特斯拉 (TSLA) 2024 Q3 法說會逐字稿

Good afternoon, everyone, and welcome to Tesla's Third 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. Our Q3 results were announced at about 3:00 p.m. Central Time in the update deck we published at the same link as webcast.

大家下午好，歡迎收看特斯拉 2024 年第三季問答網路直播。我是投資人關係主管崔維斯‧阿克塞爾羅德(Travis Axelrod)，今天加入我的還有伊隆‧馬斯克(Elon Musk)、瓦伊巴夫‧塔內賈(Vaibhav Taneja)和其他一些高階主管。我們的第三季業績於下午 3:00 左右公佈。我們在與網路廣播相同的連結上發布了更新平台中的中部時間。

During this call, we will discuss our business outlook and make forward-looking statements. These comments are based on our predictions and expectations as of today. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in our most recent filings with the SEC. (Operator Instructions) Before we jump into Q&A, Elon has some opening remarks. Elon?

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。 （操作員說明）在我們開始問答之前，Elon 有一些開場白。埃隆？

Thank you. So to recap, as someone was saying, something that what the industry was seeing year-over-year declines in order volumes in Q3. Tesla at the same time has achieved record deliveries. In fact, I think if you look at EV companies worldwide, to the best of my knowledge, no EV company is even profitable. And I'm not -- to the best of my knowledge, there was no EV division of any company, of any existing car company that is profitable.

謝謝。因此，正如有人所說，回顧一下該行業第三季訂單量年減的情況。特斯拉同時實現了創紀錄的交付量。事實上，我認為如果你看看世界各地的電動車公司，據我所知，沒有一家電動車公司能夠獲利。據我所知，任何公司、任何現有汽車公司的電動車部門都沒有獲利。

So it is notable that Tesla is profitable despite a very challenging automotive environment, and this quarter actually is a record Q3 for us. So we produced our seventh million vehicle actually just yesterday, so congratulations to the teams that made it happen in Tesla. That's staggering the immense amount of work to make 7 million cars. So you see, we all have -- the energy storage business is growing like wildfire with strong demand for both Megapack and Powerwall.

因此值得注意的是，儘管汽車環境充滿挑戰，特斯拉仍然實現了盈利，而且本季對我們來說實際上是創紀錄的第三季。實際上，就在昨天，我們生產了第七百萬輛汽車，所以祝賀特斯拉的團隊實現了這一目標。製造 700 萬輛汽車所需的工作量之大令人震驚。所以你看，我們都知道——能源儲存業務正在像野火一樣成長，對 Megapack 和 Powerwall 的需求強勁。

And as you all know, on October 10, we laid out a vision for an autonomous and future that I think is very compelling that the Tesla team did a phenomenal job there with actually giving people an option to experience the future, where you have humanoid robots working among the craft, not with a canned video and a presentation or anything but walking among crowd, so he drinks and whatnot. And we had 50 autonomous vehicles. There were 20 Cybercabs, but there were an additional 30 Model Ys, operating fully autonomously the entire night, carrying thousands of people with no incidents the entire night.

眾所周知，10 月10 日，我們提出了自動駕駛和未來的願景，我認為這個願景非常引人注目，特斯拉團隊在這方面做得非常出色，實際上為人們提供了體驗未來的選擇，在那裡你可以擁有人形機器人機器人在工藝中工作，沒有錄製影片和演示或其他任何東西，而是在人群中行走，所以他喝酒等等。我們有 50 輛自動駕駛汽車。共有 20 輛 Cyber​​cab 車，另外還有 30 輛 Model Y，整晚完全自主運行，載運了數千人，整晚沒有發生任何事故。

And all those who went there that worth emphasizing that the Cybercab had no steering wheel or brake or accelerator panels, meaning there was no way for anyone to intervene manually a unit if they wanted to and the whole night went very smoothly.

所有去過那裡的人都值得強調的是，Cyber​​cab 沒有方向盤、煞車或加速器面板，這意味著任何人都無法手動幹預一個單元，如果他們願意的話，整個晚上都進行得很順利。

So regarding the vehicle business, we are still on track to deliver our affordable models starting in the first half of 2025. This is -- I think probably people want should they assume for vehicle sales growth next year. And at the risk of -- to take a bit of risk here, I do want to give some rough estimate, which I think it's 20% to 30% vehicle growth next year. Notwithstanding negative external events, like if there's some force majeure events, like some big war breaks out or interest rates go sky high or something like that, we can't overcome massive force majeure events. But I think with our lower-cost vehicles with the advent of autonomy, something like a 20% to 30% growth next year is my best guess.

