特斯拉 (TSLA) 2015 Q1 法說會逐字稿

Good day ladies and gentlemen, and thank you for standing by. Welcome to the Tesla Motors first-quarter 2015 financial results Q&A conference call.

女士們，先生們，美好的一天，感謝你們的支持。歡迎來到特斯拉汽車公司 2015 年第一季度財務業績問答電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, today's conference may be recorded. Now, my pleasure to turn the floor over to Jeff Evanson. Sir, floor is your's.

提醒一下，今天的會議可能會被記錄下來。現在，我很高興將發言權交給 Jeff Evanson。先生，地板是你的。

Thank you Hughie, and good afternoon everyone. Welcome to Tesla's first-quarter Q&A webcast.

謝謝 Hughie，大家下午好。歡迎收聽特斯拉第一季度問答網絡直播。

I'm joined today by Elon Musk, Tesla Chairman and CEO; JB Straubel, our CTO; and Deepak Ahuja, Tesla's CFO. We announced our financial and operational results today in a shareholder letter that is available at the same link as this webcast, And a replay of the webcast will be available later today at the same link.

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； JB Straubel，我們的首席技術官；和特斯拉首席財務官 Deepak Ahuja。我們今天在一封股東信中宣布了我們的財務和運營業績，該信函可在與本次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上提供。

The shareholder letter includes GAAP and non-GAAP financial results, as well as reconciliations between the two. Our non-GAAP measures add back deferred revenue and related expenses for cars delivered where cash has been or will very soon be collected.

股東信函包括 GAAP 和非 GAAP 財務業績，以及兩者之間的對賬。我們的非公認會計原則措施將遞延收入和相關費用加回已交付或即將收取現金的汽車。

These non-GAAP results also exclude stock-based comp and non-cash interest expense. Revenues and costs associated with cars leased directly through Tesla are treated the same in our GAAP and non-GAAP financial information.

這些非公認會計原則的結果也排除了基於股票的補償和非現金利息費用。與直接通過特斯拉租賃的汽車相關的收入和成本在我們的 GAAP 和非 GAAP 財務信息中的處理方式相同。

During our call we'll be discussing our business outlook and making other forward-looking statements which are based on our predictions and 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.

在我們的電話會議中，我們將討論我們的業務前景，並根據我們今天的預測和預期做出其他前瞻性陳述。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。

Now, Hughie, if we could please have the first question.

現在，Hughie，如果我們可以請您提出第一個問題。

(Operator Instructions)

（操作員說明）

Dan Galves, Credit Suisse.

丹·加爾維斯，瑞士信貸。

If we assume Model S volume of 50,000 in 2015, deliveries need to average over 14,000 per quarter in Q3 and Q4. What's the biggest challenge to get there, and do you have order rates today that support that level of volume in the back half?

如果我們假設 2015 年 Model S 的銷量為 50,000 輛，那麼第三季度和第四季度每季度的平均交付量需要超過 14,000 輛。實現這一目標的最大挑戰是什麼？您今天的訂單率是否支持後半部分的這種水平？

Yes, that's about right. Actually, with Model X production ramping up quite heavily in Q4, depending upon how that ramp goes, and obviously it's difficult to predict that with perfect clarity, but our volume essentially doubles in Q4. Depending upon how the ramp goes, I want to emphasize, sometimes people don't totally appreciate is that there are several thousand unique parts in a car. And if even one of those parts is not available for any reason, then you cannot ship -- you cannot scale production.

是的，這差不多。實際上，隨著 Model X 的產量在第四季度大幅增長，這取決於增長的方式，顯然很難完全清楚地預測這一點，但我們的產量在第四季度基本上翻了一番。我想強調，根據坡道的運行方式，有時人們並不完全理解汽車中有數千個獨特的零件。如果這些部件中的任何一個因任何原因都無法使用，那麼您就無法發貨——您無法擴大生產規模。

Essentially the production ramp goes according to the unluckiest and worst-performing supplier or part of Tesla. That said, we do expect to see a significant ramp in Q4 for the X. And have something that is may be as much as 2 times of the quarters in Q4.

從本質上講，生產坡道是根據最不幸和表現最差的供應商或特斯拉的一部分進行的。也就是說，我們確實預計 X 在第四季度會出現顯著增長。並且可能會達到第四季度季度的 2 倍。

As far as demand for that, we do not see that being a problem. There are huge advance orders for the X, and we see a steady climb in demand for the S.

就需求而言，我們認為這不是問題。 X 有大量的預購訂單，我們看到對 S 的需求穩步攀升。

Okay. Got it. Just a follow-up. You've improved the Model S a whole lot in the last couple of years. Does that make it easier to launch Model X at a high quality level? Does it allow you to move engineering and design resources toward Model 3 faster than you moved resources to Model X?

好的。知道了。只是一個後續。在過去的幾年裡，你們對 Model S 進行了很大的改進。這是否更容易以高質量水平推出 Model X？與將資源轉移到 Model X 相比，它是否能讓您更快地將工程和設計資源轉移到 Model 3？

Yes. In the case of the X, if the X ended up being a lot more different than the S than we originally anticipated, so that the development took a lot longer and we were distracted solving all sorts of issues with the S during that time, which made it difficult for us to allocate engineering resources to the X when there were issues to be solved with the S. I think we'll do a lot better with the X.

是的。以 X 為例，如果 X 最終與 S 的不同之處比我們最初預期的要大得多，那麼開發時間就會變得更長，並且在那段時間裡我們分心解決 S 的各種問題，這當 S 有問題需要解決時，我們很難將工程資源分配給 X。我認為我們會在 X 上做得更好。

We are paying close attention to some of the things that are different about the X to make sure that they are not an issue, particularly buckling door and the second row seats. I'm feeling pretty good about things.

我們正在密切關注 X 的一些不同之處，以確保它們不是問題，特別是扣門和第二排座椅。我對事情感覺很好。

Because that production ramp scales exponentially, depending upon where that exponential curve falls across a quarterly boundary can actually make quite a significant effect on the production and deliveries in that quarter. That's why it's a lot easier to predict the continuous than if it's discreet with arbitrary quarterly cutoffs.

因為產量增長呈指數增長，取決於指數曲線落在季度邊界的位置，實際上可能對該季度的生產和交付產生相當大的影響。這就是為什麼預測連續性比使用任意季度截止值謹慎得多的原因。

I really think the X is going to be -- it's really going to be a great car. I just drove the latest prototype today. And it was like, wow, this is by far the best SUV.

我真的認為 X 會是——它真的會是一輛很棒的車。我今天剛開了最新的原型車。就像，哇，這是迄今為止最好的 SUV。

Sounds good. Thank you.

聽起來不錯。謝謝你。

Go ahead, Hughie. Next question, please.

去吧，休伊。下一個問題，請。

John Lovallo, Bank of America Merrill Lynch.

美國銀行美林證券的約翰·洛瓦洛。

The first question is, do you guys earn four or nine ZEV credits per vehicle, and how many vehicles are participating in your battery swap beta program?

第一個問題是，你們每輛車能獲得 4 個或 9 個 ZEV 積分嗎？有多少輛車參與了你們的電池更換測試計劃？

The amount of credits, ZEV credits, we earn depends on the size of the pack. Different for what we are doing for the 60 versus 85, and now the new one is at 70.

我們獲得的積分、ZEV 積分的數量取決於包的大小。我們為 60 和 85 所做的不同，現在新的為 70。

That has been varying over time, the amount of ZEV credits we earn. I'll need to confirm that before I give the official number here.

隨著時間的推移，我們獲得的 ZEV 積分數量一直在變化。在我在這裡給出官方號碼之前，我需要確認一下。

The ZEV credits thing, it sort of moves things by like 2%. It's not super-material. I'm not sure what the point of your question is.

ZEV 歸功於事物，它使事物移動了大約 2%。它不是超級材料。我不確定你的問題的意義是什麼。

Here's the point of the question, is that assuming that you guys sell 10,000 vehicles in ZEV states this year, that would mean that you would need 400 program -- sorry, 400 vehicles involved in this battery swap program, if you assume that each of them swap 25 times each. A minimum of 400 vehicles. I'm just curious if there are 400 vehicles involved in the battery swap program.

問題的關鍵在於，假設你們今年在 ZEV 州銷售 10,000 輛汽車，這意味著您需要 400 輛計劃——抱歉，如果您假設每個他們每人交換 25 次。最少400輛。我只是好奇電池更換計劃是否涉及 400 輛汽車。

You do realize that ZEV credits don't sell for 100 cents for the dollar. They sell for like $0.50, or sometimes less. There are not always customers for the ZEV credits.

您確實意識到 ZEV 積分不會以 100 美分的價格出售。它們的售價約為 0.50 美元，有時甚至更低。 ZEV 積分並不總是有客戶。

I'm just asking about in terms of what you guys are actually earning per vehicle. Okay. And I guess the next question (multiple speakers)

我只是在詢問你們每輛車的實際收入。好的。我猜下一個問題（多位發言者）

How'd I do? Yes. And as more of our production goes overseas, obviously there are no ZEV states overseas. As our sales increase outside of California, also -- or Canada, those are not ZEV states. So this is like -- ZEV stuff is an increasingly small part of the picture over time.

我是怎麼做的？是的。隨著我們越來越多的生產流向海外，顯然海外沒有 ZEV 州。隨著我們在加利福尼亞以外的銷售量增加，或者加拿大，這些不是 ZEV 州。所以這就像 - 隨著時間的推移，ZEV 的內容越來越少。

Okay. That's fair. Go ahead.

好的。這還算公平。前進。

We do have hundreds of vehicles in the battery swap pilot program. It's not like 10 or something like that. It's hundreds of vehicles.

我們在電池更換試點計劃中確實有數百輛汽車。它不像10或類似的東西。這是數百輛汽車。

Yes. We're steadily increased the invitation list. We found that there is not a lot of interest in people doing pack swap. We make the invitations and we got a very small percentage that actually take us up on the invitation.

是的。我們正在穩步增加邀請名單。我們發現人們對交換包的興趣不大。我們發出邀請，我們得到的比例非常小，實際上是我們接受了邀請。

Right. No, the only point is that it has a difference of five ZEV credits per vehicle. That was the only point.

對。不，唯一的一點是每輛車有 5 個 ZEV 積分。那是唯一的一點。

Second question would be, and final question. There is some news report saying that Solar City has said they are not going to use the 7-kilowatt hour battery. In fact, I think there was a quote from a spokesman, whether it's true or not we don't know, saying that it doesn't make economic sense. Can you guys comment on that, please?

第二個問題是，也是最後一個問題。有新聞報導稱，太陽城已經表示他們不會使用 7 千瓦時的電池。事實上，我認為有一位發言人的一句話，不管是真是假，我們都不知道，說這在經濟上沒有意義。請大家對此發表評論好嗎？

Let me just talk more broadly about the response to the Powerwall and Powerpack because I think that's really the questions you should be asking. The response has been overwhelming, like, crazy.

讓我更廣泛地談談對 Powerwall 和 Powerpack 的反應，因為我認為這確實是您應該問的問題。反應是壓倒性的，就像，瘋狂。

In the course of less than a week, we've had 38,000 reservations for the Powerwall, 2500 reservations for the Powerpack. The Powerpack, it should be noted, typically this is brought by utilities or large industrial companies, for heavy industrial work.

