特斯拉 (TSLA) 2019 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們，先生們，謝謝你們的支持。

And welcome to Tesla's Q4 2019 Financial Results and Q&A Webcast.

歡迎收聽特斯拉 2019 年第四季度財務業績和問答網絡直播。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員說明）請注意，今天的會議正在錄製中。

(Operator Instructions)

（操作員說明）

I would now like to hand the conference over to your speaker, Mr. Martin Viecha, Senior Director of Investor Relations.

我現在想將會議交給您的發言人，投資者關係高級總監 Martin Viecha 先生。

Please go ahead, sir.

請繼續，先生。

Thank you, Sherry, and good afternoon, everyone, and welcome to Tesla's Fourth Quarter 2019 Q&A Webcast.

謝謝雪莉，大家下午好，歡迎收聽特斯拉 2019 年第四季度問答網絡直播。

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

今天，埃隆·馬斯克、扎卡里·柯克霍恩和其他一些高管加入了我的行列。

Our Q4 results were announced at about 1:00 p.m.

我們的第四季度業績在下午 1:00 左右公佈。

Pacific Time in the update deck 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平台中的太平洋時間。

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

在電話會議中，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) But before we jump into Q&A, Elon has some opening remarks.

（操作員說明）但在我們進入問答環節之前，Elon 有一些開場白。

Elon?

埃隆?

Thanks, Martin.

謝謝，馬丁。

So Q4 was another strong quarter for the company.

因此，第四季度對該公司來說是另一個強勁的季度。

Deliveries reached over 112,000 vehicles in a single quarter.

單季度交付量超過 112,000 輛。

It's hard to think of a similar product with such strong demand that it can generate more than $20 billion in revenue with 0 advertising spend.

很難想像有一款類似的產品有著如此強勁的需求，能夠在 0 廣告支出的情況下產生超過 200 億美元的收入。

I think that's -- where we do say that from time to time, I think it's often overlooked, but to have the highest-demand electric vehicle in the world with no advertising spend is, I think, quite remarkable and speaks to the nature of the product and the fact that the product itself is compelling enough to generate that demand without a bunch of advertising.

我認為那是——我們不時會說，我認為它經常被忽視，但擁有世界上需求最高的電動汽車而沒有廣告支出，我認為，這是非常了不起的，並且說明了產品以及產品本身足以在沒有大量廣告的情況下產生這種需求的事實。

At our Fremont factory, we're producing at a rate roughly the same as the NUMMI factory did in its record year of 2006.

在我們的弗里蒙特工廠，我們的生產速度與 NUMMI 工廠在創紀錄的 2006 年的生產速度大致相同。

And obviously, we expect to exceed that significantly this year.

顯然，我們預計今年將大大超過這一數字。

This rate of production was [cheap] before we even started to produce the Model Y out of Fremont.

在我們開始在弗里蒙特生產 Model Y 之前，這種生產速度已經 [便宜]。

So there's a lot of potential to go beyond that number.

所以有很大的潛力可以超越這個數字。

For the Shanghai factory, I'd like to say congratulations again to the team in Shanghai on launching Model 3 last quarter and achieving the first deliveries earlier this year.

對於上海工廠，我想再次祝賀上海團隊在上個季度推出 Model 3，並在今年早些時候實現了首批交付。

I'm really excited and optimistic about the potential for the Shanghai factory.

我對上海工廠的潛力感到非常興奮和樂觀。

I think it's going to be an incredible asset to the company.

我認為這對公司來說將是一筆不可思議的資產。

And we also broke ground on the Model Y factory in Shanghai.

我們還在上海的 Model Y 工廠破土動工。

So a lot of good progress there.

所以那裡有很多好的進展。

Regarding Model Y, it was only 10 months ago that we revealed a Model Y prototype.

關於 Model Y，僅僅在 10 個月前，我們才發布了 Model Y 原型。

And now in January this year, we started producing Model Y in limited volumes already.

現在在今年 1 月，我們已經開始限量生產 Model Y。

Now this is thanks to a great effort from our engineering team.

現在，這要歸功於我們工程團隊的巨大努力。

And we managed to achieve, by far, the highest energy efficiency of any electric SUV ever produced at 4.1 miles per kilowatt hour, which means Model Y all-wheel drive got an EPA rating of 315 miles.

到目前為止，我們設法實現了迄今為止生產的任何電動 SUV 的最高能效，每千瓦時 4.1 英里，這意味著 Y 型全輪驅動獲得了 315 英里的 EPA 評級。

This improvement is reflected on the configurator as of today.

這種改進反映在今天的配置器上。

This is above what we've previously stated by a pretty significant margin.

這比我們之前所說的高出相當大的幅度。

And then just with great acceleration, top speed, it's really just incredible specs all around.

然後只是以極快的加速度，最高的速度，這真的只是令人難以置信的規格。

For the Cybertruck, a few months ago, we revealed the -- obviously, remember, we revealed the Cybertruck, that was -- that went viral.

對於 Cybertruck，幾個月前，我們披露了 - 顯然，請記住，我們披露了 Cybertruck，那是 - 病毒式傳播。

And we tried to build a product that -- a product that is superior in every way without any preconceptions of how such a product should look.

我們試圖構建一種產品——一種在各方面都非常出色的產品，而不會對這種產品的外觀有任何先入之見。

So it really just -- from the standpoint of what's the most badass, futuristic, armored personnel carrier that kicks the ass of any other pickup truck, basically that's the goal.

所以它真的只是 - 從最壞蛋，未來派，裝甲運兵車的角度來看，它踢了任何其他皮卡車的屁股，基本上這就是目標。

And we wanted it to look like something that just kind of came out of a sci-fi movie set from the future.

我們希望它看起來像是來自未來的科幻電影。

And the demand has been incredible.

需求令人難以置信。

We've never seen actually such a level of demand at this -- we've never seen anything like it, basically.

在這方面，我們實際上從未見過如此高的需求水平——基本上，我們從未見過這樣的事情。

I think we will make as -- about as many as we can sell for many years.

我認為我們將製造盡可能多的產品，我們可以賣很多年。

So as many -- we will sell as many as we can make.

這麼多——我們將盡可能多地出售。

It's going to be pretty nuts.

這將是非常瘋狂的。

So -- and I think, actually, the product is better than people realize even.

所以 - 我認為，實際上，該產品甚至比人們意識到的要好。

They don't even have enough information to realize just the awesomeness of it.

他們甚至沒有足夠的信息來意識到它的美妙之處。

It's just great.

這太棒了。

So -- and then stepping back in 2018, from a financial standpoint, we were -- free cash flow rate was breakeven.

所以 - 然後在 2018 年退後一步，從財務角度來看，我們是 - 自由現金流量是盈虧平衡的。

But in 2019, we managed to generate more than $1 billion of free cash flow while building a factory in Shanghai in record time and while building parts of Model Y in production.

但在 2019 年，我們成功地創造了超過 10 億美元的自由現金流，同時在創紀錄的時間內在上海建造了一家工廠，同時生產了 Model Y 的部分部件。

So I think for us to have this level of free cash flow while making massive investments in capacity while developing new products, while improving the core engineering, is a testament to the, I think, incredible performance of the Tesla team.

因此，我認為我們擁有這種水平的自由現金流，同時對產能進行大量投資，同時開發新產品，同時改進核心工程，這證明了特斯拉團隊令人難以置信的表現。

And I'm just so proud to work with such a great team.

我很自豪能與這樣一個偉大的團隊一起工作。

I'd like to thank the whole Tesla team for their ongoing work on cost control.

我要感謝整個特斯拉團隊在成本控制方面的持續工作。

That's what has allowed us to get to these compelling financial numbers, while at the same time, growing company at an incredible pace.

這就是使我們能夠獲得這些令人信服的財務數據的原因，同時以令人難以置信的速度發展公司。

And in conclusion, when I think of what we have in front of us in the next couple of years, we've got Model Y, we've got Giga Berlin, Tesla Semi, Solarglass Roof, Cybertruck, some very exciting improvements in battery technology, we've got Full Self-Driving, the next-gen Roadster and probably a bunch of other products we'll come up with, too.

總而言之，當我想到未來幾年擺在我們面前的東西時，我們有 Model Y，我們有 Giga Berlin、Tesla Semi、Solarglass Roof、Cybertruck，還有一些非常令人興奮的電池改進技術，我們有完全自動駕駛，下一代跑車，可能還有我們會想出的一堆其他產品，也是。

It's hard to think of another company that has more exciting product and technology road map.

很難想像有另一家公司擁有更令人興奮的產品和技術路線圖。

So super fired up about where Tesla will be in the next 10 years.

對特斯拉在未來 10 年的發展方向感到非常興奮。

If you look back 10 years from today to 2010, we will produce approximately 1,000x more cars in 2020 than we produced in 2010.

如果你回顧從今天到 2010 年的 10 年，我們在 2020 年生產的汽車將比 2010 年多出大約 1,000 倍。

One thousand.

一千。

And we have also Solarglass and solar retrofit and Powerwall, Powerpack, all those other things, too.

我們還有 Solarglass 和太陽能改造以及 Powerwall、Powerpack 以及所有其他東西。

So where will we be in 10 years?

那麼10年後我們會在哪裡？

Very excited to consider the prospect.

非常興奮地考慮前景。

Thank you very much, Elon.

非常感謝，埃隆。

And Zach has some opening remarks as well.

Zach 也有一些開場白。

Yes.

是的。

Thanks, Martin.

謝謝，馬丁。

This past year was truly transformational for Tesla, and I want to thank everyone who's been a part of making this happen.

