特斯拉 (TSLA) 2016 Q2 法說會逐字稿

Good day, ladies and gentlemen. Thank you for your patience. You've joined the Tesla Motors second-quarter 2016 financial results and Q&A.

女士們，先生們，美好的一天。感謝您的耐心等待。您已加入特斯拉汽車公司 2016 年第二季度財務業績和問答環節。

(Operator Instructions)

（操作員說明）

As a reminder, this conference may be recorded. I would like to turn the call over to your host, Mr. Jeff Evanson. Sir, you may begin.

提醒一下，本次會議可能會被記錄下來。我想將電話轉給您的主持人 Jeff Evanson 先生。先生，您可以開始了。

Thank you, Latif. Good afternoon, everyone. Welcome to Tesla's second-quarter 2016 Q&A webcast. I'm joined today by Elon Musk, JB Straubel, Jason Wheeler, and Jon McNeill. Our Q2 results are in the update letter at the same link as this webcast. And today, during our call, we will discuss our business outlook and make forward-looking statements.

謝謝你，拉蒂夫。大家下午好。歡迎收聽特斯拉 2016 年第二季度問答網絡直播。今天加入我的有 Elon Musk、JB Straubel、Jason Wheeler 和 Jon McNeill。我們的第二季度結果在與此網絡廣播相同鏈接的更新信中。今天，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。

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 SEC filings.

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，包括我們最近提交給美國證券交易委員會的文件中提到的風險和不確定性，實際事件或結果可能存在重大差異。

We're going to kick it off today with Jason making some quick comments, followed by Q&A. So please press star one now to get in the queue. During the Q&A, please try and limit yourself to one question and one follow-up. Let's keep it tight because we've already talked once this week.

我們將在今天開始，Jason 會發表一些簡短的評論，然後是問答環節。所以請現在按星號進入隊列。在問答期間，請盡量將自己限制在一個問題和一個後續行動上。讓我們保持緊張，因為我們這週已經談過一次了。

Jason, over to you.

傑森，交給你了。

Sure. Thanks, Jeff, and thanks, everybody, for joining. I want to make a few brief comments to add a little bit more color to the shareholder letter. We're clearly disappointed with our delivery numbers, but there's some underlying stories that we feel good about and I want to walk you through those briefly. First, automotive gross margin expanded this quarter. Automotive gross margin excluding ZEV credits grew from 20.1% in Q1 to 21.2% in Q2.

當然。謝謝杰夫，謝謝大家的加入。我想發表一些簡短的評論，為股東信增加一點色彩。我們顯然對我們的交付數量感到失望，但是有一些我們感覺很好的潛在故事，我想簡要地向您介紹這些故事。首先，本季度汽車毛利率有所擴大。不包括 ZEV 積分的汽車毛利率從第一季度的 20.1% 增長到第二季度的 21.2%。

Couple of different factors here. One was the Model S refresh. There was a modest price increase on the refresh, but more importantly, we had baked the number of cost-downs into that vehicle before the launch. And then the second big factor is obviously X production. We talked a lot about how we have come through the struggles on that and how we've managed to climb that production ramp, so that's looking great.

這裡有幾個不同的因素。其中之一是 Model S 的更新。更新後的價格略有上漲，但更重要的是，我們在推出前已經將成本降低的數量納入了該車輛。然後第二個重要因素顯然是 X 生產。我們談了很多關於我們如何度過這方面的鬥爭以及我們如何設法攀登生產坡道，所以看起來很棒。

On a go-forward basis, the way we're thinking about margins is we certainly see opportunities for continued cost downs, both on the engineering front, also on the commercial front as well. We've got a supplier base that is very excited about the Model 3 and is giving us the ability to leverage that (inaudible) cost downs.

在前進的基礎上，我們考慮利潤率的方式是，我們當然看到了持續降低成本的機會，無論是在工程方面，還是在商業方面。我們有一個對 Model 3 非常興奮的供應商基礎，並且使我們能夠利用這種（聽不清的）成本下降。

Also we continue manufacturing efficiencies. As we mentioned in the shareholder letter, labor hours per car is trending quite positively right now and we're laser-focused on continued improvement in that key metric.

此外，我們繼續提高製造效率。正如我們在股東信中提到的那樣，每輛車的工時趨勢目前非常積極，我們專注於持續改進該關鍵指標。

Next, talk about the cash position for a second. Here's one way to think about, we ended up with $3.25 billion on the balance sheet at the end of the quarter and we started off the year, in December 31, 2015, we had $1.2 billion. We raised $1.7 billion in our secondary offering and we collected on our Model 3 reservations. Therefore, we are at a very healthy position from a cash perspective.

接下來，談談現金狀況。這是一種思考方式，我們在本季度末的資產負債表上結束了 32.5 億美元，而我們在 2015 年 12 月 31 日開始時有 12 億美元。我們在二次發行中籌集了 17 億美元，並從 Model 3 預訂中籌集了資金。因此，從現金的角度來看，我們處於非常健康的位置。

Couple different factors to talk about. One, we've got $678 million drawn on our asset-backed line. This is something that we've talked about in the past. That is definitely backed up by our operations. Two things there. One, approximately 5,000 cars in transit to customers at quarter end, so we're financing our FGI, and we're monetizing our direct lease portfolio.

結合不同的因素來討論。第一，我們的資產支持線已經動用了 6.78 億美元。這是我們過去討論過的事情。我們的運營絕對支持這一點。有兩件事。一個，在季度末大約有 5,000 輛汽車在運送給客戶，因此我們正在為 FGI 融資，並且我們正在通過我們的直接租賃組合獲利。

Second factor on the cash position that we'd like to highlight is our continued CapEx discipline. As we talked about in Q1, we had $217 million of CapEx in that quarter. In this quarter, $295 million of CapEx. We compare that to averaging nearly $400 million a quarter throughout 2015. We are actually very pleased with these results and we're comfortable that we aren't doing anything to adversely impact our future.

我們要強調的現金狀況的第二個因素是我們持續的資本支出紀律。正如我們在第一季度談到的那樣，我們在該季度擁有 2.17 億美元的資本支出。本季度，資本支出為 2.95 億美元。我們將其與整個 2015 年平均每季度近 4 億美元進行比較。我們實際上對這些結果感到非常滿意，並且我們很高興我們沒有做任何對我們的未來產生不利影響的事情。

On a go-forward basis thinking about CapEx efficiency, you've heard Elon talk a lot about the machine that makes the machine. A big part of that is focusing on volumetric efficiency. In our call on Monday, I talked about how when we started to review a lot of the Model 3 CapEx plans across the Company, there were a bunch of new buildings everywhere.

在考慮資本支出效率的基礎上，您已經聽到 Elon 談論了很多關於製造機器的機器。其中很大一部分是關注容積效率。在周一的電話會議中，我談到了當我們開始審查整個公司的許多 Model 3 資本支出計劃時，到處都是一堆新建築。

And the reaction to that was wait a second, we've actually got a nice facilities footprint already and how can we just densify those facilities and not have to invest further in this area? And we're starting to see a lot of that take hold now.

對此的反應是等一下，我們實際上已經有了很好的設施足跡，我們如何才能使這些設施更加密集，而不必在這個領域進一步投資？而且我們現在開始看到其中很多。

Second, I think we are making an attempt to crush the conventional wisdom that capacity increases only happen in step-change increments and the capital that follows that in step-change increments as well. And to put a little bit more color on that, there are many ways to optimize our current operations. The way to think about this is we can drive greater throughput through the same investments. So that's our cash position.

其次，我認為我們正試圖打破傳統觀念，即產能增加只會以階梯式增量發生，隨之而來的資本也會以階梯式增量發生。為了給它增加一點色彩，有很多方法可以優化我們當前的操作。考慮這一點的方法是，我們可以通過相同的投資來提高吞吐量。這就是我們的現金狀況。

Finally, I would like to talk for a minute about expense management. In addition to our efforts on CapEx efficiency, we are also very focused on OpEx discipline. This quarter, SG&A would've been flat quarter over quarter in spite of our continued expansion in service and sales, were it not for the payroll taxes we paid on our CEO's options exercises. SG&A was up $19 million quarter over quarter on a non-GAAP basis. $17 million of that was the payroll expense associated with those option exercises.

最後，我想談談費用管理。除了我們在資本支出效率方面的努力外，我們還非常關注運營支出紀律。本季度，儘管我們在服務和銷售方面不斷擴大，但如果不是我們為首席執行官的期權行使支付的工資稅，SG&A 的季度環比將持平。按非公認會計原則計算，SG&A 環比增長 1900 萬美元。其中 1700 萬美元是與這些期權行使相關的工資支出。

R&D now does continue to increase as we continue to march towards the Model 3 launch and continue to invest in our future. This is as predicted and as we've signalled in the past. So to wrap it all up, we're very happy with the gross margin expansion in the quarter and we have increased our emphasis on OpEx discipline and CapEx efficiency. We believe our Q2 results reflect that and we're not backing down as we move forward.

隨著我們繼續邁向 Model 3 的發布並繼續投資於我們的未來，研發現在確實繼續增加。這正如我們過去所預測的那樣。因此，總而言之，我們對本季度的毛利率增長感到非常滿意，並且我們更加重視運營支出紀律和資本支出效率。我們相信我們的第二季度業績反映了這一點，我們在前進的過程中不會退縮。

Great. Thank you, Jason. All right, Latif, let's go to the first question, please.

偉大的。謝謝你，傑森。好的，Latif，讓我們來回答第一個問題。

Thank you, sir. Adam Jonas, Morgan Stanley. Mr. Jonas, please make sure your line isn't muted.

