特斯拉 (TSLA) 2014 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Tesla Motors Third Quarter 2014 Financial Results Call.

女士們，先生們，美好的一天，歡迎參加特斯拉汽車公司 2014 年第三季度財務業績電話會議。

(Operator Instructions)

（操作員說明）

I would now like to turn the call over to your host, Mr. Jeff Evanson. Please go ahead.

我現在想將電話轉給您的主持人 Jeff Evanson 先生。請繼續。

Thanks, Patrick. Welcome, everybody, to Tesla's Third Quarter Financial Results Q&A Webcast. I'm joined today by Elon Musk, Tesla's Chairman and CEO, JB Straubel, our CTO, and Deepak Ahuja, Tesla's CFO. We announced our third quarter results today in our quarterly shareholder letter, which is available at the same link as this webcast, and a replay of the webcast will be available later today at the same link.

謝謝，帕特里克。歡迎大家收聽特斯拉第三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、我們的首席技術官 JB Straubel 和特斯拉首席財務官 Deepak Ahuja 加入了我的行列。我們今天在我們的季度股東信函中宣布了第三季度業績，該信函可在與此網絡廣播相同的鏈接中獲得，網絡廣播的重播將於今天晚些時候在同一鏈接中獲得。

Please note, 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 non-cash stock-based compensation and interest expense and lease accounting for cars sold with a resale value guarantee. Our GAAP results and reconciliations to non-GAAP measures can be found in that 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，並且已經進行了調整，以排除基於非現金股票的薪酬和利息費用以及轉售汽車的租賃會計價值保證。我們的 GAAP 結果以及與非 GAAP 措施的對賬可以在該股東信中找到。

During the course of this call, we will discuss our business outlook and probably make some forward-looking statements. These statements are predictions based on Management's expectations as of today. Actual events or results could differ due to a number of risks and uncertainties, including those mentioned in our most recent filings with the SEC. So with that, Patrick, we'd like to turn it over to Q&A, please.

在本次電話會議期間，我們將討論我們的業務前景，並可能做出一些前瞻性陳述。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會有所不同。因此，Patrick，我們想把它交給問答環節。

Our next question comes from Dan Galves with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Dan Galves。

Good afternoon, thanks. Just wondering if you can give us any additional color on how you've gotten confident in 50,000 Model S deliveries in 2015?

下午好，謝謝。只是想知道您是否可以就您在 2015 年交付 50,000 輛 Model S 時的信心如何提供更多信息？

Actually, I don't think 50,000 is going to be super hard, because if you look at sort of how we're exiting the year in production and demand, I think 50,000 seems like a pretty solid number. We don't want to overreach, but I think 50,000 is pretty achievable number. That's more or less a modest extrapolation for where we'll be at the end of this quarter.

實際上，我認為 50,000 不會太難，因為如果你看看我們今年在生產和需求方面的表現，我認為 50,000 似乎是一個相當可靠的數字。我們不想過度擴張，但我認為 50,000 是可以實現的數字。對於我們在本季度末的情況，這或多或少是一個適度的推斷。

Can you give us any kind of hard numbers on what you've seen in terms of order flow, either geographically or just -- it sounds like since the product announcements, there's been an uptick. Is there any kind of numbers that you can provide on that in terms of percentage increase quarter-over-quarter or something like that?

您能否就您在訂單流方面看到的任何類型的硬數據提供給我們，無論是地理上的還是僅僅是 - 聽起來自從產品發布以來，已經出現了上升。您是否可以提供任何類型的數字，以季度環比增長百分比或類似的方式提供？

I think what we've seen is -- it's difficult to extrapolate too much based on the announcement of the dual motor and auto pilot. There's some amount of people that were waiting for an all wheel drive car and that kind of thing. So that's why we're being sort of conservative. If you just extrapolated the demand since the announcement, it would be like 70,000 cars a year, but that's in terms of demand.

我認為我們所看到的是 - 根據雙電機和自動駕駛儀的宣布，很難做出過多的推斷。有一些人在等待全輪驅動汽車之類的東西。所以這就是為什麼我們有點保守。如果您只是推斷自宣布以來的需求，那將是每年 70,000 輛汽車，但這是在需求方面。

But I think that would probably be unwise to state that as a steady state prediction, so we're like more considering around 50,000, but it's 50,000 with high confidence. Just over half of those are North America and Europe and Asia are the remaining half.

但我認為將其作為穩態預測可能是不明智的，所以我們更傾向於考慮 50,000 左右，但它是 50,000 的高置信度。其中超過一半是北美和歐洲，剩下的一半是亞洲。

Okay. Great. Just a follow-up, the leasing program with your partners, is it too early to get any sense of kind of how that's being received by the consumers or any estimates on kind of how much you see a leasing program like that in the addressable market for the car?

好的。偉大的。只是一個後續行動，即與您的合作夥伴的租賃計劃，現在了解消費者如何接受這種租賃計劃或估計您在目標市場中看到的租賃計劃有多少還為時過早為車？

I really tried to make the point in this shareholder letter that it's not a question of demand. Articles and [the force] out there are questioning demand. In the last quarter call, I really tried to emphasize it is not a question of demand because that sort of 70,000 order number, that's net orders, net of cancellations. That's with no advertising, no endorsements.

我真的試圖在這封股東信中指出這不是需求問題。文章和[力量] 有質疑的需求。在上一季度的電話會議中，我真的試圖強調這不是需求問題，因為那種 70,000 個訂單數量，即淨訂單，扣除取消。那是沒有廣告，沒有代言。

We don't pay anyone to pretend that they like our product. If you see our car in a movie, we didn't pay for it to be there. It's just there. We have a fairly small number of stores. In a lot of places, we don't even have service centers.

我們不會付錢讓任何人假裝他們喜歡我們的產品。如果您在電影中看到我們的汽車，我們沒有為它付錢。它就在那裡。我們的商店數量很少。在很多地方，我們甚至沒有服務中心。

Our dual motor cars are not there in any of the stores.

我們的雙動力車在任何一家商店都沒有。

Right. There's no dual motor cars for test drives. So obviously, there's a whole bunch of things that we could do to stimulate demand if that were our problem. It is not our problem. But people don't quite appreciate how hard it is to manufacture something. It is really hard. I have great respect for people who manufacture large numbers of complex objects because there's like several thousand unique parts in a car.

正確的。沒有用於試駕的雙動力車。所以很明顯，如果這是我們的問題，我們可以做很多事情來刺激需求。這不是我們的問題。但人們並不十分理解製造某樣東西的難度。這真的很難。我非常尊重製造大量複雜物體的人，因為汽車中有數千個獨特的零件。

Model S is quite a complicated car and you need all of them, that whole supply chain and whole internal production process marching at the same cadence in order to produce those cars. We're growing our production by like 50% a year, year-over-year, as far into the future as we can reasonably project. That's quite a big percentage growth for manufacturing a large, complex object. We'd like to grow faster, of course, but it's also worth bearing in mind we have got one factory.

Model S 是一輛相當複雜的汽車，你需要所有這些，整個供應鍊和整個內部生產過程都以相同的節奏前進，以生產這些汽車。在我們可以合理預測的未來範圍內，我們的產量每年增長 50%。對於製造大型複雜物體來說，這是一個相當大的百分比增長。當然，我們希望增長得更快，但也值得牢記的是，我們有一家工廠。

In some cases, when we upgrade the factory, it's like trying to change the wheels on the bus while it's going down the freeway. It's challenging. There are things where like we need readily to do better, which is like manufacturing growth and maybe not being too perfectionist about future product and things like that.

在某些情況下，當我們升級工廠時，就像在高速公路上試圖更換公共汽車上的車輪一樣。這很有挑戰性。有些事情我們需要很容易地做得更好，比如製造業的增長，也許對未來的產品和類似的事情不要過於完美主義。

Okay. That's very clear. Thank you.

好的。這很清楚。謝謝你。

Our next question comes John Murphy with Bank of America-Merrill Lynch.

我們的下一個問題來自美銀美林的約翰·墨菲。

It's John Lovallo. Okay. First question, and I missed Dan's question, so I apologize if any of this is repetitive. First question is, you guys have done a very good job open sourcing your patents and showing all your cards to your competitors. With that in mind, I guess the question is, would you consider providing more information to the analysts and investor community in the form of monthly sales data for one? Maybe showing the backlog, again, for two? Also maybe reinstating the regional mix that you guys used to give us on a quarterly basis.

是約翰·洛瓦洛。好的。第一個問題，我錯過了丹的問題，所以如果有任何重複，我深表歉意。第一個問題是，你們在公開專利和向競爭對手展示所有卡片方面做得非常好。考慮到這一點，我想問題是，您是否會考慮以每月銷售數據的形式向分析師和投資者社區提供更多信息？也許再次顯示積壓的兩個？也可能恢復你們過去每季度向我們提供的區域組合。

No, sorry. The last question was sort of a demand-related question as well and it really took pains to emphasize demand is not our issue. Production is our issue and being too perfectionist about future products, those are legitimate things to be concerned about, but not demand. We have more demand than we can really address and there's a lot of things, levers we could pull to increase that demand, which we are not pulling. So, it's really not an issue.

不，對不起。最後一個問題也是一個與需求相關的問題，它確實煞費苦心地強調需求不是我們的問題。生產是我們的問題，對未來的產品過於完美主義，這些都是值得關注的事情，而不是需求。我們的需求比我們真正解決的要多，有很多事情，我們可以拉動槓桿來增加需求，而我們沒有拉動。所以，這真的不是問題。

Part of the reason why we don't release the monthly deliveries number is just because it varies quite a lot by region and then the media tends to read all sorts of nonsense into deliveries. We'll have like 1,000 cars reach a country one month and none the next month and then people -- or like 100 the next month trickle in or something because those were the numbers that were registered in one month versus the next and people say Tesla sales dropped by a factor of 10.