過去的一年對特斯拉來說是真正的變革，我要感謝所有參與實現這一目標的人。

On 2019, a few key points I'd like to highlight.

在 2019 年，我想強調幾個關鍵點。

On demand, while we've mentioned this a few times, it's worth highlighting once again.

按需，雖然我們已經多次提到這一點，但值得再次強調。

Over the course of the year, we've transitioned entirely from generating Model 3 orders from a reservation backlog to generating new and organic demand.

在這一年中，我們已經從生成 Model 3 訂單從預訂積壓完全轉變為生成新的有機需求。

We've also seen a stabilization of Model 3 ASPs, even increasing slightly in Q4.

我們還看到 Model 3 的 ASP 趨於穩定，甚至在第四季度略有增加。

And we've seen an increase in ASPs of S and X after the launch of the longer-range versions in Q2.

在第二季度推出遠程版本後，我們看到 S 和 X 的 ASP 有所增加。

With respect to capacity expansion, we've greatly learned from the development and launch of Model 3 in Fremont and Reno.

在產能擴張方面，我們從弗里蒙特和雷諾的 Model 3 開發和推出中學到了很多。

As a result, we've been able to bring new production capacity on board faster and with less cost.

因此，我們能夠以更低的成本更快地引入新的生產能力。

This is evidenced by the launch of Model 3 in Shanghai as well as Model Y in Fremont, programs that were both launched in under one year.

上海的 Model 3 和弗里蒙特的 Model Y 的推出就是證明，這兩個項目都在不到一年的時間內推出。

Financially, we have demonstrated multiple quarters of strong cash generation, enabled through higher volumes, improvements to capital efficiency, progress on working capital management and continued improvement in our product and operational costs.

在財務方面，我們已經展示了多個季度的強勁現金生成，這得益於更高的交易量、資本效率的提高、營運資本管理的進步以及我們產品和運營成本的持續改進。

And we are able to achieve positive GAAP net income in both Q3 and Q4 for many of the same reasons that enabled strong cash generation.

由於許多相同的原因，我們能夠在第三季度和第四季度實現正的 GAAP 淨收入，這些原因能夠產生強勁的現金。

We've also made progress on recurring software-based revenue with the implementation of premium connectivity and the beginning of upgrades available for purchase via the Tesla mobile app.

隨著高級連接的實施和可通過特斯拉移動應用程序購買的升級的開始，我們還在基於軟件的經常性收入方面取得了進展。

Finally, on stock-based compensation, it increased sequentially by $82 million, driven almost entirely by an expense related to the next tranche of the CEO grant.

最後，在基於股票的薪酬方面，它環比增長了 8200 萬美元，這幾乎完全是由與下一批 CEO 贈款相關的費用推動的。

This is a result of our improved expected financial performance of the company, which the CEO stock grant is tied to.

這是由於我們提高了公司的預期財務業績，首席執行官股票贈款與此掛鉤。

As we look ahead to 2020, this, again, will be an important year for the company.

展望 2020 年，這又將是公司重要的一年。

Our task ahead is to execute on the next phase of growth while managing cash flows to support that growth.

我們未來的任務是執行下一階段的增長，同時管理現金流以支持這一增長。

On Model Y, we expect first deliveries in limited quantities later this quarter and will ramp over subsequent quarters.

在 Model Y 上，我們預計本季度晚些時候將首次交付數量有限，並將在隨後的幾個季度中逐步增加。

As mentioned previously, we are forecasting higher gross margins on Model Y compared to the Model 3.

如前所述，與 Model 3 相比，我們預測 Model Y 的毛利率更高。

This year, for the Shanghai-built Model 3, we expect to achieve run rate production and delivery rates.

今年，對於上海製造的 Model 3，我們預計將實現運行率生產和交付率。

In addition, we expect to have completed the majority of planned supply chain localization at the factory or in the region.

此外，我們預計將在工廠或區域內完成大部分計劃中的供應鏈本地化。

This is one of the most important components to achieve lower production costs for the site.

這是降低現場生產成本的最重要組成部分之一。

We are also seeing strong order rates for the locally built Model 3 and remain focused on continuing the production ramp and managing costs.

我們還看到本地製造的 Model 3 的訂單率很高，並繼續專注於繼續生產增長和管理成本。

We also anticipate significant progress on factory construction of Shanghai- and Berlin-built Model Y, which will result in continued increases in capital spending.

我們還預計上海和柏林製造的 Model Y 的工廠建設將取得重大進展，這將導致資本支出持續增加。

On operating expenses, I expect an increase over the course of the year to support our growing product pipeline and international footprint.

在運營費用方面，我預計今年會有所增加，以支持我們不斷增長的產品線和國際足跡。

However, OpEx growth should increase at a lower rate than top line revenue.

然而，OpEx 的增長速度應該低於頂線收入的增長速度。

Overall, we believe this will set us up for our strongest annual financial performance yet, with sufficient forecasted cash flows to support investments related to our growth and further strengthening of our balance sheet.

總體而言，我們相信這將使我們實現迄今為止最強勁的年度財務業績，並擁有足夠的預測現金流來支持與我們的增長相關的投資並進一步加強我們的資產負債表。

For Q1, please keep in mind that the industry is always impacted by seasonality.

對於第一季度，請記住該行業總是受到季節性的影響。

Additionally, we are in the process of ramping 2 major products, Model 3 in Shanghai and Model Y in Fremont, which I expect will temporarily weigh on our margins.

此外，我們正在推出 2 種主要產品，上海的 Model 3 和弗里蒙特的 Model Y，我預計這將暫時影響我們的利潤率。

We are also in the early stages of understanding if and to what extent we may be temporarily impacted by the coronavirus.

我們還處於了解我們是否以及在何種程度上可能暫時受到冠狀病毒影響的早期階段。

At this point, we're expecting a 1- to 1.5-week delay in the ramp of Shanghai-built Model 3 due to a government-required factory shutdown.

目前，由於政府要求工廠停工，我們預計上海製造的 Model 3 的量產將延遲 1 至 1.5 週。

This may slightly impact profitability for the quarter but is limited as the profit contribution from Model 3 Shanghai remains in the early stages.

這可能會輕微影響本季度的盈利能力，但由於 Model 3 Shanghai 的利潤貢獻仍處於早期階段，因此受到的影響有限。

We are also closely monitoring whether there'll be interruptions in the supply chain for cars built in Fremont.

我們還在密切關注弗里蒙特生產的汽車供應鍊是否會中斷。

So far, we're not aware of anything material, but it's important to caveat that this is an evolving story.

到目前為止，我們還沒有發現任何實質性內容，但需要注意的是，這是一個不斷發展的故事。

However, we have more than sufficient cash to continue our expansion plans while further strengthening the balance sheet.

然而，我們有足夠的現金來繼續我們的擴張計劃，同時進一步加強資產負債表。

Thank you, again, for your support, and we will turn to questions.

再次感謝您的支持，我們將轉向問題。

Thank you.

謝謝你。

We are going to take the first questions from retail investors compiled by Say Technologies.

我們將回答由 Say Technologies 編制的散戶投資者提出的第一個問題。

So the first retail investor question is, "since solar is required for all new home constructions in California, do you have any substantial orders for Solarglass Roofs from any of the large California homebuilders that you can share?

因此，散戶投資者的第一個問題是，“由於加州的所有新住宅建設都需要太陽能，您是否有任何來自加州大型住宅建築商的大量太陽能玻璃屋頂訂單可以分享？

What's the 2020 target for the number of Solarglass Roof installations in California?"

2020 年加州太陽能玻璃屋頂安裝數量的目標是多少？”

Well, I think we do -- we are seeing, mostly from a small base, exponential growth in demand and output for solar -- for the Solarglass Roof.

好吧，我認為我們這樣做了——我們看到，主要是從一個小基數來看，太陽能的需求和產量呈指數級增長——對於 Solarglass Roof。

So it's difficult to predict what the demand will be this year, except that the demand is very strong.

所以很難預測今年的需求會是什麼，除了需求非常旺盛。

And we are working also not just through Tesla Solar Roof but also through new homebuilders and through just the roofing industry in general, whether it's in North America, on the order of 4 million new roofs per year.

我們不僅通過特斯拉太陽能屋頂，還通過新的房屋建築商和整個屋頂行業，無論是在北美，每年大約有 400 萬個新屋頂。

So we see a lot of interest.

所以我們看到了很多興趣。

And so it's just a question of refining the installation process, getting lots of crews trained to do the installation.

所以這只是一個改進安裝過程的問題，讓大量的工作人員接受安裝培訓。

But over time, I would expect a significant percentage of new roofs to be something to use Solarglass in one form or another.

但隨著時間的推移，我預計很大一部分新屋頂會以一種或另一種形式使用 Solarglass。

It's really going to be a choice of do you want a roof that is alive with power or dead without.

這真的會是一個選擇，你想要一個有動力的屋頂還是沒有動力的屋頂。

And I think people will want a live roof that generates power and looks good and lasts a long time, and it's the future we want.

我認為人們會想要一個能發電、外觀漂亮、使用壽命長的活動屋頂，這就是我們想要的未來。

So it will be a significant product, but because it is a new and quite revolutionary product and there's a lot of challenges to overcome, but they will be overcome, and this will be a major product line of Tesla.

所以這將是一個重要的產品，但因為它是一個新的、相當革命性的產品，有很多挑戰需要克服，但它們會被克服，這將是特斯拉的主要產品線。

And the Buffalo factory is doing great.

布法羅工廠做得很好。

So, yes.

所以，是的。

Thank you.

謝謝你。

And the second question from retail shareholders is, "will you release the Tesla ride-hailing network app before full autonomy and change the terms of Tesla Insurance to allow owners to be drivers on the network?

