特斯拉 (TSLA) 2019 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Tesla Q1 2019 Financial Results and Q&A Webcast. My name is Cherie, and I will be your coordinator for today. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the call over to your host, Mr. Martin Viecha, Senior Director of Investor Relations. Mr. Viecha, you may now proceed.

各位女士、先生，大家好，歡迎收看特斯拉 2019 年第一季財務業績及問答網直播。我叫謝麗，我將擔任你們今天的協調員。（操作說明）提醒各位，本次會議正在錄音。現在我謹將電話交給主持人，投資人關係資深總監馬丁‧維查先生。維查先生，您可以繼續前進了。

Thank you, Cherie, and good afternoon, everyone. Welcome to Tesla's First Quarter 2019 Q&A Webcast. I'm joined today by Elon Musk, J.B. Straubel, Zachary Kirkhorn and a number of other executives. Our Q1 results were announced at about 2 p.m. Pacific time in the update letter we published at the same link as this webcast.

謝謝你，Cherie，大家下午好。歡迎參加特斯拉2019年第一季問答網路直播。今天與我一同出席的有伊隆馬斯克、J.B. Straubel、扎卡里柯克霍恩以及其他一些高階主管。我們第一季業績報告於下午2點左右公佈。太平洋時間，我們在與本次網路直播相同的連結發布的更新信中列出了太平洋時間。

During this call, we will discuss our business outlook and make forward-looking statements. These comments 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 filings with the SEC. (Operator Instructions)

在本次電話會議中，我們將討論我們的業務前景並發表前瞻性聲明。這些評論是基於我們截至目前為止的預測和預期。由於許多風險和不確定因素，實際事件或結果可能與預期有重大差異，包括我們在最近向美國證券交易委員會提交的文件中提到的那些風險和不確定因素。（操作說明）

But before we jump into Q&A, Elon has some opening remarks. Elon?

但在進入問答環節之前，伊隆先有一些開場白。埃隆？

Thanks, Martin. On Monday, we hosted our first-ever Autonomy Investor Day, showcasing our new in-house designed full self-driving computer and our AI-based software trained by more than 400,000 Tesla vehicles. All Tesla cars being built today have all the hardware necessary for full self-driving, and over the year updates will enable our customers to use the Tesla ride-hailing network fleet and generate income which, as we said on Autonomy Day a few days ago, we think is somewhere between $10,000 and $30,000 a year, in some cases, perhaps more. We're the only company in the world producing our own vehicles and batteries as well as our own in-house chip for full self-driving. We're in a position unlike anyone else in the industry. And in 2020, we expect to have 1 million robotaxis on the road with the hardware necessary for full self-driving. We believe we'll have the most profitable autonomous taxi on the market and perhaps the -- yes. Last quarter, we experienced a massive increase in delivery volume in Europe, similar to what North America experienced last year as well as a massive increase in delivery volume to China.

謝謝你，馬丁。週一，我們舉辦了首屆自動駕駛投資者日活動，展示了我們自主設計的全新全自動駕駛電腦和由超過 40 萬輛特斯拉汽車訓練的基於人工智慧的軟體。目前生產的所有特斯拉汽車都具備完全自動駕駛所需的所有硬件，並且在未來一年內，透過更新，我們的客戶將能夠使用特斯拉叫車網絡車隊並創造收入。正如我們幾天前在自動駕駛日上所說，我們認為每年的收入在 1 萬美元到 3 萬美元之間，在某些情況下，甚至可能更多。我們是世界上唯一一家既生產自己的車輛和電池，又生產自己的自主研發的全自動駕駛晶片的公司。我們擁有業界獨一無二的優勢。預計到 2020 年，將有 100 萬輛配備完全自動駕駛所需硬體的無人駕駛計程車上路行駛。我們相信我們將擁有市場上最賺錢的自動駕駛計程車，也許是——是的。上個季度，我們在歐洲的交付量大幅成長，與去年北美的情況類似，同時對中國的交付量也大幅成長。

As far as challenges go, this was a good one to have because we booked vehicles and consumers bought them, but this rapid increase in overseas volume strained our logistics operation and resulted in over half of our global deliveries occurring in the final 10 days of Q1.

就挑戰而言，這算是一個好挑戰，因為我們預訂了車輛，消費者也購買了車輛，但海外銷量的快速增長給我們的物流運營帶來了壓力，導致我們全球一半以上的交付都發生在第一季度的最後 10 天。

This was the most difficult logistics problem I've ever seen, and I've seen some tough ones. So I'll say it again, equipment fleet delivered the half of all vehicles produced -- delivered all half -- all deliveries occurred literally in the final 10 days of Q1.

這是我見過的最棘手的物流問題，而我見過的棘手問題也不少。所以我再說一遍，設備車隊交付了所有生產車輛的一半——交付了全部一半——所有交付都發生在第一季的最後 10 天。

As a result, a large number of vehicles -- the vehicle deliveries shifted into Q2 which, of course, Q1 net income to be negatively impacted. As we said, we could not get the vehicles to customers specifically in time. In response to this, we are in the process of regionally balancing our vehicle booked throughout the quarter. This will make the -- this will put much less strain on Tesla, results in a much better delivery experience for customers and have a very positive effect on our working capital in the middle of the quarter.

因此，大量車輛交付轉移到了第二季度，這當然會對第一季的淨收入產生負面影響。正如我們所說，我們無法按時將車輛交付給客戶。為此，我們正在對本季各區域的車輛預訂情況進行平衡調整。這將大大減輕特斯拉的壓力，為客戶帶來更好的交付體驗，並對我們本季中期的營運資金產生非常積極的影響。

In Q1, Model 3 was yet again the best-selling premium car in the U.S., outselling the runner-up by almost 60%. It's worth to dwell on that for a moment, just how absurd this is compared to predictions that were made several years ago. There were literally, to the best of my knowledge, 0 predictions that this would happen, if you go back just even 5 or 6 years ago, that an electric car would be the best-selling premium car in the U.S. And we believe, over time, we'll be the best-selling premium car throughout the world.

第一季度，Model 3 再次成為美國最暢銷的高階車，銷量比排名第二的車型高出近 60%。值得我們花點時間思考一下，與幾年前的預測相比，這是多麼荒謬。據我所知，五、六年前，幾乎沒有人預測電動車會成為美國最暢銷的高端車。我們相信，隨著時間的推移，我們將成為全球最暢銷的高端汽車。

And in fact, in Norway, in March, we set a record for the highest sales of any car period ever. And that'd be something similar in Switzerland as well. So these were really incredible achievements by the Tesla team.

事實上，在挪威，3 月我們創下了有史以來任何時期汽車銷量的最高紀錄。瑞士的情況也類似。所以，特斯拉團隊所取得的這些成就確實令人難以置信。

Since the introduction of Standard Range and Standard Range Plus, nearly 70% of trade-ins from Model 3 have actually been nonpremium vehicles, where people actually pay more for a car than they have ever paid for a car. They never anticipated paying this much for a car, but because they want the Model 3 more than they ever wanted a vehicle, they're willing to pay more to get a Model 3.

自標準續航版和標準續航升級版推出以來，Model 3 置換車輛中近 70% 實際上是非豪華車型，這意味著人們購買這些車輛支付的價格比以往購買任何車輛都高。他們從未預料到會花這麼多錢買一輛車，但因為他們比以往任何時候都更想要Model 3，所以他們願意花更多的錢去買一輛Model 3。

And keep in mind, global expansion for the Model 3 has just begun, and this segment is vastly larger internationally than it is in the U.S. We're continuing to make significant improvements to our vehicle lineup, including updating the Model S and X production line to accommodate the next generation of powertrains. So we announced this yesterday and we are now in production with the significantly more balanced powertrains for the Model S and X as well as an upgrade to the suspension system to have active adaptive damping in the suspension system and to enable charging at 200 kilowatts, which is -- and there are a number of other small changes. If anyone is thinking about upgrading their Model S or X, this is a great time to do it. And we also introduced the loyalty program where if somebody has -- is an existing Tesla owner and they buy a performance Model S or X, they get the Ludicrous upgrade for free. So this is -- yes, as a thank you and an appreciation to existing Tesla customers.

請記住，Model 3 的全球擴張才剛開始，而且這個細分市場在國際上的規模遠大於美國。我們正在繼續對我們的產品陣容進行重大改進，包括更新 Model S 和 Model X 的生產線，以適應下一代動力系統。所以我們昨天宣布了這一消息，現在我們已經開始生產 Model S 和 Model X 的動力系統，該系統更加平衡，同時懸吊系統也進行了升級，使其具有主動自適應阻尼功能，並支援 200 千瓦的充電功率，此外還有一些其他的小變化。如果您正在考慮升級您的 Model S 或 Model X，現在正是好時機。我們還推出了忠誠度計劃，如果現有特斯拉車主購買高性能版 Model S 或 Model X，即可免費獲得 Ludicrous 升級。是的，這是對特斯拉現有客戶的感謝和讚賞。

So they have a longer range. The Model S now has a range of 370 miles. This is actually EPA range of 370 miles, and Motor Trend test drove the car a few days ago and drove nonstop all the way from San Francisco to Los Angeles at normal highway speeds. And they said they could have even gone faster. And there weren't any headwind as well. So this is pretty remarkable that an electric car could go nonstop between the 2 biggest cities in California. I mean, I remember back when I was driving gasoline cars, I always had to stop at a gas station. This is literally better than a gasoline car with the rare exception. And there's also an increase in power. It accelerates faster. Just better, better in every way. And we're able to this without increasing the size of the battery pack, which is a testament to the powertrain team for it to be able to improve the efficiency of the powertrain by such a significant margin.

