特斯拉 (TSLA) 2015 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the Tesla Motors, Inc., second-quarter 2015 financial results Q&A conference call.

女士們，先生們，感謝您的支持並歡迎參加特斯拉汽車公司 2015 年第二季度財務業績問答電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this conference may be recorded. It's now is my pleasure to turn the floor over to Jeff Evanson. Sir, the floor is yours.

提醒一下，本次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 second-quarter Q&A webcast. I'm joined today by Elon Musk, Tesla Chairman and CEO; JB Straubel, our CTO; and Deepak Ahuja, Tesla's CFO. Our Q2 results are announced in the shareholder letter at the same link as this webcast. As usual, the letter includes GAAP and non-GAAP financial information and a reconciliation between the two.

謝謝你，Hughie，大家下午好。歡迎收聽特斯拉第二季度問答網絡直播。今天，特斯拉董事長兼首席執行官埃隆·馬斯克 (Elon Musk) 加入了我的行列； JB Straubel，我們的首席技術官；和特斯拉首席財務官 Deepak Ahuja。我們的第二季度業績在與此網絡廣播相同的鏈接的股東信中公佈。像往常一樣，這封信包括 GAAP 和非 GAAP 財務信息以及兩者之間的對賬。

During our call, we will discuss our business outlook and make 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-Q 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做出前瞻性陳述，這些陳述基於我們今天的預測和預期。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 10-Q 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。

And now, Hughie, let's go to the first question please.

現在，Hughie，讓我們來回答第一個問題。

(Operator Instructions)

（操作員說明）

John Murphy, Bank of America Merrill Lynch.

美銀美林的約翰·墨菲。

Good afternoon. A first question on the pre-owned program, it seems like there was a fair level of success there with $20 million in revenue. I'm just curious if you could dimension how many vehicles were sold through that program? How many units remain in inventory there? And if we think about how that inventory is restocked, what percentage of new unit Model Ss that are purchased are accompanied by a Model S trade in?

下午好。關於二手項目的第一個問題，似乎在那裡取得了相當大的成功，收入為 2000 萬美元。我只是想知道您是否可以確定通過該計劃銷售了多少輛汽車？那裡的庫存還有多少？如果我們考慮如何補充庫存，那麼新購買的 Model S 中有多少百分比伴隨著 Model S 以舊換新？

One second.

一秒。

Hi, John, Deepak here. Firstly, we just kicked off the program in April, so it's actually been pretty heartening to see how it's done so far. To keep it at a high level, we are actually selling these cars at a faster rate than we are getting these trade-ins to come in. As this program picks up, it's going to really be a successful program. And it's creating good demand for us on the pre-owned side.

嗨，約翰，這裡是迪帕克。首先，我們剛剛在 4 月份啟動了該計劃，所以看到它到目前為止的表現實際上非常令人振奮。為了保持高水平，我們實際上銷售這些汽車的速度比我們獲得這些以舊換新的速度要快。隨著這個計劃的啟動，這將是一個真正成功的計劃。它在二手方面為我們創造了良好的需求。

And I would hesitate to make predictions based on by such early history. I think there's room for optimism in the future here. Because these are obviously very low, that we don't have to make the car, so we are essentially getting commission on selling the car, and it's very capital efficient. So I think there's some potential there, but nothing we want to really make predictions on until we have more of a history.

我會猶豫根據這樣的早期歷史做出預測。我認為這裡的未來有樂觀的空間。因為這些顯然非常低，我們不必製造汽車，所以我們基本上可以通過銷售汽車獲得佣金，而且資本效率很高。所以我認為那裡有一些潛力，但在我們有更多的歷史之前，我們不想真正做出預測。

Okay, maybe to think about it in terms of -- I mean the every vehicle that's going into this pre-owned program I would imagine is accompanied with a new Model S sale? I'm just trying to understand how the acquisition process is working.

好吧，也許可以從以下方面來考慮——我的意思是，我認為進入這個二手項目的每輛車都伴隨著新的 Model S 銷售？我只是想了解收購過程是如何運作的。

Absolutely. We accept a trade in only when the customer is buying a new Model S, if that's what you're trying to suggest.

絕對地。我們僅在客戶購買新 Model S 時接受以舊換新，前提是您要建議這樣做。

Yes, that's what I was trying to get at, understand the percentages, but I guess it's too small right now to be too material. The second question is, as we think about the referral program, an interesting marketing angle here. Just wondering if you can juxtapose what you think the ultimate cost was?

是的，這就是我想要達到的，理解百分比，但我想現在它太小了，不能太重要。第二個問題是，當我們考慮推薦計劃時，這裡是一個有趣的營銷角度。只是想知道您是否可以並列您認為的最終成本是多少？

It looks like it's about $2,000, all in, versus your acquisition cost for a customer. Just trying to understand where you are going to save money and how this makes the customer acquisition process more cost effective.

看起來它大約是 2,000 美元，與您的客戶獲取成本相比。只是想了解您將在哪裡省錢，以及這如何使客戶獲取過程更具成本效益。

Well, it's not necessarily making it more cost effective, it's intended to be somewhat of a wash so that if we achieve our $2,000 savings, we essentially pass that on to the end customer. We don't know what that's really going to look like until the program is complete, which is almost 90 days from now. Early indications are quite positive.

好吧，它不一定會使其更具成本效益，它的目的是有點洗禮，所以如果我們節省了 2,000 美元，我們基本上會將其轉嫁給最終客戶。在該計劃完成之前，我們不知道那會是什麼樣子，也就是從現在開始將近 90 天。早期跡象相當積極。

But, a bit obviously, for this 90-day period there's going to be some overlap where we essentially incur a dual expense because we still have all of our stores and have the referral class. I don't think it's going to have a big impact on our numbers, but there will be some dual expense because there's no way -- you have to run these experiments on parallel. There is no real way to do it otherwise.

但是，很明顯，在這 90 天的期限內，將會有一些重疊，我們基本上會產生雙重費用，因為我們仍然擁有所有商店並擁有推薦課程。我認為這不會對我們的數字產生很大影響，但是會有一些雙重費用，因為沒有辦法——你必須並行運行這些實驗。否則沒有真正的方法可以做到這一點。

How do you build up to $2,000 acquisition cost? As you mentioned, it seems like it's a lot of fixed cost that wouldn't get taken out that quickly in the test phase. I'm just to understand how you think about that $2,000 number and how you come up with that?

您如何建立高達 2,000 美元的購置成本？正如您所提到的，似乎很多固定成本在測試階段不會那麼快被取出。我只是想了解您如何看待這個 2,000 美元的數字以及您是如何得出這個數字的？

It's not taken out in the test phase. It's to inform our long-term decision in terms of how many stores should we open. A store should be thought of as like a demand-generation item, and in order to understand should we do a lot of stores, small number of stores, somewhere in between, we need to know how effective our referral program is. If you can think of some other way to do this that we are not aware of, we would love to hear about it.

在測試階段沒有取出。這是為了告知我們應該開設多少家商店的長期決策。商店應該被認為是一個需求生成項目，為了理解我們應該做很多商店，少量商店，介於兩者之間，我們需要知道我們的推薦計劃有多有效。如果您能想到其他我們不知道的方法來做到這一點，我們很樂意聽到。

Sure, we will brainstorm on that. Just lastly, as we think about the cash burn in the quarter, but also the set up of the credit lines, it seems like you guys are recognizing that, some point down the line, there might be a need for a capital raise. Would you consider an equity raise in the market or do you think these credit lines are enough to lean on for now before you ultimately have to make a decision on raising capital in the next 12 to 18 months?

當然，我們會就此進行頭腦風暴。最後，當我們考慮本季度的現金消耗以及信貸額度的設置時，你們似乎已經認識到，在未來的某個時刻，可能需要籌集資金。在您最終決定在未來 12 到 18 個月內籌集資金之前，您會考慮在市場上進行股權融資，還是認為這些信貸額度足以暫時依靠？

We only drew down $50 million on our credit line, so we have sufficient lines available, and that's expandable, too, to $750 million, which gives us some comfort that we can be close to $1 billion as we go through the year. And clearly as X ramps up and gets to steady state, it enables us to generate free cash flow. So we feel pretty comfortable overall on that front. We'll just take it as opportunities come in the future.

我們只提取了 5000 萬美元的信貸額度，因此我們有足夠的可用額度，而且還可以擴展到 7.5 億美元，這讓我們感到欣慰的是，我們在這一年中可以接近 10 億美元。很明顯，隨著 X 上升並達到穩定狀態，它使我們能夠產生自由現金流。所以我們在這方面總體上感覺很舒服。我們只是把它當作未來的機會。

So do you think as you go through the launch of the Model X, and ultimately the Model 3, that you'll turn cash flow positive at the right point where you might not need to do a capital raise going forward? Is that how you're thinking about this, with the credit lines on top?

那麼，當您推出 Model X 以及最終的 Model 3 時，您是否認為您會在未來可能不需要進行融資的正確時刻將現金流轉為正數？你是這麼想的嗎，信用額度是最高的？

We're comfortable with the cash levels, I will put it that way.

我們對現金水平感到滿意，我會這樣說。

I don't think that there's not a need to raise equity capital. There may be some value of doing so, as a risk-reduction measure, but to be clear, what Deepak is saying is that, given the absence of any additional capital generation activity, we would have on the order of $1 billion through year. Basically that would be our cash position.

我認為沒有必要籌集股本。這樣做可能有一些價值，作為一種降低風險的措施，但要明確的是，迪帕克所說的是，鑑於沒有任何額外的資本產生活動，我們全年將擁有大約 10 億美元。基本上這就是我們的現金頭寸。

I think the risk-reduction function you mentioned is probably the most valuable and that's why we were asking about that. When you look at the cash burn and how the capital market sometimes shift very quickly, it seems like an opportune time to take advantage of what you might need in the future. So that's why we are asking.