來自零售股東的第二個問題是，“你會在完全自主之前發布特斯拉乘車網絡應用程序，並改變特斯拉保險的條款，讓車主成為網絡上的司機嗎？

If so, when will this happen?

如果是這樣，什麼時候會發生？

Might want to target California airports first.

可能希望首先針對加利福尼亞機場。

Also a good place to add Superchargers."

也是添加增壓器的好地方。”

Sorry, it sounds like more question than one.

抱歉，這聽起來比一個問題更多。

Yes, it's a bit of a bundle.

是的，它有點捆綁。

Yes.

是的。

Well, I think it's -- it probably will make sense to have the -- to enable car sharing in advance of the kind of sort of driving robotaxi fleet because the car sharing can be done before Full Self-Driving is approved by regulators.

嗯，我認為在自動駕駛出租車車隊之前啟用汽車共享可能是有意義的，因為汽車共享可以在監管機構批准全自動駕駛之前完成。

So it's probably something that we would enable before the full sort of robotaxi fleet is enabled.

因此，我們可能會在啟用完整的自動駕駛出租車車隊之前啟用它。

And it sounds like there were some other questions bundled in there.

聽起來那裡還捆綁了一些其他問題。

Superchargers at airports.

機場的增壓器。

Sure.

當然。

Yes.

是的。

Yes, probably, we'll have Superchargers in airports.

是的，很可能，我們將在機場安裝增壓器。

We'll have Superchargers wherever we see that there is a need for Superchargers.

我們將在任何需要增壓器的地方配備增壓器。

And then on the insurance part of the question, it is our intent to allow people to put their cars into ride-sharing or the FSD network using Tesla Insurance.

然後在問題的保險部分，我們的意圖是允許人們使用特斯拉保險將他們的汽車放入拼車或 FSD 網絡。

That's not currently the case, but by the time that this is available, it's our intent to get that ready.

目前情況並非如此，但當它可用時，我們的意圖是做好準備。

Yes, thank you.

是的，謝謝。

Next question from retail investors is, "how many California owners are currently insured with Tesla Insurance?

散戶投資者的下一個問題是，“目前有多少加州車主投保了特斯拉保險？

What's the target for Tesla Insurance in 2020?

2020年特斯拉保險的目標是什麼？

When will you start to significantly leverage the data you have from the fleet to lower the cost of your coverage?

您什麼時候開始充分利用車隊中的數據來降低覆蓋成本？

Will we get premium discount of certain percent?"

我們會得到一定百分比的保費折扣嗎？”

Yes.

是的。

I mean, go ahead, Zach.

我的意思是，繼續，扎克。

Yes.

是的。

So Tesla Insurance is currently available in California.

所以特斯拉保險目前在加州有售。

A couple of things that we're working on, on this front.

在這方面，我們正在做一些事情。

The first is to expand it to other locations.

首先是將其擴展到其他位置。

And we're preparing the regulatory processes -- preparing our processes to go through the regulatory processes in those locations.

我們正在準備監管流程——準備我們的流程以通過這些地點的監管流程。

We're also working on the processes to continue to adjust our rates in California, which also have to go through regulatory processes as insurance is quite heavily regulated.

我們還在製定流程以繼續調整我們在加利福尼亞的費率，由於保險受到嚴格監管，因此也必須通過監管程序。

And that's where we're spending our time focusing on Tesla Insurance right now.

這就是我們現在花時間專注於特斯拉保險的地方。

There's a significant amount of innovation, as we've discussed before in this space, exactly getting to the intent of what the question here is, using our technology to reduce rates.

正如我們之前在這個領域所討論的，有大量的創新，正是為了解決這裡的問題，使用我們的技術來降低費率。

And this will be rolled in over time.

這將隨著時間的推移而推出。

The last part of the question was, will there be a discount for using Autopilot with our cars?

問題的最後一部分是，在我們的汽車上使用 Autopilot 會有折扣嗎？

Oh, yes.

哦是的。

Yes.

是的。

Yes, there will be.

是的，會有的。

The rate card for California, Tesla Insurance already considers the safety features associated with Autopilot.

加州的費率卡，特斯拉保險已經考慮了與 Autopilot 相關的安全功能。

Right.

對。

But I think it would make sense for us to close loop on higher use of Autopilot for it reduces the insurance cost as well as the probability of injury.

但我認為對我們來說，更多地使用 Autopilot 是有意義的，因為它可以降低保險成本以及受傷的可能性。

So I think insurance is going to be, I think, quite a major product of Tesla over time.

因此，我認為隨著時間的推移，保險將成為特斯拉的主要產品。

The amount of money that people spend on car insurance is like a remarkably big percentage of the cost of a car.

人們花在汽車保險上的金額佔汽車成本的很大一部分。

You can lease a Model 3 right now for $400 a month, but a typical owner in California will be paying sort of between $100 and $200 a month in insurance.

你現在可以以每月 400 美元的價格租用 Model 3，但加州的一個典型車主每月要支付 100 到 200 美元的保險費。

So we're talking about something which is maybe 1/4 to 1/2 of the cost of the lease of the car is insurance.

所以我們談論的東西可能是汽車租賃成本的 1/4 到 1/2 是保險。

And a lot of that insurance cost is just because the insurance companies don't have good information about the drivers.

很多保險費用只是因為保險公司沒有關於司機的良好信息。

And there's no good way to provide feedback, where it's a very poor feedback mechanism in terms of the insurance rates versus the actual way that the car is being driven, whereas we can do that in real time.

並且沒有提供反饋的好方法，在保險費率與汽車實際駕駛方式方面的反饋機制非常糟糕，而我們可以實時做到這一點。

It's a fundamental information advantage that insurance companies don't have.

這是保險公司不具備的基本信息優勢。

Thank you.

謝謝你。

The next question is, "you set expectations that you would be feature-complete on FSD by the end of 2019.

下一個問題是，“你設定的期望是到 2019 年底你將在 FSD 上完成功能。

Can you please provide an update on when will we see this with end users?

您能否提供有關我們何時會在最終用戶中看到此內容的最新信息？

Where are you in retrofitting the FSD computer to older models?"

您在哪裡將 FSD 計算機改裝為舊型號？”

Well, I mean to be precise, I said I was hoping it would be feature-complete with most FSD by the end of last year.

好吧，我的意思是準確地說，我說我希望它能夠在去年年底之前完成大多數 FSD 的功能。

We got pretty close.

我們走得很近。

It's looking like we might be feature-complete in a few months.

看起來我們可能會在幾個月內完成功能。

Feature-complete means just like it has some chance of going from your home to work, let's say, with no interventions.

功能齊全意味著就像它有一定的機會從你家去上班一樣，比方說，沒有乾預。

So that's -- it doesn't mean the features are working well, but it means it has above 0 chance.

所以這 - 這並不意味著這些功能運行良好，但它意味著它有超過 0 的機會。

So I think that's looking like maybe it's going to be a couple of months from now.

所以我認為這看起來可能需要幾個月的時間。

And -- but what isn't obvious regarding Autopilot and Full Self-Driving is just how much work has been going into improving the foundational elements of autonomy.

而且——但關於自動駕駛和全自動駕駛並不明顯的是，在改進自動駕駛的基本要素方面做了多少工作。

The core Autopilot software and AI team is just, I think, very, very strong and making great progress.

我認為核心 Autopilot 軟件和 AI 團隊非常非常強大，並且取得了很大進展。

And we're really only beginning to take full advantage of the Autopilot hardware, the FSD hardware.

我們實際上才剛剛開始充分利用 Autopilot 硬件、FSD 硬件。

So I think it's -- the apparent progress, as seen by consumers, will seem to be extremely rapid.

所以我認為這是——正如消費者所看到的那樣，明顯的進展似乎非常迅速。

But actually, what's really going on, it seems like that is just having the foundational software be very strong, have really strong foundation.

但實際上，真正發生的事情，似乎只是基礎軟件非常強大，基礎非常強大。

And then a really fundamental thing is moving to video training.

然後一個非常基本的事情是轉向視頻培訓。

So in terms of labeling, labeling with video and all 8 cameras simultaneously.

因此，在標籤方面，同時使用視頻和所有 8 個攝像頭進行標籤。

This is a really -- I mean, in terms of labeling efficiency, arguably like a 3 order of magnitude improvement in labeling efficiency.

這真的是——我的意思是，就標籤效率而言，可以說是標籤效率提高了 3 個數量級。

For those who know about this, it's extremely fundamental.

對於那些知道這一點的人來說，這是非常基礎的。

So that's really great progress on that.

所以這確實是一個很大的進步。

Thank you.

謝謝你。

And the last retail investor question comes from Kendall.

最後一個散戶投資者的問題來自肯德爾。

"Since most retail investors seem to understand Tesla better than analysts and are risking a larger part of their own personal wealth on Tesla, doesn't it make sense to take mostly questions on these earnings calls from us, via Say?

“由於大多數散戶投資者似乎比分析師更了解特斯拉，而且他們將大部分個人財富都拿在特斯拉身上，通過薩伊回答我們關於這些財報電話的大部分問題難道沒有意義嗎？

Do you even have to take questions -- answer questions from analysts?"

你甚至需要回答問題——回答分析師的問題嗎？”

Well, I guess we don't have to.

好吧，我想我們不必這樣做。

I do think that a lot of retail investors actually have a deeper and more accurate insights than many of the big institutional investors and certainly a better insight than many of the analysts.