所以它們的射程更遠。Model S 的續航里程現在為 370 英里。實際上，EPA 續航里程為 370 英里，《Motor Trend》雜誌幾天前試駕了這款車，並以正常的公路速度從舊金山一路不停地開到洛杉磯。他們說他們本來還可以開得更快。而且也沒有逆風。所以，一輛電動車能夠不間斷地往返加州最大的兩個城市之間，這確實非常了不起。我的意思是，我記得以前開汽油車的時候，總是要去加油站加油。除了極少數例外情況外，這輛車實際上比汽油車更好。而且，電力也有所增強。它加速更快。各方面都更好。而且我們能夠在不增加電池組尺寸的情況下做到這一點，這證明了動力系統團隊能夠如此大幅度地提高動力系統的效率。

So with the recently announced product improvements on Model S and X as well as continued expansion of Model 3 globally, we expect our order rate to increase significantly throughout the year and commensurate with our production levels. And in terms of other products, I'm very excited about the future for other products, especially for full self-driving, which will fundamentally transform transport as we know it; the Tesla Semi truck; Model Y; improvements to Powerwall; Powerpack; the Solar Roof version 3 on the energy side. And no question in my mind that Tesla has the most exciting product road map of any consumer product company in the world.

因此，隨著Model S和Model X近期宣布的產品改進，以及Model 3在全球範圍內的持續擴張，我們預計全年訂單量將大幅成長，並與我們的生產水準相符。至於其他產品，我對它們的未來感到非常興奮，尤其是完全自動駕駛技術，它將從根本上改變我們所知的交通運輸方式；特斯拉Semi卡車；Model Y；Powerwall的改進；Powerpack；以及能源方面的第三代太陽能屋頂。我毫不懷疑，特斯拉擁有全球所有消費品公司中最令人興奮的產品路線圖。

And finally, I want to thank our employees for their incredible work and our customers for their continued support.

最後，我要感謝員工的辛勤付出，以及客戶們的持續支持。

Thank you very much, Elon. And I think Zach -- Zachary would like to have some remarks as well.

非常感謝你，伊隆。我想扎克——扎卡里也想說幾句。

Yes, thank you, Martin, and thanks, Elon, as well. Overall, as we reflect on the progress of Q1, this was one of the most complicated quarters that I can think of in the history of the company. And it was ambitious even by Tesla's own standard. The global expansion of Model 3 was a huge theme within the quarter. We launched the Standard Range lineup for Model 3, product retooling for Model S and Model X, which Elon just talked about with the range enhancements and suspension upgrades, and then we implemented various pricing adjustments and worked to do the corresponding impact that had on our order mix in deliverable cars. So there's 2 key themes that I'd like to discuss briefly, and then we'll open it up to Q&A, around cash and profitability for the quarter.

是的，謝謝你，馬丁，也謝謝你，伊隆。總的來說，回顧第一季的進展，可以說是公司歷史上最複雜的季度之一。即使以特斯拉自己的標準來看，這也是一項雄心勃勃的計畫。Model 3 的全球擴張是本季的一大主題。我們推出了 Model 3 標準續航系列，對 Model S 和 Model X 進行了產品改造（伊隆剛剛談到了續航里程提升和懸吊升級），然後我們實施了各種價格調整，並努力應對這些調整對可交付車輛訂單組合產生的相應影響。因此，我想簡要討論兩個關鍵主題，然後我們將圍繞本季度的現金流量和獲利能力進行問答環節。

First, on the cash front, we exited Q1 with $2.2 billion in cash and cash equivalents on hand. This was a $1.5 billion reduction from our 2018 ending cash balance, but this reduction is attributed to 2 factors. The first is that we paid off $920 million convertible note on March 1. Note for those of you looking to the cash flow statement, $188 million of this is flowing through our operating cash flows. The balance to the $1.5 billion reduction is more than explained by the working capital impact of expanding Model 3 operations overseas. And the 2 components to this which we have discussed, is that an international operation naturally commands additional working capital because of transit times, but then also the stress on our delivery operations meant that not all of our cars will be delivered. Both of these factors which occurred in Q1 we do not expect to repeat in Q2. And we expect our quarter ending cash balance to continue to increase going forward. I'll also note that we're tracking in April to the largest amount of deliveries for a month 1 in the history of the company.

首先，在現金方面，我們第一季末手頭上有 22 億美元的現金及現金等價物。這比我們 2018 年底的現金餘額減少了 15 億美元，但這一減少歸因於兩個因素。首先，我們在 3 月 1 日償還了 9.2 億美元的可轉換債券。請注意，對於那些查看現金流量表的人來說，其中 1.88 億美元是透過我們的營運現金流實現的。15 億美元的減少額完全可以用 Model 3 海外業務擴張對營運資金的影響來解釋。我們已經討論過的兩個組成部分是，國際業務由於運輸時間的原因，自然需要額外的營運資金，但同時，由於我們的交付業務面臨壓力，並非所有的汽車都能交付。第一季出現的這兩個因素，我們預期不會在第二季重現。我們預計季度末現金餘額將持續成長。我還要指出，我們預計 4 月的交貨量將創下公司歷史上單月交付量的最高紀錄。

On the working capital point, as Elon noted, 50% of our deliveries in Q1 occurred in the final 10 days of the quarter. This is because we prioritized international builds for the first half of the quarter and then U.S. local builds in the second half. This led to a binary inflow of Model 3 cars to EMEA and China and significantly stressed the delivery operations. Note, we also faced import issues in Shanghai and Beijing and worked through those, but that also skewed deliveries towards the final couple of days and weeks in the quarter. So we're addressing this by regionally on balance -- by building regionally balanced, and we've already executed on this for Model 3, and S and X will be implemented in the next week or 2.

關於營運資金方面，正如伊隆所指出的，我們第一季 50% 的交付都發生在該季度的最後 10 天。這是因為我們在本季前半段優先考慮國際建設，然後在後半段優先考慮美國本地建設。這導致 Model 3 汽車在 EMEA 和中國之間出現兩極分化的流入，給交付營運帶來了巨大壓力。請注意，我們在上海和北京也遇到了進口問題，並已解決這些問題，但這同時也導致交貨時間集中在季度末的最後幾天和幾週。因此，我們正在透過區域平衡的方式來解決這個問題——透過建立區域平衡的方案，我們已經在 Model 3 上實現了這一點，S 和 X 將在接下來的一兩週內實施。

The secondary benefit of this is that it enables us to run stable operations throughout the quarter. So we don't have to staff many of our delivery areas and logistic operations to the peak. We expect significant cost savings to come from this.

這樣做的另一個好處是，它使我們能夠在整個季度內保持穩定的營運。因此，我們無需在高峰期為許多配送區域和物流運營配備足夠的人員。我們預計這將帶來顯著的成本節約。

On the P&L side, we incurred $188 million of one-time adjustments that flowed through to net income. $120 million of this was related to S and X pricing adjustments that we announced on February 28. This included a reserve for a potential increased return rate for our Residual Value Guarantee and Buyback Guarantee of vehicles and also an adjustment for the inventory value of our used Tesla inventory and service deliveries. There's an additional $67 million related to Q1 restructuring and other charges that flowed through.

在損益方面，我們產生了 1.88 億美元的一次性調整，這些調整計入了淨利潤。其中 1.2 億美元與我們在 2 月 28 日宣布的 S 和 X 定價調整有關。這包括為車輛殘值保證和回購保證的潛在上漲預留資金，以及對特斯拉二手庫存和服務交付的庫存價值進行調整。此外，還有與第一季重組和其他費用相關的額外 6,700 萬美元。

Within the automotive business, one thing that I want to note here is that automotive revenue was negatively impacted by $501 million attributed to the reserve increase for S and X that I just noted. If you adjust for this, the decline from Q4 to Q1 in revenue is roughly in line with the decline in deliveries.

在汽車產業，我想指出的一點是，由於我剛才提到的 S 和 X 的準備金增加，汽車收入受到了 5.01 億美元的負面影響。如果對此進行調整，第四季到第一季的營收下降幅度與交付量的下降幅度大致一致。

Within automotive gross margin, Model 3 gross margin declined slightly to approximately 28 -- to 20%. This is due to 2 factors. One is the pricing adjustments that we made on February 28 as well as a mix shift towards the Standard Range lineup which we launched. We also successfully executed on a number of cost reductions which offset this impact. Labor content, warehousing and scrap, as examples, all had double-digit improvements from Q4 to Q1.

在汽車毛利率方面，Model 3 的毛利率略微下降至約 28% 至 20%。這主要歸因於兩個因素。一是我們在 2 月 28 日進行的價格調整，二是產品組合向我們推出的標準系列產品線的轉變。我們也成功實施了一系列成本削減措施，抵消了這項影響。以勞動成本、倉儲和廢料為例，所有專案從第四季到第一季都實現了兩位數的成長。

In spite of launching the Standard Range variance, we want to note that North American ASPs are close to $50,000, with the majority of our orders being for long-range variants of Model 3.

儘管推出了標準續航版本，但我們想指出，北美地區的平均售價接近 50,000 美元，我們的大部分訂單都是 Model 3 的長期續航版本。

In S and X, the impact on margin was more significant. Two major pieces here: the volume reduction led to a reduction in fixed cost absorption, so that impacted our margin as well as the pricing actions that we took on February 28. Even though S and X had been in production for a while, we still continue to make operational improvements there, the labor content as an example, which improved quarter-over-quarter.

