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.

女士們，先生們，美好的一天，歡迎收聽特斯拉 2019 年第一季度財務業績和問答網絡直播。

My name is Cherie, and I will be your coordinator for today.

我叫 Cherie，今天我將擔任您的協調員。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員說明）作為提醒，本次會議正在錄製中。

I would now like to turn the call over to your host, Mr. Martin Viecha, Senior Director of Investor Relations.

我現在想將電話轉給您的主持人，投資者關係高級總監 Martin Viecha 先生。

Mr. Viecha, you may now proceed.

Viecha 先生，您現在可以繼續了。

Thank you, Cherie, and good afternoon, everyone.

謝謝你，Cherie，大家下午好。

Welcome to Tesla's First Quarter 2019 Q&A Webcast.

歡迎收聽特斯拉 2019 年第一季度問答網絡直播。

I'm joined today by Elon Musk, J.B. Straubel, Zachary Kirkhorn and a number of other executives.

今天加入我的有 Elon Musk、J.B. Straubel、Zachary Kirkhorn 和其他一些高管。

Our Q1 results were announced at about 2 p.m.

我們的第一季度業績在下午 2 點左右公佈。

Pacific time in the update letter we published at the same link as this webcast.

我們在與此網絡廣播相同的鏈接上發布的更新信中的太平洋時間。

During this call, we will discuss our business outlook and make forward-looking statements.

在這次電話會議中，我們將討論我們的業務前景並做出前瞻性陳述。

These comments are based on our predictions and expectations as of today.

這些評論是基於我們今天的預測和期望。

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.

由於許多風險和不確定性，包括我們最近向美國證券交易委員會提交的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。

(Operator Instructions)

（操作員說明）

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

但在我們進入問答環節之前，埃隆有一些開場白。

Elon?

埃隆?

Thanks, Martin.

謝謝，馬丁。

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.

週一，我們舉辦了首屆 Autonomy 投資者日，展示了我們新的內部設計的全自動駕駛計算機和我們基於人工智能的軟件，這些軟件由超過 400,000 輛特斯拉汽車訓練。

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.

今天製造的所有特斯拉汽車都擁有完全自動駕駛所需的所有硬件，並且一年來的更新將使我們的客戶能夠使用特斯拉乘車網絡車隊並產生收入，正如我們幾天前在自治日所說的那樣，我們認為每年在 10,000 到 30,000 美元之間，在某些情況下，可能更多。

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.

我們是世界上唯一一家生產我們自己的車輛和電池以及我們自己的用於完全自動駕駛的內部芯片的公司。

We're in a position unlike anyone else in the industry.

我們所處的位置與業內其他任何人都不同。

And in 2020, we expect to have 1 million robotaxis on the road with the hardware necessary for full self-driving.

到 2020 年，我們預計將有 100 萬輛自動駕駛出租車上路，並配備完全自動駕駛所需的硬件。

We believe we'll have the most profitable autonomous taxi on the market and perhaps the -- yes.

我們相信我們將擁有市場上最賺錢的自動駕駛出租車，也許——是的。

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.

上個季度，我們在歐洲的交付量大幅增加，與去年北美的情況類似，對中國的交付量也大幅增加。

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，這是一個很好的挑戰，因為我們預訂了車輛，消費者購買了它們，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.

這是我見過的最困難的物流問題，我也見過一些棘手的問題。

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.

所以我再說一遍，設備車隊交付了所有生產的車輛的一半——全部交付了一半——所有交付都發生在第一季度的最後 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.

結果，大量車輛——車輛交付轉移到第二季度，當然，第一季度的淨收入受到負面影響。

As we said, we could not get the vehicles to customers specifically in time.

正如我們所說，我們無法及時將車輛專門送到客戶手中。

In response to this, we are in the process of regionally balancing our vehicle booked throughout the quarter.

對此，我們正在對整個季度預訂的車輛進行區域平衡。

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.

這將使 - 這將大大減輕特斯拉的壓力，為客戶帶來更好的交付體驗，並對我們在本季度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%.

在第一季度，Model 3 再次成為美國最暢銷的高檔汽車，比第二名高出近 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.

值得一提的是，這與幾年前的預測相比是多麼荒謬。

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.

據我所知，從字面上看，0 預測會發生這種情況，如果你回到 5 或 6 年前，電動汽車將成為美國最暢銷的高檔汽車。我們相信，超過屆時，我們將成為全球最暢銷的高檔汽車。

And in fact, in Norway, in March, we set a record for the highest sales of any car period ever.

事實上，在挪威，3 月份，我們創下了有史以來汽車銷量最高的記錄。

And that'd be something similar in Switzerland as well.

這在瑞士也是類似的。

So these were really incredible achievements by the Tesla team.

所以這些都是特斯拉團隊真正令人難以置信的成就。

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.

自推出 Standard Range 和 Standard Range Plus 以來，近 70% 的 Model 3 以舊換新實際上都是非優質車輛，人們實際上為汽車支付的費用比他們以往購買汽車的費用還要高。

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.

他們從沒想過會花這麼多錢買一輛汽車，但因為他們想要 Model 3 比他們想要一輛汽車要多，所以他們願意花更多的錢來買一輛 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.

請記住，Model 3 的全球擴張才剛剛開始，這一細分市場在國際上的規模遠遠大於美國。我們將繼續對我們的車輛陣容進行重大改進，包括更新 Model S 和 X 生產線以適應下一代動力系統。

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.

因此，我們昨天宣布了這一點，我們現在正在生產 Model S 和 X 的動力系統更加平衡，並對懸掛系統進行升級，在懸掛系統中具有主動自適應阻尼，並能夠以 200 千瓦的功率充電，這是——還有一些其他的小變化。

If anyone is thinking about upgrading their Model S or X, this is a great time to do it.

如果有人正在考慮升級他們的 Model S 或 X，那麼現在正是這樣做的好時機。

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.

我們還推出了忠誠度計劃，如果有人擁有 - 是現有的特斯拉車主，並且他們購買了高性能 Model S 或 X，他們將免費獲得 Ludicrous 升級。

So this is -- yes, as a thank you and an appreciation to existing Tesla customers.

所以這是 - 是的，作為對現有特斯拉客戶的感謝和感謝。

So they have a longer range.

所以他們的射程更遠。

The Model S now has a range of 370 miles.

Model S 現在的續航里程為 370 英里。

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.

這實際上是 370 英里的 EPA 範圍，而 Motor Trend 幾天前測試了這輛車，並以正常的高速公路速度從舊金山一路直奔洛杉磯。

And they said they could have even gone faster.

他們說他們甚至可以走得更快。

And there weren't any headwind as well.

而且也沒有任何逆風。

So this is pretty remarkable that an electric car could go nonstop between the 2 biggest cities in California.

因此，電動汽車可以在加利福尼亞州的兩個最大城市之間不間斷地行駛，這是非常了不起的。

I mean, I remember back when I was driving gasoline cars, I always had to stop at a gas station.

我的意思是，我記得當我駕駛汽油車時，我總是不得不在加油站停車。

This is literally better than a gasoline car with the rare exception.

除了極少數例外，這實際上比汽油車要好。

And there's also an increase in power.

並且功率也有所增加。

It accelerates faster.

它加速更快。

Just better, better in every way.

只是更好，各方面都更好。

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.

我們能夠在不增加電池組尺寸的情況下做到這一點，這證明了動力總成團隊能夠大幅提高動力總成的效率。

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.