我們不公佈月度交付量的部分原因是因為它因地區而異，然後媒體傾向於將各種胡說八道解讀為交付量。我們將有大約 1,000 輛汽車在一個月內到達一個國家，而下個月沒有，然後人們——或者像下個月有 100 輛汽車一樣，因為這些是一個月內登記的數字與下一個月相比，人們說特斯拉銷售額下降了 10 倍。

The boat arrived in January and not all the cars got registered in January and some got registered in February. Then in March, it's back up again and so people read in all these things which are -- they assume deliveries are proxy for demand, which is not the case. It is the case for other car companies, but in our case, it really needs be parsed into orders and deliveries. Then bear in mind, there are lots of things we can do to amplify orders.

船在一月份到達，並不是所有的車都在一月份登記，有些是在二月份登記的。然後在三月份，它又恢復了，所以人們讀到了所有這些東西——他們認為交付是需求的代表，但事實並非如此。其他汽車公司也是如此，但在我們的情況下，確實需要將其解析為訂單和交付。然後請記住，我們可以做很多事情來擴大訂單。

Orders is not a true measure of demand. It is just a measure of that's the amount of stuff we need to do to meet our production and delivery number. So if we released orders, people would try to read the tea leaves and say demand for Tesla is growing or dropping. No, we're just not pulling the levers that we could pull because there's no point in trying to amplify demand substantially beyond our ability to produce it and deliver it. That would just make people upset.

訂單並不是真正的需求量度。這只是衡量我們需要做多少事情來滿足我們的生產和交付數量。因此，如果我們發布訂單，人們會試圖閱讀茶葉並說對特斯拉的需求正在增長或下降。不，我們只是沒有拉動我們可以拉動的槓桿，因為試圖將需求大大擴大到超出我們生產和交付的能力是沒有意義的。那隻會讓人心煩意亂。

Okay. Next question is, you guys have been able to negotiate around using kind of the dealer network, state franchise laws in the US. I think your point is well taken, that non-Tesla salespeople might not be qualified to properly promote the brand and so forth. The question is, with that in mind, how do you get comfortable with selling vehicles to resellers in China that presumably don't have your best interest in mind or promoting the brand?

好的。下一個問題是，你們已經能夠使用某種經銷商網絡、美國的州特許經營法進行談判。我認為你的觀點很好，非特斯拉銷售人員可能沒有資格適當地推廣品牌等等。問題是，考慮到這一點，您如何適應在中國向可能不符合您最大利益或推廣品牌的經銷商銷售車輛？

We're not really selling to resellers anywhere in the world. So it may be possible that someone's claiming that they're a reseller of Tesla. This is a false claim.

我們並沒有真正向世界任何地方的經銷商銷售。因此，可能有人聲稱他們是特斯拉的經銷商。這是一個虛假的主張。

Okay. I'm just saying because when I looked on Tmall, for instance the first two lines of cars or first two rows of cars were actually all resellers or listed as resellers, as least.

好的。我只是說，因為當我在天貓上看時，例如前兩排汽車或前兩排汽車實際上都是經銷商或至少列為經銷商。

Thanks for telling us that. We will make sure that is removed.

謝謝你告訴我們。我們將確保將其刪除。

Okay. Thanks, guys.

好的。多謝你們。

Our next question comes from Rod Lache with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Rod Lache。

A couple things. One, can you just first quantify the impact of the yen and euro for us going forward? The last time I think you discussed that you were not really hedging the yen exposure for self purchases, for example.

幾件事。一，您能否先量化日元和歐元對我們未來的影響？例如，上次我認為您討論過您並沒有真正對沖自我購買的日元敞口。

Yes. I think maybe there are two aspects to the answer here. On the euro side, we are net long given our deliveries in Europe and as the euro weakens, the effect on our revenue is immediate. As soon as we deliver cars we have that impact. On the yen side, clearly as the yen weakens, it helps us sell cars.

是的。我認為這裡的答案可能有兩個方面。在歐元方面，鑑於我們在歐洲的交付，我們是淨多頭，隨著歐元走弱，對我們收入的影響是立竿見影的。一旦我們交付汽車，我們就會產生這種影響。在日元方面，很明顯，隨著日元貶值，它有助於我們銷售汽車。

There's a fairly long lead time on sale procurement and so the benefit of yen weakness has a lag effect for us. It comes further down as we start to procure sales at that lower yen and then that goes into vehicles a few months later.

銷售採購的準備時間相當長，因此日元疲軟的好處對我們有滯後效應。隨著我們開始以較低的日元採購銷售，然後幾個月後進入汽車，它進一步下降。

There's no hedging at this point on either of those exposures?

目前對這些風險中的任何一個都沒有對沖？

That is correct.

那是對的。

Correct. There's effectively product hedging in the sense that we're delivering cars in Europe, North America, and Asia and obviously, just started delivering cars in Japan. That does provide a natural hedge, a most efficient hedge, really, for currency. But there are occasionally adjustments we need to make in the purchase price and at some point in the near future, we're probably going to have to adjust the price of our car in euros upwards because there's been a 7% change in the exchange rates of the euro versus the dollar.

正確的。從我們在歐洲、北美和亞洲交付汽車的意義上說，有效的產品對沖，很明顯，我們剛剛開始在日本交付汽車。這確實為貨幣提供了一種自然的對沖，一種最有效的對沖。但有時我們需要對購買價格進行調整，在不久的將來，我們可能不得不將汽車的歐元價格上調，因為匯率發生了 7% 的變化歐元兌美元。

So we will periodically have to make pricing adjustments if the exchange rate band gets too wide. I'd certainly encourage anyone in Europe to purchase their car soon, because we probably will have to make an adjustment there.

因此，如果匯率區間過寬，我們將不得不定期進行定價調整。我當然會鼓勵歐洲的任何人盡快購買他們的汽車，因為我們可能不得不在那裡進行調整。

Okay. Can you also please maybe just quantify or put some bookends around what you expect to be able to deliver on Model X in 2015, just given the later launch? I also had a question on battery costs. There are some new manufacturing processes for cathode material, for example, being developed by Umicore and TODA and a few others that the claim is that you're going to see pretty significant declines in some of the kind of core components of lithium cells. Is that something that's been factored into your expectations of a 30% cost reduction for these batteries over time?

好的。考慮到稍後的發布，您能否也請您量化一下您期望在 2015 年在 Model X 上交付的產品或設置一些書擋？我還有一個關於電池成本的問題。有一些新的陰極材料製造工藝，例如由優美科和 TODA 開發的，還有一些聲稱你將看到鋰電池的某些核心部件的顯著下降。隨著時間的推移，您對這些電池成本降低 30% 的預期是否考慮到了這一點？

Sure. So with the X production, it's difficult for us to give -- I'd have to give something with very, very big [boundary] numbers for X production next year because it really depends on how well that production ramp goes. If we encounter any issues that require correction, then we obviously want to slow that production ramp down. If things go really well, we'll ramp it up. We do have the advantage with the X that we have the dual motor powertrain and the chassis, so the bottom end of the car kind of sorted out with Model S.

當然。因此，對於 X 的生產，我們很難給出——我必須為明年的 X 生產提供非常、非常大的 [邊界] 數字，因為這實際上取決於生產斜坡的進展情況。如果我們遇到任何需要糾正的問題，那麼我們顯然希望減緩產量下降的速度。如果事情進展順利，我們會加大力度。我們確實擁有 X 的優勢，即我們擁有雙電機動力總成和底盤，因此汽車的底端與 Model S 相得益彰。

That takes that part of the risk out of it. With the falcon wing door and the second row of seats and sort of a few other things, we're adding some very new stuff to -- that's really not out there, that never really has existed in a way that was useful. So it's hard to say whether that -- what those numbers would be. Except I'm confident that the demand for the X will be very high once we're in production and again, we will be production-limited because it is really a phenomenal car.

這消除了這部分風險。對於鷹翼門和第二排座椅以及其他一些東西，我們正在添加一些非常新的東西——這些東西真的不存在，從來沒有真正以有用的方式存在過。所以很難說這是否——這些數字是多少。除了我有信心，一旦我們投入生產，對 X 的需求將會非常高，而且我們將再次受到產量限制，因為它確實是一款非凡的汽車。

It really addresses a different market segment that some people want an SUV and some people want a sedan and they're about 50/50 in the market. So that's why we feel confident in predicting a 50% growth in orders and deliveries that's fairly comfortable next year and then at least a 50% growth in 2016 again, and in subsequent years, too.

它確實解決了一個不同的細分市場，有些人想要 SUV，有些人想要轎車，他們在市場上的比例約為 50/50。因此，這就是為什麼我們有信心預測明年訂單和交付量將增長 50%，這是相當舒適的，然後在 2016 年以及隨後的幾年中至少增長 50%。

50% was just Model S, though; is that right?

不過，50% 只是 Model S；那正確嗎？

That's correct. Yes. So it would be some number -- fair enough. It would be some number greater than 50% if you include X. I'm just reluctant to -- I can't communicate a greater level of certainty than I actually know. That's why I'm reluctant to give a number. It's not because I secretly know it and I'm not telling you.

這是正確的。是的。所以這將是一個數字——足夠公平。如果您包括 X，那將是一個大於 50% 的數字。我只是不願意 -- 我無法傳達比我實際知道的更大程度的確定性。這就是為什麼我不願意給出一個數字。不是因為我偷偷知道，也沒有告訴你。

Then with respect to the cathode materials, I think there's a lot of technology improvements that we'll be able to apply to the battery pack and the cathode anode separator, electrolyte, counter production, the whole works, and some of these improvements are independent of the others.

然後關於正極材料，我認為有很多技術改進，我們可以應用到電池組和正極負極隔膜，電解液，反生產，整個工作，其中一些改進是獨立的的其他人。

But whatever we have has to work -- whatever we build out for the Gigafactory has to work at least, at the lab level, let's say, this year, because we're making monster investments in equipment and there's a certain amount of time of a year or two at least from working at the lab level to working in small scale production and then at least a year or two after that before you can go from small production to mass production.

但是無論我們必須做什麼——我們為超級工廠建造的任何東西都必須至少在實驗室級別上工作，比如說今年，因為我們在設備上進行了巨額投資，並且有一定的時間從實驗室工作到小規模生產至少一兩年，然後至少一兩年後，你才能從小生產轉向大規模生產。

This is why we're not worried about like being blind-sided by some technology with the Gigafactory. It's because if it doesn't work in the lab right now, there's no point in worrying about it because you can't scale in that timeframe. Everyone and their mom is approaching us about technology improvements. I think, literally, and their mom in some cases. JB, do you want to add?