在 S 和 X 中，對利潤率的影響更為顯著。這裡有兩個主要面向：銷售下降導致固定成本吸收減少，因此影響了我們的利潤率，也影響了我們在 2 月 28 日採取的定價措施。儘管 S 和 X 已經投產一段時間了，但我們仍在繼續改進其運營，例如勞動力成本，這方面已經逐季有所改善。

As we look to the future here, I agree with Elon's sentiments about the excitement of our product lineup. But from a financial standpoint, what we've effectively done here is build an incredible base of knowledge and assets that we can quickly scale and replicate into different products around the world.

展望未來，我同意伊隆對我們產品陣容令人興奮的看法。但從財務角度來看，我們在這裡實際建立的是一個龐大的知識和資產基礎，我們可以快速擴展並將其複製到世界各地的不同產品中。

So Gigafactory Shanghai is a terrific example of this. As we noted in the letter, CapEx bringing up capacity 50% for Giga Shanghai as compared to the Model 3 in the U.S., and that 50%, our internal forecast that we're executing against, is actually better than that.

上海超級工廠就是一個絕佳的例子。正如我們在信中提到的，上海超級電站的資本支出比美國第三代超級電站提高了 50%，而我們內部預測的 50% 的產能，以及我們正在執行的計劃，實際上都比這更好。

And Model Y, as we've noted, is built on the Model 3 platform, so we're able to leverage the knowledge there for capital-efficient expansion.

正如我們之前提到的，Model Y 是基於 Model 3 平台打造的，因此我們可以利用該平台的知識進行資本高效的擴張。

In energy as well, as we've noted previously, 2019 is a big year for storage, so a lot of exciting improvements coming there. And the expansion will help improve margin as we can better utilize some of the assets that we've made investments in that.

在能源領域，正如我們之前提到的，2019 年是儲能發展的重要一年，因此該領域將會出現許多令人興奮的改進。此次擴張將有助於提高利潤率，因為我們可以更好地利用我們已投資的一些資產。

So just to conclude the opening remarks here, I've personally never felt more excited about the future of the company, and I'm looking forward to the discussion.

最後，我想總結開場白，我個人從未像現在這樣對公司的未來感到如此興奮，我期待接下來的討論。

Thank you very much, Zachary. Let's take some first questions from retail shareholders who have been submitting their questions on say.com. So the first question is, will Tesla be able to complete their purchase of Maxwell Technologies? What is holding that back?

非常感謝你，札卡里。讓我們先來看看散戶股東在 say.com 網站上提交的一些問題。所以第一個問題是，特斯拉能否完成對麥克斯韋科技公司的收購？是什麼阻礙了這項進程？

Jonathan, do you want to?

喬納森，你願意嗎？

Yes, it's Jonathan Chang, Legal Counsel here. Right now, we're just going through approvals with the SEC. There's not a whole lot of things holding it back. We're on schedule. We're on track. Right now, we're looking to close in mid-May.

是的，我是這裡的法律顧問 Jonathan Chang。目前，我們正在接受美國證券交易委員會的批准。阻礙它發展的因素不多。我們一切按計劃進行。我們一切進展順利。目前，我們計劃在五月中旬完成交易。

Thank you. The second question is, is Tesla considering and creating an insurance program in order to further simplify the ownership experience and to more accurately take into account safety of driving an Autopilot? The insurance market is very unreliable for Tesla owners right now.

謝謝。第二個問題是，特斯拉是否正在考慮和創建保險計劃，以進一步簡化車主體驗，並更準確地考慮自動駕駛的安全性？目前特斯拉車主的保險市場非常不可靠。

The answer is, yes, we are creating a Tesla insurance product, and we hope to launch that in about a month. It will be much more compelling than anything else out there.

答案是肯定的，我們正在開發特斯拉保險產品，並希望在一個月左右推出。它將比市面上任何其他產品更具吸引力。

Great. Thank you very much. The next question is, Elon, most people when they think of Tesla only see it as an automotive company. Can you speak to the energy side of the company, specifically the road map for when you see the energy side of things really taking off and generating major revenue for the company?

偉大的。非常感謝。下一個問題是，當埃隆，大多數人想到特斯拉時，只會把它看作是一家汽車公司。您能否談談公司的能源業務方面，特別是您認為能源業務真正起飛並為公司創造巨額收入時的路線圖？

Sure. The challenge really is battery cell scarcity. As far as the stationary storage is concerned, we basically need an upsell to support the vehicle production as well as to both Powerwall and Powerpack. Last year, in order to have enough cells for Model 3, we actually had to convert all of the lines of the Gigafactory to produce cells just for the Model 3 as opposed to Powerwall, Powerpack. And so we're essentially scrounging cells from all around the world to, at least, continue some level of production on the Powerwall and Powerpack. This year, we think that we'll be able to allocate at least maybe 5% to 10% of cell outputs. [I incur] J.B., like what do you guys think?

當然。真正的挑戰在於電池短缺。就固定式儲存而言，我們基本上需要追加銷售來支援車輛生產以及 Powerwall 和 Powerpack。去年，為了給 Model 3 足夠的電池，我們實際上必須將 Gigafactory 的所有生產線改造為專門生產 Model 3 電池，而不是 Powerwall 和 Powerpack 電池。因此，我們基本上是從世界各地搜羅電池，以便至少能夠繼續生產一定數量的 Powerwall 和 Powerpack。今年，我們認為至少可以分配 5% 到 10% 的電池產量。J.B.，你們覺得怎麼樣？

Yes.

是的。

Yes, something like that.

是的，差不多是這樣。

Between 5% and 10%, exactly that.

介於 5% 到 10% 之間，正好如此。

Yes. So there are far fewer cells in a Powerwall than in a car, so that translates to quite a decent number of Powerwalls. And then we will continue to use cells from various suppliers around the world. The Powerwall and Powerpack, because they don't have to go through vehicle homologation, are much more adaptable to using a variety of cells from other cell providers. So are we expecting that Powerwall and Powerpack to see a very significant percentage growth this year, maybe on the order of 300% or some quite high number. Sorry? Sorry? Yes, 300%. I guess he was just confirming it, 300%. So this is a very big percentage growth rate. It's much faster than an automotive. So over time, we would expect that to -- that sort of growth rate we hope will be able to continue and then battery storage will become a bigger and bigger percentage of Tesla's business over time. We also have -- we're also planning a significant increase in retrofit solar this year because we've finally refined the product offering to be something that's extremely compelling and much more cost efficient to deliver and install. So a radically streamlined process from what has been done before, and we'll have more to say on that possibly next week. And then the Solar Roof tile, we're on version 3 of the design. That necessarily takes a while to scale up because we have to be confident that the Solar Roof is going to last for on the order of 30 years and because the warranty is sort of 20, 25 years. And so the rate at which you can iterate on Solar Roof is necessarily slowed down by the -- according to the rate which you can do accelerated aging on the roof. And we want the installation process to be simple and easy. So I was just actually at the Buffalo -- Tesla Buffalo factory a few weeks ago and I was pretty impressed with the team, and we're looking forward to scaling that up significantly through the balance of this year and next.

是的。因此，Powerwall 中的電池數量遠少於汽車中的電池數量，所以 Powerwall 的數量就相當可觀了。然後我們將繼續使用來自世界各地不同供應商的電池。由於 Powerwall 和 Powerpack 不需要經過車輛認證，因此它們更容易適應使用其他電池供應商提供的各種電池。所以我們是否預期 Powerwall 和 Powerpack 今年將實現非常顯著的百分比成長，也許達到 300% 或更高的數字？對不起？對不起？是的，300%。我猜他只是在確認，百分之三百。這是一個非常高的成長率。它比汽車快得多。因此，隨著時間的推移，我們預計這種成長速度將會持續下去，電池儲能將在特斯拉的業務中佔據越來越大的比例。我們今年也計劃大幅增加太陽能改造項目，因為我們最終改進了產品，使其更具吸引力，交貨和安裝成本也更低。因此，與以往的做法相比，流程進行了大幅簡化，我們可能會在下週對此進行更多說明。還有太陽能屋頂瓦，我們已經到了設計第三版。這必然需要一段時間才能擴大規模，因為我們必須確信太陽能屋頂能夠持續使用約 30 年，而且保固期約為 20 到 25 年。因此，太陽能屋頂的迭代速度必然會因屋頂加速老化速度的降低而減慢。我們希望安裝過程簡單易行。幾週前我去了一趟位於布法羅的特斯拉布法羅工廠，我對那裡的團隊印象深刻，我們期待在今年剩餘時間和明年大幅擴大生產規模。

Thank you very much. The next question comes from [Jeffrey]. When and where will the Tesla Semi production begin?

非常感謝。下一個問題來自[傑弗裡]。特斯拉Semi卡車何時何地開始生產？

This is Jerome. Next year, we'll start production. We're very happy. We're driving the trucks extensively with, I think, so far quite amazing success, yes.

這是傑羅姆。明年我們將開始生產。我們非常高興。我們正在廣泛地駕駛卡車，我認為到目前為止取得了相當驚人的成功，是的。

The prototypes are working amazingly well.

原型機運作效果非常好。

Yes, very well. We just use them all the time. We load them to the maximum weight and continue to make improvements. So...

是的，很好。我們一直都在用它們。我們將它們裝載到最大重量，並不斷進行改進。所以...

We even used them to deliver some Model 3s.

我們甚至用它們運送過一些Model 3。

Yes, that was fun. So yes, we'll start production next year. The location is not yet set, but it's pretty clear that we make all the batteries and [driving units] in Reno.

是的，那很有趣。是的，我們明年將開始生產。地點尚未確定，但很明顯，我們所有的電池和[驅動單元]都在裡諾生產。

Great. Thank you very much.

