特斯拉 (TSLA) 2024 Q2 法說會逐字稿

Good afternoon, everyone, and welcome to Tesla's second quarter 2024 Q&A Webcast. My name is Travis Axelrod, Head of Investor Relations, and I'm joined today by Elon Musk; Vaibhav Taneja, and a number of other executives.

大家下午好，歡迎收看特斯拉2024年第二季問答網路直播。我是投資者關係主管特拉維斯·阿克塞爾羅德 (Travis Axelrod)，今天埃隆·馬斯克 (Elon Musk) 也加入了我的行列。 Vaibhav Taneja 和其他一些高階主管。

Our Q2 results were announced at about 3:00 PM Central Time in the update deck we published at the same link as this webcast.

我們的第二季業績於中部時間下午 3:00 左右在我們發布的更新資料中公佈，連結與本次網路廣播相同。

During this call, we will discuss our business outlook and make forward-looking statements. These comments are based on our predictions and expectations as of today. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in our most recent filings with the SEC.

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。這些評論是基於我們今天的預測和期望。由於許多風險和不確定性，包括我們最近向 SEC 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會存在重大差異。

(Event Instructions) Before we jump into Q&A, Elon has some opening remarks. Elon?

（活動說明）在我們開始問答之前，Elon 有一些開場白。埃隆？

Thank you. So to recap, we saw large adoption acceleration of EVs and then a bit of a hangover as others struggle to make compelling UVs. So there have been quite a few competing electric vehicles that have entered the market, and mostly, they have not done well, but they have discounted their EVs quite substantially, which has made it quite more difficult for Tesla. We don't see this as a long-term issue, but really it's fairly short term.

謝謝。回顧一下，我們看到電動車的大規模採用加速，然後因為其他人努力製造引人注目的UV車而出現了一些後遺症。因此，已經有相當多的電動車進入市場，而且大多數都表現不佳，但他們的電動車折扣相當大，這讓特斯拉的處境變得更加困難。我們不認為這是一個長期問題，但實際上這是一個相當短期的問題。

And we still, obviously, firmly believe that EVs are best for customers and that the world is headed for a fully electrified transport not just of cars, but also of aircraft and boats.

顯然，我們仍然堅信電動車最適合客戶，而世界正在走向完全電氣化的運輸，不僅是汽車，而且是飛機和船隻。

Despite many challenges, the Tesla team did a great job executing, and we did achieve record quarterly revenues. Energy storage deployments reached an all-time high in Q2, leading to record profits for the energy business.

儘管面臨諸多挑戰，特斯拉團隊的執行工作非常出色，我們確實實現了創紀錄的季度收入。第二季儲能部署量創歷史新高，能源業務利潤創歷史新高。

And we're investing in many future projects, including AI training and inference and a great deal of infrastructure to support future products. We won't get too much into the product road map here because that is reserved for product announcement events. But we are on track to deliver a more affordable model in the first half of next year.

我們正在投資許多未來的項目，包括人工智慧訓練和推理以及支持未來產品的大量基礎設施。我們不會在這裡過多介紹產品路線圖，因為這是為產品發布活動保留的。但我們預計在明年上半年推出更實惠的型號。

The big -- really, by far, the biggest differentiator for Tesla is autonomy. And in addition to that, we have scale economies and, I think we're the most efficient electric vehicle producer in the world. So this -- while others are pursuing different parts of the AI robotics that we're seeing all of them, this allows for better cost control, more scale, quicker time to market, and a superior product, applying not to -- not just do autonomous vehicles, but to autonomous humanoid robots like Optimus.

事實上，到目前為止，特斯拉最大的差異化因素是自主性。除此之外，我們還擁有規模經濟，我認為我們是世界上最高效的電動車生產商。因此，雖然其他人正在追求我們所看到的人工智慧機器人的不同部分，但這可以實現更好的成本控制、更大的規模、更快的上市時間和卓越的產品，不僅適用於——開發自動駕駛汽車，但開發像擎天柱這樣的自主人形機器人。

Regarding full self-driving and robotaxi, we've made a lot of progress with full self-driving driving in Q2. And with version 12.5 beginning rollout, we think customers will experience a step change improvement in how well supervised, full self-driving works. Version 12.5 has 5 times the parameters of 12.4 and although finding most the highway and city stacks.

關於全自動駕駛和Robotaxi，我們在第二季的全自動駕駛方面取得了很大進展。隨著 12.5 版本的開始推出，我們認為客戶將在監督、全自動駕駛的工作方式方面體驗到階梯式的改進。 12.5 版本的參數是 12.4 的 5 倍，儘管找到了大多數高速公路和城市堆疊。

So -- but the highway stack at this point is pretty old. So often the issues people encounter are on the highway. But with 12.5, we finally merged the two stacks.

所以——但此時的高速公路堆疊已經相當老舊了。人們經常遇到的問題是在高速公路上。但在 12.5 中，我們最終合併了兩個堆疊。

I still find that most people actually don't know how good the system is. And I would encourage anyone to understand the system better to simply try it out and let the car drive you around.

我仍然發現大多數人實際上不知道這個系統有多好。我鼓勵任何人更好地理解這個系統，簡單地嘗試一下，讓汽車帶你到處走走。

One of the things we're going to be doing just to make sure that people actually understand the capabilities of the car is when delivering a new car, and when picking up a car for service to just show people how to use it and just driving around the block. Once people use at all, they tend to continue using it.

為了確保人們真正了解汽車的功能，我們要做的一件事就是在交付新車時以及在提車進行維修時向人們展示如何使用它以及如何駕駛街區周圍。一旦人們使用過，他們就會傾向於繼續使用它。

So it's very compelling. And this, I think, will be a massive demand driver, even unsupervised for self-driving will be a massive demand driver. And as we increase the miles between intervention, we will transition from supervised, full self-driving to unsupervised, full self-driving, and we can unlock massive potential in the fleet.

所以這是非常有說服力的。我認為，這將是一個巨大的需求驅動因素，即使無人監督的自動駕駛也將是一個巨大的需求驅動因素。隨著幹預間隔里程的增加，我們將從有監督的全自動駕駛過渡到無監督的全自動駕駛，並且我們可以釋放車隊的巨大潛力。

We postponed the robotaxi product unveil by a couple of months where it's shifted to 10/10, to October 10. And this is because I wanted to make some important changes that I think would improve the vehicle -- the robotaxi, the thing that we're -- the main thing that we're going to show. And we're also going to show up a couple of other things.

我們將Robotaxi 產品的發布推遲了幾個月，推遲到了10 月10 日，也就是10 月10 日。開發的東西。我們還將展示其他一些東西。

So moving it back a few months allowed us to improve the robotaxi as well as add in a couple of other things for the product unveil. We're also nearing completion of the south expansion of Giga Texas, which will house our largest training cluster to date. So it will be an incremental 50,000 H100s, plus 20,000 of our hardware for AI5, Tesla AI computer.

因此，將其推遲幾個月使我們能夠改進機器人出租車，並為產品發布添加一些其他內容。我們也即將完成 Giga Texas 的南部擴建，該項目將容納我們迄今為止最大的培訓集群。因此，這將是增量 50,000 個 H100，再加上 20,000 個用於 AI5（特斯拉人工智慧電腦）的硬體。

With Optimus, Optimus is already performing tasks in our factory. And we expect to have Optimus production version 1 and limited production starting early next year. This will be for Tesla consumption. It's just better for us to iron out the issues ourselves. But we expect to have several thousand Optimus robots produced and doing useful things by the end of next year in the Tesla factories.

透過 Optimus，Optimus 已經在我們工廠執行任務了。我們預計明年初將推出 Optimus 量產版 1 並進行限量生產。這將供特斯拉消費。我們最好自己解決這些問題。但我們預計到明年年底，特斯拉工廠將生產數千台 Optimus 機器人並做一些有用的事情。

And then in 2026, ramping up production quite a bit. And at that point, we'll be providing Optimus robots to outside customers. There will be a production version 2 of Optimus.

然後到 2026 年，產量大幅增加。屆時，我們將向外部客戶提供 Optimus 機器人。將會有 Optimus 的生產版本 2。

For the energy business, this is growing faster than anything else. This is -- we are really demand constraint rather than production constraint. So we're ramping up production in our US factory as well as building our -- building the mega factory in China that should roughly double our output, maybe more than -- maybe triple potentially.

對於能源產業來說，這一成長速度比其他產業都要快。這是——我們實際上是需求約束而不是生產約束。因此，我們正在提高美國工廠的產量，並在中國建造大型工廠，這將使我們的產量增加一倍，甚至可能增加三倍以上。

So in conclusion, we're super excited about the progress across the board. We're changing the energy system, have you move around, have you all push the economy. The undertaking is massive, but I think the future is incredibly bright. I really just can't emphasize just the importance of autonomy for the vehicle side and for Optimus.

總之，我們對全面的進展感到非常興奮。我們正在改變能源系統，讓你們四處走動，讓你們都推動經濟。任務艱鉅，但我認為未來非常光明。我真的無法僅僅強調自主對於車輛方面和擎天柱的重要性。

Although the numbers sound crazy, I think, Tesla producing app volume with unsupervised MSD essentially enabling the fleet to operate like a giant autonomous fleet.