因此，隨著最近宣布的 Model S 和 X 產品改進以及 Model 3 在全球的持續擴張，我們預計全年訂單率將顯著提高，並與我們的生產水平相稱。

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.

至於其他產品，我對其他產品的未來感到非常興奮，尤其是全自動駕駛，它將從根本上改變我們所知道的交通方式；特斯拉半卡車； Y型；對 Powerwall 的改進；動力單元;能源方面的太陽能屋頂版本 3。

And no question in my mind that Tesla has the most exciting product road map of any consumer product company in the world.

毫無疑問，特斯拉擁有世界上任何消費產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，我要感謝我們的員工所做的出色工作以及我們的客戶一直以來的支持。

Thank you very much, Elon.

非常感謝，埃隆。

And I think Zach -- Zachary would like to have some remarks as well.

我認為 Zach -- Zachary 也想發表一些評論。

Yes, thank you, Martin, and thanks, Elon, as well.

是的，謝謝你，Martin，也謝謝 Elon。

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.

總的來說，當我們回顧第一季度的進展時，這是我能想到的公司歷史上最複雜的季度之一。

And it was ambitious even by Tesla's own standard.

即使按照特斯拉自己的標準，它也是雄心勃勃的。

The global expansion of Model 3 was a huge theme within the quarter.

Model 3 的全球擴張是本季度的一個重要主題。

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.

我們推出了 Model 3 的 Standard Range 陣容，Model S 和 Model X 的產品重組，Elon 剛剛談到了範圍增強和懸架升級，然後我們實施了各種定價調整，並努力對我們產生相應的影響。可交付汽車的訂單組合。

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.

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和盈利能力進行問答。

First, on the cash front, we exited Q1 with $2.2 billion in cash and cash equivalents on hand.

首先，在現金方面，我們在第一季度結束時手頭有 22 億美元的現金和現金等價物。

This was a $1.5 billion reduction from our 2018 ending cash balance, but this reduction is attributed to 2 factors.

這比我們 2018 年期末現金餘額減少了 15 億美元，但這種減少歸因於兩個因素。

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.

首先是我們在 3 月 1 日還清了 9.2 億美元的可轉換票據。請注意那些查看現金流量表的人，其中 1.88 億美元正在通過我們的運營現金流流動。

The balance to the $1.5 billion reduction is more than explained by the working capital impact of expanding Model 3 operations overseas.

減少 15 億美元的餘額超過了擴大 Model 3 海外業務對營運資金的影響。

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.

我們討論過的兩個組成部分是，國際運營自然會因為運輸時間而需要額外的營運資金，但我們交付業務的壓力也意味著並非我們所有的汽車都會交付。

Both of these factors which occurred in Q1 we do not expect to repeat in Q2.

這兩個因素都發生在第一季度，我們預計不會在第二季度重複。

And we expect our quarter ending cash balance to continue to increase going forward.

我們預計我們的季度末現金餘額將繼續增加。

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.

我還要指出，我們在 4 月份跟踪了公司歷史上第 1 個月的最大交付量。

On the working capital point, as Elon noted, 50% of our deliveries in Q1 occurred in the final 10 days of the quarter.

正如 Elon 所說，在營運資金方面，我們在第一季度的交付中有 50% 發生在該季度的最後 10 天。

This is because we prioritized international builds for the first half of the quarter and then U.S. local builds in the second half.

這是因為我們在本季度上半年優先考慮國際建設，然後在下半年優先考慮美國本地建設。

This led to a binary inflow of Model 3 cars to EMEA and China and significantly stressed the delivery operations.

這導致 Model 3 汽車雙雙流入 EMEA 和中國，並極大地強調了交付業務。

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.

請注意，我們在上海和北京也面臨進口問題並解決了這些問題，但這也導致本季度最後幾天和幾週的交貨量出現偏差。

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.

所以我們正在通過區域平衡來解決這個問題——通過建立區域平衡，我們已經在 Model 3 上執行了這個，S 和 X 將在下週或下週實施。

The secondary benefit of this is that it enables us to run stable operations throughout the quarter.

這樣做的第二個好處是，它使我們能夠在整個季度運行穩定的運營。

So we don't have to staff many of our delivery areas and logistic operations to the peak.

因此，我們不必在高峰期為我們的許多交付區域和物流運營配備人員。

We expect significant cost savings to come from this.

我們預計這將大大節省成本。

On the P&L side, we incurred $188 million of one-time adjustments that flowed through to net income.

在損益方面，我們進行了 1.88 億美元的一次性調整，這些調整流入了淨收入。

$120 million of this was related to S and X pricing adjustments that we announced on February 28.

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。

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.

這包括為我們的車輛剩餘價值保證和回購保證潛在增加的退貨率準備金，以及對我們使用過的特斯拉庫存和服務交付的庫存價值進行調整。

There's an additional $67 million related to Q1 restructuring and other charges that flowed through.

還有 6700 萬美元與第一季度的重組和其他費用有關。

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.

在汽車業務中，我想在這裡指出的一件事是，由於我剛剛提到的 S 和 X 儲備增加，汽車收入受到了 5.01 億美元的負面影響。

If you adjust for this, the decline from Q4 to Q1 in revenue is roughly in line with the decline in deliveries.

如果對此進行調整，則從第四季度到第一季度的收入下降與交付量的下降大致一致。

Within automotive gross margin, Model 3 gross margin declined slightly to approximately 28 -- to 20%.

在汽車毛利率中，Model 3 的毛利率略微下降至約 28 - 至 20%。

This is due to 2 factors.

這是由於2個因素。

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.

一是我們在 2 月 28 日進行的定價調整以及向我們推出的標準系列產品線的混合轉變。

We also successfully executed on a number of cost reductions which offset this impact.

我們還成功執行了多項成本削減措施，抵消了這種影響。

Labor content, warehousing and scrap, as examples, all had double-digit improvements from Q4 to Q1.

例如，勞動力含量、倉儲和廢料從第四季度到第一季度都有兩位數的改善。

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里程差異，但我們要注意北美的 ASP 接近 50,000 美元，我們的大部分訂單是 Model 3 的遠程變體。

In S and X, the impact on margin was more significant.

在 S 和 X 中，對利潤率的影響更為顯著。

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.

這裡有兩個主要部分：銷量減少導致固定成本吸收減少，從而影響了我們的利潤率以及我們在 2 月 28 日採取的定價行動。

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.

儘管 S 和 X 已經生產了一段時間，但我們仍然繼續在那裡進行運營改進，例如勞動力含量，環比有所改善。

As we look to the future here, I agree with Elon's sentiments about the excitement of our product lineup.

當我們在這裡展望未來時，我同意 Elon 關於我們產品陣容令人興奮的觀點。

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.

但從財務的角度來看，我們在這裡有效地做的是建立了一個令人難以置信的知識和資產基礎，我們可以快速擴展並複製到世界各地的不同產品中。

So Gigafactory Shanghai is a terrific example of this.

所以上海超級工廠就是一個很好的例子。

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.

正如我們在信中指出的那樣，與美國的 Model 3 相比，CapEx 為 Giga Shanghai 帶來了 50% 的產能，而我們正在執行的內部預測實際上是 50% 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.

正如我們所指出的，Model Y 是建立在 Model 3 平台上的，因此我們能夠利用那裡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.

正如我們之前提到的，在能源方面，2019 年是存儲的重要一年，因此會有很多令人興奮的改進。

And the expansion will help improve margin as we can better utilize some of the assets that we've made investments in that.