偉大的。非常感謝。

That was Sparks, technically.

嚴格來說，那就是火花隊。

Yes, Sparks. Yes. Northern Nevada.

是的，火花。是的。內華達州北部。

Yes, Northern Nevada.

是的，內華達州北部。

And perhaps the last question from retail. How soon should current owners that purchased FSD get the new FSD computer?

或許零售業提出的最後一個問題是：已購買FSD的現有車主多久能收到新的FSD電腦？

I think the -- from features and functionality standpoint, I think there's no point getting the FSD upgrade if you don't really have it in the car for probably about 2 or 3 months. That's when we'll start releasing features that are materially different from the feature set available on the version 2 hardware. So just no need to rush to the -- get your computer replaced. It's like 2 to 3 months before it becomes relevant. And then it will obviously increase rapidly from then. One other comment I'll make in case, since nobody asked this explicitly. For Model Y production, we are right now trying to decide whether Model Y vehicle production should be in California or Nevada, and we expect to make a final decision on that very soon. But in the meantime, we have ordered all of the tooling and equipment required for Model Y. So we don't expect this to, in any way, delay production of Model Y, but it's currently a very close call between Nevada and California as to whether we do the Model Y at Giga or at Fremont. But those are the 2 options, and hopefully, we'll be able to make a decision in the next few weeks.

從功能角度來看，如果你在車上可能兩三個月內都不會用到 FSD，那麼升級到 FSD 就沒什麼意義了。屆時我們將開始發布與版本 2 硬體上提供的功能集有實質差異的功能。所以完全沒必要急著去更換電腦。大概需要兩到三個月的時間才會變得有意義。然後，它顯然會從此迅速增長。我再補充一點，因為沒有人明確問過這個問題。關於 Model Y 的生產，我們目前正在決定 Model Y 的生產應該在加州還是內華達州進行，我們預計很快就會做出最終決定。但同時，我們已經訂購了Model Y所需的所有工具和設備。因此，我們預計這不會以任何方式延誤Model Y的生產，但目前在內華達州和加利福尼亞州之間，究竟是在超級工廠還是在弗里蒙特工廠生產Model Y，仍然是一個非常棘手的問題。但目前只有這兩個選擇，希望我們能在接下來的幾週內做出決定。

Thank you very much. Cherie, we can go to analyst questions in the question queue.

非常感謝。Cherie，我們可以去問題佇列裡查看分析師的問題。

Our first question comes from Ryan Brinkman with JPMorgan.

我們的第一個問題來自摩根大通的瑞安·布林克曼。

Your guidance for 90,000 to 100,000 2Q deliveries when combined with the full year outlook, it suggests somewhere between 35% and 45% sequential growth from the first half to the second. Can you talk about what is giving you the confidence to project that growth? And in particular what the order book or reservation list may be telling you?

你們對第二季交貨量9萬至10萬輛的預測，結合全年展望，顯示下半年季增在35%至45%之間。您能否談談是什麼讓您有信心預測這種成長？特別是訂單簿或預訂清單可能告訴了你什麼？

Yes. The -- we do see strong demand for vehicles, the -- both S, X and 3. The Standard Range Plus Model 3 with Autopilot included at $39,500 is just an incredibly compelling vehicle and affordable to probably something on the order of like the top 40% income earners in the U.S. and Europe. So it's -- I think we'll see a lot of interest and demand in that. We are. And then with the upgraded S and X, I think a lot of people were kind of anticipating that there would be an S, X upgrade, and this really is kind of a game changer of an upgrade. So I think we are seeing an uptick in demand, and we expect to see that to be quite significant. So -- and we're also out of the seasonality of Q1 with a few people just generally don't like buying cars in winter, and we're getting past the overhang of that tax credit cliff which, for us, ended in the U.S. on December 31. So these were all very positive factors. We also have just a lot of markets where there's -- where we haven't yet tapped into demand, especially for Model 3. So we'll be releasing the right-hand drive Model 3 and expect to see significant demand in right-hand drive countries. Overall, I feel really good about where things are headed.

是的。我們確實看到市場對車輛的需求強勁，包括Model S、Model X和Model 3。配備自動駕駛功能的Model 3標準續航升級版售價為39,500美元，是一款極具吸引力的車型，對於美國和歐洲收入最高的40%人群來說，價格也相當實惠。所以——我認為我們會看到人們對它有很多興趣和需求。我們是。然後，隨著 S 和 X 的升級，我認為很多人都在期待 S 和 X 會有升級，而這次升級確實改變了遊戲規則。所以我認為我們看到需求正在上升，而且我們預計這種上升趨勢會相當顯著。所以——而且我們也度過了第一季的季節性波動，因為有些人普遍不喜歡在冬天買車，我們也度過了稅收抵免政策的低谷期，對我們來說，這項政策在美國於 12 月 31 日結束。這些都是非常正面的因素。我們還有很多市場尚未開發出需求，尤其是Model 3的需求。因此，我們將推出右舵版Model 3，並預計在右舵駕駛國家會看到顯著的需求。總的來說，我對事情的發展方向感到非常滿意。

Okay. And then my follow up -- I'm sorry...

好的。然後我的後續發言——對不起…

(inaudible)...

（聽不清楚）…

I was just going to say, on a previous call, you indicated that the Y would not be built in Fremont because it was, I think you said, packed to the gills. I heard today that it is now a close call between California and Nevada. Is anticipated demand for Fremont-built vehicles less than was previously thought? Or have you managed to maybe find more capacity in Fremont, for example, with the tent or some other production method?

我正要說，在之前的通話中，您曾表示不會在弗里蒙特建造 Y 中心，因為那裡，我想您說過，已經人滿為患了。我今天聽說，加州和內華達州之間的選情非常膠著。預計對弗里蒙特工廠生產的車輛的需求量會低於先前的預期嗎？或者，您是否設法在弗里蒙特等地找到了更大的產能，例如使用帳篷或其他生產方式？

Well, first of all, obviously, on kind of tents, like I mean, real like hardcore tents, so not like Cub Scout tents, which are fine. But this is actually -- credit goes to a number of Tesla team because they actually look at how could we do this in Fremont if we had to, and we feel that we can actually append building space to the -- basically to the west side of the building and use a lot of internal space that's currently used for warehousing in the Fremont factory. And so we believe it actually can be done with minimal disruption to add Model Y to Fremont.

首先，顯然，我說的是那種真正的硬派帳篷，而不是像童子軍帳篷那樣的帳篷，童子軍帳篷也還不錯。但實際上，這要歸功於特斯拉團隊的許多成員，因為他們認真思考如果必須在弗里蒙特工廠這樣做，我們該如何實現。我們認為，我們可以在建築物的西側擴建建築空間，並利用弗里蒙特工廠目前用於倉儲的大量內部空間。因此我們相信，在弗里蒙特增加 Model Y 車型實際上是可以做到的，而且不會造成太大干擾。

Our next question comes from Pierre Ferragu with New Street Research.

我們的下一個問題來自 New Street Research 的 Pierre Ferragu。

My first question is really on the Model S and Model X and, Elon, you say you're comfortable with them. You see -- based on what you saw in April, do you think that the 25,000 units per quarter is the level of demand that is where you see the market coming back already? Or are we not there yet? And more specifically, in the U.S., the pull forward in Q4 could hurt a lot of demand for S and X? Is that something that you still see in the numbers today in recent weeks? Or is that behind us? And I'll have a follow-up on Q2.

我的第一個問題其實是關於 Model S 和 Model X 的，伊隆，你說你對它們很滿意。你看——根據你在四月看到的情況，你認為每季 25,000 台的需求水平是否就是你認為市場已經復甦的水平？還是我們還沒到達目的地？更具體地說，在美國，第四季提前交付可能會嚴重影響Model S和Model X的需求？在最近幾週的數據中，你仍然能看到這種現象嗎？或者，那已經是過去的事了？我也會跟進第二季的情況。

Yes. I mean, I think something like the -- returning to the 100,000 a year annualized demand for S and X is what we anticipate. That's to the best of my knowledge. We don't have a crystal ball, but that's probably our best guess. And sorry, what was the other part?

是的。我的意思是，我認為我們預計 S 和 X 的年化需求將恢復到每年 10 萬輛左右。據我所知，情況就是這樣。我們沒有水晶球，但這可能是我們最好的猜測。抱歉，另一部分是什麼？

My question was about the run rate of demand you see at the moment. Do you still feel like weak demand in the U.S. because of the pull forward in Q4? Or do you think demand returned to normal already?

我的問題是關於您目前看到的需求運行速度。你是否仍然認為，由於第四季提前結束，美國市場的需求依然疲軟？還是您認為需求已經恢復正常了？

I think we expect demand to -- we are seeing demand returning to normal in Q2. And it might be a little better than normal. It's -- I don't have a crystal ball, so it's hard for me to say, but my impression right now is that demand is quite solid, quite strong, yes.

我認為我們預計需求將——我們看到第二季需求將恢復正常。而且可能比平常略好。我沒有水晶球，所以很難說，但我現在的印像是，需求相當穩定、相當強勁。

And then my second question was briefly on the...

然後我的第二個問題簡單地談到了…

Sorry, Zachary would probably like to...

抱歉，扎克瑞可能會想…

Yes. But just one thing I wanted to add to that, just on the production side of S and X. We did reduce production in Q1, as was noted. That was part of the retooling that we put in place to get the longer-range vehicle out with the improved suspension. And we're in the process of increasing production back up over the course of Q2. So just for the purpose of expectations, I mean, we will exit Q2 at a higher production rate than we did in Q1 on S and X and then return back to a more normal volume in Q3. I think it's already increasing.