儘管這些數字聽起來很瘋狂，但我認為，特斯拉透過無人監督的 MSD 產生的應用程式數量本質上使車隊能夠像巨型自動駕駛車隊一樣運作。

And it takes the valuation, I think, to some pretty crazy number are to invest things on the order of $5 trillion, I think that are probably not wrong. And long-term Optimus, I think, it achieves a valuation several times that number.

我認為，投資金額需要達到 5 兆美元左右，這可能是一個相當瘋狂的數字，我認為這可能沒有錯。我認為，從長期來看，擎天柱的估值是這個數字的幾倍。

I want to thank the Tesla team for a strong execution and looking forward to exciting news ahead.

我要感謝特斯拉團隊的強大執行力，並期待未來的令人興奮的消息。

Great. Thank you very much, Elon. And Vaibhav has opening remarks as well.

偉大的。非常感謝你，伊隆。 Vaibhav 也致開幕詞。

Thanks. As Elon mentioned, the Tesla team rose to the occasion yet again and delivered on all fronts with some notable records. In addition to those records, we saw our automotive deliveries go sequentially. I would like to thank the entire Tesla team for their efforts in delivering a great quarter.

謝謝。正如伊隆所說，特斯拉團隊再次挺身而出，在各方面都取得了一些引人注目的記錄。除了這些記錄之外，我們還看到我們的汽車交付量是按順序進行的。我要感謝整個特斯拉團隊為交付出色的季度所做的努力。

On the auto business front, affordability remains top of mind for customers and in response, in Q2, we offer reducing financing options to offset sustained high interest rates. These programs had an impact on revenue per unit in the quarter.

在汽車業務方面，負擔能力仍然是客戶最關心的問題，為此，我們在第二季度提供了減少融資選擇，以抵消持續的高利率。這些計劃對該季度的單位收入產生了影響。

These impacts will persist into Q3 as we have already launched similar programs. We're now offering extremely competitive financing rates in most parts of the world. This is the best time to buy a Tesla. I mean, if you're waiting on the sidelines, come out and get your car.

這些影響將持續到第三季度，因為我們已經啟動了類似的計劃。我們現在在世界大部分地區提供極具競爭力的融資利率。現在是購買特斯拉的最佳時機。我的意思是，如果您在旁邊等待，請出來取車。

We had a record quarter on regulatory credits revenue as well. On net, our automotive margins remained flat sequentially. It is important to note that the demand for regulatory credits is dependent on other OEM's plans for the kind of vehicles they are manufacturing and selling as well as changes in regulations.

我們的監管信貸收入也創下了季度記錄。從淨值來看，我們的汽車利潤率與上一季持平。值得注意的是，監管積分的需求取決於其他原始設備製造商對其製造和銷售的車輛類型的計劃以及法規的變化。

We pride ourselves to be the company with the most American-made cars and are continuing our journey to further localize our supply chain, not just in the US, but in Europe and China as well for the respective factories. As always, our focus is on providing the most compelling products at a reasonable price.

我們為成為擁有最多美國製造汽車的公司而感到自豪，並且正在繼續進一步本地化我們的供應鏈，不僅在美國，而且在歐洲和中國以及各自的工廠。一如既往，我們的重點是以合理的價格提供最引人注目的產品。

We have stepped up our efforts to provide more trips that have estimated range of more than 300 miles on a single charge. We believe this, along with the expansion of our supercharging network, is the right strategy to combat range anxiety.

我們加大力度提供更多單次充電續航里程預計超過 300 英里的行程。我們相信，隨著我們增壓網路的擴展，這是應對里程焦慮的正確策略。

Since the revision of (inaudible) pricing in North America, we've seen traction rates increase meaningfully and expect this to be a driver of vehicle sales as the feature set improves further. Cost per vehicle declined sequentially when we remove the impact of Cybertruck.

自從北美修訂（聽不清楚）定價以來，我們看到牽引率顯著增加，並預計隨著功能集的進一步改進，這將成為車輛銷售的推動力。當我們消除 Cyber​​truck 的影響後，每輛車的成本連續下降。

While we are experiencing material costs trending down, note that there is latency on the cost side and service reductions would show up in the P&L when the vehicles built with these materials get delivered.

雖然我們的材料成本呈下降趨勢，但請注意，成本方面存在延遲，並且當使用這些材料製造的車輛交付時，服務減少將顯示在損益表中。

Additionally, as we get into the second half of the year, it is important to note that we are still ramping Cybertruck and Model 3 and are also getting impacted by varying amounts of tariffs on both raw materials and finished goods. While our teams are working furiously to offset these, unfortunately, it may have an impact on the cost in the near term.

此外，隨著進入下半年，值得注意的是，我們仍在增加 Cyber​​truck 和 Model 3 的生產力度，並且還受到原材料和製成品不同金額關稅的影響。雖然我們的團隊正在努力抵消這些影響，但不幸的是，這可能會在短期內對成本產生影響。

We've previously talked about the potential of the energy business and now feel excited that the foundation that was made over time is bearing the expected results. Energy storage deployments more than doubled with contribution not just from Megapack but also Powerwall, resulting in record revenues and profit for the energy business.

我們之前已經討論過能源業務的潛力，現在我們感到很興奮，因為隨著時間的推移奠定的基礎正在產生預期的結果。在 Megapack 和 Powerwall 的貢獻下，能源儲存部署量增加了一倍多，導致能源業務的收入和利潤創歷史新高。

Energy storage backlog is strong. As discussed before, deployments will fluctuate from period to period with some quarters seeing large increases and others seeing a decline. Recognition of storage gigawatt hours is dependent on a variety of factors, including logistics timing, as we send units from a single factory to markets across the world, customer readiness, and in case of EPC projects on construction activities.

儲能積壓狀況強勁。如同先前所討論的，部署量會隨著時間的推移而波動，有些季度會大幅成長，而有些季度則會出現下降。儲存千兆瓦時的認可取決於多種因素，包括物流時間（我們將設備從一家工廠發送到世界各地的市場）、客戶準備情況以及 EPC 專案的建設活動。

Moving on to the other parts of the business, service and other gross profits also improved sequentially from the improvement in service utilization and growth in our collision repair business.

轉向業務的其他部分，服務和其他毛利也因服務利用率的提高和碰撞維修業務的成長而連續改善。

The impact of our recent reorg is reflected in restructuring and other on the income statement. Just to level set, this was about $622 million of charge, which got recorded in the period. And I want people to remember that we called it out separately on the financials.

我們最近重組的影響反映在損益表的重組和其他方面。就水平而言，這段期間記錄的費用約為 6.22 億美元。我希望人們記住，我們在財務方面是單獨提出的。

Sequentially, our operating expenses, excluding surcharges, reduced despite an increase in spend for AI-related activities and higher legal and other costs.

隨後，儘管人工智慧相關活動的支出增加以及法律和其他成本增加，但我們的營運支出（不包括附加費）卻有所減少。

On the CapEx front, while we saw a sequential decline in Q2, we still expect the year to be over $10 billion in CapEx as we increase our spend to bring a 50 GPU cluster on line. This new cluster will immensely increase our capabilities to scale FSD and other AI initiatives.

在資本支出方面，雖然我們看到第二季連續下降，但隨著我們增加支出以上線 50 個 GPU 集群，我們仍然預計今年的資本支出將超過 100 億美元。這個新叢集將大大增強我們擴展 FSD 和其他人工智慧計劃的能力。

We reverted to positive free cash flow of $1.3 billion in Q2. This was despite restructuring payments being made in the quarter, and we ended the quarter with over $30 million of cash and investments.

第二季我們恢復了 13 億美元的正自由現金流。儘管本季支付了重組費用，但我們在本季結束時仍擁有超過 3000 萬美元的現金和投資。

Once again, we've begun the journey towards the next phase for the company with the building blocks being placed. It will take some time, but it will be a rewarding experience for everyone involved. Once again, I would like to thank the entire Tesla team for their efforts.

我們再次開始了公司下一階段的旅程，並建立了基石。這需要一些時間，但對每個參與者來說都是一次有益的經驗。我要再次感謝整個特斯拉團隊的努力。

Great. Thank you very much, Vaibhav. Now let's go to investor questions. The first question is, what is the status on the Roadster?

偉大的。非常感謝你，瓦伊巴夫。現在我們來回答投資人的問題。第一個問題是，Roadster 的現況如何？

With respect to Roadster, we've completed most of the engineering. And I think there's still some upgrades we want to make to it, but we expect to be in production with Roadster next year. It will be something special (inaudible)

對於 Roadster，我們已經完成了大部分工程設計。我認為我們還想對其進行一些升級，但我們預計明年將與 Roadster 一起生產。這將是一些特別的事情（聽不清楚）

Fantastic. The next question is about timing of robotaxi event, which we've already covered. So we'll go to the next question. When do you expect the first robotaxi ride?