擴張將有助於提高利潤率，因為我們可以更好地利用我們在其中投資的一些資產。

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.

因此，在這裡結束開場白，我個人從未對公司的未來感到如此興奮，我期待著討論。

Thank you very much, Zachary.

非常感謝，扎卡里。

Let's take some first questions from retail shareholders who have been submitting their questions on say.com.

讓我們先從在 say.com 上提交問題的散戶股東那裡提出一些問題。

So the first question is, will Tesla be able to complete their purchase of Maxwell Technologies?

那麼第一個問題是，特斯拉能否完成對 Maxwell Technologies 的收購？

What is holding that back?

是什麼阻礙了它？

Jonathan, do you want to?

喬納森，你想要嗎？

Yes, it's Jonathan Chang, Legal Counsel here.

是的，我是這裡的法律顧問 Jonathan Chang。

Right now, we're just going through approvals with the SEC.

目前，我們剛剛獲得美國證券交易委員會的批准。

There's not a whole lot of things holding it back.

沒有很多東西可以阻止它。

We're on schedule.

我們按計劃進行。

We're on track.

我們走上了正軌。

Right now, we're looking to close in mid-May.

現在，我們希望在 5 月中旬關閉。

Thank you.

謝謝你。

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?

第二個問題是，特斯拉是否正在考慮並創建一個保險計劃，以進一步簡化擁有體驗，並更準確地考慮駕駛 Autopilot 的安全性？

The insurance market is very unreliable for Tesla owners right now.

對於特斯拉車主來說，保險市場目前非常不可靠。

The answer is, yes, we are creating a Tesla insurance product, and we hope to launch that in about a month.

答案是，是的，我們正在開發一款特斯拉保險產品，我們希望在大約一個月內推出。

It will be much more compelling than anything else out there.

這將比其他任何東西都更具吸引力。

Great.

偉大的。

Thank you very much.

非常感謝。

The next question is, Elon, most people when they think of Tesla only see it as an automotive company.

下一個問題是，埃隆，大多數人在想到特斯拉時只將其視為一家汽車公司。

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?

您能否談談公司的能源方面，特別是當您看到能源方面真正起飛並為公司帶來重大收入時的路線圖？

Sure.

當然。

The challenge really is battery cell scarcity.

真正的挑戰是電池稀缺。

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.

就固定存儲而言，我們基本上需要追加銷售來支持車輛生產以及 Powerwall 和 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.

去年，為了為 Model 3 提供足夠的電池，我們實際上不得不將 Gigafactory 的所有生產線轉換為只為 Model 3 生產電池，而不是為 Powerwall、Powerpack 生產電池。

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.

因此，我們基本上是在從世界各地尋找電池，至少繼續在 Powerwall 和 Powerpack 上進行一定程度的生產。

This year, we think that we'll be able to allocate at least maybe 5% to 10% of cell outputs.

今年，我們認為我們將能夠分配至少 5% 到 10% 的細胞輸出。

[I incur] J.B., like what do you guys think?

[我招致] J.B.，你們怎麼看？

Yes.

是的。

Yes, something like that.

是的，類似的東西。

Between 5% and 10%, exactly that.

在 5% 到 10% 之間，就是這樣。

Yes.

是的。

So there are far fewer cells in a Powerwall than in a car, so that translates to quite a decent number of Powerwalls.

因此，Powerwall 中的電池比汽車中的電池少得多，因此可以轉化為相當數量的 Powerwall。

And then we will continue to use cells from various suppliers around the world.

然後我們將繼續使用來自世界各地不同供應商的電池。

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.

Powerwall 和 Powerpack 無需通過車輛認證，因此更適合使用來自其他電池供應商的各種電池。

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.

那麼我們是否期望 Powerwall 和 Powerpack 今年會出現非常顯著的百分比增長，可能會達到 300% 或相當高的數字。

Sorry?

對不起？

Sorry?

對不起？

Yes, 300%.

是的，300%。

I guess he was just confirming it, 300%.

我猜他只是在確認，300%。

So this is a very big percentage growth rate.

所以這是一個非常大的百分比增長率。

It's much faster than an automotive.

它比汽車快得多。

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.

因此，隨著時間的推移，我們希望這種增長率能夠持續下去，然後隨著時間的推移，電池存儲將成為特斯拉業務中越來越大的一部分。

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.

我們還有 - 我們還計劃今年大幅增加改造太陽能，因為我們最終改進了產品，使其成為極具吸引力且交付和安裝成本效益更高的產品。

So a radically streamlined process from what has been done before, and we'll have more to say on that possibly next week.

因此，與之前所做的相比，這是一個從根本上簡化的流程，我們可能會在下週對此發表更多評論。

And then the Solar Roof tile, we're on version 3 of the design.

然後是太陽能屋頂瓦片，我們處於設計的第 3 版。

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.

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將持續約 30 年，而且保修期為 20 年、25 年。

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.

因此，您可以在 Solar Roof 上進行迭代的速度必然會減慢 - 根據您可以在屋頂上加速老化的速度。

And we want the installation process to be simple and easy.

我們希望安裝過程簡單易行。

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.

所以幾週前我實際上只是在布法羅 - 特斯拉布法羅工廠，我對團隊印象深刻，我們期待在今年和明年的剩餘時間內顯著擴大規模。

Thank you very much.

非常感謝。

The next question comes from [Jeffrey].

下一個問題來自 [Jeffrey]。

When and where will the Tesla Semi production begin?

Tesla Semi 的生產何時何地開始？

This is Jerome.

這是杰羅姆。

Next year, we'll start production.

明年，我們將開始生產。

We're very happy.

非常高興。

We're driving the trucks extensively with, I think, so far quite amazing success, yes.

我認為，我們正在廣泛地駕駛卡車，迄今為止取得了相當驚人的成功，是的。

The prototypes are working amazingly well.

原型運行得非常好。

Yes, very well.

是的，很好。

We just use them all the time.

我們只是一直使用它們。

We load them to the maximum weight and continue to make improvements.

我們將它們加載到最大重量並繼續改進。

So...

所以...

We even used them to deliver some Model 3s.

我們甚至用它們來交付一些 Model 3。

Yes, that was fun.

是的，那很有趣。

So yes, we'll start production next year.

所以是的，我們將在明年開始生產。

The location is not yet set, but it's pretty clear that we make all the batteries and [driving units] in Reno.

地點還沒有確定，但很明顯我們在里諾製造了所有的電池和[驅動單元]。

Great.

偉大的。

Thank you very much.

非常感謝。

That was Sparks, technically.

從技術上講，那是 Sparks。

Yes, Sparks.

是的，斯帕克斯。

Yes.

是的。

Northern Nevada.

內華達州北部。

Yes, Northern Nevada.

是的，內華達州北部。

And perhaps the last question from retail.

也許是零售業的最後一個問題。

How soon should current owners that purchased FSD get the new FSD computer?

購買 FSD 的當前所有者應在多長時間內獲得新的 FSD 計算機？

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.

我認為——從特性和功能的角度來看，如果你在大約 2 或 3 個月內沒有真正將它放在車上，我認為升級 FSD 是沒有意義的。

That's when we'll start releasing features that are materially different from the feature set available on the version 2 hardware.

屆時，我們將開始發布與第 2 版硬件上可用的功能集大不相同的功能。

So just no need to rush to the -- get your computer replaced.