是的。但我還想補充一點，關於S和X的生產方面。正如之前提到的，我們在第一季確實減少了產量。這是我們為推出配備改良型懸吊的長續航里程車輛而實施的改造計畫的一部分。我們正在逐步提高第二季的產量。所以，就預期而言，我的意思是，我們第二季度末的S和X的產量將高於第一季度，然後在第三季度恢復到更正常的產量。我認為它已經在增長了。

Yes. Yes.

是的。是的。

Okay. What was your second question?

好的。你的第二個問題是什麼？

And my third...

我的第三個…

Part of the S, X. Yes -- S, X, yes. Or by an S, X. Yes.

S、X 的一部分。是的——S、X，是的。或用S、X。是的。

And my follow-up was really on Q2 like with 90,000 to 100,000 units, you're getting back to fairly nice volumes, and I'm surprised you don't -- you still expect a loss. So maybe if you could take us through where we will see in Q2 pain points compared to Q4 and Q3, where you had a profit for similar volumes. How much of the loss in Q2 would be the one-off costs? How much is the price points coming down in the mix? And how much is related to pricing and other things?

我的後續問題是，第二季度銷量達到 9 萬到 10 萬台，銷量已經恢復到相當不錯的水平，我很驚訝你竟然沒有——仍然預期虧損。所以，您能否帶我們了解一下，與第四季和第三季相比，第二季我們將面臨哪些痛點？第四季和第三季在銷量相近的情況下實現了盈利。第二季的虧損中有多少是一次性成本？這些產品的價格區間會下降多少？其中有多少與價格和其他因素有關？

Sure. So quite a bit -- but we think if we didn't unwind or pulled the wave where we, yes, made cars in the first half of the quarter almost exclusively for Asia and Europe and the second half almost exclusively for North America, and then actually even that is subdivided depending upon whether it's West Coast or East Coast, then we could deliver more cars. But we think it is important to unwind this wave because it ends up being sort of optimizing for 1 quarter, but really adding a lot of cost and difficulty and not just -- not being a good experience for customers and putting great stress on the Tesla team. So if we were to fully optimize for profitability in Q2, I think we could do it, but then we would be unable to unwind this crazy wave of deliveries. And it also helps on working capital within the quarter to not have the wave. And then, Zach, do you want to talk about some of the other items?

當然。所以數量相當可觀——但我們認為，如果我們不扭轉或取消之前的做法，即在本季度上半部分幾乎全部為亞洲和歐洲生產汽車，下半部分幾乎全部為北美生產汽車，而且實際上，即使如此，根據是西海岸還是東海岸，產量還會進一步細分，那麼我們就能交付更多的汽車。但我們認為有必要扭轉這種局面，因為它最終可能只是針對一個季度進行優化，但實際上卻增加了大量的成本和難度，而且不僅給客戶帶來了不好的體驗，還給特斯拉團隊帶來了巨大的壓力。所以，如果我們要在第二季完全實現獲利最大化，我認為我們可以做到，但那樣我們就無法扭轉這波瘋狂的交付浪潮。而且，避免季度內出現波動，也有助於改善營運資金狀況。那麼，扎克，你想談談其他一些項目嗎？

Yes. No, I think you summarized it well, Elon. Two other things that I would add. One is that we did make pricing adjustments to our products in Q1, which puts pressure on margins. And so that's part of what we will see in Q2. The teams are working extremely hard and making terrific progress on improving the cost efficiency of the business without sacrificing growth. And that, in combination with the efficiencies from unwinding the wave, is where we feel we'll be comfortable returning to a place of profitability in Q3 once all of those pieces are in place.

是的。不，我覺得你總結得很好，伊隆。我還要補充兩點。一方面，我們在第一季對產品價格進行了調整，這給利潤率帶來了壓力。所以，這就是我們在第二季將會看到的部分內容。各團隊都非常努力地工作，並在不犧牲成長的前提下，在提高業務成本效益方面取得了巨大進展。而這一切，再加上解除衝擊帶來的效率提升，我們相信，一旦所有這些條件都具備，我們就能在第三季恢復獲利。

Our next question is from Adam Jonas with Morgan Stanley.

下一個問題來自摩根士丹利的亞當喬納斯。

First question, Elon. A couple of days ago, I asked you how safe is the Autopilot technology and you said something like twice as safe as normal driving. But you seem to be in a really unique position to really collect exabytes of data and that you can't potentially be externally validated much more rigorously provided to a regulatory body or insurance institute to just show how much safer Autopilot is. When can we -- could we expect to see Tesla do that, that type of validation that investors could also get a sense of. It seems really, really important for adoption. And I have a follow-up.

第一個問題，伊隆。幾天前，我問你自動駕駛技術的安全性如何，你說它比正常駕駛安全兩倍左右。但您似乎處於一個非常獨特的位置，可以收集 EB 等級的數據，而且您無法通過外部驗證，也無法向監管機構或保險機構提供更嚴格的數據，來證明自動駕駛功能有多安全。我們什麼時候才能看到特斯拉做到這一點，讓投資人也能感受到這種程度的認同？這對領養來說似乎真的非常重要。我還有一個後續問題。

I think we're just going to continue to report the absolute numbers. So I think reporting in detail just gives those who are opposed to Tesla, they can sort of like data mine the situation and then try to turn a positive into a negative. So we're just going to keep reporting what we report. We do give some more detailed information to insurance companies and to help with rates. And obviously, as we launch our own insurance product next month, we will certainly incorporate that information into the insurance rates. So we can -- because we essentially have a substantial price sort of arbitrage -- or information arbitrage opportunity where we have direct knowledge of the risk profile of customers and basically the car. And then if they want to buy Tesla insurance, they'd have to agree to not drive the car in a crazy way. Or they can, but then their insurance rates are higher. So we're just going to keep reporting the numbers at a broad brush-stroke level, which I think is really what matters. Autopilot...

我認為我們將繼續報告絕對數字。所以我認為，詳細報導只會讓那些反對特斯拉的人有機可乘，他們可以挖掘情況數據，然後試圖把積極的事情變成消極的事情。所以我們會繼續報道我們所報導的內容。我們會向保險公司提供一些更詳細的信息，以幫助他們確定保費。顯然，下個月我們將推出自己的保險產品，屆時我們一定會將這些資訊納入保險費率中。因此，我們可以——因為我們實際上擁有相當大的價格套利——或者資訊套利機會，我們直接了解客戶的風險狀況以及汽車本身的情況。如果他們想購買特斯拉保險，就必須同意不以瘋狂的方式駕駛汽車。他們可以這樣做，但那樣他們的保險費率就會更高。所以我們會繼續以概括的方式報道這些數據，我認為這才是真正重要的。自動駕駛…

Okay. I understand it.

好的。我明白了。

That's for safety.

這是為了安全起見。

Okay. And just a follow-up, Elon, and you kind of alluded to it a little bit. There's just so much drama around Tesla's share price and quarterly results. From the outside, at least, it just looks like a huge distraction. And at the same time, there's so much alternative capital and large amounts of strategic capital that is incrementally deployed in domains where Tesla has real leadership. So how important is it for Tesla to be a publicly traded company, Elon?

好的。埃隆，我還有一個後續問題，你之前也稍微提到過。特斯拉的股價和季度業績引發了太多戲劇性的事件。至少從表面上看，這簡直就是一個巨大的干擾。同時，還有大量的另類資本和大量的策略資本正逐步部署到特斯拉真正具有領導地位的領域。伊隆，那麼對特斯拉來說，成為上市公司究竟有多重要？

Well, this may -- I don't want to surprise you, but I would prefer we were private. But unfortunately, I think that ship has sailed. So...

嗯，這或許──我不想讓你感到意外，但我更希望我們能私下談談。但很遺憾，我覺得那件事已經過去了。所以...

But is it important? I mean, do you think the company's value is maximized being public? Or is there just only so much you can do and you just got to play the hand that you're dealt?

但這重要嗎？我的意思是，你認為公司上市後價值能最大化嗎？或者說，你能做的也就這麼多，你只能接受命運的安排，打好手中的牌？

Well, being public does feel like the sort of price of the stock is being set in kind of a manic depressive way. And I think Warren Buffett's analogy is just like perhaps being a publicly traded company is like having someone stand at the edge of your home and just randomly yell different prices for your house every day. It's still the same house. So it's a little bit of a distraction at times, but I'm not sure what to do about it.

嗯，上市確實感覺就像股票價格的設定方式有點像躁鬱症患者一樣。我認為華倫·巴菲特的比喻就像是，一家上市公司就像有人站在你家門口，每天隨意地對你的房子大喊不同的價格。還是同一棟房子。所以有時候這會讓我有點分心，但我不知道該怎麼辦。

Our next question comes from Maynard Um with Macquarie.

我們的下一個問題來自麥考瑞大學的梅納德‧烏姆。

In the update letter, you talked about supplier limitations impacting production. Can you just talk about what that was and how long you think that might continue to impact you? And then I have a follow-up.

在更新信中，您談到了供應商的限制對生產的影響。你能說說那件事到底是什麼，以及你認為它會對你產生多久的影響嗎？然後我還有一個後續問題。

In Q2, we don't -- we think we're through supplier interruptions. At least there aren't any significant ones that we're aware of.

第二季度我們沒有遇到供應商中斷的問題——我們認為我們已經度過了這個時期。至少據我們所知，目前還沒有出現任何重大事件。

Okay. And I guess there was some concern out there that Model 3 was cannibalizing S and X despite them being all different vehicle classes, and it doesn't sound like you're seeing that at all, but I was just wondering if you had any evidence that proves or disproves this? Any thoughts there would be helpful.