極好的。下一個問題是關於機器人計程車活動的時間安排，我們已經介紹過。那我們將討論下一個問題。您預計什麼時候第一次搭乘機器人計程車？

I guess that, that's really just a question of when we expect the first -- or when can we do unsupervised full self-driving. It's difficult, obviously, my predictions on this have been overly Optimus is in the past. So I mean, based on the current trend, it seems as though we should get miles between interventions be high enough that too far enough to humans that you could do unsupervised possibly by the end of this year.

我想，這實際上只是一個問題：我們什麼時候期待第一個——或者我們什麼時候可以實現無人監督的全自動駕駛。這很困難，顯然，我對這一點的預測在過去已經太擎天柱了。所以我的意思是，根據目前的趨勢，似乎我們的干預措施之間的距離應該足夠高，對人類來說太遠了，以至於到今年年底你可能可以在無人監督的情況下完成。

I would be shocked if we cannot do it next year. So next year seems highly probable to me based on point simply plus the points of the curve of miles between intervention. That trend exceeds (inaudible) for sure next year.

如果我們明年不能做到這一點，我會感到震驚。因此，根據點加上乾預之間的英里數曲線上的點，對我來說明年似乎很有可能。這種趨勢明年肯定會超過（聽不清楚）。

Thank you very much. Our third question is, the Cybertruck is an iconic product that wows everyone who sees it. Do you have plans to expand the Cyber vehicle lineup to a Cyber SUV or Cyber van?

非常感謝。我們的第三個問題是，Cyber​​truck 是一款標誌性產品，讓每個看到它的人都驚嘆不已。您是否計劃將 Cyber​​ 車輛系列擴展到 Cyber​​ SUV 或 Cyber​​ 貨車？

I think we want to limit product announcements to when we have a special -- a specific product announcement events rather than earnings calls.

我認為我們希望將產品公告限制在特殊的特定產品公告事件而不是財報電話會議。

Great. Thank you. Our next question is, what is the current status of 4680 battery cell production? And how is the ramp-up progressing?

偉大的。謝謝。我們的下一個問題是，4,680電芯生產現況如何？升級進度如何？

4680 production ramped strongly in Q2, delivering 51% more sales than in Q1, while reducing COGS significantly. We currently produce more than 1,400 Cybertrucks of 4680 cells a weekend. We'll continue to ramp up put as we drive cost out further towards the cost parity target we set for the end of the year.

4680 產量在第二季度強勁增長，銷售額比第一季增加 51%，同時顯著降低了銷貨成本。目前，我們每個週末生產 1,400 多輛由 4680 個電池組成的 Cyber​​truck。隨著我們進一步降低成本以實現年底設定的成本平價目標，我們將繼續增加投入。

We've built our first validation side of truck with dry cathode process made mass production equipment, which is a huge cyclical milestone, and we're super proud of that. We're on track for production launch with dry cathode in Q4. And this will enable cell costs to be significantly below available alternatives towards the original goal of the 4680 product.

我們已經用乾陰極製程製造的大規模生產設備建造了卡車的第一個驗證側，這是一個巨大的周期性里程碑，我們對此感到非常自豪。我們預計在第四季推出乾陰極生產。這將使電池成本顯著低於可用替代品，從而實現 4680 產品的最初目標。

Great. Thank you very much. The next question is any update on Dojo?

偉大的。非常感謝。下一個問題是 Dojo 有更新嗎？

Yes. So Dojo, I should preface this by saying I'm incredibly impressed by NVIDIA's execution and the capability of their hardware. And what we are seeing is that amount for NVIDIA hardware is so high that it's often difficult to get the GPUs.

是的。 Dojo，我應該在序言中說，NVIDIA 的執行力和硬體能力給我留下了深刻的印象。我們看到 NVIDIA 硬體的數量如此之高，以至於通常很難獲得 GPU。

And there just seems there's -- I guess I'm quite concerned about actually being able to get steady in GPUs and when we want them. And I think this therefore requires that we put a lot more effort on Dojo in order to have -- in order to ensure that we've got the training capability that we need.

我想我非常關心 GPU 是否能夠真正穩定下來以及我們何時需要它們。因此，我認為這需要我們在 Dojo 上投入更多的精力，以確保我們擁有所需的培訓能力。

So we are going to double down on Dojo, and we do see a path to being competitive with NVIDIA with Dojo. And I think we kind of have no choice because the demand for NVIDIA is so high and it's obviously there obligation essentially to raise the price of GPUs to where the market will bear, which is very high. So I think we've really got to make Dojo work, and we will.

因此，我們將在 Dojo 上加倍努力，我們確實看到了一條透過 Dojo 與 NVIDIA 競爭的途徑。我認為我們別無選擇，因為對 NVIDIA 的需求如此之高，而且顯然有義務將 GPU 的價格提高到市場能夠承受的水平，這個價格非常高。所以我認為我們確實必須讓 Dojo 發揮作用，而且我們會的。

Great. The next question is, what type of accessories will be offered with Optimus?

偉大的。下一個問題是，Optimus 將提供什麼類型的配件？

There's -- Optimus has tend to be a generalized humanoid robot with a lot of intelligence. So it's like saying what kind of accessories will we offer really human. It's just being able to be backward compatible with human tests. So it would use any accessories that a human would use.

擎天柱往往是一個具有大量智慧的通用人形機器人。這就像說我們將提供什麼樣的配件才是真正人性化的。它只是能夠向後相容於人類測試。所以它會使用人類會使用的任何配件。

Thank you. The next question is, do you feel you're treating people out of the joys of owning a Tesla by non-advertisement?

謝謝。下一個問題是，你是否覺得你透過非廣告方式讓人們失去了擁有特斯拉的樂趣？

We have some advertising so -- you want to say something?

我們有一些廣告，所以——你想說些什麼嗎？

Yeah, I'll say something. Our fundamental belief is that we need to be providing the best for a set reasonable price to the consumers. Just to give you a fact, in US alone in Q2, over two-thirds of our sales were to -- deliveries were to people who had never owned a Tesla before, and which is encouraging.

是的，我會說點什麼。我們的基本信念是，我們需要以合理的價格向消費者提供最好的產品。告訴你一個事實，僅在美國第二季度，我們超過三分之二的銷售額是交付給以前從未擁有過特斯拉的人，這是令人鼓舞的。

We've spent money on advertising and other awareness programs, and we have adjusted our strategy. We're not saying no to advertising. But this is a dynamic play, and we know that we have not exhausted all our options and therefore, plan to keep adjusting in the later half of this year as well.

我們在廣告和其他宣傳計劃上投入了資金，並且調整了我們的策略。我們並不是對廣告說不。但這是一個動態的遊戲，我們知道我們還沒有用盡所有的選擇，因此，計劃在今年下半年繼續調整。

Great. Thank you very much. The next question is on energy growth, which we already covered in the opening remarks. So we'll move on to the next one. What is the updated timeline for Giga Mexico? And what will be the primary vehicles produced initially?

偉大的。非常感謝。下一個問題是關於能源成長，我們已經在開場白中討論過這個問題。那我們將繼續下一個。 Giga Mexico 的更新時間表是什麼？最初生產的主要車輛是什麼？

Well, we currently oppose on Giga Mexico. I think we need to see just where things stand after the election. Trump has said that heavy tariffs on vehicles produced in Mexico. So it doesn't make sense to invest a lot in Mexico if that is going to be the case.

嗯，我們目前反對 Giga Mexico。我認為我們需要看看選舉後情況如何。川普曾表示對墨西哥生產的汽車徵收高額關稅。因此，如果情況確實如此，那麼在墨西哥進行大量投資就沒有意義了。

So we kind of need to see where things play out politically. However, we are increasing capacity at our existing factories quite significantly. And I should say that the Cybertaxi -- robotaxi will be produced here at our headquarters at Giga Texas.

所以我們需要看看事情在政治上會如何發展。然而，我們正在大幅增加現有工廠的產能。我應該說，Cyber​​taxi——機器人計程車將在我們位於德克薩斯州的千兆總部生產。

All right. Thank you.

好的。謝謝。

And as well Optimus towards the end of next year for Optimus production version 2 the high-volume version of Optimus will also be produced here in Texas.

此外，到明年年底，Optimus 生產版本 2 的大批量版本也將在德克薩斯州生產。

Great. Thank you. Just a couple more. Is Tesla still in talks with an OEM to license FSD?

偉大的。謝謝。還有幾個。 Tesla 是否仍在與 OEM 就 FSD 授權進行談判？

There are a few major OEMs that have expressed interest in licensing Tesla full self-driving. And I suspect there will be more over time. But we can't comment on the details of those discussions.

有幾家主要的原始設備製造商表示有興趣獲得特斯拉全自動駕駛的授權。我懷疑隨著時間的推移還會有更多。但我們無法對這些討論的細節發表評論。

Right. Thank you. And the last one, any updates on investing in xAI and integrating Compute into Tesla software?

正確的。謝謝。最後一個，有關投資 xAI 並將計算整合到特斯拉軟體中的任何更新嗎？

I should say at Tesla learning quite a bit from xAI. It's been actually helpful in advancing full self-driving and in building up the new Tesla data center. We're only investing in xAI. I think we need to have a shareholder approval of any such investment.

