特斯拉 (TSLA) 2015 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Tesla Motors Incorporated third quarter 2015 financial results Q&A conference call.

女士們，先生們，美好的一天，歡迎來到特斯拉汽車公司 2015 年第三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 is being recorded. I'd now like to introduce your host for today's conference, Mr. Jeff Evanson, Head of Investor Relations. Sir, please begin.

提醒一下，今天的會議正在錄製中。我現在想介紹一下今天會議的主持人，投資者關係主管 Jeff Evanson 先生。先生，請開始。

Okay. Thank you, Liz, and good afternoon, everyone. Welcome to Tesla's third quarter Q&A webcast. I'm joined today by Elon Musk, Tesla's Chairman and CEO, JB Straubel, our CTO, and Deepak Ahuja, Tesla's CFO.

好的。謝謝你，Liz，大家下午好。歡迎收看特斯拉第三季度問答網絡直播。今天，特斯拉董事長兼首席執行官埃隆·馬斯克、我們的首席技術官 JB Straubel 和特斯拉首席財務官 Deepak Ahuja 加入了我的行列。

Our Q3 results are announced in the shareholder letter at the same link as this webcast. As usual, this letter includes GAAP and non-GAAP financial information, and reconciliations between the two.

我們的第三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. These 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. And now, Liz, let's go to the first question, please?

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。這些是基於我們今天的預測和期望。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-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。現在，Liz，讓我們來回答第一個問題，好嗎？

Sure. I can probably -- (multiple speakers)

當然。我大概可以——（多位發言者）

Oh, do you have some -- ?

哦，你有一些——？

I can say, make some comments.

我可以說，發表一些意見。

Actually, Liz, we will have our CEO, Elon make some initial comments. Go ahead, Elon.

實際上，Liz，我們將讓我們的 CEO Elon 發表一些初步意見。來吧，埃隆。

I just wanted to note that we have made two very significant hires. The first of which is Jason Wheeler, he will be our CFO starting next month. Deepak and Jason will be working closely together for the first few months to have a smooth transition. And once again, I would like to thank Deepak for his [awesome] contribution to Tesla.

我只想指出，我們已經進行了兩次非常重要的招聘。其中第一位是 Jason Wheeler，他將從下個月開始擔任我們的首席財務官。 Deepak 和 Jason 將在頭幾個月密切合作，以實現平穩過渡。再一次，我要感謝迪帕克對特斯拉的[了不起的]貢獻。

Thank you, Elon.

謝謝你，埃隆。

And so, Jason comes to us from Google, where he was basically the number two finance guy at Google, responsible for their global finance function, and just thought he was a super smart guy, and really understood what we were doing, and was like a great cultural fit to, with the company. So I think that's going to be great.

所以，傑森從谷歌來到我們這裡，他基本上是谷歌的第二大財務人員，負責他們的全球財務職能，他只是認為他是一個超級聰明的人，真的了解我們在做什麼，就像與公司非常契合。所以我認為這會很棒。

And in addition, Jon McNeill has joined as head of Global Sales and Service. John is the former CEO of Enservio, has been named the most admired CEO in the small and mid-sized company category. In fact, I believe this is the first time in maybe a decade or more, that John actually has not been head of the company that he was working at.

此外，喬恩·麥克尼爾 (Jon McNeill) 已加入擔任全球銷售和服務主管。 John 是 Enservio 的前任 CEO，被評為中小企業類別中最受尊敬的 CEO。事實上，我相信這可能是十年或更長時間以來約翰第一次沒有擔任他所在公司的負責人。

So and before Enservio, he co-founded Sterling Collision, which where he was able to reduce industry repair times by 90%. So the average repair time went from 18 days to less than 2 days, while growing the business at 40% a year. So I think Jon is an awesome addition to the team as well, and he is actually, he has been doing great. He has been working now part-time at Tesla for a few months, and just started full time, and has already gone a lot of good. So I'm pretty excited about those two people joining the team, and we expect to have some additional announcements in the months to come, as we add bench strength to the Tesla management team.

因此，在 Enservio 之前，他與人共同創立了 Sterling Collision，在那裡他能夠將行業維修時間減少 90%。因此，平均維修時間從 18 天縮短到不到 2 天，同時業務以每年 40% 的速度增長。所以我認為喬恩對球隊來說也是一個很棒的補充，事實上，他一直做得很好。他現在在特斯拉兼職工作了幾個月，剛剛開始全職工作，已經取得了很大的進步。所以我對這兩個人加入團隊感到非常興奮，我們預計在未來幾個月內會有一些額外的公告，因為我們為特斯拉管理團隊增加了板凳實力。

Okay. Thank you, Elon. All right, Liz. Why don't we go to the first caller, please?

好的。謝謝你，埃隆。好的，麗茲。我們為什麼不去找第一個來電者，好嗎？

Colin Langan, UBS.

科林蘭根，瑞銀。

Great. Thanks for taking my question. In the press release, you seemed to address it a little bit, but there has been a lot of chatter about cancellations for orders for the X. And I think the press release has Signature series, is that across the models, and how should we think about the different versions of the X rolling out over the next couple of quarters?

偉大的。感謝您提出我的問題。在新聞稿中，您似乎稍微解決了這個問題，但是關於取消 X 訂單的討論很多。而且我認為新聞稿有 Signature 系列，是跨型號，我們應該如何想想未來幾個季度推出的不同版本的 X 嗎？

Want to answer that?

想回答這個問題嗎？

I don't think there has been anything fundamentally different. I mean, so far on the Signature Series Model X, we have seen a much higher, or a higher conversion rate than we had seen on the (inaudible) when we launched S. So overall, the demand for the X, after the launch of the X, and has been higher. So we don't see any fundamental issues.

我不認為有什麼根本不同。我的意思是，到目前為止，在 Signature 系列 Model X 上，我們看到的轉換率比我們在推出 S 時（聽不清）上看到的要高得多或更高。所以總體而言，推出後對 X 的需求X，並且一直更高。所以我們沒有看到任何基本問題。

Yes. I mean, as we talked about before, really the main thing with the X, is just getting up production. We're making steady progress with each passing week. Actually seven days a week, every day I get an update on manufacturing progress, and what the issues are, and we see no fundamental issues on the production ramp. It's just a question of how quickly we can solve each issue. And they are really down to the little things, like the placement of the seal on the door, and whether that results in the bright trim alignment being correct, this is quite nuanced. So we feel very confident of being able get to [several hundred] vehicles per week by the end of year.

是的。我的意思是，正如我們之前談到的，X 的真正主要之處在於開始生產。每過一周，我們都在穩步取得進展。實際上每週 7 天，每天我都會收到有關製造進度的最新信息，以及問題是什麼，我們在生產坡道上看不到根本問題。這只是我們能多快解決每個問題的問題。他們真的很細心，比如門上的封條位置，以及這是否會導致明亮的裝飾對齊正確，這是非常微妙的。因此，我們非常有信心在年底前每週能夠使用 [數百] 輛汽車。

Okay. And can you give an update on stationary storage? Is that still trending to your target of $[3] billion to $[5] billion by 2017? And that, I think the release mentions, that there is some institutional orders. I mean, are there any noteworthy orders that you'd want to call out on the storage side, that we should kind of look at as being big drivers? And are you still confident in your 15% gross margin for that?

好的。你能提供關於固定存儲的最新信息嗎？到 2017 年，這是否仍朝著您的 [3] 億美元到 [5] 億美元的目標發展？而且，我認為發布提到，有一些機構命令。我的意思是，您是否想在存儲方面提出任何值得注意的訂單，我們應該將其視為大推動者？你仍然對 15% 的毛利率有信心嗎？

So that was like a whole bunch of questions.

所以這就像一大堆問題。

Sorry.

對不起。

The -- with respect to stationary storage, I mean, that has gained sort of a production limited thing. So we are trying to scale our production as much as possible. I mean, we've -- by almost any metric where by -- if we imagined the most, we could possibly make in 2016, we've already sold out of that.

- 關於固定存儲，我的意思是，它已經獲得了某種生產限制。因此，我們正在嘗試盡可能擴大生產規模。我的意思是，我們已經 - 以幾乎任何衡量標準 - 如果我們想像得最多，我們可能會在 2016 年製造，我們已經賣光了。

Or at least, if you were to take even a small fraction of the number of people that have placed orders, and assume that those orders are valid, even if a small portion of those were valid, we would be sold out of all 2016 production, and be well into 2017. So it's really, mostly about predicting our production rate, and we expect very dramatic increases in the stationary storage production. But the reason I feel a bit cautious about giving exact estimates is that when you have an exponential increase, the exact calendar window over which the -- that you place, that exponential, has quite a big impact on the numbers. So and in fact, in general at Tesla, I want to be a little more cautious about giving quarterly numbers, particularly when we have very dramatic ramps, like the example, is with the Model X.

或者至少，如果你只拿一小部分下訂單的人，並假設這些訂單是有效的，即使其中一小部分是有效的，我們也會在 2016 年的所有產品中售罄，並順利進入 2017 年。因此，這實際上主要是關於預測我們的生產率，我們預計固定存儲產量將出現非常顯著的增長。但我對給出準確估計有點謹慎的原因是，當你有指數增長時，你放置的確切日曆窗口，那個指數，對數字有很大的影響。所以事實上，總的來說，在特斯拉，我希望在給出季度數據時更加謹慎，特別是當我們有非常戲劇性的斜坡時，比如 Model X 的例子。

And you can imagine, if you have strict calendar windows, and you place them over the beginning of an exponential -- or slightly to the right, or slightly more to the right, the actual differences are quite dramatic. So like you know where it's going to end up, but not what it looks like in that rapidly changing [esco] situation. Yes, so.