謝謝你，先生。亞當喬納斯，摩根士丹利。喬納斯先生，請確保您的線路沒有靜音。

(Operator Instructions)

（操作員說明）

Oh, sorry. It was muted. I'm going to ask this question on behalf of Adam Jonas. He had to drop off the call. This is Neel Mehta. This is coming directly from him. Elon, you have explained that strategic rationale for having SolarCity and Tesla Motors join in a combined company.

哦對不起。它被靜音了。我將代表 Adam Jonas 提出這個問題。他不得不掛斷電話。這是尼爾·梅塔。這直接來自他。 Elon，您已經解釋了讓 SolarCity 和 Tesla Motors 加入合併公司的戰略理由。

When we think of SpaceX, is there any conceivable strategic rationale for Tesla Motors and Tesla Energy, or Tesla Solar, to work closely with the efforts of space exploration? And when we're thinking about this, we're thinking proprietary low earth orbit satellite network to enhance the connected autonomous car ecosystem. Just want to get your thoughts on that first of all and I have a follow-up as well.

當我們想到 SpaceX 時，特斯拉汽車公司和特斯拉能源公司（Tesla Energy）或特斯拉太陽能公司（Tesla Solar）是否有任何可以想像的戰略理由來與太空探索工作密切合作？當我們考慮這個問題時，我們正在考慮專有的低地球軌道衛星網絡，以增強連接的自動駕駛汽車生態系統。只是想首先得到你的想法，我也有後續行動。

I don't think there's a strong product rationale to combine SpaceX and Tesla. Whereas there is for Tesla and SolarCity. It's really quite tenuous for SpaceX and Tesla. There is a little cooperation that happens between the companies, but it's not enough that would justify merging them into one entity.

我不認為將 SpaceX 和特斯拉結合起來的產品理由很充分。而特斯拉和 SolarCity 則有。對於 SpaceX 和特斯拉來說，這真的很脆弱。兩家公司之間發生了一些合作，但這還不足以證明將它們合併為一個實體是合理的。

Got it. Can you also give us an update on your and Tesla's proprietary mapping initiatives?

知道了。您能否向我們介紹一下您和特斯拉的專有地圖計劃的最新情況？

I think we would prefer to be confidential in that regard.

我認為我們更願意在這方面保密。

All right. Let's see if we can go to the next question.

好的。讓我們看看我們是否可以進入下一個問題。

What we said thus far is just that there's need to have much higher definition maps than currently exist anywhere in the world in order to have full autonomy and we're in the process of building those and, I think, making good progress.

到目前為止，我們所說的只是需要擁有比目前世界上任何地方都更高清晰度的地圖，以便擁有完全的自主權，我們正在構建這些地圖，我認為，取得了良好的進展。

Got it. Thank you.

知道了。謝謝你。

Brian Johnson, Barclays.

巴克萊銀行的布萊恩·約翰遜。

Thank you for taking my question. A couple questions very much tied to cash flow and the borrowing capacity. First is just around customer deposits, which were a source of cash in the quarter but look to be about $288 million. As of May, you had 373,000-ish Model 3 preorders, which would imply about a $375 million inflow. Could you maybe walk us between that number and what the actual change in deposits were and, in particular, where did Model 3 preorders end the quarter at?

謝謝你接受我的問題。有幾個問題與現金流和借貸能力密切相關。首先是客戶存款，這是本季度的現金來源，但看起來約為 2.88 億美元。截至 5 月，Model 3 的預購量為 373,000 輛，這意味著流入量約為 3.75 億美元。您能否在這個數字和存款的實際變化之間引導我們，特別是 Model 3 預購在哪裡結束？

Sure. In terms of thinking about the cash flow, yes, you're doing your math correctly, but we also release deposits when we deliver cars. So there is an inflow and there is an outflow there. And we had, the deposits on the early Model X cars were larger than the later Model X cars as well, so that's one of the impacts there as well.

當然。在考慮現金流方面，是的，你的計算是正確的，但是我們在交付汽車時也會釋放存款。所以那裡有流入，也有流出。而且我們有，早期 Model X 汽車上的存款也比後來的 Model X 汽車大，所以這也是那裡的影響之一。

In terms of the Model 3 reservations, the 373,000 number that you reference is what we talked about when we did our secondary offering. We're sticking to that number in terms of disclosure.

就 Model 3 的預訂而言，您提到的 373,000 數量是我們在進行二次發行時所談論的。在披露方面，我們堅持這個數字。

Okay. Second question around the shift from increase on the balance sheet captive lending. My quick calculations, if you go up 8% in the back half off of your $50,000 guide, that seems to be at $100,000, about a $350 million cash need. Actually, it would be less with the cost of goods, so call it $250 million, $280 million.

好的。第二個問題是關於從增加資產負債表專屬貸款的轉變。我的快速計算，如果你在 50,000 美元指南的後半部分上漲 8%，那似乎是 100,000 美元，大約需要 3.5 億美元的現金需求。實際上，商品成本會更少，所以稱它為2.5億美元，2.8億美元。

Are you going to finance that out of your ABL? How quickly can you get another lease partner? What do the amendments to the credit agreement for SolarCity kind of do to your ability to borrow against that for this captive financing?

你打算用你的 ABL 來資助它嗎？您能多快找到另一個租賃夥伴？ SolarCity 信貸協議的修訂對您為這種專屬融資進行借貸的能力有何影響？

Sure. So in terms of the ABL is definitely available for some of that for sure. And then the overall liquidity position gives us confidence that we'll be able to do this. At the same time, we do have a lot, many active discussions going on with other lease partners and we're looking at other ways to do this as well. And I don't want to talk a lot about SolarCity on this call. That's not what it is, but they've got some pretty advance capability in thinking through how to walk through this as well.

當然。因此，就 ABL 而言，其中一些肯定是可用的。然後整體流動性狀況讓我們相信我們能夠做到這一點。與此同時，我們確實與其他租賃合作夥伴進行了很多積極的討論，我們也在尋找其他方法來做到這一點。我不想在這次電話會議上過多談論 SolarCity。事實並非如此，但他們在思考如何解決這個問題方面也有一些相當先進的能力。

Okay. Thank you.

好的。謝謝你。

Sure. Great questions.

當然。好問題。

Charlie Anderson, Dougherty and Company.

查理·安德森，多爾蒂公司。

Thanks for taking my questions. My first question is around the sharing of vehicles described in the updated master plan. So if we're moving from 5% to 10% utilization on the vehicle to some larger number, I wonder what you think the ramifications of that might be on the number of cars that need to be produced every year. And then maybe the ramifications as it relates to the supercharger of the cars are, the supercharger network if the cars are always driving around. And then I have a follow-up.

感謝您提出我的問題。我的第一個問題是關於更新後的總體規劃中描述的車輛共享。因此，如果我們將車輛的利用率從 5% 提高到 10% 到更大的數量，我想知道您認為這可能會對每年需要生產的汽車數量產生什麼影響。然後可能與汽車增壓器相關的後果是，如果汽車總是在周圍行駛，增壓器網絡。然後我有一個跟進。

Well, I think there's the demand for autonomous cars will asset weigh the production capability. So you want to bear in mind that the global fleet of vehicles is about 2.5 billion roughly and total new vehicle production every year is only about 100 million. So the fleet is basically turning over every roughly 20, 25 years. We would have to make some truly enormous number of autonomous vehicles for there to be any demand saturation. Because it'll basically be the only car anyone wants to buy.

好吧，我認為對自動駕駛汽車的需求將衡量生產能力。所以你要記住，全球車隊大約有 25 億輛，而每年的新車總產量只有 1 億輛左右。因此，船隊基本上每 20 年、25 年就會翻一次。我們必須製造大量的自動駕駛汽車才能達到需求飽和。因為它基本上是任何人想要購買的唯一汽車。

Thanks. And then for my second question, I wonder if you could clarify comments made on the last call about inverter technology. You mentioned having some of the best in the world for power electronics. So I wonder if you could just comment indeed it's the case that you will be making your own inverter, and if so, what would be the benefit to the overall system with your inverter technology versus what's used today?

謝謝。然後對於我的第二個問題，我想知道您能否澄清上次電話會議上關於逆變器技術的評論。您提到擁有世界上最好的電力電子產品。所以我想知道您是否可以評論一下，您將製造自己的逆變器，如果是這樣，與今天使用的逆變器技術相比，您的逆變器技術對整個系統有什麼好處？

There's no question Tesla is going to do an integrated inverter. It's the logical thing to do. I think we've got the most advanced inverter engineering team in the world. And so it makes sense to, just as we did the inverters on the vehicles to do it with the solar as well. And have it in a very tight package at a cents-per-watt level that is, I think probably twice as good as anyone else. Maybe better than that.

毫無疑問，特斯拉會做一個集成逆變器。這是合乎邏輯的事情。我認為我們擁有世界上最先進的逆變器工程團隊。所以這很有意義，就像我們在車輛上使用逆變器來使用太陽能一樣。並且以每瓦美分的價格將它放在一個非常緊湊的包裝中，也就是說，我認為它可能是其他任何人的兩倍。也許比那更好。

So that's like the obvious move there. And as part of what is referring to as kind of an integrated product. If you put yourself in the consumer's shoes, you just want it to work. You don't want to know how it works, you don't care about the details. It's just go to work reliably, look good, not take up a ton of space. The buying process has got to be easy.

所以這就像那裡的明顯舉動。作為一種集成產品的一部分。如果你設身處地為消費者著想，你只想讓它發揮作用。你不想知道它是如何工作的，你不關心細節。它只是可靠地工作，看起來不錯，不佔用大量空間。購買過程必須簡單。

You can check up on it with the app on your phone. So there's only one phone app. You want it to be easy. You want it to just work and you want it to be affordable. You want it to look good. So that's what we're going to do.

您可以使用手機上的應用程序檢查它。所以只有一個手機應用程序。你希望它很容易。您希望它能夠正常工作並且您希望它能夠負擔得起。你想讓它看起來不錯。這就是我們要做的。

Yes. I think just to add to that, when power electronics work well, you really don't even notice them.