我應該說，特斯拉從 xAI 中學到了很多東西。它實際上有助於推進全自動駕駛和建立新的特斯拉資料中心。我們只投資 xAI。我認為任何此類投資都需要得到股東的批准。

But I'm certainly supportive of that if shareholders are the group probably I think we need to vote on that. And I think there are opportunities to integrate Compute into Tesla's software, yes.

但我當然支持這一點，如果股東是這個群體，我可能認為我們需要對此進行投票。我認為有機會將計算整合到特斯拉的軟體中，是的。

All right. Thanks very much. And now we will move on to analyst questions. The first question comes from Will Stein from Truist. Will, please go ahead and unmute yourself.

好的。非常感謝。現在我們將繼續回答分析師的問題。第一個問題來自 Truist 的 Will Stein。 Will，請繼續並取消靜音。

Great. Thanks a lot for taking my question. And this relates a little bit to the last one that was asked. Elon, I share your strong enthusiasm about AI, and I recognized Tesla's opportunity to do some great things with the technology. But there are some concerns I have about Tesla's commercialization, and that's what I'd like to ask about.

偉大的。非常感謝您提出我的問題。這與最後一個問題有一點關係。伊隆，我和你一樣對人工智慧充滿熱情，我意識到特斯拉有機會利用這項技術做一些偉大的事情。但我對特斯拉的商業化有一些擔憂，這就是我想問的。

Specifically, there were some new stories through the quarter that indicated that you redirected some AI compute systems that were destined for Tesla instead to xAI or perhaps it was to X, I'm not sure.

具體來說，本季度有一些新的報告表明，您將一些原本用於 Tesla 的 AI 計算系統重定向到 xAI，或者可能是 X，我不確定。

And similarly, a few quarters ago, if you recall, I asked about your ability to hire engineers in this area. And you noted that there was a great desire for some of these engineers to work on projects that you were involved with, but some of them weren't at Tesla. They were instead at xAI or perhaps even X again.

同樣，如果您還記得的話，幾個季度前，我詢問過您在該領域僱用工程師的能力。您指出，其中一些工程師非常渴望參與您參與的項目，但其中一些人並不在特斯拉。相反，他們又回到了 xAI，甚至可能是 X。

So the question is when it comes to your capital investments, your AI R&D, your AI engineers, how do you make allocation decisions among these various ventures? And how do you make Tesla owners comfortable that you're doing it in a way that really benefits them? Thank you.

所以問題是，當涉及到你的資本投資、你的人工智慧研發、你的人工智慧工程師時，你如何在這些不同的企業之間做出分配決策？你如何讓特斯拉車主放心，你正在以一種真正有利於他們的方式做這件事？謝謝。

Yeah. I mean I think you're referring to a very -- like an old article regarding GPUs. I think that's like six or seven months old. Tesla simply had no place to turn them on. So it would have been a waste of Tesla capital because we would just have to order H100s and have no place to turn them on. So I was just -- this wasn't a big xAI from Tesla.

是的。我的意思是，我認為您指的是一篇非常像一篇關於 GPU 的舊文章。我想那大概有六、七個月大了。特斯拉根本沒有地方可以打開它們。因此，這會浪費特斯拉的資金，因為我們只需要訂購 H100，卻沒有地方啟動它們。所以我只是——這不是特斯拉的大型 xAI。

There was no -- the Tesla test centers were full. There was no place to actually put them. The -- we've been working 24/7 to complete the south extension on the Tesla Giga plant Texas. That self-extension is what will house the 50,000 H100s, and we're beginning to move the certain H100 server racks into place there. But we really needed -- we needed that to complete physically.

沒有——特斯拉測試中心已經滿了。沒有地方可以真正放置它們。我們一直在 24/7 全天候工作，以完成德克薩斯州 Tesla Giga 工廠的南部擴建。這種自我擴充將容納 50,000 台 H100，我們開始將某些 H100 伺服器機架移至那裡。但我們確實需要——我們需要在身體上完成。

You can't just order compute -- order GPUs and turn them on. You need a data center. It's not possible. So I want to be clear on that. That was in Tesla's interest, not contraries, Tesla's interest. This has no -- to have GPUs that are catching up. For a split second, that south extension is able to take GPUs, which is really just this week. We are moving the GPUs then there and we'll bring them online.

您不能只訂購計算——訂購 GPU 並打開它們。您需要一個資料中心。這是不可能的。所以我想澄清這一點。這符合特斯拉的利益，而不是相反，特斯拉的利益。這並不意味著 GPU 能夠迎頭趕上。就在這一瞬間，南邊的擴充就能夠使用 GPU，這其實只是在本週。我們正在將 GPU 移至那裡，然後將它們上線。

With regard to xAI, there's -- that only one work on AGI. So what I was finding was that we're trying to get people to Tesla. They were only interested in working on AGI. That's because of so many problems, and they wanted to start -- do a start-up.

至於 xAI，只有一個適用於 AGI。所以我發現我們正在努力讓人們使用特斯拉。他們只對通用人工智慧感興趣。那是因為有太多問題，他們想開始──創辦一家新創公司。

So it was a case of either they go to start-up or -- I'm not involved, or they do a start-up that I'm not involved. Those are the two choices. This wasn't -- they would come to Tesla. They were not going to come to Tesla under any circumstances. So yeah.

所以，要嘛他們去新創公司，要嘛──我不參與，或是他們開一家我不參與的新創公司。這是兩個選擇。這不是——他們會來特斯拉。在任何情況下他們都不會來特斯拉。嗯是的。

Yeah. I mean I would even add that AI is a broad spectrum. And there are a lot of things which we are focused on full self-driving, that's Tesla, and also Optimus. But there is the other spectrum of AI, which we're not working on, and that's the kind of work which other companies are trying to do in this case, xAI. So you have to keep that in mind that it's a broad spectrum. It's not just one specific thing.

是的。我的意思是我甚至會補充一點，人工智慧是一個廣泛的領域。我們專注於完全自動駕駛的許多東西，那就是特斯拉，還有擎天柱。但還有其他領域的人工智慧，我們沒有在做，這就是其他公司在這種情況下試圖做的工作，xAI。所以你必須記住它是一個廣泛的範圍。這不僅僅是一件具體的事情。

Yeah And once again, I want to just repeat myself here. I tried to recruit him to Tesla, including to say, like, you can work on AGI if you want, and they refused. Only then was xAI great.

是的，我想再重複一次。我試著招募他加入特斯拉，包括說，如果你願意，你可以從事 AGI 工作，但他們拒絕了。那時xAI才偉大。

I really appreciate that clarification. If I can ask one follow-up, it relates to the new vehicles that you're planning to introduce next year. I understand this is not the venue for product announcements. But when we think about the focus, I've heard, on the one hand, that the focus is on cost reduction.

我真的很感謝你的澄清。如果我可以問一個後續問題，那就是您計劃明年推出的新車。我了解這不是產品公告的場所。但當我們考慮重點時，我聽說，一方面，重點是降低成本。

On the other hand, you also said that the Roadster would come out. Should we expect other maybe more limited variants like similar to the cars that you make today, but with some changes or improvements or different -- some other variability in the form factors. Should we expect that to be a significant part of the strategy in the next year or two?

另一方面，你也說過Roadster將會問世。我們是否應該預期其他可能更有限的變體，例如類似於您今天製造的汽車，但有一些變化或改進或不同 - 外形因素的一些其他變化。我們是否應該期望這成為​​未來一兩年策略的重要組成部分？

I don't want to get into the details of product announcements. And we have to be careful (inaudible) here. So if you start announcing some great things, it could affect our near-term sales. We're going to making great products in the future just like we have in the past, end of story.

我不想深入了解產品公告的細節。我們在這裡必須小心（聽不清楚）。因此，如果您開始宣布一些偉大的事情，可能會影響我們的近期銷售。我們將在未來製造出偉大的產品，就像我們過去所做的那樣，故事結束了。

Great. The next question comes from Ben Kallo from Baird. Ben, please go ahead and unmute yourself.

偉大的。下一個問題來自貝爾德 (Baird) 的本卡洛 (Ben Kallo)。 Ben，請繼續取消靜音。

Hi. Thanks for taking my question. When we think about revenue contribution and with energy growing so quickly and Optimus on the come, how do we think about the overall segments longer term? And then do you think that auto revenue will fall below 50% of your overall revenue?

你好。感謝您提出我的問題。當我們考慮收​​入貢獻以及能源成長如此之快和擎天柱即將到來時，我們如何長期考慮整個細分市場？那麼您認為汽車收入佔您總收入的比例會下降到50%以下嗎？

And then my follow-up is just on the last call, you talked about distributing Compute on your new hardware. Could you just update us and talk a little bit more about that, the timeline for it and how you would reward customers for letting you use their compute power in their cars? Thanks.

然後我的後續行動是在最後一次通話中，您談到了在新硬體上分配計算。您能否向我們介紹一下最新情況，並詳細討論一下這個問題、時間表以及您將如何獎勵那些讓您在汽車中使用他們的計算能力的客戶？謝謝。

Yeah. I mean, as I said a few times, I think the long-term value of Optimus will exceed that of everything else that Tesla combined. So it's simply just never considered the usefulness utility of a humanoid robot that's do pretty much anything you asked it. I think everyone know it's going to want one. So it's 8 billion people on. So it's $8 million right there.