在不到一周的時間裡，我們已經為 Powerwall 預訂了 38,000 個，為 Powerpack 預訂了 2500 個。應該注意的是，Powerpack 通常由公用事業公司或大型工業公司帶來，用於重工業工作。

Typically, Powerpack, it's at least 10 Powerpacks per installation. So if there's 2500 reservations, actually 25,000 Powerpacks.

通常，Powerpack 每次安裝至少需要 10 個 Powerpack。因此，如果有 2500 個預訂，實際上是 25,000 個 Powerpack。

Powerwall also is, we suspect, is probably an average of the number of Powerpacks is probably 1.5 to 2 per installation. 38,000 reservation is more like 50,000 or 60,000 actual Powerwalls.

我們懷疑，Powerwall 也可能是平均每個安裝的 Powerpack 數量可能是 1.5 到 2 個。 38,000 個預訂更像是 50,000 或 60,000 個實際 Powerwall。

So there is no way that we could possibly satisfy this demand this year. We are basically sold out through the middle of next year in the first week. It was just crazy.

所以今年我們不可能滿足這個需求。到明年年中第一周基本都賣光了。這簡直是瘋了。

We had 2500 requests from companies that want to distribute and install Powerwall and Powerpack. We can't even respond to them. We have to, like, triage our response to those who want to be a distributor. It's crazy off the hook. It seems to have gone super-viral.

我們收到了來自希望分發和安裝 Powerwall 和 Powerpack 的公司的 2500 個請求。我們甚至無法回應他們。我們必須對那些想成為分銷商的人進行分類。這是瘋狂的。它似乎已經成為超級病毒。

For the specific case of Solar City, what they are referring to is that there is two versions of the Powerwall. There's the daily cycling version and there is the power back-up version. One is energy optimized in one is daily cycling optimized.

對於Solar City的具體案例，他們指的是Powerwall有兩個版本。有日常騎行版和備用電源版。一種是能量優化，一種是日常騎行優化。

For the daily cycling optimized one, the economics, it is true in the US, with rare exceptions, are more expensive then utility. If somebody wants to do a daily cycling, basics, they go off-grid. It's going to be more expensive than being on-grid.

對於日常騎行優化，經濟學在美國確實如此，除了極少數例外，它比實用程序更昂貴。如果有人想每天騎自行車，最基本的，他們就會離網。這將比並網更昂貴。

This doesn't mean that people won't buy it, because there are people who want to go off grid on principle or they just want to be independent. That's what the Solar City comment is about.

這並不意味著人們不會買它，因為有些人想原則上脫離電網，或者他們只是想獨立。這就是太陽城評論的內容。

It might also be worth noting that Solar City doesn't yet operate in Europe. And the main target application for the daily cycling battery pack was actually -- were several markets not in the continental US, and particularly Germany and Australia are very strong markets where it does make economic sense today, based on the feed-in tariff and the electricity rate structures in those countries. Solar City's comments, I think, need to be put in the regional context.

值得注意的是，太陽能城尚未在歐洲運營。日常循環電池組的主要目標應用實際上是——不是美國大陸的幾個市場，特別是德國和澳大利亞是非常強大的市場，根據上網電價和這些國家的電價結構。我認為，Solar City 的評論需要放在區域背景下。

Solar City's only operating in the US. The Powerwall -- it will be available from Solar City and from other installers in both configurations. But if someone is doing a daily cycling application, they are doing it because they specifically want grid independence. There's some number of people who will want to do that, and that's good.

Solar City 僅在美國運營。 Powerwall - 可從 Solar City 和其他兩種配置的安裝程序處獲得。但如果有人在做一個日常騎行應用，他們這樣做是因為他們特別想要電網獨立性。有一些人願意這樣做，這很好。

It's also important to appreciate for, even to say the power backup systems so that you always have power in the event of power outage. Let's say that appeals to 2% of households in the US, or 1%. That is one million households. Like, is there one person in 100 care about having battery backup in the event of utility outage? Probably.

同樣重要的是要欣賞，甚至可以說備用電源系統，以便在停電時始終保持電力供應。假設這對美國 2% 的家庭或 1% 的家庭有吸引力。那是一百萬個家庭。比如，100 個人中是否有一個人關心在公用事業停電時是否有備用電池？大概。

We couldn't even support a small fraction of that right now. So its kind of a moot point.

我們現在甚至無法支持其中的一小部分。所以這是一個有爭議的問題。

Okay. John, I hope that answers your questions. Hugh, I guess we're ready for the next question, then.

好的。約翰，我希望能回答你的問題。休，我想我們已經準備好回答下一個問題了。

Andrea James, Dougherty & Company.

安德里亞詹姆斯，多爾蒂公司。

Just to build on the Tesla energy conversation. What are your revenue and gross margin targets on that business? How do we look at the 2015 ramp?

只是建立在特斯拉能源對話的基礎上。您對該業務的收入和毛利率目標是多少？我們如何看待 2015 年的坡道？

The gross margin revenue obviously is going to change with time. When it's low volume, made in three months, it will be relatively low margin.

毛利率顯然會隨著時間而變化。當它在三個月內生產的低產量時，它的利潤率將相對較低。

Once we get to Gigafactory up and running and high-volume, get the economies of scale working, this is just a guess right now, but maybe it's somewhere around 20%. This is not like -- it's like we don't have enough information to say exactly what that would be, but probably 20% is a reasonable guess.

一旦我們讓 Gigafactory 啟動並運行並大批量生產，讓規模經濟發揮作用，這現在只是一個猜測，但可能在 20% 左右。這不像 - 就像我們沒有足夠的信息來確切地說那會是什麼，但可能 20% 是一個合理的猜測。

In terms of volume, we are going to try to scale it as fast as we can -- as the slowest manufacturing constraint. It's easier to say what's the long term without saying exactly which quarter is it going to be in? I don't know.

在數量方面，我們將盡可能快地擴大規模——作為最慢的製造限制。更容易說什麼是長期，而不確切地說它會在哪個季度？我不知道。

I think we'll see demand for stationary storage, as measured in megawatt hours or gigawatt hours, to be approximately double that of the car. That's our best guess for long-term demand. Yes.

我認為我們將看到以兆瓦時或千兆瓦時為單位的固定存儲需求大約是汽車的兩倍。這是我們對長期需求的最佳猜測。是的。

How do we think about your capacity, or even your cost per kilowatt hour, because it's different than a car, right? The duty load is way different for a stationary storage application. Could you just educate us a little bit on how we look at analyzing that business and the difference between that and the energy needs of the car business per pack?

我們如何看待您的容量，甚至每千瓦時的成本，因為它與汽車不同，對吧？固定式存儲應用的工作負載是不同的。您能否就我們如何分析該業務以及該業務與每包汽車業務的能源需求之間的差異來教育我們一點？

There is two applications which are quite different. One is backup power, or peak-up -- the equivalent, on a utility scale of like a peaker plant, which is a high-energy application. And there is the daily cycler application. There are different chemistries, depending upon what you have.

有兩個完全不同的應用程序。一個是備用電源，或調峰 - 相當於公用事業規模的調峰電站，這是一種高能量應用。還有日常循環器應用程序。有不同的化學物質，這取決於你有什麼。

The backup power chemistry is quite similar to the car, which is a nickel [cobalt aluminum] or a cap load. The daily cycling control constituent is nickel manganese cobalt. It's quite a lot of manganese in there.

備用電源的化學成分與汽車非常相似，都是鎳 [鈷鋁] 或容量負載。日常循環控製成分是鎳錳鈷。裡面有很多錳。

One is meant for, call it maybe 60 or 70 cycles per year. And the other one is meant for daily cycling -- daily deep cycling, so it's 365 cycles a year.

一個是為了，稱之為每年 60 或 70 個週期。另一個用於日常騎行——每天深度騎行，所以一年有 365 次騎行。

The daily cycler one, we expected to be able to daily cycle for something on the order of 15 years. Obviously warranty period would be a little bit less than that. We expected to be something that's in the 5000-cycle range capability.

每日循環器一，我們預計能夠每天循環大約 15 年。很明顯，保修期會比那個少一點。我們希望能夠達到 5000 次循環的能力。

Whereas the high-energy pack is more like around the maybe, depending on how it's used, anywhere from 1000 to 1500 cycles. That's -- they have comparable to calendar lives.

而高能電池組更像是大約 1000 到 1500 個循環，這取決於它的使用方式。那是 - 他們有可比的日曆生活。

Now for the high-energy one, it's important to appreciate that this is actually -- has a lot of interest from utilities because utilities have to maintain these things called peaker plants, and when there is a sharp increase in usage. You can imagine the highest energy day in California on a hot summer day where there's a heat wave, the energy consumption there is very high compared to a pleasant spring night where nobody's air-conditioning or heating is on, or for very little and commerce is not happening and people are asleep and lights are off.

現在對於高能設備，重要的是要認識到這實際上是公用事業公司非常感興趣的，因為公用事業公司必須維護這些稱為峰值植物的東西，並且在使用量急劇增加時。你可以想像加州在炎熱的夏日里能量最高的一天，那裡有熱浪，與沒有空調或暖氣的宜人春夜相比，那裡的能源消耗非常高，或者很少有人開著商業。沒有發生，人們睡著了，燈也關了。

That can be a huge delta. Depending upon the situation, it can be anywhere from a 5 to 10 times difference. Having a battery pack that can take out those very weird sharp peaks, like the heat wave day. You can either have a battery pack, which requires basically no maintenance and doesn't require fuel, and it's going to peak shave those troublesome days. Or you can have a power plant that requires fuel and maintenance and it's always got to be maintained and gets -- it takes time. You can't just start it up in three seconds; you've got to let it have a bit of notice.

這可能是一個巨大的增量。視情況而定，它可能相差 5 到 10 倍不等。有一個電池組可以消除那些非常奇怪的尖峰，比如熱浪日。你可以有一個電池組，它基本上不需要維護，也不需要燃料，而且它會在那些麻煩的日子裡調峰。或者你可以擁有一個需要燃料和維護的發電廠，它總是需要維護和獲取——這需要時間。您不能只在三秒鐘內啟動它；你必須讓它有一點注意。

The high-energy pack is actually very economically competitive in those sorts of situations. The high cycling pack is really great for if you've got some sort of wind or solar situation, that's where the high cycling one is really great on the utility scale.

在這種情況下，高能電池組實際上在經濟上非常具有競爭力。如果您有某種風能或太陽能情況，那麼高騎行包真的很棒，這就是高騎行包在公用事業規模上非常棒的地方。

I should say we expect most of our stationary storage sales to be at the utility or heavy industrial scale. It's probably, again just a guess because early days, 5 to 10 times more megawatt hours will be deployed at the utility and heavy industrial scale then at the consumer scale.

我應該說，我們預計我們的大部分固定式存儲銷售將處於公用事業或重工業規模。這可能只是一個猜測，因為早期，公用事業和重工業規模部署的兆瓦時數將是消費者規模的 5 到 10 倍。

So, the Powerpack would be the one that is the heavy duty, the big production sales one, not so much the Powerwall. Powerwall is great, but it's, like I said, it's probably only 10% or 20% the size of the Powerpack demand.