我認為你提到的降低風險的功能可能是最有價值的，這就是我們問這個問題的原因。當您查看現金消耗以及資本市場有時如何快速變化時，這似乎是利用您未來可能需要的東西的好時機。這就是我們要問的原因。

Yes, I think we are in the same mind frame as you are.

是的，我認為我們的思維框架和你一樣。

Great. Thank you very much.

偉大的。非常感謝。

Rod Lache, Deutsche Bank.

德意志銀行的羅德·拉什。

Hi, everybody. A couple questions, first, maybe you can elaborate a little bit on the drop in the forecast from 55,000 to 50,000 to 55,000. Is there some aspect of the Model X launch that is not what you projected? It doesn't really sound like this is related at all to the backlog of orders for Model S.

大家好你們好。有幾個問題，首先，也許您可以詳細說明預測從 55,000 到 50,000 到 55,000 的下降。 Model X 發布的某些方面是否與您的預期不同？聽起來這與 Model S 的訂單積壓完全沒有關係。

Correct, we do think that it's going to be quite a challenging production ramp on the X. And if we are faced with the choice of deliver-- we only want to deliver great cars. We don't want to drive to a number that's greater than our ability to deliver high-quality vehicles. The nature of the production ramp, which is basically an exponential ramp, that then becomes an S-curve, is basically for every week longer that it takes us to climb up that exponential is about a 800-vehicle reduction of the X.

沒錯，我們確實認為這將是 X 的一個相當具有挑戰性的生產坡道。如果我們面臨交付的選擇——我們只想交付出色的汽車。我們不想駕駛的數量超過我們提供高質量車輛的能力。生產坡道的性質，基本上是一個指數坡道，然後變成一個 S 曲線，基本上每週我們都需要更長的時間才能爬升，這個指數大約是 X 減少 800 輛汽車。

That's why we do want to emphasize the longer term. Longer term really just meaning Q1 next year type of thing, not super long term. I think everyone gets a better picture of the business, just thinking about that, and that's where we feel really highly confident, at the 1,600 to 1,800 combined production of S and X, and both production and demand.

這就是為什麼我們確實要強調長期。長期真的只是意味著明年第一季度的事情，而不是超長期。我認為每個人都對業務有更好的了解，只要想想這一點，這就是我們對 S 和 X 的 1,600 到 1,800 輛的總產量以及產量和需求量感到非常自信的地方。

Okay, was there an adjustment from something like 2,000 units a week to that 1,600 to 1,800? Are we thinking about a 48-week production year, or are you thinking of this in terms of the full calendar year?

好的，有沒有從每週 2,000 個單位調整到 1,600 個到 1,800 個單位？我們是在考慮一個為期 48 週的生產年，還是從整個日曆年的角度來考慮？

That's a good question. That's averaged over the year. That means, in a given week, we might go as high as 2,000 to make up for holidays, factory retooling and that kind of thing.

這是個好問題。這是全年的平均值。這意味著，在給定的一周內，我們可能會花費高達 2,000 來彌補假期、工廠重組和類似的事情。

Okay. Your run rate of gross margin obviously is being affected by a number of things, by launches, by mix, the deferral of autopilot revenue. Can you talk a little bit about what are some of the issues there? What is the issue with autopilot? Would it be reasonable to expect the margins to rise again to the 25% plus level once X is out and Gigafactory begins to ramp?

好的。您的毛利率運行率顯然受到許多因素的影響，包括發布、混合、自動駕駛收入的延遲。你能談談那裡的一些問題嗎？自動駕駛有什麼問題？一旦 X 退出並且 Gigafactory 開始加速增長，預期利潤率會再次上升到 25% 以上的水平是否合理？

Yes, definitely. Most of the autopilot deferral, we should be able to recover that later this year, and maybe a small portion going into 2016, but difficult to say at this point. The two big issues that have been affecting us, I'd say, is the dollar, the strong dollar, and then the mix, especially as we start to build 70D and the 70 cars recently.

當然是。大部分自動駕駛延遲，我們應該能夠在今年晚些時候恢復，也許一小部分要到 2016 年，但目前很難說。我想說，影響我們的兩大問題是美元，強勢美元，然後是混合，尤其是當我們最近開始製造 70D 和 70 車時。

The dollar has had a huge impact just from Q1 to Q2, 200 basis point out for us roughly. So even after we consider all that, and we look at 2016, to say that we will be at 25% and better, with S and X combined yes, we should be there.

僅從第一季度到第二季度，美元就產生了巨大的影響，對我們來說大約是 200 個基點。所以即使在我們考慮了所有這些之後，我們看看 2016 年，說我們將達到 25% 甚至更好，加上 S 和 X 是的，我們應該在那裡。

Okay, and just lastly, you've have a few more weeks here since the announcement of the stationary storage business. Do you have any additional thoughts on how that's expected to ramp?

好的，最後，自從宣布固定存儲業務以來，您還有幾週的時間。您對預計將如何增加有任何其他想法嗎？

Yes, I do want to preface this with a certain degree of uncertainty because this is quite new. And again, we've got that challenge of exponential ramp. And then, depending upon how you moved the twin of on how the dates fit over the exponential ramp, the actual numbers in a given quarter could be quite different. But the demand has been really crazy.

是的，我確實想以一定程度的不確定性作為開頭，因為這是相當新的。再一次，我們面臨著指數增長的挑戰。然後，根據您如何移動雙胞胎日期如何適應指數斜坡，給定季度的實際數字可能會大不相同。但是需求真的很瘋狂。

So it's well in excess of-- if you just take the reservations that have been made thus far, it's for well over $1 billion worth of Powerpacks and Powerwalls. And that's with no marketing, no advertising, no sales force to speak of really. Not trying to sell it, it's basically a presentation and a webcast and [3 minutes] of press Q&A. So there is probably room to improve.

所以它遠遠超過——如果你只接受迄今為止所做的預訂，那麼價值超過 10 億美元的 Powerpacks 和 Powerwalls。那是沒有營銷，沒有廣告，沒有真正可言的銷售人員。不是想推銷它，它基本上是一個演示文稿和一個網絡廣播以及 [3 分鐘] 的新聞問答。所以可能還有改進的空間。

So this is, really, we're basically sold out of what we could make in 2016 at this point, assuming these order are real, which they seem to be. So we're looking at maybe, again, preface with made for uncertainty 40 million to 50 million in stationary storage in Q4 and maybe as much as 10 times that number for next year. So it's 40 million to 50 million this year and 10 times that next year.

所以這是，真的，我們基本上已經賣完了我們在 2016 年可以做的，假設這些訂單是真實的，他們似乎是。因此，我們再次考慮可能在第四季度為不確定性製造 4000 萬至 5000 萬個固定存儲，明年可能是這個數字的 10 倍。所以今年是4000萬到5000萬，明年是10倍。

And that growth rate is probably going to keep going at quite an high level. It's probably at least a few billion dollars in 2017. That's sort of speculative at this point, but I think that's likely. So it's growing by half order of magnitude to an order of magnitude per year.

而且這種增長率可能會保持在相當高的水平。 2017 年可能至少有幾十億美元。在這一點上這有點投機，但我認為這是可能的。因此，它每年以半個數量級增長到一個數量級。

Great. Thank you.

偉大的。謝謝你。

Trip Chowdhry, Global Equities Research.

Trip Chowdhry，全球股票研究。

Thank you. A couple of questions regarding the validation units. I was wondering regarding Model X, do we have a general ballpark number in terms of how many validation units we may have to produce before the robots become smart enough?

謝謝你。關於驗證單元的幾個問題。我想知道關於 Model X，在機器人變得足夠聰明之前，我們可能需要生產多少個驗證單元，我們是否有一個大致的數字？

I'm not sure I totally understand your question.

我不確定我是否完全理解你的問題。

Like when we had the Model S retooling we created a few Model S validation unit, I think probably around 40 units or 50 units, which were used to train the robots. So before the product really goes into production, I do believe there are some validation units of the car that are produced so as to train the robots? I could be wrong, but that is my understanding.

就像我們對 Model S 進行重組時，我們創建了一些 Model S 驗證單元，我認為可能大約有 40 或 50 個單元，用於訓練機器人。所以在產品真正投入生產之前，我相信有一些汽車的驗證單元是為了訓練機器人而生產的？我可能是錯的，但這是我的理解。

That is true. It's a little more complicated than that because they are parts of the factory that are much more automated than other parts. So the programming the robots, it varies quite a bit in terms of how much programming there is, how difficult that programming is. We actually have now produced several Model Xs off the Tesla production line. This is a complex machine with several thousand unique components, so there are still a lot of low-volume parts from suppliers on the Model X. But with each week, we keep building more and more Xs off the line with greater and greater part maturity. And we expect to do our first delivery of production Model Xs at the end of next month.

那是真實的。它比這更複雜一些，因為它們是工廠的一部分，比其他部分自動化得多。因此，對機器人進行編程，就編程量、編程難度而言差異很大。實際上，我們現在已經在特斯拉生產線上生產了幾款 Model X。這是一台具有數千個獨特組件的複雜機器，因此 Model X 上仍有大量供應商提供的小批量零件。但每週，隨著零件成熟度越來越高，我們繼續生產越來越多的 Xs .我們預計將在下個月底交付我們的第一批量產 Model X。

Excellent. I had a question also on the autopilot. I was wondering, are you aware of this research paper from Alex. I think they also call it Alex Net. In few conferences we've ran, they talk a lot about image classification, especially with NVIDIA. If you haven't heard a word, that's fine, but if you've heard about it I was wondering -- are we working with some similar technologies with autopilot? Or we are doing everything in house? In terms of image recognition and auto steering.