是的。我的意思是，正如我多次說過的那樣，我認為 Optimus 的長期價值將超過特斯拉所有其他產品的總和。所以它根本沒有考慮過人形機器人的實用性，它幾乎可以做你要求它做的任何事情。我想每個人都知道它會想要一個。所以有 80 億人在使用。所以這是 800 萬美元。

Then you've got all of the industrial uses, which is probably at least as much, if not want more. So I suspect that the block to demand for general purpose humanoid robots is in excess of 20 billion units.

然後你就擁有了所有的工業用途，如果不需要更多的話，至少也有同樣多的用途。因此，我懷疑通用類人機器人的需求將超過 200 億台。

And Tesla has the most advanced humanoid robot in the world, and Tesla is also very good at manufacturing, which these other companies are not. And we've got a lot of experience with -- the most experienced -- we're the word leaders in real-world AI. So we have all of the ingredients -- I think we're unique in having all of the ingredients necessary for a [steel], high utility, general use humanoid robots.

而且特斯拉擁有全世界最先進的人形機器人，特斯拉也非常擅長製造，這是其他公司所沒有的。我們擁有豐富的經驗——最有經驗的——我們是現實世界人工智慧領域的世界領導者。所以我們擁有所有的成分——我認為我們是獨一無二的，擁有[鋼製]、高實用性、通用人形機器人所需的所有成分。

That's why, my rough estimate long term is in accordance with the investor analysis of market capital on the order of $5 trillion for -- maybe more for autonomous transport, and it's several times that number for general-purpose human robots.

這就是為什麼，我的長期粗略估計是根據投資者對市場資本的分析得出的，其市場資本約為5 兆美元——對於自動運輸來說可能更多，而對於通用人類機器人來說，這個數字是這個數字的幾倍。

I mean, at that point, I'm not sure what money even means, but in the benign AI scenario, we are headed for an age of abundance, where there is no shortage of business services. Anyone can have pretty much anything you want. It's a wild -- pretty wild future we are head for.

我的意思是，在這一點上，我甚至不確定金錢意味著什麼，但在良性的人工智慧場景中，我們正走向一個豐富的時代，其中不缺乏商業服務。任何人都可以擁有幾乎任何你想要的東西。我們正在走向一個狂野的未來。

And on the distributed compute?

那麼在分散式計算上呢？

Yeah. Distributed compute. It seems like a pretty obvious next to I think whether distributed compute becomes interesting is with next-generation Tesla AI, which is [Hydro], what we're calling AI5, which is from the standpoint of (inaudible) comparable to B200 and a bit of B200. And we're aiming to have that in production at the next year and scale production in '26.

是的。分散式計算。似乎很明顯，我認為分散式運算是否會變得有趣的是下一代 Tesla AI，即 [Hydro]，我們稱之為 AI5，從（聽不清楚）與 B200 和B200的一點。我們的目標是明年投入生產，並在 26 年實現規模生產。

So it just seems like if you've got autonomous vehicles that are operating for 50 or 60 hours a week. There's 168 hours in a week. So we have somewhere above, I think, 100 neural net computing. I think we need a better with the GPU because GPU means (inaudible).

因此，看起來你的自動駕駛汽車每週運行 50 或 60 小時。一周有168個小時。所以我認為我們上面有 100 個神經網路計算。我認為我們需要更好地使用 GPU，因為 GPU 意味著（聽不清楚）。

So there's a 100 hours-plus per week of AI compute, AI first compute from the fleet in the vehicles and plus some percentage from humanoid robots that it would make sense to do distributed inference.

因此，每周有 100 多個小時的 AI 計算，AI 首先從車輛中的車隊進行計算，再加上一定比例的人形機器人，這對於進行分散式推理是有意義的。

And if you there's a fleet of at some point, 100 million vehicles with AI5 and beyond AI6 and 7 and what not, and the maybe billions of human robots, that is just a staggering amount of inference compute that could use for general purpose computing. Doesn't have to use it humanoid robot or for the car.

如果在某個時刻有一支由 1 億輛配備 AI5 及以上 AI6 和 7 的車輛組成的車隊，以及可能有數十億個人類機器人，那麼這只是可用於通用計算的驚人數量的推理計算。不必將其用於人形機器人或汽車。

So I think that's a pretty obvious thing to say like, well, it's more useful than having to do nothing.

所以我認為這是一個非常明顯的說法，例如，它比什麼都不做更有用。

Right. Thank you. The next question comes from Alex Potter from Piper. Alex, please go ahead and unmute yourself.

正確的。謝謝。下一個問題來自 Piper 的 Alex Potter。 Alex，請​​繼續並取消靜音。

Perfect. Thanks. I wanted to ask a question on FSD licensing. You mentioned that in passing previously. I was just wondering if you can elaborate maybe on the mechanics of how that would work. I guess, presumably, this would not be some sort of simple plug-and-play proposition that presumably an OEM would, I don't know, several years to develop its own vehicle platform that's based on FSD. I imagine they would need to adopt Tesla's electrical architecture, compute, sensor stack.

完美的。謝謝。我想問一個關於 FSD 許可的問題。您之前順便提到過這一點。我只是想知道您是否可以詳細說明其工作原理。我想，這可能不是某種簡單的即插即用提議，OEM 可能會（我不知道）花費數年時間來開發自己的基於 FSD 的車輛平台。我想他們需要採用特斯拉的電氣架構、運算、感測器堆疊。

So correct me if I'm sort of misunderstanding this, but if you had a cooperative agreement of some kind with another OEM, then presumably it would take you several years before you'd be able to recognize licensing revenue from that agreement. Is that the right way to think about that?

因此，如果我對此有誤解，請糾正我，但如果您與另一家 OEM 簽訂了某種合作協議，那麼您可能需要幾年時間才能從該協議中確認授權收入。這是正確的思考方式嗎？

Yes. The OEMs do not move fast. That's not really a sensor suite. It's just cameras, but they would have to integrate our AI computer and have cameras with a 360-degree view. And at least the gateway like the -- what talks through the Internet and communicates with the Tesla system, it would be you need kind of a gateway computer, too.

是的。 OEM 廠商的行動並不快。這並不是真正的感測器套件。它只是攝像頭，但他們必須整合我們的人工智慧電腦並擁有 360 度視角的攝影機。至少像這樣的網關——透過互聯網進行通信並與特斯拉系統通信，你也需要一台網關電腦。

So it's really a gateway computer with cellular and WiFi connectivity, the Telsa AI computer and seven cameras -- or if not cameras to get a 360-degree view. But this will -- given the speed at which the auto industry moves, it would be several years before you would see this in volume.

因此，它實際上是一台具有蜂窩和 WiFi 連接的網關電腦、Telsa AI 電腦和七個攝像頭，或者如果不是攝像頭，也可以獲得 360 度視圖。但這將會——考慮到汽車產業發展的速度，你可能需要幾年的時間才能看到它的批量化。

Okay. Good. That's more or less what I expected. So then the follow-up here is, if you did sign an FSD licensing agreement with another automaker, when do you think you would disclose that? Would you do it right when you sign the agreement or only after that multiple years has passed, and the vehicle is ready to be rolled out?

好的。好的。這或多或少是我所期望的。那麼接下來的問題是，如果你確實與另一家汽車製造商簽署了 FSD 授權協議，你認為你會在什麼時候透露這一點？您會在簽署協議時就採取正確的做法，還是僅在多年過去並且車輛準備好推出之後才採取這種做法？

I think it depends on the OEM. I guess we'd be happy either way.

我認為這取決於 OEM。我想無論怎樣我們都會很高興。

Yeah. It depends on what kind of arrangement we enter into. A lot of those things are -- we're not able to sort yet. So we'll make that determination as and when we get to that point.

是的。這取決於我們簽訂什麼樣的安排。其中很多事情——我們還無法分類。因此，我們將在達到這一點時做出決定。

And the kind of deals that are obviously relevant are only some OEMs willing through this in 1 million cars a year or something significant because not if it's like 10,000 or 100,000 a year. We could just take that ourselves.

顯然相關的交易只有一些 OEM 願意透過這種方式每年生產 100 萬輛汽車或一些重大的汽車，因為如果每年生產 10,000 輛或 100,000 輛汽車則不然。我們可以自己拿走。

All right. Thank you. The next question comes from Dan Levy from Barclays. Dan, please go ahead and unmute yourself.

好的。謝謝。下一個問題來自巴克萊銀行的丹·利維。丹，請繼續取消靜音。

Hi. Good evening. Thanks for taking the questions. First, I wanted to start with a question on Shanghai. You've leveraged Shanghai as an export center really do its low cost, that makes sense. Maybe you can just give us a sense of how the strategy changes, if at all, given the implementation of tariffs in Europe? Also to what extent your import of batteries from China into the US, how that might change given the tariffs? Thank you.