是的。我想再補充一點，當電力電子設備運行良好時，您甚至都不會注意到它們。

Exactly.

確切地。

No one thinks about the inverter for your electric car. You don't even know it has one.

沒有人會為您的電動汽車考慮逆變器。你甚至不知道它有一個。

Most people don't even know what an inverter was. What is an in -- they've never heard of this thing (multiple speakers).

大多數人甚至不知道逆變器是什麼。什麼是in - 他們從未聽說過這個東西（多個揚聲器）。

Our goal is to basically make them seamless and make it, as Elon said, easy for people to use so they don't have to worry about what an inverter is, how it works. It's just all integrated into one simple system, just like it is in the car.

正如 Elon 所說，我們的目標是基本上使它們無縫連接，並使其易於人們使用，這樣他們就不必擔心逆變器是什麼，它是如何工作的。它只是集成到一個簡單的系統中，就像在汽車中一樣。

Most people don't even know what AC or DC is. If you ask them what's DC current? Or what's direct current, what's alternating current, they would not be able to tell you. A lot of people don't even know the difference between power and energy, that one's in kilowatts and another one is in kilowatt hours. And they don't need to know. There's not a good reason for them to know. Stuff should just work and take care of itself.

大多數人甚至不知道什麼是交流電或直流電。如果你問他們什麼是直流電流？或者什麼是直流電，什麼是交流電，他們無法告訴你。很多人甚至不知道功率和能量之間的區別，一個以千瓦為單位，另一個以千瓦時為單位。他們不需要知道。他們沒有充分的理由知道。東西應該只是工作並照顧好自己。

Latif, next question.

拉蒂夫，下一個問題。

Colin Langan, UBS.

科林蘭根，瑞銀。

Oh, great. Thanks for taking my question. Can you just give an update of the Model S demand? In the press release, you indicate S and X orders are up about 65% year-over-year. But if we look at deliveries and production of the S, it hasn't changed that much since Q4. And you're rolling out the lower-priced 60 version. So if demand is up so much, why offer a lower-priced model and why hasn't production really been up that much more?

哦，太好了。感謝您提出我的問題。你能簡單介紹一下 Model S 的需求嗎？在新聞稿中，您表示 S 和 X 訂單同比增長約 65%。但如果我們看看 S 的交付和生產，自第四季度以來並沒有太大變化。而且您正在推出價格較低的 60 版本。因此，如果需求增長如此之多，為什麼要提供價格較低的型號，為什麼產量沒有真正增長那麼多呢？

It's Jon. I'll give you a little bit of color on the demand, which has been healthy for Model S in the second quarter and into the third quarter as well. As we mentioned in the shareholder letter, we didn't have cars in the European market with the new refresh until the last month of the quarter, but despite that, we had year-over-year growth in Model S demand.

是喬恩。我會給你一點關於需求的顏色，這對第二季度和第三季度的 Model S 來說都是健康的。正如我們在股東信中提到的那樣，直到本季度的最後一個月，我們才在歐洲市場推出了新車型，但儘管如此，我們的 Model S 需求仍同比增長。

And we also had some very healthy growth in the markets where we have cars in stores. So we had double digit growth in both North America and China. Really healthy growth in both of those markets. That growth has continued into the third quarter but one of the things that, one of the reasons we introduced the 60 was we saw more Model 3 demand than we anticipated. We talked about that last quarter.

我們在商店裡有汽車的市場也有一些非常健康的增長。所以我們在北美和中國都有兩位數的增長。這兩個市場的增長都非常健康。這種增長一直持續到第三季度，但我們推出 60 的原因之一是我們看到 Model 3 的需求比我們預期的要多。我們在上個季度談到了這一點。

And a number of those reservation holders said to us we would love to be in a Tesla today if you could provide a more affordable version of the Model S. Our battery technology allows us to do that. And so we introduced the 60 and that's generated demand out of a new market segment. It is reaching down into that Model 3 reservation holder territory. And portends really good things for future Model 3 demand. But, it has opened up a very nice segment for us for Model S.

許多預訂持有者對我們說，如果您能提供更實惠的 Model S 版本，我們今天很樂意乘坐特斯拉。我們的電池技術使我們能夠做到這一點。因此，我們推出了 60，這產生了新細分市場的需求。它正在深入到 Model 3 預訂持有者的領域。並且預示著未來 Model 3 需求的真正好事情。但是，它為 Model S 開闢了一個非常好的細分市場。

People are not buying the base model. They buy the 60 and then they option it up quite a bit. So it ends up having an average sale price like over $80,000. And then actually all the 60s actually have the 75 capacity. It's just software limited. There's the potential for them to upgrade over time and certainly for the resale value of the car to be enhanced when it's returned to Tesla by unlocking the additional 15 kilowatt hours of battery capability.

人們不購買基本型號。他們購買了 60，然後他們選擇了很多。所以它最終的平均售價超過 80,000 美元。然後實際上所有 60 年代實際上都有 75 容量。這只是軟件限制。隨著時間的推移，他們有可能進行升級，並且通過解鎖額外的 15 千瓦時電池容量，當汽車返回給特斯拉時，汽車的轉售價值肯定會提高。

But I think in sort of a nutshell, the way to think about Tesla right now is that we are right around 2,000 cars a week. And we're trying to balance the mix to be roughly half X and S. There are some variations depending upon regionality. Some parts that will prefer more SUV, some prefer more sedans.

但我認為，簡而言之，現在考慮特斯拉的方式是，我們每周大約有 2,000 輛汽車。我們正在嘗試將混合比例平衡為大約 X 和 S 的一半。根據地區不同，會有一些變化。有些零件更喜歡SUV，有些零件更喜歡轎車。

And we do tend to batch up our cars. So this is why occasionally you see nonsensical articles about Tesla's demand suddenly rising in some country or suddenly falling. It's got nothing to do with that, it's just happened to be when the ship arrived. But high level overview is just we see demand being fairly strong at an average of 2,000 cars per week. We are able to maintain production at that level, notwithstanding occasional supplier hiccups.

而且我們確實傾向於批量生產我們的汽車。所以這就是為什麼偶爾你會看到一些關於特斯拉需求在某個國家突然上升或突然下降的荒謬文章。跟那個沒關係，只是船剛到的時候。但高層次的概述只是我們看到需求相當強勁，平均每周有 2,000 輛汽車。儘管供應商偶爾會出現問題，但我們能夠將生產維持在該水平。

And then hopefully we can grow that a little bit towards the end of the quarter and then a little more in Q4. And our aspirations, unvarnished here. This is just quite we are aiming to do internally is to do a little better than 2000 a week in sales and deliveries in Q4, combined S and X. I feel fairly optimistic about achieving that goal. I think our core business is actually doing quite well right now.

然後希望我們可以在本季度末增長一點，然後在第四季度再增長一點。而我們的願望，在這裡毫不掩飾。這正是我們在內部的目標是在第四季度的每週銷售和交付量上做得比 2000 多一點，結合 S 和 X。我對實現這個目標感到相當樂觀。我認為我們的核心業務現在實際上做得很好。

Just as a follow-up, any update on the stationary storage? I think your original targets were $400 million to $500 million for this year and $3 billion to $5 billion for next year. Any just color on how that's trending?

作為後續行動，固定存儲的任何更新？我認為你最初的目標是今年 4 億到 5 億美元，明年 30 億到 50 億美元。關於趨勢的任何顏色？

Heavily enduring in production constraints. So we've got some next generation technology and we're going to split up that production line, so is going to be heavily concentrated in Q4 and probably even heavily in November and December. But I think it's going to be real exciting when people see it. So that's why I expect exponential growth from there. I think it's really going to go ballistic.

長期受到生產限制。因此，我們擁有一些下一代技術，我們將拆分該生產線，因此將高度集中在第四季度，甚至可能在 11 月和 12 月高度集中。但我認為當人們看到它時，它會非常令人興奮。所以這就是為什麼我期望從那裡呈指數增長。我認為它真的會彈道。

We have been making quite a few background investments in the markets where we are growing, setting up the teams, and setting up to get ready for expanded product installation and distribution, especially in places like Australia and Germany. Some of that takes a bit of time, but it's laying the infrastructure for faster growth.

我們一直在我們正在成長的市場進行大量背景投資，建立團隊，並為擴大產品安裝和分銷做好準備，特別是在澳大利亞和德國等地。其中一些需要一些時間，但它正在為更快的增長奠定基礎設施。

Okay. Thanks very much.

好的。非常感謝。

All right, Latif. Let's go to the next question, please.

好的，拉蒂夫。請讓我們進入下一個問題。

Colin Rusch, Oppenheimer.

科林·魯施，奧本海默。

As you look forward and without the residual value guarantee, can you talk about what's going to happen with the warranty expense on the vehicles?

當您期待並且沒有剩餘價值保證時，您能談談車輛的保修費用會發生什麼嗎？

Sure. I think the way to think about warranty, and we put this in the shareholder letter, our ongoing reserves is roughly consistent with what it was last quarter. And the RVG really doesn't have an impact on warranty expense. Really warranty expense is about reliability and reliability is something that we're constantly monitoring and as we see positive things happen or things that go in the other direction with reliability, that's how we then think about the on-going reserves for warranty. So I look at the continued (multiple speakers). Sorry. Go ahead.

當然。我認為考慮保修的方式，我們把它放在股東信中，我們的持續儲備與上一季度大致一致。而且 RVG 確實對保修費用沒有影響。真正的保修費用與可靠性有關，而可靠性是我們不斷監控的事情，當我們看到積極的事情發生或與可靠性相反的事情時，這就是我們如何考慮持續的保修準備金。所以我看繼續（多位發言者）。對不起。前進。

The quality I think has improved quite dramatically specifically with respect to X. We had a lot of challenges in the production ramp. That's always the most difficult time when you are going from 0 to 1,000 cars per week. It's just you got to pull this huge baggage train of suppliers along with you. And you've got to solve a lot of issues internally.

