類似的豪華轎車（如 BMW 7 系）相比的差異。除了電池之外，您可以在哪些關鍵領域降低成本並實現規模化？

We don't really know what the gross margin is of individual product lines in other companies, so it's a press to make an exact comparison there. Sorry, I don't know how to answer that question exactly. As far as cost reductions, it's across the whole vehicle. It's not just in the battery pack. The battery pack is one portion of the car. But it's maybe a quarter of the value of the car. It's not like -- it's not the overwhelming portion of the car, so our cost reductions really come across the board.

我們真的不知道其他公司的個別產品線的毛利率是多少，因此需要在那裡進行精確比較。對不起，我不知道如何準確地回答這個問題。就降低成本而言，它涵蓋了整個車輛。它不僅僅是在電池組中。電池組是汽車的一部分。但這可能是汽車價值的四分之一。這不像——這不是汽車的壓倒性部分，所以我們的成本降低確實是全面的。

Are there any specific components which you see bigger opportunity to cut costs then, or the process?

是否有任何特定的組件，您認為有更大的機會削減成本，或者流程？

The biggest single cost reduction within Q4 this year will be related to labor and overhead, which as I mentioned earlier in the call, we have a much more efficient production line that's going to come on line in July, which has more automation, and it's just set up in a better way. Making the car with greater labor efficiency is the biggest single improvement.

今年第四季度最大的單項成本降低將與勞動力和管理費用有關，正如我在電話會議前面提到的那樣，我們有一條效率更高的生產線，將於 7 月上線，自動化程度更高，而且只是以更好的方式設置。使汽車具有更高的勞動效率是最大的單項改進。

But there are really hundreds of improvements across the board. What it really comes down to is can you make anywhere from like a $5 to a $100 improvement here, there, and everywhere, and it adds up to a significant number. I wish there was like one place where this was just one incredibly stupid, super-expensive thing that if we fixed would suddenly make the car cheap. That is unfortunately not the case.

但是確實有數百個改進。真正歸結為的是，您能否在這裡、那里和任何地方進行從 5 美元到 100 美元的改進，並且它加起來是一個可觀的數字。我希望有一個地方，這只是一件非常愚蠢、超級昂貴的東西，如果我們修好它會讓汽車突然變得便宜。不幸的是，事實並非如此。

Thank you. Do you have any update on the dispute with the dealer body?

謝謝你。您對與經銷商機構的爭議有任何更新嗎？

I think there was something that happened just today. This stuff tends to be reported in real time, so it's not like there's something we know that is not public information. I think the appeal in Massachusetts from the dealers was denied today, so dealers -- what's that? There was a hearing. All right, so no update on the dealer front.

我想今天發生了一些事情。這些東西往往是實時報告的，所以我們知道有些東西不是公開信息。我認為經銷商在馬薩諸塞州的上訴今天被拒絕了，所以經銷商 - 那是什麼？舉行了聽證會。好吧，所以經銷商方面沒有更新。

Okay. Thank you.

好的。謝謝你。

Thank you.

謝謝你。

Patrick, I apologize. I cut off Craig Irwin there. If he's back in the queue, we could take another question for him. Anything?

帕特里克，我道歉。我在那里切斷了克雷格·歐文。如果他回到隊列中，我們可以為他提出另一個問題。任何事物？

We have Craig Irwin in queue, Wedbush Securities, your line is open.

我們有 Craig Irwin 排隊等候，Wedbush Securities，您的線路已開通。

I'm sorry about that.

對此我很抱歉。

Not a problem, not a problem. I really appreciated the comment in the shareholder letter about 10% sequential growth in orders in North America. We understand you're obviously capacity constrained and you've got great demand. But one of the points of controversy is the potential for declining shipments into North America. Can you maybe give us a commentary about your year-over-year order rates in North America, whether or not you expect to continue selling Model S vehicles similar volumes once you've started to satisfy some of the European and Asian demand?

不是問題，不是問題。我非常感謝股東信中關於北美訂單連續增長 10% 的評論。我們了解您的產能明顯受限，而且需求量很大。但爭議點之一是北美出貨量下降的可能性。您能否給我們評論一下您在北美的同比訂單率，一旦您開始滿足歐洲和亞洲的一些需求，您是否希望繼續銷售類似數量的 Model S 車輛？

We'd rather not make any additional predictions about deliveries. I see demand in North America, and I don't have to tell you, typically what we see is we see a steadily increasing demand in North America. That's the information that we have. We don't have something that's more predictive than that.

我們寧願不對交付做出任何額外的預測。我看到北美的需求，我不必告訴你，通常我們看到的是我們看到北美的需求穩步增長。這就是我們掌握的信息。我們沒有比這更具預測性的東西了。

Okay. That's helpful. Thank you.

好的。這很有幫助。謝謝你。

All right. Thank you, Patrick, for getting Craig back on the line. I appreciate that. This concludes our call. Thank you everyone for joining us this afternoon. We look forward to seeing many of you this month in New York. Next Monday we'll be at the Deutsche Bank Clean Tech Conference, and on Tuesday we'll be at the Wedbush Transformational Technologies Conference. Finally at the end of May, we are presenting at the Freidman, Billings, Ramsey Energy Technology Summit. We hope to see some of you at some of those conferences. Thank you everyone. Have a great day. Bye-bye.

好的。謝謝你，帕特里克，讓克雷格重新上線。我很感激。我們的電話到此結束。感謝大家今天下午加入我們。我們期待本月在紐約見到你們中的許多人。下週一我們將參加德意志銀行清潔技術會議，週二我們將參加 Wedbush 轉型技術會議。終於在 5 月底，我們將出席 Freidman, Billings, Ramsey 能源技術峰會。我們希望在其中一些會議上見到你們中的一些人。謝謝大家。祝你有美好的一天。再見。

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。