因此，Powerpack 將是重型、大批量生產的一種，而不是 Powerwall。 Powerwall 很棒，但就像我說的那樣，它可能只有 Powerpack 需求規模的 10% 或 20%。

Maybe one point on the cost structure. There's definitely a lot of commonality in the supply chain, and even the manufacturing base on how we do the modules themselves, for the Tesla Energy products along with the vehicle products.

也許是成本結構上的一點。對於特斯拉能源產品和汽車產品，供應鏈，甚至是我們如何自己製造模塊的製造基地，肯定有很多共性。

As we ramp up production on the Tesla Energy products, there definitely are benefits to the vehicle costs of energy storage, from scale and from generally moving more material and kilowatt hours through that whole chain. Both business benefits each other.

隨著我們提高特斯拉能源產品的產量，儲能的車輛成本肯定會從規模和通過整個鏈條移動更多的材料和千瓦時的成本中受益。兩家企業互惠互利。

Clearly given the very high demand that we are seeing for Tesla Energy products, we're actually trying to figure out if we can go from our current production target of 35-megawatt hours at the cell level and 50 at the pack level in our Nevada plant to maybe 50% more than that, or even higher. Because just the sheer volume of demand here is just staggering. We could easily have the entire Gigafactory just do stationary storage.

顯然，鑑於我們看到的對特斯拉能源產品的非常高的需求，我們實際上正試圖弄清楚我們是否可以實現我們目前在內華達州的電池級 35 兆瓦時和電池組級 50 兆瓦時的生產目標工廠可能比這多 50%，甚至更高。因為這裡的需求量是驚人的。我們可以很容易地讓整個 Gigafactory 只做固定存儲。

Right. So you have some capacity. I think you said maybe 15% of your capacity might be reserved for stationary storage. Maybe I read that in an article somewhere, I'm not sure.

對。所以你有一些能力。我想你說可能有 15% 的容量可能被保留用於固定存儲。也許我在某處的文章中讀到過，我不確定。

15 gigawatt hours, or one-third of the 50 gigawatt hours that targeted at the pack level. 15% is 15 gigawatt hours, or roughly 30%.

15 吉瓦時，或以電池組為目標的 50 吉瓦時的三分之一。 15% 是 15 吉瓦時，或大約 30%。

Okay. You might add, now, you're looking at doing another 50%, and growing the capacity 50%. You have the space, I guess, there in Nevada to do that?

好的。您可能會添加，現在，您正在考慮再做 50%，並將容量增加 50%。你有空間，我猜，在內華達州那裡可以做到這一點？

We do. I don't want to make that a prediction. That seems like the thing we should do, so we're investigating that. It seems like the logical thing to do. So we are going to try to do that.

我們的確是。我不想做出這樣的預測。這似乎是我們應該做的事情，所以我們正在調查。這似乎是合乎邏輯的事情。所以我們將嘗試這樣做。

We're fairly confident at this point, like I said, that the entire Gigafactory output could just do stationary storage. Then it's like, wow okay. But we need to make cars, too. We just try to make the factory bigger.

就像我說的那樣，我們在這一點上相當有信心，整個 Gigafactory 的輸出都可以做固定存儲。然後就像，哇，好吧。但我們也需要製造汽車。我們只是想把工廠做大。

That's the total logic. (laughter) It's not more complicated than that.

這就是總的邏輯。 （笑聲） 沒有比這更複雜的了。

But given the choice between making -- sorry, and then I'll get off. Thank you so much for your time. But given the choice between making a pack for a car and making a pack for a stationary storage application, how do you pick which one gets the priority?

但考慮到在做出——對不起，然後我會下車之間做出選擇。非常感謝您的參與。但是，考慮到為汽車製造包裝和為固定存儲應用製造包裝之間的選擇，您如何選擇哪一個獲得優先權？

Well, I guess we'd pick cars, because we've got this whole other plant here in Fremont making cars. Cars would get the priority.

好吧，我想我們會選擇汽車，因為我們在弗里蒙特有另外一家工廠在生產汽車。汽車將獲得優先權。

Yes, that would be the logical priority. It really feels like, man, the stationary storage demand is just nutty worldwide, it's just crazy.

是的，這將是合乎邏輯的優先級。感覺就像，伙計，全球範圍內的固定存儲需求簡直是瘋了，簡直太瘋狂了。

Great. Thank you.

偉大的。謝謝你。

Hughie, we actually have a question e-mailed in from one of the analysts that is out of the country. I will read those next. We'll start with the energy storage questions.

Hughie，我們實際上有一個來自國外的分析師通過電子郵件發送的問題。接下來我會讀那些。我們將從儲能問題開始。

Guys, do our years in R&D work in vehicle batteries contribute benefits into this Tesla Energy business? Whereas we've drawn some learnings from the vehicle business for Tesla Energy?

伙計們，我們多年來在汽車電池方面的研發工作是否為特斯拉能源業務帶來了好處？而我們從特斯拉能源的汽車業務中吸取了一些經驗教訓？

We learned a lot about battery packs, obviously, and how to make them and have them last for a long time and work in high temperature ranges and that kind of thing. I think there are a few points of clarification that should be made regarding the Powerwall, Because a lot of people confused about the whole inverter issue.

顯然，我們學到了很多關於電池組的知識，以及如何製造它們並讓它們持續很長時間並在高溫範圍內工作等等。我認為應該對 Powerwall 進行一些澄清，因為很多人對整個逆變器問題感到困惑。

The Powerwall does include a DC-to-DC inputter that can interface directly with a solar panel installation. If somebody has a solar panel installation, they already will have a DC-to-AC converter for the solar panel system. No incremental DC-to-AC inverter is needed.

Powerwall 確實包含一個 DC-to-DC 輸入器，可以直接與太陽能電池板裝置連接。如果有人安裝了太陽能電池板，他們已經為太陽能電池板系統安裝了 DC-AC 轉換器。不需要增量直流到交流逆變器。

In some of the analyses we've seen online, by people who think they're experts, they don't seem to realize that there is a DC/DC inverter. We haven't been, I guess, quite clear about that, which we need to be.

在我們在網上看到的一些分析中，自認為是專家的人似乎沒有意識到有 DC/DC 逆變器。我想，我們還沒有很清楚這一點，這是我們需要的。

If you already have a solar installation or you're going to get one, the AC inverter is already there. That's an important point in considering the cost of the system.

如果您已經安裝了太陽能裝置或者您將要安裝一個，那麼交流逆變器已經在那裡了。這是考慮系統成本的重要一點。

Then the operating temperature, it's actually capable of operating at a much wider band of temperature. We've got to fix that specification that's stated on the website.

然後是工作溫度，它實際上能夠在更寬的溫度範圍內工作。我們必須修復網站上所述的規範。

In general, most of the learnings from the car R&D and engineering carry over. It's part of why we can do this so quickly.

一般來說，從汽車研發和工程中學到的大部分知識都會延續下來。這也是我們能夠如此迅速地做到這一點的部分原因。

We knew where the car works, the pack would work. The car works pretty much everywhere. In fact, it does work everywhere. The pack will work everywhere, obviously.

我們知道汽車在哪里工作，背包可以工作。這輛車幾乎無處不在。事實上，它在任何地方都有效。很明顯，這個包在任何地方都可以使用。

If anything, it's quite over-engineered for a battery pack that doesn't have to move and gets mounted on your wall. I think that's going to be a great benefit for reliability and longevity of the pack.

如果有的話，對於不必移動並安裝在牆上的電池組來說，它的設計已經過時了。我認為這將對電池組的可靠性和使用壽命大有裨益。

Then one for Deepak. Would you be willing to provide any breakdown of the capital -- the CapEx spending in Q1?

然後一個給迪帕克。你願意提供任何資本明細——第一季度的資本支出嗎？

The CapEx spending was primarily driven by the capacity expansion that we're doing for Model X, including the tooling spend. Then of course we are putting in the new paint shop, which is a very significant investment. That will be ready in Q3.

資本支出支出主要是由我們為 Model X 進行的產能擴張推動的，包括工具支出。當然，我們正在建造新的油漆車間，這是一項非常重要的投資。這將在第三季度準備就緒。

Then we have also had investments in the Gigafactory and our sales and service network. That's probably the order in which we've been spending.

然後，我們還對 Gigafactory 以及我們的銷售和服務網絡進行了投資。這可能是我們一直花費的順序。

Great. Thank you. Okay, Hughie, let's go back to the queue, please.

偉大的。謝謝你。好的，Hughie，讓我們回到隊列中，拜託。

Colin Lang, UBS.

科林朗，瑞銀。

My first question, staying on the stationary storage topic. How do you view the -- you mention there is two different chemistries. How does that work with the Gigafactory?

我的第一個問題，停留在固定存儲主題上。您如何看待-您提到有兩種不同的化學物質。這如何與 Gigafactory 一起工作？

Does that require all separate lines? Is there any more complexity? Is it all within the same facility? How do you view your chemistries versus other competitive options out there, there are other people who are bullish on things like [Sanken], other more basic chemistry?

這是否需要所有單獨的行？有沒有更複雜的？都在同一個設施內嗎？您如何看待您的化學與其他競爭選擇，還有其他人看好 [Sanken] 之類的東西，其他更基本的化學？

They could still both be built in the Gigafactory. We have multiple lines operating in the Gigafactory. If one line is building nickel cobalt aluminum chemistry and another is building nickel manganese cobalt, that still works just fine. A lot of the cell assembly and then the processes that happen after that are almost identical.

它們仍然可以在 Gigafactory 中建造。我們在 Gigafactory 擁有多條生產線。如果一條生產線正在生產鎳鈷鋁化學，另一條生產線正在生產鎳錳鈷，那仍然可以正常工作。很多電池組裝以及之後發生的過程幾乎相同。

They look the same at the module impact level. You can't really tell just by looking at them. It's the internal chemical constituents.

它們在模塊影響級別上看起來相同。你不能僅僅通過看它們來判斷。是內部的化學成分。

If you think of the -- right down the palm, the cell is a chemical engineering problem. It's like a little can of chemicals. And then the module and pack problem is mechanical engineering, electrical engineering and software engineering problem.

如果你想到——就在手掌下方，細胞是一個化學工程問題。這就像一小罐化學品。然後模塊和包問題是機械工程、電氣工程和軟件工程問題。

If you have a small number of cells, then as an overall engineering problem, it's mostly about the cell. Once you have a lot of cells, than the intellectual property challenge -- the intellectual challenge becomes more at the mechanical, electrical and software level, which is where Tesla does quite well.

如果你有少量的細胞，那麼作為一個整體的工程問題，它主要是關於細胞的。一旦你擁有大量電池，就會面臨知識產權挑戰——智力挑戰更多地出現在機械、電氣和軟件層面，而特斯拉在這方面做得很好。

That's way don't really see -- nobody else has a pack like ours. The cells are relatively generic. The module and pack is not.

那是真的看不到 - 沒有其他人有像我們這樣的包。單元格相對通用。模塊和包不是。

We've looked at pretty much every chemistry couple that could possibly be relevant for this and are confident that what we are using is going to be the best. If there's something better, we can also adjust and change over time. There's a lot of flexibility.