因此，無需急於更換您的計算機。

It's like 2 to 3 months before it becomes relevant.

在它變得相關之前大約需要 2 到 3 個月。

And then it will obviously increase rapidly from then.

然後它顯然會從那時起迅速增加。

One other comment I'll make in case, since nobody asked this explicitly.

以防萬一，我將發表另一條評論，因為沒有人明確提出這一點。

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.

對於 Model Y 的生產，我們現在正試圖決定 Model Y 的汽車生產應該在加利福尼亞還是內華達州，我們預計很快就會做出最終決定。

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.

但與此同時，我們已經訂購了 Model Y 所需的所有工具和設備。所以我們不認為這會以任何方式延遲 Model Y 的生產，但目前內華達州和加利福尼亞州之間的關係非常密切，因為至於我們是在 Giga 還是在 Fremont 生產 Model Y。

But those are the 2 options, and hopefully, we'll be able to make a decision in the next few weeks.

但這是兩個選擇，希望我們能夠在接下來的幾週內做出決定。

Thank you very much.

非常感謝。

Cherie, we can go to analyst questions in the question queue.

Cherie，我們可以去問題隊列中的分析師問題。

Our first question comes from Ryan Brinkman with JPMorgan.

我們的第一個問題來自摩根大通的 Ryan Brinkman。

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.

您對 90,000 至 100,000 次第二季度交付量的指導與全年展望相結合，表明從上半年到下半年的連續增長介於 35% 至 45% 之間。

Can you talk about what is giving you the confidence to project that growth?

你能談談是什麼讓你有信心預測這種增長嗎？

And in particular what the order book or reservation list may be telling you?

尤其是訂單簿或預訂清單可能會告訴您什麼？

Yes.

是的。

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.

我們確實看到了對車輛的強勁需求，包括 S、X 和 3。帶有 Autopilot 的 Standard Range Plus Model 3 售價 39,500 美元，是一款非常引人注目的車輛，而且價格可能與頂級車型差不多美國和歐洲有 40% 的收入者。

So it's -- I think we'll see a lot of interest and demand in that.

所以它 - 我認為我們會看到很多興趣和需求。

We are.

我們是。

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.

然後隨著升級後的 S 和 X，我想很多人有點期待會有 S、X 升級，而這確實是一種改變遊戲規則的升級。

So I think we are seeing an uptick in demand, and we expect to see that to be quite significant.

所以我認為我們看到需求上升，我們預計這會非常顯著。

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.

所以——我們也擺脫了第一季度的季節性，有一些人通常不喜歡在冬天買車，我們正在克服稅收抵免懸崖的懸垂，對我們來說，它在美國 12 月 31 日。

So these were all very positive factors.

所以這些都是非常積極的因素。

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.

我們也有很多市場——我們還沒有挖掘需求，尤其是 Model 3。所以我們將發布右手駕駛 Model 3，並期望看到右手駕駛的巨大需求驅動國家。

Overall, I feel really good about where things are headed.

總的來說，我對事情的發展方向感覺很好。

Okay.

好的。

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

然後我的跟進 - 對不起......

(inaudible)...

（聽不清）...

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.

我只是想說，在之前的電話會議上，你表示 Y 不會在弗里蒙特製造，因為我想你說過，它已經被擠得水洩不通了。

I heard today that it is now a close call between California and Nevada.

我今天聽說現在是加利福尼亞和內華達之間的密切聯繫。

Is anticipated demand for Fremont-built vehicles less than was previously thought?

對弗里蒙特製造車輛的預期需求是否低於此前的預期？

Or have you managed to maybe find more capacity in Fremont, for example, with the tent or some other production method?

或者你有沒有設法在弗里蒙特找到更多的容量，例如，使用帳篷或其他一些生產方法？

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.

嗯，首先，很明顯，在那種帳篷上，就像我的意思是，真的像鐵桿帳篷，所以不像 Cub Scout 帳篷，這很好。

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.

但這實際上是——這要歸功於特斯拉的一些團隊，因為他們實際上研究瞭如果必須的話，我們如何在弗里蒙特做到這一點，我們覺得我們實際上可以將建築空間附加到——基本上是西側並使用了目前在弗里蒙特工廠用於倉儲的大量內部空間。

And so we believe it actually can be done with minimal disruption to add Model Y to Fremont.

因此，我們相信實際上可以在最小的干擾下將 Model Y 添加到弗里蒙特。

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.

我的第一個問題是關於 Model S 和 Model X，Elon，你說你對它們很滿意。

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?

你看——根據你在 4 月份看到的情況，你認為每季度 25,000 台是你認為市場已經恢復的需求水平嗎？

Or are we not there yet?

還是我們還沒有？

And more specifically, in the U.S., the pull forward in Q4 could hurt a lot of demand for S and X?

更具體地說，在美國，第四季度的增長可能會損害對 S 和 X 的大量需求？

Is that something that you still see in the numbers today in recent weeks?

最近幾週你在今天的數字中仍然可以看到這種情況嗎？

Or is that behind us?

還是在我們身後？

And I'll have a follow-up on Q2.

我將在第二季度進行跟進。

Yes.

是的。

I mean, I think something like the -- returning to the 100,000 a year annualized demand for S and X is what we anticipate.

我的意思是，我認為類似於 - 回到每年 100,000 對 S 和 X 的年化需求是我們預期的。

That's to the best of my knowledge.

這是據我所知。

We don't have a crystal ball, but that's probably our best guess.

我們沒有水晶球，但這可能是我們最好的猜測。

And sorry, what was the other part?

抱歉，另一部分是什麼？

My question was about the run rate of demand you see at the moment.

我的問題是關於你目前看到的需求運行率。

Do you still feel like weak demand in the U.S. because of the pull forward in Q4?

由於第四季度的拉動，您是否仍然覺得美國的需求疲軟？

Or do you think demand returned to normal already?

還是您認為需求已經恢復正常？

I think we expect demand to -- we are seeing demand returning to normal in Q2.

我認為我們預計需求將 - 我們看到需求在第二季度恢復正常。

And it might be a little better than normal.

它可能比正常情況要好一些。

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.

是——我沒有水晶球，所以我很難說，但我現在的印像是需求非常穩定，非常強勁，是的。

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

然後我的第二個問題是關於...

Sorry, Zachary would probably like to...

抱歉，扎卡里可能想...

Yes.

是的。

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.

但我只想補充一件事，就在 S 和 X 的生產方面。如前所述，我們確實在第一季度減少了產量。

That was part of the retooling that we put in place to get the longer-range vehicle out with the improved suspension.

這是我們為使遠程車輛配備改進的懸架而進行的改造的一部分。

And we're in the process of increasing production back up over the course of Q2.

我們正在第二季度增加產量。

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.

因此，出於預期的目的，我的意思是，我們將以高於第一季度 S 和 X 的生產率退出第二季度，然後在第三季度恢復到更正常的產量。

I think it's already increasing.

我認為它已經在增加。

Yes.

是的。

Yes.

是的。

Okay.

好的。

What was your second question?

你的第二個問題是什麼？

And my third...

而我的第三...

Part of the S, X. Yes -- S, X, yes.

S，X 的一部分。是的——S，X，是的。

Or by an S, X. Yes.

或按 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.

我的後續行動實際上是在第二季度，比如 90,000 到 100,000 個單位，你正在恢復到相當不錯的數量，我很驚訝你沒有 - 你仍然預計會虧損。

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.