我認為質量特別是在 X 方面得到了顯著改善。我們在生產斜坡上遇到了很多挑戰。當您每週從 0 輛增加到 1,000 輛汽車時，這始終是最困難的時期。只是您必須與您一起拉動這龐大的供應商行李列車。而且你必須在內部解決很多問題。

And so that production ramp is a lot of hurt. But now we're pretty stable at the 2,000 cars per week level. And every time we've [rolled a car] at this point, it's getting better. So each passing week gets better and better, so I actually feel pretty good about our warranty reserves actually declining over time as a result of that.

因此，產量增長受到了很大的傷害。但現在我們相當穩定在每週 2,000 輛汽車的水平。每次我們在這一點上[滾動一輛車]，它都會變得更好。因此，每週都會變得越來越好，所以我對我們的保修儲備實際上隨著時間的推移而下降感到非常滿意。

Okay, great. My follow up is around Mobileye and the ending of that partnership and how you guys are going to approach that functionality going forward with the driver assist and the autonomous driving push going forward.

好，太棒了。我的後續行動是圍繞 Mobileye 和該合作夥伴關係的結束，以及你們將如何通過駕駛員輔助和自動駕駛推進來實現該功能。

I think we will have more significant announcement on that later, so it's not really. I think this call is not the right time for that except that it will be a Tesla solution, internal solution.

我認為我們稍後會有更重要的公告，所以不是真的。我認為這個電話不是合適的時間，除了它將是特斯拉解決方案，內部解決方案。

Okay, great. Thanks, guys.

好，太棒了。多謝你們。

Ryan Brinkman, JPMorgan.

瑞安·布林克曼，摩根大通。

Great. Thanks for taking my question, which I guess is really for Elon. As Tesla grows very quickly and becomes increasingly diversified going from just the Model S to recently include the X and now the 3 soon and you've added Tesla Energy to the mix, now SolarCity. So I'm really curious how you think about management focus and attention and what you and your team are going to be doing to ensure strong execution and focus as you head into the very important and, by your own admission, very challenging launch of the Model 3?

偉大的。感謝您提出我的問題，我想這真的是給 Elon 的。隨著特斯拉快速增長並變得越來越多樣化，從僅包括 Model S 到最近包括 X 和現在的 3，您已經將 Tesla Energy 添加到組合中，現在是 SolarCity。所以我真的很好奇你是如何看待管理層的關注和關注的，以及你和你的團隊將做些什麼來確保強有力的執行和專注，因為你進入了非常重要的，而且你自己承認，非常具有挑戰性的啟動模型 3？

Well, I mean, the Model 3 [is only] our focus. Things feel really quite stable with X and S where we are kind of in the mode of continuous improvement. But no fundamental issues. So I feel like the machine that's making X and S is actually functioning quite well right now, whereas I definitely burnt out a few neurons and let other people [do it], starting the production ramp this year. I feel we are in a good place at this point. So the focus really is on Model 3, followed by full autonomy. As the top two priorities.

好吧，我的意思是，Model 3 [只是] 我們的重點。 X 和 S 讓我們感覺非常穩定，我們處於持續改進的模式。但基本沒有問題。所以我覺得製造 X 和 S 的機器現在實際上運行得很好，而我確實燒毀了一些神經元並讓其他人[去做]，今年開始生產。我覺得我們現在處於一個很好的位置。所以重點真的是 Model 3，其次是完全自主。作為前兩個優先事項。

Okay and then the follow up is, as you're starting here in 3Q to ramp up the spending on both the Gigafactory and the Model 3 development capacity, et cetera. Are you seeing that one or the other, the Model 3 or the retrofit of [3] is providing more or less potential bottlenecks than the other in terms of getting to that July 1 Model 3 launch?

好的，接下來是，因為您將從第三季度開始，以增加 Gigafactory 和 Model 3 開發能力等方面的支出。在 7 月 1 日的 Model 3 發布方面，您是否看到 Model 3 或 [3] 的改造中的一個或多或少的潛在瓶頸？

I don't actually know of any, there's not any one standout issue for July 1. I just said this on the last earnings call and I know it bears reiterating because I think it makes sense if you think about it, but it does require a bit of thinking about it. I don't expect us to be at full production on July 1. But I have to drive all suppliers and internal efforts to that date, knowing that some will fall short. And those that fall short will be cut out of the picture.

我實際上不知道，7 月 1 日沒有任何突出的問題。我只是在上次財報電話會議上說過，我知道這需要重申，因為我認為如果你考慮一下它是有道理的，但它確實需要想了想。我預計我們不會在 7 月 1 日全面投入生產。但我必須推動所有供應商和內部努力到那個日期，因為我知道有些人會達不到要求。而那些達不到要求的人將被淘汰出局。

And if there are teams internally that fail to execute effectively, we will reorganize those teams. But if several thousand parts are not driven to a particular date, there is no chance of making any point even past that date. In an ideal world, this would be a confidential internal, July 1 would be a confidential internal target. Given the amount of attention that Tesla receives and the fact that there are several, if you count two or three, three and four suppliers, there's several thousand companies involved. It is obviously impossible to keep that confidential. You can't.

如果內部有團隊未能有效執行，我們將重組這些團隊。但是如果幾千個零件沒有被驅動到一個特定的日期，那麼即使過了那個日期，也沒有機會提出任何觀點。在理想情況下，這將是一個機密內部，7 月 1 日將是一個機密內部目標。考慮到特斯拉受到的關注以及有幾個供應商的事實，如果你算上兩個或三個、三個和四個供應商，就會涉及數千家公司。顯然不可能保密。你不能。

So then in order to have a consistent message, internally knowing that that message will also reach externally, that's where the July 1 date comes from. There isn't any other way to do it and if anybody has got better suggestions, I'd love to hear what they are. I expect production to occur some point after July 1, but I don't know what today would cause us to slip past that date and if I did I would take action to address it.

因此，為了獲得一致的信息，內部知道該信息也會到達外部，這就是 7 月 1 日日期的來源。沒有其他方法可以做到這一點，如果有人有更好的建議，我很想听聽他們是什麼。我預計生產將在 7 月 1 日之後的某個時間進行，但我不知道今天會發生什麼導致我們超過那個日期，如果我這樣做了，我會採取行動解決這個問題。

Great. Thanks for the color.

偉大的。謝謝你的顏色。

All right.

好的。

John Murphy, Bank of America.

美國銀行的約翰·墨菲。

Good afternoon. The first question is as we think about the kilowatt hour versions of the S and X, I'm just curious if you could talk about the profitability of those right now versus the other models or sort of the corporate average as you see it.

下午好。第一個問題是當我們考慮 S 和 X 的千瓦時版本時，我只是想知道您是否可以談論這些現在與其他型號相比的盈利能力，或者您所看到的公司平均水平。

Yes, sure (multiple speakers). Go ahead, Elon.

是的，當然（多個發言者）。來吧，埃隆。

Because people are optioning up the 60, it actually ends up being decent. It's not, maybe it is 15% to 20% gross margin whereas say something, like if somebody orders the performance dual motor, that might actually be more like a 30%, 35% gross margin. But there's just a small number of people that want high-performance cars and are willing to pay triple digits, or six digits I should say. But it also remains to be seen how many who order the 60 then choose to do the upgrade to the 75 kilowatt hour rate.

因為人們選擇了 60，它實際上最終是體面的。不是，也許是 15% 到 20% 的毛利率，但說起來，如果有人訂購高性能雙電機，那實際上可能更像是 30% 到 35% 的毛利率。但是只有少數人想要高性能汽車並且願意支付三位數，或者我應該說是六位數。但還有多少人訂購 60 後選擇升級到 75 千瓦時的電費，還有待觀察。

There is going to be some number, it's too early to tell, of people who buy it at 60, realize they want the extra range, and then they can just order it kind of like an in-app purchase on the car screen and unlock it. I suspect we will see a pretty decent number of people that. But we don't, it is still very early, so it's hard to say what number that would be. And if they do do that, then it would push gross margins up into the 20%s, like mid-20%s or something.

會有一些人在 60 歲時購買它還為時過早，意識到他們想要額外的續航里程，然後他們可以像在汽車屏幕上進行應用內購買一樣訂購它並解鎖它。我懷疑我們會看到相當數量的人。但我們沒有，現在還很早，所以很難說那會是什麼數字。如果他們這樣做，那麼它將把毛利率推高到 20%，比如 20% 左右。

Okay. That's helpful. And then just, Jason, maybe just two quick sort of housekeeping questions. CapEx of $2.25 billion, you're running at a run rate that's less than half that through the first half of the year, so just curious how realistic that number is for the full year because you guys have committed to it in the shareholder letter again. And then also the auto gross margin going up 200 to 300 basis points off of what base? It's not clear what base that's coming off of. Just trying to understand the exit gross margin for the year you're expecting.

好的。這很有幫助。然後，傑森，也許只是兩個快速的家務問題。資本支出為 22.5 億美元，你的運行速度不到上半年的一半，所以很好奇這個數字對於全年來說有多現實，因為你們已經在股東信中再次承諾了.然後汽車毛利率也從什麼基礎上上升了 200 到 300 個基點？目前尚不清楚這是從哪個基地出發的。只是想了解您預期的一年的退出毛利率。

Sure. No problem. I want to add just a little bit a color onto the 60 gross margin numbers too. We're aspirational on those, but the way to think about this is very important. Those cars are gross margin positive and they're producing cash. So if you think from an overall operating leverage perspective, even if the gross margin profile on those is less than our other variants, it's still producing contribution margin to pay for the fixed cost of the business. So, it's the right economic thing to do. Even more importantly, it's right for the customer to continue to broaden the market that way.