你可以想像，如果你有嚴格的日曆窗口，並且你把它們放在一個指數的開頭——或者稍微靠右，或者稍微靠右，實際的差異是相當大的。所以就像你知道它最終會在哪裡結束，但不知道它在快速變化的 [esco] 情況下會是什麼樣子。是的，所以。

And on the margin side, is it still on target? And thank you very much for taking my question.

在邊緣方面，它是否仍然在目標上？非常感謝您提出我的問題。

Sorry, in the -- you're breaking up a little bit -- on the margin?

抱歉，在——你要分手一點——在邊緣？

No, the gross margin, is it still at your -- are you -- is it still trending to the [15]% target I think you mentioned on the last call?

不，毛利率是否仍然在您的 - 你 - 它是否仍然趨向於我認為您在上次電話會議中提到的 [15]% 目標？

Oh,15%? Yes. Yes, I don't think there was going to be any problem meeting a 15% margin target. But obviously, the margin improves as the production ramps up, so yes.

哦，15%？是的。是的，我認為達到 15% 的保證金目標不會有任何問題。但顯然，隨著產量的增加，利潤率會提高，所以是的。

Yes, I don't know if we want to discuss the specific margin targets, but it should be in excess of 15%. That is our internal target.

是的，我不知道我們是否要討論具體的保證金目標，但應該超過 15%。那是我們的內部目標。

Yes. I mean, yes. Once you get away from the very early stage of production, I think long-term margin of 15% is no problem.

是的。我的意思是，是的。一旦你擺脫了非常早期的生產階段，我認為 15% 的長期利潤率是沒有問題的。

Okay. Thank you for taking my questions.

好的。謝謝你接受我的問題。

Liz, next call, please?

麗茲，下一個電話好嗎？

James Albertine with Stifel.

詹姆斯·阿爾貝蒂娜與 Stifel。

Great. Thanks for taking my question, and good afternoon. Just a point of clarification first. On the announcement of the 40,000 vehicles that you've rolled the autopilot feature out to over the air, can you just clarify, once it's rolled out over the air, is there then a point at which the consumer has to determine to spend -- I think it's $2,500 to activate it? And is there any detail you can provide us on those that are paying to activate the autopilot feature at this time?

偉大的。感謝您提出我的問題，下午好。首先澄清一點。在宣布您已將自動駕駛功能推出到空中的 40,000 輛汽車的公告中，您能否澄清一下，一旦空中推出，消費者是否必須決定花費 -我想激活它需要 2,500 美元？您是否可以向我們提供有關目前支付激活自動駕駛功能的人的任何詳細信息？

Most people who actually ordered the car, actually ordered it with the autopilot convenience features. So the autopilot safety features are default on -- in all vehicles. This is automatic emergency braking, side collision avoidance, forward collision warning, that kind of thing.

大多數實際訂購汽車的人實際上訂購了帶有自動駕駛便利功能的汽車。因此，自動駕駛安全功能在所有車輛中都是默認開啟的。這是自動緊急制動，避免側面碰撞，前方碰撞警告之類的東西。

The convenience features like autosteer, autopark are $2,500, but most people who have actually already ordered that. So those that haven't ordered it, can actually turn it on for -- it's actually slightly more if you get it after the fact -- turn it on for $3,000. And that something that we will be allowing people to do at some point in the coming months. Sort of like in-app purchase, I guess. Yes.

自動轉向、自動泊車等便利功能的價格為 2,500 美元，但實際上大多數人已經訂購了。因此，那些還沒有訂購它的人，實際上可以以 3,000 美元的價格打開它——如果你事後得到它，它實際上會稍微多一點——打開它。在接下來的幾個月裡，我們將允許人們在某個時候做這件事。有點像應用內購買，我猜。是的。

Okay, great. And then, I wanted to ask a question as it relates to -- now that we are past sort of the -- as I understood it the peak spending period in advance of the Model X launch, how should we think about capital expenditures, and our cash flow models for the fourth quarter? And maybe, it sounds like you have reiterated the positive free cash flow guide you had originally stated earlier this year. But just some thoughts as it relates to the cash flows in the fourth quarter would be great?

好，太棒了。然後，我想問一個與此相關的問題——現在我們已經過去了——據我所知，Model X 發布前的支出高峰期，我們應該如何考慮資本支出，以及我們第四季度的現金流模型？也許，聽起來您已經重申了您今年早些時候最初提出的正自由現金流指南。但是，與第四季度的現金流有關的一些想法會很棒嗎？

Yes, I mean, Q4, we are still in the peak of our Model X investment. A lot of our equipment and tooling is being paid off in Q4, as our production are proving out their production -- as our suppliers are proving out their production tooling, as well as the equipment is getting installed and getting signed off in our factory. So Q4 is going to be a peak for Model X. Clearly 2016, our CapEx should be less than 2015, and then we will provide you further guidance on that in the next earnings call.

是的，我的意思是，第四季度，我們仍處於 Model X 投資的高峰期。我們的很多設備和工具在第四季度都得到了回報，因為我們的生產正在證明他們的生產——因為我們的供應商正在證明他們的生產工具，以及設備正在我們工廠安裝和簽收。因此，第四季度將是 Model X 的高峰。顯然，2016 年，我們的資本支出應該低於 2015 年，然後我們將在下一次財報電話會議上為您提供進一步的指導。

Much appreciate it, and -- oh, sorry go ahead.

非常感謝它，並且 - 哦，對不起，請繼續。

So I was going to tell you, we do have a very strong push towards free cash flow. I mean, that is, our aspiration is to be positive cash -- I'm sorry -- this is an aspiration, not a promise, but our aspiration is to be positive cash flow in Q1.

所以我要告訴你，我們確實在大力推動自由現金流。我的意思是，我們的願望是實現正現金流——對不起——這是一個願望，而不是承諾，但我們的願望是在第一季度實現正現金流。

Understood. Thank you for that color. Deepak, best of luck, and we look forward to meeting Jason, when he is fully ramped and onboard.

明白了。謝謝你的顏色。迪帕克，祝你好運，我們期待與傑森會面，當他全力以赴併入職時。

Thank you, James.

謝謝你，詹姆斯。

Take care.

小心。

Adam Jonas, Morgan Stanley.

亞當喬納斯，摩根士丹利。

Thanks, everybody. Elon, just thinking longer-term here. Assuming Tesla establishes itself as a leader in autonomous transport, do you see a business case for selling autonomous cars to ride-sharing firms, or can Tesla cut out the middleman and offer on demand electric mobility services directly from the Company's own platform?

謝謝大家。埃隆，在這裡只是考慮長期。假設特斯拉將自己確立為自動交通領域的領導者，您是否看到將自動駕駛汽車出售給拼車公司的商業案例，或者特斯拉是否可以削減中間商並直接從公司自己的平台提供按需電動交通服務？

(Laughter) I think we would have to say no comment.

（笑聲） 我想我們不得不說不評論。

Elon, it's kind of unusual for you to punt on strategic questions of a long-term nature. Is this a dumb question? (Laughter). Or a funny question?

埃隆，你在長期性的戰略問題上下注有點不尋常。這是一個愚蠢的問題嗎？ （笑聲）。還是一個有趣的問題？

I think it's quite a smart question actually, but still no comment.

我認為這實際上是一個非常聰明的問題，但仍然沒有評論。

Why? (multiple speakers) Okay, I won't antagonize (laughter). Let's move on. It's just, it's just odd because you normally -- I've never heard you punt like that. That's all, but in any case.

為什麼？ （多位發言者）好吧，我不會對抗（笑聲）。讓我們繼續。只是，這很奇怪，因為你通常——我從來沒有聽過你這樣下注。僅此而已，但無論如何。

You know,

你知道，

Is it because of a competitive sensitivity, or is it because the concept itself is just to in flux?

是因為競爭敏感性，還是因為概念本身只是在不斷變化？

I think there's a right time to make announcements. This is not that time.

我認為現在是發佈公告的合適時機。這不是那個時候。

Fair play. All right. Can I ask one on autopilot (multiple speakers)?

公平競爭。好的。我可以問一個自動駕駛儀（多個揚聲器）嗎？

And nor is our strategy fully baked here. So for us to state what it would be -- it's not fully baked. So there's no -- we would prefer to announce something when it's -- when we think we've got the full story understood.

我們的戰略也沒有在這裡完全成熟。所以我們要說明它會是什麼——它還沒有完全出爐。因此，當我們認為我們已經了解了整個故事時，我們更願意宣布一些事情。

So saying, it's not fully baked, does it -- implies there's something in the oven, but just?

這麼說吧，它還沒有完全烤好，是不是——意味著烤箱裡有東西，但只是？

Okay. We kind of need to move on (multiple speakers).

好的。我們需要繼續前進（多位發言者）。

Let's move on. JB, all right, let's go to JB, real quick then. Autopilot, can you share any early data you might have collected with us, post the automated driver software update, how many miles have driven with autopilot engaged? How many accidents prevented, things like that would be really interesting and I think illuminating? Thanks, guys.