因此，也許如果您能帶我們了解與第四季度和第三季度相比我們將在第二季度看到的痛點，您可以在類似的數量中獲利。

How much of the loss in Q2 would be the one-off costs?

第二季度的損失中有多少是一次性成本？

How much is the price points coming down in the mix?

價格點在組合中下降了多少？

And how much is related to pricing and other things?

有多少與定價和其他事情有關？

Sure.

當然。

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.

所以相當多——但我們認為，如果我們不放鬆或拉動我們的浪潮，是的，我們在本季度的上半年幾乎完全為亞洲和歐洲製造汽車，而下半年幾乎完全為北美製造，並且那麼實際上即使是根據是西海岸還是東海岸進行細分，那麼我們可以交付更多的汽車。

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.

但我們認為放鬆這一波很重要，因為它最終會在第一季度進行某種優化，但確實增加了很多成本和難度，而不僅僅是——對客戶來說不是一個好的體驗，給特斯拉帶來了很大的壓力團隊。

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.

因此，如果我們要在第二季度全面優化盈利能力，我認為我們可以做到，但我們將無法平息這股瘋狂的交付浪潮。

And it also helps on working capital within the quarter to not have the wave.

它還有助於本季度的營運資金不出現波動。

And then, Zach, do you want to talk about some of the other items?

然後，扎克，你想談談其他一些項目嗎？

Yes.

是的。

No, I think you summarized it well, Elon.

不，我認為你總結得很好，埃隆。

Two other things that I would add.

我要補充的另外兩件事。

One is that we did make pricing adjustments to our products in Q1, which puts pressure on margins.

一是我們確實在第一季度對我們的產品進行了定價調整，這給利潤率帶來了壓力。

And so that's part of what we will see in Q2.

這就是我們將在第二季度看到的部分內容。

The teams are working extremely hard and making terrific progress on improving the cost efficiency of the business without sacrificing growth.

這些團隊正在非常努力地工作，並在不犧牲增長的情況下在提高業務成本效率方面取得了巨大進展。

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.

而且，再加上放鬆浪潮的效率，我們認為一旦所有這些因素都到位，我們將很樂意在第三季度恢復盈利。

Our next question is from Adam Jonas with Morgan Stanley.

我們的下一個問題來自摩根士丹利的亞當喬納斯。

First question, Elon.

第一個問題，埃隆。

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.

幾天前，我問你 Autopilot 技術有多安全，你說的安全性是正常駕駛的兩倍。

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.

但是你似乎處於一個非常獨特的位置，可以真正收集 EB 級的數據，而且你不可能得到更嚴格的外部驗證，更嚴格地提供給監管機構或保險機構，以展示 Autopilot 的安全性。

When can we -- could we expect to see Tesla do that, that type of validation that investors could also get a sense of.

我們什麼時候可以 - 我們可以期待看到特斯拉這樣做，投資者也可以感受到這種類型的驗證。

It seems really, really important for adoption.

這似乎對採用非常非常重要。

And I have a follow-up.

我有一個後續行動。

I think we're just going to continue to report the absolute numbers.

我認為我們將繼續報告絕對數字。

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.

所以我認為詳細報導只是給那些反對特斯拉的人，他們可以有點像數據挖掘情況，然後試圖將正面變成負面。

So we're just going to keep reporting what we report.

因此，我們將繼續報告我們報告的內容。

We do give some more detailed information to insurance companies and to help with rates.

我們確實向保險公司提供了一些更詳細的信息並幫助確定費率。

And obviously, as we launch our own insurance product next month, we will certainly incorporate that information into the insurance rates.

顯然，當我們下個月推出自己的保險產品時，我們肯定會將這些信息納入保險費率。

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.

所以我們可以——因為我們基本上有大量的價格套利——或信息套利機會，我們直接了解客戶的風險狀況，基本上是汽車。

And then if they want to buy Tesla insurance, they'd have to agree to not drive the car in a crazy way.

然後，如果他們想購買特斯拉保險，他們就必須同意不要以瘋狂的方式駕駛汽車。

Or they can, but then their insurance rates are higher.

或者他們可以，但是他們的保險費率更高。

So we're just going to keep reporting the numbers at a broad brush-stroke level, which I think is really what matters.

因此，我們將繼續在廣泛的筆觸級別上報告數字，我認為這才是真正重要的。

Autopilot...

自動駕駛儀...

Okay.

好的。

I understand it.

我明白了。

That's for safety.

那是為了安全。

Okay.

好的。

And just a follow-up, Elon, and you kind of alluded to it a little bit.

只是一個後續行動，埃隆，你有點暗示它。

There's just so much drama around Tesla's share price and quarterly results.

圍繞特斯拉的股價和季度業績有很多戲劇性。

From the outside, at least, it just looks like a huge distraction.

至少從外面看，這只是一個巨大的干擾。

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.

同時，有如此多的替代資本和大量戰略資本逐步部署在特斯拉真正具有領導地位的領域。

So how important is it for Tesla to be a publicly traded company, Elon?

那麼對於特斯拉來說，成為一家上市公司有多重要呢，埃隆？

Well, this may -- I don't want to surprise you, but I would prefer we were private.

好吧，這可能 - 我不想讓你感到驚訝，但我希望我們是私人的。

But unfortunately, I think that ship has sailed.

但不幸的是，我認為那艘船已經航行了。

So...

所以...

But is it important?

但重要嗎？

I mean, do you think the company's value is maximized being public?

我的意思是，你認為上市公司的價值會最大化嗎？

Or is there just only so much you can do and you just got to play the hand that you're dealt?

或者你能做的只有這麼多，你只需要玩你發到的手嗎？

Well, being public does feel like the sort of price of the stock is being set in kind of a manic depressive way.

嗯，公開確實感覺股票的價格是以一種狂躁抑鬱的方式設定的。

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.

而且我認為沃倫巴菲特的類比就像也許作為一家上市公司就像有人站在你家的邊緣，每天為你的房子隨機喊出不同的價格。

It's still the same house.

還是原來的房子。

So it's a little bit of a distraction at times, but I'm not sure what to do about it.

所以有時這會讓人分心，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 Maynard Um 和 Macquarie。

In the update letter, you talked about supplier limitations impacting production.

在更新信中，您談到了影響生產的供應商限制。

Can you just talk about what that was and how long you think that might continue to impact you?

您能否談談那是什麼以及您認為這可能會繼續影響您多長時間？

And then I have a follow-up.

然後我有一個跟進。

In Q2, we don't -- we think we're through supplier interruptions.

在第二季度，我們沒有——我們認為我們正在經歷供應商中斷。

At least there aren't any significant ones that we're aware of.

至少我們沒有意識到任何重要的問題。

Okay.

好的。

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?

我猜有人擔心 Model 3 正在蠶食 S 和 X，儘管它們都是不同的車輛類別，聽起來你根本沒有看到，但我只是想知道你是否有任何證據證明或反駁這一點？

Any thoughts there would be helpful.

那裡的任何想法都會有所幫助。

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

不，似乎確實存在不同的細分市場。

Yes.

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，我們對 Model 3 的以舊換新中只有大約 3.5% 來自 Model S。所以在所有 Model 3 的以舊換新中，Model S 佔了非常非常小的一部分。

Yes, for sure.

是肯定的。

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

我們覺得我們有一個 Model S 只是想把它換成另一個 Model S 或者 X。

Our next question comes from Dan Galves with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Dan Galves。

I got a couple of questions.