我們已經研究了幾乎所有可能與此相關的化學對，並相信我們使用的將是最好的。如果有更好的東西，我們也可以隨著時間的推移進行調整和改變。有很大的靈活性。

I'm not sure if the exact (inaudible) would be, if you look at a laptop, and you can say, a laptop's really just like a Intel CPU and some micro and DRAM chips. Big deal.

我不確定是否確切（聽不清），如果你看一下筆記本電腦，你可以說，筆記本電腦真的就像英特爾 CPU 和一些微型和 DRAM 芯片。大不了。

(Laughter) what is any computer company actually doing? They are doing a lot.

（笑聲）任何計算機公司實際上在做什麼？他們正在做很多事情。

What do you view as your competitive edge? It sounds like you think it is the software and electronic integration, the competitive advantage. In your presentation you actually mention you encourage other companies that build -- to the market, as well.

你認為你的競爭優勢是什麼？聽起來您認為這是軟件和電子集成的競爭優勢。在您的演講中，您實際上提到您鼓勵其他公司也建立市場。

I think in terms of the electrical engineering, the mechanical, the software and the overall aesthetics, and having something that really just works and is easy for consumers and utilities and large industrial applications to just order and it just works, and it's just is there as a fully integrated system. That's the value that Tesla's adding.

我認為就電氣工程、機械、軟件和整體美學而言，擁有真正有效且易於消費者、公用事業和大型工業應用程序訂購且有效的東西，它就在那裡作為一個完全集成的系統。這就是特斯拉增加的價值。

I think there's also substantial benefit to the track record of the automotive fleet. That's something that a lot of the newer start-up companies or different technologies in this space really struggle with, especially in the utility application where you need to be sure it's going to work for 15-plus years. We have a sense of scale and a great track record on the vehicle fleet that you can really pull from data and pull data from, and understand how it's going to work.

我認為汽車車隊的業績記錄也有很大的好處。這是該領域許多較新的初創公司或不同技術真正難以解決的問題，尤其是在您需要確保它能夠工作 15 年以上的公用事業應用程序中。我們對車隊有規模感和良好的記錄，您可以真正從數據中提取數據並從中提取數據，並了解它是如何工作的。

I shouldn't say like we are wedded to a particular chemistry or anything like that. We just want to use the best chemistry. Whatever little can that contains the cathode and anode and separator and electrolyte, whatever the best constituents of that can are, that's what we'll want to use.

我不應該說我們被某種特定的化學反應或類似的東西所束縛。我們只想使用最好的化學反應。無論包含陰極和陽極以及隔膜和電解質的小罐子，無論罐子的最佳成分是什麼，這都是我們想要使用的。

We'd love it if someone could come up with a better internal chemistry for the cell. It's worth noting, like, nobody has sent us anything, a sample cell that's better than the cell we're producing, or something that we will produce in the Gigafactory.

如果有人能為細胞提出更好的內部化學，我們會很高興。值得注意的是，沒有人寄給我們任何東西，一個比我們正在生產的電池更好的樣品電池，或者我們將在 Gigafactory 中生產的東西。

We'd love it if somebody would do that. They just haven't. So there's al these things which are big on promise and short on delivery when it comes to battery chemistry.

如果有人會這樣做，我們會很高興。他們只是沒有。因此，在電池化學方面，所有這些事情都承諾很大，但交付時間很短。

It's just a real hard problem. Hardly a week goes by that there's not some alleged breakthrough in batteries. What they'll do is they'll cite the power but not the energy, or they'll forget to mention that it only lasts for 50 cycles, or uses an incredibly exotic raw materials.

這只是一個真正的難題。幾乎一周過去了，電池方面沒有所謂的突破。他們會做的是他們會引用能量而不是能量，或者他們會忘記提及它只能持續 50 個週期，或者使用非常奇特的原材料。

Or one component out of the battery pulled separately.

或者單獨拉出電池中的一個組件。

Yes, exactly. It's not like the full picture. It's not like we don't want a better chemistry to exist than what we're using. We would love it if there was such a thing, and I'm sure there will be improvements over time. We'll implement them as soon as they are remotely production-ready.

對，就是這樣。這不像是全貌。這並不是說我們不希望存在比我們正在使用的更好的化學物質。如果有這樣的事情，我們會很高興，而且我相信隨著時間的推移會有改進。我們將在遠程生產就緒後立即實施它們。

Thanks for the color. Just one last final question. Any color on -- a financial question -- other expenses is up quite a bit. It was $22.3 million. What was really just driving that in the quarter?

謝謝你的顏色。最後一個問題。任何顏色 - 一個財務問題 - 其他費用都會增加很多。這是2230萬美元。是什麼真正推動了這一季度的發展？

That was essentially, revaluation of primarily our foreign currencies that we had at the end of the quarter. The dollar was pretty clearly strong against foreign currencies there.

從本質上講，這主要是對我們在本季度末擁有的外幣進行重估。美元兌那裡的外幣顯然很強勁。

It's also, in most cases, unrealized losses. As the currency moves in Q2 in different directions, that could have an impact, as well. A positive impact, is what I'm --

在大多數情況下，這也是未實現的損失。隨著貨幣在第二季度向不同方向移動，這也可能產生影響。一個積極的影響，就是我——

Okay. So we should consider most of those one-time in nature, because of FX, balance sheet FX?

好的。所以我們應該考慮大多數一次性的，因為外匯，資產負債表外匯？

Yes. They are not related directly to our operations. It's simply the revaluation of our currencies into Company items.

是的。它們與我們的運營沒有直接關係。這只是將我們的貨幣重估為公司項目。

Okay. Thank you very much.

好的。非常感謝你。

Rod Lache, Deutsche Bank.

德意志銀行的羅德·拉什。

Couple of questions on stationary storage first. One is it seems like utilities move quite a bit slower than other markets. I was wondering when you are thinking about the expectations for the trajectory of growth, if you had the capacity today, how long do you think it would take for you to get to that 15-gigawatt hours?

首先是關於固定存儲的幾個問題。一是公用事業的發展似乎比其他市場慢得多。我想知道當你在考慮對增長軌蹟的期望時，如果你今天有能力，你認為你需要多長時間才能達到 15 吉瓦時？

Also related to this business, it seems like you're using third-parties for most of the distribution installation. If you achieved maybe a 20% gross margin, can you pass along any thoughts on how we should be thinking in terms of SG&A is allocated?

也與此業務相關，您似乎在使用第三方進行大部分分發安裝。如果您的毛利率可能達到 20%，您能否就我們應該如何考慮 SG&A 的分配提出任何想法？

I think it's pretty early days. We are being super speculative at this point.

我認為現在還很早。在這一點上，我們是超級投機的。

Maybe one point on the distributors is we're only focusing on that approach for Powerwall, in most cases. So with utilities, we are building those relationships directly.

也許分銷商的一點是，在大多數情況下，我們只關注 Powerwall 的這種方法。因此，對於公用事業，我們正在直接建立這些關係。

It's not something that is really effective to go through a distribution channel, and it's something we've also been doing for a number of years. It didn't just start last Thursday.

通過分銷渠道並不是真正有效的事情，這也是我們多年來一直在做的事情。它不僅僅是上週四開始的。

We've built these relationships partially through vehicle infrastructure and charging questions and back and forth, super-charging as well. There's actually quite a lot of trust built between Tesla and many of the utility companies, which is very helpful to grow that business faster.

我們已經部分通過車輛基礎設施和充電問題以及來回和超級充電建立了這些關係。實際上，特斯拉與許多公用事業公司之間建立了相當多的信任，這對於更快地發展該業務非常有幫助。

Thanks. A clarification on the comment about the fact that a DC/AC inverter is already there for solar. Does the fact that it needs to be bidirectional change the nature of the cost, or not really?

謝謝。澄清關於 DC/AC 逆變器已經用於太陽能這一事實的評論。它需要雙向的事實是否改變了成本的性質，或者不是真的？

No, not in most cases. Because if you already have solar, typically the energy to charge the battery can come from the solar panel. I think maybe one way to think of it is if the battery pack, the Powerwall with it's internal DC-to-DC converter, it can act much like a solar panel.

不，在大多數情況下不是。因為如果您已經擁有太陽能，通常為電池充電的能量可以來自太陽能電池板。我想也許一種思考方式是，如果電池組，帶有內部 DC-DC 轉換器的 Powerwall，它可以像太陽能電池板一樣工作。

It can match voltage with the solar panel array, and it can feed power back into that. The existing inverter doesn't particularly see a big change.

它可以與太陽能電池板陣列匹配電壓，並且可以將電力回饋到其中。現有的逆變器並沒有特別大的變化。

Okay. Got it. On the auto business, do you have any preliminary expectations on the mix of the 70D versus 85? Any thoughts on how that affects margins?

好的。知道了。在汽車業務方面，您對 70D 和 85 的組合有什麼初步預期嗎？關於這如何影響利潤率的任何想法？

Lastly, a question for Deepak. In the past we were able to look at your supplemental information on leasing where you disclose the value of the leases delivered and the value that you are booking this at on the balance sheet, which is presumably your cost. And it sort of approximated your gross margins, but this quarter when you do the math, the implied margins were something like 44%, not like 29%, 30%. Is there something unusual there?

最後，提帕克的問題。過去，我們能夠查看您關於租賃的補充信息，其中您披露了已交付租賃的價值以及您在資產負債表上預訂的價值，這可能是您的成本。它有點接近你的毛利率，但是當你計算這個季度時，隱含的利潤率大約是 44%，而不是 29%、30%。那裡有什麼不尋常的地方嗎？

I will answer the second one. No, there's nothing unusual in those numbers. As the overall -- what you're seeing in the supplementary information is the new cars we've delivered.

我會回答第二個。不，這些數字沒有什麼不尋常的。總體而言，您在補充信息中看到的是我們交付的新車。

What's coming through ultimately is the cumulative impact of all of the leasings that we have done. But to my knowledge, there's nothing else unusual.

最終發生的是我們所做的所有租賃的累積影響。但據我所知，沒有其他不尋常的地方。

Okay. It seems like a pretty high margin, though, when you look at it that way. Anything on the mix, 70D versus 85?

好的。但是，當您這樣看時，這似乎是一個相當高的利潤。 70D 和 85 有什麼不同嗎？

It's still pretty early to be predicting mix because you have to distinguish between what initial demand versus sustained demand. It looks like there maybe going to be comparable number of 70s versus 85s. But this is difficult to -- this is extrapolating on very little information.

現在預測組合還為時過早，因為您必須區分初始需求和持續需求。看起來 70 年代和 85 年代的數量可能相當。但這很難——這是根據非常少的信息進行推斷的。

I think a key point I should make before this call ends is we really optimizing -- at this point, going forward, we are to be optimizing for the operational efficiency of the Company as opposed to specific quarters. This is -- I feel like what we've done in the past where we've really had to scramble at the end of quarters, and sometimes have not a great customer experience at the end of quarters, it's not really the right thing for the Company.