當然。沒問題。我也想在 60 個毛利率數字上添加一點顏色。我們對這些抱有抱負，但思考這個問題的方式非常重要。這些汽車的毛利率為正，並且正在產生現金。因此，如果您從整體運營槓桿的角度考慮，即使這些毛利率低於我們的其他變體，它仍然會產生貢獻利潤來支付業務的固定成本。因此，這是正確的經濟做法。更重要的是，客戶繼續以這種方式拓寬市場是正確的。

On your two housekeeping questions, good questions. On the CapEx front, as you heard in my opening comments, we are deadly focused on CapEx efficiency. So I think we can beat the $2.25 billion number, but we didn't see any need to update that guidance at this time. And then your question about gross margin on a basis, I was just looking at the quarter-over-quarter. In Q1, automotive gross margin excluding ZEV credits was 20.1% and we expanded that to 21.9% in Q2. And it's expansion on both the X and the S variants.

關於你的兩個家務問題，很好的問題。在資本支出方面，正如您在我的開場評論中聽到的那樣，我們非常關注資本支出效率。所以我認為我們可以超過 22.5 億美元的數字，但我們認為目前沒有必要更新該指導。然後你關於毛利率的問題，我只是在看季度環比。第一季度，不包括 ZEV 積分的汽車毛利率為 20.1%，我們在第二季度將其擴大至 21.9%。它是 X 和 S 變體的擴展。

But the two to three points of expansion in Q3 and Q4 is off the 21.9% base in second quarter?

但 Q3 和 Q4 的兩到三個點的擴張，是否脫離了二季度 21.9% 的基數？

Oh, I see. You're asking me about the forward-looking?

我懂了。你問我前瞻？

Yes.

是的。

So we expect where we are at today, we will see another two to three points of expansion between now and the end of the year.

因此，我們預計我們今天所處的位置，從現在到今年年底，我們將看到另外兩到三個點的擴張。

Great. Thank you very much.

偉大的。非常感謝。

Joseph Spak, RBC Capital Markets.

Joseph Spak，加拿大皇家銀行資本市場。

Thanks. Good afternoon. Jason, just first question to follow up on that last one. Even two to three points on gross margin sequentially, that seems below the prior guidance, which I think called for 30% to exit the year on the Model S and 25% on the Model X. So, is it related to the updated mix view on the 60? Was there something else going on or what is the source of the change?

謝謝。下午好。傑森，只是跟進最後一個問題的第一個問題。即使是連續兩到三個點的毛利率，這似乎低於之前的指導，我認為這要求 30% 退出 Model S 和 25% 的 Model X。所以，這是否與更新的組合視圖有關在 60 上？是否發生了其他事情或變化的根源是什麼？

A couple of things there. And our previous guidance had been approaching 25% on X and approaching 30% on S. I think we're maybe a quarter or two off on that, but you're pointing to the right things. One is just the mix shift that we're seeing, with Xs being produced and those margins are healthy and heading in the right direction, but they are obviously less than S. And now that we are halfway through the year too, we have talked a lot about just the production issues we have had overall.

那裡有幾件事。我們之前的指導在 X 上接近 25%，在 S 上接近 30%。我認為我們可能會減少一到兩個季度，但你指的是正確的事情。一個是我們看到的混合轉變，Xs 正在生產中，這些利潤率是健康的，並且朝著正確的方向發展，但它們顯然低於 S。現在我們也已經過了一半，我們已經談過了很多關於我們整體上的生產問題。

And those certainly have an impact on the first half of the year and it's just difficult to make up for all of that in the next six months. And then the impact you talk about the 60. The 60s may have somewhat of an impact on gross margin.

這些肯定會對今年上半年產生影響，而且很難在接下來的六個月內彌補所有這些影響。然後是你所說的 60 年代的影響。60 年代可能對毛利率有一定的影響。

Pretty small, though.

不過很小。

Pretty small. Yes.

相當小。是的。

Yes. It's pretty small. I mean, I'm cautiously optimistic that we will actually meet those numbers by the end of the year. Maybe not for Q4 as a whole, but exiting Q4, my best guess is we are just under 30% for S and around 25% for X by the end of this year. That is what it looks like to me.

是的。它很小。我的意思是，我對我們將在今年年底之前真正達到這些數字持謹慎樂觀的態度。也許不是整個第 4 季度，但退出第 4 季度，我最好的猜測是，到今年年底，S 的佔比略低於 30%，X 的佔比約為 25%。這就是我的樣子。

Okay. And then, Elon, just as a philosophical question. As you transition to an in-house autopilot, or autonomous solution, would you consider, in order to help build public support and confidence about releasing regular reports similar to what Google does on what the technology is doing and open the data?

好的。然後，埃隆，就像一個哲學問題。當您過渡到內部自動駕駛儀或自主解決方案時，您是否會考慮，以幫助建立公眾對發布類似於 Google 所做的技術正在做什麼的定期報告和開放數據的支持和信心？

Well, unfortunately and fortunately, Tesla can't sneeze without there being a national headline. So I don't think you have to worry too much about whether we'll report it because the media will and then inflate it in size by 1,000. You know what I mean? Last year there were 35,000 automotive deaths in the US. How many did you read about?

好吧，不幸的是，如果沒有全國性的頭條新聞，特斯拉就不能打噴嚏。所以我認為你不必太擔心我們是否會報導它，因為媒體會然後將它的大小誇大1000。你知道我的意思？去年，美國有 35,000 人死於汽車事故。你讀了多少？

Right. I guess maybe instead of public support, what about regulator support? I mean, what are the views on sharing the data in that respect?

正確的。我想也許不是公眾支持，監管機構的支持呢？我的意思是，在這方面對共享數據有何看法？

Actually, with the regulators, we share the data well in advance of, as soon as we know it. We shared the data regarding say the Florida fatality like a month, certainly weeks before, and it's an actually open investigation. In fact, I mean, we're not totally clear on why they opened an investigation because they actually had all the information before they made a formal investigation. So it was a little puzzling as to why they -- there was no -- we would have already given them all the information. So there wasn't really anything more to learn.

實際上，一旦我們知道數據，我們就會提前與監管機構共享數據。我們在一個月前，當然是幾週前分享了有關佛羅里達州死亡事件的數據，這實際上是一項公開調查。事實上，我的意思是，我們並不完全清楚他們為什麼展開調查，因為他們在進行正式調查之前實際上已經掌握了所有信息。所以有點令人費解，為什麼他們 - 沒有 - 我們已經向他們提供了所有信息。所以真的沒有什麼要學的了。

Thanks.

謝謝。

James Albertine, Consumer Edge Research.

James Albertine，消費者邊緣研究。

Great. Thank you and good afternoon. Thanks for taking the questions. Real quick, a housekeeping item. I've heard and we saw obviously in the second quarter there was some lumpiness in the production and you ended up I think with 50, 100 or so vehicles in transit at the end of the quarter.

偉大的。謝謝你，下午好。感謝您提出問題。真正的快速，一個家政項目。我聽說並且我們在第二季度顯然看到了生產中的一些不穩定因素，我認為您最終在本季度末有 50、100 輛左右的車輛在運輸中。

But I've heard Jason say stabilization here a few times on the call. Just wanted to get a sense for how we should be thinking about the back half deliveries and back half expenses. Should it be relatively linear from here as we work toward, for example, your 30% year-over-year expense guidance? Thanks.

但我聽傑森在電話會議上多次說要穩定。只是想了解我們應該如何考慮後半部分的交付和後半部分的費用。在我們努力實現例如您的 30% 同比費用指導時，它是否應該從這裡開始相對線性？謝謝。

I would also like to say a few words and then Jason can add the rest. Basically we were in production hell for the first six months this year. Man, it was hell. And then we just managed to sort of climb out of hell in, basically part-way through June. And now the production line is humming.

我還想說幾句話，然後 Jason 可以補充其餘的。今年前六個月，我們基本上處於生產地獄。伙計，簡直是地獄。然後我們就設法從地獄中爬了出來，基本上到了六月的中途。而現在生產線正在嗡嗡作響。

And our suppliers mostly have their (expletive) together. There's a few that don't. One I'm going to be visiting on Saturday personally to figure out what the hell's going on there. But we'll solve it. But the thing that's crazy hard about cars is that there's several thousand unique items and you move as fast as a slowest item in the whole car. So production, it feels like we're -- I'm not losing sleep at night, literally, because of production issues right now.

而我們的供應商大多將他們的（咒罵）放在一起。有幾個不是。我將在周六親自拜訪一個，以了解那裡到底發生了什麼。但我們會解決的。但汽車最難的一點是有幾千種獨特的物品，而且你的移動速度與整車中最慢的物品一樣快。所以製作，感覺就像我們 - 我不會因為現在的製作問題而在晚上失眠。

2,000 feels like a good number with a slow and steady increase in that number. And then continued cost efficiencies which help with gross margin. Some features that are going to come out, that will also help on the revenue side. And so I feel actually really good about S and X right now. But I've got a whole lot of mental scar tissue from the first six months this year. Jason?

2,000 感覺是一個不錯的數字，而且這個數字會緩慢而穩定地增長。然後持續的成本效率有助於提高毛利率。一些即將推出的功能也會在收入方面有所幫助。所以我現在對 S 和 X 感覺真的很好。但是從今年的前六個月開始，我的精神上留下了很多疤痕組織。傑森？

Yes. I think, Elon, I think you covered it well. In terms of the modeling question, yes, I think just extrapolating from where we're at now we're stable, we will continue to be better on production throughout the course of the year. We've got a couple more holiday weeks in Q4. You might want to think about that when you're doing your modeling. But, yes. I think Elon covered it well (multiple speakers).