讓我們繼續。 JB，好吧，我們去JB，那麼快。 Autopilot，您能否與我們分享您可能收集到的任何早期數據，發布自動駕駛軟件更新，啟用自動駕駛儀行駛了多少英里？避免了多少事故，這樣的事情真的很有趣，我認為很有啟發性？多謝你們。

Well, I don't think we want to share any particular details on specifics around user feedback on that, but certainly people are using it in a variety of situations. This has gone out to the whole fleet of autopilot enabled cars, and those are racking up miles extremely quickly. At this point, I don't have the exact number at the tip of my tongue, but it's -- I believe several hundred thousand miles of driving.

好吧，我認為我們不想分享任何關於用戶反饋的具體細節，但人們肯定會在各種情況下使用它。這已經適用於整個自動駕駛汽車車隊，而且這些汽車的行駛里程非常快。在這一點上，我的舌尖上沒有確切的數字，但它——我相信有幾十萬英里的駕駛。

It's a [million] a day I think.

我認為這是一天 [百萬]。

It's almost million a day of cars that have autopilot hardware. So I think, but the early data -- this is early data -- I want to emphasize -- is that it is very positive. So we are aware of many accidents that were prevented from autopilot, and we are not aware of any that were caused by autopilot. But this is still early, and but it's a good indication. So it appears to be quite beneficial from a safety standpoint, and I believe some of our customers have posted videos to this respect.

每天有近百萬輛配備自動駕駛儀硬件的汽車。所以我認為，但早期數據——這是早期數據——我想強調——是非常積極的。所以我們知道很多事故是自動駕駛避免的，我們不知道有任何事故是由自動駕駛造成的。但這還為時過早，但這是一個很好的跡象。所以從安全的角度來看，這似乎是非常有益的，我相信我們的一些客戶已經發布了這方面的視頻。

Excellent. Thanks, everybody.

出色的。謝謝大家。

Our next question comes from --

我們的下一個問題來自——

But I do want to emphasize, we discourage -- there has been some fairly crazy videos on YouTube. We are -- this is not good. And we will be putting some additional constraints on when autopilot can be activated, to minimize the possibility of people doing crazy things with it.

但我確實想強調，我們不鼓勵——YouTube 上有一些相當瘋狂的視頻。我們是——這不好。我們將對何時可以激活自動駕駛儀設置一些額外的限制，以盡量減少人們用它做瘋狂事情的可能性。

Joseph Spak, RBC Capital Markets.

Joseph Spak，加拿大皇家銀行資本市場。

Thanks, good afternoon. I guess, it's been a while since we've heard anything about it, so I just want to get a better sense of how you feel you're set up to deal with potential issues on the cars -- on the hardware side, where a fix can't be [OTA'd] to the vehicle both -- when you look at the coverage, at least in the US, the ratio of service centers to stores and galleries is still trailing a little bit. So how does that build out look going forward, and how would you potentially handle a hardware situation at this point?

謝謝，下午好。我想，我們已經有一段時間沒有聽到任何關於它的消息了，所以我只是想更好地了解你對處理汽車潛在問題的感覺如何——在硬件方面，在哪裡修復不能同時對車輛進行 [OTA'd] - 當您查看覆蓋範圍時，至少在美國，服務中心與商店和畫廊的比率仍然落後一點。那麼，該構建的未來前景如何，此時您將如何處理硬件情況？

I'm not sure, I fully understand your question. So you mean, can you give an example of -- ?

我不確定，我完全理解你的問題。所以你的意思是，你能舉個例子嗎？

If you had a hardware recall for a -- ?

如果你有一個硬件召回 - ？

Like, just like, you mean like -- sure. I mean we have handled recalls in the past with our service team. It's gone quite well. In general, we try to be proactive. So if we -- without -- well before we are forced to do a recall, we proactively try to fix things in the cars that we think might in the future be an issue.

就像，就像，你的意思是——當然。我的意思是我們過去曾與我們的服務團隊一起處理過召回問題。它進展順利。一般來說，我們會盡量主動。因此，如果我們 - 沒有 - 在我們被迫召回之前很久，我們會主動嘗試修復我們認為未來可能成為問題的汽車中的問題。

And the customer happiness is -- as measured by -- the really the key question that I think people should be concerned about which is, will your next car be a Tesla. That is like the key question on Consumer Reports, 97% of respondents said that their next car would be a Tesla. Frankly, this is the only question people should care about.

客戶的幸福感是——按照衡量標準——我認為人們應該關心的真正關鍵問題是，你的下一輛車會是特斯拉嗎？這就像消費者報告中的關鍵問題一樣，97% 的受訪者表示他們的下一輛車將是特斯拉。坦率地說，這是人們應該關心的唯一問題。

Okay. And then, thanks for that. One more, I guess, sort of hardware question. As it relates to autopilot, where this is clearly stage one, and you could add sensors over time, and maybe some new features as well. So how do you think about managing the brand and the vehicles, when that happens? Because as the sensor's suite changes, it can create two potentially different experiences when -- and I guess, a little bit more -- the reason I think it's a little bit more of an issue for Tesla, is just you don't have the strict sort of model year nomenclature. So you're not -- so I guess, I just wondered how you think about that? And maybe some thoughts on how, on your current sensor suite, and how you see that evolving as well?

好的。然後，謝謝你。我猜還有一個硬件問題。因為它與自動駕駛儀有關，這顯然是第一階段，隨著時間的推移，您可以添加傳感器，也許還可以添加一些新功能。那麼，當這種情況發生時，您如何看待管理品牌和車輛？因為隨著傳感器套件的變化，它可以創造兩種可能不同的體驗——我想，更多一點——我認為這對特斯拉來說有點問題的原因是你沒有嚴格的車型年份命名法。所以你不是——所以我想，我只是想知道你是怎麼想的？也許對您當前的傳感器套件如何以及您如何看待它的發展有一些想法？

Okay. So I think that's is a pretty open-ended questions, but we have -- plus we have just continuous improvements. So every week, there are approximately 20 engineering changes made to the car. So it's not really -- it's not nearly as discreet as you're alluding to with other manufacturers, they tend to sort of by delivered in together in a model year. In our case, it's a series of rolling changes, so model year doesn't mean as much.

好的。所以我認為這是一個非常開放的問題，但我們有 - 加上我們只是不斷改進。因此，每週都會對汽車進行大約 20 次工程更改。所以這並不是真的——它不像你提到的其他製造商那樣謹慎，他們傾向於在一個車型年一起交付。在我們的案例中，這是一系列滾動變化，因此車型年份並不重要。

There are cases where that step change may be a little higher than normal, as for example, with having the autopilot, camera, radar and ultrasonics. But we try to actually keep those step changes as small as possible. And so, that's essentially the kind of questions that I get is from friends is, hey, when should I buy a Model S? And my answer is always right now, because -- and they say well, aren't you going to make a better one in six months? And I am like, yes, of course. But if their goal is to only buy a Model S when there aren't significant improvements happening, then they will never buy one.

在某些情況下，步進變化可能比正常情況稍高，例如，使用自動駕駛儀、攝像頭、雷達和超聲波。但我們實際上盡量保持這些步驟變化盡可能小。所以，基本上我從朋友那裡得到的問題是，嘿，我什麼時候應該買一輛 Model S？我的答案總是現在，因為——他們說得很好，你不會在六個月內做出更好的嗎？我很喜歡，是的，當然。但如果他們的目標是只在沒有顯著改進的情況下購買 Model S，那麼他們將永遠不會購買。

Okay, Liz, why don't we go to the next caller?

好的，麗茲，我們為什麼不去找下一個來電者？

Patrick Archambault, Goldman Sachs.

帕特里克·阿爾尚博，高盛。

Great. Yes, thank you. Good evening. A couple of questions, just one on the battery side. I think a lot of us were surprised at the GM Analyst Day, they put a slide up, which said that they were working on a battery that was $145 a kilowatt hour. That probably did not include the [pack] cost. But even adjusting for that, that seemed like a pretty low number. And I don't know, maybe JB, how do you guys react to that presentation, is it realistic? I mean, are you worried about the threat of a large form factor battery being the same cost of yours, within a one to two year time frame would be my first question?

偉大的。是的，謝謝。晚上好。幾個問題，只有一個關於電池方面的問題。我想我們很多人都對通用汽車分析師日感到驚訝，他們放了一張幻燈片，上面說他們正在研究每千瓦時 145 美元的電池。這可能不包括[包裝]成本。但即使對此進行調整，這似乎也是一個相當低的數字。我不知道，也許 JB，你們對那個演示有何反應，是否現實？我的意思是，您是否擔心大型電池與您的成本相同的威脅，在一到兩年的時間範圍內是我的第一個問題？

Well, we definitely read the report, and we are not terribly concerned about it. I think also, there was a lot of confusion in that particular report, and some of the comments following about cell price versus pack cost. And in general, we're quite comfortable in our position with the type of cells and the form factors we are using, and we think that's going to be the best cost position and cost road map in the future.

好吧，我們確實閱讀了該報告，並且我們對此並不十分擔心。我還認為，在那份特定報告中存在很多混淆，以及一些關於電池價格與電池組成本的評論。總的來說，我們對我們使用的單元類型和外形尺寸感到非常滿意，我們認為這將是未來最好的成本定位和成本路線圖。

And so -- (multiple speakers)

所以——（多位發言者）

I mean, we are constantly agonizing about the cell costs and pack costs, and we don't think anyone is on a path to be even close to us. If they are, I would be the first to congratulate them.

我的意思是，我們一直在為電池成本和電池組成本而苦惱，我們認為沒有人能走得更近。如果是，我會第一個祝賀他們。

Got it. Well, that's very helpful, and quite reassuring to know. My second question just was on -- in the press release, you talked about orders having increased 50% year on year. And maybe just a little color on that. I mean, that's obviously impressive, given the model that's been out there for a few years. Just any additional color on regional breakdown, or what that's being driven by?