你好。晚安.感謝您提出問題。首先，我想先問一個關於上海的問題。你們利用上海作為出口中心確實做到了低成本，這是有道理的。也許您可以讓我們了解一下，考慮到歐洲實施關稅，策略會發生怎樣的變化（如果有的話）？另外，你們從中國進口電池到美國的程度如何，考慮到關稅，情況可能會發生什麼變化？謝謝。

Yeah. I think I covered some part of it in my opening remarks. But just to give you a little bit more. Just on the tariff side, the European thoughts did sample certain other OEMs in the first round to establish the tariffs for cars being imported from China into Europe.

是的。我想我在開場白中談到了其中的一部分。但只是為了給你多一點。僅在關稅方面，歐洲想法在第一輪中確實對某些其他原始設備製造商進行了抽樣，以確定從中國進口到歐洲的汽車的關稅。

While we were not picked up in our individual examination in the first round, they did pick us up in the second round. They visited our factory. We worked with them, provided them all the information. As a result, we are adjusting our import strategy out of China into Europe. But -- and one other thing to note is, in Q2 itself, we started building right hand for Model Ys out of Berlin and we also delivered it in the UK.

雖然我們在第一輪的個人考試中沒有被選中，但他們在第二輪的時候選中了我們。他們參觀了我們的工廠。我們與他們合作，向他們提供了所有資訊。因此，我們正在調整從中國到歐洲的進口策略。但是，另一件值得注意的事情是，在第二季度，我們開始在柏林製造 Model Y 的右手，並在英國交付。

And we're adjusting as needed, but we will keep -- we're still importing Model 3s into Europe out of Shanghai. And we are still evaluating what is the best alternate matter to resolve all this.

我們正在根據需要進行調整，但我們仍將繼續從上海向歐洲進口 Model 3。我們仍在評估解決這一切的最佳替代方案是什麼。

Just on the examination by the European authorities, like I said, we cooperated with them well. We are confident that we should get a better rate than what they have imposed for now, but this is literally wording, and we are adjusting as fast as we can with this.

就歐洲當局的審查而言，正如我所說，我們與他們合作得很好。我們有信心，我們應該得到比他們現在施加的更好的利率，但這只是字面上的措辭，我們正在盡快對此進行調整。

It is -- I would also add that because of this, you've seen the impact that Berlin is doing more imports into places like Taiwan, as well as the UK. I just mentioned. So it will keep changing, and we will keep adapting as we go forward.

我還要補充一點，正因為如此，您已經看到了柏林向台灣和英國等地進行更多進口的影響。我剛才提到了。因此，它會不斷變化，我們將在前進的過程中不斷適應。

Yeah. Thank you. As a follow-up, I wanted to ask about the robotaxi strategy. And specifically, the shareholder deck here notes that the release is going to be -- one of the gating factors is regulatory approval. So maybe you could help us understand which regulations specifically are the ones that we should be looking for? Is it FMVSS that's standard?

是的。謝謝。作為後續，我想問一下機器人計程車的策略。具體來說，股東們指出，此次發布的限制因素之一是監管部門的批准。那麼也許您可以幫助我們了解哪些法規是我們應該特別尋找的呢？ FMVSS 是標準嗎？

And then to what extent does the strategy shift? You've done with FSD more of a nationwide, no boundary approach. Is the robotaxi approach one that's more geo-fenced, so to speak, and is more driven by a state-by-state approach?

那麼戰略轉變到什麼程度呢？ FSD 已成為全國性、無邊界的方法。可以說，機器人計程車的方法是否更具地理圍欄，並且更受各州驅動？

I mean our solution is a generalized solution like what everybody else has. If you see the (inaudible) on fit, they have very localized solutions that requires high-density mapping. It's not -- it's quite fragile. So their ability to expand, I believe, is limited. Our solution is a general solution that works anywhere. It would even work on a different earth. So if you in a new earth, it would work on a new earth.

我的意思是我們的解決方案是像其他人一樣的通用解決方案。如果您看到（聽不清楚）合身，他們有非常本地化的解決方案，需要高密度映射。它不是——它非常脆弱。因此，我認為他們的擴張能力是有限的。我們的解決方案是適用於任何地方的通用解決方案。它甚至可以在不同的地球上工作。所以如果你在一個新地球，它也會在新地球上運作。

So it's this capability. I think in our experience, once we demonstrate that something is safe enough or significantly safer than human, we find that regulators are supportive of deployment of that capability. It's difficult to argue with -- if you have got a large number of -- if you've got billions of miles that show that in the future unsupervised FSD is safer than human, what regulator could really stand in the way of that. They're more to be obligated to approve.

所以就是這個能力。我認為根據我們的經驗，一旦我們證明某些東西足夠安全或比人類安全得多，我們就會發現監管機構支持部署這種能力。很難反駁——如果你有大量的數據——如果你有數十億英里的數據表明，未來無人監管的 FSD 比人類更安全，那麼監管機構可以真正阻止這一點。他們更有義務批准。

So I don't think regulatory approval will be a limiting factor. I should also say that the self-driving capabilities that are deployed outside of North America are far behind that in North America. So with version 12.5, and maybe 12.6, but pretty soon, we will ask for regulatory approval of the Tesla supervised FSD in Europe, China, and other countries. And I think we're likely to receive that before the end of the year.

因此，我認為監管部門的批准不會成為限制因素。我還應該說，在北美以外部署的自動駕駛能力遠遠落後於北美。因此，隨著版本 12.5，也許是 12.6，但很快，我們將要求歐洲、中國和其他國家的特斯拉監管 FSD 獲得監管部門的批准。我認為我們可能會在今年年底之前收到。

Thank you.

謝謝。

Which will be a helpful demand driver in those regions.

這將成為這些地區有用的需求驅動力。

Thanks.

謝謝。

In terms of like as Elon said, in terms of regulatory approval, the vehicles are governed by FMS in US, which is the same across all 50 states. The grilled rules are the same across all 50 states. So creating a generalized solution gives us the best opportunity to deploy in all 50 states recently.

就像Elon所說的那樣，在監管審批方面，美國的車輛受FMS管轄，這在美國50個州都是一樣的。所有 50 個州的嚴格規定都是相同的。因此，創建通用解決方案為我們提供了最近在所有 50 個州進行部署的最佳機會。

Of course, there are state and even local municipal level of regulations that may apply to being a transportation company, you're deploying taxis. But as far as getting the vehicle on the road, that's all federal and that's very much in line with what Elon was suggesting up the data in the vehicle itself.

當然，州甚至地方市級的法規可能適用於作為運輸公司（您正在部署計程車）。但就讓車輛上路而言，這都是聯邦政府的決定，這與伊隆建議的車輛本身數據非常一致。

And to add to the technology point, the end-to-end network basically makes no assumption about the location. Like you could add data from different countries, and it just like perform equally well there. They take almost close to zero give a specific core in there. It's all just the data that comes from the US.

更重要的是，端到端網路基本上不對位置做出任何假設。就像您可以添加來自不同國家/地區的數據一樣，它在那裡的表現同樣出色。他們幾乎接近零，給出了其中的特定核心。這只是來自美國的數據。

Yes. To that end, Ashok, it's like we can go as humans to other countries and drive with some reasonable amount of assessment in those countries, and that's how you design the FSD software.

是的。為此，Ashok，我們可以作為人類前往其他國家，並在這些國家進行一些合理的評估來駕駛，這就是您設計 FSD 軟體的方式。

Yeah, exactly.

是的，完全正確。

Great. Thanks, guys. The next question comes from George from Canaccord. George, please go ahead and unmute yourself.

偉大的。多謝你們。下一個問題來自 Canaccord 的 George。喬治，請繼續並取消靜音。

Hi, everyone. Thank you for taking my taking questions. Maybe just to expand on the regulatory question for a second. And I could be comparing apples and oranges, but GM canceled their pedalless, wheelless vehicle. And according to the company this morning, their decision was driven by uncertainty about the regulatory environment.

大家好。感謝您接受我的提問。也許只是想擴展一下監管問題。我可以比較蘋果和橘子，但通用汽車取消了他們的無踏板、無輪汽車。據該公司今天上午表示，他們的決定是由監管環境的不確定性所推動的。

And from what we understand, and again, maybe I'm wrong here, but the robotaxi that has been shown, at least in the images of the public is also pedalles and wheelless. Is there a different regulatory concern just if you deploy a vehicle like that, that doesn't have a pedal or pedals or a wheel and that may that be different from just regular FSD on the traditional Tesla vehicle? Thank you.

根據我們的理解，也許我在這裡錯了，但是已經展示的機器人出租車，至少在公眾的圖像中也是有踏板和無輪的。如果您部署這樣的車輛，沒有踏板或車輪，並且可能與傳統特斯拉車輛上的常規 FSD 不同，是否會存在不同的監管問題？謝謝。

Well, obviously, the real reason that they can't is because GM can't make it work, not because of regulators, they're blaming regulators. That's misleading if you plan to do so because Waymo is doing just fine in those markets. So it's just that their technology is not at par.

嗯，顯然，他們做不到的真正原因是因為通用汽車無法使其發揮作用，而不是因為監管機構，他們指責監管機構。如果您打算這樣做，那麼這會產生誤導，因為 Waymo 在這些市場中表現得很好。所以只是他們的技術不在同一水平上。

And maybe just as a follow-up, I think you mentioned that FSD take rates were up materially after you reduce the price. Is there any way you can help us quantify what that means exactly? Thank you.