我有幾個問題。

One, you mentioned a $50,000 ASP for North America Model 3s.

一，您提到北美 Model 3 的平均售價為 50,000 美元。

Can you give us a little bit more detail on kind of -- is that a number like since the February 28 price adjustments?

你能否給我們提供更多細節——這是自 2 月 28 日價格調整以來的數字嗎？

Is that what you're kind of seeing as order flow?

這就是你所看到的訂單流嗎？

I'm sorry, is ASP is in kind of the current order flow since those price adjustments?

抱歉，自那些價格調整以來，ASP 是否與當前的訂單流類似？

Yes, this is Zach.

是的，這是紮克。

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.

我的意思是，我們在 2 月 28 日推出 Standard Range 時看到的情況，Standard Range Plus 的差異是對那些在宣布後很快發布的產品的需求被壓抑。

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.

然後隨著時間的流逝和訂單率的穩定，它開始了——自從訂單率穩定以來，平均 ASP 實際上每週都在增加。

And just under $50,000 ASP represents the most recent data, and we think it's starting to stabilize there.

低於 50,000 美元的 ASP 代表了最新數據，我們認為它開始穩定在那裡。

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.

我們還將看到歐洲、中東和非洲和中國的趨勢，但我們在北美看到的是，我們超過 50% 的訂單是遠程型號，而且平均售價足夠盈利。

That's really helpful.

這真的很有幫助。

And the follow-up is, I know order questions have been asked before, but let me put it this way.

後續是，我知道以前有人問過訂單問題，但讓我這樣說吧。

So the -- I imagine that S and X orders need to have a couple of days to pick up after the upgrades.

所以——我想 S 和 X 訂單在升級後需要幾天時間來取貨。

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?

但是在 Model 3 上，無論您的假設是在 90,000 到 100,000 個 Q2 交付範圍內，無論 Model 3 的假設是什麼，您當前的訂單流是否支持這一點？

Or do you need something kind of positive to happen over the course of the quarter to get there?

或者您是否需要在本季度期間發生一些積極的事情才能實現目標？

I think we'll -- I think it'll be fine.

我想我們會——我想會沒事的。

Yes, I don't think that there's any major thing required.

是的，我認為不需要什麼大的東西。

Our next question comes from Toni Sacconaghi with Bernstein.

我們的下一個問題來自托尼·薩科納吉和伯恩斯坦。

Elon, I was wondering if you could talk about this whole notion of raising capital.

Elon，我想知道你是否可以談談籌集資金的整個概念。

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.

大約在去年，你幾乎把它當作一件邪惡的事情來迴避，我認為很多投資者認為，如果該公司確實籌集資金或擁有更強大的現金基礎，它可能會更好地實現其增長目標。

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?

鑑於您在本季度用掉了價值約 20 億美元的現金，您是否可能會在嘗試快速增長並實現自籌資金的同時嘗試度過一個非常狹窄的空間，坦率地說，這可能是不現實的？

So why not raise capital?

那麼為什麼不籌集資金呢？

And why do you view that as something that Tesla shouldn't do or wouldn't do?

為什麼你認為這是特斯拉不應該或不會做的事情？

And I have a follow-up, please.

我有一個跟進，拜託。

Yes.

是的。

I don't think raising capital should be a substitute for making the company operate more effectively.

我不認為籌集資金應該替代使公司更有效地運作。

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.

所以從這個意義上說，我認為這只是——重要的是要有一個強大的公司財務紀律，而且只是——確保我們沒有多餘的開支，而且我們只是在節約資本。

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.

如果我們只是每次都繼續籌集資金，那麼它只是需要 - 我們沒有改善業務基礎運營的強制功能。

So I think it is healthy to be on a Spartan diet for a while.

所以我認為一段時間的斯巴達飲食是健康的。

At this point, I do think there are -- is some merit to raising capital.

在這一點上，我確實認為籌集資金有一些好處。

That's a -- but this is sort of probably about the right timing, but yes.

這是一個 - 但這可能是關於正確的時機，但是是的。

So does that mean that investors should expect the capital raise in the near to medium term?

那麼這是否意味著投資者應該期待在中短期內籌集資金？

And I hear you on the force and constraint, but I mean, growth does eat cash, especially in a capital-intensive business.

我聽到你談到力量和約束，但我的意思是，增長確實會吃掉現金，尤其是在資本密集型企業中。

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.

如果你真的相信自己有先發優勢，為什麼不盡快推動它，即使這意味著在短期內籌集資金。

Yes.

是的。

First of all, I'll just say I don't think that capital has been a constraint on our growth thus far.

首先，我只想說，到目前為止，我不認為資本一直是我們增長的製約因素。

And if I thought there was a fundamental constraint on growth we would have [faced] capital before now.

如果我認為增長存在根本性限制，我們之前會[面臨]資本。

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.

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，而且我們 - 我們在整個公司都有適當的財務紀律並且非常有效地花錢。

At this point, I think we are doing that, but there's more work to do.

在這一點上，我認為我們正在這樣做，但還有更多工作要做。

And Tesla today is a far more efficiently operating organization than it was a year ago.

今天的特斯拉是一個比一年前更有效率的運營組織。

We've made dramatic improvements across the board.

我們已經全面做出了巨大的改進。

And so I think there's merit to the idea of raising capital at this point.

所以我認為在這一點上籌集資金的想法是有好處的。

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.

除此之外，在過去 12 到 18 個月裡，我們一直在努力提高花錢的效率，這確實改變了公司內部的文化。

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.

它使我們能夠加速我們產品的 COGS 方面的一些成本降低，然後也改善了運營費用。

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.

然後，由於我們期待對 Giga Shanghai 和 Model Y 以及最終在歐洲的工廠進行資本投資，通過這裡團隊的工作，我們每單位產能的資本支出已顯著下降。

So I think it has been a very productive journey for us.

所以我認為這對我們來說是一次非常富有成效的旅程。

And technically, we did raise some debt capital in China for the Shanghai Giga on the order of $500 million.

從技術上講，我們確實在中國為上海 Giga 籌集了大約 5 億美元的債務資本。

So that -- we want to make sure that we don't have to draw upon global capital to fund the Shanghai factory.

所以——我們要確保我們不必利用全球資金來資助上海工廠。

Our next question comes from Alex Potter with Piper Jaffray.

我們的下一個問題來自 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?

我想知道，當您說物流挑戰顯然是本季度的逆風時，您談到試圖在未來區域平衡您的交付時，基本上是說歐洲和中國的人們只需要等待更長的時間才能接受他們的交付，您將嘗試更多地強調北美，以便，我猜想，提高您的營運資金和未來每個季度的盈利能力？

No, they would actually receive their cars sooner.

不，他們實際上會更早收到他們的汽車。

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.

這只是意味著我們不是批量生產汽車，比如上半季度專門生產中國、歐洲汽車，下半年專門生產北美汽車，而是我們在整個季度為客戶混合汽車生產。世界，整個季度。

And then this puts much less strain on us.

然後這給我們帶來的壓力要小得多。

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.

我們不希望再次出現像第一季度那樣的情況，即基本上所有汽車都同時到達全球客戶手中。

We literally delivered half of the entire quarter's deliveries were in the final 10 days of Q1.

我們實際上交付了整個季度交付的一半是在第一季度的最後 10 天。

That's insane.

這太瘋狂了。

So I think we need to unwind that.