好的。我猜有些人擔心Model 3會蠶食Model S和Model X的市場份額，儘管它們屬於不同的車型等級。聽起來你完全沒有遇到這種情況，但我只是想知道你是否有任何證據可以證明或反駁這一點？任何想法都將不勝感激。

No, there really do seem to be different market segments. Yes.

不，確實存在不同的市場區隔。是的。

And also, about only 3.5% of our trade-ins for Model 3 are coming from Model S. So it's from all the Model 3 trade-ins, Model S accounts for a super, super tiny portion.

而且，我們Model 3的置換車輛中，只有大約3.5%來自Model S。所以，在所有Model 3的置換車輛中，Model S只佔非常非常小的一部分。

Yes, for sure. We feel we have one Model S just want to trade it in for another Model S or maybe an X.

是的，當然。我們覺得我們已經有一輛 Model S 了，所以想把它換成另一輛 Model S 或 Model X。

Our next question comes from Dan Galves with Wolfe Research.

下一個問題來自 Wolfe Research 的 Dan Galves。

I got a couple of questions. One, you mentioned a $50,000 ASP for North America Model 3s. Can you give us a little bit more detail on kind of -- is that a number like since the February 28 price adjustments? Is that what you're kind of seeing as order flow? I'm sorry, is ASP is in kind of the current order flow since those price adjustments?

我收到了一些問題。第一，您提到北美 Model 3 的平均售價為 50,000 美元。您能否更詳細地說明一下——這個數字是指自 2 月 28 日價格調整以來的變化嗎？這就是你眼中的訂單流程嗎？抱歉，自從價格調整以來，ASP 是否仍處於目前的訂單流中？

Yes, this is Zach. I mean, what we saw on February 28 when we launched the Standard Range, the Standard Range Plus variance is that there's pent-up demand for those products that released very quickly after it was announced. And then as more time has passed and order rates have stabilized, it's starting -- the average ASP has actually been increasing each week ever since as the order rate stabilizes. And just under $50,000 ASP represents the most recent data, and we think it's starting to stabilize there. And we'll see where things trend in EMEA and China as well, but what we're seeing in North America is that over 50% of our orders are of the long-range variants and the ASPs are profitable enough.

是的，這是紮克。我的意思是，我們在 2 月 28 日推出標準系列和標準系列升級版時看到的是，這些產品在發布後很快就得到了市場認可，存在著被壓抑的需求。然後隨著時間的推移，訂單量趨於穩定，平均售價實際上從訂單量穩定以來每週都在上漲。最新數據顯示，平均售價略低於 5 萬美元，我們認為價格正在趨於穩定。我們也會觀察 EMEA 和中國的發展趨勢，但我們在北美看到的是，超過 50% 的訂單是遠端型號，而且平均售價也足夠獲利。

That's really helpful. And the follow-up is, I know order questions have been asked before, but let me put it this way. So the -- I imagine that S and X orders need to have a couple of days to pick up after the upgrades. But on Model 3, whatever your assumption is within the 90,000 to 100,000 Q2 deliveries, whatever that assumption is for Model 3, does your current order flow support that? Or do you need something kind of positive to happen over the course of the quarter to get there?

這真的很有幫助。接下來我想說的是，我知道之前有人問過訂單方面的問題，但讓我換個方式說。所以——我估計 S 和 X 訂單在升級後需要幾天才能到貨。但對於 Model 3，無論您對第二季交付量在 9 萬到 10 萬輛之間的假設是什麼，無論您對 Model 3 的假設是什麼，您目前的訂單流是否支持這一假設？或者，你需要在這個季度內發生一些積極的事情才能達到目標？

I think we'll -- I think it'll be fine. Yes, I don't think that there's any major thing required.

我想我們會——我想應該沒問題。是的，我認為不需要做什麼特別的事情。

Our next question comes from Toni Sacconaghi with Bernstein.

我們的下一個問題來自伯恩斯坦的托尼·薩科納吉。

Elon, I was wondering if you could talk about this whole notion of raising capital. For about the last year, you sort of eschewed it as almost an evil thing, and I think a lot of investors believe that the company might be better served in its growth aspirations if it did raise capital or had a stronger cash base. And given that you used up about $2 billion worth of cash in the quarter, aren't you potentially trying to go through a very thin space while trying to grow quickly and be self-funding, which, quite frankly, may be unrealistic? So why not raise capital? And why do you view that as something that Tesla shouldn't do or wouldn't do? And I have a follow-up, please.

埃隆，我想請你談談籌募資金這個概念。在過去一年左右的時間裡，你幾乎把它當作一件邪惡的事情來迴避，我認為很多投資者都認為，如果公司能夠籌集資金或擁有更強大的現金基礎，那麼公司的發展目標可能會得到更好的實現。鑑於你本季用掉了大約 20 億美元的現金，你是否有可能在資金非常緊張的情況下，一邊快速增長一邊自籌資金？坦白說，這可能並不現實。那為什麼不籌錢呢？為什麼你認為特斯拉不應該或不會做這件事？我還有一個後續問題。

Yes. I don't think raising capital should be a substitute for making the company operate more effectively. So that in that sense, I think it's just -- it's important to have a strong financial discipline of the company and just -- to make sure we don't have extraneous expenses and that we're just being frugal with capital. If we just keep raising capital every time, then it just takes -- we don't have the forcing function for improving the fundamental operation of the business. So I think it is healthy to be on a Spartan diet for a while. At this point, I do think there are -- is some merit to raising capital. That's a -- but this is sort of probably about the right timing, but yes.

是的。我認為籌集資金不應該取代提高公司營運效率。所以從這個意義上講，我認為重要的是——公司要有嚴格的財務紀律，確保我們沒有不必要的開支，並且在資金使用上要節儉。如果我們只是不斷地籌集資金，那麼我們就沒有動力去改善企業的基本營運。所以我認為，暫時實行斯巴達式飲食對健康有益。就目前而言，我認為籌集資金是有一定的意義的。那確實——但現在的時機可能剛好，沒錯。

So does that mean that investors should expect the capital raise in the near to medium term? And I hear you on the force and constraint, but I mean, growth does eat cash, especially in a capital-intensive business. And if you really do believe you have a first-mover advantage, why wouldn't you want to push it as quickly as possible even if it meant raising capital in the short term.

那麼，這是否意味著投資人應該預期在中短期內會進行融資？我明白你說的動力和限制因素，但我的意思是，成長確實會消耗現金，尤其是在資本密集產業。如果你真的相信自己擁有先發優勢，那麼即使這意味著短期內需要籌集資金，為什麼不盡快前進呢？

Yes. First of all, I'll just say I don't think that capital has been a constraint on our growth thus far. And if I thought there was a fundamental constraint on growth we would have [faced] capital before now. But I think it is very important as company scales to make sure we are on a solid foundation and that we're -- we have the appropriate financial discipline throughout the company and are spending money very efficiently. At this point, I think we are doing that, but there's more work to do. And Tesla today is a far more efficiently operating organization than it was a year ago. We've made dramatic improvements across the board. And so I think there's merit to the idea of raising capital at this point.

是的。首先，我想說的是，我認為到目前為止，資金並沒有成為我們成長的限制因素。如果我認為成長存在根本性的限制因素，那麼我們早就面臨資金問題了。但我認為，隨著公司規模的擴大，確保我們擁有堅實的基礎非常重要，確保我們在整個公司範圍內保持適當的財務紀律，並有效率地使用資金。目前我認為我們正在朝著這個方向努力，但還有更多的工作要做。如今的特斯拉營運效率遠高​​於一年前。我們各方面都取得了顯著進步。所以我認為，在這個時候籌集資金是有意義的。

Just to add to that, the journey we've been on for the last 12 to 18 months on being more efficient in how we spend money has really changed the culture inside the company. It enabled us to accelerate a number of cost reductions on the COGS side of our products and then make improvements in operating expenses as well. And then as we look forward to capital investments for Giga Shanghai and Model Y and ultimately a European facility, our CapEx per unit of capacity has come down significantly through the work from the team here. So I think it has been a very productive journey for us.

此外，過去 12 到 18 個月以來，我們在提高資金使用效率方面所做的努力，確實改變了公司內部的文化。這使我們能夠加快降低產品銷售成本方面的多項成本，並改善營運費用。展望上海超級工廠、Model Y 以及最終在歐洲的工廠的資本投資，我們團隊的每單位產能資本支出已大幅下降。所以我認為這對我們來說是一段非常有成效的旅程。

And technically, we did raise some debt capital in China for the Shanghai Giga on the order of $500 million. So that -- we want to make sure that we don't have to draw upon global capital to fund the Shanghai factory.

從技術上講，我們確實在中國為上海超級工廠籌集了一些債務資本，大約是 5 億美元。所以——我們希望確保我們不必動用全球資本來為上海工廠提供資金。

Our next question comes from Alex Potter with Piper Jaffray.

下一個問題來自 Alex Potter 和 Piper Jaffray。

I was wondering, when you say obviously the logistical challenges were a headwind in the quarter and you talk about trying to regionally balance your deliveries going forward, is that basically saying that people in Europe and China are just going to need to wait longer to take their deliveries and you're going to try to emphasize more North America in order to, I guess, boost your working capital and your profitability in every quarter going forward?