知道了。嗯，這非常有幫助，而且很讓人放心。我的第二個問題剛剛提出——在新聞稿中，您談到訂單同比增長 50%。也許只是一點點顏色。我的意思是，鑑於該模型已經存在了幾年，這顯然令人印象深刻。只是區域細分的任何其他顏色，或者是由什麼驅動的？

We haven't provided that in the past. Other than -- let me, I think the way to put it is that Europe and APAC were really strong and --

我們過去沒有提供。除了--讓我來說，我認為歐洲和亞太地區真的很強大而且--

And so, was North America.

北美也是如此。

North America has always been strong, and with Europe and APAC being strong too, we were at 50% year-over-year.

北美一直很強勁，歐洲和亞太地區也很強勁，我們的年增長率為 50%。

Yes, I'd maybe, quite frankly, can put it the other way around. I think we were actually relatively weak in APAC (multiple speakers) and mostly weak in most countries in Europe. And we're fixing those fundamental weaknesses, by ensuring that we've got a good supercharger infrastructure, a good service center infrastructure, that any perceptions about the Company are addressed. And in a lot of places, it takes time to both build consumer confidence. They need to hear, they need to hear about Tesla a lot, before they are comfortable making a significant asset purchase so.

是的，坦率地說，我也許可以反過來說。我認為我們實際上在亞太地區（多發言者）相對較弱，在歐洲大多數國家/地區大多較弱。我們正在修復這些基本弱點，確保我們擁有良好的增壓器基礎設施、良好的服務中心基礎設施，以解決對公司的任何看法。在很多地方，建立消費者信心都需要時間。他們需要聽到，他們需要聽到很多關於特斯拉的信息，然後才能放心地進行重大資產購買。

Yes, it's just a matter of the execution by the team, brand awareness, and our expansion of our global network.

是的，這只是團隊執行力、品牌知名度和我們全球網絡擴張的問題。

Yes, so it's -- but I wouldn't say it's not like really, I mean, all regions have improved quite significantly.

是的，確實如此——但我不會說這不是真的，我的意思是，所有地區都有相當顯著的改善。

Yes.

是的。

Got it. Helpful. If I could squeeze one last one in really quickly. On the topic of autopilot, there were some reports of the car like taking accidents and stuff when it wasn't told to, and things like that. And I don't -- and I just didn't know, if there was much validity in any of that stuff? Have you guys -- are any of these things true, because you sound very confident about the technology, yet initially there were some reports of errors and things like that?

知道了。有幫助。如果我能很快擠最後一個。關於自動駕駛儀的話題，有一些關於汽車的報導，比如在沒有被告知時發生事故之類的事情，諸如此類。我不知道——我只是不知道，這些東西是否有很大的有效性？你們有沒有——這些事情是真的嗎，因為你聽起來對這項技術非常有信心，但最初有一些關於錯誤的報告和類似的事情？

So I don't think it should be a surprise that there were reports of errors. We described (inaudible) as a beta release, and that the system will learn over time and get better. And that's exactly what it's doing. So I think it's exactly what we described is occurring, and the system is getting better with each passing week. So I would expect that learning to accelerate, and for it -- and I think it'll start to feel quite refined within a few months.

因此，我認為有錯誤報告應該不足為奇。我們將（聽不清）描述為 beta 版本，系統會隨著時間的推移學習並變得更好。這正是它正在做的事情。所以我認為這正是我們所描述的正在發生的事情，並且系統每週都在變得更好。所以我希望學習會加速，並且為此——我認為它會在幾個月內開始變得相當精緻。

Got it. Understood. Okay. Thanks a lot guys.

知道了。明白了。好的。非常感謝你們。

Rod Lache, Deutsche Bank.

德意志銀行的羅德·拉什。

Hi, everybody. I had a couple of questions. Just first on Model X. I just wanted to confirm, did you say you thought you could get a few hundred produced and delivered by year end? And just so that we understand what's been happening here, is it just the seat at this point, or are there other unique challenges that you think prospectively affect the ramp of the vehicle?

大家好你們好。我有幾個問題。只是首先在 Model X 上。我只是想確認一下，你是說你認為你可以在年底前生產和交付幾百輛嗎？只是為了讓我們了解這裡發生了什麼，現在只是座位，還是您認為有其他獨特的挑戰可能會影響車輛的坡道？

No, to be precise, I said [several hundred] per week, that we expect to reach the production rate of [several] per week next month.

不，準確地說，我說每週[幾百]，我們預計下個月將達到每週[幾個]的生產率。

Okay.

好的。

And it's difficult to predict the exact number that will be developed, because of what I was mentioning earlier of like -- we are on kind of an exponential ramp. So exactly, one week this way or that, can actually make a significant number -- a significant impact in the absolute number of vehicles delivered. We do feel comfortable at this point of reaching [several hundred] per week production rate before the end of the year, i.e. next month. And the issues are a bunch of little things. Door seals right now is a challenge, for example.

並且很難預測將要開發的確切數字，因為我之前提到過——我們正處於一種指數級的斜坡上。所以確切地說，一周這樣或那樣，實際上可以產生很大的數字——對交付的車輛絕對數量產生重大影響。在今年年底（即下個月）之前達到每週 [幾百] 的生產率時，我們確實感到很自在。問題是一堆小事。例如，現在的門封條是一個挑戰。

The monopost seat in the second row is still a challenge, but less of a challenge. It's not the gating factor. They're basically going through a series of constraints, and those constraints can change from one day to the next. But the important point is that we don't see any fundamental obstacle to achieving the production rate of [several hundred] per week sometime next month.

第二排的monopost座位仍然是一個挑戰，但不是一個挑戰。這不是門控因素。他們基本上會經歷一系列的約束，而這些約束可能會從一天到另一天發生變化。但重要的一點是，我們認為下個月某個時候實現每週 [幾百] 的生產率沒有任何根本性障礙。

Okay. And it sounds like the target that you laid out, the 1,600 to 1,800 a week, it sounds like you might think that that's achievable in early 2016 then, and I wanted to confirm that. You didn't provide CapEx for next year. But also if you could just confirm is that, what you are sort of thinking you need to achieve that free cash flow breakeven?

好的。這聽起來像是你制定的目標，每週 1,600 到 1,800 人，聽起來你可能認為這在 2016 年初可以實現，我想確認一下。你沒有提供明年的資本支出。但是，如果您可以確認的是，您認為實現自由現金流盈虧平衡需要什麼？

Yes. We I think it's likely that we can be in that 1,600 to 1,800 range per week range in Q1. I mean, I'm guessing we will probably be towards the lower end of that range, but then maybe exceed that, behind of that range towards the end of next year, if things go well. I mean, there are some caveats there, but it depends on what macroeconomic conditions are like around the world next year. But right now, we do see that 1,600 to 1,800 per week on average as occurring in Q1.

是的。我認為我們很可能在第一季度達到每週 1,600 到 1,800 的範圍內。我的意思是，我猜我們可能會接近該範圍的下限，但如果事情進展順利，可能會超過該範圍，到明年年底時會落後於該範圍。我的意思是，有一些警告，但這取決於明年世界各地的宏觀經濟狀況。但現在，我們確實看到第一季度平均每週發生 1,600 到 1,800 次。

Great. And just lastly, if I can slip one last one in. You ramped up your CapEx, presumably in part to achieve some increased targets for Tesla Energy. Could you just give us some high level thoughts on what you might be able to ramp up to, for that business line maybe in 2016?

偉大的。最後，如果我可以加入最後一個。您增加了資本支出，大概部分是為了實現特斯拉能源的一些增加的目標。你能不能給我們一些關於你可能會在 2016 年為那個業務線提升到什麼水平的想法？

Well, the CapEx requirement for Tesla Energy are not that significant as a percentage of the total for (inaudible).

好吧，特斯拉能源的資本支出要求在（聽不清）總額的百分比中並不重要。

Yes. And I think, just to provide a broader perspective around the CapEx increase, so for -- let's talk 2016. The CapEx in 2016 is primarily for Model 3 and the Gigafactory. As we are looking at [2016] and beyond, it's not necessarily for much of the capacity required in 2016. Clearly, there is a little bit of CapEx there for Tesla Energy, but that is not the driving factor. Much of that CapEx has been put in place by end of this year for our needs next year.

是的。我認為，只是為了圍繞資本支出增加提供更廣闊的視角，所以讓我們談談 2016 年。2016 年的資本支出主要用於 Model 3 和 Gigafactory。正如我們所看到的 [2016] 及以後，它不一定滿足 2016 年所需的大部分產能。顯然，特斯拉能源有一點資本支出，但這不是驅動因素。到今年年底，大部分資本支出已經到位，以滿足我們明年的需求。

Okay. Great. Thank you.

好的。偉大的。謝謝你。

John Murphy, Bank of America.

美國銀行的約翰·墨菲。

Good afternoon. Just a first question on insourcing. I mean, obviously, guys are pulling the second row seats in-house for the Model X, and there has certainly been some acquisitions and work you've done on forging and casting. Just curious, as you look at production going forward for the Model X, and even the Model 3, if there would be opportunity to in-source more parts to really kind of solve the issues you're facing with some of these suppliers? And as you think about that, how you make that decision around cost and capital intensity? And if you get that right and can in-source more, if you could potentially increase the cadence of your product introductions and the product launches themselves?