這就是為什麼我們不擔心被 Gigafactory 的某些技術弄得措手不及。這是因為如果它現在在實驗室中不起作用，那麼擔心它是沒有意義的，因為你無法在那個時間範圍內擴展。每個人和他們的媽媽都在向我們尋求技術改進。我認為，從字面上看，在某些情況下還有他們的媽媽。 JB，你要添加嗎？

Sure. We are definitely talking to many, many different companies doing cathode technology development, anode and some of the other components, including some of those you mentioned. I'd be pretty shocked if there were any major improvements that were close enough to commercialization that we haven't been aware of or found out about. So a lot of those improvements are rolled into our thinking and there's great potential there.

當然。我們肯定在與許多從事陰極技術開發、陽極和其他一些組件（包括您提到的一些組件）的公司進行交流。如果有任何我們沒有意識到或發現的足夠接近商業化的重大改進，我會感到非常震驚。所以很多這些改進都融入了我們的想法，並且有很大的潛力。

My top advice, really, for anyone who says they've got some breakthrough battery technologies, please send us a sample cell. Don't send us PowerPoint. Just send us one cell that works with all appropriate caveats, that would be great. That's really -- that sorts out the type of nonsense and the claims that aren't true.

我的最高建議，真的，對於任何說他們擁有一些突破性電池技術的人，請給我們發送樣品電池。不要向我們發送 PowerPoint。只需向我們發送一個適用於所有適當警告的單元格，那就太好了。那是真的 - 理清了胡說八道的類型和不正確的說法。

Talk it a little bit cheap.

說的便宜一點。

Talk is super cheap. The battery industry has to have more BS in it than any industry I've ever encountered. It's insane.

談話超級便宜。電池行業必須比我遇到的任何行業都擁有更多的 BS。這太瘋狂了。

I think this is more related to the manufacturing process for the material as opposed to some material innovation.

我認為這更多地與材料的製造過程有關，而不是一些材料創新。

Great.

偉大的。

Anyway, I'd be surprised if there's anything out there that you guys aren't already well aware of. I was just asking whether that might be incremental to your forecast. It sounded like most of your projection was related to logistics and location and the scale of the cell and things along those lines.

無論如何，如果有什麼你們還不知道的，我會感到驚訝。我只是在問這是否會增加您的預測。聽起來你的大部分預測都與物流和位置以及細胞的規模以及這些方面的事物有關。

Yes. To be precise about our prediction was that we felt that -- we felt comfortable with at least a 30% improvement in cost or reduction in cost, just based on the location and economies of scale. That's without taking any technology improvements into account and we will certainly do technology improvements. If we can't get to 30% even without technology improvements, somebody should shoot us, because that would be in complete defiance of economies of scale and obvious cost savings.

是的。準確地說，我們的預測是，我們認為——僅基於位置和規模經濟，我們對成本至少提高 30% 或成本降低感到滿意。這還沒有考慮到任何技術改進，我們肯定會做技術改進。如果即使沒有技術改進我們也無法達到 30%，那麼應該有人開槍打死我們，因為那將完全無視規模經濟和明顯的成本節約。

Thank you.

謝謝你。

Our next question comes from Brian Johnson with Barclays.

我們的下一個問題來自巴克萊銀行的 Brian Johnson。

Some of the detailed numbers in accounting, so of the customer deposits, the inventory and lease accounting, so I'll just give all three. So for the customer deposits, it looks like they were roughly flat, in fact, down $1 million quarter-over-quarter. That seems to be the first time they haven't increased in quite a while, if ever. What's going on there? Question two, inventory was up from about $600 million to $750 million.

會計中的一些詳細數字，例如客戶存款，庫存和租賃會計，所以我只給出所有三個。因此，對於客戶存款，看起來它們大致持平，實際上環比下降了 100 萬美元。這似乎是他們很長一段時間以來第一次沒有增加，如果有的話。那裡發生了什麼事？問題二，庫存從大約 6 億美元增加到 7.5 億美元。

How does that relate to the production ramp and some of the issues you talked about in the factory? Then number three, on the lease, you say you're going to continue the GAAP versus non-GAAP adjustments, which would seem to imply that you must have some back-end risk for that lease with the third party not to be treated as a true sale. Could you maybe describe the type of lease support you've worked out with your bank partners?

這與生產坡度以及您在工廠談到的一些問題有什麼關係？然後第三點，在租約上，您說您將繼續 GAAP 與非 GAAP 調整，這似乎意味著您必須與第三方的租約有一些後端風險，不被視為真正的銷售。您能否描述一下您與銀行合作夥伴制定的租賃支持類型？

Deepak, do you want to?

迪帕克，你願意嗎？

Sure, Brian. So on the customer deposits, there's a bit of noise in those numbers that also includes final payments that our Model S customers make just before delivery. If you exclude that noise, our customer reservations or customer deposits were actually up quarter-over-quarter. So we don't see any issue there. On leasing, with our banking partner, we are taking lease accounting because our customers do have the option to return the car and we have the option to buy back those cars.

當然，布賴恩。因此，在客戶押金方面，這些數字中存在一些噪音，其中還包括我們的 Model S 客戶在交付前支付的最終付款。如果排除這種噪音，我們的客戶預訂或客戶存款實際上環比增長。所以我們在那裡看不到任何問題。在租賃方面，我們與我們的銀行合作夥伴一起進行租賃會計處理，因為我們的客戶確實可以選擇退還汽車，而我們也可以選擇回購這些汽車。

And so given that uncertainty at the back end, we feel it's conservative accounting to follow the lease accounting approach for GAAP. What was your second question in the middle? Can you please clarify?

因此，鑑於後端的不確定性，我們認為遵循 GAAP 的租賃會計方法是保守的會計。中間的第二個問題是什麼？你能澄清一下嗎？

The inventory and then the lease accounting.

存貨，然後是租賃會計。

Can you just clarify further on your inventory question?

您能否進一步澄清您的庫存問題？

Yes. Your inventory was up somewhat substantially. Just trying to understand, is that work in process? Is that finished goods? Kind of what drove that, given if you just looked at vis-a-vis deliveries, you wouldn't expect that increase in inventory?

是的。您的庫存大幅增加。只是想了解，這是在進行中嗎？是成品嗎？是什麼推動了這一點，如果您只查看交付情況，您不會期望庫存增加？

There were three factors that contributed to it at a high level. One was raw material inventory, second was work in process, and third was service. Raw material inventory was higher because we were expecting to produce higher volume in Q3 that we did not achieve and that's part of our inventory. Work in process is just normal increase, given that our production run rate on a weekly basis is increasing.

有三個因素促成了它的高水平。一是原材料庫存，二是在製品，三是服務。原材料庫存較高，因為我們預計第三季度的產量更高，而我們沒有實現，這是我們庫存的一部分。鑑於我們每週的生產運行率都在增加，在製品只是正常的增加。

We have more inventory in the pipeline and the manufacturing process itself. Finally, for our service centers, we are sending out more parts and stocking these service centers so that we can provide more timely and immediate service to our customers, not have them wait, not incur additional freight cost. It's a sensible and the right customer thing to do. Those sort of explain pretty much the increase in inventory.

我們有更多的庫存在管道和製造過程本身。最後，對於我們的服務中心，我們正在發送更多的零件和庫存這些服務中心，以便我們可以為我們的客戶提供更及時和即時的服務，而不是讓他們等待，不會產生額外的運費。這是明智且正確的客戶行為。這些幾乎可以解釋庫存的增加。

What was the third quarter production, just to kind of gauge that working capital with that?

第三季度的產量是多少，只是為了衡量營運資金？

Our third quarter production was about 7,200 units, which was, as we said, about 2,000 units less than our plan for third quarter.

我們第三季度的產量約為 7,200 輛，正如我們所說，這比我們第三季度的計劃少了約 2,000 輛。

Essentially, in the third quarter, we sold every car. That was including cars from like showrooms and everything we basically had. There was just nothing left to sell.

基本上，在第三季度，我們賣掉了每一輛車。這包括來自類似陳列室的汽車以及我們基本上擁有的一切。沒有什麼可賣的了。

Okay. Thanks.

好的。謝謝。

Our next question comes from Patrick Archambault with Goldman Sachs.

我們的下一個問題來自高盛的 Patrick Archambault。

Thank you for taking my question. Just a couple from me. First, let's talk about the Model X being pushed back a little, you said, I think, based on more testing and validation. Is there any kind of specific engineering challenges that you've encountered here or is this more of a precautionary approach? Second to that, how confident are you in the new launch date? I understand that the ramp is sort of a separate issue, but being able to get it at least the first one off the line in this new timeframe.

謝謝你接受我的問題。就我一對。首先，讓我們談談 Model X 被推後一點，我認為，基於更多的測試和驗證。您是否在這裡遇到過任何特定的工程挑戰，或者這更像是一種預防方法？其次，您對新的發布日期有多大信心？我知道坡道是一個單獨的問題，但至少能夠在這個新的時間框架內讓它第一個下線。

It's worth saying that making one of something is quite easy. Making lots of something consistently that's going to last a long time is extremely hard. In fact, it is way harder to make the machine that makes the machine that it is to make the machine in the first place. The production of the car is way harder than actually, I'd say, the design of the car. So we have Model X, Alphas done, we were almost done with the Beta. It's like basically right now.

值得一提的是，製作一件東西很容易。始終如一地做很多可以持續很長時間的東西是非常困難的。事實上，製造製造機器的機器要比製造機器更難。汽車的生產比實際上要困難得多，我會說，汽車的設計。所以我們已經完成了 Model X，Alphas，我們幾乎完成了 Beta。現在基本上是這樣的。

We could certainly -- it would be quite easy for us to make one, a handful of production units that are saleable and homologated. That doesn't really move the needle. So what really matters is at what point can we get to scale production of a really high quality car and that's really in the third quarter. We also learned a lesson in manufacturing that you have issues that are sometimes one out of 100, but unless you make 100 of something, you don't see it.