也許作為後續行動，我想你提到在你降低價格後，FSD 的使用率大幅上升。有什麼方法可以幫助我們量化這到底是什麼意思嗎？謝謝。

Yeah. We've shared that how -- that we've seen a meaningful increase. I don't want to get into specifics because we started from a low base, but we are seeing encouraging results. And the key thing here is, like Elon said, we need to experience it because words can't describe it till the time we actually use it.

是的。我們已經分享了我們如何看到了有意義的成長。我不想透露具體細節，因為我們的起點較低，但我們看到了令人鼓舞的結果。這裡的關鍵是，就像伊隆所說，我們需要體驗它，因為在我們實際使用它之前，語言無法描述它。

And that's why we are trying to make sure that every time a car is getting delivered, people are being sure how this thing is working. Because when you see it working, you realize how great it is. I mean, just to give you one example. So again, this is a biased example, but I have more than 20-mile commute into the factory almost every day.

這就是為什麼我們努力確保每次交付汽車時，人們都能確定它是如何運作的。因為當你看到它工作時，你就會意識到它有多偉大。我的意思是，只是給你一個例子。再說一遍，這是一個有偏見的例子，但我幾乎每天都要花 20 多英里的路程去工廠。

I have the zero interventions on the latest car, and the car just literally drives me over. And especially with the latest version wherein we're also tracking your eye movement, the steering wheel lag is almost not there as long as you are not wearing sunglasses.

我對最新的汽車進行了零幹預，這輛車就真的把我開過去了。尤其是在最新版本中，我們也追蹤您的眼球運動，只要您不戴太陽眼鏡，方向盤延遲就幾乎不存在。

We're fixing the sunglasses. It's coming soon. So you will be able to -- you'll be able to have some glasses on and had to contract -- so -- but there's these number of times I've talked with smart people who like live in New York or maybe downtown Boston and don't ever drive and then ask me about FSD, I'm like, you can just get a car and try it. And if you're not doing that, you have no idea what's going on.

我們正在修理太陽眼鏡。很快就來了。所以你將能夠——你將能夠戴上一些眼鏡並且必須簽約——所以——但是我和喜歡住在紐約或波士頓市中心的聰明人交談過很多次永遠不要開車然後問我關於FSD 的事，我想，你可以買車試試。如果你不這樣做，你就不知道發生了什麼事。

Thank you. The next question comes from Pierre from New Street. Pierre, please unmute yourself.

謝謝。下一個問題來自新街的皮埃爾。皮埃爾，請取消靜音。

Hey, guys. Thank you for taking my questions. So it's on robotaxi, again, and I completely get it that with a universal solution we will get like regulatory approval. We get there eventually, kicking at miles and compute, et cetera. And my question is more how you think about deployment? Because I'm still like -- I'm thinking once you have a car that can drive everywhere that can replace me, it can replace a taxi.

大家好。感謝您回答我的問題。所以它再次出現在機器人計程車上，我完全明白，透過通用解決方案，我們將獲得監管部門的批准。我們最終到達了那裡，踢了幾英里並進行了計算，等等。我的問題更多是您如何看待部署？因為我仍然認為，一旦你擁有一輛可以代替我去任何地方行駛的汽車，它就可以代替計程車。

But then to do the ride-hailing service, you need a certain scale. And that means a lot of cars on the road. And so you need an infrastructure to just maintain the cars, take care of them, et cetera.

但要做叫車服務，就需要一定的規模。這意味著路上有很多汽車。所以你需要一個基礎設施來維護汽車、照顧它們等等。

And so my question is, are you already working on that? Do you have already an idea of what like your plan to deploy looks like? And is that like a Tesla-only plan? Or are you looking at partners, local partners, global partners to do that? And then I have a quick follow-up.

所以我的問題是，你已經在努力了嗎？您是否已經了解您的部署計畫是什麼樣子？這就像特斯拉獨有的計畫嗎？或者您正在尋找合作夥伴、本地合作夥伴、全球合作夥伴來做到這一點？然後我會進行快速跟進。

This would just be the Tesla network. You just literally open the Tesla app and summon a car and we sent a car to pick you up and take you somewhere. And our -- we will have a fleet that's on the order of 7 million that will come really soon. In the US come it will be over 10 million, then over 20 million. This is in that scale.

這就是特斯拉網路。您只需打開特斯拉應用程式並召喚一輛車，我們就會派一輛車來接您並帶您去某個地方。我們的——我們將擁有一支大約 700 萬輛的機隊，而且很快就會到來。在美國，這個數字將超過 1000 萬，然後超過 2000 萬。這是在那個規模。

And the car is able to operate 24/7 unlike the human drivers. So the capability to -- like this basically instant scale with a software update. And now this is for a customer-owned fleet. So you can think of that as being a bit like Airbnb, like you can choose to allow your car to be used by the fleet or cancel that and bring it back. It will be used by the fleet all the time, can be used by the fleet some of the time, and then Telsa will take -- we'd share on the revenue with the customer.

與人類駕駛員不同，汽車能夠 24/7 運行。因此，這種能力基本上可以透過軟體更新即時擴展。現在這是針對客戶擁有的車隊。所以你可以把它想像成有點像 Airbnb，就像你可以選擇允許車隊使用你的車或取消它並將其帶回來。它將一直被車隊使用，有時也可以被車隊使用，然後特斯拉將與客戶分享收入。

If you can think of the drive fleet of Tesla vehicles as like a giant Airbnb, equivalent with Airbnb on wheels. I mean in addition, we would make some number of cars for Tesla that would just be owned by Tesla and be added to the fleet. I guess that would be a bit more like Uber. But this will be a Tesla network.

如果你能把特斯拉車的車隊想像成一個巨大的 Airbnb，相當於有輪子的 Airbnb。我的意思是，此外，我們將為特斯拉生產一些汽車，這些汽車將歸特斯拉所有並添加到車隊中。我想這有點像 Uber。但這將是一個特斯拉網路。

And there's important for us we've put in every Tesla purchase, which is that the Tesla vehicles can only be used in the Tesla fleet. They cannot be used by a third party for autonomy.

對我們來說，重要的是我們在每次購買特斯拉時都投入了這一點，那就是特斯拉車輛只能在特斯拉車隊中使用。它們不能被第三方用於自治。

Okay. And do you think that scales like progressively, so you can start in a city with just a handful of cars, and you grow the number of cars over time? Or do you think there is like a critical mass you need to get to, to be able to offer like a service that is of competitive quality compared to what like Uber would be typically delivering already?

好的。您是否認為這種規模會逐漸擴大，因此您可以從一個只有少量汽車的城市開始，然後隨著時間的推移增加汽車的數量？或者你認為你需要達到一個臨界點，才能提供與 Uber 通常已經提供的服務相比具有競爭力的品質服務嗎？

I guess I'm not -- I'm not conveying this correctly. The entire Tesla fleet basically becomes active. This is obviously -- maybe there's some number of people who don't want their car to earn money. But I think most people will. It's instant scale.

我想我不是——我沒有正確地傳達這一點。整個特斯拉車隊基本上都變得活躍起來。這顯然是——也許有一些人不希望他們的汽車賺錢。但我想大多數人都會。這是即時規模。

Thank you. Our next question comes from Colin from Oppenheimer. Colin, please unmute yourself.

謝謝。我們的下一個問題來自奧本海默的科林。科林，請取消靜音。

Sorry about that, guys. I've got two questions around energy storage. With the types of plans on the stationary storage, can you talk about your pricing strategy? And how you're thinking about saturation in given geographies given that some of these larger systems are trying to shift wholesale power markets in a pretty meaningful way quickly.

抱歉，夥計們。我有兩個關於儲能的問題。關於固定儲存的方案類型，您能談談您的定價策略嗎？鑑於其中一些較大的系統正試圖以一種非常有意義的方式快速改變批發電力市場，您如何考慮特定地區的飽和度。

So yeah, I mean, we are working with a large set of players in the market and our pipeline is actually pretty long. And there is actually a very -- there's actually a long end in terms of where you enter into a contract to where delivery starts happening. And so far, we have good pricing leverage, and I'll Mike chime in on this, too.

所以，是的，我的意思是，我們正在與市場上的大量參與者合作，我們的管道實際上很長。事實上，從簽訂合約到開始交付，實際上有一個很長的期限。到目前為止，我們擁有良好的定價槓桿，我也將麥克加入。

Yeah. I mean there's a lot of competition from Chinese OEMs, just like there is in the vehicle space. So we're in close contact with our customers and making sure that we're remaining competitive in where they're needing to be competitive to secure contracts to sell power and energy in the markets.