我認為在這次電話會議結束之前我應該提出的一個關鍵點是我們真正優化——在這一點上，展望未來，我們將針對公司的運營效率而不是特定季度進行優化。這是 - 我覺得我們過去所做的事情，我們真的不得不在季度末爭先恐後，有時在季度末沒有很好的客戶體驗，這不是真正正確的事情公司。

So we are going to be operating more for steady-state efficiency. And that means the quarterly fluctuations could be a little higher. But in the long-term, it will be better. That's an important consideration.

因此，我們將更多地運行以實現穩態效率。這意味著季度波動可能會更高一些。但從長遠來看，它會更好。這是一個重要的考慮因素。

Also unlike other car companies, Tesla's sales are only recognized when they arrive at the end customer and we've received payment and all the regulatory docs have been processed and all that. Our sales are always true sales. They're not sales to the channel.

與其他汽車公司不同的是，特斯拉的銷售只有在到達最終客戶並且我們已經收到付款並且所有監管文件都已處理等等時才會得到認可。我們的銷售始終是真正的銷售。他們不是對渠道的銷售。

In other words, other car companies are -- their sales to the channel. So it's possible for them to make numbers work where they're selling to their channel as opposed to end customers. In our case, it's always end customers.

換句話說，其他汽車公司是——他們的銷售渠道。因此，他們有可能使數字在他們向渠道而非最終客戶銷售的地方發揮作用。在我們的案例中，它始終是最終客戶。

As we are shipping to Asia and Europe and across the US, it's fairly easy for there to be a plus/minus 5% difference in deliveries, just due to logistics issues. It's not a huge variation, plus/minus 5%. That's kind of like -- if a ship is late or early, it can affect -- it could be 500 cars that are affected. That's 5%, which we've seen in the past.

由於我們要運送到亞洲和歐洲以及美國各地，因此很容易因為物流問題而在運送中出現正負 5% 的差異。這不是一個巨大的變化，加/減 5%。這有點像——如果一艘船遲到或早到，它會影響——可能有 500 輛汽車受到影響。那是 5%，這是我們過去看到的。

That's an important thing to bear in mind. The number that's much controllable for us is the production number.

記住這一點很重要。對我們來說非常可控的數字是生產數量。

Our production predictions are -- for the vehicles are, at least for the Model S, not so much for a new vehicle but for existing vehicle, our production predictions are a lot more controllable. And as people at this point realize, the demand is different from production. Our cars are almost all ordered in advance.

我們的生產預測是——對於車輛，至少對於 Model S，不是新車而是現有車輛，我們的生產預測更加可控。正如人們此時意識到的那樣，需求與生產不同。我們的汽車幾乎都是提前訂購的。

We really don't see any demand issue. You can see that by delivery times of the cars on our website. Some of these people will interpret a quarterly delivery number as somehow being related to demand. This is not the case.

我們真的沒有看到任何需求問題。您可以在我們的網站上通過汽車的交貨時間看到這一點。其中一些人會將季度交貨數量解釋為與需求有關。不是這種情況。

It's usually related to, we produced a certain number and then we were able to deliver a certain number in the quarter, and there's a whole bunch of cars on ships or on trains or on trucks. And that's -- but because Tesla is different from other car companies, applying the other car companies' template can lead to incorrect conclusions about Tesla.

這通常與我們生產了一定數量的產品有關，然後我們能夠在本季度交付一定數量的產品，並且船上、火車或卡車上有一大堆汽車。那是——但由於特斯拉與其他汽車公司不同，應用其他汽車公司的模板可能會導致對特斯拉的錯誤結論。

Is this making sense? Should I elaborate further?

這有意義嗎？我應該進一步詳細說明嗎？

It make sense.

有道理。

To add to what Elon said, to be more efficient operationally, we are shipping more by train rather than trucks. It's more cost-efficient and creates less damage to the car, gives a better customer experience. We are taking (multiple speakers) actions.

補充一下 Elon 所說的，為了提高運營效率，我們更多地通過火車而不是卡車運輸。它更具成本效益，對汽車造成的損壞更小，提供更好的客戶體驗。我們正在採取（多位發言人）行動。

I guess my question is more geared to trying to assess the effect on ASPs and margins as you are changing the mix a little bit. I appreciate that.

我想我的問題更適合嘗試評估對 ASP 和利潤率的影響，因為您正在稍微改變組合。我很感激。

Yes. To answer your question on margins, I think there's two things that are having -- the average sales price is going to decline a little bit, but our costs are improving as well. We see that more or less netting out. So that the efficiency improvements offset approximately any average selling price change.

是的。為了回答你關於利潤率的問題，我認為有兩件事——平均銷售價格會下降一點，但我們的成本也在提高。我們看到，或多或少的淨額。因此，效率的提高幾乎可以抵消任何平均售價的變化。

Got it.

知道了。

And if In the process we're growing the market, which we truly are by hitting the right sweet spot, then we're doing the right thing (multiple speakers). The 70D has a higher gross margin than the 60, for example, and 60 was just not hitting the market, just didn't have the right attributes that our customer liked.

如果在這個過程中，我們正在擴大市場，我們確實是通過擊中正確的最佳位置，那麼我們正在做正確的事情（多位發言者）。例如，70D 的毛利率高於 60，而 60 只是沒有進入市場，只是沒有我們客戶喜歡的正確屬性。

It was a low [day] rate. We brought a product which is far more compelling and much more competitive with other cars.

這是一個低[天]費率。我們帶來了一款比其他汽車更具吸引力且更具競爭力的產品。

Great. Thank you.

偉大的。謝謝你。

Colin Rusch, Northland Capital Markets.

Colin Rusch，北國資本市場。

As you look at the growth of the organization, the integerity or -- of the culture and the workforce, I know that your employees are extremely motivated. Could you talk about how, as you grow, how that's grown and changing and what you're doing to maintain that integrity as you go forward?

當您看到組織的發展、整體性或文化和員工隊伍的發展時，我知道您的員工非常積極。你能談談隨著你的成長，它是如何成長和變化的，以及你在前進的過程中為保持這種完整性所做的工作嗎？

It is tricky as companies grow to maintain a consistent culture. I think we're doing okay as measured relative to most companies.

隨著公司的發展以保持一致的文化，這很棘手。我認為相對於大多數公司而言，我們做得還不錯。

We do need to get people to think differently and have an expectation of innovation. I think we are doing okay on that front.

我們確實需要讓人們以不同的方式思考，並對創新抱有期望。我認為我們在這方面做得很好。

I think having a general mix of people that have been here for a very long time and have seen multiple programs and seen the Company when it was even much smaller than today and more scrappy and had to go through even tighter financial difficult launches, things like that, really helps maintain that culture. And we try and pair different managers up with new groups so that that culture sort of infuses throughout.

我認為這裡有很多人，他們已經在這里工作了很長時間，看過多個節目，看過公司，當時公司比現在小得多，鬥志昂揚，不得不經歷更嚴格的財務困難啟動，比如那，真的有助於維持這種文化。我們嘗試將不同的經理與新的團隊配對，以便這種文化貫穿始終。

Yes. Our growth rate -- like this year, personnel-wise, it's, let's say, leveled off. It's still fairly significant, but it's like -- our net personnel growth this year will probably be 20% to 30%, which is, I think, a manageable number for integrating with people that already have the Tesla culture.

是的。我們的增長率——就像今年一樣，在人員方面，可以說是趨於平穩。它仍然相當重要，但就像 - 我們今年的淨人員增長可能是 20% 到 30%，我認為，對於與已經擁有特斯拉文化的人進行整合來說，這是一個可控的數字。

It's already a pretty big improvement in productivity, because we're looking at, let's call it at the upper end of that 30% personnel increase, but 100% increase in vehicle volume. I think that's a pretty good indicator of productivity improvement, just like how many people do we have and how many cars are we making?

這已經是生產力的一個相當大的提高，因為我們正在考慮，讓我們稱之為人員增加 30%，但車輛數量增加 100% 的上限。我認為這是生產力提高的一個很好的指標，就像我們有多少人以及我們製造了多少輛汽車一樣？

The second question is really around some of the choices that you made with the battery product and why choosing 10-KW and the size, and 220 pounds is actually pretty hefty for a garage wall. Then also the battery management system I think there's a lot of confusion around where it's located and what the real functionality is, as you look out at interfacing with utilities and the signals that you get from the market in terms of looking at demand charge-offset, demand response and some of the other advanced functionality that are going to be able to be monetized in business models with the product.

第二個問題實際上是圍繞您對電池產品所做的一些選擇以及為什麼選擇 10-KW 和尺寸，而 220 磅對於車庫牆來說實際上是相當大的。然後是電池管理系統，我認為在它的位置和真正的功能是什麼方面存在很多混淆，因為您查看與公用事業的接口以及您從市場獲得的關於需求充電偏移的信號、需求響應和其他一些高級功能，這些功能將能夠通過該產品在商業模式中貨幣化。

Can you clarify where that BMS system is [residing] and who owns that technology? And why you guys made those choices, along with the weight and size choices?

您能否澄清 BMS 系統 [駐留] 在哪里以及誰擁有該技術？為什麼你們做出這些選擇，以及重量和尺寸的選擇？

Some of the different revenue streams you are talking about our mixed between Powerpack and Powerwall. The BMS system lives inside the battery pack in both cases.

您所說的一些不同的收入來源是我們在 Powerpack 和 Powerwall 之間的混合。在這兩種情況下，BMS 系統都位於電池組內。

But with the Powerpack and the more utility-sized installations, there we often will have a site master computer or master controller that controls multiple Powerpacks. That site controller is what then interfaces to the utility, or maybe a commercial customer, to run the schedule charge and discharge that would be appropriate for a given application.

但是對於 Powerpack 和更實用的安裝，我們通常會有一台控制多個 Powerpack 的站點主計算機或主控制器。該站點控制器隨後與公用事業公司或商業客戶接口，以運行適合給定應用程序的計劃充電和放電。

On the Powerwall, it's a bit of a different situation. Still the BMS lives inside the battery pack, but in some cases the inverter, maybe the system that's deciding how to manage energy and the overall house. That can depend on which type of inverter we're using on how that works.

在 Powerwall 上，情況有點不同。 BMS 仍然存在於電池組內，但在某些情況下是逆變器，也許是決定如何管理能源和整個房屋的系統。這可能取決於我們使用哪種類型的逆變器以及它是如何工作的。

In terms of the size, we really, for Powerwall again, we optimized the size around what was the most common photovoltaic size and also what we felt was kind of the smallest modular increment for backup. It's pretty key to note here that you can install multiple Powerwalls together. Having 10 kilowatt hours doesn't mean that you can't very easily put in 20 or 30 or 40.

就尺寸而言，我們真的再次為 Powerwall 優化了尺寸，圍繞著最常見的光伏尺寸以及我們認為的最小模塊化增量備份。這裡需要注意的是，您可以同時安裝多個 Powerwall。擁有 10 千瓦時並不意味著您不能很容易地投入 20 或 30 或 40 千瓦時。

In many cases, I think people will to have the backup matching that they want to see. We felt 10 kilowatt hours was the lowest common elements. If you go smaller than that, you start to run into worse economies of scale and more of the system that's not related to storage.