我想問一下，您說物流方面的挑戰顯然是本季度的一大不利因素，並且您提到未來將努力在區域上平衡交付，這是否意味著歐洲和中國的客戶需要等待更長時間才能收到貨物，而您將更加重視北美市場，以便提高未來每個季度的營運資金和盈利能力？

No, they would actually receive their cars sooner. It just means that instead of building cars in batches, where, say, the first half of the quarter is just dedicated to China, Europe cars, and the second half is dedicated to North American cars, that we blend vehicle production for customers throughout the world, throughout the quarter. And then this puts much less strain on us. We don't want a situation again like what we had like in Q1 where essentially all the cars were arriving at customers worldwide at the same time. We literally delivered half of the entire quarter's deliveries were in the final 10 days of Q1. That's insane. So I think we need to unwind that. It's also just not a great customer experience because we're shorthanded and then we have to redeploy like people from -- like that are working in sales, HR, legal, engineering, everyone, just to deliver cars. And then we -- then they can't do their regular jobs. So it just makes sense to just blend the production according to demand throughout the quarter.

不，他們實際上會更快收到車。這意味著，我們不再像以前那樣分批生產汽車，例如上半年專門生產中國和歐洲的汽車，下半年專門生產北美的汽車，而是將面向全球客戶的汽車生產混合在一起，貫穿整個季度。這樣一來，我們的壓力就小了很多。我們不希望再次出現像第一季那樣的情況，當時幾乎所有的汽車都同時交付給世界各地的客戶。我們實際上在第一季最後 10 天完成了整個季度一半的交付量。太瘋狂了。所以我認為我們需要扭轉局面。這也不會帶來很好的客戶體驗，因為我們人手不足，必須重新調配人員，例如銷售、人力資源、法律、工程等各部門的人員，只為了交付汽車。然後我們就——然後他們就無法從事日常工作了。因此，根據整個季度的需求來調整產量是合理的。

Okay. That makes sense. And second question, I guess on go-to-market, there was some period of time there where the company was focused on closing storefronts, a fair amount of noise made around that. And then it looked like some of the commentary was hedging that strategy. I was just wondering if there's any update there. And if you have one, that would be helpful.

好的。這很有道理。第二個問題，關於市場推廣，我想，有一段時間公司專注於關閉門市，這引起了相當大的轟動。然後，一些評論似乎在對沖這種策略。我只是想問那邊有沒有什麼新的進展。如果你有的話，那就太好了。

Sure. I think Tesla just sort of -- specifically, I didn't handle messaging of that well. The -- I mean, that's amplified by the statement -- we make a statement, it's sort of taken to an extreme when there's a misunderstanding. We certainly will continue to have stores, and we will continue to add stores provided they are in locations where there is high foot traffic and for people that are in our target market. So we actually will continue to add stores in locations that are no-brainers. We will close stores in locations where they are incredibly hard to find and the foot traffic of potential buyers is very low such that it does not support the cost of the store and the people in it. So I think it's just common sense. And then all sales online just means that even if you go into a store, you -- we would guide you to order the car on your phone. The store is essentially like -- they're like information centers, a place you can get a test drive and buy some Tesla merchandise, that kind of thing. But all sales online doesn't mean all stores are closed. It just means that when you buy a car, you always do it on your phone in the store or at home or anywhere. You also -- all orders online doesn't meant all stores are closing. That's not what is meant.

當然。我覺得特斯拉有點……具體來說，是我沒能好好處理好那方面的溝通。我的意思是，這種說法被放大了——我們發表聲明，當誤解出現時，這種說法往往會走向極端。我們當然會繼續開店，只要門市位於人流量大、目標客群集中的地段，我們就會繼續增設門市。所以，我們實際上會繼續在那些顯而易見的地點增設門市。我們將關閉那些位置極為偏僻、客流量極低的門市，因為這些門市的營運成本和員工薪資無法維持。所以我覺得這只是常識而已。然後，所有線上銷售都意味著，即使您走進一家門市，我們也會指導您透過手機訂購汽車。這家店本質上就像是——它們就像資訊中心，你可以在那裡試駕，購買一些特斯拉週邊產品等等。但所有銷售都轉移到線上並不意味著所有實體店都關閉了。這只是意味著，當你買車時，你總是可以在商店、家裡或任何地方用手機完成購買。另外，所有訂單都在網上訂購並不意味著所有實體店都會關閉。並非此意。

Our next question comes from Philippe Houchois with Jefferies.

下一個問題來自傑富瑞集團的菲利普·胡喬伊斯。

I was just wondering if you could comment on the agreement you seem to have reached with FCA on the possibility of selling your CO2 credits to them in Europe and what that means to your potential cash inflow. When that might start occurring? And if there is any chance any of those things already in the Q1 cash position?

我只是想問一下，您能否就您似乎與 FCA 達成的關於在歐洲向他們出售二氧化碳排放額度的協議發表一下看法，以及這對您潛在的現金流入意味著什麼。這種情況何時會開始發生？如果這些項目中的任何一個已經存在於第一季的現金儲備中，那會怎麼樣？

I think it's a confidential deal with FCA so we -- and we agreed with FCA not to comment on it publicly. So we must abide by that.

我認為這是與 FCA 達成的保密協議，所以我們——而且我們也與 FCA 達成一致，不公開對此發表評論。所以我們必須遵守這個規定。

All right. And can I ask you a question of coming back to what Adam was saying about the drama that surrounds your stock, unfortunately. Why don't you reduce some of it by disclosing on a monthly basis your deliveries and also maybe disclosing early your greenhouse revenue instead of just reserves, so we get right away a better view on some of these details that kind of move the stock?

好的。我可以問你一個問題，回到亞當剛才提到的關於你股票所面臨的困境，很遺憾。為什麼不按月披露交付量，並提前披露溫室收入（而不僅僅是儲備金），從而減少一些影響股價的細節呢？這樣我們就能立即更了解這些影響股價的細節。

I think that would actually be counterproductive because people read too much into what occurred in a month. I mean, even at a quarterly basis, things can be lumpy. And so the more granularity that's provided, let's say, on a monthly level, the people would reach all sorts of conclusions that don't make sense. It's like -- literally like sales to a particular country, say overseas, are affected by when the ship arrives. And so if the ship arrives on the 31st of the month or the first of the next month, this will make it look like something dramatic has happened. But actually the ship was just a day late. So people read -- that would increase the drama, not decrease it.

我認為這實際上會適得其反，因為人們會過度解讀一個月內發生的事情。我的意思是，即使按季度來看，情況也可能出現波動。因此，如果提供的資料粒度更細，比如說按月劃分，人們就會得出各種毫無道理的結論。這就像——真的就像對某個特定國家（例如海外）的銷售會受到船舶到達時間的影響一樣。因此，如果船隻在當月 31 日或下個月 1 日到達，就會顯得好像發生了什麼重大事件。但實際上，這艘船隻是晚點了一天。所以人們會閱讀——這會增加戲劇性，而不是減少戲劇性。

And we're filling the ship 100%...

我們正在將船裝滿…

Filling the ship 100%. So it's like it just ends up being lumpy. So like if you managed -- if you've calculated like GDP of a country to offset the U.S., GDP on Sunday is extremely low, but GDP on a Monday is extremely high. It does not mean -- nothing has really changed.

船艙已裝滿100%。所以最後就變得凹凸不平了。例如，如果你計算出一個國家的 GDP 來抵銷美國的經濟損失，那麼週日的 GDP 會非常低，但週一的 GDP 會非常高。但這並不意味著——一切都沒有真正改變。

Our next question comes from David Tamberrino with Goldman Sachs.

下一個問題來自高盛的戴維·坦貝裡諾。

First one, on customer deposits, it looks like it's essentially flat to maybe slightly down. I understand there's probably some timing with deliveries that could have helped it towards the end of the quarter. But we would have thought it would have increased given the Model Y unveil. So our question is what was the initial order intake for the Model Y? And just coming through some of your comments earlier, what daily order rate are you seeing right now for the rest of your products?

首先，就客戶存款而言，看起來基本上持平，甚至可能略有下降。我知道交付時間上可能存在一些問題，這或許有助於季度末的業績提升。但考慮到Model Y的發布，我們原本以為銷量會成長。所以我們想問的是，Model Y 的初始訂單量是多少？根據您之前的一些評論，您目前其他產品的每日訂單量是多少？

I think we don't want to comment on the granularity of deposits. Again, people just read too much into this. We're not playing up the Model Y because we're not -- it's not in production. So you can't really read anything into Model Y orders at this point.

我認為我們不應該對礦床的粒度發表評論。人們又過度解讀了。我們沒有大力宣傳 Model Y，因為它還沒有投產。所以目前還不能從Model Y的訂單中得到任何結論。

Okay. Well then, my second question would just be if you anticipate a further price adjustment with the next level of U.S. credit phasing out July 1?

好的。那麼，我的第二個問題是，隨著下一階段美國信貸於7月1日逐步退出，您是否預期價格會進一步調整？

We don't comment on future price changes unless you see it publicly.

除非公開報道，否則我們不對未來的價格變動發表評論。

Our next question comes from Colin Rusch with Oppenheimer.

下一個問題來自奧本海默公司的科林·魯什。

Yes, could you comment on whether you'll be battery constrained at 100,000 vehicles a quarter in 2Q?

是的，您能否就第二季電池產能是否會因產量限制在每季 10 萬輛汽車發表一下看法？

Self-constrained, you mean? We don't [have the feeling of] being self-constrained at 400,000.

你是說自我約束嗎？我們並沒有在40萬人口規模下感到自我約束。

Okay. And then as you look at the Maxwell Technology and integration, post close, how quickly do you think you'll be able to integrate that technology into the battery production? And could you comment on potential for chemistry and form-factor changes as that gets integrated?