是的。我想，埃隆，我認為你講得很好。就建模問題而言，是的，我認為僅從我們現在的情況推斷，我們是穩定的，我們將在整個一年中繼續在生產方面做得更好。我們在第四季度還有幾個假期。在進行建模時，您可能需要考慮這一點。但是，是的。我認為 Elon 很好地涵蓋了它（多個發言者）。

Almost every week, we see an improvement in labor hours per car, which is great from a cost standpoint. Also in terms of the production team has been working super hard and we don't want to burn people out. It's good to see the hours per car come down almost every week as a sign of improved efficiency.

幾乎每週，我們都會看到每輛車的工時有所改善，這從成本的角度來看是非常好的。同樣就製作團隊而言，我們一直在努力工作，我們不想讓人們筋疲力盡。很高興看到每輛車的運行時間幾乎每週都在下降，這是效率提高的標誌。

Very good. I appreciate the additional color. If I may just sneak in a quick follow-up on the autonomy topic. Elon, as we think about the stages of autonomy, I believe NHTSA sort of outlined sort of five stages or zero to five and we've seen some competitors of yours outline, with some detail, 2017 to 2020 to 2022 type targets.

很好。我很欣賞額外的顏色。如果我可以快速跟進自治主題。埃隆，當我們考慮自治的各個階段時，我相信 NHTSA 大概列出了五個階段或從零到五個階段，我們已經看到你的一些競爭對手概述了 2017 年到 2020 年到 2022 年類型的目標，其中包含一些細節。

How should we think about your target and can you help us dimension a little bit more your targets in the past to level, I guess, five. Let's assume for the moment that nothing's changed, given the accident in May. And if it has incrementally, that would be helpful, but just wanted to understand in more detail, I think, how you plan to get to fully autonomous? Thanks.

我們應該如何考慮您的目標，您能否幫助我們將您過去的目標更多地確定為水平，我猜是五個。考慮到 5 月份的事故，讓我們暫時假設一切都沒有改變。如果它是漸進式的，那會很有幫助，但我想更詳細地了解你打算如何實現完全自主？謝謝。

Again, major product announcements are not -- you probably shouldn't do those on an earnings call. Obviously. All I can say is that full autonomy is going to come a hell of a lot faster than anyone thinks it will. I think what we've got under development is going to blow people's minds. It blows my mind (multiple speakers).

同樣，主要產品公告不是——你可能不應該在財報電話會議上發布這些。明顯地。我只能說，完全自治的速度將比任何人想像的要快得多。我認為我們正在開發的東西會讓人們大吃一驚。它讓我大吃一驚（多個揚聲器）。

Thank you for taking my questions. I appreciate it.

謝謝你接受我的問題。我很感激。

Rod Lache, Deutsche Bank.

德意志銀行的羅德·拉什。

Thanks. I had a couple of things. One is just following up on Tesla Energy. Can you talk a little bit about the business pipeline, what's the mix of customers you're selling the product to? And is there a significant contingent of solar? I wasn't clear on, there was an earlier question on whether the business is still tracking to around $500 million this year. Could you just elaborate on that business line?

謝謝。我有幾件事。一個是跟進特斯拉能源。您能否談談業務渠道，您向哪些客戶銷售產品？是否有重要的太陽能隊伍？我不清楚，早些時候有一個問題是該業務今年是否仍保持在 5 億美元左右。您能否詳細說明該業務線？

It's heavily dependent on the production ramp in the last few months of the year. There is definitely nothing even remotely close to demand constraints on the Tesla Energy side. It's entirely getting the engineering done, getting it validated, getting UL certification, scaling up all elements of the supply chain and being able to produce in volume.

它在很大程度上依賴於今年最後幾個月的產量增長。特斯拉能源方面絕對沒有任何接近需求限制的因素。它完全是完成工程、驗證、獲得 UL 認證、擴大供應鏈的所有要素並能夠批量生產。

So the reason it's tricky to predict is because the volume ramp looks like an exponential. And so if you move the dates around even a little bit, it can quite significantly change what occurs in a quarter just because if the production ramp is an exponential and shifts out a couple weeks, it can make the quarter look low, but actually, it's in vertical climb mode. So the following quarter will look amazing.

所以很難預測的原因是因為音量上升看起來像一個指數。因此，如果您將日期稍微移動一點，它可能會顯著改變一個季度發生的事情，因為如果生產量呈指數增長並移出幾週，它可能會使該季度看起來很低，但實際上，它處於垂直爬升模式。所以下一個季度看起來會很棒。

What I'm highly confident of is that the next generation of stationary storage is head and shoulders above anything else that I've even heard announced as future plans from other companies.

我非常有信心的是，下一代固定式存儲比我聽說過的其他公司宣布的未來計劃更勝一籌。

Okay.

好的。

So we've just going to build those damn things.

所以我們只是要建造那些該死的東西。

The customers that you're anticipating, are there significant renewables in there? Is it commercial, residential, what are you sort of seeing --?

您所期待的客戶，那裡有大量的可再生能源嗎？是商業的還是住宅的，你看到了什麼——？

Everything. All of the above.

一切。上述所有的。

Okay.

好的。

We've just got to, we've got to scale up production. Production is a hard thing. It's real hard. Particularly when it's new technology. If it's some standard technology that's been there for a long time, it's fine. If it's cutting edge technology, it's really hard to scale up production because you've got to design the machine that makes the machine. Not just the machine itself.

我們必須，我們必須擴大生產。生產是一件很難的事情。這真的很難。特別是當它是新技術時。如果它是一些已經存在很長時間的標準技術，那很好。如果它是尖端技術，那麼擴大生產真的很難，因為你必須設計製造機器的機器。不僅僅是機器本身。

But the result is going to be amazing. This is, like I said, it's going to be head and shoulders above anything else that -- it's better than anything I've heard anyone even announce that they will do in the future. And we will do it in the present.

但結果將是驚人的。就像我說的那樣，這將比其他任何事情都高出一籌——這比我聽到的任何人甚至宣布他們將來會做的任何事情都要好。我們將在現在這樣做。

Thanks. And on the topic of production, you have said some really interesting things about step function changes in automotive manufacturing and improving the volumetric efficiency.

謝謝。關於生產的話題，你說了一些關於汽車製造中的階躍函數變化和提高容積效率的非常有趣的事情。

Yes, absolutely.

是的，一點沒錯。

Typically, as I'm sure you know, the bottlenecks in auto manufacturing, they're really not in the automated functions like the body shop. They're in things like final trim and assembly that are more labor intensive when you've got people crawling in and out of vehicles. Do you see a significant step function improvement there, like inside out manufacturing or something like that? And is that something that we're going to see on the Model 3?

通常，我相信您知道，汽車製造的瓶頸實際上並不存在於車身車間等自動化功能中。當您讓人們爬進爬出車輛時，它們在諸如最終裝飾和組裝之類的工作中會更加勞動密集。您是否看到那裡有顯著的階梯功能改進，例如由內而外的製造或類似的東西？這是我們將在 Model 3 上看到的東西嗎？

The Model 3, I mean, the internal name for the designing machine that makes the machine is the, we call it the alien dreadnought. The point at which the factory looks like an alien dreadnought then you know you've won. It's like, what the hell is that? So alien dreadnought version 0.5, will be Model 3. It will take us another year to get to version 1 and probably a major version every two years thereafter.

Model 3，我的意思是，製造機器的設計機器的內部名稱是，我們稱之為外星無畏。當工廠看起來像外星無畏艦時，你就知道你贏了。就像，那是什麼鬼？所以外星人 Dreadnought 0.5 版，將是 Model 3。我們還需要一年時間才能到達 1 版，之後可能每兩年推出一個主要版本。

By version 3, it won't look like anything else. It might look like a giant [trip second place] machine or a super high-speed bottling or canning plant. And you really can't have people in the production line itself. Otherwise you automatically drop to people speed. There's still a lot of people at the factory but what they are doing is maintaining the machines, upgrading them, dealing with anomalies. But in the production process itself, there essentially would be no people, with version 1, not version 0.5.

到版本 3，它看起來不會像其他任何東西。它可能看起來像一個巨大的 [trip second place] 機器或一個超高速的裝瓶或罐頭廠。而且你真的不能讓生產線本身的人。否則你會自動下降到人的速度。工廠裡還有很多人，但他們所做的是維護機器、升級機器、處理異常情況。但是在生產過程本身，基本上沒有人，有版本1，而不是版本0.5。

So I don't want people to think, oh, Tesla's going to have a factory with no people. There's going to be a huge number of people, but they will be maintaining the machines and upgrading the machines and dealing with anomalies. And the output per person will be extraordinarily high.

所以我不希望人們認為，哦，特斯拉將有一個沒有人的工廠。會有很多人，但他們將維護機器、升級機器並處理異常情況。而且每人的產出會異常的高。

Sounds like a lot of innovation there. One last housekeeping thing for Elon or Jason. You had previously talked about the objective of profitability in the fourth quarter, but I know a lot's changing with the mix and also with the direct leasing. Is that also something that we should think is being pushed out a quarter?

聽起來那裡有很多創新。埃隆或傑森的最後一件事。您之前曾談到過第四季度的盈利目標，但我知道隨著組合和直接租賃發生了很多變化。這也是我們應該認為被推出四分之一的東西嗎？

If you exclude Model 3 CapEx ramp, then, in fact it really, for Q3 and Q4, Tesla would be profitable excluding the Model 3 CapEx ramp.

如果排除 Model 3 資本支出斜坡，那麼事實上，對於第三季度和第四季度，特斯拉將在不包括 Model 3 資本支出斜坡的情況下實現盈利。

Okay. Thank you.

好的。謝謝你。

Pat Archambault, Goldman Sachs.