在很多情況下，我認為人們會得到他們想要看到的備份匹配。我們覺得 10 千瓦時是最低的常見元素。如果你的規模比這小，你就會開始遇到更糟糕的規模經濟和更多與存儲無關的系統。

Great. I will have some follow-up offline. Thanks so much, guys.

偉大的。線下我會有一些跟進。非常感謝，伙計們。

Hughie, before we go to the next question, I just want to give everybody a status update here. A lot of important things to talk about on this call, but we are 50 minutes into the call and we still have seven callers in queue. Just let you guys think about how we manage time here. Hughie, let's go to the next question, please?

Hughie，在我們進入下一個問題之前，我只想在這裡給大家一個狀態更新。在這次電話會議上要談很多重要的事情，但我們已經進行了 50 分鐘的電話會議，我們還有 7 名來電者在排隊。讓你們想想我們在這裡是如何管理時間的。 Hughie，讓我們轉到下一個問題，好嗎？

Adam Jonas, Morgan Stanley.

亞當喬納斯，摩根士丹利。

Evening, everybody. First question on the Model S and the release candidates. How many release candidates have you produced?

晚上，大家。關於 Model S 和發布候選版本的第一個問題。您製作了多少個候選發布版本？

What have been some of the issues with the recent production? And why the slight -- am I seeing a slight further delay by releasing late 3Q from what I thought was more of an August time horizon for initial deliveries? Anything that might be behind that that you would highlight?

最近的生產有哪些問題？以及為什麼輕微 - 我是否看到從我認為更多是 8 月份初始交付時間範圍的 3 季度末發布，會進一步延遲？您要強調的背後可能有什麼？

I think we'll pass on answering super-detailed questions about the X ramp. The thing that really matters is not like when the first deliveries of the X occur, but rather when do significant deliveries of the X occur.

我想我們將繼續回答有關 X 坡道的超詳細問題。真正重要的不是 X 的首次交付何時發生，而是 X 的重大交付何時發生。

For the S we had quite a long ramp from -- we had like six months from the very first deliveries to significant volume. We're trying to compress that to maybe two months or three months at most, cut that in half or more for the X.

對於 S，我們有相當長的時間——從第一次交付到大批量交付，我們花了大約六個月的時間。我們正試圖將其壓縮到最多兩個月或三個月，為 X 將其減少一半或更多。

We want to make sure we're really delivering a product that has been thoroughly validated in hot and cold weather and through millions of miles of travel and everything. It would be easy for us to do some initial deliveries in August. That would be pretty easy.

我們希望確保我們真正交付的產品在炎熱和寒冷的天氣以及數百萬英里的旅行和所有事情中都經過了徹底的驗證。我們很容易在 8 月份進行一些初始交付。那會很容易。

But we'd only have -- we have door handle issues, like people are aware of that with the S. We don't want to have falcon-wing door issues with the X. We want to iron everything ironed out and make sure it's good, and then deliver at high volume.

但我們只有 - 我們有門把手問題，就像人們對 S 的了解一樣。我們不希望 X 出現獵鷹翼門問題。我們想熨平所有事情並確保很好，然後大批量交付。

Effectively, we would create like a captive fleet, and iron out the issues with the captive fleet's quite big, several hundred vehicles, basically. Maybe that addresses your release candidate question.

實際上，我們會創建一個俘虜車隊，並解決俘虜車隊相當大的問題，基本上有幾百輛車。也許這可以解決您的候選發布問題。

Just make sure that those several hundred vehicles really work well in all circumstances before we start delivering cars en masse. We're going to go from [700] hundred cars to 1000 a week pretty fast.

在我們開始批量交付汽車之前，請確保這數百輛汽車在所有情況下都能正常運行。我們將很快從 [700] 百輛汽車增加到每週 1000 輛。

A second question, in the interest of time, and then a final question. Apple has still, unofficially perhaps, been making inroads in the building of its vehicle engineering and transportation capabilities, according to a lot of sources, and making investments, both in physical and human capital. Are you starting to feel a greater sense of competition with Silicon Valley parties versus your ability to attract and retain key software and automotive engineering talent? If Apple were to get into the electric car business, would you see this as a positive for broader consumer acceptance of electric vehicles?

第二個問題，為了時間，然後是最後一個問題。據許多消息來源稱，蘋果可能仍然非正式地在汽車工程和運輸能力建設方面取得進展，並在物質和人力資本方面進行投資。與吸引和留住關鍵軟件和汽車工程人才的能力相比，您是否開始感覺到與硅谷各方的競爭更加激烈？如果 Apple 進入電動汽車業務，您是否認為這會促進消費者對電動汽車的廣泛接受？

I certainly hope Apple gets into the car business. That would be great. But no, we are not really seeing significant attrition of engineers to Apple for anything, car or otherwise.

我當然希望蘋果進入汽車行業。那太好了。但不，我們並沒有真正看到蘋果公司的工程師因任何事情而顯著流失，無論是汽車還是其他方面。

Actually, anyone can figure this out by going on LinkedIn. LinkedIn can produce statistics on what the relative flow of people is from one company to another.

實際上，任何人都可以通過LinkedIn來解決這個問題。 LinkedIn 可以生成關於從一家公司到另一家公司的相對人員流動情況的統計數據。

I think it's like something like -- if you look at the trailing 12 months, Intel has recruited 5 times as many as people as Apple as Apple has recruited from Tesla. It's like some fairly high number.

我認為這就像——如果你看看過去的 12 個月，英特爾招聘的人數是蘋果公司從特斯拉招聘的人數的 5 倍。這就像一個相當高的數字。

Thanks very much.

非常感謝。

Brian Johnson, Barclays.

巴克萊銀行的布萊恩·約翰遜。

Just really want to ask about the balance between stationary and automotive. It's not unusual for growth companies to change their focus as they evolve. At least one of the stories around PayPal, it was going to be a cryptographic PDA-focused company until it refocused, perhaps through your help, Elon, on web-based payments.

只是真的想問一下固定和汽車之間的平衡。成長型公司在發展過程中改變重點並不罕見。至少有一個關於 PayPal 的故事，它將成為一家專注於加密 PDA 的公司，直到它重新關注，也許通過你的幫助，Elon，基於網絡的支付。

I'm hearing you talk about stationary storage as being able to ramp faster, perhaps, although you didn't answer this, maybe with a lower CapEx and OpEx ratio than the auto business. Yet at the same time, auto takes a lot of capital, takes a lot of OpEx.

我聽說你說固定存儲能夠更快地增長，儘管你沒有回答這個問題，可能資本支出和運營支出比率低於汽車業務。但與此同時，汽車需要大量資金，需要大量運營支出。

Sergio Marchionne pointed out there is a lot of value-destroying capital spent in the legacy industry. Is it conceivable that instead of savings six 70-30 auto batteries, it could go the other way?

Sergio Marchionne 指出，在傳統行業中花費了大量破壞價值的資本。可以想像，與其節省 6 個 70-30 的汽車電池，還可以另闢蹊徑嗎？

It's possible. We are really super in guesswork territory here. All we know right now is we have demand well in excess of our production ramp.

這是可能的。我們在這裡真的很擅長猜測。我們現在所知道的是，我們的需求遠遠超過了我們的產量。

We know right now, the thing we should work on is trying to increase our production ramp, not trying to increase demand. So that's kind of like the only thing we know for sure right now.

我們現在知道，我們應該做的是努力增加產量，而不是增加需求。所以這有點像我們現在唯一確定的事情。

If you look really long term, you could say, what's the total energy -- how many -- what's the total terawatt hours of installation, of factory installation that's needed to go to a fully renewable global economy, taking into account transportation, current electrical needs, full electrification of transport, electrification of all heating and cooling and then the current industrial uses and commercial uses of electricity. To go fully electric, the transport is about 0.5 the size of everything else. That was our global macro calculations.

如果你從長遠來看，你可以說，總能量是多少——多少——安裝的總太瓦時數是多少需要，運輸的全面電氣化，所有加熱和冷卻的電氣化，然後是當前的工業用途和商業用途的電力。要實現全電動化，交通工具的大小約為其他所有物體的 0.5 倍。那是我們的全球宏觀計算。

Ultimately, we think things will get there, could take a long time. But that's where we think things will end up, and that's where we get to the kind of 2 billion Powerpack number. Whether it's made by Tesla or other companies or some combination, that's the number you need to get to, to go fully electric. But how things track between now and then, it's difficult to predict.

最終，我們認為事情會到達那裡，可能需要很長時間。但這就是我們認為事情最終會發生的地方，這就是我們達到 20 億個 Powerpack 數量的地方。無論是由特斯拉還是其他公司或某種組合製造，這都是你需要達到的數字，才能實現全電動化。但是從現在到那時，事情如何發展，很難預測。

In terms of the ROIC, would you be thinking that stationary could be a better ROIC business (inaudible) than, say, then mass market or mass affluent automotive?

就 ROIC 而言，您是否認為固定設備可能是比大眾市場或大眾富裕汽車更好的 ROIC 業務（聽不清）？

It might. It would be nice to get maybe a couple of quarters of experience after making the big announcement to really -- before we -- our degree of uncertainty will diminish quite substantially with each passing month. Certainly a year from now, we'd have broken up a really good idea of it.

它可能。在發布重大公告之後獲得幾個季度的經驗會很好 - 在我們之前 - 我們的不確定性程度將隨著每個月的推移而大幅減少。當然，從現在起一年後，我們會打破一個非常好的想法。

It's super speculative at this point. We just know that like, man, there just no way we can meet the demand that we are seeing right now. We've got to scale stationary storage as fast as possible.

在這一點上是超級投機的。我們只知道，伙計，我們無法滿足我們現在看到的需求。我們必須盡快擴展固定存儲。

You mentioned last time that some CapEx was going to product development in the shareholders letter for Model 3, if Model 3 wasn't in this. Does that mean you might be delaying some Model 3 investments, or just the other things kind of swamp it?

您上次在 Model 3 的股東信中提到，如果 Model 3 不在其中，一些資本支出將用於產品開發。這是否意味著您可能會推遲對 Model 3 的一些投資，或者只是其他一些事情會淹沒它？

The other things kind of swamp it. We need to make sure -- we're doing quite a bit of advance work on Model 3. This doesn't come out to a lot of CapEx.

其他的事情有點淹沒它。我們需要確保——我們在 Model 3 上做了相當多的前期工作。這並不會影響到很多資本支出。

Just to clarify, Model 3 spend in the initial stages is more engineering spend.

澄清一下，Model 3 在初始階段的支出更多的是工程支出。

It's basically design studio.

它基本上是設計工作室。

Exactly.

確切地。

It's very early engineering prototypes. It's just not very cash intensive.

這是非常早期的工程原型。它只是不是很現金密集型。

CapEx comes at a later stage when you have all the designs finalized, you are kicking off tooling. We are in the early stages, as to be expected at this point in time.

當您完成所有設計時，資本支出會在稍後階段出現，您將開始使用工具。正如目前所預期的那樣，我們正處於早期階段。

Okay. Thanks.

好的。謝謝。

Brian, you might want to ask a follow-up. Does this impact our Model 3 timing? I will throw that out.

布賴恩，你可能想問一個跟進。這會影響我們的 Model 3 時間嗎？我會把它扔掉。

Well, go ahead.