我確實認為，許多散戶投資者實際上比許多大型機構投資者有更深入、更準確的洞察力，當然也比許多分析師有更好的洞察力。

It seems like if people really looked at some of the smart retail investors, analysts and -- what some of the smart -- smaller retail investors predicted about the future of Tesla, that would -- you'd probably get the highest accuracy and remarkable insight from some of those predictions.

似乎如果人們真的關註一些聰明的散戶投資者、分析師以及——一些聰明的——較小的散戶投資者對特斯拉未來的預測，那你可能會得到最高的準確性和非凡的從其中一些預測中獲得洞察力。

Okay.

好的。

So now let's switch to institutional shareholder questions.

所以現在讓我們轉向機構股東的問題。

The #1 question is, you have spoken previously about Shanghai Giga being 65% lower CapEx per unit of capacity.

第一個問題是，您之前曾說過上海千兆每單位容量的資本支出降低了 65%。

Have you learned to do anything better or different from an OpEx perspective?

從運營支出的角度來看，您是否學會了做更好或不同的事情？

And if yes, what kind of impact might we expect on the long-term gross margin?

如果是，我們預計會對長期毛利率產生什麼樣的影響？

Sure.

當然。

Go ahead, Zach.

加油，扎克。

Yes.

是的。

The Shanghai factory has been a quite remarkable cost experience across all line items of COGS for the Model 3 there.

上海工廠在 Model 3 的所有 COGS 產品線項目中的成本體驗都非常出色。

We have talked a lot about the CapEx per unit of capacity being lower.

我們已經談了很多關於每單位容量的資本支出較低的問題。

But -- and you can basically run down an entire list of COGS between labor cost, material cost due to localization.

但是——而且由於本地化，您基本上可以在勞動力成本、材料成本之間計算出整個 COGS 列表。

So it's opening up suppliers that would not have made economic sense from the States.

因此，它正在開放對美國沒有經濟意義的供應商。

Localizing the supply chain flows into inbound logistics and outbound logistics costs as well.

本地化供應鏈也涉及入庫物流和出庫物流成本。

So we're not shipping cars from California over to China.

所以我們不會把汽車從加利福尼亞運到中國。

And then that has a corresponding savings on our lower import-related costs.

然後相應地節省了我們較低的進口相關成本。

And there's a slide in the shareholder letter that shows the layout comparison between our Fremont facility here in California and also the Model 3 factory in China.

股東信中有一張幻燈片，顯示了我們在加利福尼亞州弗里蒙特工廠與中國 Model 3 工廠之間的佈局比較。

And the simplification in terms of the flow is pretty evident from that layout, and that cascades itself into all sorts of savings for the operations of the facility.

從該佈局中可以明顯看出流程方面的簡化，並且可以為設施的運營節省各種費用。

And so if you add all of this up, our internal estimates are a pretty significant reduction in the cost of Model 3 in China relative to Fremont.

因此，如果將所有這些加起來，我們的內部估計是，相對於弗里蒙特，Model 3 在中國的成本顯著降低。

But I think it's also important to keep in mind that the cost of the Standard Plus that we're selling out of Shanghai is also lower than that of the similar car coming out of Fremont, from price perspective.

但我認為同樣重要的是要記住，從價格角度來看，我們在上海銷售的 Standard Plus 的成本也低於來自弗里蒙特的類似汽車的成本。

And so -- and I've said this on previous earnings calls, I think it's fair to expect the margin coming out of the Shanghai facility to match the same margin for the vehicle in Fremont.

所以——我在之前的財報電話會議上說過，我認為上海工廠的利潤率與弗裡蒙特汽車的利潤率相匹配是公平的。

Yes.

是的。

I think there's a pretty big fundamental efficiency gain that Tesla has by just making cars, especially affordable cars than 3 and Y, at least on the continent where the customers are.

我認為特斯拉通過製造汽車，尤其是比 3 和 Y 更實惠的汽車，至少在客戶所在的大陸上，獲得了相當大的基本效率提升。

It kind of makes sense.

這有點道理。

But what we're doing -- or have been doing in the past was really pretty silly, making cars in California and then shipping them halfway around the world to Asia and Europe.

但是我們正在做的——或者過去一直在做的事情真的很愚蠢，在加利福尼亞製造汽車，然後將它們運往世界另一端的亞洲和歐洲。

And this created a lot of cost because you've got to ship those cars.

這會產生很多成本，因為您必須運送這些汽車。

So you've got a lot of finished goods sitting on order or waiting at the port or going through customs.

所以你有很多成品在訂單上或在港口等待或通過海關。

You got tariffs, transport.

你有關稅，運輸。

And then the factory complexity in California is very high because you've got different regulatory requirements in China, North America and Europe.

然後加州的工廠複雜性非常高，因為中國、北美和歐洲有不同的監管要求。

So there are 3 different types of cars that are being built.

因此，正在製造 3 種不同類型的汽車。

It's very complex.

這很複雜。

And just having a factory in China or a factory in California or a factory in North America and a factory in Europe, just that alone, is a massive improvement in our fundamental operating efficiency.

僅在中國建廠、在加利福尼亞建廠、在北美建廠、在歐洲建廠，僅此一項，就極大地提高了我們的基本運營效率。

That, I think, is -- may not be fully appreciated.

我認為，可能無法完全理解。

And also on working capital.

還有營運資金。

Yes, absolutely.

是的，一點沒錯。

Or reducing OpEx here, too, [to ultimately change].

或者在這裡也減少 OpEx，[最終改變]。

Okay.

好的。

The next question from institutional investors is, "given the recent run in the share price, why not raise capital now and substantially accelerate the growth in production, i.e., build the Gigafactories, investment in Supercharger and customer service?"

機構投資者的下一個問題是，“鑑於最近的股價上漲，為什麼不現在籌集資金並大幅加速生產增長，即建造超級工廠、投資增壓器和客戶服務？”

Well, we're actually spending money as quickly as we can spend it sensibly.

嗯，我們實際上是在盡可能快地花錢，因為我們可以明智地花錢。

So if there's any sensible way to spend money, we are spending it.

因此，如果有任何明智的花錢方式，我們就是在花錢。

There is no artificial holdback on expenditures.

沒有人為地抑制支出。

Anything that I see that is -- looks like it's got good value for money, the answer is yes, immediately.

我看到的任何東西——看起來物有所值，答案是肯定的，馬上。

So we're spending money, I think, efficiently and we're not artificially limiting our progress.

所以我認為，我們正在有效地花錢，我們並沒有人為地限制我們的進步。

And then despite all that, we are still generating positive cash.

儘管如此，我們仍在產生正現金。

So in light of that, it doesn't make sense to raise money because we expect to generate cash despite this growth level.

因此，鑑於此，籌集資金是沒有意義的，因為儘管有這樣的增長水平，我們仍希望產生現金。

Zach, I don't know if you want to...

扎克，我不知道你想不想...

No.

不。

I completely agree with that.

我完全同意這一點。

I think some of our learnings during the Model 3 launch period were we grew too quickly and with too much complexity, and it held back our ability to continue to scale.

我認為我們在 Model 3 發布期間的一些經驗是我們增長太快且過於復雜，這阻礙了我們繼續擴展的能力。

And part of the journey that we've been on in 2019 is to unwind a series of unintentional bad processes that kind of accumulated in the company over time.

我們在 2019 年所經歷的部分旅程是消除隨著時間的推移在公司中積累的一系列無意的不良流程。

And so that's kind of what contributes to the reduction in OpEx over the year as we get smarter about that.

因此，隨著我們對此越來越了解，這就是導致一年來運營支出減少的原因。

And now we've laid a good foundation, I think.

我認為，現在我們已經奠定了良好的基礎。

And I agree with you on that, we're not holding back on the growth.

我同意你的看法，我們不會阻止增長。

I mean we have 2 products -- 2 vehicle products launching right now.

我的意思是我們現在推出了 2 種產品——2 種汽車產品。

And that will consume much of the bandwidth of the company to stabilize those over the course of the year.

這將消耗公司的大部分帶寬以在一年中穩定這些帶寬。

And then looking into next year, we have even more products launching, more factories.

然後展望明年，我們將推出更多產品，更多工廠。

And so we want to be smart about how we spend money and grow in a way that's sustainable, so we don't fall victim to the mistakes, I think, we made 1.5 years or so ago.

因此，我們希望在如何花錢和以可持續的方式增長方面變得聰明，所以我們不會成為錯誤的受害者，我認為，我們在 1.5 年前左右犯了錯誤。

Yes, absolutely.

是的，一點沒錯。

Okay.

好的。

The next question we've already answered regarding Autopilot time lines.

我們已經回答的下一個關於 Autopilot 時間線的問題。

So the following question would be, "can we please talk about cost control and OpEx sustainability in terms of growth versus gross profit growth?

所以接下來的問題是，“我們能否從增長與毛利潤增長的角度談談成本控制和運營支出的可持續性？

How did we achieve the recent OpEx trends?

我們是如何實現最近的 OpEx 趨勢的？

And how should we think about OpEx needs as we grow both vehicles and geographic workloads?"

隨著車輛和地理工作負載的增長，我們應該如何考慮運營支出需求？”

Yes.

是的。

I commented briefly on this in my opening remarks.

我在開場白中簡要評論了這一點。

We did see an increase in operating expenses from Q3 to Q4, even excluding the portion of that attributed to stock-based compensation.

我們確實看到從第三季度到第四季度的運營費用有所增加，即使不包括股票薪酬的部分。

And when you double click into that growth, it's supporting the Model Y program and also Shanghai program as well.

當你雙擊這個增長時，它支持 Model Y 項目和上海項目。

And so I think we, as a company, are now at the point where we've learned a lot on cost efficiency, as I've just mentioned.