因此，就汽車業務而言，我們仍有望在 2025 年上半年開始交付價格實惠的車型。冒險——在這裡冒一點風險，我確實想給出一些粗略的估計，我認為明年的汽車銷量將增長 20% 到 30%。儘管有負面的外部事件，例如如果發生一些不可抗力事件，例如一些大戰爆發或利率飆升之類的事情，我們無法克服大規模的不可抗力事件。但我認為，隨著我們的低成本汽車和自動駕駛技術的出現，我最好的猜測是明年的 20% 到 30%。

And then Cybercab reaching volume production in '26. I do feel confident of Cybercab reaching volume production in '26, just starting production, reaching volume production in '26. And that should be substantial. But we're aiming for at least 2 million units a year of Cybercab. That will be in more than one factory but I think it's at least 2 million units a year, maybe 4 million ultimately.

然後 Cyber​​cab 在 26 年實現了量產。我確實對 Cyber​​cab 在 26 年實現量產充滿信心，剛開始生產，在 26 年實現量產。這應該是實質的。但我們的目標是每年至少銷售 200 萬台 Cyber​​cab。這將在不只一個工廠生產，但我認為每年至少 200 萬台，最終可能是 400 萬台。

So yeah, these are just my best guesses but if you ask me my best guesses, those are my best guesses. The cell 4680 lines, the team is actually doing great work there. The 4680 is rapidly approaching the point where it is the most competitive cell. So when you consider the fully landed -- the cost of a battery pack fully landed in the US, net of incentives and duties, 4680 is tracking to be the most competitive, maybe lower cost per kilowatt hour fully considered than any other alternative. We're not quite there yet but we're close to being there, which I think is extremely exciting. And we've got several -- a lot of ideas to go well beyond that.

所以是的，這些只是我最好的猜測，但如果你問我最好的猜測，這些就是我最好的猜測。 4680 號細胞線，該團隊實際上在那裡做了出色的工作。 4680 正在迅速接近最具競爭力的電池。因此，當您考慮完全登陸美國的電池組成本（扣除激勵措施和關稅）時，4680 被認為是最具競爭力的，在全面考慮的情況下，可能比任何其他替代方案更低的每千瓦時成本。我們還沒有完全實現這一目標，但我們已經接近實現這一目標，我認為這是非常令人興奮的。我們還有很多想法可以遠遠超出這個範圍。

So I think there's -- if we execute well, the 4680 -- we'll have the -- the Tesla internally produced cell will be the most cost competitive cell in North America, a testament to the tremendous amount of hard work there done by the team. So that's to say we'll continue to buy a lot of cells from our competitors. I tend not to -- to provide -- to make cells just internally. So I don't want to sort of here.

所以我認為——如果我們執行得好，4680——我們將擁有——特斯拉內部生產的電池將成為北美最具成本競爭力的電池，這證明了特斯拉在北美所做的大量艱苦工作。也就是說，我們將繼續從競爭對手那裡購買大量電池。我傾向於不——提供——在內部製造細胞。所以我不想在這裡。

We're obviously increasing substantially our vehicle output and our stationary storage output, so we need a lot of cells. And most of them will still come from suppliers. But I think it is some good news that the Tesla internal cell is likely to be the most competitive in the US.

顯然，我們正在大幅增加車輛產量和固定儲存產量，因此我們需要大量電池。其中大部分仍將來自供應商。但我認為特斯拉的內部電池可能是美國最具競爭力的，這是一個好消息。

So with respect to autonomy, as people are experiencing in the cars really from week to week, there are significant improvements and the miles between interventions. So with the new version 12.5 release of (inaudible) and Cybertruck, combining the code into a single stack so that the city driving and the engine and highway driving are one stack, which is a big improvement for the highway driving. So it's just all neural nets. And the release of actually Smart -- we try to have a sense of humor here.