好吧，繼續。

We are having to show off the Model 3 in approximately March of next year. Again, don't super hold me to that month. That's our aspiration. Then be in production with the Model 3 in the -- I'd like to say mid-, but probably closer to late 2017 timeframe. Late 2017 is probably more realistic.

我們必須在明年 3 月左右展示 Model 3。再說一次，不要把我拖到那個月。這就是我們的願望。然後在 - 我想說的是中期，但可能更接近 2017 年末的時間框架內，使用 Model 3 進行生產。 2017 年末可能更現實一些。

In the meantime, the Gigafactory sounds like it's maybe ramping up faster, but perhaps those batteries could go not just to Fremont cars but to Fremont stationary storage? Or to stationary storage, not necessarily touching Fremont?

與此同時，Gigafactory 聽起來可能正在加速發展，但也許這些電池不僅可以用於弗里蒙特汽車，還可以用於弗里蒙特固定存儲？或者到固定存儲，不一定要接觸弗里蒙特？

Yes, it would just be -- actually, just right there, not even go to Fremont, really. It would just be built at the Reno factory or Sparks, [technically] at Sparks. Then to the Nevada factory. And go from -- ship from there to customers.

是的，它只是——實際上，就在那兒，甚至不去弗里蒙特，真的。它只會在 Reno 工廠或 Sparks（技術上）在 Sparks 建造。然後到內華達工廠。然後從那裡發貨給客戶。

Starting Q1 next year, that's our plan for all the stationary -- all the Tesla Energy products.

從明年第一季度開始，這是我們對所有固定設備的計劃——所有特斯拉能源產品。

Okay. Thank you.

好的。謝謝你。

Ryan Brinkman, JPMorgan.

瑞安·布林克曼，摩根大通。

I have a two-part question on cash. Firstly, on the last call you mentioned reaching free cash flow positive in 4Q this year. I'm just wondering with 1Q behind you how you think you are tracking relative to that goal?

我有一個關於現金的兩部分問題。首先，在最後一次電話會議上，您提到今年第四季度實現了正的自由現金流。我只是想知道你身後的 1Q 你認為你是如何跟踪相對於那個目標的？

Secondly, if you could perhaps comment on your capitalization and liquidity overall, and the potential for, or desirability of raising any additional capital? Thanks.

其次，您是否可以評論您的資本化和整體流動性，以及籌集任何額外資本的潛力或可取性？謝謝。

We do expect to be free cash flow positive in Q4. That doesn't change. As we go along, clearly we are optimizing for efficiency which results in increased of our finished goods inventory. It makes sense for us to then establish some asset pipelines of credit, which is backed by our finished goods inventory or raw materials. We'll take those actions to make sure we have a solid balance sheet.

我們確實預計第四季度的自由現金流為正。那不會改變。隨著我們的進行，顯然我們正在優化效率，從而增加我們的成品庫存。然後建立一些信貸資產管道對我們來說是有意義的，這些資產由我們的成品庫存或原材料支持。我們將採取這些行動以確保我們擁有穩固的資產負債表。

Yes. I think it's -- I think things are looking pretty good for Q4. It's hard to predict full quarter exactly because that's the whole quarterly boundary, and where does the exponential ramp of production fall exactly on that start of Q4 boundary? But, I think it's extremely likely that cash flow is really good at the end of Q4.

是的。我認為這是 - 我認為第四季度的情況看起來相當不錯。很難準確預測整個季度，因為這是整個季度的邊界，而產量的指數增長恰好落在第四季度邊界的起點上？但是，我認為第四季度末的現金流非常好。

Okay. That's great to hear.

好的。聽到這個消息我很高興。

Yes.

是的。

Thank you.

謝謝你。

Trip Chowdhry, Global Equity Research.

Trip Chowdhry，全球股票研究。

A quick question, two quick questions. First is regarding the residences which may not have the solar panels and say that residence goes and buys two Powerwalls. Does that customer have to buy two inverters, or one inverter is sufficient for as many Powerwalls the customer buys?

一個小問題，兩個小問題。首先是關於可能沒有太陽能電池板的住宅，並說住宅去購買了兩個 Powerwall。該客戶是否必須購買兩台逆變器，或者一台逆變器足以滿足客戶購買的多台 Powerwall 的需求？

It's basically whatever the capability that inverter is. So typically the inverter would be capable of handling -- one inverter is probably capable of handling, depending on the situation, up to maybe four or five Powerwalls.

它基本上是逆變器的能力。因此，通常逆變器能夠處理——根據情況，一台逆變器可能能夠處理多達四到五個 Powerwall。

The second question I had was regarding the double-back tour you had in 10 cities. And that was (inaudible) indicative of very successfully went with the reservations in autos really skyrocketing.

我的第二個問題是關於你在 10 個城市的雙迴遊。這（聽不清）表明非常成功，汽車預訂量真的飆升。

I think it was only Canada and USA. Wondering if you could expand that tour to other continents?

我認為只有加拿大和美國。想知道您是否可以將這次旅行擴展到其他大陸？

Yes, absolutely. We just did a big thing in Europe through Germany. There was actually -- I think there's quite a big tour happening from Slovenia, I think, through most of Europe. There's actually quite a lot -- our the sales in Europe lately have been pretty great, really strong.

是的，一點沒錯。我們剛剛通過德國在歐洲做了一件大事。實際上——我認為從斯洛文尼亞開始，我認為，在歐洲大部分地區進行了相當大的巡迴演出。實際上有很多——我們最近在歐洲的銷售非常好，非常強勁。

They did the tour in Germany, too -- and Europe, too. Sorry.

他們也在德國進行了巡演——歐洲也是。對不起。

It in fact is been a big hit in Europe.

事實上，它在歐洲大受歡迎。

If I can ask one last question. I was at your Lathrop factory the other day. And there was some interesting construction happening behind it with huge metallic frames being installed. What kind of production could be happening there?

如果我可以問最後一個問題。前幾天我在你的 Lathrop 工廠。在它的背後發生了一些有趣的結構，安裝了巨大的金屬框架。那裡可能會進行什麼樣的生產？

It seems like the factory size has increased by almost 40%. What is happening there? Any parts you can share with us? That's all for me.

工廠規模似乎增加了近 40%。那裡發生了什麼？您可以與我們分享任何部分嗎？這就是我的全部。

We're establishing a big casting foundry and machining facility there. That's intended to support activity in Fremont. That's what's happening in Lathrop, primarily.

我們正在那裡建立一個大型鑄造廠和加工設施。這是為了支持弗里蒙特的活動。這就是在 Lathrop 發生的事情，主要是。

Patrick Archambault, Goldman Sachs.

帕特里克·阿爾尚博，高盛。

Thanks for squeezing me in. I'll be quick. Just wanted to build on, I think Ron Brinkman's question, on the fourth quarter cash flow guidance. Does that include income from those warehouse facilities to offset leased vehicles, or is that exclusive of that?

謝謝你把我擠進去。我會很快的。我想羅恩·布林克曼（Ron Brinkman）的問題只是想在第四季度現金流指導的基礎上再接再厲。這是否包括來自這些倉庫設施的收入以抵消租賃車輛的收入，還是不包括在內？

In our projection, as Elon said, was the end of the quarter as we ramp up production, we should be free cash flow positive on a pure sense. Frankly, our operations should be looked at without the impact of leasing. And that's a purer measure of operations, which is a lower threshold, I get it. But that's a unique or a distinct decision we've made to be in that business.

正如埃隆所說，在我們的預測中，隨著我們提高產量，我們應該在本季度末實現純正的自由現金流。坦率地說，我們應該在沒有租賃影響的情況下看待我們的運營。這是一個更純粹的運營衡量標準，這是一個較低的門檻，我明白了。但這是我們為從事該業務而做出的獨特或獨特的決定。

(Multiple speakers) Hold on a second, Pat. Deepak, do want to explain about the classification of cash inflows within the statement of cash (multiple speakers)?

（多位發言者）等一下，帕特。 Deepak，是否想解釋一下現金報表中現金流入的分類（多位發言者）？

If you look at our Q1 cash flows, for example, we received $155 million from either the warehouse line or banking partners related to our leasing business. That cash flow does not show up as an offset in our cash flow from operations. It shows up in our financing activities.

例如，如果您查看我們的第一季度現金流，我們從與我們的租賃業務相關的倉庫線或銀行合作夥伴那裡收到了 1.55 億美元。該現金流量並未顯示為我們的運營現金流量的抵消。它體現在我們的融資活動中。

Our cash flow from operations shows up $131 million negative. But if you offset that against the $155 million that we received in the leasing business, we were slightly better than breakeven, purely on an operations basis. So our real cash flow in Q1 was driven by the strong CapEx spend ahead of the Model X launches the way we tend to look at the business internally.

我們的運營現金流為負 1.31 億美元。但是，如果您將其與我們在租賃業務中收到的 1.55 億美元相抵消，我們就略好於盈虧平衡，純粹在運營基礎上。因此，我們在第一季度的實際現金流是由 Model X 推出之前的強勁資本支出推動的，我們傾向於以內部看待業務的方式。

Okay. Got it. Appreciate the clarification.

好的。知道了。感謝澄清。

The other quick question I had is just I was a little surprised by the -- I think you guys had obviously very good gross margins this quarter relative to some of the headwinds that you were facing. I guess I was surprised to see that ex-ZEV they go from 26% to 25%.

我的另一個快速問題是我有點驚訝 - 我認為你們本季度的毛利率顯然非常好，相對於你們面臨的一些不利因素。我想我很驚訝看到前 ZEV 他們從 26% 上升到 25%。

With some of the increases in pricing that you are putting through and some of the components that you are buying outside of the US with a stronger dollar now, which where there was a little bit of a lag, I understand, that seemed a bit conservative. I don't know, maybe it ties back into Rob's earlier point about mix. But I guess that was one area that I was a little surprised.

隨著您正在實施的一些價格上漲以及您現在以美元走強的方式在美國以外購買的一些組件，據我所知，這有一點滯後，這似乎有點保守.我不知道，也許這與 Rob 之前關於混音的觀點有關。但我想這是我有點驚訝的一個領域。

Just to clarify the price increase, that we've announced, it's not going to help us in Q2, given our book of business. It's going to primarily affect us in Q3. Also in April, for most of April, the dollar was pretty strong.

只是為了澄清我們已經宣布的價格上漲，鑑於我們的業務，它不會在第二季度幫助我們。這將主要在第三季度影響我們。同樣在 4 月，在 4 月的大部分時間裡，美元都相當堅挺。

Is just strengthened in the last week or 10 days or so, and we were continuing to deliver cars. That strong dollar impact does rollover sequentially into Q2 for us, despite the lag effect of good news from a strong dollar.

在上週或 10 天左右剛剛加強，我們還在繼續交付汽車。儘管美元走強帶來好消息的滯後效應，但對我們而言，強勢美元的影響確實會依次延續到第二季度。

As we said in the letter, we fully expect the mix impact to be offset by cost reductions that we will achieve. It's really related to FX that we see the sequential drop.