下午好。只是關於內包的第一個問題。我的意思是，很明顯，伙計們正在為 Model X 拉下第二排座椅，而且你們在鍛造和鑄造方面肯定有一些收購和工作。只是好奇，當您查看 Model X 甚至 Model 3 的生產時，是否有機會內購更多零件來真正解決您與其中一些供應商面臨的問題？當您考慮到這一點時，您如何圍繞成本和資本強度做出決定？如果你做對了並且可以內購更多，你是否有可能增加你的產品介紹的節奏和產品自己推出的節奏？

Yes, I totally agree with that. That's exactly -- that's the reason -- like we're only actually in the whole history of Tesla only done one tiny acquisition, and that was for Riviera Tooling in Michigan. And we are planning to use that as a hub to recruit a top tool and die manufacturers, or basically tool and die engineers to Tesla Michigan. And with that exact goal, which is how do we reduce our critical path to market -- our time to market for new products, because we ended up being constrained by basically tools and molds.

是的，我完全同意這一點。這正是——這就是原因——就像我們實際上在特斯拉的整個歷史中只進行了一次小規模收購，那就是密歇根州的 Riviera Tooling。我們計劃將其用作招募頂級工具和模具製造商的中心，或者基本上是特斯拉密歇根州的工具和模具工程師。有了這個確切的目標，這就是我們如何減少進入市場的關鍵路徑——我們的新產品上市時間，因為我們最終基本上受到工具和模具的限制。

And anything we can do to tighten that time frame, either organically or with an acquisition is a good thing. I mean, the great thing is that $10 million or so that we spent acquiring Riviera was less than what we spent on expediting our stamping dies (laughter). So it's like a no-brainer, and we want to do that in general. We're looking at all of our critical path items and saying, okay, how do we execute faster on, and reduce the critical path for new product introductions, obviously, with an eye toward Model 3, and making sure that Model 3 happens as soon as humanly possible.

我們可以做的任何事情來收緊這個時間框架，無論是有機的還是通過收購都是一件好事。我的意思是，偉大的事情是我們花在收購 Riviera 上的 1000 萬美元左右比我們在加快沖壓模具上的花費還少（笑聲）。所以這很簡單，我們一般都想這樣做。我們正在查看我們所有的關鍵路徑項目並說，好吧，我們如何更快地執行並減少新產品引入的關鍵路徑，顯然，著眼於 Model 3，並確保 Model 3 發生盡快。

But is this significantly just around tool and die, or are there other parts, like I mean, where you can actually be doing all the seating internally, or start doing -- thinking about wiring harnesses or stuff that would be that intensive, and as far as in-sourcing?

但這主要是圍繞工具和模具，還是有其他部分，就像我的意思一樣，你實際上可以在內部做所有的座位，或者開始做 - 考慮線束或那些密集的東西，並且作為至於內購？

We actually are -- we have substantially in-sourced the seats at this point. So Tesla is producing its own seats. So yes, that is actually something we've already done.

實際上，我們現在已經大量採購了席位。所以特斯拉正在生產自己的座椅。所以是的，這實際上是我們已經做過的事情。

Okay. And then just a second question on the fourth quarter, you are talking about 17,000 to 19,000 units being delivered. I mean, is that sort of low-end and high-end of the range really dependent on the ramp on Model X, and you sort of see 17,000 at the low end, as sort of base with your Model S? Just try to understand the range, and sort of how we should think about mix in the fourth quarter?

好的。然後是第四季度的第二個問題，您說的是交付了 17,000 到 19,000 台。我的意思是，這種範圍的低端和高端是否真的取決於 Model X 的坡道，而你在低端看到 17,000 個，作為你的 Model S 的基礎？試著了解這個範圍，以及我們應該如何考慮第四季度的混合？

Yes, the big variables are exactly in which week, do we -- are we able to really spool up Model X production. And a few weeks, pretty much one way or the other, has quite a big impact on Model X production. And then, of course, we still have to get those cars delivered. So and at the end of the year, there can often be logistical challenges, because it's like Christmas and New Year's, and all the logistics channels are jammed, and people are not home. So and there can also be adverse weather events like blizzards and things. So that's what -- it's the logistical challenges at the end of quarter, and when exactly does the -- and what exactly does the Model X production ramp exponential look like, that's what introduces the uncertainty.

是的，最大的變量是在哪一周，我們是否能夠真正加速 Model X 的生產。幾週，幾乎以某種方式，對 Model X 的生產產生了相當大的影響。然後，當然，我們仍然必須交付這些汽車。所以到了年底，往往會遇到後勤方面的挑戰，因為就像聖誕節和新年一樣，所有的物流渠道都堵塞了，人們不在家。因此，也可能會出現暴風雪等惡劣天氣事件。所以這就是 - 這是季度末的後勤挑戰，以及確切的時間 - 以及 Model X 的產量增長指數究竟是什麼樣的，這就是引入不確定性的原因。

Okay. So we shouldn't think of the 17,000 as sort of a base level for Model S. There's a lot of variables that are going in here, in addition to the Model X ramp rate? Right?

好的。所以我們不應該將 17,000 視為 Model S 的基本水平。除了 Model X 的爬坡率之外，這裡還有很多變量？正確的？

Yes, end of quarter logistical challenges around Christmas always throws -- is a bit of a wild card.

是的，聖誕節前後的季度末後勤挑戰總是會引發——有點像一張外卡。

Got you. Okay. And then, just lastly real quick, I mean, with everything that's going on with Diesel gate, obviously your ZEV credits might be a lot more desired by a lot of folks out there. I know you guys are talking about no ZEV credits in the fourth quarter, as far as the sales, or actually at all, for sales of gross profit. But I mean over time, I mean, is there an opportunity to maybe sell them at a much higher price as they become available? I know it's not a big part of the business, but I mean it does seem like an opportunity to maybe in the short run to make a lot of money on some increasing demand?

得到你。好的。然後，最後真的很快，我的意思是，隨著 Diesel Gate 發生的所有事情，顯然你的 ZEV 積分可能會受到很多人的渴望。我知道你們在談論第四季度沒有 ZEV 積分，就銷售而言，或者實際上根本沒有銷售毛利潤。但我的意思是，隨著時間的推移，我的意思是，當它們可用時，是否有機會以更高的價格出售它們？我知道這不是業務的重要組成部分，但我的意思是，這似乎確實是一個機會，可能在短期內因需求增加而賺大錢？

I mean really depends on what happens with zero emission vehicle regulations over time. You'd think, given Diesel gate and all that, that there should be a tightening up of zero emission requirements like -- but we are not seeing that yet. Frankly, the -- we do not think that the California Air Resources Board as being sufficiently stringent in this regard. I mean, if we can't sell their credits, then it's obviously not -- the regulations are not strong enough.

我的意思是真的取決於隨著時間的推移零排放車輛法規會發生什麼。考慮到柴油門和所有這些，你會認為應該收緊零排放要求，但我們還沒有看到。坦率地說，我們認為加州空氣資源委員會在這方面不夠嚴格。我的意思是，如果我們不能出售他們的信用，那顯然不是——監管不夠嚴格。

Okay, great. Thank you very much.

好，太棒了。非常感謝。

Dan Galves, Credit Suisse.

丹·加爾維斯，瑞士信貸。

Hey, thanks for taking my questions. You made a lot of changes to the plant in Q3. Do you have any metrics to share with us, in terms of the improved production and efficiency, and how does it make you feel about kind of the ability to hit production numbers and margin in 2016?

嘿，謝謝你提出我的問題。您在第三季度對工廠進行了很多更改。在提高生產和效率方面，您有什麼指標可以與我們分享，您對 2016 年實現產量和利潤率的能力有何看法？

Dan, I am not sure what changes, are you referring to in Q3?

丹，我不確定有什麼變化，你指的是第三季度嗎？

Well, what you guys did during the shutdown, to final assembly and the body shop?

好吧，你們在停工期間做了什麼，到總裝和車身修理廠？

Well that was essentially at that point, to put an additional capacity in our -- for Model X, and it sets us up for our production needs in 2016. Overall, clearly, we will provide further guidance in the next call, but our goal is to keep on working on manufacturing cost reductions. On S and X, we see the opportunities, and the team is going to be focused on that, while also working on Model 3. So we're truly a multi product company, and working on several directions.

嗯，那基本上是在那個時候，為我們的 Model X 增加一個容量，它為我們在 2016 年的生產需求做好了準備。總的來說，很明顯，我們將在下一次電話會議中提供進一步的指導，但我們的目標是繼續致力於降低製造成本。在 S 和 X 上，我們看到了機會，團隊將專注於這一點，同時也在研究 Model 3。所以我們是一家真正的多產品公司，並且在多個方向上工作。

Okay, great. And then, just one question on autopilot. I mean, a lot of automakers talk about mapping as a key constraint to getting to higher levels of vehicle automation. Does your, does the experience of miles been driven by Model S autopilot help you guys in that regard at all? I mean, are you planning to come up with your own mapping?

好，太棒了。然後，只有一個關於自動駕駛儀的問題。我的意思是，許多汽車製造商都將映射作為實現更高水平車輛自動化的關鍵限制因素。您的，Model S 自動駕駛駕駛里程的體驗在這方面對你們有幫助嗎？我的意思是，您打算提出自己的映射嗎？

I think this is -- I think it's [not] the time for future product announcements -- in general, this is not meant to mean anything. So in general, we are going to punt on making product announcements in earnings calls.