Pat Archambault，高盛。

Terrific. Thanks for taking my questions. I guess just an accounting question, maybe for Jason. With the residual value guarantee going away, what happens to the accounting for revenues? Do you get to something more close to what we see in other OEM financials and maybe just have the portion that is direct lease be accounted for as leases? And what would be the timing of changes assuming they do happen?

了不起。感謝您提出我的問題。我想這只是一個會計問題，也許是傑森的問題。隨著殘值保證的消失，收入的會計處理會發生什麼變化？您是否得到更接近我們在其他 OEM 財務中看到的情況，並且可能只是將直接租賃的部分計為租賃？假設它們確實發生了變化的時間安排是什麼？

Absolutely. The answer the timing of change is right away. A car that is sold without with an R -- So, with a RVG, that drops us into lease accounting. And what we have done historically and will continue to do for RVGs is we recognize the full revenue on a non-GAAP basis. What changes when there's an RVG in the equation is you get full revenue recognition on a GAAP basis as well as a non-GAAP basis. So good things happen on the accounting side.

絕對地。答案是改變時機。一輛沒有帶 R 的汽車出售——所以，有了 RVG，我們就進入了租賃會計。我們在歷史上所做的並將繼續為 RVG 做的是我們在非公認會計原則的基礎上確認全部收入。當等式中存在 RVG 時，您會在 GAAP 和非 GAAP 基礎上獲得全部收入確認。所以在會計方面發生了好事。

And then this is something that, within the next quarter or something, we'll already see a significant reduction in that adjustment, obviously.

然後這是在下個季度或其他時間裡，我們已經看到這種調整明顯減少了。

You will see that. But the other thing I want to point you to is what we've talked about in, probably in uptake in direct leasing. When we have used a partner in the past for leasing. That gives us non-GAAP revenue recognition on that.

你會看到的。但我想向您指出的另一件事是我們已經討論過的內容，可能是直接租賃的吸收。當我們過去使用合作夥伴進行租賃時。這給了我們非公認會計原則的收入確認。

Our non-GAAP revenue recognition is very simple. We follow the cash. If somebody pays us cash for a car, we recognize it in non-GAAP revenue. When we do direct leasing then that drops us into pure lease accounting. So it'll be that way on a GAAP and a non-GAAP basis.

我們的非公認會計原則收入確認非常簡單。我們跟隨現金。如果有人向我們支付現金購買汽車，我們將其計入非 GAAP 收入。當我們進行直接租賃時，這會使我們陷入純粹的租賃會計。因此，在 GAAP 和非 GAAP 基礎上將是這樣。

And is the 8 to 15, is that just kind of a temporary measure while you're setting up these new partner relationships or do you actually expect to stay at 15 for some time?

是 8 到 15 歲，這只是一種臨時措施，而你正在建立這些新的合作夥伴關係，還是你真的希望在 15 歲停留一段時間？

So 15 is what we are talking about for Q3 and I think I mentioned earlier, we've got a bunch of active conversations with new partners. There is another factor too, which is I think important to point out. We have introduced some pretty compelling loan programs, particularly in North America, in the last 90 days, and we're starting to see some shift from leasing towards loans. And to bring the answer to your question full circle, loan is full GAAP and full non-GAAP revenue recognition.

所以 15 是我們在第三季度談論的，我想我之前提到過，我們已經與新合作夥伴進行了一系列積極的對話。還有另一個因素，我認為需要指出這一點很重要。在過去的 90 天內，我們推出了一些非常引人注目的貸款計劃，特別是在北美，我們開始看到一些從租賃轉向貸款的轉變。為了完整回答您的問題，貸款是完全 GAAP 和完全非 GAAP 收入確認。

Got it. That's helpful. And I think it will be helpful for just the users of financial statements as well. The ZEV credits, you mentioned that they weren't material. I feel like it has been written that there was kind of a glut of supply on those. And I don't know. Is that just the lumpiness of it or is that sort of a revenue (multiple speakers)?

知道了。這很有幫助。而且我認為這對財務報表的用戶也有幫助。 ZEV 學分，您提到它們並不重要。我覺得已經寫過那些供應過剩了。我不知道。這只是它的笨拙還是那種收入（多個發言者）？

Actually, if I could say something and I really want to emphasize this quite strongly and I hope it does get picked up in the media, is that the, is the California Air Resources Board is being incredibly weak in its application of ZEV credits. The standards are pathetically low. They need to be increased.

實際上，如果我能說點什麼，我真的想非常強烈地強調這一點，我希望它確實會被媒體報導，那就是加州空氣資源委員會在其 ZEV 積分的應用方面非常薄弱。標準低得可憐。他們需要增加。

There is massive lobbying by the big car companies to prevent CARB from increasing the ZEV credit mandate, which they absolutely damn well should. It's a crying shame that they haven't. As a result, you can barely sell a ZEV credit for pennies on the dollar.

大型汽車公司進行了大量遊說，以阻止 CARB 增加 ZEV 信貸授權，他們絕對應該這樣做。可惜他們沒有。因此，您幾乎無法以幾美分的價格出售 ZEV 信用額度。

Got it. Okay.

知道了。好的。

CARB should damn well be ashamed of themselves.

CARB應該為自己感到羞恥。

All right. I think that answers my question pretty directly then. The last one, just one housekeeping one. Any chance, and sorry if I missed it, X production for the quarter, are you able to share that?

好的。我認為這很直接地回答了我的問題。最後一個，只是一個管家的。任何機會，如果我錯過了，對不起，本季度的 X 生產，你能分享嗎？

We haven't [broad term]. No.

我們沒有[廣義]。不。

Okay. I think that was a no. But, fair enough. Those were my questions. I will let someone else get in. Thank you.

好的。我認為那不是。但是，足夠公平。這些是我的問題。我會讓其他人進來。謝謝。

Brad Erickson, Pacific Crest Securities.

Brad Erickson，Pacific Crest 證券。

Hello. Thanks for taking the question. I just had a quick follow-up on something that's been asked a couple of times, take another run at it. Given that you're obviously no longer working with this key supplier around full autonomy, what are the major hurdles that you see for Tesla here to overcome to get to full autonomy?

你好。感謝您提出問題。我剛剛對被問過幾次的事情進行了快速跟進，再試一次。鑑於您顯然不再與這家關鍵供應商圍繞完全自治進行合作，您認為特斯拉要克服哪些主要障礙才能實現完全自治？

Is it just a case of software development, lots more miles driven, and basically getting the right people in place? Any color on sort of some of the key challenges you're facing or where you're particularly focused for delivering full autonomy at some point? Thanks.

這只是軟件開發的一個案例，需要更多的里程，基本上是讓合適的人就位嗎？您所面臨的一些關鍵挑戰或您特別專注於在某些時候提供完全自主權的地方有什麼顏色嗎？謝謝。

Full autonomy is really a software limitation. The hardware exists to create full autonomy. It's really about developing advanced narrow AI for the car to operate on. And I want to emphasize narrow AI is like not going to take over the world. But it needs to be really good at driving a car.

完全自治實際上是軟件限制。硬件的存在是為了創造完全的自主權。這實際上是為汽車開發先進的窄人工智能。我想強調狹義的人工智能就像不會接管世界一樣。但它需要非常擅長駕駛汽車。

So, increasingly sophisticated [neuro] maps that can operate in reasonably sized computers in the car. That's our focus. I'm very optimistic about this. Like I said, I think it's really going to -- it blows me away, the progress we're making. So I think, if I'm this close to it and it's blowing me away, it's really going to blow other people away when they see it for the first time.

因此，越來越複雜的 [神經] 地圖可以在車內大小合理的計算機中運行。這是我們的重點。我對此非常樂觀。就像我說的，我認為它真的會——它讓我震驚，我們正在取得的進展。所以我想，如果我離它這麼近，它讓我感到震驚，當他們第一次看到它時，它真的會讓其他人感到震驚。

All right, Latif, I guess we will go to the next question.

好的，Latif，我想我們將進入下一個問題。

Ben Kallo, Robert W. Baird.

本·卡洛，羅伯特·W·貝爾德。

Mr. Kallo, your line is open. Please make sure it isn't muted.

卡洛先生，您的電話已開通。請確保它沒有被靜音。

All right. I think we'll just take a few more questions. So let's maybe do this and one or two more and call it a day.

好的。我想我們會再問幾個問題。所以讓我們也許做這件事，再做一兩個，然後收工。

Emmanuel Rosner, CLSA.

伊曼紐爾·羅斯納，里昂證券。

Hello, everybody. I wanted to ask just couple of questions on the update to the master plan. The first one is on the sharing piece. Definitely very exciting goal. At the same time, sir, I feel like a lot of automakers as well as municipalities are all working on their version of sort of ride sharing through autonomous, I guess, driverless cars.

大家好。我只想問幾個關於總體規劃更新的問題。第一個是在分享片上。絕對是非常令人興奮的目標。與此同時，先生，我覺得很多汽車製造商和市政當局都在致力於通過自動駕駛（我猜是無人駕駛汽車）實現他們的拼車版本。

And to the extent of a lot of sort of what buyers are looking at in Tesla now is the driving experience and that it really doesn't matter as much when you are being driven. What do you view as sort of you are future competitive advantage in a sort of like ride sharing type of environment?

在很大程度上，買家現在在特斯拉看到的是駕駛體驗，當你被駕駛時，它真的沒那麼重要。在類似拼車的環境中，您認為您的未來競爭優勢是什麼？

I think the quality of the ride is always going to matter. And yes, nobody wants to drive if you're sitting in stop and go traffic. That's boring. But if you're driving on a beautiful country road or along the seaside, then I think it feels wonderful to drive. You want to do that. So I don't think cars are going to just become some boring utility.