所以我認為我們需要放鬆一下。

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.

這也不是一個很好的客戶體驗，因為我們人手不足，然後我們必須重新部署，就像那些在銷售、人力資源、法律、工程等部門工作的人一樣，只是為了交付汽車。

And then we -- then they can't do their regular jobs.

然後我們——然後他們就不能做他們的正常工作了。

So it just makes sense to just blend the production according to demand throughout the quarter.

因此，在整個季度根據需求混合生產是有意義的。

Okay.

好的。

That makes sense.

那講得通。

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.

第二個問題，我想在上市時，公司有一段時間專注於關閉店面，圍繞著這個問題產生了相當多的噪音。

And then it looked like some of the commentary was hedging that strategy.

然後看起來一些評論正在對沖該策略。

I was just wondering if there's any update there.

我只是想知道那裡是否有任何更新。

And if you have one, that would be helpful.

如果你有一個，那會很有幫助。

Sure.

當然。

I think Tesla just sort of -- specifically, I didn't handle messaging of that well.

我認為特斯拉只是——具體來說，我沒有很好地處理那種消息傳遞。

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.

- 我的意思是，這被聲明放大了 - 我們發表聲明，當有誤解時，它有點被帶到了極端。

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.

我們當然會繼續開設店鋪，並且我們將繼續增加店鋪，前提是它們位於人流量大的地方以及我們目標市場中的人群。

So we actually will continue to add stores in locations that are no-brainers.

因此，我們實際上將繼續在不費吹灰之力的位置添加商店。

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.

我們將在難以找到且潛在買家的客流量非常低的地方關閉商店，以致無法支撐商店和店內人員的成本。

So I think it's just common sense.

所以我認為這只是常識。

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.

然後所有在線銷售僅意味著即使您進入商店，您 - 我們也會指導您在手機上訂購汽車。

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.

商店本質上就像——它們就像信息中心，一個你可以試駕併購買一些特斯拉商品的地方，諸如此類。

But all sales online doesn't mean all stores are closed.

但所有在線銷售並不意味著所有商店都關閉。

It just means that when you buy a car, you always do it on your phone in the store or at home or anywhere.

這只是意味著當您購買汽車時，您總是在商店或家中或任何地方使用手機進行操作。

You also -- all orders online doesn't meant all stores are closing.

你也——所有在線訂單並不意味著所有商店都關門了。

That's not what is meant.

這不是這個意思。

Our next question comes from Philippe Houchois with Jefferies.

我們的下一個問題來自 Philippe Houchois 和 Jefferies。

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.

我只是想知道你是否可以評論你似乎與 FCA 達成的關於在歐洲向他們出售你的二氧化碳信用額的協議，以及這對你的潛在現金流入意味著什麼。

When that might start occurring?

什麼時候可能開始發生？

And if there is any chance any of those things already in the Q1 cash position?

如果有任何機會已經在第一季度的現金頭寸中？

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

我認為這是與 FCA 的一項機密交易，所以我們 - 我們同意 FCA 不對它公開發表評論。

So we must abide by that.

所以我們必須遵守。

All right.

好的。

And can I ask you a question of coming back to what Adam was saying about the drama that surrounds your stock, unfortunately.

不幸的是，我能問你一個問題，回到亞當對圍繞你股票的戲劇所說的話。

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?

您為什麼不通過每月披露您的交貨量來減少其中的一部分，也可以提前披露您的溫室收入而不是僅僅披露儲備，這樣我們就可以立即更好地了解其中一些細節，從而推動庫存？

I think that would actually be counterproductive because people read too much into what occurred in a month.

我認為這實際上會適得其反，因為人們對一個月內發生的事情了解得太多了。

I mean, even at a quarterly basis, things can be lumpy.

我的意思是，即使是按季度計算，事情也可能很混亂。

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.

因此，提供的粒度越細，比方說，在每月的水平上，人們會得出各種沒有意義的結論。

It's like -- literally like sales to a particular country, say overseas, are affected by when the ship arrives.

這就像 - 從字面上看，就像對特定國家的銷售一樣，比如海外，受到船舶到達時間的影響。

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.

因此，如果船在本月 31 日或下月 1 日抵達，這將使它看起來像是發生了一些戲劇性的事情。

But actually the ship was just a day late.

但實際上船晚了一天。

So people read -- that would increase the drama, not decrease it.

所以人們閱讀——這會增加戲劇性，而不是減少它。

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

我們正在100%裝滿船……

Filling the ship 100%.

100% 裝滿船。

So it's like it just ends up being lumpy.

所以它就像它最終變成了塊狀。

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.

因此，如果您管理 - 如果您計算一個國家的 GDP 以抵消美國，週日的 GDP 非常低，但周一的 GDP 非常高。

It does not mean -- nothing has really changed.

這並不意味著——什麼都沒有真正改變。

Our next question comes from David Tamberrino with Goldman Sachs.

我們的下一個問題來自高盛的大衛坦貝里諾。

First one, on customer deposits, it looks like it's essentially flat to maybe slightly down.

第一個，在客戶存款方面，它看起來基本持平，甚至可能略有下降。

I understand there's probably some timing with deliveries that could have helped it towards the end of the quarter.

我知道可能有一些交付時間可能會在本季度末幫助它。

But we would have thought it would have increased given the Model Y unveil.

但我們會認為考慮到 Model Y 的推出，它會增加。

So our question is what was the initial order intake for the Model Y?

所以我們的問題是 Model Y 的初始訂單量是多少？

And just coming through some of your comments earlier, what daily order rate are you seeing right now for the rest of your products?

剛剛通過您之前的一些評論，您現在看到的其他產品的每日訂單率是多少？

I think we don't want to comment on the granularity of deposits.

我認為我們不想評論存款的粒度。

Again, people just read too much into this.

再一次，人們只是讀得太多了。

We're not playing up the Model Y because we're not -- it's not in production.

我們不是在宣傳 Model Y，因為我們不是——它還沒有投入生產。

So you can't really read anything into Model Y orders at this point.

因此，此時您無法真正將任何內容讀入 Model Y 訂單中。

Okay.

好的。

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?

那麼，我的第二個問題是，您是否預計隨著美國信貸的下一個級別在 7 月 1 日逐步取消，價格會進一步調整？

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

除非您公開看到，否則我們不會對未來的價格變化發表評論。

Our next question comes from Colin Rusch with Oppenheimer.

我們的下一個問題來自 Colin Rusch 和 Oppenheimer。

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

是的，您能否評論一下您是否會在第二季度每季度將電池限制在 100,000 輛？

Self-constrained, you mean?

自我約束，你的意思是？

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

我們沒有[有] 400,000 的自我約束的感覺。

Okay.

好的。

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?

然後，當您查看 Maxwell 技術和集成時，關閉後，您認為您能夠多快將該技術集成到電池生產中？

And could you comment on potential for chemistry and form-factor changes as that gets integrated?

你能評論一下化學和外形變化的潛力嗎？

You're really asking some super secret sauce questions here.

你真的在這裡問了一些超級秘訣問題。

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.

是的，我認為我們將有一個 - 我認為我們可能會在今年晚些時候或明年初舉辦一個像自治日這樣的投資者日，只是為了討論電池和電池技術以及未來戰略。

I think that will be very informative, but we do recognize the criticality of this.

我認為這將提供非常豐富的信息，但我們確實認識到這一點的重要性。

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

我們的下一個問題來自 RBC Capital Markets 的 Joseph Spak。

First question is really just a clarification on -- in the outlook of 25% non-GAAP gross margin that you're targeting.