是的。我的意思是，來自中國原始設備製造商的競爭非常激烈，就像汽車領域的競爭一樣。因此，我們與客戶保持密切聯繫，確保我們在他們需要保持競爭力的領域保持競爭力，以獲得在市場上銷售電力和能源的合約。

We had a really strong contracting quarter and continue to build our backlog for 2025 and 2026. So we feel pretty good about where we are in the market. We realize that competition is strong, but we have a pretty strong value proposition with offering a fully integrated product with our own power electronics and site level control so --

我們的合約季度非常強勁，並繼續增加 2025 年和 2026 年的積壓訂單。我們意識到競爭很激烈，但我們有一個相當強大的價值主張，可以提供具有我們自己的電力電子和現場級控制的完全整合產品，因此——

Yes. And again, the aspect which people do not fully understand is that there's also a whole software stack which comes with Megapack, right? And that is a unique proposition, which we have -- which is only available to us, and we're using it with other stuff, too, but that gives us a much more of an edge as compared to the competition.

是的。再說一遍，人們沒有完全理解的是，Megapack 還附帶了一個完整的軟體堆棧，對吧？這是一個獨特的主張，我們擁有——只有我們可以使用，我們也將它與其他東西一起使用，但這給了我們比競爭對手更多的優勢。

Yes, we find customers that they can sort of put together a high-touch solution and then sometimes they'll pick our solutions. And then that doesn't work, and then they come back to us.

是的，我們發現客戶可以組合出一個高接觸性的解決方案，然後有時他們會選擇我們的解決方案。然後這不起作用，然後他們又回到我們身邊。

Yes. And we're not really seeing saturation like on a global scale. There's little pockets of saturation in different markets, but we're more seeing that there's markets opening up given demand on the grid just continues to increase more than anyone expects. So that just opens up markets really across the world in different pockets.

是的。我們並沒有真正看到全球範圍內的飽和。不同的市場幾乎沒有飽和，但我們更多地看到，鑑於電網需求的持續增長超出了任何人的預期，市場正在開放。這樣就真正在世界各地不同的地方打開了市場。

Yeah. I mean just even on the AI compute side, these lease GPUs are really powerful. And the amount of new pipeline, which we're getting for people, for data center backup and things like that is increasing at a pretty large scale.

是的。我的意思是，即使在人工智慧運算方面，這些租賃 GPU 也非常強大。我們為人們提供的、用於資料中心備份等的新管道的數量正在大幅增加。

And then there is there in the 4680 process technology in the older process, there's some news around your equipment suppliers. Can you talk about how far along you were in potentially qualifying an incremental supplier around some of those critical process technology steps?

然後還有在舊製程的4680製程技術，有一些關於你的設備供應商的消息。您能否談談您在圍繞某些關鍵製程技術步驟對增量供應商進行潛在資格認證方面進展如何？

Yeah, I can talk about that. As you're probably referring to the lawsuit that we have with one of our suppliers. Look, I don't think this is going to affect our ability to roll out 4680. We have very strong IP position in the technology.

是的，我可以談談這個。您可能指的是我們與一位供應商之間的訴訟。我認為這不會影響我們推出 4680 的能力。

And the majority of the equipment that we use is in-house designed and some of it is in-house build. And so we can take our IP stack and have someone else build it if we need to. So that's not really a concern right now.

我們使用的大部分設備都是內部設計的，其中一些是內部建造的。因此，如果需要，我們可以使用我們的 IP 堆疊並讓其他人建立它。所以現在這並不是真正的問題。

Yeah. I think people don't understand just how much demand there will be for storage. They really just like the pure I think are understanding this demand by product orders like here. So the actual energy -- total energy output of say, the US grid is, if the power plants can operate at steady state is at least 2 times to 3 times the amount of energy currently produces.

是的。我認為人們不了解儲存的需求有多大。我認為他們真的很純粹，透過像這裡這樣的產品訂單來了解這種需求。因此，如果發電廠能夠穩定運行，美國電網的實際能源——總能源輸出至少是目前發電量的 2 到 3 倍。

Because there are a huge gap -- because there's a huge difference in the -- from peak to trough in terms of entity or power generation. So in order for a grid to not have blackouts, it must be able to support the load at the worst minute of the worst day of the year.

因為在實體或發電方面，從高峰到低谷存在著巨大的差距——因為存在著巨大的差異。因此，為了使電網不會發生停電，它必須能夠在一年中最糟糕的一天中最糟糕的時刻支持負載。

The coldest or hardest day, which means that for the rest of the time -- the rest of the year, it's got massive excess power generation capability, but it has no way to store that energy.

最冷或最困難的一天，這意味著在剩下的時間裡——一年中剩下的時間裡，它有大量過剩的發電能力，但它沒有辦法儲存這些能量。

Once you add battery packs, you can now run the power plants at steady state. Steady state means that basically any given grid anywhere in the world can produce in terms of cumulative energy in the course of the year, at least twice what it is currently producing. That's cases maybe 3 times.

新增電池組後，您現在可以在穩定狀態下運行發電廠。穩態意味著基本上世界上任何地方的任何給定電網在一年中都可以產生累積能量，至少是目前產生的能量的兩倍。這樣的情況可能有3次。

All right. Thank you.

好的。謝謝。

That's a very profound thing.

這是一件非常深刻的事。

Thank you, Elon. The next question comes from Colin Langan from Wells Fargo. Colin, please unmute yourself.

謝謝你，埃隆。下一個問題來自富國銀行的科林·蘭根。科林，請取消靜音。

Great. Thanks for taking my questions. Do you hear me?

偉大的。感謝您回答我的問題。你聽到我說話了嗎？

Yeah.

是的。

Yeah.

是的。

I guess we can ask Trump wins, there's a higher chance that IRA could get cut. I think, Elon, you had commented online that Tesla doesn't survive on EV subsidies.

我想我們可以要求川普獲勝，愛爾蘭共和軍被削減的可能性更大。我想，伊隆，你曾在網路上評論特斯拉無法依靠電動車補貼生存。

But when Tesla lose a lot of support via goes away, I think Model 3 and Y get IRA held for customers, and I think your batteries get production tax credits. So just can you clarify if the IRA, would it be a negative for your profitability in the near term? Why might it not be a negative? And then any framing of the current support you get IRA-related.

但當特斯拉因消失而失去大量支援時，我認為 Model 3 和 Y 會為客戶保留 IRA，而且我認為你的電池會獲得生產稅收抵免。那麼您能否澄清一下 IRA 是否會對您近期的獲利能力產生負面影響？為什麼它可能不是負數？然後，您獲得的當前支援的任何框架都與 IRA 相關。

I guess that there would be like some impact, but I think it would be devastating for our competitors, but -- and we're that slightly. But long term probably actually helps Tesla would be my guess -- yes -- but as I said this before earning calls, it -- the value of Tesla overwhelmingly is autonomy.

我想這會產生一些影響，但我認為這對我們的競爭對手來說是毀滅性的，但是——我們就是那麼輕微。但從長遠來看，我的猜測可能實際上對特斯拉有幫助——是的——但正如我在接到電話之前所說的那樣，特斯拉的價值壓倒性的是自主性。

These other things are in the nonrelative to autonomy. So I recommend anyone who doesn't believe that too old, big autonomy should keep not cold Tesla stuff. They should sell it Tesla stuff. If you believe Tesla will solve autonomy, you should bake as a start. And all these other questions are in the noise.

這些其他的事情與自治無關。因此，我建議任何不相信太舊、大自主權的人應該保留特斯拉的東西。他們應該把特斯拉的東西賣給它。如果你相信特斯拉能夠解決自動駕駛問題，你應該從烘焙開始。所有這些其他問題都在噪音中。

Yeah. I mean I'll ask this just to clarify a few things that -- at the end of the day, when we are looking at our business, we've always been looking at it whether or not AI is there. And we want our business to grow healthy without having any subsidies coming in, whichever you look at it.

是的。我的意思是，我問這個問題只是為了澄清一些事情——歸根結底，當我們審視我們的業務時，我們一直在關注人工智慧是否存在。我們希望我們的業務在沒有任何補貼的情況下健康發展，無論你怎麼看。

And that's the way we've always modeled everything. And that is the way internally, also even when we're looking at battery costs, yes, there are manufacturing credits which we get, but we always drive ourselves to say, okay, what if there is no other benefit? And how do we operate in that kind of an environment?

這就是我們一直建模一切的方式。這就是內部的方式，即使我們考慮電池成本，是的，我們獲得了製造信用，但我們總是強迫自己說，好吧，如果沒有其他好處怎麼辦？那我們要如何在這樣的環境下運作呢？

Like Elon said, we definitely have a big advantage as compared to our competition on that front. We've delivered it and you can see it in the numbers over the years. So there is -- you cannot ignore the fundamental side of the business. And then on top of it, once you add autonomy to it, like Elon said, it becomes meaningless to even think about the short term.

正如伊隆所說，與我們在這方面的競爭對手相比，我們絕對有很大的優勢。我們已經實現了這一目標，您可以從多年來的數字中看到這一點。所以，你不能忽視業務的基本面。最重要的是，一旦你增加了自主權，就像伊隆所說，考慮短期就變得毫無意義。

Okay. I think that's, unfortunately, all the time we have for today. We appreciate all of your questions. We look forward to talking to you next quarter. Thank you very much and goodbye.

好的。不幸的是，我想這就是我們今天的全部時間了。我們感謝您提出的所有問題。我們期待下個季度與您交談。非常感謝，再見。