正如我們在信中所說，我們完全預計混合影響將被我們將實現的成本降低所抵消。我們看到連續下降確實與外匯有關。

The FX was really -- that was a really tricky thing to deal with. We had quite strong European sales. Then the FX impact was quite significant. [

FX 真的 - 這是一件非常棘手的事情。我們有相當強勁的歐洲銷售。然後外匯影響相當顯著。 [

See, if you've got] a car that is 25% gross margin and you see a 20% change in currency, it's like, wow, okay. That's not super easy to make up that difference.

看，如果您有] 一輛毛利率為 25% 的汽車，而您看到 20% 的貨幣變化，就像，哇，好吧。彌補這種差異並不容易。

To your point, and maybe this is a broader comment to make, that as we look at our Q1 non-GAAP loss that we have of $45 million, a big chunk, or most of it, could be attributed to the dollar's strength that has happened over the last six months. As we've indicated, our Q1 top line came down by about three percentage points, and then we had the $22 million unrealized losses from currency.

就您而言，也許這是一個更廣泛的評論，當我們查看我們擁有的 4500 萬美元的第一季度非公認會計原則虧損時，很大一部分或大部分可以歸因於美元的強勢發生在過去六個月。正如我們所指出的，我們的第一季度收入下降了大約三個百分點，然後我們有 2200 萬美元的未實現貨幣損失。

You combine those two and there's an offset in gross margin due to lower cost of parts we buy in foreign currencies. You consider this whole mix, and you can see the foreign currency change over the last six months can explain most of the losses we had in Q1.

您將這兩者結合起來，由於我們以外幣購買的零件成本較低，因此毛利率會有所抵消。您考慮整個組合，您可以看到過去六個月的外匯變化可以解釋我們在第一季度的大部分損失。

Maybe just like that last piece is kind of interesting. How much are you able to take advantage of that natural hedge you just described, right? You are buying components in currencies that have also depreciated, right? Batteries are one obvious thing. I'm sure you are sourcing a lot of stuff in Mexico.

也許就像最後一段一樣有趣。你能在多大程度上利用你剛才描述的天然樹籬，對吧？你購買的貨幣也貶值了，對吧？電池是一件顯而易見的事情。我敢肯定你在墨西哥採購了很多東西。

Are you closely optimizing that? Or is that something that can be exercised more?

你在密切優化嗎？或者那是可以更多鍛煉的東西？

For better or worse, one can look at it as a pro or a con, depending on the situation, basically about 60% of the car, maybe a little more than 60%, is US and Canada.

無論好壞，人們可以將其視為利弊，視情況而定，基本上大約 60% 的汽車，也許略高於 60%，是美國和加拿大。

We may have -- we certainly have lots of, say, European companies that supply us, but they will supply us from plants in the US or Canada or sometimes Mexico. So that's -- this really isn't a North American-built car, at least not for real.

我們可能有——我們當然有很多，比如說，為我們供貨的歐洲公司，但他們會從美國或加拿大的工廠或有時墨西哥的工廠為我們供貨。所以這就是——這真的不是北美製造的汽車，至少不是真的。

So, it's like, as Deepak's saying, it's slightly helpful if the dollar strengthens relative to the yen. But then since we have quite strong European sales, this is -- I think it's like 5% of our parts or something come from Europe. It's pretty low.

所以，就像迪帕克所說，如果美元相對於日元走強，這會有點幫助。但是，由於我們在歐洲的銷售非常強勁，所以這就是 - 我認為我們有 5% 的零件或其他東西來自歐洲。這是相當低的。

Right.

對。

If our sales are 30% in Europe, then obviously it's not as much of an offset as [one] would like. I actually thought it would be higher than that, but it's like -- because I'm looking at the names of the suppliers, but not -- what matters is where -- not the name of the supplier, if their headquarter's in Germany, but where is the plant?

如果我們在歐洲的銷售額是 30%，那麼顯然它並沒有 [one] 想要的那麼大。我實際上認為它會比這更高，但這就像 - 因為我正在查看供應商的名稱，但不是 - 重要的是在哪裡 - 不是供應商的名稱，如果他們的總部在德國，但植物在哪裡？

Got you. Okay. Thank you for the helpful color there.

得到你。好的。感謝您提供有用的顏色。

All right. I've got to run to another meeting.

好的。我得跑去參加另一個會議。

We have two more question-askers. If we can quickly go. Hughie?

我們還有兩個提問者。如果我們能快點走。休伊？

Brad Erickson, Pacific Crest Securities.

Brad Erickson，Pacific Crest 證券。

Thanks for taking my question. Just a quick follow-up from the last one on the automotive gross margins. I guess ex-currency, can you quickly talk, maybe a couple examples where you are looking to remove more cost from the cars itself?

感謝您提出我的問題。只是對汽車毛利率的最後一個快速跟進。我猜是前貨幣，你能快速談談嗎，也許是幾個你希望從汽車本身中去除更多成本的例子？

I think we can all appreciate there's continued scale advantages over time. If you could talk but other cost saving opportunities we should be thinking about with both the S and the X, and what inning we are in, in terms of achieving those savings? Thank you.

我認為我們都可以理解隨著時間的推移存在持續的規模優勢。如果您可以談論其他節省成本的機會，我們應該同時考慮 S 和 X，以及在實現這些節省方面我們處於什麼階段？謝謝你。

A big factor is labor hours per vehicle. That has steadily improved. It was quite bad in Q4, particularly with the P85D ramp. We've made good progress in Q1. We'll continue to make good progress on that through the rest of the year. So it's labor and direct overhead (multiple speakers).

一個重要因素是每輛車的工時。這已經穩步改善。第四季度的情況非常糟糕，尤其是 P85D 斜坡。我們在第一季度取得了良好的進展。在今年餘下的時間裡，我們將繼續在這方面取得良好進展。所以這是勞動和直接開銷（多個揚聲器）。

We're focused across every line item of our COGS. So material cost reductions, freight both inbound. We spoke a little bit about outbound freight efficiencies.

我們專注於 COGS 的每個項目。所以材料成本降低，貨運既入庫。我們談到了出境貨運效率。

We had a lot of expediting.

我們有很多加急。

Yes.

是的。

That big port strike was super unhelpful. That also hurt pretty badly.

那次大港口罷工非常無益。那也傷得很厲害。

It was like the, I think, the worst port strike of the 21st century. We also are soldiering through that. We had to air freight a ton of stuff while everyone else was simultaneously trying to air freight a bunch of stuff.

我認為，這就像 21 世紀最嚴重的港口罷工。我們也在努力克服這一點。我們不得不空運大量的東西，而其他人同時試圖空運一堆東西。

It cost us several million dollars.

它花了我們幾百萬美元。

Just to air freight, yes. Cutting back on air freight is really helpful. You had direct labor hours.

只是空運，是的。減少空運真的很有幫助。你有直接的勞動時間。

We continue with several engineering and commercial actions on material costs. It's a long list, not appropriate to go through. As a Company, we are focused on Model X, but S is also certainly pulling gross margin there as part of our priorities.

我們繼續在材料成本方面採取多項工程和商業行動。清單很長，不適合瀏覽。作為一家公司，我們專注於 Model X，但作為我們優先事項的一部分，S 也肯定會在那里拉動毛利率。

Yes.

是的。

Got it. That's great. Thank you.

知道了。那太棒了。謝謝你。

Tyler Frank, Robert W. Baird.

泰勒·弗蘭克，羅伯特·W·貝爾德。

This is Ben. Hey, guys. Very quickly, you mentioned the Gigafactory, and then a lot of talk about stationary storage and increasing of the Gigafactory. Does that change in any way you are looking at partnerships, green partnerships? And then maybe an update on timing there.

這是本。大家好。很快，你提到了 Gigafactory，然後談了很多關於固定存儲和 Gigafactory 的增加。在您看待合作夥伴關係、綠色合作夥伴關係方面，這種情況是否會有所改變？然後可能會更新那裡的時間安排。

And then Elon, you talked about having a fleet of a couple of hundred X to get out on test. And you mentioned Model 3, showing it next March. When should we see it, the Model X in its final version? Thanks, guys.

然後是埃隆，你談到有一個幾百個 X 的艦隊來進行測試。你提到了 Model 3，它會在明年 3 月展示。我們什麼時候應該看到它，最終版本的 Model X？多謝你們。

Well, no particular change to the partnership model for the Gigafactory. I think, as Elon said, it's early days on trying to make some of those changes in direction. Largely, it's just a bigger scope of opportunity for a lot of the people we are already working with.

好吧，Gigafactory 的合作模式沒有特別的變化。我認為，正如埃隆所說，嘗試在方向上做出一些改變還為時過早。很大程度上，對於我們已經合作的很多人來說，這只是一個更大的機會範圍。

It is continuing to go well. We are actually beginning to hire operational people at the Gigafactory, and beginning to step up on that ahead of starting to train and then ramp up production of the stationary products early next year.

它繼續進展順利。實際上，我們已經開始在 Gigafactory 招聘運營人員，並在開始培訓之前加強這一點，然後在明年初增加固定產品的生產。

Anything else, Ben?

還有什麼，本？

Just on the Model X, when we can see that?

就在 Model X 上，我們什麼時候能看到？

Elon, you want to talk about Model X? Have had a number of questions from investors, and Ben's question here, about when you will be able to configure Model X online, when we'll show that to the public, how that actually deploy?

Elon，你想談談 Model X 嗎？投資者提出了許多問題，Ben 的問題是，什麼時候可以在線配置 Model X，我們什麼時候向公眾展示它，它是如何實際部署的？

Yes. Probably three months from now -- no, (inaudible) I started (inaudible) in May. So it's -- this is -- probably July is when will ask people to do the configuration. It will be very similar to the S. It's not going to be super -- no big surprises there. Very similar to the S.

是的。大概三個月後——不，（聽不清）我從五月開始（聽不清）。所以--這是--可能是7 月要求人們進行配置的時候。它將與 S 非常相似。它不會是超級的——那裡沒有什麼大的驚喜。與 S 非常相似。

We certainly have a lot of customers who've been waiting a long time (technical difficulties) To get the car.

我們當然有很多客戶已經等了很長時間（技術困難）才能拿到車。

We look forward to that.

我們對此充滿期待。

This is really a great car. Because it has a low center of mass, it handles like a sports car even though it's an SUV.

這真的是一輛很棒的車。因為它的質心較低，即使它是一輛 SUV，它也能像跑車一樣操控。

The battery pack's in the (inaudible) pan. It's got incredible acceleration because there is basically a performance version of it, like there is for the P85D. The performance is surreal. It's like nothing else is comparable.

電池組在（聽不清）盤中。它有令人難以置信的加速，因為它基本上有一個性能版本，就像 P85D 一樣。表演是超現實的。好像沒有其他東西可以比擬的。

Great. Thank you, everyone, for joining us this afternoon. Everybody have a great night. Hughie, thanks for your help, and we talk to you all next quarter. Bye-bye.

偉大的。謝謝大家今天下午加入我們。每個人都有一個美好的夜晚。 Hughie，感謝您的幫助，我們將在下個季度與您交談。再見。

Pleasure, sir. Ladies and gentlemen, this will conclude today's conference. Thank you for your participation, and have a wonderful day.

高興，先生。女士們，先生們，今天的會議到此結束。感謝您的參與，祝您有美好的一天。