出色的。我對自動駕駛儀也有疑問。我想知道，你知道亞歷克斯的這篇研究論文嗎？我想他們也稱它為 Alex Net。在我們舉辦的幾次會議中，他們談論了很多關於圖像分類的問題，尤其是與 NVIDIA 的合作。如果你一個字都沒聽說過，那很好，但如果你聽說過，我想知道——我們是否正在使用一些類似的自動駕駛技術？還是我們在家裡做所有事情？在圖像識別和自動轉向方面。

The overall system is designed by Tesla, but then there's components from a number of other suppliers. The Autosteer, highway autopilot essentially, is using a combination of the forward camera, forward radar, the side ultrasonics and then the GPS navigation system. So it integrates those four systems in order to do Autosteer on the highway. So that's what we are working out the final details on.

整個系統由特斯拉設計，但還有來自其他許多供應商的組件。 Autosteer，本質上是高速公路自動駕駛儀，使用前攝像頭、前雷達、側面超聲波和 GPS 導航系統的組合。因此，它集成了這四個系統，以便在高速公路上進行自動轉向。所以這就是我們正在製定的最終細節。

We're targeting release to our early access customers on August 15. Then, depending on how that is received and what issues we encounter in different parts of the world, we expect to go to wide release on highway Autopilot and Autopark in one to two months after that

我們的目標是在 8 月 15 日向我們的搶先體驗客戶發布。然後，根據收到的方式以及我們在世界不同地區遇到的問題，我們預計將在一到兩個時間在高速公路 Autopilot 和 Autopark 上廣泛發布幾個月後

Last question, I have regarding the plan to year 2016 production. I was wondering, in 2015, this current year, we are having a few retooling and getting the assembly lines, or I should say the production lines of Model X and Model S that are up-and-coming. Do we see any similar disruption happening in 2016 or we are pretty much great? And when you put the Model 3 line in place, it will be completely isolated from Model X and Model S?

最後一個問題，我有關於 2016 年生產的計劃。我想知道，在 2015 年，今年，我們正在進行一些重組和裝配線，或者我應該說 Model X 和 Model S 的生產線正在嶄露頭角。我們是否看到 2016 年發生了任何類似的中斷，或者我們非常出色？而當你把 Model 3 線放到位時，它會與 Model X 和 Model S 完全隔離嗎？

There are periodic down periods in order to do equipment maintenance, where that can't be accomplished in, let's say, on a Saturday, Sunday. But we're not anticipating any significant downtime for S and X, it's just, maybe it's one or two weeks out of the year, something like that. Because we do partuity improvements to reduce the production cost and that's just general equipment maintenance.

為了進行設備維護，有周期性的停機時間，而這在周六、週日是無法完成的。但是我們預計 S 和 X 不會有任何重大的停機時間，只是，也許是一年中的一兩個星期，類似的事情。因為我們進行部分改進以降低生產成本，而這只是一般的設備維護。

For the Model 3, we're really doing our best to make sure it does not affect S and X production. We don't currently anticipate it affecting S and X production in 2016, but there may be some affect in 2017

對於 Model 3，我們確實在盡最大努力確保它不會影響 S 和 X 的生產。我們目前預計它不會影響 2016 年的 S 和 X 生產，但可能會在 2017 年產生一些影響

If I may squeeze in one more, you did mention that Model X production is challenging. Like there's a difference between saying durable and undurable and everything is challenging in the world. I was wondering like we have a control over this challenge, because every problem is, we will not enjoy something not challenging. You think it's challenging, like is out-of-control, or challenging because you are enjoying doing it?

如果我可以再插一句，您確實提到 Model X 的生產具有挑戰性。就像說耐用和不耐用是有區別的，世界上一切都充滿挑戰。我想知道我們是否可以控制這個挑戰，因為每個問題都是，我們不會享受沒有挑戰性的事情。你認為它很有挑戰性，就像失去控制一樣，或者因為你喜歡這樣做而具有挑戰性？

Some things are definitely a lot more challenging than others. And the Model X is, I think, a particularly challenging car to build. Maybe the hardest car to build in the world, I'm not sure what would be harder.

有些事情肯定比其他事情更具挑戰性。我認為，Model X 是一款特別具有挑戰性的汽車。也許是世界上最難製造的汽車，我不確定哪個更難。

Excellent.

出色的。

But it is an amazing vehicle, and I think it's going to blow people away.

但這是一輛了不起的交通工具，我認為它會讓人們大吃一驚。

Looking forward to it. Thank you.

期待它。謝謝你。

All right, thank you.

好噠。謝謝你們。

Adam Jonas, Morgan Stanley.

亞當喬納斯，摩根士丹利。

Hello, Elon and Deepak. First question, Steve Jurvetson was recently quoted saying that Uber CEO Travis Kalanick told him that -- if by 2020 Tesla's cars are autonomous, that he'd want to buy all of them (laughter). Is this a real, I mean, forget the 2020 for a moment, but is this a real business opportunity for Tesla? Supplying cars to ridesharing firms, or does Tesla just cut out the middleman and sell on-demand electric mobility services directly from the Company on its own platform?

你好，埃隆和迪帕克。第一個問題，Steve Jurvetson 最近被引述說 Uber 首席執行官 Travis Kalanick 告訴他——如果到 2020 年特斯拉的汽車是自動駕駛的，他會想買所有的（笑聲）。這是真的嗎，我的意思是，暫時忘記 2020 年，但這對特斯拉來說是一個真正的商機嗎？向拼車公司供應汽車，還是特斯拉只是切斷中間商，直接從公司在自己的平台上銷售按需電動出行服務？

That's an insightful question.

這是一個有見地的問題。

You don't have to answer it.

你不必回答它。

I don't think I should answer it.

我覺得我不應該回答。

Okay, let's move on. Second question is, there's been -- sometimes you can tell more from the non-answer than from the answer. There's been a lot of excitement about mapping technology for autonomous and semi-autonomous applications with the German consortium bidding for here, Nokia's business.

好吧，讓我們繼續。第二個問題是，有時你可以從非答案中比從答案中了解更多。隨著德國財團競標諾基亞的業務，自主和半自主應用程序的映射技術令人興奮不已。

I would love to hear your views, Elon, on how you view Tesla's mapping capabilities. Is this something you need to continue licensing from outside vendors or can you use your own unique connected machine learning suite to build your own mapping capabilities and be self-sufficient? Or would you rather not answer that (laughter)?

Elon，我很想听聽你對特斯拉地圖繪製能力的看法。這是您需要繼續從外部供應商處獲得許可的東西，還是您可以使用自己獨特的聯網機器學習套件來構建自己的地圖功能並自給自足？或者你寧願不回答這個問題（笑聲）？

The fact of the matter is, there's no publicly available data that is sufficiently accurate for autopilot, as far as navigation data, suite data, it's too coarse. So, it looks like we don't really have much choice but to create our own data set for driving in the long term in order to provide a high quality autopilot experience. It's just the only way we can think of to do it.

事實是，對於自動駕駛來說，沒有足夠準確的公開數據，就導航數據、套件數據而言，它太粗糙了。因此，看起來我們真的別無選擇，只能創建自己的長期駕駛數據集，以提供高質量的自動駕駛體驗。這只是我們能想到的唯一方法。

Great. Thanks.

偉大的。謝謝。

Ryan Brinkman, JPMorgan.

瑞安·布林克曼，摩根大通。

Thanks for taking my question. First question is, I'm just curious what the new guidance for a range of delivery is, 50,000 or 55,000 versus 55,000 prior. What does that mean, if anything, for the earlier target of free cash flow breakeven in 4Q? Is that something we should think about maybe more in 1Q 2016 then?

感謝您提出我的問題。第一個問題是，我只是好奇新的交付範圍是什麼，50,000 或 55,000 與之前的 55,000。這對於早先的第四季度自由現金流盈虧平衡目標意味著什麼？那我們應該在 2016 年第一季度考慮更多嗎？

Certainly in 1Q, we will be free cash flow positive. Q4, it's hard to predict given that range. Certainly towards the end, as Model X deliveries are ramping up, we would be. But then if you look at the full quarter, it's somewhat close to call.

當然，在第一季度，我們的自由現金流將是正數。第四季度，鑑於該範圍，很難預測。當然，隨著 Model X 的交付量正在增加，我們會的。但是，如果您查看整個季度，那就有點接近了。

Okay. Thanks, that is helpful. And then just last question, it seems like we have seen a number of announcements since your quarter now by utilities and other companies about using your Powerpacks, on -- Amazon, et cetera. I'm curious, how much of the Tesla Energy business do you now expect to generate from corporate or institutional demand versus more retail customers? I'd be interested, too, if this mix, an expectation if it's changed over time at all since you first debuted the product?

好的。謝謝，這很有幫助。然後是最後一個問題，自您的季度以來，我們似乎已經看到許多公用事業公司和其他公司關於使用您的 Powerpacks 的公告，在亞馬遜等。我很好奇，與更多的零售客戶相比，您現在預計特斯拉能源業務有多少來自企業或機構需求？我也很感興趣，如果這種組合，自您首次推出該產品以來它是否會隨著時間的推移而發生變化？

Sure, this is JB. We're getting a little bit better sense of it, but it's still early days. I think initially we thought that the majority of the business would be the Powerpack in the commercial or institutional business, and we've actually been a bit surprised at how strong Powerwall, the retail demand is and the interest is. So, again, it's hard to guess at numbers, but I would say that we're perhaps in the, maybe not quite close to 50/50, but I think 70% perhaps Powerpack.

當然，這是JB。我們對此有了更好的了解，但仍處於早期階段。我認為最初我們認為大部分業務將是商業或機構業務中的 Powerpack，實際上我們對 Powerwall 的強勁程度、零售需求和興趣程度感到有些驚訝。所以，再一次，很難猜測數字，但我想說我們可能處於，可能不太接近 50/50，但我認為 70% 可能是 Powerpack。

Yes, it's really early days. A big dependency here is when someone orders the Powerpack, how many Powerpacks do they order? Powerpacks are 100 kilowatt hours and industrial and utility customers may order as many as 100 or 200. I'm not sure, what's our biggest one so far is that 200 (multiple speakers). So, our biggest one is about 250 or so. It could be quite a large, in terms of the kilowatt-hours, quite a large amount, going in the direction of Powerpack.