我認為現在是——我認為現在不是發布未來產品的時候——總的來說，這並不意味著什麼。因此，總的來說，我們將在收益電話會議上發布產品公告。

Okay. Maybe just to squeeze in one more. The newer drive unit, how is kind of the quality level then on that, versus I think you had kind of a bigger drive unit that you used initially for the first couple of years?

好的。也許只是為了再擠一個。較新的驅動單元，其質量水平如何，與我認為您最初在最初幾年使用的更大的驅動單元相比？

Right now, we're actually very happy with the quality of the drive units. Internally, our goal -- we changed the goal of the drive unit endurance from being approximately 200,000 miles to being 1,000,000 miles. Just basically, we want drive units, that just never wear out. That's our goal, and I think we've made really good progress in that direction. So the drive units going out now are, and for the last several months have been excellent so.

現在，我們實際上對驅動單元的質量非常滿意。在內部，我們的目標——我們將驅動單元續航時間的目標從大約 200,000 英里更改為 1,000,000 英里。基本上，我們想要永不磨損的驅動單元。這是我們的目標，我認為我們在這個方向上取得了非常好的進展。所以現在推出的驅動單元非常好，在過去的幾個月裡一直非常出色。

Yes, you should probably note that -- I mean, we've also made improvements to the large drive unit, and those issues were really limited to early population large drive units. So today, we hold the same standard on both units that are being built.

是的，您可能應該注意到——我的意思是，我們還對大型驅動單元進行了改進，這些問題實際上僅限於早期人口的大型驅動單元。所以今天，我們對正在建造的兩個單元都持有相同的標準。

Yes. Exactly. There was like this one period of time where we had -- I mean it was like we're getting into the weeds, like when transitioned from manual -- just before we transitioned to automatic [resubjection] and into the spline of the large drive unit, we had variation in how much grease was put into the spline. And if not enough grease was put into the spline, it would have premature wear. So that's like one example, but other than that, the large drive unit have been great.

是的。確切地。曾經有過這樣的一段時間——我的意思是，就像我們正在進入雜草叢生，就像從手動轉換時一樣——就在我們轉換到自動 [resubjection] 並進入大型驅動器的樣條線之前單位，我們在花鍵中加入多少潤滑脂有所不同。如果沒有足夠的油脂進入花鍵，它就會過早磨損。這就像一個例子，但除此之外，大型驅動單元很棒。

Andrea James, Dougherty & Company.

安德里亞詹姆斯，多爾蒂公司。

Thanks for taking my questions. A year ago, you guys have been targeting [20]% to 30% gross margins by around this time. But clearly, the world changed on you, with the currencies and so forth. So what's the right way to think about gross margin over the next 18 months?

感謝您提出我的問題。一年前，你們的目標是到這個時候達到 [20]% 到 30% 的毛利率。但很明顯，世界在你身上發生了變化，貨幣等等。那麼，如何正確看待未來 18 個月的毛利率呢？

Well, we --our goal is to steadily improve gross margin, and hopefully exceed 30% on the S and X vehicles within 18 months, hopefully sooner than that. But it does require quite an intense effort to -- for every fraction of a point of gross margin. So and that does seem (inaudible) currencies, unless there is some radical shift in currencies that happens again. So the -- if -- according to our plans at least, we would exceed 30% gross margin within 18 months on the S and X line.

好吧，我們的目標是穩步提高毛利率，並希望在 18 個月內 S 和 X 車輛的毛利率超過 30%，希望比這更快。但這確實需要相當大的努力才能——毛利率的每一點。因此，這確實看起來（聽不清）貨幣，除非貨幣再次發生一些根本性轉變。所以——如果——至少根據我們的計劃，我們將在 18 個月內在 S 和 X 線上超過 30% 的毛利率。

Okay, and that would be -- (multiple speakers) go ahead.

好的，那就是——（多位發言者）繼續。

It's a combination of various initiatives in the Company, from material cost reductions, manufacturing, production efficiencies, and labor hours per unit reduction, combined with the economies of scale that as our volume goes up, our [cost allocation] is more efficient, which brings our labor and overhead costs from a per unit basis down. So clearly, as we act on all of those directions and add volume, we see a path that we can achieve that. And it's a lot of hard work, and we need to do it.

這是公司各種舉措的結合，從材料成本降低、製造、生產效率和單位勞動時間減少，再加上規模經濟，隨著我們的產量增加，我們的[成本分配]更有效率，這使我們的勞動力和管理費用從單位成本下降。很明顯，當我們在所有這些方向上採取行動並增加音量時，我們看到了一條可以實現這一目標的途徑。這是一項艱鉅的工作，我們需要這樣做。

Okay. Maybe you'd prefer if the Street kept the model a bit low, and let you guys get there? (laughter)

好的。也許你更喜歡 Street 把模型保持低一點，讓你們到達那裡？ （笑聲）

Yes. Absolutely.

是的。絕對地。

Yes.

是的。

And we're describing, this is our goal, and we believe we've got a plan to get there. But we -- there could be unexpected issues along the way that prevent us from getting there. But I think we will certainly be better than where we are today.

我們正在描述，這是我們的目標，我們相信我們已經制定了實現目標的計劃。但是我們 - 在此過程中可能會出現意想不到的問題，阻止我們到達那裡。但我認為我們肯定會比今天更好。

Yes.

是的。

I mean, that's quite certain.

我的意思是，這是相當肯定的。

Assuming constant dollar and some of these external --

假設美元不變，其中一些是外部的——

Yes, yes.

是的是的。

And just two more, when -- can you give us -- ?

還有兩個，什麼時候——你能給我們——？

Andrea, we really got a lot of people that want to ask questions yet, so maybe just one more?

安德里亞，我們真的有很多人想問問題，所以也許只有一個？

Just one more, okay. So I guess, I will just take a step back. It seems like in the Silicon Valley centric world view, autopilot is where driving is going, and all the cars going to be driving themselves. But I just really want to know, is that Tesla's view? And how central is autopilot to your long-term revenue profit, and vehicle electrification goals?

再來一張就好了所以我想，我只會退後一步。似乎在以矽谷為中心的世界觀中，自動駕駛是駕駛的方向，所有的汽車都將自動駕駛。但我真的很想知道，這是特斯拉的觀點嗎？自動駕駛對您的長期收入利潤和車輛電氣化目標有多重要？

Well, I am actually on record as saying that, I think that all cars will go fully autonomous in long-term. I think it will be quite unusual for -- to see cars that don't have full autonomy, let's say in, before new car production in the 15 to 20 year time frame. And for Tesla, it will be a lot sooner than that. So I actually think in the -- at the point at which cars are being made that have full autonomy, that any cars that are being made that don't have full autonomy, will have negative value. It will be like owning a horse. We're not -- you're really owning it for sentimental reasons (laughter).

好吧，我實際上是在記錄中說，我認為所有汽車都將長期完全自動駕駛。我認為在 15 到 20 年的時間框架內生產新車之前看到沒有完全自主的汽車是很不尋常的。而對於特斯拉來說，這將比這快得多。所以我實際上認為，在製造具有完全自主權的汽車時，任何正在製造的不具有完全自主權的汽車都會產生負面價值。這就像擁有一匹馬。我們不是——你真的因為感情原因擁有它（笑聲）。

Thank you.

謝謝你。

Emmanuel Rosner, CLSA.

伊曼紐爾·羅斯納，里昂證券。

Hi, good afternoon. I wanted to first ask -- just put a finer point on the fourth quarter. So deliveries of 17,000 to 19,000 units seems like not a huge contribution from Model X within this. How do you ramp up the Model S deliveries sequentially so fast? I mean, it doesn't look like in the -- I guess, in the Model S history, we have seen sort of such a sequential increase in deliveries. Like so, what are you doing, I guess, better in these particular quarter?

你好，下午好。我想先問一下——只是在第四節更詳細一點。因此，交付 17,000 到 19,000 輛似乎不是 Model X 在這方面的巨大貢獻。您如何如此快速地按順序增加 Model S 的交付量？我的意思是，它看起來不像 - 我猜，在 Model S 的歷史中，我們已經看到交付量如此連續增長。像這樣，我猜你在做什麼，在這些特定的季度做得更好？

And it's not as big as they leap, as it might seem from Q4 to Q3, because there is a whole week missing from Q3, and we continue to ramp the rate, all the way from beginning of Q3 through the end of the year for Model S. So it's actually not too much of a stretch, or less than a stretch than it may seem. And certainly, we've had much bigger sequential jumps before than this. It's worth noting that 2015, in 2010 Tesla was delivering 500 cars per year. We now deliver 500 cars in just over two days.

而且它不像他們從第四季度到第三季度的跳躍那麼大，因為第三季度缺少整整一周，我們繼續提高速度，從第三季度開始到今年年底Model S。所以它實際上並沒有像看起來那樣有太多的延伸，或者說沒有那麼大的延伸。當然，我們之前的連續跳躍比這要大得多。值得注意的是，2015 年，2010 年特斯拉每年交付 500 輛汽車。我們現在在短短兩天內交付了 500 輛汽車。

Okay. That's helpful. And then, just on the -- again, a final point, just on the Model X for this particular quarter. It sounds like your -- have you actually started production? It sounds like you're still working out some issues there. And what has essentially surprised you, as you sort of like ramped this up, which is causing maybe the actual production in larger numbers to be maybe slightly later than it would have been?