因此，就自主性而言，正如人們每週在汽車中體驗到的那樣，有顯著的改善和介入之間的里程數。所以隨著新版本12.5的發布（聽不清楚）和Cyber​​truck，將程式碼合併到一個堆疊中，這樣城市駕駛和引擎、高速公路駕駛就是一個堆棧，這對於高速公路駕駛來說是一個很大的改進。所以這只是神經網路。而《actually Smart》的發布——我們嘗試在這裡保持幽默感。

And we're also -- so that's 12.5. Version 13 of FSD is going out soon. will elaborate more on that later in the call. We expect to see roughly a five or six-fold improvement in miles between interventions compared to 12.5. And actually, looking at the year as whole, the improvement in miles interventions, we think will be at least (inaudible) So that's a very dramatic improvement in the course of the year, and we expect that trend to continue next year.

我們也是——所以這是 12.5。 FSD 版本 13 即將發布。稍後將在電話會議中詳細說明這一點。與 12.5 英里相比，我們預計幹預措施之間的里程數將提高約五到六倍。實際上，從全年來看，里程幹預措施的改善，我們認為至少會（聽不清楚）因此，這是今年的一個非常顯著的改善，我們預計這種趨勢明年將繼續下去。

So the current total expectation, internal expectation for the Tesla FSD having longer miles [intervention] human is the second quarter of next year, which means it may end up being in the third quarter but it's next -- it seems extremely likely to be next year. Ashok, do you want to?

因此，目前對特斯拉FSD 具有更長里程[幹預]人類的總體預期，內部預期是明年第二季度，這意味著它可能最終會在第三季度，但它是下一個- 似乎極有可能是下一個年。阿肖克，你願意嗎？

Yes, miles between critical interventions, mentioned by Elon already made 100x improvement with 12.5 from starting of this year and then with v13 release, we expect to be 1,000x from the beginning, from January of this year on production software. And this came in because of technology improvements going to end-to-end, having higher frame rate, partly also helped by hardware force, more capabilities, so on. And we hope that we continue to scale the neural network, the data, the training compute, et cetera. By Q2 next year, we should cross over the average, even in miles per critical intervention (inaudible) in that case.

是的，Elon 提到的關鍵幹預措施之間的距離從今年年初開始已經提高了 100 倍，達到 12.5 倍，然後隨著 v13 的發布，我們預計從今年 1 月開始生產軟體將提高 1,000 倍。這是因為端到端的技術改進，具有更高的幀速率，部分也得益於硬體力量、更多功能等。我們希望繼續擴展神經網路、數據、訓練計算等等。到明年第二季度，我們應該會超越平均水平，即使在這種情況下，每次關鍵幹預的英里數（聽不清楚）也是如此。

I mean, that is just, unvarnished, our internal estimate.

我的意思是，這只是我們不加掩飾的內部估計。

Yes.

是的。

So that's not sandbagging or anything else. Our internal estimate is Q2 of next year to be safer than human and then to continue with rapid improvements thereafter.

所以這不是沙袋或其他任何東西。我們的內部估計是明年第二季比人類更安全，然後繼續快速改進。

A vast majority of humanity has no idea that Tesla could drive themselves, so especially for something like a Model 3 or Model Y, it looks like a normal car. So you don't expect a normal car to be able to be intelligent enough to drive itself. A Cybercab looks different. A Cybertruck looks different, but Model Y and Model 3 are -- look, they're good-looking cars, but look at the fairly normal. You don't expect a fairly normal looking car to have the intelligence, enough AI to be able to drive itself. But it does.

絕大多數人都不知道特斯拉可以自動駕駛，所以特別是對於 Model 3 或 Model Y 這樣的東西來說，它看起來就像一輛普通汽車。所以你不要指望一輛普通的汽車能夠足夠聰明來自動駕駛。 Cyber​​cab 看起來不一樣。 Cyber​​truck 看起來不一樣，但 Model Y 和 Model 3 是——看，它們是漂亮的車，但看起來相當正常。你不會指望一輛看起來相當普通的汽車擁有智能，足夠的人工智慧能夠自動駕駛。但確實如此。

So we do want to expose that to more people, and so we're doing -- every time we have a significant improvement in the software, we'll roll out another sort of 30-day trial so to encourage people to try it again. And we are seeing a significant improvement in adoption. So the take rate for FSD has improved substantially, especially after the 10/10 event.