是的，現在還很早。這裡有一個很大的依賴關係，當有人訂購 Powerpack 時，他們訂購了多少個 Powerpack？ Powerpack 的功率為 100 千瓦時，工業和公用事業客戶可能會訂購多達 100 或 200 個。我不確定，到目前為止，我們最大的一個是 200 個（多揚聲器）。所以，我們最大的一個是大約 250 個左右。就千瓦時而言，它可能是相當大的，相當大的數量，朝著 Powerpack 的方向發展。

In terms of unit volume, the Powerwall would be the greatest, but the likely thing for Powerwall is somebody's going to order maybe 1 to 3, maybe it's an average of 1.5, or something like that, whereas Powerpack could be an average of 5 to 10.

就單位體積而言，Powerwall 將是最大的，但對於 Powerwall 來說，可能有人會訂購 1 到 3 個，可能是平均 1.5 個或類似的東西，而 Powerpack 可能是平均 5 到10.

I think as the market grows, and as we go further into the future, we are going to see more and more total energy demand coming from Powerpack. That's still our expectation.

我認為隨著市場的增長以及我們對未來的進一步發展，我們將看到越來越多的總能源需求來自 Powerpack。這仍然是我們的期望。

Yes, exactly, one important thing to understand, and agreeing with growing up just a little bit, that for stationary storage the fundamental economics of cost are always true. Meaning that there is always a cost advantage to someone, to a system-wide implementation of stationary storage, because of the high peak-to-trough electricity usage.

是的，確切地說，有一件重要的事情要理解，並且同意一點點成長，即對於固定存儲，成本的基本經濟學始終是正確的。這意味著，由於高峰到低谷的用電量較高，對於固定存儲的系統範圍內的實施，對某人來說總是具有成本優勢。

So, if you have buffering, which is what stationary storage allows for, then you only need your power plants to operate at the average energy usage. Which means that you can basically, in principle, shut down half of the world's power plants if you had stationary storage. This is independent of renewable energy. It doesn't matter whether you have solar panels, this is just being able to shut down half your power plants if you have buffering. Because you can then have your power plant output at the average of what is needed by the consumers.

所以，如果你有緩衝，這是固定存儲所允許的，那麼你只需要你的發電廠以平均能源使用量運行。這意味著，如果你有固定存儲，原則上你基本上可以關閉世界上一半的發電廠。這與可再生能源無關。是否有太陽能電池板並不重要，只要有緩衝就可以關閉一半的發電廠。因為您可以讓您的發電廠輸出達到消費者所需的平均水平。

That is very interesting.

這很有趣。

Yes, it seems like sometimes people link this too much to renewable energy. Of course, we're refute believers in renewable energy but, that is not the getting function of demand for stationary storage. Stationary storage is really as compared to existing power plants.

是的，有時人們似乎將這與可再生能源聯繫得太緊密了。當然，我們駁斥了可再生能源的信仰，但這並不是固定存儲需求的獲得功能。與現有發電廠相比，固定存儲確實是。

Great, thank you.

太好了謝謝。

Depending on the country, that may be represented as a price to the user of the electricity. So, for example, in Germany and Australia, there is time-based cost of electricity, like it costs more some times of the day than others. Whereas in most of the US you just have a meter that's ticking over. So it doesn't differentiate between, say day use of energy or night use of energy. So in places where the price represents the cost, the Powerwall makes economic sense, but the Powerpack makes sense everywhere.

根據國家/地區的不同，這可能表示為電力用戶的價格。因此，例如，在德國和澳大利亞，電力存在基於時間的成本，例如一天中的某些時間比其他時間成本更高。而在美國大部分地區，您只有一個正在計時的儀表。所以它沒有區分，比如白天使用能源或夜間使用能源。因此，在價格代表成本的地方，Powerwall 具有經濟意義，但 Powerpack 在任何地方都有意義。

Great.

偉大的。

Patrick Archambault, Goldman Sachs.

帕特里克·阿爾尚博，高盛。

Good afternoon, thanks for taking my questions. Just wanted to follow up on the Autopilot, and I'm sorry if you guys have said this. Can we talk a little bit more about the capability that, that is going to bring? Is that kind of a hands off, feet off, kind of product that would be somewhere close to like NHTSA Level 3? Or we just talking about more lane-keep assist and forward collision warning and that sort of stuff that would still be Level 1 to Level 2? Let me just start off with that question.

下午好，感謝您提出我的問題。只是想跟進自動駕駛儀，如果你們這麼說，我很抱歉。我們能否多談談將帶來的能力？是那種像NHTSA 3級那樣的產品嗎？或者我們只是在談論更多的車道保持輔助和前方碰撞警告以及仍然是 1 級到 2 級的那種東西？讓我從這個問題開始。

I'm not too familiar with what the various NHTSA levels mean, but I'll tell you just what translates to in the initial autopilot. We don't want to set the expectation that you can just basically pay no attention to what the car is doing.

我不太熟悉各種 NHTSA 級別的含義，但我會告訴你在初始自動駕駛儀中的含義。我們不想設定您基本上可以不注意汽車在做什麼的期望。

We do want to set the expectation that it's much like the Autopilot in a plane, where you turn the Autopilot on in a plane, but the assumed expectation is the pilot will pay attention to what the plane is doing and won't go to sleep or disappear from the cockpit. So we don't want to set that expectation with consumers.

我們確實希望設定它很像飛機上的自動駕駛儀的期望，你在飛機上打開自動駕駛儀，但假設的期望是飛行員會注意飛機在做什麼並且不會睡覺或從駕駛艙消失。所以我們不想給消費者設定這樣的期望。

That said, in terms of what the capability of the system is, I think its capability in steering and control of acceleration and braking is excellent when it has a tracking vehicle in front. You basically have high confidence in steering, braking and acceleration, basically when you are in some kind of traffic situation where there is a car on the road in front of you. I think it's pretty good in the absence of that, so if there's just lanes, it's pretty good. And it will get better over time as we refine the software. I would certainly not take the initial version of Autopilot as the final version, it will just get better and better over time.

也就是說，就係統的能力而言，我認為當它前面有跟踪車輛時，它的轉向和控制加速和製動的能力非常好。你基本上對轉向、制動和加速有很高的信心，基本上是當你在某種交通情況下，在你面前的路上有一輛車。我認為沒有那個就很好了，所以如果只有車道，那就很好了。隨著我們改進軟件，它會隨著時間的推移變得更好。我當然不會將 Autopilot 的初始版本作為最終版本，它會隨著時間的推移變得越來越好。

Got it. That's helpful --

知道了。這很有幫助——

Just with software updates. Just with software updates, to be clear.

只需軟件更新。只是軟件更新，要清楚。

And then, I take it there's some kind of human machine interface thing that keeps you focused and beeps if you try to use your Blackberry or something?

然後，如果你嘗試使用你的黑莓或其他東西，我認為有某種人機界面可以讓你保持專注並發出嗶嗶聲？

That's still something that we're debating and I think we want to see how the early access program goes, that's basically our public beta. And based on that, we'll set the warning levels, yes.

這仍然是我們正在討論的問題，我認為我們想看看早期訪問計劃的進展情況，這基本上是我們的公開測試版。基於此，我們將設置警告級別，是的。

Got it. More of a guidance question, it was touched on earlier that the 1,600 to 1,800 is down from I think what was being floated around as 2,000 for next year's production level. I get that the production overall might be lower based on a slower ramp but is there something structural that's keeping you from hitting that 2,000 on a run rate basis, understanding that you can search to that at certain points? Is there something that in preparing for the launch you've realized that you're just not going to have the capacity that you thought you would have?

知道了。更多的是一個指導性問題，早些時候提到，1,600 至 1,800 低於我認為明年的生產水平浮動為 2,000 左右的水平。我知道由於坡道較慢，整體產量可能會降低，但是否有某種結構性因素阻止您在運行率的基礎上達到 2,000，了解您可以在某些點搜索到那個？在為發布做準備的過程中，您是否意識到您將無法擁有您認為自己擁有的能力？

Frankly, the main thing is, we don't want to set high expectations and then -- the only way for us to feel good about the future is that if we exceed really high expectations. So, it's sort of like, winning needs to feel like winning, if that makes any sense. So, that's really why we're saying those numbers. Could we do 2,000 aspirationally? Yes. Do we want to commit to that? Ideally not.

坦率地說，主要的是，我們不想設定過高的期望，然後——讓我們對未來感覺良好的唯一方法是，如果我們超出了非常高的期望。所以，這有點像，獲勝需要感覺像獲勝，如果這有任何意義的話。所以，這就是我們說這些數字的真正原因。我們能有抱負地做 2,000 個嗎？是的。我們要承諾嗎？理想情況下不會。

Got it, understood. Just setting the bar at achievable levels is something that makes sense. Just last one for me, an accounting issue. I think there was a $0.10 gain or a $0.13 gain on FX revaluation. I don't know, Deepak, I didn't know what that was exactly.

明白了，明白了。將標准設置在可實現的水平上是有道理的。對我來說只是最後一個，一個會計問題。我認為外匯重估有 0.10 美元或 0.13 美元的收益。我不知道，迪帕克，我不知道那到底是什麼。

That's driven by our balance sheet currency and receivable evaluations that happen at the quarter-end exchange rates. It's not representative of what happens during the quarter, in the middle of the months, and based on where the exchange rates were we had good news this time from that evaluation. Clearly, as you are aware, Q1 we had significant bad news, and if you are looking at the two out on a full-year basis, it's a small number.

這是由我們以季度末匯率進行的資產負債表貨幣和應收賬款評估推動的。它不能代表本季度、月中發生的情況，並且根據匯率的位置，我們這次從評估中得到了好消息。顯然，如您所知，第一季度我們有重大的壞消息，如果您在全年的基礎上看這兩個，這是一個很小的數字。

Okay, got it. So it's just the impact of transactional stuff sequentially?