第一個問題實際上只是對您目標的 25% 非 GAAP 毛利率前景的澄清。

Is that over the mid-term?

是不是已經過了中期？

Or is that something you expect to hit by the end of this year?

還是您希望在今年年底前實現這一目標？

And if so, what gets S and X back higher given the price cuts?

如果是這樣，在降價的情況下，是什麼讓 S 和 X 重新走高？

Yes, this is Zach here.

是的，這是紮克。

That guidance that we're targeting for the end of the year.

我們的目標是今年年底的指導。

Although internally, we're working towards S and X non-GAAP gross margin achieving that sooner.

儘管在內部，我們正在努力實現 S 和 X 非 GAAP 毛利率更快地實現這一目標。

The biggest lever there is actually 2 components.

最大的槓桿實際上有 2 個組件。

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.

一個是，隨著我們增加 S 和 X 生產線的產量，固定成本的吸收自然會帶來好處，這將有助於我們。

But we also have a number of cost reduction projects in place that we're executing on over the course of the year.

但我們也有一些成本降低項目，我們在這一年中正在執行這些項目。

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.

然後是適用於 S 和 X 以及 Model 3 的第三部分，我們看到我們的全自動駕駛產品的採用率有所提高。

And there are revenue deferrals associated with that given that the full suite of functionality is not there.

鑑於全套功能不存在，因此存在與此相關的收入遞延。

And as that option becomes -- approaches sees us continually roll out more, we will be able to have more revenue on that.

隨著該選項的出現——方法看到我們不斷推出更多產品，我們將能夠獲得更多收入。

And so all of these things together within our internal plans gives us confidence.

因此，我們內部計劃中的所有這些事情一起給了我們信心。

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.

是的，我們應該——我應該提一下，升級後的 S 和 X 動力總成實際上會顯著降低成本，因為我們基本上採用了 Model 3 的大容量後驅動單元，它非常高效但 [相同的磁鐵電機和電力] 電子設備已經在其中，我們為此製作了一個版本 - 用於 S 和 X 的前驅動單元。因此，我們實際上能夠在提高汽車的續航里程和性能的同時降低成本.

That's just one example.

這只是一個例子。

Okay.

好的。

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.

第二個問題只是看 10-K，你一直注意到 49 億美元的購買義務，我認為這主要與松下 Giga 1 有關。然後是 Elon，在你的一些溝通中，你已經表示生產限制.

So I guess the question is, does that $4.9 billion correlate to reaching that 35-gigawatt hour rate?

所以我想問題是，這 49 億美元是否與達到 35 吉瓦時的速率相關？

And if you can't hit that because of production constraints, does that adjust?

如果你因為生產限製而不能達到這個目標，那會調整嗎？

Go ahead...

前進...

Yes, so this is (inaudible).

是的，所以這是（聽不清）。

So the purchase obligation in the 10-K is basically for the entire contract which we have for Panasonic.

因此，10-K 中的購買義務基本上是針對我們與松下簽訂的整個合同。

It's not something that we need to hit, I mean, make the purchases tomorrow.

這不是我們需要打擊的東西，我的意思是，明天進行購買。

So this is going to take a couple of years.

所以這需要幾年時間。

Our next question comes from Colin Langan with UBS.

我們的下一個問題來自瑞銀的 Colin Langan。

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.

我的意思是，從電話的語氣中聽起來你沒有看到某些產品存在需求問題，但利潤率似乎面臨壓力，通常汽車製造商會在出現需求問題時停止定價。

So what is the logic of the price cuts during the quarter?

那麼本季度降價的邏輯是什麼？

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.

我的意思是，正如我們從公司成立之初就非常明確的那樣，我們的目標是讓我們的汽車盡可能地負擔得起。

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.

我們認為重要的是提供 35,000 美元的 Model 3，然後為 Model 3 創建一種增加範圍的捆綁包，因為我們認為實際上 220 和 240 之間的差異非常重要，人們在範圍內意識到的點越多並擁有豪華的高級內飾，最後是自動駕駛儀。

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.

所以我們認為那些 - [就像我們去配對一樣] 產品真的剛剛確定了最佳位置，我認為 39,000 美元 - 39,500 美元的 Model 3 真的達到了最佳位置，我們看到了消費者的相應反應。

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.

人們仍然可以購買 35,000 美元的 Model 3 版本，當然，它沒有 Autopilot 並且有軟件範圍限制，諸如此類。

It's like slightly more inconvenient to buy.

好像買起來有點不方便。

You just have to make a phone call or visit a store.

你只需要打個電話或去商店。

So it's just not like you have to complete the obstacle course or something.

所以這並不像你必須完成障礙課程或其他東西。

But we see very few people actually taking us up on that $35,000 offer, but it is there and will remain there.

但我們看到很少有人真正接受我們 35,000 美元的報價，但它就在那裡，並將一直存在。

And as a follow-up, you're still targeting the China facility ramp by the end of the year.

作為後續行動，您仍將目標鎖定在今年年底前的中國工廠。

Are you still confident in the 3,000 per week?

你對每週 3,000 人還有信心嗎？

And do you have a battery supplier yet that's getting pretty close to that point?

您是否有電池供應商，但已經非常接近這一點？

Yes, the Shanghai Gigafactory progress is going incredibly well, a testament to the outstanding execution of our team on the ground there.

是的，上海超級工廠的進展非常順利，這證明了我們團隊在當地的出色執行力。

I get daily e-mails with Tesla pictures from one day to the next from [Tong Zhu], who leads the Gigafactory program.

我每天都會收到來自領導 Gigafactory 計劃的 [Tong Zhu] 的帶有特斯拉圖片的電子郵件。

And so we're obviously discussing it or getting updates, so 7 days a week so the -- in that Gigafactory e-mail.

所以我們顯然正在討論它或獲取更新，所以每週 7 天，所以 - 在 Gigafactory 電子郵件中。

So in terms of execution, it's outstanding but, of course, the production goes as fast as the slowest item.

因此，在執行方面，它非常出色，但當然，生產速度與最慢的項目一樣快。

That's very important to bear in mind.

記住這一點非常重要。

So we have 99% of things in good shape, but 1% is missing is what can make a car.

所以我們有 99% 的東西處於良好狀態，但缺少 1% 的東西是可以製造汽車的。

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.

所以關於 - 也就是說，看起來我們將在今年年底達到批量生產，比方說，每週生產 1,000 多輛汽車，今年年底上海 Giga 可能會生產 2,000 輛汽車。

That's what it looks like to be a case right now.

這就是現在的情況。

If it's not at the end, it will be shortly thereafter.

如果它不是在最後，它會在不久之後。

And then we expect to have multiple sales suppliers for Shanghai Giga.

然後我們預計上海千兆會有多個銷售供應商。

Great.

偉大的。

Thank you very much, everyone.

非常感謝大家。

Unfortunately, this is all the time we have for our Q&A today.

不幸的是，這就是我們今天的問答時間。

Appreciate all of your questions, and we look forward to talking to you in the next quarter.

感謝您提出的所有問題，我們期待在下個季度與您交談。

Ladies and gentlemen, thank you for participating in today's conference.

女士們，先生們，感謝你們參加今天的會議。

This concludes the program.

程序到此結束。

You may all disconnect, and have a wonderful day.

你們都可以斷開連接，並度過美好的一天。