所以我們確實希望向更多的人展示這一點，所以我們正在這樣做——每次軟體有了重大改進，我們就會推出另一種 30 天試用版，以鼓勵人們再次嘗試。我們看到採用率有了顯著提高。因此，FSD 的採用率大幅提高，尤其是在 10/10 活動之後。

Yes, so there's no need to wait for robotaxi or Cybercab to experience full autonomy. We expect to achieve that next year with our existing vehicle line.

是的，所以無需等待 Robotaxi 或 Cyber​​cab 即可體驗完全自主。我們預計明年將透過現有的車輛系列實現這一目標。

I wanted to actually someone gives a small taste of what it's going to look like, the car able to drive itself to the user within private parking lots. Currently, it's speed-limited but then it's going to quickly be increased. We actually have a million usage (inaudible)

我實際上想讓有人稍微體驗一下它的樣子，汽車能夠在私人停車場內自動駕駛給用戶。目前，它的速度受到限制，但很快就會提高。我們實際上有 100 萬次使用（聽不清楚）

Yes, and we actually -- we have for Tesla employees in the Bay Area, we already are offering ridehailing capabilities. So you can actually, with the development app, you can request a ride and it will take you anywhere in the Bay Area. We do have a safety driver for now but it's not required to do that. We've developed. And I mean, David, do you want to elaborate on that?

是的，實際上，我們已經為灣區的特斯拉員工提供了叫車服務。因此，實際上，您可以透過開發應用程式叫車，它將帶您到灣區的任何地方。我們目前確實有一名安全駕駛員，但這不是必要的。我們發達了。我的意思是，大衛，你想詳細說明一下嗎？

Yes, sure. It's David. We showed some screenshots of this in the Q1 shareholder deck, and this is real. We've been testing it for the good part of the year. And the building blocks that we needed in order to build this functionality and deliver it to production, we've been thinking about working on for years.

是的，當然。是大衛。我們在第一季的股東資料中展示了一些截圖，這是真實的。今年大部分時間我們都在對其進行測試。為了構建此功能並將其交付生產所需的構建塊，我們多年來一直在考慮開發。

It just so happens that we've used those building blocks to deliver great features for our customers in the meantime, such as sharing your profile, synchronizing it across cars, so that every single car that you jump into, whether it's another car that you own or a car that somebody has loaned to you or a rental car that you jump into, it looks exactly like yours. Everything synchronized, seat mirror positions, media, navigation, everything is the same, just what you would expect from one of our robotaxis.

碰巧的是，我們同時使用這些構建模組為我們的客戶提供出色的功能，例如共享您的個人資料、在汽車之間同步它，以便您跳入的每一輛車，無論是您的另一輛車你自己的車、別人借給你的車、或是你跳上的租來的車，它看起來和你的一模一樣。一切都是同步的，座椅後視鏡位置、媒體、導航，一切都是一樣的，正是您對我們的機器人計程車的期望。

But we gave that functionality to our customers right now because we've built it intending for it to be used in the future, but we're releasing that functionality now. All the end-to-end cybersecurity that we knew we were going to need to deliver that functionality, sending a navigation destination from your phone to the vehicle. And so we're doing that now with the ridehailing app, but it's something that we've made available to customers for years.

但我們現在向客戶提供了該功能，因為我們建立它的目的是為了將來使用它，但我們現在就發布該功能。我們知道我們需要提供該功能所需的所有端到端網路安全，將導航目的地從您的手機發送到車輛。因此，我們現在正在透過叫車應用程式來實現這一點，但我們多年來一直向客戶提供這種服務。

Seeing the progress on a route in the mobile app, that's something you'll need for the ridehailing app, but again, we released it in the meantime. So it's not like we're just starting to think about this stuff right now while we're building out the early stages of our ridehailing network. We've been thinking about this for quite a long time, and we're excited to get the functionality out there.