好，知道了。所以這只是順序事務的影響嗎？

Yes.

是的。

Okay. Got it. Thanks a lot guys.

好的。知道了。非常感謝你們。

Just to verify, it is translational and transactional in the sense that we have foreign currencies on hand, which we are translating to dollars at quarter end and that impact has to flow through income.

只是為了驗證一下，從我們手頭有外幣的意義上說，它是轉化和交易的，我們在季度末將其轉換為美元，這種影響必須通過收入流動。

We haven't actually done the exchange.

我們實際上並沒有進行交換。

Yes, it's unrealized. There is some realized portion that happened during the quarter, but most of it is unrealized.

是的，它沒有實現。本季度發生了一些已實現的部分，但大部分未實現。

Understood, thank you.

明白了，謝謝。

Emmanuel Rosner, CLSA.

伊曼紐爾·羅斯納，里昂證券。

Hello, good afternoon, everybody. I wanted to start just with a quick math question. So your comments suggested that if there's any sort of delay towards the end of Q4, this would have an impact of about 800 Model X units per week. And then you're also guiding to about to 1,600 to 1,800 combined volumes of production per week next year. Does that just simplistically mean that you are targeting the mix to be roughly 50/50 between X and S right from the get go in 2016?

大家好，大家下午好。我想從一個快速的數學問題開始。因此，您的評論表明，如果在第四季度末出現任何形式的延遲，這將影響每週約 800 輛 Model X 的產量。然後，您還將指導明年每週生產約 1,600 到 1,800 件。這是否只是簡單地意味著您從 2016 年開始就將 X 和 S 之間的混合目標設定為大約 50/50？

It does, although I wouldn't put too much precision on that because what we're going to try to do is to push the production slightly more in the direction of X because people have been waiting a long time for their cars. And then in any given month it could be 60/40 one way or the other. If you look at worldwide demand for SUVs and sedans, it is almost dead even at 50/50.

確實如此，儘管我不會對此做太多的精確說明，因為我們要做的是將生產稍微推向 X 的方向，因為人們已經等了很長時間才能買到他們的汽車。然後在任何給定的月份，它可能是 60/40 的一種方式或另一種方式。如果你看看全球對 SUV 和轎車的需求，即使是 50/50，它也幾乎是死的。

Some regions, sedan is a favorite, some regions SUV is a favorite. But generally it is, on a worldwide basis, 50/50. It is difficult for us to say exactly what the S/X demand ratio will be until the car is out there, people are experiencing it, and we see what the relative order volume is. But we have so many advance orders on the X that this certainly will be an issue in the early days, and we are going to try to get people their car as fast as we can.

一些地區，轎車是最愛，一些地區SUV是最愛。但總的來說，在全球範圍內，它是 50/50。我們很難準確地說出 S/X 需求比將是多少，直到汽車出現，人們正在體驗它，我們看到相對訂單量是多少。但是我們在 X 上有太多的預購訂單，這在早期肯定會成為一個問題，我們將盡可能快地讓人們買車。

Okay, so I understand the demand aspect, but I guess from a production capacity point of view you think that, as of early 2016, you could theoretically have as many X as Model Ss being produced?

好的，所以我了解需求方面，但我想從產能的角度來看，您認為截至 2016 年初，您理論上可以生產與 Model S 一樣多的 X？

Yes. To put our cards on the table here, we're setting factory capacity to be 1,000 Ss and 1,000 Xs per week. Actual production and capacity are not exactly the same thing. There's always some percentage lower than capacity that is -- or occasionally, it may hit capacity, but it's hard to maintain capacity.

是的。為了把我們的卡片放在桌面上，我們將工廠容量設置為每週 1,000 Ss 和 1,000 Xs。實際產量和產能並不完全相同。總有一些百分比低於容量 - 或者偶爾，它可能會達到容量，但很難保持容量。

But our goal is, what our internal plan is, I can tell you is that we want the factory to be able to make up to 1,000 Xs, up to 1,000 Ss per week next year in terms of capacity. And then, actual production is affected by real-world issues, so there will maybe some weeks where there is 2,000 produced and some weeks where there is very few produced because we have got factory tooling situations. Hence the 1,600 to 1,800 average over the year that we're predicting.

但我們的目標是，我們的內部計劃是什麼，我可以告訴你的是，我們希望工廠能夠在明年的產能上每週生產 1,000 Xs，最多 1,000 Ss。然後，實際生產會受到現實世界問題的影響，因此可能會在幾週內生產 2,000 台，而在幾週內生產很少，因為我們有工廠工具情況。因此，我們預測的一年中的平均值為 1,600 到 1,800。

And it would be fair to say the goal of the factory is to not just produce cars, but it's to produce cars with the right cost and the right quality.

公平地說，工廠的目標不僅僅是生產汽車，而是生產成本合適、質量合適的汽車。

Yes, particularly once we hit steady-state we can certainly do that. It's just difficult during the ramp phase.

是的，特別是一旦我們達到穩定狀態，我們當然可以做到這一點。在斜坡階段這很困難。

Okay, that's very clear. And then, one question on China. Very happy to see that your revised strategy is getting some traction, so what exactly are you doing differently there? I guess besides offering a home charger for the buyers of Model S? Are there any other things you are doing differently in China? And any lessons that you can learn from there in terms of applying that to other regions?

好的，這很清楚。然後，關於中國的一個問題。很高興看到您修改後的策略獲得了一些關注，那麼您到底做了什麼不同的事情呢？我想除了為 Model S 的買家提供家用充電器嗎？你在中國做的其他事情有什麼不同嗎？在將其應用於其他地區方面，您可以從中學到什麼經驗？

China does have a unique set of challenges. For example, the whole license plate question. To get a license plate to drive a car in a lot of the major Chinese cities is quite difficult. So whether you have electric vehicle exemption in a given city or not makes a big difference because if you don't, then people can buy the car, but they can't drive it.

中國確實面臨著一系列獨特的挑戰。例如，整個車牌問題。在中國的許多主要城市，要獲得駕駛汽車的牌照相當困難。因此，您是否在特定城市獲得電動汽車豁免會產生很大的不同，因為如果您沒有，那麼人們可以購買汽車，但他們不能駕駛它。

So it's taken us a while, but we have been successful in getting EV plate exemptions everywhere except Beijing, and we are optimistic about Beijing. We're seeing a Beijing exemption in the hopefully near future. So that's important for China, but not something that one can extend to other parts of the world.

所以我們花了一段時間，但我們已經成功地獲得了除北京以外的所有地方的電動汽車牌照豁免，我們對北京持樂觀態度。我們有望在不久的將來看到北京的豁免。所以這對中國很重要，但不能擴展到世界其他地區。

I think it's really that in China, and in most countries, that there is a bit of a slow build of awareness and confidence in Tesla. And depending upon when we went to market in a particular country, that feeling is going to be at a low or a high stage of maturity.

我認為在中國和大多數國家，對特斯拉的認識和信心確實有點緩慢。並且取決於我們何時進入特定國家/地區的市場，這種感覺將處於成熟度的低或高階段。

In the US, say particularly California, it's a high stage of maturity. The awareness and comfort with Tesla in California is very high. But that's at a moderate stage of maturity in, say, the Northeast of the United States, and so at the low stage in most of Asia. And the same has been true in Europe.

在美國，尤其是加利福尼亞，這是一個高度成熟的階段。特斯拉在加州的知名度和舒適度非常高。但這在美國東北部處於中等成熟階段，因此在亞洲大部分地區處於低水平。在歐洲也是如此。

Basically, it seems like with every country, you have got to build confidence in the brand over time. It just takes time, you can't just have it be immediate. Just because people love it in California does not mean they will automatically love it in other places. You got to build the confidence over time.

基本上，似乎每個國家都必須隨著時間的推移建立對品牌的信心。這只是需要時間，你不能讓它立即生效。僅僅因為人們在加利福尼亞喜歡它並不意味著他們會在其他地方自動喜歡它。隨著時間的推移，你必須建立信心。

We've been in China only slightly over a year.

我們到中國才一年多一點。

Yes, just a year.

是的，僅僅一年。

Understood. And then final one just on the Gigafactory. Can you just give us an update on how things are going there in terms of the preparation? And then there was also, you've been mentioning a bunch of hints throughout the month on potentially wanting to add some space there, I think some capacity. Can you talk more precisely in terms of where would you see capacity go beyond the initial stages?

明白了。然後最後一個就在 Gigafactory 上。你能告訴我們在準備方面的進展情況嗎？然後還有，你在整個月裡一直在提到一堆關於可能想要在那裡增加一些空間的提示，我認為是一些容量。您能否更準確地談談您認為產能在哪些方面會超出初始階段？

I'll say a few words and maybe JB can weigh in. Whenever engaging in speculative comments like this, I think it is important just to remember they are speculative and not a prediction that we would have say with very high confidence.

我會說幾句話，也許 JB 可以參與進來。每當參與這樣的投機性評論時，我認為重要的是要記住它們是投機性的，而不是我們會非常自信地說出的預測。

But what we have found is, with the Gigafactory, is that as we spent more and more time on it, we have found we've been able to improve the space efficiency of the production and the overall efficiency by more than our initial expectations. So the net result is that we think in the same volume we can do potentially significantly more output. JB, do you want to elaborate on that?

但我們發現，對於 Gigafactory，隨著我們花費越來越多的時間在它上面，我們發現我們已經能夠將生產的空間效率和整體效率提高到超出我們最初預期的水平。所以最終的結果是我們認為在同樣的數量下，我們可以做更多的輸出。 JB，你想詳細說明一下嗎？

Yes, I think our plans are still on track and unchanged for the first phases of production, to support Model 3 and to support the Tesla Energy business. But the ultimate production capability of the site is what we believe can go much higher than we maybe initially thought it could. And we do remain on track for construction at the site. We'll have first equipment being installed at the end of this year and planning to start production on Tesla Energy products Q1 2016

是的，我認為我們在第一階段生產、支持 Model 3 和支持特斯拉能源業務方面的計劃仍在進行中並且沒有改變。但是，我們認為該站點的最終生產能力可以比我們最初認為的要高得多。我們確實仍在現場施工的軌道上。我們將在今年年底安裝第一台設備，併計劃在 2016 年第一季度開始生產特斯拉能源產品

And the Gigafactory, we're already in production with Tesla Energy products at Fremont, but that production will transfer to the Gigafactory next year.