我們當然可以——我們很容易製造一個，少數可銷售和認證的生產單元。這並沒有真正動針。所以真正重要的是我們什麼時候可以大規模生產一輛真正高質量的汽車，這真的是在第三季度。我們還在製造業中學到了一個教訓，即有時會遇到百分之一的問題，但除非你製造出 100 件東西，否則你看不到它。

Then you think the car is all good, but actually randomly one out of 100 is wrong, but you don't know necessarily which one out of the 100. Then you've got to go look at all 100 cars. So just once you get into volume manufacturing there are just these statistically rare issues, but you really need to make a bunch of something in order to know that it's there. We want to make sure we do that with the X.

然後你認為這輛車都很好，但實際上隨機有 100 輛是錯的，但你不一定知道 100 輛中的哪一輛。然後你必須去看看所有 100 輛汽車。因此，一旦您進入批量生產，就會出現這些統計上罕見的問題，但您確實需要製造一堆東西才能知道它的存在。我們希望確保使用 X 做到這一點。

That's really just a lesson we've learned. Financially, of course, it's only going to matter when we're at volume production. I do think the X is going to be something quite special, but it's hard to get there. It's hard to engineer and it's hard to produce.

這真的只是我們學到的一個教訓。當然，在財務上，只有當我們進行批量生產時才重要。我確實認為 X 將是非常特別的東西，但很難到達那裡。很難設計，也很難生產。

Okay. I don't think anybody, obviously, would fault you for making sure that it's up to your standard before putting it out there. But I guess is there something just in the design of these Alphas or the testing of these Alphas that has come up that has just made you push it back or is it more just an abundance of caution?

好的。顯然，我認為沒有人會因為在發布之前確保它符合您的標準而責怪您。但我想這些 Alpha 的設計或對這些 Alpha 的測試中是否有一些東西讓你把它推遲了，還是更多的謹慎？

There's no big thing. There are a whole bunch of little things. It's really about getting the details right and I think people will appreciate that we got the details right, but it's really about getting the details right. Yes, if you get all the details right, it's like the difference between a diamond with a flaw and a diamond without a flaw. But it's hard to do that, but that's what we're going to do.

沒什麼大不了的。有一大堆小東西。這真的是關於把細節做對，我認為人們會欣賞我們把細節做對了，但這真的是把細節做對。是的，如果你把所有細節都搞對了，這就像是有瑕疵的鑽石和沒有瑕疵的鑽石之間的區別。但這很難做到，但這就是我們要做的。

Understood. Just my second one, if I may, getting back to the Gigafactory comment, the idea that you'll be able to produce your first jointly developed cell with Panasonic in 2016, obviously, that's a shorter time frame than a lot of us expected. Might it be possible, just at a high level, just to take us through the steps that you think need to happen to be able to achieve that deadline? Clearly, that's positive if that happens, obviously, given the importance for the GenFree program.

明白了。我的第二個，如果可以的話，回到 Gigafactory 的評論，你將能夠在 2016 年生產你的第一個與松下聯合開發的電池的想法，顯然，這比我們很多人預期的要短。是否有可能，只是在高層次上，只是讓我們完成您認為能夠實現該截止日期所需的步驟？顯然，考慮到 GenFree 計劃的重要性，如果發生這種情況，那顯然是積極的。

JB, do you want to?

JB，你願意嗎？

Sure, I can comment on that a little bit. It is a slight pull ahead and we're a bit ahead of schedule in the Gigafactory than what we previously communicated. Some of the main reasons that is so important are what you alluded to, retiring risk and being ready to ramp up very quickly with Model 3. We felt it was important to go as fast as we possibly could and start some production operations in 2016. There's a lot of steps that have to happen there. Generally, getting the factory itself ready, getting the staff and the team that needs to operate the factory ready is a huge exercise.

當然，我可以對此發表一點評論。這稍微提前了一點，我們在 Gigafactory 的計劃比我們之前傳達的要提前一點。如此重要的一些主要原因是你提到的，退休風險並準備好快速推出 Model 3。我們認為在 2016 年盡可能快地開始一些生產運營非常重要。那裡有很多步驟必鬚髮生。一般來說，讓工廠本身做好準備，讓需要運營工廠的員工和團隊做好準備是一項巨大的工作。

Basically, the pilot plant at the Gigafactory is as big as I think the next biggest or pretty close, at least, to the next biggest -- to any other lithium-ion factory out there. I'll not sure which one would be bigger.

基本上，Gigafactory 的試點工廠與我認為的第二大或非常接近，至少與第二大工廠一樣大 - 與那裡的任何其他鋰離子工廠一樣大。我不確定哪個會更大。

The scope and scale --

範圍和規模——

This is the pilot plant.

這是試點工廠。

The scope and scale is huge. We wanted to be prudent and make sure that we were planning far enough head that we could stabilize quality and stabilize sort of the infrastructure of the plant well ahead of needing to ramp to very high volume for Model 3.

範圍和規模是巨大的。我們希望謹慎行事，並確保我們的計劃足夠遠，以便我們可以穩定質量並穩定工廠的基礎設施，而不是需要將 Model 3 提高到非常高的產量。

Okay.

好的。

I'd also just like to compliment Panasonic on being an awesome partner here. They really have been great. They're going all out.

我還想稱讚松下在這裡是一個很棒的合作夥伴。他們真的很棒。他們全力以赴。

Absolutely.

絕對地。

Thanks a lot, guys.

非常感謝，伙計們。

Next question comes from George Galliers with Evercore ISI.

下一個問題來自 Evercore ISI 的 George Galliers。

Hi. Yes. I had a quick strategic question with respect to China. Back at Q1, I think you mentioned that you would like to do local production in China at some point in the future and I just wanted to know what would be the catalyst for that decision? Will it be based on unit volume growth or is it based on a timeline that you have in mind? Perhaps you could elaborate a bit on that, particularly in the context of the recent announcements by the NBRC with respect to support for electric vehicles.

你好。是的。我有一個關於中國的快速戰略問題。回到第一季度，我想你提到你想在未來的某個時候在中國做本地生產，我只是想知道這個決定的催化劑是什麼？它是基於單位銷量增長還是基於您心目中的時間表？也許您可以詳細說明一下，特別是在 NBRC 最近宣布支持電動汽車的背景下。

Sure. Essentially, it's not going to make sense in the long term to be transporting vast numbers of cars, particularly sort of Model 3, more affordable cars across the Pacific to China. It's going to make a lot more sense to do local production there. So it would be really driven by running out of factory space in California and then we've got a choice: build a factory in somewhere other than China for Chinese consumption, which doesn't make a ton of sense, like when you talk about a 1.5 ton to 2 ton vehicle product, it makes sense to build that where it's going to get used.

當然。從本質上講，從長遠來看，將大量汽車，尤其是 Model 3，更便宜的汽車跨太平洋運輸到中國是沒有意義的。在那裡進行本地生產會更有意義。所以它真的是由加利福尼亞的工廠空間用完而驅動的，然後我們有一個選擇：在中國以外的地方建造工廠供中國人消費，這沒有多大意義，就像你談論的那樣一個 1.5 噸到 2 噸的汽車產品，在將要使用的地方建造它是有意義的。

So I would expect over time for there to be actual factories in China, as well as in Europe, as well as more factories in North America. Our goal is to accelerate the advent of electric vehicles. In order to do that we need to make a lot of cars and then we're also sort of happy over time to support other manufacturers in making electric vehicles and we're in pursuit of that objective and have been since creating the Company.

因此，我預計隨著時間的推移，在中國和歐洲都會有實際的工廠，在北美也會有更多的工廠。我們的目標是加速電動汽車的出現。為了做到這一點，我們需要製造很多汽車，然後隨著時間的推移，我們也很樂意支持其他製造商製造電動汽車，我們一直在追求這個目標，並且自創建公司以來一直如此。

Okay. Great. Out of interest, the Chinese government, clearly, also are very interested in supporting the development of electric vehicles and particularly, the development of electric vehicles domestically. Has the government approached you at all with respect to how you might be able to help some of the domestic players with their electric vehicle development, particularly in light of the fact that you've opened up your patents for others?

好的。偉大的。出於興趣，中國政府顯然也對支持電動汽車的發展，特別是國內電動汽車的發展非常感興趣。政府有沒有就您如何幫助國內一些參與者開發電動汽車，特別是考慮到您已經向其他人開放專利這一事實與您聯繫過？

We've had a lot of conversations with the Chinese government. They've actually been quite supportive. One of the things we're working through right now is getting on the electric vehicle list, which has a bunch of requirements on it. We're working with the Chinese government to try to get on that list. But yes, they've not made any sort of demands of Tesla or anything like that and they know that we're quite keen on electric vehicles and helping companies wherever they may be in the world, China or otherwise. I think that's been well-received.

我們與中國政府進行了很多對話。他們實際上一直非常支持。我們現在正在做的一件事是進入電動汽車清單，其中有很多要求。我們正在與中國政府合作，試圖進入該名單。但是，是的，他們沒有對特斯拉或類似的東西提出任何要求，他們知道我們非常熱衷於電動汽車，並幫助世界各地的公司，無論是中國還是其他地方。我認為這很受歡迎。

Great. Thank you.

偉大的。謝謝你。

Our next question comes from Colin Langan with UBS.

我們的下一個問題來自瑞銀的 Colin Langan。

Any color on the warranty accrual of $14 million? How many vehicles is that across? I think it's coming across something like $300 per vehicle. Is that based on the production of the Model S? Should we consider that as a higher accrual going forward or is this a one-off type of catch-up accrual?

1400 萬美元的保修應計有任何顏色嗎？有多少輛車穿過？我認為每輛車大約需要 300 美元。這是基於Model S的生產嗎？我們應該將其視為未來更高的應計，還是一次性的追趕應計？

Colin, Deepak here. So this is for about 30,000, I'm giving you round numbers, here, of cars delivered prior to Q3 and the going forward run rate for warranty accrual is slightly lower than what we did as a one-time, because there was some legacy design issues that we have fixed already. We are in this continuous mode of improvement on reliability overall.