在行動應用程式中查看路線的進度，這是乘車應用程式所需要的，但我們同時發布了它。因此，我們並不是在建構叫車網路的早期階段時才開始考慮這些問題。我們已經考慮這個問題很長一段時間了，我們很高興能推出這個功能。

Yes. And we do expect to roll out ridehailing in California and Texas next year to the public. Now California is somewhere -- there's quite a long regulatory approval process. I think we should get approval next year but it's contingent upon regulatory approval. Texas is a lot faster so it's -- we'll definitely have available in Texas and probably have it available in California, subject to regulatory approval. And maybe some other states actually next year as well, but at least California and Texas.

是的。我們確實預計明年將在加州和德州向公眾推出叫車服務。現在加州有一個相當長的監管審批流程。我認為我們應該在明年獲得批准，但這取決於監管部門的批准。德克薩斯州的速度要快得多，所以我們肯定會在德克薩斯州提供這種服務，並且可能在加利福尼亞州提供這種服務，但需要獲得監管部門的批准。也許其他一些州明年也會這麼做，但至少是加州和德州。

So I think that would be very exciting. That's really a profound change. Tesla becomes more than a sort of vehicle and a battery manufacturing company at that point. So we published Q3 vehicle safety report, which shows one pack for every (inaudible) pilot that compressed the US average of crash roughly every 700,000 miles. So it's currently showing a 10x safety improvement relative to the US average. And we continue to expand our AI training capacity to accommodate the needs of both FSD and Optimus.

所以我認為這將是非常令人興奮的。這確實是一個深刻的改變。那時，特斯拉不僅僅是一家汽車和電池製造公司。因此，我們發布了第三季車輛安全報告，報告顯示，每位（聽不清楚）飛行員都配備一包，從而將美國平均每 70 萬英里的事故發生率壓縮了大約 70 萬英里。因此，目前它的安全性比美國平均提高了 10 倍。我們持續擴大我們的人工智慧培訓能力，以滿足 FSD 和 Optimus 的需求。

We are currently not training compute constrained. It is probably the big limiting factors of the FSD is actually getting so good that it takes us a while to actually find mistakes. And when you start getting to where it can take 10,000 miles to find a mistake, it takes a while to actually figure out which it is -- is software A better than software B? It actually takes a while to figure it out because neither one of them makes the mistakes, would take a long time to make mistakes. So it's actually the single biggest limiting factor is how long does it take us to figure out which version is better? That is sort of a high-class problem.

我們目前沒有訓練計算受限的情況。這可能是 FSD 實際上變得如此出色的一個重要限制因素，以至於我們需要一段時間才能真正發現錯誤。當你開始到達需要 10,000 英里才能發現錯誤的地方時，需要一段時間才能真正找出錯誤所在 - 軟體 A 比軟體 B 更好嗎？實際上需要一段時間才能弄清楚，因為他們都不會犯錯，而且要花很長時間才能犯錯。所以實際上最大的限制因素是我們需要多長時間才能找出哪個版本比較好？這是一個高級問題。

Obviously, having a giant fleet is very helpful for breaking this out. And then with Optimus, we showed a mass improvement in Optimus exterior movement on October 10. And our next-gen which is 22 degrees freedom, which is double the prior and for. It's extremely human-like. And so it's much better at tactile sensing. I feel confident in saying that we have the most advanced humanoid robot by a long shot. And we're moreover the only company that really has all of the ingredients necessary to scale humanoid robots.

顯然，擁有一支龐大的艦隊對於突破這個局面是非常有幫助的。然後，我們在 10 月 10 日展示了 Optimus 外部運動的大規模改進。它非常像人類。因此它的觸覺感知能力要好得多。我有信心地說，我們絕對擁有最先進的人形機器人。此外，我們是唯一一家真正擁有規模化人形機器人所需的所有要素的公司。

Because the things that what other companies are missing is that they're missing the AI brain, that they're missing people to really scale to very high-volume production. So you see some impressive video demos, but what like the localized AI and the volume to very high numbers. As I've said on a few occasions before, I think Optimus will ultimately be [most viable] part, so I think has a good chance of being the most viable product that we made.