還有超級工廠，我們已經在弗里蒙特生產特斯拉能源產品，但明年將轉移到超級工廠。

And expand and ramp significantly.

並顯著擴大和傾斜。

Perfect. Great to hear.

完美的。很高興聽到。

Brian Johnson, Barclays.

巴克萊銀行的布萊恩·約翰遜。

I've got two questions, one on the Powerpack opportunity and another relating back to Model X. On the Powerpack, I want to get a deeper understanding of where you see your competitive advantage. If I think about simplistically four levels of a stack, in terms of the utility Powerpack solution, with the upper-level being the software to grid interface with the grid and kind of tie-in once it's not needed. Second layer, the battery and management software, and then at the hardware, the inverter and other power electronics, followed by the battery itself.

我有兩個問題，一個是關於 Powerpack 的機會，另一個是關於 Model X。關於 Powerpack，我想更深入地了解您在哪裡看到了自己的競爭優勢。如果我簡單地考慮堆棧的四個級別，就實用 Powerpack 解決方案而言，上層是軟件到網格與網格的接口以及在不需要時的某種連接。第二層是電池和管理軟件，然後是硬件、逆變器和其他電力電子設備，然後是電池本身。

Where do you see your advantage at each of those levels? How is it important to play at all of those levels? And how do you interface (laughter) with some of the existing middle people, you might call them, or consultants in the industry, or other software providers who might be providing elements of the stack already?

您在每個級別上的優勢在哪裡？在所有這些級別上玩有多重要？你如何與一些現有的中間人交流（笑聲），你可能會稱他們為行業顧問，或其他可能已經提供堆棧元素的軟件提供商？

It's a pretty detailed questions. I think one of the -- maybe at a high level, one of the biggest benefits that we offer and where we have a competitive strength is having a system that solves pretty much all those problems together.

這是一個非常詳細的問題。我認為其中之一 - 也許在高水平上，我們提供的最大好處之一以及我們擁有競爭優勢的地方是擁有一個可以一起解決幾乎所有這些問題的系統。

I think a lot of other people aspiring to be in this market sell one piece among that entire stack, as you're calling it. And then you'd have to go to different companies to find the other pieces. At Tesla, we're integrating all those pieces together for a very turnkey solution that a utility or a commercial customer can just install.

我認為很多其他渴望進入這個市場的人在整個堆棧中出售一件，正如你所說的那樣。然後你必須去不同的公司才能找到其他的東西。在特斯拉，我們將所有這些部件整合在一起，形成一個非常交鑰匙的解決方案，公用事業或商業客戶只需安裝即可。

Basically, plug and play matters even if you're at the megawatt scale.

基本上，即使您是兆瓦級，即插即用也很重要。

Yes, exactly. I think, of course, the pricing fundamentals, starting with the battery itself, are really the foundation of that, but we have a lot of expertise and a lot of know-how in power electronics, and software as well, that we've built on the car side of the business for many years.

對，就是這樣。我認為，當然，從電池本身開始的定價基礎確實是其基礎，但我們在電力電子和軟件方面擁有很多專業知識和訣竅，我們已經多年來在汽車方面建立了業務。

And how about the software to interface with the grid and determine when to charge and when to discharge?

軟件如何與電網連接並確定何時充電和何時放電？

That is something we are working on now. And we are also working in partnership with many different utilities on this. There's not a universal point of view on exactly where that control and dispatch should live. A lot of utilities want to be very involved in that themselves. So we're basically setting up the tools and the infrastructure so that they can control in a way that is familiar and the most convenient for them.

這是我們現在正在做的事情。我們還在這方面與許多不同的公用事業公司合作。關於控制和調度應該在哪裡存在並沒有一個普遍的觀點。許多公用事業公司都希望自己參與其中。所以我們基本上是在設置工具和基礎設施，以便他們能夠以他們熟悉和最方便的方式進行控制。

It's essentially like an API, so that their utilities system can essentially put or call power to the pack. And then they can query the pack for information about its status. But as JB was saying, it does have to interface with quite a heterogeneous set of systems around the world. That's why you have to have basically an API interface to the pack -- so that the utility system can request power or put power to the pack.

它本質上就像一個 API，因此他們的實用程序系統本質上可以為包提供或調用電源。然後他們可以查詢包以獲取有關其狀態的信息。但正如 JB 所說，它確實必須與世界各地的一組異構系統交互。這就是為什麼你必須有一個基本的包的 API 接口——以便實用系統可以請求電源或為包供電。

Okay.

好的。

And maybe just one more comment. At the commercial level, that is something that Tesla is engaged in much more directly, for things like demand management and those type of applications. But it's a bit of a different answer depending on which market we are in here.

也許只是多了一條評論。在商業層面，這是特斯拉更直接地參與的事情，比如需求管理和那些類型的應用程序。但根據我們所處的市場，答案會有所不同。

How are you getting utilities comfort with the number of cycles in the lifetime of this? Are they taking your word for it or is that something they are seeking to explore through pilots and/or their own high-intensity testing of your battery packs?

您如何讓公用事業公司對生命週期中的循環次數感到滿意？他們是相信你的話，還是他們正在尋求通過飛行員和/或他們自己對電池組的高強度測試來探索的東西？

We have a lot of data, actually. They don't just have to take our word for it. A lot of these tests have been running for a long time, and we can show them fairly hard cycle data and some lifetime data. So that's been very helpful.

實際上，我們有很多數據。他們不必相信我們的話。很多這些測試已經運行了很長時間，我們可以向它們展示相當硬的循環數據和一些生命週期數據。所以這非常有幫助。

And also, of course, there's all the field experience from the automotive fleet. That's much bigger than what we are deploying in the stationary fleet and will remain so for a number of years. Having the confidence there and how those batteries have aged and done quite well is extremely helpful in building confidence.

當然，還有來自汽車車隊的所有現場經驗。這比我們在固定機隊中部署的要大得多，並且將持續數年。在那裡有信心以及這些電池是如何老化並做得很好的，這對建立信心非常有幫助。

Got it. And just final quick question. Model S, you noted some risk to 4Q, depending on what happens with the X ramp up. Earlier in the year, you talked about a 30% gross margin for the Model S part of 4Q, of course that was not for 4Q overall. Where do you stand on that 30% internal goal now?

知道了。最後一個簡短的問題。 Model S，你注意到第四季度的一些風險，這取決於 X 的上升會發生什麼。今年早些時候，你談到第四季度 Model S 部分的毛利率為 30%，當然這不是第四季度的整體情況。你現在對 30% 的內部目標持何立場？

That 30% goal was before the dollar began to really strengthen at this level. So clearly that has had a fairly large impact on it. And also the mix has had some impact. Our focus also, in the last few quarters, has been much more so on model X.

30% 的目標是在美元開始真正走強之前。很明顯，這對其產生了相當大的影響。而且這種混合也產生了一些影響。在過去的幾個季度中，我們的關注點也更多地放在了 Model X 上。

There are various other cost reduction opportunities that we have that we are hoping to get in Q4 but they could potentially get delayed into Q1. We want to make sure they happen right and we are at the same time focusing on X. So, I would say broadly, if we put aside exchange, we see a trend of improving gross margin despite mix over time.

我們希望在第四季度獲得各種其他降低成本的機會，但它們可能會延遲到第一季度。我們希望確保它們正確發生，同時我們專注於 X。所以，我廣義地說，如果我們把交換放在一邊，儘管隨著時間的推移，我們看到了毛利率提高的趨勢。

Okay, but no longer a hard 30% in 4Q?

好的，但不再是第四季度的硬 30%？

No, not next quarter basically. But next year, contingent on macroeconomic conditions not going wacky, that seems like a potentially attainable number.

不，基本上不是下個季度。但明年，取決於宏觀經濟狀況不會變得古怪，這似乎是一個可能達到的數字。

Okay, thanks.

好的謝謝。

Colin Langan, UBS.

科林蘭根，瑞銀。

Thanks for taking my question. Can I just follow up on some of the numbers you threw out on stationary storage? The $1 billion, is that orders or reservations? I just want to get a sense of how firm that was. And did you imply that, it sounds like $400 million to $500 million for next year? And is it a few billion for 2017 at the storage market, is that what you said?

感謝您提出我的問題。我可以跟進你扔在固定存儲上的一些數字嗎？ 10億美元，是訂單還是預訂？我只是想知道那是多麼堅定。您是否暗示，明年聽起來像是 4 億到 5 億美元？ 2017 年存儲市場是幾十億嗎，你說的是這個嗎？

Yes, these are reservations, so reservation may be an order or maybe not, but that is certainly what people said that they want. Over 100,000 reservations have been placed for Powerwall and Powerpack. And of that, you can spec that as to what would be, how many Powerwalls, how many Powerpacks, per reservation. It's likely to be more than one -- particularly in the Powerpack case.

是的，這些是預訂，所以預訂可能是訂單，也可能不是，但這肯定是人們所說的他們想要的。 Powerwall 和 Powerpack 的預訂已超過 100,000 次。其中，您可以指定每次預訂將是什麼、多少個 Powerwall、多少個 Powerpack。它可能不止一個——尤其是在 Powerpack 案例中。

Yes, that leads us to think 40 or 50 for Q4, and maybe 10 times that number next year, and then 5 to 10 times that number in 2017. But as I said earlier, as we get further away in time, the numbers are more speculative.