所以我認為，作為一家公司，我們現在已經在成本效率方面學到了很多東西，正如我剛才提到的。

And we've unwound a number of the processes that were not in the right place, including automating with things that need to be automated.

我們已經解除了一些不正確的流程，包括自動化需要自動化的東西。

And we'll continue on that journey.

我們將繼續這一旅程。

But I think we're at a point now where OpEx will start to tick up, at least if you look annually from 2019 to 2020, to support our international footprint and then the growth of the company.

但我認為我們現在正處於運營支出將開始上升的地步，至少如果你從 2019 年到 2020 年每年看一下，以支持我們的國際足跡，然後是公司的發展。

Our job is to grow that significantly slower than the pace of growth of revenue to improve the operating leverage, which we're very, very focused on.

我們的工作是增長顯著低於收入增長的速度，以提高我們非常非常關注的運營槓桿。

Okay.

好的。

And the last question from investors is, "the sales of model S and X have stayed flat for several quarters.

投資者的最後一個問題是，“Model S 和 X 的銷量已經連續幾個季度持平。

The main reason is that they still use 18650 batteries.

主要原因是他們仍然使用18650電池。

When will S and X use 2170 batteries?

S 和 X 什麼時候會使用 2170 電池？

Manufacturing capacity of 18650 may be used for battery storage systems instead."

18650的製造能力可能會用於電池存儲系統。”

Sure.

當然。

Well, actually, the core chemistry inside the 18650 cell has improved many times over the years.

嗯，實際上，18650 電池內部的核心化學成分多年來已經改進了很多倍。

So it's really just a form factor as opposed to a core technology.

所以它實際上只是一種形式因素，而不是核心技術。

So it's -- I think we're pretty happy with where the -- with the energy content of the cell and the improvements in efficiency of the vehicle.

所以它 - 我認為我們對 - 電池的能量含量和車輛效率的提高感到非常滿意。

We're rapidly approaching a 400-mile range for Model S, for example.

例如，我們正在迅速接近 Model S 的 400 英里範圍。

So this is -- it won't be long before Model S is 400 -- has 400-mile range.

所以這就是——不久之後 Model S 就會達到 400——有 400 英里的續航里程。

Drew, is there anything you want to add to that?

德魯，你有什麼要補充的嗎？

No.

不。

Other than to say that the 18650 lines have been running smoothly for a really long time in a world where cell supply is fueling growth like we're part of the fuel of growth.

除了說 18650 生產線在一個電池供應推動增長的世界裡已經平穩運行了很長時間，就像我們是增長燃料的一部分一樣。

I don't see a reason to turn that cell supply off.

我認為沒有理由關閉該電池供應。

Yes.

是的。

And actually, the Model S and X actually have more range than we are just currently stating on the website.

實際上，Model S 和 X 的續航里程實際上比我們目前在網站上所說的要大。

We just haven't gotten around to updating, the, I guess, the EPA certified number.

我們只是還沒來得及更新，我猜，EPA 認證號碼。

But the actual range of the Model S and X are above what the website says there are.

但 Model S 和 X 的實際範圍高於網站所說的範圍。

The existing cars.

現有的汽車。

Yes, the existing cars that are being made.

是的，正在製造的現有汽車。

It's actually been that way for some time.

實際上已經有一段時間了。

Yes.

是的。

Yes.

是的。

I think we're -- yes, it must be somewhere in the 380s or something like that for us, yes.

我認為我們 - 是的，它必須在 380 年代的某個地方，或者對我們來說類似的東西，是的。

Thank you very much.

非常感謝你。

And Sherry, let's go to the Q&A on the phone.

還有雪莉，讓我們去電話問答環節。

(Operator Instructions)

（操作員說明）

Our first question comes from Adam Jonas with Morgan Stanley.

我們的第一個問題來自摩根士丹利的亞當喬納斯。

I actually agree.

我其實同意。

I think the retail questions were excellent, actually.

實際上，我認為零售問題非常好。

So Elon, do you see potential for Tesla vehicles to be fitted with user terminals that are compatible with the Starlink constellation in the near- or medium-term future?

那麼 Elon，您認為特斯拉汽車在近期或中期未來是否有可能配備與 Starlink 星座兼容的用戶終端？

Well, it's certainly something that could be happening in the coming years.

好吧，這肯定是未來幾年可能發生的事情。

There's no plans for it this year.

今年沒有這個計劃。

The focus of Starlink is really for high-bandwidth, low-latency connectivity for homes and businesses, and I guess, aircraft and boats and that kind of thing.

Starlink 的重點確實是為家庭和企業提供高帶寬、低延遲的連接，我猜是飛機和船隻之類的東西。

But the antenna for that high-bandwidth, low-latency thing is sort of about the size of medium pizza, which you could put on a car, but I think it's more bandwidth than you would really need.

但是用於高帶寬、低延遲的天線有點像中等大小的披薩大小，你可以放在汽車上，但我認為它的帶寬比你真正需要的要多。

Technically, you could buy one and just stick it on the car.

從技術上講，你可以買一個然後把它貼在車上。

Yes, it will work.

是的，它會起作用。

Space range.

空間範圍。

And maybe just as a follow-up for my follow-up.

也許只是作為我後續行動的後續行動。

How would -- assuming that we get the antenna form factor and cost down to a point where that could be integrated to the roof of a car, for example, cost effectively and aerodynamically, et cetera, how would compatibility with the Starlink architecture theoretically improve the Tesla customer experience or the capability of the network?

假設我們將天線的外形尺寸和成本降低到可以集成到汽車車頂的程度，例如，成本效益和空氣動力學等方面，理論上如何提高與 Starlink 架構的兼容性特斯拉客戶體驗還是網絡能力？

Well, I think it actually most possible that we'll just use the cellular connectivity, just use 5G.

好吧，我認為實際上我們最有可能只使用蜂窩連接，只使用 5G。

It would be the recommendation, certainly, in like any cities or something like that.

當然，在任何城市或類似的地方，這將是建議。

But if you're out in the countryside and there's not good cell connectivity, then maybe you could connect with a Starlink antenna.

但是，如果您在鄉下並且沒有良好的蜂窩連接，那麼也許您可以使用 Starlink 天線進行連接。

And you don't need to like have like gigabit level or level of connectivity.

而且您不需要像千兆級別或連接級別一樣。

You can -- probably like 20, 30 megabits is probably fine.

你可以——大概 20、30 兆比特就可以了。

And you can have much lower antenna.

你可以有更低的天線。

So yes, I guess it could be good for making sure there's connectivity and -- outside of major cities and that kind of thing.

所以是的，我想這可能有助於確保有連通性，而且——在主要城市之外等等。

But I mean that's -- yes, I'm sort of, I'd say, relatively obtuse.

但我的意思是——是的，我會說，我有點遲鈍。

It's not -- we're not thinking about it very much, to be honest.

不是——老實說，我們並沒有考慮太多。

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。

So hoping you could give us some guidance on what CapEx is going to be this year.

所以希望你能給我們一些關於今年資本支出的指導。

And kind of as I look to model out the business long term, is there a rule of thumb that we can use for capital expenditures per unit of production capacity or some sort of rule of thumb like that?

就像我希望對業務進行長期建模一樣，我們是否可以使用經驗法則來計算每單位產能的資本支出，或者類似的經驗法則？

I don't know if we wanted to tell you -- I don't think we want to say what our CapEx is going to be this year, necessarily.

我不知道我們是否想告訴你——我認為我們不想說今年我們的資本支出會是多少。

We -- except to say that like as I said earlier, we're spending money as fast as we can spend money in sensible ways.

我們 - 除了像我之前所說的那樣說，我們正在盡可能快地花錢，因為我們可以以合理的方式花錢。

So it's definitely not artificially limited, and we will spend -- well, a lot of money is here, for sure.

所以它絕對不是人為限制的，我們會花——嗯，很多錢在這裡，當然。

The challenge comes in like finding efficient ways to actually deploy the capital.

挑戰來自於尋找有效的方法來實際部署資本。

That's the harder part than sort of deciding on a CapEx number really.

這比真正決定資本支出數字更難。

Yes.

是的。

We...

我們...

And I think we always find ways to become more CapEx efficient per unit of capacity.

而且我認為我們總是想方設法提高每單位容量的資本支出效率。

And we challenge the teams to always become more efficient.

我們挑戰團隊總是變得更有效率。

And so we see a reduction per CapEx -- per unit in terms of Capex.

因此，我們看到每單位資本支出減少 - 就資本支出而言，每單位。

Absolutely.

絕對地。

[Just on the right] metric.

[就在右邊] 指標。

Yes, it's a good -- yes.

是的，這很好——是的。

I think there's so much at Tesla where the core technology is improving radically that maybe you wouldn't necessarily notice as an end customer.

我認為特斯拉有很多核心技術正在從根本上改進，也許你不一定會注意到作為最終客戶。

Or some of them, you'd notice; some of them, you wouldn't.

或者其中一些，你會注意到；其中一些，你不會。

But it's just -- there are these things that have a big effect on the efficiency of the company, like our internal applications team that kind of builds the Tesla internal operating system and improves the sort of core automation of the company.

但這只是——有些事情對公司的效率有很大的影響，比如我們的內部應用程序團隊構建了特斯拉內部操作系統並提高了公司的核心自動化程度。

That makes a big difference to our productivity.

這對我們的生產力有很大的影響。

But you wouldn't necessarily -- you would see it effectively in healthier financials, but you wouldn't necessarily notice it as an end customer.

但是您不一定會 - 您會在更健康的財務狀況中有效地看到它，但您不一定會注意到它作為最終客戶。

Okay.

好的。

Got it.

知道了。

Maybe I could follow up.