好的。那麼，在交易完成後，當您審視 Maxwell 技術和整合情況時，您認為您能以多快的速度將該技術整合到電池生產中？您能否談談隨著技術的融合，化學成分和外形尺寸方面可能發生的變化？

You're really asking some super secret sauce questions here. Yes, I think we'll have a -- I think we'll probably have an Investor Day like the Autonomy Day maybe later this year or early next just to go over the cell and battery technology and future strategy. I think that will be very informative, but we do recognize the criticality of this.

你問的這些問題真是超級機密啊。是的，我認為我們可能會在今年稍後或明年年初舉辦類似自動駕駛日的投資者日活動，專門討論電池技術和未來策略。我認為這將非常有啟發性，但我們也認識到這件事的重要性。

Our next question comes from Joseph Spak with RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的 Joseph Spak。

First question is really just a clarification on -- in the outlook of 25% non-GAAP gross margin that you're targeting. Is that over the mid-term? Or is that something you expect to hit by the end of this year? And if so, what gets S and X back higher given the price cuts?

第一個問題其實只是想澄清一下──你們的目標非GAAP毛利率為25%。那是中期選舉之後的事嗎？或者，你預計今年底前就能達成這個目標？如果真是這樣，降價之後，是什麼因素能讓S和X的價格回升呢？

Yes, this is Zach here. That guidance that we're targeting for the end of the year. Although internally, we're working towards S and X non-GAAP gross margin achieving that sooner. The biggest lever there is actually 2 components. One is, as we increase volume back on our S and X production line, there's just a natural benefit there from the fixed cost absorption which will help us. But we also have a number of cost reduction projects in place that we're executing on over the course of the year. And then the third piece which applies to S and X, but also Model 3, we're seeing an increased take rate on our full self-driving offering. And there are revenue deferrals associated with that given that the full suite of functionality is not there. And as that option becomes -- approaches sees us continually roll out more, we will be able to have more revenue on that. And so all of these things together within our internal plans gives us confidence.

是的，這位是紮克。我們計劃在年底前發布該指導意見。雖然我們內部正在努力使 S 和 X 的非 GAAP 毛利率更快實現目標。最大的槓桿實際上由兩個部分組成。一方面，隨著我們S和X生產線的產量恢復，固定成本的吸收自然會帶來好處，這對我們有幫助。但我們也制定了一些成本削減項目，並將在今年內逐步實施。第三點適用於 Model S 和 Model X，也適用於 Model 3，我們看到用戶對我們完全自動駕駛服務的接受度正在提高。由於功能不全，因此會產生相應的收入延遲。隨著這種選擇——我們不斷推出更多方法——我們將能夠從中獲得更多收入。因此，所有這些因素結合起來，納入我們的內部計劃，給了我們信心。

Yes, we should -- I should mention that the upgraded powertrain for S and X was actually results in a significant cost down because we essentially took the high volume rear-drive units of the Model 3, which is extremely efficient but [the same magnet motor and power] electronics already in it and we made a version for that -- of that for the front-drive unit of S and X. And so we're actually able to get a cost reduction while improving range and performance of the car. That's just one example.

是的，我們應該要提一下，Model S 和 Model X 的升級動力系統實際上大幅降低了成本，因為我們基本上採用了 Model 3 的高產量後輪驅動單元，這些單元效率極高，而且內部已經集成了相同的磁電機和電力電子元件，我們將其改造為 Model S 和 Model X 的前驅單元。因此，我們能夠在提高車輛續航里程和性能的同時降低成本。這只是一個例子。

Okay. And the second question is just looking at the 10-K, you've continually noticed $4.9 billion purchase obligation, which I think is primarily related to Panasonic Giga 1. And then Elon, in some of your communication, you've indicated production constraints. So I guess the question is, does that $4.9 billion correlate to reaching that 35-gigawatt hour rate? And if you can't hit that because of production constraints, does that adjust?

好的。第二個問題是，看看 10-K 報告，你會一直注意到 49 億美元的採購義務，我認為這主要與松下 Giga 1 工廠有關。然後，埃隆在你的一些溝通中也提到了生產限制。所以我想問的是，這 49 億美元是否與達到 35 吉瓦時的發電量有關？如果由於生產限製而無法達到目標，是否會進行調整？

Go ahead...

前進...

Yes, so this is (inaudible). So the purchase obligation in the 10-K is basically for the entire contract which we have for Panasonic. It's not something that we need to hit, I mean, make the purchases tomorrow. So this is going to take a couple of years.

是的，所以這是（聽不清楚）。因此，10-K 表格中的購買義務基本上是指我們與松下簽訂的整個合約。這不是我們需要立即完成的事情，我的意思是，我們不需要明天就去購買。所以這需要幾年時間。

Our next question comes from Colin Langan with UBS.

下一個問題來自瑞銀集團的柯林·蘭根。

I mean, it sounds like from the tone of the call that you don't see that there's a demand issue for some of the product, but margins seem to be under pressure and typically automakers stop pricing when there is a demand issue. So what is the logic of the price cuts during the quarter?

我的意思是，從電話會議的語氣來看，你似乎認為某些產品的需求沒有問題，但利潤率似乎面臨壓力，而通常情況下，當需求出現問題時，汽車製造商會停止定價。那麼，本季降價的邏輯是什麼？

I mean, our goal, as we've been very clear about from beginning of the company, is to make our cars as affordable as possible. And we thought it was important to offer the $35,000 Model 3 and then to create a sort of bundled package for the Model 3 with the increased range because we think actually that difference between 220 and 240 is quite important, the more point people realize in range and having a posher premium interior and then finally, Autopilot. So we thought those -- [like we went and paired like] product that's really just nailed the sweet spot, which I think the $39,000 -- $39,500 Model 3 is just really nailed the sweet spot and we're seeing consumer response accordingly. People can still buy the $35,000 version of the Model 3 that, of course, didn't have Autopilot and has a software range restriction, that kind of thing. It's like slightly more inconvenient to buy. You just have to make a phone call or visit a store. So it's just not like you have to complete the obstacle course or something. But we see very few people actually taking us up on that $35,000 offer, but it is there and will remain there.

我的意思是，正如我們公司成立之初就非常明確地表明的那樣，我們的目標就是讓我們的汽車盡可能地價格實惠。我們認為推出售價 35,000 美元的 Model 3 非常重要，然後為續航里程增加的 Model 3 創建一個捆綁包，因為我們認為 220 和 240 之間的差異實際上非常重要，人們越意識到續航里程、更豪華的高級內飾以及自動駕駛功能的重要性，就越會重視這些差異。所以我們認為——[就像我們搭配的]產品真正找到了最佳平衡點，我認為 39,000 美元到 39,500 美元的 Model 3 就真正找到了最佳平衡點，我們也看到了消費者的相應反應。人們仍然可以購買售價 35,000 美元的 Model 3 版本，當然，該版本沒有自動駕駛功能，並且有軟體續航里程限制等等。購買起來稍微有點不方便。你只需要打個電話或去商店一趟。所以這並不是說你必須完成障礙賽之類的。但我們看到很少有人真正接受我們35,000美元的報價，但報價一直都在，而且會一直保留在那裡。

And as a follow-up, you're still targeting the China facility ramp by the end of the year. Are you still confident in the 3,000 per week? And do you have a battery supplier yet that's getting pretty close to that point?

作為後續計劃，你們仍然計劃在年底前實現中國工廠的產能爬坡。你仍然對每週3000的收入有信心嗎？你們目前是否有電池供應商能夠滿足你們的需求？

Yes, the Shanghai Gigafactory progress is going incredibly well, a testament to the outstanding execution of our team on the ground there. I get daily e-mails with Tesla pictures from one day to the next from [Tong Zhu], who leads the Gigafactory program. And so we're obviously discussing it or getting updates, so 7 days a week so the -- in that Gigafactory e-mail. So in terms of execution, it's outstanding but, of course, the production goes as fast as the slowest item. That's very important to bear in mind. So we have 99% of things in good shape, but 1% is missing is what can make a car. So with respect to -- that said, it looks like we'll reach volume production at the end of this year with, let's say, more than 1,000 cars a week, maybe 2,000 from Shanghai Giga at the end of this year. That's what it looks like to be a case right now. If it's not at the end, it will be shortly thereafter. And then we expect to have multiple sales suppliers for Shanghai Giga.

是的，上海超級工廠的進展非常順利，這充分證明了我們當地團隊的出色執行力。我每天都會收到特斯拉超級工廠計畫負責人[童竹]寄來的電子郵件，裡面有特斯拉的圖片。因此，我們顯然會討論此事或獲取最新消息，每週 7 天，也就是在 Gigafactory 的電子郵件中。所以就執行方面而言，它非常出色，但當然，生產速度取決於其中最慢的環節。這一點非常重要，務必牢記。所以，我們99%的東西都完好無損，但還缺少1%——而這1%恰恰是造出一輛車的關鍵。所以就此而言——也就是說，看起來我們將在今年年底實現量產，比如說，每週生產超過 1000 輛汽車，也許到今年年底上海超級工廠能生產 2000 輛。目前看來，這似乎是一個這樣的案子。如果還沒到最後，那也很快就會到了。然後我們預計上海千兆電子將有多家銷售供應商。

Great. Thank you very much, everyone. Unfortunately, this is all the time we have for our Q&A today. Appreciate all of your questions, and we look forward to talking to you in the next quarter.

偉大的。非常感謝大家。很遺憾，我們今天的問答時間就到此為止了。感謝各位提出的所有問題，我們期待在下個季度與您繼續交流。

Ladies and gentlemen, thank you for participating in today's conference. This concludes the program. You may all disconnect, and have a wonderful day.

女士們、先生們，感謝各位參加今天的會議。節目到此結束。你們可以斷開連結了，祝你們有美好的一天。