是的，這導致我們認為第四季度是 40 或 50，明年可能是這個數字的 10 倍，然後在 2017 年是這個數字的 5 到 10 倍。但正如我之前所說，隨著時間的推移，這些數字是更具投機性。

And what would that put you in terms of market share in storage at that point? Will that be most of the market, stationary storage in 2017?

在那一點上，您在存儲市場份額方面的表現如何？這會是 2017 年市場的大部分固定存儲嗎？

We don't really know.

我們真的不知道。

The market is definitely growing very quickly. I'd say we're speculating on what the actual entire market is going to do and how that is going to grow. So that's --

市場肯定增長得非常快。我想說我們正在猜測整個市場的實際情況以及它將如何增長。所以那是 -

I don't think you can draw a lot of conclusions from like what is the market -- how much of the stationary storage was sold last year. Just the beginning of electric car production for Tesla, people were trying to say, well, how many electric cars have were sold last year, almost none. Therefore, Tesla will sell almost none. That's to summarize what the vast majority of predictions were about Model S.

我認為您無法從市場狀況中得出很多結論——去年售出了多少固定式存儲。特斯拉剛開始生產電動汽車，人們就想說，嗯，去年賣出了多少輛電動汽車，幾乎沒有。因此，特斯拉幾乎不會賣掉任何東西。這是對絕大多數關於 Model S 的預測的總結。

Yes, the prices that stationary storage was selling at last year, for instance, are so much higher than where they will be in 2017, that you can't extrapolate those two.

是的，例如，固定存儲去年的銷售價格遠高於 2017 年的價格，因此您無法推斷這兩者。

The demand for stationary storage increases at quite an extreme exponential as the cost per kilowatt hour decreases. The utilities used in terms of levelized cost of energy. And depending upon where you are in the world, that number in some places is very high, some places is quite low. As you start to approach the average value, the demand basically scales into multi-terawatt hour range.

隨著每千瓦時成本的降低，對固定存儲的需求以相當大的指數增長。在能源平準化成本方面使用的公用事業。取決於你在世界的哪個地方，這個數字在某些地方非常高，有些地方卻很低。當您開始接近平均值時，需求基本上會擴展到多太瓦時範圍。

Grid parity is the wrong concept here, but it's maybe somewhat of an analogy to think about.

電網奇偶校驗在這裡是錯誤的概念，但考慮起來可能有點類比。

At grid parity, the market is staggeringly gigantic.

在電網平價下，市場是驚人的巨大。

And what is your all-in cost? I know it's $250 for the Powerpack. With installation or anything, do you have any estimate of what it actually costs like a commercial or utility, all in?

你的總成本是多少？我知道 Powerpack 是 250 美元。對於安裝或其他任何東西，您是否對商業或公用事業的實際成本有任何估計？

It depends a lot on the scope and scale and how many other pieces of that installation are bundled together. So we haven't quoted or listed those numbers since they vary so much from one installation to the next. The battery cost is really what matters most in the economics, so it's where we have listed those prices.

這在很大程度上取決於範圍和規模以及該安裝的多少其他部分捆綁在一起。所以我們沒有引用或列出這些數字，因為它們從一個安裝到下一個安裝差異很大。電池成本在經濟學中確實是最重要的，因此我們列出了這些價格。

Any sense of the high-end and low-end range for installation?

對安裝的高端和低端範圍有什麼感覺嗎？

Nothing that we'd be ready to share quite yet.

我們還沒有準備好分享的內容。

Okay, and just last question. How should we think about the margin profile over the next few years with this ramp? I believe you said Q4's pretty low. Should that meaningfully improve? And when do you get parity with your gross margin?

好的，最後一個問題。我們應該如何看待這個斜坡在未來幾年的利潤率狀況？我相信你說 Q4 相當低。這應該有意義地改善嗎？你什麼時候能和你的毛利率持平？

We are getting quite speculative about the battery business. In the early days, the factory gross margins that are on the order of 15%. Over time, that could rise to 25% or maybe 30%. We just don't know that quite yet. We have to look at what the price list and the demand is to understand whether -- where we should we be pricing and what's the right gross margin to aim for.

我們對電池業務越來越投機。早期，工廠毛利率在 15% 左右。隨著時間的推移，這可能會上升到 25% 或 30%。我們只是還不知道。我們必須查看價目表和需求，以了解我們應該在哪裡定價以及目標的正確毛利率是多少。

Okay, thank you very much.

好的，非常感謝。

Ben Kallo, Robert W Baird.

本·卡洛，羅伯特·W·貝爾德。

Thanks for taking my question. As far as the Model X goes, last time, Elon, you talked about configuration in July, and I understand with the slippage, but when can we start thinking about configuring cars who have orders out there, customers have orders? And then with about a month away from deliveries, when do you expect to show it to people?

感謝您提出我的問題。至於 Model X，上次 Elon，你在 7 月份談到了配置，我理解滑點，但是我們什麼時候可以開始考慮配置有訂單的汽車，客戶有訂單？然後距離交付還有大約一個月的時間，您希望什麼時候向人們展示它？

We're probably into upper configuration two or three weeks of the X. So that should go live on the website before the end of the month. In terms of the initial deliveries of the X, that's consistent with what we predicted on the last call, which is end of September.

我們可能會在 X 的兩到三週內進入高級配置。所以應該在月底之前在網站上上線。就 X 的初始交付而言，這與我們在 9 月底的最後一次電話會議上預測的一致。

Okay, and then as we look out to the target of 500,000 cars in 2020, and some of the things you learned recently, do you still stand behind that number? And what gives you confidence in looking ahead to that number and ramping up production?

好的，然後當我們展望 2020 年 500,000 輛汽車的目標時，以及您最近了解到的一些事情，您還支持這個數字嗎？是什麼讓您有信心展望這個數字並提高產量？

Sure, I do remain confident about 0.5 million cars in 2020, and maybe being able to exceed that. It's worth noting that, so 2020, that's five years from now. If you go five years in the past for Tesla, we were producing 600 cars per year. Now we can produce 600 cars in three days. So I think you're going from here to 500,000 cars a year is much more a leap than what we did over the past five years.

當然，我對 2020 年的 50 萬輛汽車仍然充滿信心，而且也許能夠超過這個數字。值得注意的是，到 2020 年，距離現在還有五年。如果你在過去的五年裡去特斯拉，我們每年生產 600 輛汽車。現在我們可以在三天內生產 600 輛汽車。所以我認為你從這裡到每年 500,000 輛汽車比我們過去五年所做的要飛躍得多。

Got it. And then when we think about your currency exposure -- where are you guys at on thinking about moving any kind of manufacturing outside of the US, or any parts or manufacturing or additional manufacturing?

知道了。然後，當我們考慮到你們的貨幣敞口時——你們在考慮將任何類型的製造轉移到美國以外的地方，或者任何零件、製造或額外的製造？

It depends on what time frame. In the next few years, we expect to be focused on Fremont and the Gigafactory in Nevada. Long term, again we are getting very speculative here, maybe three- or five-year time frame it's going to make sense for us to think about localizing production in different markets. Having a factory in Asia, a factory in Europe, other factories in North America.

這取決於什麼時間框架。在接下來的幾年裡，我們預計將專注於弗里蒙特和內華達州的超級工廠。從長遠來看，我們再次變得非常投機，可能是三年或五年的時間框架，我們考慮在不同市場進行本地化生產是有意義的。在亞洲有工廠，在歐洲有工廠，在北美有其他工廠。

So, in order to go beyond the 500,000 units a year, that's what we would need to do. Our Tesla factory in Fremont and near Reno is that sort of size for the 500,000 level. Might be able to do a little bit more than that, but let's say 500,000 should be very achievable. When it was operating as NUMI, it did roughly 0.5 million vehicles a year, so for us to assume a number is quite reasonable, I think, without adding new factories. So the new factories would be for going past 0.5 million.

因此，為了超過每年 500,000 個單位，這就是我們需要做的。我們在弗里蒙特和里諾附近的特斯拉工廠的規模達到了 500,000 的水平。可能能做的比這多一點，但假設 500,000 應該是可以實現的。當它作為 NUMI 運營時，它每年大約生產 50 萬輛汽車，所以我們假設一個數字是相當合理的，我認為，沒有增加新工廠。因此，新工廠的產能將超過 50 萬。

And my final question, a headline after this call might be, Tesla is going to raise capital. Just from your comments, I think some people are going to walk away thinking that. I just want to make sure that you guys can set the record straight if that's in the cards in the near term or if it's not?

我的最後一個問題，本次電話會議後的標題可能是，特斯拉將籌集資金。僅從您的評論來看，我認為有些人會這樣想。我只是想確保你們可以在短期內打破記錄，或者如果沒有的話？

We can't comment on that specifically. Next question.

我們無法具體評論。下一個問題。

Andrea James, Dougherty and Company.

安德里亞詹姆斯，多爾蒂公司。

Hello, thanks for taking my questions. What have you learned or discovered between the time when you set that 55,000 unit goal and now when you're saying it's better to have some more breathing room on the ramp? And also, I guess one more, along with that, is there any supplier in particular that is concerning you?

您好，感謝您提出我的問題。從您設定 55,000 個單位的目標到現在您說在坡道上留出更多的喘息空間更好，您學到或發現了什麼？而且，我想還有一個，除此之外，是否有任何供應商特別與您有關？

I don't want to name specific suppliers. Our biggest challenges are with the second row seat, it's an amazing seat, like a sculptural work of art, but a very tricky thing to get right. The Falcon Wing door actually seems to probably not be a critical path item. There's some interior components, interior trim. That's our -- probably should be on the critical path.

我不想說出具體的供應商。我們最大的挑戰是第二排座位，這是一個令人驚嘆的座位，就像一件雕塑藝術品，但要做好是一件非常棘手的事情。獵鷹翼門實際上似乎可能不是關鍵路徑項目。有一些內部組件，內飾。那是我們的——可能應該在關鍵路徑上。

But it's always hard to say exactly what lies in the critical path because these things tend to play a schedule leap frog, and it's kind of a set of constraints that, one day it's this constraint, then the next day it's another constraint. The pace of progress is really dependent on which supplier is the slowest and least lucky. The supplier has unexpected challenges which can range from force majeure to suddenly having to redo a design because the initial design was wrong.