也許我可以跟進。

I mean your kind of operating cash flow, EBITDA is annualizing at $4.5 billion right now.

我的意思是你的經營現金流，EBITDA 現在年化為 45 億美元。

As I look out to the future, I'm kind of guessing that, that could fund somewhere around 200,000 to 250,000 units of capacity a year, which would be maybe a 30% CAGR over 5 years.

當我展望未來時，我有點猜測，這可能會為每年大約 200,000 到 250,000 個單位的產能提供資金，這可能是 5 年內 30% 的複合年增長率。

I mean is that something that's feasible for you guys to execute on, on a consistent basis, a level of capacity building that large?

我的意思是，對於你們來說，在一致的基礎上執行這麼大的能力建設水平是可行的嗎？

I mean, I think...

我的意思是，我認為...

We're heading for more than 30%, yes.

我們的目標是超過 30%，是的。

Yes, I think the math -- I'm not sure of the math that you've done, but I think our internal plans are faster.

是的，我認為數學 - 我不確定你所做的數學，但我認為我們的內部計劃更快。

And just back on your first question, we will have additional detail on CapEx in the 10-K.

回到您的第一個問題，我們將在 10-K 中提供有關資本支出的更多詳細信息。

But back to the growth rate, I mean, one thing to keep in mind is that the Shanghai facility, we do have a loan facility in place to support that growth.

但回到增長率，我的意思是，要記住的一件事是，上海的貸款，我們確實有一個貸款工具來支持這種增長。

So that helps.

所以這有幫助。

And then as our production volumes increase, that generates more cash flow in the business as well that allows us to continue to fund additional factory.

然後隨著我們產量的增加，這也會在業務中產生更多的現金流，這使我們能夠繼續為額外的工廠提供資金。

So I wouldn't necessarily view it as limited as you described it.

所以我不一定認為它像你描述的那樣有限。

Yes.

是的。

I think a few years ago, I said I -- yes, I think -- I don't know when it was, but a few years ago, I said my estimate for us is that Tesla would grow at an average compound annual rate -- average rate of in excess of 50%.

我想幾年前，我說我——是的，我想——我不知道是什麼時候，但幾年前，我說我對我們的估計是特斯拉將以平均複合年增長率增長——平均比率超過50%。

I still hold that belief.

我仍然持有這個信念。

Our next question from Gene Munster with Loup Ventures.

我們的下一個問題來自 Loup Ventures 的 Gene Munster。

Congratulations on the progress.

祝賀取得進展。

First question related to Cybertruck.

第一個與 Cybertruck 相關的問題。

You mentioned you'll sell as many as you can make.

你提到你會賣盡可能多的。

Can you remind me how many you think you can make?

你能提醒我你認為你能做多少嗎？

And any thoughts on the cost of production for making those Cybertrucks?

對製造這些 Cyber truck 的生產成本有何想法？

I think we don't comment on those detailed numbers, except the demand is just far more than we could reasonably make in the space of, I don't know, 3 or 4 years or something like that.

我認為我們不會對這些詳細數字發表評論，除非需求遠遠超過我們在 3 或 4 年或類似時間的空間內所能合理製造的數量。

So the thing we're going to be really focused on is increasing battery production capacity because that's very fundamental because if you don't improve battery production capacity, then you end up just shifting unit volume from one product to another, and you haven't actually produced more electric vehicles.

所以我們真正關注的是提高電池產能，因為這是非常基礎的，因為如果你不提高電池產能，那麼你最終只會將單位體積從一種產品轉移到另一種產品，而你沒有t 實際上生產了更多的電動汽車。

So that's part of the reason why we have not, for example, really accelerated production of the Tesla Semi because it does use a lot of cells.

這就是為什麼我們沒有真正加速生產 Tesla Semi 的部分原因，因為它確實使用了很多電池。

And unless we've got a lot of battery cells available, then say like accelerated production of the Tesla Semi would then necessarily mean making fewer Model 3 or Model Y cars.

除非我們有大量可用的電池，否則說像特斯拉半成品的加速生產必然意味著生產更少的 Model 3 或 Model Y 汽車。

So we've got to really make sure we get a very steep ramp in battery production and continue to improve the cost per kilowatt hour of the batteries.

所以我們必須真正確保我們在電池生產中獲得非常陡峭的增長，並繼續提高電池每千瓦時的成本。

This is very fundamental and extremely difficult.

這是非常基礎的，也是極其困難的。

So I said we're going to do like kind of Battery Day just to kind of explain more about this and what our plans are.

所以我說我們將舉辦類似的電池日活動，以便更多地解釋這一點以及我們的計劃是什麼。

I think probably it's going to make sense to do that after the end of this quarter because I think it's going to be kind of an intense end of quarter as it was last quarter.

我認為在本季度末之後這樣做可能是有意義的，因為我認為這將是像上一季度一樣激烈的季度末。

So tentatively, sort of in the April time frame, we'll do a Battery Day and kind of go through what the challenges are, how do you get from here to, I don't know, a couple of thousand gigawatt hours a year or something.

所以暫定，在四月的時間範圍內，我們將舉辦一個電池日，並了解挑戰是什麼，你如何從這裡到達，我不知道，每年幾千吉瓦時或者其他的東西。

Great.

偉大的。

I look forward to that Battery Day.

我期待著那個電池日。

You also mentioned in your prepared comments about other products that may come up, and the only vehicle not announced for master plan part 2 is a high passenger density vehicle.

您在準備好的評論中還提到了可能會出現的其他產品，並且總體規劃第 2 部分中唯一未公佈的車輛是高載客密度車輛。

Any light that you can give us regarding that project?

關於那個項目，你能給我們一些啟示嗎？

Yes.

是的。

Going back to what I just said, the -- we've got to improve the total battery capacity.

回到我剛才所說的，我們必須提高總電池容量。

Otherwise, we add complexity, but we do not improve the number of vehicles on the road.

否則，我們會增加複雜性，但不會增加道路上的車輛數量。

So while we do some sort of high-capacity vehicle at some point probably, but we need to make sure we got the batteries to make cars that we've already got already on our plate.

因此，雖然我們可能會在某個時候製造某種高容量汽車，但我們需要確保我們有電池來製造我們已經在我們的盤子上的汽車。

And it's just generally true.

這通常是正確的。

And I've seen some, I think, sort of sensible comments by ARK Invest where they're pointing out that really people do prefer to drive in their cars mostly by themselves.

我認為，我已經看到 ARK Invest 發表的一些明智的評論，他們指出，實際上人們確實更喜歡自己開車。

And like the average -- I mean the average number of occupants in a car, I think, is like 1.2.

和平均值一樣——我的意思是，我認為汽車中的平均乘員人數是 1.2。

And maybe with autonomy, maybe they'll go to 1.4, maybe.

也許有了自治權，也許他們會去 1.4，也許。

But I'm not sure if it even goes there.

但我不確定它是否會去那裡。

So yes, will it make sense for us to do sort of a minivan or sort of Sprinter-like van at some point?

所以是的，我們在某個時候做一種小型貨車或類似 Sprinter 的貨車是否有意義？

Probably.

大概。

But like I said, we've got to solve this battery -- we've got to scale battery production to crazy levels that people cannot even fathom today.

但就像我說的，我們必須解決這種電池問題——我們必須將電池生產規模擴大到今天人們甚至無法理解的瘋狂水平。

That's the real problem.

這才是真正的問題。

Our next question comes from [John Sager] with Evercore ISI.

我們的下一個問題來自 [John Sager] 和 Evercore ISI。

I want to talk about the differences between the Model 3 and the Model Y beyond the sort of 10% rule of thumb just around cargo and size.

我想談談 Model 3 和 Model Y 之間的區別，除了關於貨物和尺寸的 10% 經驗法則。

Are there other features that are going to differentiate the 2 models?

是否還有其他功能可以區分這 2 個模型？

And then as a follow-on to that, you've talked in the past about how Model S sales grew with the introduction of Model X. So are you planning on setting up your production facilities to align with that thesis that essentially Model 3 sales will expand alongside the introduction of Model Y?

然後，作為對此的後續，您過去曾談到 Model S 的銷量如何隨著 Model X 的推出而增長。那麼，您是否計劃建立您的生產設施以與本質上 Model 3 銷售的論點保持一致會隨著 Model Y 的推出而擴展嗎？

We're not quite sure what's going to happen, but it is true that Model X -- the introduction of Model X actually increased Model S sales because people would come in and look at the Model X and they like said, "okay, I prefer the sedan." And we're worried that X sales would cause S sales to drop but it actually caused it to increase.

我們不太確定會發生什麼，但 Model X 是真的——Model X 的推出實際上增加了 Model S 的銷量，因為人們會進來看看 Model X，他們喜歡說，“好吧，我更喜歡轎車。”我們擔心 X 銷量會導致 S 銷量下降，但實際上卻導致銷量增加。

So from -- like I said, we're not too worried about demand.

所以——就像我說的，我們不太擔心需求。

We're worried about production, make sure we get that production ramp going and reach volume production as soon as possible with Model Y.

我們擔心生產，確保我們能夠加快生產速度並儘快實現 Model Y 的量產。

And it's hard to -- it's always hard to predict what that S -- the exponential part of the S-curve of production.

而且很難 - 總是很難預測 S - 生產的 S 曲線的指數部分。

Our production pretty much always follows this S-curve, or it's kind of like a herky jerky S-curve.

我們的生產幾乎總是遵循這個 S 曲線，或者有點像一個不穩定的 S 曲線。

And you can -- it's easy to predict what it's going to be like in beginning because it's low, and it's easy to predict what it's going to be like at the end, but that intermediate portion of the S-curve is very difficult to predict.