科林，迪帕克在這裡。所以這是大約 30,000 輛，在這裡，我給你的是在第三季度之前交付的汽車的整數，並且保修應計的未來運行率略低於我們一次性所做的，因為有一些遺留問題我們已經修復的設計問題。我們正處於這種整體可靠性改進的持續模式中。

Okay. That's very helpful. Any color on -- you mentioned up front that North America deliveries were higher, which I was a little surprised by because I thought you were still trying to get product out to Europe and China. So why was North America so strong if you're still trying to fill the pipeline in the other regions?

好的。這很有幫助。任何顏色——你前面提到北美的交付量更高，這讓我有點驚訝，因為我認為你仍在努力將產品運往歐洲和中國。那麼，如果您仍在努力填補其他地區的管道，為什麼北美如此強大？

For Q3 deliveries, well, our production overall was also higher than -- so you're talking about September here or -- either way, whether you look at Q3 or September, our production in Q3 this year was higher than prior year. So we were just selling those other cars in Asia and Europe. I'm not exactly sure --

對於第三季度的交付，我們的整體產量也高於 - 所以你在這裡談論的是 9 月，或者 - 無論你看第三季度還是 9 月，我們今年第三季度的產量都高於去年。所以我們只是在亞洲和歐洲銷售其他汽車。我不太確定——

I'm not sure we're answering your question.

我不確定我們是否在回答你的問題。

Q3 deliveries, the majority of them were in North America but I would have thought that since you're trying to build up inventory in Europe and in Asia that you would have more going to those regions. Shouldn't most of your demand be going into where you're trying to fill up the inventory?

第三季度交貨，其中大部分在北美，但我認為由於您正試圖在歐洲和亞洲建立庫存，因此您將有更多的產品銷往這些地區。你的大部分需求不應該進入你試圖填滿庫存的地方嗎？

I think there's an assumption here that we try to fill up inventory. That doesn't make sense. We don't have inventory.

我認為這裡有一個假設，我們試圖填滿庫存。那沒有意義。我們沒有庫存。

I guess my point is that you have orders, you have a lot of -- you're starting in Europe, so shouldn't there be a lot more pent-up demand and more orders in those regions where you haven't been selling before? I guess that's what I'm trying to get at.

我想我的意思是你有訂單，你有很多——你從歐洲開始，所以在那些你沒有銷售的地區不應該有更多被壓抑的需求和更多的訂單前？我想這就是我想要達到的目的。

We've been selling in Europe for a while. China is new. We're only just getting going in China. We only had our first deliveries like six or seven months ago, six months ago. We only have two stores and small number of service centers and we don't have super charged infrastructure built out there. So it doesn't make sense to put a ton of cars in China, in areas where we don't, for example, have a service center in reasonable proximity or any super chargers.

我們已經在歐洲銷售了一段時間。中國是新的。我們在中國才剛剛起步。我們只是在六七個月前，六個月前才收到第一批貨物。我們只有兩家商店和少量服務中心，而且我們沒有建立在那裡的超級充電基礎設施。因此，在中國投放大量汽車是沒有意義的，例如，在我們沒有合理接近的服務中心或任何超級充電器的地區。

In China, what actually has made customers most upset, we won't deliver their car unless it can be reasonably be serviced or charged. Then some of them are like, well, they still want their car, but then we don't want them to have a bad experience. We can certainly expect that the growth in China deliveries over time as we build out the infrastructure in China.

在中國，實際上讓客戶最不高興的是，除非可以合理地維修或收費，否則我們不會交付他們的汽車。然後他們中的一些人就像，他們仍然想要他們的車，但我們不希望他們有糟糕的體驗。我們當然可以預期，隨著我們在中國建設基礎設施，中國的交付量會隨著時間的推移而增長。

Okay. Then just one last question, is there any update on the Panasonic, how much they're planning to put into the Gigafactory? Because last update I saw, I think there wasn't a number that they're planning to invest.

好的。那麼最後一個問題，松下是否有任何更新，他們計劃在 Gigafactory 中投入多少？因為我看到的上次更新，我認為他們沒有計劃投資的數字。

Speculation about a number. Yes, I think we haven't communicated a specific number from their point of view. We've only talked about a project estimate total and I think Panasonic, as Elon said earlier, has been very forward-leaning to make the commitment to investments at the times they need to keep their project moving ahead. There have been a few announcements from them recently in the past few months about that.

猜測一個數字。是的，我認為我們沒有從他們的角度傳達具體的數字。我們只討論了項目估算總額，我認為松下，正如 Elon 之前所說，在他們需要保持項目進展的時候做出投資承諾是非常具有前瞻性的。在過去的幾個月裡，他們最近發布了一些關於此的公告。

It's on the order of $1.5 billion to $2 billion from now through full production at the Gigafactory, maybe more than that. Maybe while we're on the Gigafactory, I was a little bothered about some of the reports on the Gigafactory, no question that you've asked, but I just want to make a comment on this. There's like a lot of press about $1.2 billion tax incentive package from Nevada that Tesla got and is this like really a good idea for Nevada.

從現在開始，通過 Gigafactory 的全面生產，它的價值在 15 億到 20 億美元之間，可能還不止這些。也許當我們在 Gigafactory 上時，我對 Gigafactory 的一些報告感到有些困擾，這沒有你問的問題，但我只想對此發表評論。有很多媒體報導說特斯拉從內華達州獲得了 12 億美元的稅收激勵計劃，這對內華達州來說真的是個好主意。

It is like a super good idea for Nevada. That's why every member of the Nevada legislature, Democrat or Republican, even if they were at the furthest corner of the state, voted in favor of the package. It's over like 20 years. It's not -- I realize you didn't ask this question. It kind of bugs me that like I thought we got an okay incentive package, given the scale of the thing, but not a super huge one.

這對內華達州來說是一個超級好主意。這就是為什麼內華達州立法機構的每個成員，無論是民主黨人還是共和黨人，即使他們在該州的最遠角落，都投票支持該方案。已經過去了20年。不是——我知道你沒有問這個問題。考慮到事情的規模，這讓我有點惱火，就像我認為我們得到了一個不錯的激勵方案，但不是一個超級大的。

When you consider that we're talking about it in terms of the output of this factory, something on the order of several billion dollars per year for 20 years and growing. The Nevada tax incentive, over the period of time that it applies, is maybe a few percent of that and pales in comparison that, say, Boeing got for keeping one model of the 777 in Washington State. Anyway, sorry to go on that side track there, but --

當你考慮到我們在談論這家工廠的產量時，大約每年數十億美元，持續 20 年，而且還在不斷增長。內華達州的稅收優惠，在它適用的時期內，可能只是其中的百分之幾，相比之下，波音公司因為在華盛頓州保留了一架 777 機型而相形見絀。不管怎樣，很抱歉走那條小路，但是——

Okay. Thank you for the clarification.

好的。謝謝你的澄清。

Our next question comes from Andrew Fung with CLSA.

我們的下一個問題來自里昂證券的 Andrew Fung。

Following up on China, could you provide perhaps a bit of a timeline on the buildout of your infrastructure? How much does China drive your expectations for next year's volume growth? Then also back to the Model X, how confident are you in delivering the current Model X orders in 2015, the ones that are already placed?

跟進中國，您能否提供一些關於您的基礎設施建設的時間表？中國在多大程度上推動了您對明年銷量增長的預期？然後再回到 Model X，您對在 2015 年交付當前 Model X 訂單（已經下達的訂單）有多大信心？

I wouldn't say we're strongly dependent on China for deliveries next year. In fact, I believe even if we did not sell in China next year, we could probably still meet our targets. So even if there was zero China sales. We'd like to exceed the targets, but even if we'd had no sales in China, we'd still achieve the targets we mentioned in the quarterly earnings letter.

我不會說我們明年的交付非常依賴中國。事實上，我相信即使我們明年沒有在中國銷售，我們可能仍然可以達到我們的目標。因此，即使中國的銷售額為零。我們希望超過目標，但即使我們在中國沒有銷售，我們仍然會實現我們在季度收益信中提到的目標。

With respect to Model X, I think realistically somebody's ordering the Model X right now or just changed the website to this effect, the car is going to get delivered in early 2016. So we're essentially sold out of 2015.

關於 Model X，我認為實際上有人現在正在訂購 Model X，或者只是將網站改成這個樣子，這輛車將在 2016 年初交付。所以我們基本上在 2015 年就已經售罄。

Okay. Thanks. Just following up on your answer on China, I mean, we're certainly positive on your demand globally, but just trying to get a sense of perhaps how demand is trending in China and whether you choose to allocate cars there as opposed to different regions is obviously your decision. Just trying to get a sense of where we can expect volumes to trend over the next couple of years?

好的。謝謝。只是跟進你對中國的回答，我的意思是，我們肯定對你在全球的需求持積極態度，但只是想了解一下中國的需求趨勢如何，以及你是否選擇在那里而不是不同地區分配汽車顯然是你的決定。只是想了解我們可以預期未來幾年的交易量趨勢？

We feel pretty confident with at least a 13% increase next year and a 13% increase the year after. Probably even could go out several years with at least a 50% over time on average increase. But in order for us to have that, we need to lay the groundwork in a particular region well in advance of when we need those deliveries to occur because we need to have service centers and super chargers and logistics and all that.

我們對明年至少增長 13% 和後年增長 13% 感到非常有信心。甚至可能會持續幾年，隨著時間的推移平均增長至少 50%。但是為了讓我們擁有這一點，我們需要在我們需要這些交付發生之前在特定地區打好基礎，因為我們需要服務中心、超級充電站和物流等等。

So you can't sort of just go into a country and instantly have service centers everywhere and chargers everywhere and all that kind of stuff. It takes time to build these things out and to understand the nuances of the local market. So it's like what we're doing in China right now is really laying the foundation for future growth.

所以你不能只是進入一個國家，然後到處都有服務中心，到處都有充電器等等。建立這些東西並了解當地市場的細微差別需要時間。所以就像我們現在在中國做的事情真的為未來的增長奠定了基礎。

Okay. Thank you.

好的。謝謝你。

Our next question comes from Andrea James with Dougherty & Company.

我們的下一個問題來自 Dougherty & Company 的 Andrea James。

First, what's your maximum capacity on the new final assembly line? Have you guys talked about that yet?