但總是很難準確地說出關鍵路徑中的內容，因為這些事情往往會像時間表上的跳蛙一樣，這是一組約束，前一天是這個約束，然後第二天又是另一個約束。進步的速度實際上取決於哪個供應商最慢和最不幸運。供應商面臨著意想不到的挑戰，從不可抗力到由於最初的設計錯誤而突然不得不重做設計。

But when you have a complex product like the Model S that is dependent on thousands of suppliers, you can say that the pace of progress is determined by the 1,000th least lucky and slowest. But if we knew in advance which ones those would be, we would take action. So yes, it's --

但是當你有一個像 Model S 這樣複雜的產品，依賴於成千上萬的供應商時，你可以說進步的速度是由第 1000 名最不幸運和最慢的人決定的。但是，如果我們事先知道那些會是哪些，我們就會採取行動。所以是的，它是——

That's helpful, I think everybody understands that you're -- an investment in Tesla is a company that's learning as it goes along. It's always interesting to see what you're discovering as you attempt to build.

這很有幫助，我想每個人都明白你是——對特斯拉的投資是一家在發展過程中不斷學習的公司。在您嘗試構建時看到您發現的東西總是很有趣。

Can you walk us through what you accomplish during the factory shutdown in the quarter? It looks like you really did a lot of work in one week. Can you help us understand the significance? And then also maybe paint it in terms of what you are doing in the factory this year that's going to actually be repurposed or can even be used toward Model 3 production?

您能告訴我們您在本季度工廠停工期間完成的工作嗎？看起來你真的在一周內做了很多工作。你能幫助我們理解其中的意義嗎？然後也可能根據你今年在工廠裡所做的事情來描繪它，這實際上會被重新利用，甚至可以用於 Model 3 的生產？

The refueling was both for the X as well as for improved efficiency of S production. And I think we got a lot accomplished there. For Model 3, the biggest single item is the paint shop. The paint shop is size scaled to do 10,000 cars per week, so we've laid the foundation for that rate in the paint shop.

加油既是為了 X，也是為了提高 S 的生產效率。我認為我們在那裡取得了很多成就。對於 Model 3，最大的單品就是噴漆車間。塗裝車間的規模擴大到每週生產 10,000 輛汽車，因此我們為塗裝車間的生產速度奠定了基礎。

I think there's also room for significant increases in our foundry, in terms of casting, and we've also made a significant investment in stamping and some advanced level sheet forming technology that is not stamping. Anything you want to add to that?

我認為我們的鑄造廠在鑄造方面也有顯著增長的空間，我們還在沖壓和一些非沖壓的先進板材成型技術方面進行了大量投資。你想添加什麼嗎？

I think in plastics and paint, especially paint, we made modifications there on the existing paint shop. We're getting the new one ready. I think we've essentially added capacity in many different shops ahead of Model X, which required some production interruption to do it right, including getting our production control and inventory management processes much better. You just can't do that when production is running.

我認為在塑料和油漆方面，尤其是油漆，我們在現有的油漆車間進行了修改。我們正在準備新的。我認為，在 Model X 之前，我們基本上已經在許多不同的商店增加了產能，這需要一些生產中斷才能做到這一點，包括讓我們的生產控制和庫存管理流程變得更好。當生產運行時，你不能這樣做。

What about the investments in the drive unit manufacturing? If any of that small drive unit going to be used for Model 3? It seems like you are really scaling up there.

驅動單元製造方面的投資如何？是否有任何小型驅動單元將用於 Model 3？看起來你真的在那裡擴大規模。

We certainly learned a great deal going from the original Model S drive units to the small drive unit. It's dramatically easier to build, it's much more automated. That said, I think we will do a further revision for the Model 3 and essentially go to third-generation production technology for the Model 3.

從最初的 Model S 驅動單元到小型驅動單元，我們當然學到了很多東西。它更容易構建，自動化程度更高。也就是說，我認為我們將對 Model 3 進行進一步的修改，並基本上為 Model 3 採用第三代生產技術。

Yes, maybe one thing to keep in mind is the small drive unit capacity is quite an excess even in vehicles because of all-wheel-drive. As that is ticked off, we've increased the capacity of the small drive unit in production that you see as well.

是的，也許要記住的一件事是，由於全輪驅動，即使在車輛中，小型驅動單元的容量也相當過剩。隨著這一點的結束，我們也增加了您所看到的生產中小型驅動單元的容量。

Did you need two of them? And finally, I guess Deepak, I'd love for you to say as long as possible, but I'll just ask this anyway. What is the status of your CFO search?

你需要兩個嗎？最後，我猜是迪帕克，我希望你能說得越久越好，但我還是會問這個。您的 CFO 搜索狀態如何？

(Laughter) we're interviewing candidates all the time. Deepak is part of the interview process. Yes, I think we are talking to some interesting candidates. I'm not sure if there is anything more to say about that.

（笑聲）我們一直在面試候選人。迪帕克是面試過程的一部分。是的，我認為我們正在與一些有趣的候選人交談。我不確定是否還有什麼要說的。

Clearly, I'll stay around to ensure there's a smooth transition. We're continuing to talk to lots of candidates and make sure we find the right person to come in.

顯然，我會留下來確保順利過渡。我們將繼續與許多候選人交談，並確保我們找到合適的人選。

Okay, thank you. Actually, do you have any progress on regional heads of sales? And that's my last one, thanks.

好的謝謝你。實際上，您在區域銷售主管方面有任何進展嗎？這是我的最後一個，謝謝。

We do have a regional head of sales for Asia who came to us from EMC. And then, there was some press about I had a North American sales who came from Burberry, and then just because we have one person from Burberry, then people think we're copying Apple, which is ridiculous. He's great, but just one guy. And then we're continuing to search for our head of Europe sales.

我們確實有一位來自 EMC 的亞洲區域銷售主管。然後，有媒體說我有一個來自 Burberry 的北美銷售人員，然後僅僅因為我們有一個來自 Burberry 的人，然後人們就認為我們在抄襲蘋果，這很荒謬。他很棒，但只有一個人。然後我們繼續尋找我們的歐洲銷售主管。

Thanks so much.

非常感謝。

George Galliers, Evercore.

喬治·加利爾斯，Evercore。

Good afternoon, and thanks for taking my question. I have a strategic question for you. It looks like in the next two years we'll see a fist of new and improved actual electric vehicles from your peers, ranging from mainstream models from GM ranging to more premium labels from Audi and Porsche. Strategically, how do you think about future electric vehicles from other ODMs?

下午好，感謝您提出我的問題。我有一個戰略問題要問你。看起來在接下來的兩年裡，我們將看到來自同行的全新和改進的實際電動汽車，從通用汽車的主流車型到奧迪和保時捷的更多高端品牌。從戰略上講，您如何看待來自其他 ODM 的未來電動汽車？

A, do you view them as a scratch and competition in a limited EV market? B, do you see them as contributors to the common cause, raising awareness of EVs as more consumer EV adoption increases market size? Or C, given certain compromises on the competitive assets to date, do you actually see them as the opposite? I.e., they form negative pressure to consumers' minds with respect to electric vehicles' costs, practicalities and performance?

A，您是否將它們視為有限電動汽車市場中的刮擦和競爭？ B，您是否將它們視為共同事業的貢獻者，隨著越來越多的消費者電動汽車採用擴大市場規模，提高了電動汽車的意識？或者 C，考慮到迄今為止對競爭性資產的某些妥協，你真的認為它們是相反的嗎？即，它們在電動汽車的成本、實用性和性能方面對消費者的心理造成了負面壓力？

I think it was the first multiple-choice I've gotten as a question. If think if you just look at our comments in the past, what we have said is that we're really excited to see other car companies do electric vehicle programs. What's been done to date is not much. They generally have been fairly small programs, and often, just set to achieve a regulatory minimum.

我認為這是我得到的第一個多項選擇題。如果想想如果你只是看看我們過去的評論，我們所說的是，我們真的很高興看到其他汽車公司做電動汽車項目。迄今為止所做的並不多。它們通常是相當小的程序，而且通常只是設置為達到監管的最低限度。

So that hasn't been great thus far, but I'm encouraged by what I see about the future plans. They sound like they are headed in the right direction. And I would be super happy to see the whole industry go electric. We have open-sourced our patent, so that those would not be an impediment, and perhaps could be helpful. And, yes, it would be really great if the whole industry would just go electric as soon as possible. In fact, our view is that the whole industry will go electric eventually, they really won't have much choice. But the sooner they go electric, the better.

到目前為止，這並不是很好，但我對我對未來計劃的看法感到鼓舞。他們聽起來像是在朝著正確的方向前進。我會非常高興看到整個行業都走向電動化。我們已經開源了我們的專利，因此這些不會成為障礙，也許會有所幫助。而且，是的，如果整個行業都能盡快實現電動化，那就太好了。事實上，我們的看法是整個行業最終都會走向電動化，他們真的沒有太多選擇。但他們越早去電動，越好。

Thank you.

謝謝你。

Thanks.

謝謝。

I think that was the last question in the queue. Thank you, everyone, for joining us, and we will talk to you next quarter. Goodbye.

我認為這是隊列中的最後一個問題。謝謝大家加入我們，我們將在下個季度與您交談。再見。

Thank you.

謝謝你。

Thank you, gentlemen, and thank you, ladies and gentlemen, for joining us today. We hope that you found today's event informative. This will conclude our call. You may now disconnect and have a wonderful day.

謝謝你們，先生們，也謝謝你們，女士們，先生們，今天加入我們。我們希望您發現今天的活動內容豐富。這將結束我們的通話。您現在可以斷開連接並度過美好的一天。