你可以——很容易預測一開始會是什麼樣子，因為它很低，很容易預測最後會是什麼樣子，但是 S 曲線的中間部分很難預測.

So that's -- and it involves a massive amount of hard work and just reacting fast to issues that arise.

這就是 - 它涉及大量的艱苦工作，並且只是對出現的問題做出快速反應。

So yes, I think we'll just go as fast as we can with Model Y and make sure it's a great product.

所以是的，我認為我們會盡可能快地使用 Model Y，並確保它是一款出色的產品。

I think there are some things that will differentiate it but not -- it's not something we want to talk about on this call.

我認為有些事情會使其與眾不同，但不是——這不是我們想在這次電話會議上談論的事情。

And I think when they do -- when people do a teardown of the Model Y, I think they'll be impressed about some of the things they see.

我認為當他們這樣做時——當人們拆解 Model Y 時，我認為他們會對他們看到的一些東西印象深刻。

And just to add to that, I think it's important to keep the Model Y launch in context of the next 18 to 24 months.

除此之外，我認為將 Model Y 的發布保持在未來 18 到 24 個月的背景下很重要。

What we're working on here between Berlin and Shanghai and Fremont is to have 3 and Y locally produced in all locations.

我們在柏林、上海和弗里蒙特之間的工作是在所有地點本地生產 3 和 Y。

And so Model 3 is expanding as Model Y is expanding.

因此，隨著 Model Y 的擴張，Model 3 也在擴張。

There may be ups and downs in various factories as we get to the journey of having these products on the major continents.

隨著我們在各大洲擁有這些產品的旅程，各個工廠可能會起起落落。

Also, the rule of thumb of 10%, I think you need to see it.

另外，10%的經驗法則，我認為你需要看看。

When you see the car, you'll realize that it's not just a 10% different car.

當你看到這輛車時，你會意識到這不僅僅是一輛 10% 不同的車。

It's not just -- there's more change happening, like to the customer's perspective as well.

不僅僅是——還有更多的變化正在發生，比如從客戶的角度來看。

Our next question comes from Colin Rusch with Oppenheimer.

我們的下一個問題來自 Colin Rusch 和 Oppenheimer。

Can you speak to the pricing strategy in light of the China price reductions as well as the mission to increase EV adoption?

您能否談談中國降價的定價策略以及增加電動汽車採用率的使命？

Is there a target for gross profit or operating profit on a per vehicle basis that we should be thinking about?

是否有我們應該考慮的每輛車的毛利潤或營業利潤目標？

Or how should we really frame that for ourselves?

或者我們應該如何真正為自己制定框架？

Yes.

是的。

I mean we were trying to make the cars as affordable as possible and as fast as possible while maintaining reasonable -- while still being at least a little bit profitable and grow the company like crazy and having good free cash flow and accumulating our cash balance.

我的意思是，我們試圖在保持合理性的同時盡可能快地製造出盡可能實惠的汽車——同時仍然至少有一點盈利，並瘋狂地發展公司，擁有良好的自由現金流和積累我們的現金餘額。

Zach, anything you want to add?

扎克，你有什麼要補充的嗎？

No, I think that's fair.

不，我認為這是公平的。

Our order rate supports the pricing that we have right now.

我們的訂單率支持我們現在的定價。

We're working very hard to reduce costs and expand production because, I mean, we feel from the data, it's pretty clear that there's a lot of interest in our products.

我們正在努力降低成本並擴大生產，因為我的意思是，我們從數據中感覺到，很明顯人們對我們的產品很感興趣。

And so what we're working on is to increase production, increase availability of the products with time.

所以我們正在努力增加產量，隨著時間的推移增加產品的可用性。

And the price reduction in China, kind of the first step towards this global localization, more accessible price.

而中國的降價，是邁向全球本土化的第一步，價格更平易近人。

And we'll continue to work on cost reductions in China as we do in Fremont and grow production.

我們將繼續努力降低中國的成本，就像我們在弗里蒙特所做的那樣，並增加產量。

Yes.

是的。

I mean the thing that's really going to, I think, probably just have a profound effect on our financials is like -- is high volume and high margin, obviously.

我的意思是，我認為，真正可能對我們的財務產生深遠影響的事情就像——顯然是高銷量和高利潤率。

And that high margin part comes from autonomy.

而高利潤部分來自自治。

So do people buy the Full Self-Driving package or not and do they buy it worldwide or only in certain places?

那麼人們是否購買完全自動駕駛套餐，他們是在全球範圍內購買還是僅在某些地方購買？

For example, our autonomy is not as good in China as it is in the U.S. So fewer people -- a very small percentage of people buy the FSD package in China.

例如，我們的自主性在中國不如在美國好。所以很少人——在中國購買 FSD 套餐的人非常少。

But as we fix that, then we will see a much higher people -- percentage of people buying.

但是當我們解決這個問題時，我們會看到更多的人——購買的人的百分比。

And as we are close to Full Self-Driving, that's just going to become more and more compelling.

隨著我們接近全自動駕駛，這將變得越來越引人注目。

So that's -- from a financial standpoint, that's the real mind-blowing situation, is high volume, high margin because of autonomy.

所以這就是——從財務的角度來看，這是真正令人興奮的情況，因為自主權而產生的高產量、高利潤。

Okay.

好的。

And then just shorter term, there's significant discussion in the industry around moving to higher voltage on the powertrain and then some challenges around the supply chain's preparedness to support that.

然後就短期而言，業界圍繞動力總成的更高電壓進行了重要討論，然後圍繞供應鏈準備支持這一點的一些挑戰進行了討論。

Separate from the battery pack, since we'll talk about that in a couple of months, can you speak to the areas of focus on powertrain technology-driven cost reduction over the next 12 to 24 months that we should be thinking about?

與電池組分開，因為我們將在幾個月內討論這個問題，您能否談談我們應該考慮在未來 12 到 24 個月內關注動力總成技術驅動的成本降低的領域？

Well, our powertrain is pretty damn good.

好吧，我們的動力總成非常好。

I mean it's way better than anything else out there by a country mile.

我的意思是它比其他任何東西都要好一英里。

It's worth noting, for example, that the Model S has like a 100 kilowatt hour pack, but Taycan has 100 -- like 95 kilowatt hour pack.

值得注意的是，例如，Model S 有一個 100 千瓦時的電池組，但 Taycan 有 100 個——比如 95 千瓦時的電池組。

The Model S is steadily approaching 400 miles range, but Taycan has 200 miles range.

Model S 的續航里程穩步接近 400 英里，但 Taycan 的續航里程為 200 英里。

So we must be using that energy pretty efficiently and the powertrain is a big part of that.

所以我們必須非常有效地利用這些能源，而動力系統是其中的重要組成部分。

I would just say the focus is on cost on the powertrain.

我只想說重點是動力總成的成本。

When we're thinking about technology innovations, it's how do we how do we continue to drive the cost down.

當我們考慮技術創新時，就是我們如何繼續降低成本。

And that's through -- voltage is maybe one angle, but there are certainly others that just enable more power density and lower cost.

這就是通過 - 電壓可能是一個角度，但肯定還有其他角度可以實現更高的功率密度和更低的成本。

Powertrain is like mind-blowing, I think.

我認為，動力總成令人興奮。

Yes.

是的。

Coming out later this year, end of the year, probably.

今年晚些時候，年底，可能會出來。

It's our goal.

這是我們的目標。

Get the powertrain out by the end of the year.

年底前推出動力總成。

And then it's going to be like -- this is like alien technology.

然後它會像 - 這就像外星技術。

It's insane.

這太瘋狂了。

It's all about...

這全都是關於...

I didn't even think we could do -- yes, I mean honestly, I thought there was no way.

我什至認為我們做不到——是的，老實說，我認為沒有辦法。

I guess we got the engineering team.

我想我們得到了工程團隊。

Tesla is about hardcore engineering.

特斯拉是關於核心工程的。

Our next question comes from Emmanuel Rosner with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Emmanuel Rosner。

So in your slide deck, you had the comment around average selling price being stable or thereabout in 2020.

因此，在您的幻燈片中，您有關於 2020 年平均售價穩定或穩定的評論。

Can you maybe walk through some of the puts and takes, how you see sort of like that metric evolves?

您能否了解一些看跌期權，您如何看待該指標的演變？

Obviously, you have the Model Y, which probably would have initial higher pricing, and then the China Model 3 is at a lower price.

顯然，你有 Model Y，它的初始價格可能會更高，然後中國 Model 3 的價格會更低。

So I guess what are the puts and takes for what you see as sort of like stable ASP in 2020?

所以我猜你認為 2020 年穩定的 ASP 的看跌期權是多少？

I think the product is better and better.

我認為產品越來越好。

That will increase the value.

那將增加價值。

Yes.

是的。

We don't want to really comment on prices and such.

我們不想真正評論價格等。

I think we'll adjust according to what the demand looks like.

我想我們會根據需求進行調整。

I mean, like right now, it's pretty good.

我的意思是，就像現在一樣，它非常好。

Maybe that will change.

也許這會改變。

Who knows?

誰知道？

Yes.

是的。

But I think the way you described it is fair.

但我認為你描述的方式是公平的。

So I mean relative to the current Model 3, China Model 3 pricing is slightly lower.

所以我的意思是相對於目前的 Model 3，中國 Model 3 的定價略低。

And our Model Y pricing is public on the website, so you can see that it's clearly slightly higher than the Model 3 that's out of Fremont.

而且我們的 Model Y 定價在網站上是公開的，所以你可以看到它明顯比 Fremont 出的 Model 3 略高。

How the mix of those 3 products, and that's out over the course of the year, we'll see.