因為其他公司缺少的是人工智慧大腦，缺乏真正能夠大規模生產的人員。所以你會看到一些令人印象深刻的影片演示，但喜歡本地化的人工智慧和非常高的音量。正如我之前多次說過的，我認為 Optimus 最終將成為[最可行的]部分，因此我認為很有可能成為我們製造的最可行的產品。

For the energy business, that's doing extremely well. And opportunity ahead is The Lathrop Megapack factory reached 200 Megapacks a week, which is now a 40 gigawatt hour a year run rate. And we have a second factory in Shanghai that will begin with the 20-gigawatt hour year run rate in Q1 next year, so next quarter. And that will also scale out. It won't be long before we're shipping 100 gigawatt hours a year stationary storage at Tesla. And that will ultimately grow, I think, to multiple terawatt hours per year. It has to actually in order to have a sustainable energy future. If you're not at the terawatt scale, you're not really moving the needle.

對於能源業務來說，這表現得非常好。未來的機會是 Lathrop Megapack 工廠每周可生產 200 個 Megapack，目前的年運轉率為 40 吉瓦時。我們在上海有第二家工廠，明年第一季（也就是下個季度）的年運轉率將達到 20 吉瓦時。這也將擴大規模。不久之後，特斯拉的固定儲能裝置每年出貨量將達到 100 吉瓦時。我認為，這個數字最終將增長到每年數太瓦時。為了擁有可持續的能源未來，它實際上必須這樣做。如果你沒有達到太瓦級，那麼你就沒有真正取得進展。

So if you look at our very complicated last master plan, which I think actually is too much detail, I'll maybe ask [Roan] to analyze it and give us the TLDR on the management plan. We shared in that master plan that it is possible to take all of us to a fully sustainable energy situation using sustainable energy, power generation and batteries and electric transport. And there were no fundamental material limitations, like there's not some very rare material that we don't have enough of. We actually have enough with raw materials to take all of human civilization, make it fully sustainable and dramatically increased its trust usage would still be fully sustainable.

因此，如果你看看我們非常複雜的最後一個總體規劃，我認為實際上細節太多，我可能會要求 [Roan] 對其進行分析，並向我們提供有關管理計劃的 TLDR。我們在總體規劃中表示，利用永續能源、發電、電池和電力運輸，有可能使我們所有人進入完全可持續的能源狀況。而且沒有基本的材料限制，就像我們沒有足夠的非常稀有的材料一樣。我們實際上擁有足夠的原材料來獲取所有人類文明，使其完全可持續，並大幅增加其信任使用仍然是完全可持續的。

One way to think of the progress of a civilization space a little esoteric but is percentage completion of at scale. So (inaudible) scale, one would be you're using all the power of a planet. We're currently less than 1% on Level 1. Level 2 would be using all the power of the sun, and Level 3, all of power of the galaxy so we've got a long way to go, long way to go.

思考文明空間進步的一種方法有點深奧，但就是大規模的完成百分比。所以（聽不清楚）規模，一個是你正在使用一個星球的所有力量。我們目前在第1 級的進度還不到1%。路要走。

When you think in terms, it becomes obvious that by far, the biggest source of energy is the sun. Everything else is in the. So concluding, Tesla is focused on building the future of energy, transport, robotics and AI. And this is a time when others are just focused on managing around near-term trends. We think what we're doing is the right approach. And if we execute on our objectives, I think we will, my prediction is Tesla will become the most valuable company in the world and probably by a long shot.

當您思考時，很明顯，到目前為止，最大的能源來源是太陽。其他的都在。總之，特斯拉專注於建構能源、交通、機器人和人工智慧的未來。在這個時期，其他人只專注於管理近期趨勢。我們認為我們正在做的事情是正確的。如果我們執行我們的目標，我想我們會的，我的預測是特斯拉將成為世界上最有價值的公司，而且很可能是遙不可及的。

I want to thank the Tesla team once again for strong execution in a tough operating environment, and we're looking forward to building an incredibly exciting future. Thank you.

我要再次感謝特斯拉團隊在艱難的營運環境中的強大執行力，我們期待著建立一個令人難以置信的令人興奮的未來。謝謝。

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

偉大的。非常感謝你，伊隆。 Vaibhav 也做了一些開場白。

Thanks. Our Q3 results were positive and once again demonstrate the scale to which the business has evolved or with generation of record operating cash flows of $6.3 billion. Our automotive revenues grew both quarter-on-quarter and year-on-year. While we had unit volume growth, we did experience a reduction in ASPs primarily due to the impact of financing incentives. As a reminder, we are providing these incentives primarily using third-party banks and financial institution and recognize the cost of these incentives as an upfront reduction to revenue.