首先，您在新的總裝線上的最大產能是多少？你們有沒有談過這個？

We haven't talked about it.

我們還沒談過。

How do we think about it?

我們如何看待它？

First of all, the final assembly line is just one element of the factory. I mean, we did oversize the final assembly line because if we're going to make a new final assembly line, we want to have significant growth potential. So I think we feel safe in saying it's not going to be a growth constraint in the next few years, the final assembly line.

首先，總裝線只是工廠的一個要素。我的意思是，我們確實加大了總裝線的尺寸，因為如果我們要建造一條新的總裝線，我們希望擁有顯著的增長潛力。所以我認為我們可以放心地說它不會成為未來幾年最終裝配線的增長限制。

The big thing in the first half of next year is going to be the new body line, creating sort of the skeleton of the car and the exterior body panels and all that, which is intended to be a step change technology improvement from our current body line and allow for a much greater volume, as well as exceptional precision in the way the car is made.

明年上半年最重要的事情將是新的車身線，創造出汽車的骨架和外部車身面板等等，這是我們目前車身的一步變革技術改進線條並允許更大的體積，以及汽車製造方式的卓越精度。

We're aiming with the new body line for a level of precision that no car in the world has. You should be able to practically use our car as a yardstick with the new body line that's getting made.

我們的目標是採用新的車身線條，以達到世界上任何汽車都沒有的精確度。您應該能夠實際使用我們的汽車作為衡量新車身線條的標準。

Okay. A philosophical one on the Model X, I guess forgive me if this is sacrilege, but it's not clear to me that the Model X is really necessary. Your long-term vision's always been bigger than the Model S platform with these higher cost vehicles being a bridge to coming down market. In my view, you've conceived of and promised the X before you really realized the S has served as that bridge in some ways with the capital raises. To put it in the form of a question, how important is the Model X to where you want to be in like, 2020 and how do you think about what the Model X brings to the product portfolio?

好的。 Model X 上的哲學問題，如果這是褻瀆神明，我想請原諒我，但我不清楚 Model X 是否真的有必要。您的長期願景總是比 Model S 平台更大，這些成本更高的車輛是通往市場的橋樑。在我看來，在你真正意識到 S 在某些方面充當了融資的橋樑之前，你已經構思並承諾了 X。用一個問題的形式來表達，Model X 對於你想要在 2020 年所處的位置有多重要，你如何看待 Model X 給產品組合帶來了什麼？

Sure. That's a fair question. You're right, the Model X isn't necessary to get to the Model 3, which has been the goal of the Company all along. The Gigafactory is certainly needed for the Model 3 and the Gigafactory is going to take us like about 2.5 to three years to build and get to serious production.

當然。這是一個公平的問題。你是對的，Model X 並不是 Model 3 的必要條件，這一直是公司的目標。 Model 3 肯定需要 Gigafactory，而 Gigafactory 將花費我們大約 2.5 到 3 年的時間來建造並投入生產。

So we're kind of making the Model X in the meantime, but it will serve a purpose of generating great cash flow to support the Model 3 and obviously, would reduce the dilution and the amount of capital that we need to raise for investors for the Model 3, because it should generate a lot of positive cash flow. I think the Model X is going to be something special. It's sort of an expensive car, but it's really going to be something special.

因此，我們同時也在生產 Model X，但它的目的是產生大量現金流來支持 Model 3，並且顯然會減少我們需要為投資者籌集的資金的稀釋和數量。模型 3，因為它應該產生大量的正現金流。我認為 Model X 會很特別。這是一輛昂貴的汽車，但它確實會很特別。

Gives us an opportunity to bring an amazing car to market that isn't there at all.

讓我們有機會將一輛根本不存在的令人驚嘆的汽車推向市場。

It's something that should exist.

這是應該存在的東西。

Okay.

好的。

Our next question comes from Ryan Brinkman with JPMorgan.

我們的下一個問題來自摩根大通的 Ryan Brinkman。

It's really on direct leases as it relates to cash flow. It looks like you invested about $35 million there to direct lease 347 vehicles in 3Q. What you're doing now is, of course, very small in relation to your $2.4 billion of cash. I guess what I'm wondering is, if we should be potentially modeling a lot more going forward? You refer in the letter to I think 3,000 to 3,500 leased cars in 4Q, but also that a large portion of them will be through the bank partner lease program.

它實際上是直接租賃，因為它與現金流有關。看起來你在那裡投資了大約 3500 萬美元，在第三季度直接租賃了 347 輛汽車。當然，與你的 24 億美元現金相比，你現在所做的事情非常小。我想我想知道的是，我們是否應該在未來進行更多建模？你在信中提到我認為第四季度有 3,000 到 3,500 輛租賃汽車，但其中很大一部分將通過銀行合作夥伴租賃計劃。

Can you help with what large portion means and how should we think about modeling direct leases going forward? Could this growth become material or will it be phased out with the bank partner program?

您能否幫助了解大部分的含義以及我們應該如何考慮對直接租賃進行建模？這種增長是否會成為實質性的，還是會隨著銀行合作夥伴計劃而被淘汰？

I think we will continue doing some degree of direct leasing. It gives us flexibility and allows us to be in states where our banking partners cannot be there. I suspect we'll probably double, from Q3 going into Q4, our direct leasing. So it's still not going to be a big part of the capital required in relation to the cash we have. We always have the option to go and get some bank warehouse lines to fund, but we don't want to do it while there's no need. Why pay interest expense on that when there's no need to at this time?

我認為我們將繼續進行某種程度的直接租賃。它為我們提供了靈活性，並允許我們進入銀行合作夥伴無法進入的州。我懷疑從第三季度到第四季度，我們的直接租賃可能會翻倍。因此，與我們擁有的現金相比，它仍然不會成為所需資本的很大一部分。我們總是可以選擇去獲得一些銀行倉庫來資助，但我們不想在沒有必要的時候這樣做。為什麼此時不需要支付利息費用？

Got it.

知道了。

Exactly.

確切地。

Last question, just curious on what extent the Model X and Model 3 are being developed in parallel or is there some work on the 3 that maybe accelerates once you can take resources, shift them from the X after it launches? What I'm trying to figure out is if the timing on the launch of the X reads through in any way at all to the timing of your more mass market vehicle? Thanks.

最後一個問題，只是好奇 Model X 和 Model 3 在多大程度上是並行開發的，或者是否有一些關於 3 的工作可能會加速，一旦你可以獲取資源，在它啟動後將它們從 X 轉移？我想弄清楚的是，X 的推出時間是否會以任何方式影響到您更大眾市場車輛的時間？謝謝。

The development of the small motor, actually, we've got a big and a small motor, big and small drive unit, and for like the performance 85, the dual motor car, the standard sort of sport big motor in the rear and smaller motor drive unit in the front and that smaller drive unit, in a lot of ways, is a precursor for the Model 3. It represents a significant improvement in cost, in steady state power, a number of other factors.

小馬達的發展，其實我們有大馬達和小馬達，大馬達和小驅動單元，像性能85，雙馬達車，標準的運動大馬達在後部和更小前部的電機驅動單元和較小的驅動單元在很多方面都是 Model 3 的先驅。它代表了成本、穩態功率和許多其他因素的顯著改善。

It's basically, it's like a second generation motor, essentially. That's good pathfinder for 3 on the powertrain side. Obviously, the Gigafactory is very much being geared towards the Model 3 pack needs. For the rest of the Model 3, it really depends on -- we could obviously, one easy thing to do would be to just make a 20% smaller Model S and then that would be the easy thing to do, but I think we might be able to do a few more interesting things than just that.

基本上，它本質上就像第二代電機。這是動力總成方面 3 的良好探路者。顯然，Gigafactory 非常適合 Model 3 套件的需求。對於 Model 3 的其餘部分，這真的取決於——我們顯然可以，一件容易做的事情就是製造一個小 20% 的 Model S，然後這將是一件容易的事，但我認為我們可能能夠做一些比這更有趣的事情。

Great. Thanks for the color.

偉大的。謝謝你的顏色。

Our next question comes from Adam Jonas with Morgan Stanley.

我們的下一個問題來自摩根士丹利的亞當喬納斯。

Elon, in a world of completely automated driving, going a bit out in the future here, what do you think will define a successful automobile company? Why would people buy a Tesla if their hands are never actually never touching a steering wheel or if their feet never actually make contact with an accelerator pedal?

埃隆，在一個完全自動駕駛的世界裡，未來有點出路，你認為如何定義一家成功的汽車公司？如果人們的手從未真正接觸過方向盤，或者如果他們的腳從未真正接觸過油門踏板，為什麼人們會購買特斯拉？

Well, that's pretty far in the future.

好吧，那是相當遙遠的未來。

Even for you?

甚至為你？

Our definition of far is other people's definition of not that far. But, yes, it seems like in the long term that there will be -- that people won't be driving cars or maybe they'll be like some auxiliary steering thing that pops out only in an emergency that looks more like a Nintendo controller or PlayStation controller or something like that. We're still pretty far from that in Tesla terms and it has to be approved by regulators and everything.

我們對遠的定義是別人對不那麼遠的定義。但是，是的，從長遠來看，似乎會有——人們不會開車，或者他們可能會像一些輔助轉向裝置，只有在緊急情況下才會彈出，看起來更像任天堂的控制器或PlayStation控制器或類似的東西。用特斯拉的術語來說，我們離這還很遠，它必須得到監管機構和一切的批准。

Before such things are really mainstream and approved by regulators, it's probably no sooner than seven years from now and could be up to 10, I think. Because you have to have that car that's capable of doing that and the regulators need to see that it's really working as promised for a few years before they approve it. But I think it's quite likely that Tesla will be the leader in making cars like that. Anything you want to add?

在這些事情真正成為主流並得到監管機構的批准之前，我認為可能不會早於七年，並且可能長達 10 年。因為你必須擁有能夠做到這一點的汽車，而監管機構需要在批准它之前看到它在幾年內真的能像承諾的那樣工作。但我認為特斯拉很有可能成為製造這種汽車的領導者。你有什麼要補充的嗎？

I think people will still care about many of the same things that they care about today, value and performance of the platform, range, efficiency, the detail and fit and finish of the interior, maybe even more so than previously since they can really focus on those things.