我們將拭目以待，這 3 種產品的組合如何，以及這一年的結果如何。

But I think it's probably fair at the moment to assume the mix of those is fairly stable in terms of ASP when you average them together.

但我認為，當你將它們平均在一起時，假設它們的組合在 ASP 方面相當穩定，這可能是公平的。

Yes.

是的。

I mean the affordability of our car in China improved radically because of very -- tariffs mostly gone away, purchase tax exemption, local product supply, not having to spend a bunch of money to transport it over the ocean.

我的意思是，我們的汽車在中國的可負擔性大大提高了，因為關稅大部分消失了，購買稅豁免，本地產品供應，不必花一大筆錢將它運輸到海上。

So the affordability is night and day for our car in China.

因此，我們的汽車在中國的負擔能力是日以繼夜的。

Our next question comes from Dan Levy with Crédit Suisse.

我們的下一個問題來自瑞士信貸的 Dan Levy。

Just want to follow-up on the question on capital raise.

只是想跟進有關籌資的問題。

So given the cheaper cost of capital, and this is a real competitive advantage for others, why wouldn't it make sense to raise capital to either pay down debt or to pursue acquisitions, especially bolt-ons that could help you accelerate capabilities in autonomous or battery technology?

因此，鑑於資本成本較低，這對其他人來說是一個真正的競爭優勢，為什麼籌集資金來償還債務或進行收購沒有意義，尤其是可以幫助您提高自主能力的附加裝置還是電池技術？

I mean, if you know of any acquisitions, we'd love to hear about them.

我的意思是，如果你知道任何收購，我們很想听聽。

Yes, sure.

是的，當然。

It sounds great.

聽起來不錯。

Who should we acquire?

我們應該收購誰？

Well, given the importance of autonomous, I imagine that this is an area that you would want to accelerate if you view it as a crucial competitive advantage.

好吧，鑑於自主性的重要性，我想如果您將其視為關鍵的競爭優勢，您會希望加速這一領域。

We're not aware of any one that we'd want to acquire.

我們不知道我們想要收購任何人。

And debt paydown?

還債呢？

Diluting the company to pay down debt doesn't sound like a wise move.

稀釋公司以償還債務聽起來不是明智之舉。

I think the broader -- there's been a couple of versions of this question over the course of the call.

我認為更廣泛——在電話會議期間，這個問題有幾個版本。

I think what we're saying more broadly is that as we look forward on the cash generation from the business relative to what our plans are, we are not constrained.

我認為我們所說的更廣泛的是，當我們期待業務產生的現金相對於我們的計劃是什麼時，我們並沒有受到限制。

Yes, we're going to pay down the debt, just as time goes by.

是的，隨著時間的流逝，我們將償還債務。

We've paid down $0.5 billion worth of debt last quarter.

上個季度，我們已經償還了價值 5 億美元的債務。

So we'll just keep steadily paying it down.

因此，我們將繼續穩步支付。

And yes -- so yes.

是的 - 所以是的。

Yes.

是的。

I don't think we have anything more to say on that front really.

我認為在這方面我們真的沒有什麼要說的了。

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。

Elon, I wanted to come back on batteries.

埃隆，我想用電池回來。

And if I look at the end of this year, you should have 800,000 units in production capacity forecast.

如果我看今年年底，你應該有80萬台的產能預測。

So that's -- if you add to that Model S and Model X and then the energy storage business, it means you've been following north of 60 gigawatt hour of battery production capacity.

所以這就是 - 如果你添加到 Model S 和 Model X 以及儲能業務，這意味著你一直在關注超過 60 吉瓦時的電池生產能力。

So where do you stand now?

那你現在站在哪裡？

And how do you get there?

你怎麼去那裡？

And then it looks like your competitors, others who would like to compete with you, seem to be struggling to grow battery capacity.

然後看起來你的競爭對手，其他想與你競爭的人，似乎都在努力增加電池容量。

So if you can just take us through what you're doing differently, why you're confident you can do that and it looks like nobody has done.

因此，如果您可以讓我們了解您正在做的不同的事情，為什麼您有信心可以做到這一點，而且看起來沒有人做過。

Well, I guess a lot of people sort of made fun of us for not like being able to build cars and build capacity.

好吧，我想很多人都在取笑我們，因為我們不喜歡能夠製造汽車和建設能力。

And it's like now it turns out, actually, even the pros have trouble with it.

就像現在事實證明，實際上，即使是專業人士也有麻煩。

It's pretty hard.

這很難。

But the fact is, we've already demonstrated massive growth in cell production capacity at our Gigafactory in Nevada.

但事實是，我們在內華達州的 Gigafactory 已經證明了細胞產能的大幅增長。

And you have to go from the cells to the modules to the pack.

你必須從電池到模塊再到包裝。

So it's not just cell capacity but also module and pack capacity.

因此，這不僅僅是電池容量，還有模塊和電池組容量。

So we've just gotten pretty good at that.

所以我們在這方面做得很好。

And we've worked well with key partners, like Panasonic.

我們與松下等主要合作夥伴合作良好。

The Panasonic relationship has been excellent.

松下的關係一直很好。

They've been a great partner with us for many years.

多年來，他們一直是我們的優秀合作夥伴。

We've added some additional partners at a smaller scale with LG and CATL.

我們與 LG 和 CATL 一起增加了一些規模較小的合作夥伴。

And yes, we'll have more to talk about this in detail on Battery Day.

是的，我們將在電池日詳細討論這個問題。

Like I said, probably April.

就像我說的，可能是四月。

We've got a very compelling strategy.

我們有一個非常引人注目的策略。

I mean we are super deep on cell, super deep, cell through battery, so cell module battery.

我的意思是我們對電池超級深入，超級深入，電池通過電池，所以電池模塊電池。

And Drew, is there anything you want add to that?

Drew，你有什麼要補充的嗎？

I think you said it all.

我想你都說了。

We are super deep.

我們超級深。

Yes, it's a (inaudible).

是的，這是一個（聽不清）。

Rabbit hole goes down pretty far.

兔子洞很深。

Seven days a week.

一周七天。

Seven days a week battery production.

每週 7 天電池生產。

Man, do we know a lot about batteries.

伙計，我們對電池了解很多嗎？

Geez.

哎呀。

I think I can see that.

我想我可以看到。

The only thing I would add is we do have a decade-plus of experience of not just like what a cell should be but how to integrate it into the product, and that's really helped us.

我唯一要補充的是，我們確實擁有十多年的經驗，不僅了解細胞應該是什麼樣的，還了解如何將其集成到產品中，這對我們很有幫助。

Yes, absolutely.

是的，一點沒錯。

And how to manage the cell and the module and the battery and through different weather conditions and different terminal and different charge regimes.

以及如何通過不同的天氣條件、不同的終端和不同的充電方式管理電池、模塊和電池。

And wow, we really know a lot about batteries.

哇，我們真的很了解電池。

Next level.

下一級。

Okay.

好的。

And Zach, maybe a quick mundane follow-up for you, if that's all right.

還有 Zach，如果可以的話，也許對你來說是一個快速的世俗跟進。

Can you give us a sense of the impact of the ramp of Shanghai on your cars in Q4?

您能告訴我們第四季度上海的坡道對您的汽車的影響嗎？

Yes.

是的。

We were negative gross margin on the products that we built in Q4.

我們在第四季度構建的產品的毛利率為負。

But the team in China, I think, did a great job managing costs during the launch.

但我認為，中國的團隊在發布期間在管理成本方面做得很好。

And so there was a slight drag associated with it, but not terribly significant.

所以有一點與之相關的阻力，但不是非常顯著。

Our last question will come from Joseph Osha with JMP Securities.

我們的最後一個問題將來自 JMP 證券公司的 Joseph Osha。

Further to the conversation around cell technology, just wondering if you can comment on what the plans are for the Maxwell technology that you acquired here as a capacitor or dry cell or what have you.

除了圍繞電池技術的對話之外，只是想知道您是否可以評論一下您在這裡作為電容器或乾電池獲得的 Maxwell 技術的計劃是什麼，或者您有什麼。

Well, like I said, we're going to talk about this in Battery Day, which is probably April.

好吧，就像我說的，我們將在可能是四月的電池日討論這個問題。

And then a lot of these questions will be answered.

然後會回答很多這樣的問題。

I think it's going to be a very compelling story that we have to present.

我認為這將是一個非常引人入勝的故事，我們必須呈現。

I think it's going to actually blow people's minds.

我認為它實際上會震撼人們的思想。

It blows my mind, and I know it.

這讓我大吃一驚，我知道這一點。

So I think it's going to be pretty cool.

所以我認為這會很酷。

Maxwell's -- that ultracap technology is kind of part of the plan?

麥克斯韋——超級電容技術是計劃的一部分？

It's an important piece of the puzzle, yes.

這是一個重要的難題，是的。

I think like some of the sort of retail investors have managed to put together several pieces of the puzzle, they seem to have the most insight.

我認為就像一些散戶投資者已經設法拼湊了幾個拼圖一樣，他們似乎最有洞察力。

I shall have to read the blogs more.

我將不得不更多地閱讀博客。

Thank you very much for -- everyone, for all of your good questions, and we will speak to you in another 3 months.

非常感謝大家提出的所有好問題，我們將在 3 個月後與您交談。

Thank you.

謝謝你。

Thank you.

謝謝你。

Thank you.

謝謝你。

Ladies and gentlemen, this concludes today's conference call.

女士們，先生們，今天的電話會議到此結束。

Thank you for your participation, you may now disconnect.

感謝您的參與，您現在可以斷開連接。