謝謝。我們第三季的業績是正面的，再次證明了業務發展的規模或產生了創紀錄的 63 億美元營運現金流。我們的汽車收入環比和年比均有所增長。雖然我們的單位銷售量有所成長，但我們的平均售價確實有所下降，這主要是由於融資激勵措施的影響。提醒一下，我們主要透過第三方銀行和金融機構提供這些激勵措施，並將這些激勵措施的成本視為收入的前期減少。

We released FSD for Cybertruck and other features like actually small [cell] like Elon talked about in North America, which contributed $326 million of revenues in the quarter. We continue to see elevated levels of revenue regulatory sales with over $2 billion of revenues so far this year. To expand on this at an industry level, China continues to outperform US and Europe by a factor of three. And if there is something to be learned from that, this gives a signal of what is to come in other regions. As customers' acceptance of EV growth, we feel that is the right strategy to build affordable and more compelling leads.

我們發布了 Cyber​​truck 的 FSD 以及其他功能，例如 Elon 在北美談到的小型 [cell]，該功能在本季度貢獻了 3.26 億美元的收入。今年迄今為止，我們繼續看到監管銷售收入水準不斷提高，收入超過 20 億美元。從產業層面來看，中國的表現持續領先美國和歐洲三倍。如果我們能從中學到一些東西，那麼這也預示著其他地區將會發生什麼。隨著客戶對電動車成長的接受，我們認為這是建立價格實惠且更具吸引力的銷售線索的正確策略。

Our focus remains on growing unit volume while avoiding a buildup of inventory. To support this strategy, we're continuing to offer extremely compelling vehicle financing options. When you compare any vehicle in our lineup with other OEMs, we believe our vehicles provide much better value, particularly when you consider the safety features, performance, and unparalleled software functionalities, like David also talked about, include also what Ashok had talked about around autonomy, music options, parental controls, and much more.

我們的重點仍然是增加單位數量，同時避免庫存累積。為了支持這項策略，我們將繼續提供極具吸引力的車輛融資選擇。當您將我們產品線中的任何車輛與其他原始設備製造商進行比較時，我們相信我們的車輛提供了更好的價值，特別是當您考慮安全特性、性能和無與倫比的軟體功能時，就像David 也談到的那樣，也包括Ashok 談到的內容自主權、音樂選項、家長控制等等。

While every vehicle in our lineup comes up with these capabilities, there is an awareness gap not just with buyers but at times even with existing owners. We plan on making these more visible in our interactions with both existing and future customers. Automotive margins improved quarter-over-quarter as a result of a feature release discussed before. Increase in our overall production and delivery volume, benefit from the marketing pricing and more localized deliveries in region, which resulted in lower freight increase.

雖然我們產品線中的每輛車都具備這些功能，但不僅買家之間存在認知差距，有時甚至現有車主也存在認知差距。我們計劃在與現有和未來客戶的互動中使這些內容更加明顯。由於先前討論的功能發布，汽車利潤率環比提高。我們的整體產量和交付量的增加受益於行銷定價和區域內更在地化的交付，導致運費增幅較低。

Sustaining these margins in Q4, however, will be challenging, given the current economic environment. Note that we are focused on the cost per vehicle, and there are numerous work streams within the company to squeeze out cost without compromising on customer experience.

然而，鑑於當前的經濟環境，在第四季度維持這些利潤率將具有挑戰性。請注意，我們關注的是每輛車的成本，公司內部有許多工作流程可以在不影響客戶體驗的情況下壓縮成本。

Yes. I'm assuming that's a hopefully a helpful macro trend is if there's a decline in interest rates, this has a massive effect on the automotive demand because the vast majority of people is -- the demand is driven by the monthly payment. Can they afford monthly payment? So most likely, we'll see continue to decline in interest rates, which helps with affordability of vehicles.

是的。我認為這是一個希望有幫助的宏觀趨勢，如果利率下降，這會對汽車需求產生巨大影響，因為絕大多數人的需求是由每月付款所驅動的。他們能負擔每月的付款嗎？因此，我們很可能會看到利率繼續下降，這有助於提高車輛的負擔能力。

Yeah. I mean, that is one trend which we observed in the industry that because of the affordability being impacted because of interest rates, people are wanted the cars longer, especially in the US. And that is actually having an impact on the overall industry, too.