我認為人們仍然會關心他們今天關心的許多相同的事情，平台的價值和性能、範圍、效率、內部的細節、合身性和完成度，甚至可能比以前更關心，因為他們可以真正專注在那些事情上。

I think there will be some amount of car sharing for sure, but I think there's like a limit to the whole sharing thing. There's an important role for sharing but it's not -- most things don't get shared. People could easily share their house or their clothes or their bicycle or something like that and they do a little bit with like Airbnb or something like that, but mostly not. Take houses, you could triple housing inventory.

我認為肯定會有一定數量的汽車共享，但我認為整個共享是有限度的。分享有一個重要的作用，但事實並非如此——大多數事情都不會被分享。人們可以很容易地分享他們的房子、衣服、自行車或類似的東西，他們會與 Airbnb 或類似的東西一起做一些事情，但大多數情況下不會。拿房子來說，你可以把住房庫存增加三倍。

Thanks, Elon. Just as a follow-up, a couple months ago I believe you said something like our share price is kind of high right now. Obviously, the stock's pulled back a bit. Given the very high ambitions of the Company, which would require, I think, to use your words, monster CapEx to carry out, could you update us on your latest posture for potentially seeking additional funding from the capital markets to help seize the growth opportunities that you have? Or are you more in a self-funded status mode for now? Thanks very much.

謝謝，埃隆。作為後續行動，幾個月前，我相信你說過我們的股價現在有點高。顯然，該股已經回落了一點。鑑於公司的雄心壯志，我認為這需要用你的話，怪物資本支出來執行，你能否向我們介紹一下你可能從資本市場尋求額外資金以幫助抓住增長機會的最新姿態你有嗎？還是您現在更處於自籌資金的狀態模式？非常感謝。

We don't see any near-term need to raise money. We're spending a lot to increase production capability of the S, like to maybe be able to make more of them and make them more efficiently, obviously to build the X and to get the Gigafactory and the long lead stuff on the 3 going. But so far, it doesn't look like we're going to need to raise capital and maybe not at all until the 3.

我們認為短期內不需要籌集資金。我們花了很多錢來提高 S 的生產能力，比如也許能夠製造更多它們並提高它們的效率，顯然是為了建造 X 並讓 Gigafactory 和 3 上的長期領先產品。但到目前為止，看起來我們不需要籌集資金，也許直到 3.0 年才需要籌集資金。

But I should say, if there was something we could think of to spend money without being wasteful, which is quite hard, then we would do so. But right now, we're spending money about as fast as we can think of intelligent ways to spend money and not always being intelligent about it, of course.

但是我應該說，如果我們可以想到花錢而不浪費的東西，這很難，那麼我們會這樣做。但是現在，我們花錢的速度與我們能想到的明智的花錢方式一樣快，當然，並不總是對此很聰明。

Thanks, guys.

多謝你們。

Our next question comes from Ben Kallo with Robert Baird.

我們的下一個問題來自 Ben Kallo 和 Robert Baird。

The quick one is, on your production run rate at this point per week, where are you guys at kind of on a steady state basis, if that makes sense?

一個快速的問題是，根據您每週此時的生產運行率，你們在穩定狀態的基礎上處於什麼位置，如果這有意義的話？

I don't know if I should answer this question.

我不知道我是否應該回答這個問題。

I think we have complexities of production, so trying to give a number which is sort of indicative of anything on average probably doesn't make -- it's not relevant.

我認為我們的生產很複雜，所以試圖給出一個可以平均表示任何事物的數字可能不會產生 - 它不相關。

Let's just say that achieving 50,000 units of the Model S next year is going to be no problem.

這麼說吧，明年實現 5 萬輛 Model S 是沒有問題的。

That's better longer term.

從長遠來看，這更好。

And things do vary a little bit from week to week and obviously, if there are like holiday weeks and that kind of thing, then there are fewer cars made. But just say we feel like no problem to do 50,000 Model S next year.

而且每週的情況確實會有所不同，顯然，如果有像假期週之類的事情，那麼製造的汽車就會更少。但只是說我們覺得明年做 50,000 輛 Model S 沒有問題。

Got it. My bigger question is, Elon, over the past few calls and hate to bring up demand again, but just to get this out here, you estimate by region how big markets were. Could you give us an update as you guys' assessment evolves over time as well, China, North America, Europe? Then specifically in China, we hear a lot of different types of rumors about delivery issues in that market. Maybe give us an update on how big you think the market is for the S right now in each of those regions?

知道了。埃隆，我更大的問題是，在過去的幾個電話中，我討厭再次提出需求，但為了把它說出來，你按地區估計市場有多大。隨著你們對中國、北美、歐洲的評估隨著時間的推移而發展，您能否給我們提供最新信息？然後特別是在中國，我們聽到了很多關於該市場交付問題的不同類型的謠言。或許可以告訴我們您認為 S 目前在每個地區的市場有多大？

Right now is not -- as I was saying earlier, in China, we need to have more service centers, we need to have more super chargers, there are some local charging nuances that need to be sorted out. The delivery experience hasn't been always as good as we'd like it. Before one tries to scale up and put a ton of cars into the market, the infrastructure needs to be there.

現在不是——正如我之前所說，在中國，我們需要更多的服務中心，我們需要更多的超級充電站，還有一些地方充電的細微差別需要解決。交付體驗並不總是如我們所願。在嘗試擴大規模並將大量汽車推向市場之前，需要有基礎設施。

The Tesla infrastructure needs to be there to support it. So we're trying not to -- we're building that infrastructure very quickly. In fact, I've seen that our China team is building it out faster than any region that Tesla's gone into before. I think our China team's executing quite well in that regard. But still, there's a rate, a certain rate and do it right.

特斯拉基礎設施需要在那裡支持它。所以我們盡量不——我們正在非常快速地建立基礎設施。事實上，我已經看到我們的中國團隊建設速度比特斯拉之前進入的任何地區都要快。我認為我們中國隊在這方面的表現相當不錯。但是，仍然有一個速率，一定的速率，並且做對了。

How big do you think the market can be?

你覺得這個市場能有多大？

Like I said, feel very confident of 50,000 Model S vehicles a year. It's probably more than that, but that's the number we're confident of. There are obviously also macroeconomic factors of how is the given economy doing that we don't control. So it's difficult to make these predictions without also knowing what the macroeconomic climate's going to be in each of these countries. Except to say we think 50,000 next year is a pretty good number, even if the economy isn't great in certain parts of the world.

就像我說的，對每年 50,000 輛 Model S 車輛充滿信心。它可能不止於此，但這是我們有信心的數字。顯然，我們無法控制的特定經濟體表現如何的宏觀經濟因素。因此，如果不知道每個國家的宏觀經濟氣候將如何，就很難做出這些預測。除了說我們認為明年 50,000 是一個相當不錯的數字，即使世界某些地區的經濟並不好。

Thanks, guys.

多謝你們。

Our next question comes from Carter Driscoll with MLV.

我們的下一個問題來自於 MLV 的 Carter Driscoll。

In terms of the feature sets and the updates outside of the dual motor drive that you recently introduced, has there been anything that you've gotten really positive customer feedback, say, over the past 12 months that maybe you decided to incorporate in the Model X? Anything that surprised either negatively or positively?

就您最近推出的雙電機驅動器之外的功能集和更新而言，您是否得到了真正積極的客戶反饋，例如，在過去的 12 個月中，您可能決定將其納入模型中X？有什麼令人驚訝的負面或正面的事情嗎？

Are you asking -- sorry. Say that again.

你在問——對不起。再說一次。

Any of the incremental improvements you've made to the Model S over, say, the past 12 months that have really gotten positive customer feedback that you maybe were or were not going to incorporate in the X that have surprised?

例如，過去 12 個月以來，您對 Model S 所做的任何增量改進確實得到了積極的客戶反饋，您可能會或不會將這些反饋納入 X 中，這讓您感到驚訝？

There are a few things that are important, like we've made a pretty big improvement to the seat comfort. That's important, particularly the next generation seats that they can order with the P85 D. Those are a huge improvement. The sun visor. There's all these silly things that have -- the sun visor by the way will be offered to all existing Model S owners as well, because I think the sun visor we came out with in the beginning was not great.

有幾件事情很重要，比如我們對座椅舒適度進行了相當大的改進。這很重要，尤其是他們可以使用 P85 D 訂購的下一代座椅。這是一個巨大的改進。遮陽板。有所有這些愚蠢的東西——順便說一下，遮陽板也將提供給所有現有的 Model S 車主，因為我認為我們一開始推出的遮陽板並不好。

This one is actually bigger and properly blocks the sun, it's got a great mirror. Importantly, the [strident] sticker that is normally on sun visors has been minimized and moved to the left and no longer also includes the warning in French. That sticker drives me crazy. So it's a way better sun visor. But there's sort of steady stream of improvements. Is there anything you want to?

這個實際上更大，可以適當地遮擋陽光，它有一面很棒的鏡子。重要的是，通常在遮陽板上的 [刺耳] 貼紙已被最小化並移至左側，並且不再包含法語警告。那個貼紙把我逼瘋了。所以這是一個更好的遮陽板。但是有一種源源不斷的改進。你有什麼想做的嗎？

Wipers.

雨刷。

Wipers, yes, we've also improved the wipers. A car is just such a complex system. All of these things have to be. Oh, yes, the charge port door is now actuated with the cars going out. It will actuate open and closed. You don't forget to close your charge port door and then drive off with the charge port door open.

雨刷器，是的，我們還改進了雨刷器。汽車就是這樣一個複雜的系統。所有這些都必須是。哦，是的，充電端口的門現在隨著汽車的駛出而啟動。它將啟動和關閉。您不要忘記關閉充電端口門，然後在充電端口門打開的情況下開車。

It just sounds like steady state incremental improvements, nothing that really stands out. In terms of what you're talking about in terms of reducing the number of options on the Model S to ramp production, is that because you're pulling things in that are not going to be in the base price or is there certain options you're just no longer going to offer? Does that have any effect on the blend of the ASP going forward for 2015?