好的。這很有幫助。然後，就在 - 再次，最後一點，就在這個特定季度的 Model X 上。聽起來你的——你真的開始生產了嗎？聽起來你仍然在那裡解決一些問題。什麼讓你感到驚訝，因為你有點像增加了這個，這可能導致大量的實際生產可能比原本的生產時間稍晚？

Yes, the thing about a car is, because there are several thousand unique components in a car, the production can only move as fast as the slowest component. So even though 99% of the Model X is ready for high production, less than 1% of the parts are not, but those are what drive the rate. So that's the thing that makes a car -- vehicle production really challenging, and the vehicle ramp really challenging. And you don't know in advance, what those issues are going to be, or you would do something about it. So that's the -- yes.

是的，關於汽車的事情是，因為汽車中有數千個獨特的組件，生產只能與最慢的組件一樣快。因此，即使 99% 的 Model X 已準備好進行大批量生產，但只有不到 1% 的零件沒有準備好，但這些正是推動這一速度的因素。這就是造就汽車的原因——汽車生產確實具有挑戰性，而車輛坡道也確實具有挑戰性。而且您事先不知道這些問題將是什麼，或者您會對此採取一些措施。這就是——是的。

And then, you can basically think of like the production will move as fast, as the least lucky supplier that we have in our network. So yes. Most of -- there are sort of fires, floods, issues of various kinds around the world. And so, yes, several thousand parts -- in fact, if you go down to tier 2 and tier 3, several thousand suppliers, it moves as fast as the [thousandth worst] supplier.

然後，您基本上可以認為生產將與我們網絡中最不幸運的供應商一樣快。所以是的。大多數——世界各地都有火災、洪水和各種問題。所以，是的，幾千個零件——事實上，如果你去到第 2 級和第 3 級，幾千個供應商，它的移動速度與 [第 10 位最差的] 供應商一樣快。

Ryan Brinkman, JPMorgan.

瑞安·布林克曼，摩根大通。

Hi, good afternoon. Thanks for taking my question. Just maybe going back to the Diesel gate issue again, but from a bigger picture perspective. I'm curious what impact you see to the electric vehicle market from these revelations at VW. Could it increase the demand for electric vehicles to your benefit?

你好，下午好。感謝您提出我的問題。只是可能會再次回到柴油門問題，但從更大的角度來看。我很好奇你從大眾汽車的這些啟示中看到了對電動汽車市場的影響。它會增加對電動汽車的需求，從而使您受益嗎？

Does it maybe make non-electric vehicles more expensive to produce, to truly comply with the emission regulations? Does that help the Model 3 be more cost competitive? I'm just curious what impact you see overall to the industry, and then to Tesla specifically?

是否可能使非電動汽車的生產成本更高，才能真正遵守排放法規？這是否有助於 Model 3 更具成本競爭力？我只是想知道您對整個行業有何影響，尤其是對特斯拉的影響？

Well, I mean, the -- this really shines a spotlight on the whole emissions testing process. And I mean, it's now obvious to consumers that gasoline -- and well, especially diesel, but also gasoline cars have real-world emissions that are substantially greater than what's experienced in the test, when they go through testing. And I think that -- what one would naturally expect from this is that regulators will no longer turn a blind eye to these things.

嗯，我的意思是，這確實使整個排放測試過程成為焦點。我的意思是，現在對消費者來說很明顯，汽油——尤其是柴油，還有汽油車的實際排放量大大高於測試中的排放量，當他們通過測試時。而且我認為 - 人們自然會期望監管機構將不再對這些事情視而不見。

And so, the cost of producing gasoline diesel cars that actually meet the legal emissions requirements is going to be quite a bit higher. So I would expect the car companies to accelerate their plans for electric vehicles, which is great. And there might be some near-term benefit to Tesla, but I mean thus far, we haven't actually seen it, but there might be one.

因此，生產實際符合法定排放要求的汽油柴油汽車的成本將會相當高。所以我希望汽車公司加快他們的電動汽車計劃，這很好。特斯拉可能會有一些近期的好處，但我的意思是到目前為止，我們還沒有真正看到它，但可能會有。

Okay, great. And then just last question, I understand that deliveries for the Model X initially are clearly a function of how many you can build, given your large backlog of orders. But in trying to estimate what demand might look like more medium to long-term, is there anything more that you can say now, or that can be shared about the pricing of the vehicle beyond Signature series?

好，太棒了。最後一個問題，我知道 Model X 最初的交付顯然取決於你可以建造多少，因為你有大量的訂單積壓。但是，在嘗試估計中長期的需求可能看起來更大時，您現在還有什麼可以說的，或者可以分享關於簽名系列以外的車輛定價的更多信息嗎？

Well, just what I've mentioned publicly, which is that we expect the similarly equipped Model X to be no more than $5,000 greater than the price of Model S.

嗯，正如我公開提到的，我們預計同樣配備的 Model X 不會比 Model S 的價格高出 5,000 美元。

Colin Rusch, Oppenheimer.

科林·魯施，奧本海默。

Well, thanks so much. Can you talk a little bit about the acceleration in the ramp at the Gigafactory? What are you seeing at this point, in terms of your ability to fully accelerate in 2016, and when you think we might see cells coming out of the factory and into cars?

嗯，非常感謝。你能談談 Gigafactory 坡道的加速嗎？就您在 2016 年全面加速的能力而言，您在這一點上看到了什麼，以及您認為我們何時可能會看到電池從工廠出來並進入汽車？

Well, in particular, as we mentioned, we have accelerated the production of Tesla Energy products at the Gigafactory. So that's what has started just recently there, and that was quite a bit ahead of plan. That's happening in a separate section of the factory, from where the cells will be produced.

嗯，特別是，正如我們提到的，我們已經加速了超級工廠的特斯拉能源產品的生產。所以這就是最近才開始的，這比計劃提前了很多。這發生在工廠的一個單獨部分，電池將從那裡生產。

But also as we discussed, we do expect that cell production will start up in the second half of next year, which is again a little bit ahead of plan. And some of those cells would initially be allocated towards Tesla Energy products. And we still are targeting around 2017 for the first cell production that will be going into vehicles, and into the Model 3. So that remains on target.

但正如我們所討論的，我們確實預計電池生產將在明年下半年開始，這再次比計劃提前了一點。其中一些電池最初將分配給特斯拉能源產品。我們仍然計劃在 2017 年左右生產第一批電池，這些電池將用於汽車和 Model 3。所以這仍然是目標。

And then, just in terms of the dynamics around leasing, are you seeing any real meaningful changes in terms of overall lease take rates, or a change in ownership kind of dynamics at this point?

然後，就租賃的動態而言，您是否看到整體租賃率方面的任何真正有意義的變化，或者此時所有權類型的動態變化？

Yes, we are seeing a slight increase in the lease take rate in North America. And as we indicated in the letter, that increase has been fully consumed or taken up by our bank leasing partners, rather than Tesla direct leasing. So whether we do a resale value guarantee or leasing, from our, perspective it's no different, and if it's a consumer preference, so there's nothing deep or too significant that we are seeing in that trend.

是的，我們看到北美的租賃率略有上升。正如我們在信中指出的那樣，我們的銀行租賃合作夥伴已經完全消耗或承擔了這一增長，而不是特斯拉直接租賃。因此，無論我們是做轉售價值保證還是租賃，從我們的角度來看，沒有什麼不同，如果這是消費者的偏好，那麼我們在這種趨勢中看到的沒有什麼深刻或太重要的。

Brian Johnson, Barclays.

巴克萊銀行的布萊恩·約翰遜。

Yes, kind of three quick questions, or two quick ones, one more philosophical. First, again on the 4Q, it -- you talked about building up finished goods inventory. We don't have the final numbers yet. But for the last quarter, production outpaced deliveries, and you're guiding to that 4Q. So what's going to be different, in terms of hitting that ramp up on deliveries for Model S in 4Q vis-a-vis drawing down that inventory?

是的，三個快速的問題，或者兩個快速的問題，還有一個哲學問題。首先，在第四季度，你談到了建立成品庫存。我們還沒有最終數字。但在上個季度，產量超過了交付量，你正在指導第四季度。那麼，就第四季度 Model S 的交付量與減少庫存而言，會有什麼不同呢？

You are referring -- so for Model S?

您指的是——Model S 也是如此？

Yes, for Model S.

是的，對於 Model S。

Yes, I mean, as we indicated in the letter --

是的，我的意思是，正如我們在信中指出的那樣——

In the letter, we were carrying higher finish goods inventory in transit at the end of Q3 to support those higher deliveries in Q4. And it's the draw down of that extra inventory that allows us to do that. Our ending inventory at Q4, is going to be no different than what we've had a few quarters back. So it's still a fairly good level to support our all of our marketing and sales and service activities. So overall, the increase is demand-based, and it's fully doable.

在信中，我們在第三季度末攜帶更高的成品庫存，以支持第四季度更高的交付量。正是這些額外庫存的減少使我們能夠做到這一點。我們在第四季度的期末庫存將與我們幾個季度前的庫存沒有什麼不同。因此，支持我們所有的營銷和銷售和服務活動仍然是一個相當不錯的水平。所以總的來說，增長是基於需求的，而且是完全可行的。

And -- (multiple speakers)

還有——（多位發言者）

Yes, go ahead -- (multiple speakers).

是的，繼續——（多位發言者）。

And to clarify just the Model X pricing, is that based on a range and features, or is it just based on battery size, the $5,000 difference?

為了澄清 Model X 的定價，是基於範圍和功能，還是僅僅基於電池大小，5,000 美元的差異？

For a comparably equipped car with regular features.

對於具有常規功能的同等裝備的汽車。

Okay. And so, equipped would mean battery or range or?