我認為騎行的質量總是很重要。是的，如果你坐在走走停停的交通中，沒有人願意開車。那很無聊。但如果你在美麗的鄉間小路上或海邊開車，那我覺得開車感覺很棒。你想這樣做。所以我不認為汽車會成為一些無聊的實用工具。

Got it. And I guess on the piece about expanding the product line out to other major segments. What do you view as your target timing for that? I know there was a mention of some of these cars being sort of like, I guess, at least sort of like available, sort of like to be unveiled next year. So does that mean that we're looking at the following year or is that into the next decade? And what sort of capital needs are we looking at for that?

知道了。我想關於將產品線擴展到其他主要領域的文章。你認為你的目標時間是什麼？我知道有人提到其中一些汽車有點像，我猜，至少有點像可用，有點像明年推出。那麼這是否意味著我們正在關注下一年或者是下一個十年？我們正在尋找什麼樣的資本需求？

I think we want to postpone anything that is a heavy capital impact until after the Model 3 production is ramped. We do not want to stack Model 3 CapEx on top of other program CapEx. But there is a lot we can do. Because the development of a vehicle -- there is a long tail at the beginning of a development of a vehicle, which involves a lot of time but does not involve a lot of cost. It's only when you began tooling up for production that the cost really ramps dramatically. So there is a lot we can do before we have to dive into a ramp CapEx. We won't do that for any products until after Model 3 is in high production.

我認為我們希望將任何對資本產生重大影響的事情推遲到 Model 3 產量增加之後。我們不想將 Model 3 CapEx 疊加在其他項目 CapEx 之上。但是我們可以做很多事情。因為車輛的開發——車輛的開發之初有一條長尾，需要很多時間，但不涉及很多成本。只有當您開始為生產準備工具時，成本才真正急劇上升。因此，在我們不得不投入到斜坡資本支出之前，我們可以做很多事情。在 Model 3 大批量生產之前，我們不會對任何產品這樣做。

I think that's going to be some exciting unveils for the Tesla semi and the Tesla minibus or bus. We haven't actually, don't actually have a name for it yet. That's just off of the Model X platform. It does not involve a lot of CapEx, actually. We expect to probably unveil those, I think, before the middle of next year, maybe in the next six to nine months type of thing. And then have a better, a more fleshed out plan for when those would enter production. But if they went into production within low single digit years, not, I mean, I consider anything past five years as infinity.

我認為這將是特斯拉半車和特斯拉小巴或公共汽車的一些令人興奮的揭幕。我們實際上還沒有，實際上還沒有它的名字。這只是在 Model X 平台之外。實際上，它並不涉及很多資本支出。我認為，我們預計可能會在明年年中之前，可能會在接下來的六到九個月內公佈這些內容。然後有一個更好、更充實的計劃來確定這些產品何時投入生產。但是，如果它們在低個位數年內投入生產，我的意思是，我認為過去五年的任何事情都不是無限的。

All right. That's very helpful.

好的。這很有幫助。

Also to be clear, the priority vehicle development after the Model 3 would be the Model Y, I guess, the compact SUV. Because that is also a car where we'd expect to see demand in the 500,000 to 1 million unit per year level. It is the obvious priority after the Model 3.

另外需要明確的是，在 Model 3 之後的優先車輛開發將是 Model Y，我猜是緊湊型 SUV。因為這也是一款我們預計每年需求量在 500,000 到 100 萬輛的汽車。這是 Model 3 之後的明顯優先級。

Great. Thanks.

偉大的。謝謝。

All right, Latif. I think there's one more. Let's have that one and then wrap it up.

好的，拉蒂夫。我想還有一個。讓我們有那個，然後把它包起來。

Yes, sir. Tyler Frank, Robert Baird.

是的先生。泰勒·弗蘭克，羅伯特·貝爾德。

Thanks for taking the question. Two short questions. One, can you discuss when you expect to be profitable on a non-GAAP basis? And then number two, you had mentioned on the last call that the Gigafactory may actually have the ability to produce about three times of your original estimate. Will that entail significant CapEx in the future or are you preparing that foundation right now to reach over 100 gigawatt hours? Thank you.

感謝您提出問題。兩個簡短的問題。第一，您能否討論一下您希望在非公認會計原則基礎上盈利的時間？然後第二點，您在上次電話會議中提到 Gigafactory 實際上可能有能力生產您最初估計的三倍左右。這是否會在未來產生大量資本支出，或者您現在是否正在為達到 100 吉瓦時以上的基礎做準備？謝謝你。

Yes, sure. On the profitability question, just reiterate what Elon said earlier. If we can execute on our production and our delivery both in the second half of the year, we got a great chance to non-GAAP profitable.

是的，當然。關於盈利能力問題，只需重申 Elon 之前所說的話。如果我們能夠在下半年執行我們的生產和交付，我們就有很大的機會實現非公認會計原則的盈利。

Yes, excluding Model 3 CapEx. The real question on profitability is where do we set the dial on growth? And obviously, if you set the dial on growth to be super high, then you face dilution because of the increased capital. If you set it too low, there's less dilution, but then you grow slower. So you want to set it at kind of the right level where you're the right mix of dilution and growth.

是的，不包括 Model 3 資本支出。關於盈利能力的真正問題是我們在哪裡設置增長的刻度盤？顯然，如果您將增長的刻度設置為超高，那麼您將因資本增加而面臨稀釋。如果你把它設置得太低，稀釋就會減少，但你會變慢。因此，您希望將其設置在適當的水平，在該水平上您是稀釋和增長的正確組合。

As it is, it's just important to bear in mind, as a manufacturing company, our percentage growth -- I think it is unprecedented in the modern era. It is really nutty. In 2010, we were making 600 cars a year. And Lotus was doing the chassis, body and chassis. And then five years later, we were making 50,000. And it was a much more sophisticated, call it, the Model S and we were doing the whole car without any partner.

事實上，重要的是要記住，作為一家製造公司，我們的百分比增長——我認為這在現代是前所未有的。這真的很瘋狂。 2010 年，我們每年生產 600 輛汽車。蓮花正在做底盤、車身和底盤。五年後，我們賺了 50,000 個。而且它更複雜，稱之為 Model S，我們在沒有任何合作夥伴的情況下製造整輛車。

So when you have insane percentage growth like that in a manufacturing company, it's not like you're shipping copies of software here. It's a real tricky strategic decision as to where do you set things from a dilution versus growth standpoint? The right way to look at the product line, the Company's, look at say the product lines and value them as, so do an MPV of the product lines. And then for any given product line, you can say okay, okay, this is what that is likely to be worth. The S, the X, the 3, and then you can parse it out relative to the CapEx on new vehicles. And to the degree that the past predicts the future, then you can pretty much count on the new vehicle program also being incredibly valuable. And something where it would be mad not to spend the money to do it.

因此，當您在製造公司中實現如此瘋狂的百分比增長時，您就不會在這裡運送軟件副本。這是一個真正棘手的戰略決策，從稀釋與增長的角度來看，你在哪裡設置？看待產品線的正確方法，公司的，看產品線，把它們看成是，產品線的MPV也是如此。然後對於任何給定的產品線，你可以說好吧，好吧，這可能是值得的。 S、X、3，然後您可以將其與新車的資本支出相關聯。就過去預測未來的程度而言，您幾乎可以指望新車計劃也非常有價值。不花錢去做這件事會很生氣。

When all of that is lumped together, can be confusing, and they will think Tesla is a money-losing company, but well, not really. Not if you're growing at 100% a year or, the case for next year, I mean, unit volume, we'll probably exit next year at unit volume that's 200% or 300% what our current volume is, maybe 400%. So it's just real important to parse things out. And to understand what the real health of the business is. Right now, in a nutshell, we are shipping $10 billion a year of product on an annualized basis at somewhere around 23% to 25% gross margin.

當所有這些都放在一起時，可能會令人困惑，他們會認為特斯拉是一家虧損的公司，但實際上並非如此。如果你每年以 100% 的速度增長，或者明年的情況下，我的意思是，單位銷量，我們明年可能會以我們目前銷量的 200% 或 300% 的單位銷量退出，也許是 400% .所以把事情解析出來真的很重要。並了解業務的真正健康狀況是什麼。目前，簡而言之，我們每年出貨 100 億美元的產品，毛利率約為 23% 至 25%。

Right.

正確的。

And just quickly to your Gigafactory question, this is JB. A lot of the improvements that we have made are actually increasing the density of the Gigafactory and the density of how much equipment and the existing footprint. In that case, there is a lot of investments we have already made preparing the site, some of the infrastructure for the site that we would get to continue leveraging as we grow capacity even higher than our original plan.

快速回答您的 Gigafactory 問題，這是 JB。我們所做的許多改進實際上都在增加 Gigafactory 的密度以及設備數量和現有佔地面積的密度。在這種情況下，我們已經進行了大量投資來準備該站點，我們將繼續利用該站點的一些基礎設施，因為我們的容量增長甚至高於我們最初的計劃。

There would be some other investments, of course, in equipment and things like that. It would be incremental tied to that much higher volume, but those would also be enabling vehicle volumes and energy product volumes way beyond what we had initially predicted.

當然，在設備和類似的東西上還會有一些其他的投資。它將與更高的產量相關聯，但這也將使車輛產量和能源產品產量遠遠超出我們最初的預測。

Thank you.

謝謝你。

All right, guys, we are at the hour mark. Should we call it a day?

好吧，伙計們，我們到了小時標記。我們應該收工嗎？

Yes, let's do it. Thanks a lot, everybody, for joining us. And we look forward to talking to you next quarter. Bye bye.

是的，讓我們這樣做。非常感謝大家加入我們。我們期待在下個季度與您交談。再見。

All right, thanks, everyone. Bye.

好的，謝謝大家。再見。

That does conclude your program. Thank you for your participation and have wonderful day. You may disconnect your lines at this time.

這確實結束了你的程序。感謝您的參與，祝您有美好的一天。此時您可以斷開線路。