這聽起來像是穩態漸進式改進，沒有什麼真正突出的。就您所說的減少 Model S 上的選項數量以提高產量而言，是因為您正在拉入不屬於基本價格的東西，或者您是否有某些選項'只是不再提供？這對 2015 年 ASP 的混合有什麼影響嗎？

I think it's probably not going to have a big effect on the average sales price, but we have had to make some tough decisions on essentially having fewer versions of the Model S in order to streamline manufacturing and thus be able to ramp production better and have better control in logistics and not have like a million variations on the Model S. The dual motors, we're not going to produce the dual motor 60-kilowatt hour car at all.

我認為這可能不會對平均銷售價格產生太大影響，但我們不得不做出一些艱難的決定，基本上減少 Model S 的版本，以簡化製造，從而能夠更好地提高產量並擁有更好地控制物流，而且 Model S 沒有一百萬種變化。雙電機，我們根本不會生產雙電機 60 千瓦時的汽車。

We're not taking additional orders for the performance 85. We're only doing the performance 85 dual motor and we're cancelling green and brown as colors. These are a few examples. But this helps us streamline the manufacturing and supply chain logistics and enables us to better ramp production.

我們不接受性能 85 的額外訂單。我們只做性能 85 雙電機，我們取消了綠色和棕色作為顏色。這是幾個例子。但這有助於我們簡化製造和供應鏈物流，並使我們能夠更好地提高產量。

Okay.

好的。

Our next question comes from Colin Rusch with Northland Capital Markets.

我們的下一個問題來自 Northland Capital Markets 的 Colin Rusch。

Can you talk a little bit about expectations for OpEx spending and how we should think about incremental margins as we go forward with this 50% annual unit growth?

您能否談談對 OpEx 支出的預期，以及隨著我們以 50% 的年單位增長率向前發展，我們應該如何考慮增量利潤率？

I think you're referring more to 2015 here. I think it will be best if we wait until the next quarter's earnings call and provide better guidance on how 2015 outlook is.

我想你在這裡更多地指的是 2015 年。我認為最好等到下一季度的財報電話會議，並就 2015 年的前景提供更好的指導。

Actually, one thing I forgot that we should probably have had as a bullet point at the top of the shareholders letter, though, is in terms of GAAP gross margin, our GAAP gross margin in Q4 was 29.6%.

實際上，我忘記了一件事，我們可能應該在股東信的頂部有一個要點，但就 GAAP 毛利率而言，我們第四季度的 GAAP 毛利率為 29.6%。

Q3.

Q3。

Sorry, Q3. 29.6%. If you exclude all positive and negative one-time things, items, it's about 27%, which that's probably the more relevant number.

對不起，Q3。 29.6%。如果你排除所有正面和負面的一次性事物、項目，大約是 27%，這可能是更相關的數字。

That's also excluding ZEV credits, the way we report it normally.

這也不包括 ZEV 積分，我們通常報告它的方式。

To be precise, the 27% GAAP gross margin would be excluding all one-time stuff including ZEV credits. Sorry, no ZEV credits included in the 27%.

準確地說，27% 的 GAAP 毛利率將不包括所有一次性的東西，包括 ZEV 積分。抱歉，27% 中不包含 ZEV 積分。

To make it apples-to-apples from our prior reporting.

從我們之前的報告中做到這一點。

Right.

正確的。

Just a quick follow-up on the stationary energy storage, looking at the potential need for grid tide storage and your expertise with batteries, we're looking at something that could be 5% to 10% of total grid capacity globally, as well as looking at the emerging markets and needing micro grid solutions. As you guys are looking at spending money, obviously, you're involved here, how big an initiative is this for the Company at this point?

只是對固定式儲能的快速跟進，著眼於電網潮汐儲存的潛在需求和您在電池方面的專業知識，我們正在尋找可能佔全球電網總容量的 5% 到 10% 的東西，以及著眼於新興市場並需要微電網解決方案。當你們正在考慮花錢時，顯然，你們參與其中，這對公司來說有多大的主動性？

Stationary storage is pretty significant in the long term. It's a vital element for going to sustainable power generation. So we're currently assuming that somewhere around 30% or so of the Gigafactory output would be aimed at stationary storage. That's a rough guess. But one way or another, stationary storage is going to be a really huge thing that needs to be done.

從長遠來看，固定存儲非常重要。這是實現可持續發電的重要因素。因此，我們目前假設 Gigafactory 約 30% 左右的產出將用於固定存儲。這是一個粗略的猜測。但無論如何，固定存儲將是一件非常需要完成的事情。

It's definitely a very serious effort for us, but a lot of the work and a lot of the resources are complementary to what we're trying to do on the vehicle side. Reducing the cost of cells, increasing capacity of cells, improved power electronics, these things benefit all different products that we're building right now. So we have to be mindful of priorities, but there is a lot of synergy, which is part of why we're so aggressive.

這對我們來說絕對是一項非常認真的工作，但很多工作和大量資源與我們在車輛方面所做的工作相輔相成。降低電池成本、增加電池容量、改進電力電子設備，這些都有益於我們目前正在製造的所有不同產品。所以我們必須注意優先事項，但有很多協同作用，這也是我們如此激進的部分原因。

Are you guys seeing any changes on the horizon in terms of grid rules, in terms of frequency legislation, monetization, are you doing that kind of nitty gritty market research in certain geographies at this point?

你們是否看到電網規則、頻率立法、貨幣化方面即將發生的任何變化，你們目前是否在某些地區進行了那種細緻入微的市場研究？

We definitely are tracking a lot of different regions and it's very fragmented. But we don't really have a detailed proactive lobbying effort on this. We're talking to most of the grid operators and independent system operators and utilities. Right now, we're really focused on building products that meet needs that are here and now. There's plenty of opportunity there before anything actually changes.

我們肯定在跟踪很多不同的地區，而且非常分散。但我們並沒有對此進行詳細的積極遊說工作。我們正在與大多數電網運營商和獨立系統運營商和公用事業公司進行交流。現在，我們真正專注於打造滿足當下需求的產品。在任何事情真正發生變化之前，那裡有很多機會。

Great. Thanks a lot, guys.

偉大的。非常感謝，伙計們。

Our next question comes from James Albertine with Stifel.

我們的下一個問題來自 James Albertine 和 Stifel。

Really quickly, I'm sorry if I missed it, I dialed in a little bit late, but I wanted to talk about average transaction prices and also wait times on the ATP side. We can look at the deliveries and divide by the revenues and get to a number. I wanted to see how that progression was tracking intra-quarter and if there was any decision to bring all wheel drive, dual motors, and autonomous features forward versus prior expectations, given the spec that a lot of your customers were demanding at higher price points.

真的很快，如果我錯過了，我很抱歉，我有點晚了，但我想談談平均交易價格以及 ATP 方面的等待時間。我們可以查看交付並除以收入並得出一個數字。我想看看這一季度內的進展情況，以及是否有任何決定將全輪驅動、雙電機和自動駕駛功能與之前的預期相提並論，因為您的許多客戶要求更高的價格點.

Maybe that's another way to look at demand question, I guess, is my theory. Separately, just very quickly where are we wait times for the Model S today versus where we were sort of three months ago, just as a proxy? Thanks.

也許這是看待需求問題的另一種方式，我想，這是我的理論。另外，作為代理，我們今天的 Model S 等待時間與三個月前的等待時間相比在哪裡？謝謝。

On the average transaction prices, we're not seeing any significant changes from a content perspective as we look at Q3 versus prior quarters. Clearly, as we go forward, and the addition of dual motor is going to improve over average transaction price. However, when we look at international markets, as we talked earlier, the significant weakening of the European currencies is having an impact on our international average transaction price and it's lowering, in total, our average transaction price, slightly.

在平均交易價格上，從內容的角度來看，我們看第三季度與前幾個季度相比沒有看到任何重大變化。顯然，隨著我們的發展，雙電機的加入將提高平均交易價格。然而，當我們觀察國際市場時，正如我們之前所說，歐洲貨幣的顯著疲軟正在對我們的國際平均交易價格產生影響，總體而言，我們的平均交易價格略有下降。

Yes, because the euro dropped like 7% or something like that.

是的，因為歐元下跌了 7% 之類的。

Correct. Same thing with the Norwegian krone and the Swiss franc, they all were in the 7% to 8%. But not from a content perspective. The underlying fundamentals are good.

正確的。挪威克朗和瑞士法郎也是如此，它們都在 7% 到 8% 之間。但不是從內容的角度來看。基本面是好的。

Okay. Just the wait times?

好的。只是等待時間？

It depends on which version of the car that you get and where you are in the world because obviously, if you're not in the West Coast of the US, there's going to be a longer wait time to transport the car to wherever you are. So the wait times, right now, I think are anywhere from maybe six to seven weeks in the best case to four months.

這取決於您獲得的汽車版本以及您在世界上的哪個位置，因為顯然，如果您不在美國西海岸，那麼將汽車運送到您所在的任何地方都會有更長的等待時間.所以現在的等待時間，我認為可能是六到七週，最好的情況是四個月。

It sounds like that's been pretty static.

聽起來那是相當靜態的。

Yes, yes, no significant change there.

是的，是的，那裡沒有重大變化。

Very good. Thank you, gentlemen, again and good luck the next quarter.

很好。先生們，再次感謝你們，祝下個季度好運。

I just wanted to add that our $0.02 EPS in the quarter was clean. It includes all the one-time good news and bad news. So there's --

我只是想補充一點，我們本季度 0.02 美元的每股收益是乾淨的。它包括所有一次性的好消息和壞消息。所以有——

there's no asterisk.

沒有星號。

No, no asterisk to that. Right, thanks.

不，沒有星號。好的，謝謝。

Very good. Thanks.

很好。謝謝。

This ends the Q&A session for today. I'll turn it back to Jeff Evanson for closing remarks.

今天的問答環節到此結束。我將把它轉回給 Jeff Evanson 做結束語。

Okay. Thanks a lot, Patrick. Thank you, everybody, for joining us and Elon and the team thank you for being so generous with your time. Have a great day, everybody.

好的。非常感謝，帕特里克。感謝大家加入我們，Elon 和團隊感謝您對您的時間如此慷慨。祝大家有美好的一天。

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。