好的。因此，配備意味著電池或範圍，還是？

Yes, yes, with the same battery and number of seats and that kind of thing.

是的，是的，使用相同的電池和座位數之類的東西。

Yes, and final question. And maybe this is one for Jason, Deepak. On conversation if, autos are a very capital intensive business. I mean, as much as you are pursuing a different model on the battery side, it looks like there's a lot of capital going into tooling, and all these complicated mechanical things, not to mention service. As you kind of think forward three years, is that more or less the way you're going to spend capital, or is there anything you could do to kind of be more asset light in the process?

是的，最後一個問題。也許這是給傑森的，迪帕克。在談話中，汽車是一項非常資本密集型的業務。我的意思是，儘管您在電池方面追求不同的模型，但看起來有很多資金投入到工具和所有這些複雜的機械方面，更不用說服務了。正如你對未來三年的思考，這或多或少是你將要花費資本的方式，還是你可以做些什麼來在這個過程中更加輕資產？

I think, stepping back, maybe the better way to look at it, is that at Tesla, our CapEx spend for what we are achieving, in my mind has been really efficient in the industry.

我認為，退後一步，也許是更好的看待它的方式是，在特斯拉，我們的資本支出用於我們正在實現的目標，在我看來，這在行業中是非常有效的。

Brian, and it's worth noting, that Deepak has spent a huge part of his career at Ford. So you have a good basis for comparison.

布賴恩，值得注意的是，迪帕克在福特度過了他職業生涯的大部分時間。所以你有一個很好的比較基礎。

Right. And so, as we look at every year, and as we add incremental capacity and the CapEx related to that, we are continuing to increase on that efficiency, in terms of CapEx dollars per unit of production. So fully agree, this is an asset intensive business. And the key here, in terms of return on investment is how efficient we are with that capital. That's what we are focused on.

正確的。因此，正如我們每年看到的那樣，隨著我們增加產能和與之相關的資本支出，我們將繼續提高效率，以每單位生產的資本支出美元計。所以完全同意，這是一項資產密集型業務。而這裡的關鍵，就投資回報而言，是我們利用這些資本的效率。這就是我們所關注的。

Yes, absolutely. We certainly believe in capital efficiency, and getting better with that over time. But we also believe that companies both build value by doing hard things, not outsourcing those hard things to other people, because then they deserve the value.

是的，一點沒錯。我們當然相信資本效率，並且隨著時間的推移會變得更好。但我們也相信，公司都通過做艱苦的事情來創造價值，而不是將這些困難的事情外包給其他人，因為那樣他們就應該得到價值。

That's the key point.

這是關鍵點。

Brad Erickson, Pacific Crest.

布拉德·埃里克森，太平洋冠。

Great. Thanks for taking my questions. I guess, consistent with a lot of your commentary recently, you called out in the shareholder -- just wanting to emphasize quality on the Model X. And it sounds like it's warranting a little bit slower ramp here in the near term. With what you have gone through over the past few years in bringing this car to market, does this change your thinking at all over the longer term, when you think about the pace at which you'll bring Model 3 to market, relative to longer-term targets that are out there?

偉大的。感謝您提出我的問題。我想，與你最近的許多評論一致，你在股東中呼籲——只是想強調 X 型車的質量。聽起來它需要在短期內放慢一點。過去幾年你將這款車推向市場所經歷的一切，當你考慮將 Model 3 推向市場的速度（相對於更長的時間）時，這是否會從長遠來看改變你的想法？長期目標？

I think we're still -- aiming to have Model 3 in about two years. In fact, the cadence of future products should improve, as we have more resources to shorten the critical path on things -- like I mentioned earlier, like stamping tools, and molding dies, and things that tend to drive our schedule. Because from the point at which the car is designed, it can take almost two years to get fully tooled up. That's seems like a crazy amount of time to us, and but we want to try to reduce that significantly.

我認為我們仍然 - 目標是在大約兩年內擁有 Model 3。事實上，未來產品的節奏應該會提高，因為我們有更多的資源來縮短事情的關鍵路徑——就像我之前提到的，比如沖壓工具和成型模具，以及那些往往會推動我們的日程安排的事情。因為從設計汽車的那一刻起，可能需要將近兩年的時間才能完全組裝好。這對我們來說似乎是一個瘋狂的時間，但我們想嘗試顯著減少它。

Got it. Thanks.

知道了。謝謝。

Ben Kallo, Robert W. Baird.

本·卡洛，羅伯特·W·貝爾德。

Thanks. Elon, could you talk a little bit -- as you guys have increased your sophistication around the market, what you think the addressable market is for the S going forward? And then, could we talk a little bit about getting to 20% or above gross margin on the X, what kind of volumes we need? And then third, can we touch on the energy storage industry? One thing that I hear a lot in the marketplace is that it is a commodity business. JB, could you touch on that, and anything you're seeing there? And Elon, last time on the call, you threw out some pretty big numbers for energy storage (multiple speakers -- laughter).

謝謝。 Elon，你能談談嗎——隨著你們在市場上的成熟度越來越高，你認為 S 未來的潛在市場是什麼？然後，我們能否談談在 X 上達到 20% 或以上的毛利率，我們需要什麼樣的銷量？第三，我們可以談談儲能行業嗎？我在市場上經常聽到的一件事是它是一種商品業務。 JB，你能談談那個，以及你在那裡看到的任何東西嗎？還有埃隆，上次在電話會議上，你拋出了一些相當大的儲能數字（多位發言者——笑聲）。

(multiple speakers) we talked about here

（多位發言者）我們在這裡討論過

And I don't think that people really gave you a lot of credit there, so could you just talk about what backs up those numbers?

而且我不認為人們真的在那裡給了你很多信任，所以你能談談支持這些數字的原因嗎？

I mean, the -- I think it's just basically if as we mature in various markets around the world -- and then it's always the question of, how long does it take to mature in these markets? Some markets are a lot harder to solve than others. And then, there's also macroeconomic conditions, will there be a recession, or not will there be a recession, but when will there be a recession. And so these, will obviously make a difference.

我的意思是——我認為這基本上是如果我們在世界各地的各個市場成熟——然後它總是一個問題，在這些市場上成熟需要多長時間？有些市場比其他市場更難解決。然後，還有宏觀經濟條件，是否會出現衰退，或者不會出現衰退，但何時會出現衰退。所以這些，顯然會有所作為。

But I mean, I think in the long-term, there is probably close to $100,000 sorry 100,000 vehicles a year of S demand, and maybe something comparable to for X, holding economic conditions constant and assuming full market maturation, which can take, like, quite a long time in some markets.

但我的意思是，我認為從長遠來看，S 年的需求可能接近 100,000 美元，抱歉 100,000 輛汽車，也許與 X 相當，保持經濟條件不變並假設市場完全成熟，這可能需要，比如，在某些市場上相當長的時間。

And maybe to your energy storage question, I mean, obviously energy is a commodity market, but I don't think that in any way really changes the opportunity there. In some ways, that is sort of what creates it, and creates --

也許對於您的儲能問題，我的意思是，顯然能源是一個商品市場，但我認為這不會以任何方式真正改變那裡的機會。在某些方面，這就是創造它的原因，並創造——

Makes it bigger.

使它更大。

Exactly, it's what creates the opportunities for us to ramp much faster. And we still see a lot of technical differentiation amongst these different products. Just because energy itself is a commodity, doesn't mean that the ways that you create it are the same. And the storage technologies, and how well they are integrated, and how plug-and-play they are, for customers to just use them to solve problems, and do that very quickly is quite different, amongst all the different people trying to address this.

確切地說，它為我們創造了更快地爬坡的機會。我們仍然看到這些不同產品之間存在很多技術差異。僅僅因為能源本身是一種商品，並不意味著你創造它的方式是相同的。而存儲技術，以及它們的集成程度，以及它們的即插即用程度，讓客戶只需使用它們來解決問題，並且很快就能做到這一點，在所有不同的人試圖解決這個問題的過程中是完全不同的.

I mean, if you can sell a dollar -- I mean, basically if can provide a dollars worth of value for $[0.80], compared to your competitor's inter-commodity business, that's amazing. That's like -- you want to be in a commodity business.

我的意思是，如果你能賣出一美元——我的意思是，與你的競爭對手的跨商品業務相比，基本上如果能以 0.80 美元的價格提供價值一美元的價值，那就太棒了。這就像 - 你想從事商品業務。

Got it. And then, on the margins on the X volume?

知道了。然後，在 X 卷的邊緣？

Well, I think that they are going to be comparable to the S over time, but it'll -- but it is important to bear mind, that the S is a much more mature product, so we have been in production with the S for three years. I would expect the margins to be within a few points of one another over the long-term.

好吧，我認為隨著時間的推移，它們將與 S 相媲美，但它會 - 但重要的是要記住，S 是一個更加成熟的產品，所以我們一直在生產 S三年來。從長遠來看，我希望利潤率彼此相差幾個百分點。

Great. Thank you very much.

偉大的。非常感謝。

It's what we indicated in the letter.

這是我們在信中指出的。

Okay, everyone, thank you very much for joining us today, and we'll look forward to talking with you next quarter. Bye-bye.

好的，各位，非常感謝大家今天加入我們，期待下個季度與大家的交流。再見。

Ladies and gentlemen, thank you for your participation in today's conference. This concludes the program, and you may now disconnect. Everyone, have a great day.

女士們，先生們，感謝你們參加今天的會議。程序到此結束，您現在可以斷開連接。大家，有一個美好的一天。