是的。我的意思是，這是我們在行業中觀察到的趨勢，由於利率影響了負擔能力，人們對汽車的需求時間更長，尤其是在美國。這實際上也對整個行業產生了影響。

As we discussed earlier, as we discussed in back orders, energy deployments fluctuate quarter-on-quarter due to customer readiness, location of orders being fulfilled, and not necessarily an indicator of demand of production within the quarter.

正如我們之前所討論的，正如我們在延期交貨訂單中所討論的那樣，由於客戶準備情況、訂單履行地點以及不一定是本季度生產需求的指標，能源部署會出現季度波動。

While we did see a decline in Q3, we expect to grow deployment sequentially in Q4 to end the year with more than double of last year. Energy margins in Q3 were a record at more than 30%. This is a function of mix of projects being deployed in the quarter. Note that there will be fluctuation in margins as we manage through deployments and our inventory. Our pipeline and backlog continue to grow quarter-over-quarter as we fill our 2025 production slots, and we are doing our best to keep up with the demand.

雖然我們確實看到了第三季的下降，但我們預計第四季的部署量將連續成長，到年底時的部署量將是去年的兩倍以上。第三季的能源利潤率創歷史新高，超過 30%。這是本季部署的專案組合的函數。請注意，當我們透過部署和庫存進行管理時，利潤率將會出現波動。隨著我們填補 2025 年的生產空缺，我們的管道和積壓訂單繼續逐季增長，我們正在盡最大努力滿足需求。

Just coming back on automotive margins, I talked about what is happening, one other thing which I want to also share is that we're seeing that we will continue to keep whatever we can to, like I said before, about squeezing of the cost. But this is something which we also are very capable of. I mean, just in Q3, we faced our lowest cost per vehicle, and that is a trend which we want to keep focused on.

剛剛回到汽車利潤率，我談到了正在發生的事情，我還想分享的另一件事是，我們看到我們將繼續盡我們所能，就像我之前所說的那樣，關於壓縮成本。但這也是我們非常有能力做到的。我的意思是，就在第三季度，我們的每輛車成本最低，這是我們希望繼續關注的趨勢。

Then going on to service and other, we continue to show improvements in Q3. This was a result of better performance, both in our service as well as it includes collision, part sales, and merchandise, and continued growth in supercharging. These fee-based revenues will continue to grow as the overall fleet size increases. Our operating expenses declined quarter-over-quarter and on year-on-year basis. This is partially due to the restructuring we undertook in Q2. Cost savings from these initiatives were partially offset by increase in costs related to our AI efforts.

然後在服務和其他方面，我們在第三季繼續取得進步。這是由於我們的服務以及碰撞、零件銷售和商品方面表現較好，以及增壓方面的持續成長。隨著整體機隊規模的擴大，這些收費收入將持續成長。我們的營運費用較上季和年比都有所下降。這部分是由於我們在第二季進行的重組。這些措施節省的成本被我們人工智慧工作相關成本的增加部分抵銷了。

We've started using the GPU cluster based out of our factory house and ahead of schedule and are on track to get 50,000 GPUs deployed in Texas by the end of this month. One thing which I'd like to elaborate is that we're being really judicious on our AI compute spend to and saying how best we can utilize the existing infrastructure before making further investments. On the CapEx front, we had about $3.5 billion in the quarter. This was a sequential increase largely because of investments in AI compute. We now expect our CapEx for the year to be in excess of $11 billion.

我們已經提前開始使用基於工廠的 GPU 集群，並預計在本月底之前在德克薩斯州部署 50,000 個 GPU。我想詳細說明的一件事是，我們對人工智慧運算支出非常明智，並說明在進行進一步投資之前如何最好地利用現有基礎設施。在資本支出方面，本季我們的資本支出約為 35 億美元。這一環比增長主要是由於對人工智慧計算的投資。我們現在預計今年的資本支出將超過 110 億美元。

We shared our vision for the future at the We, Robot event at the beginning of the month. The Tesla team is hyper-focused on delivering on that vision. All efforts are underway to make it a reality. While we've achieved significant progress this year, it will take time to get this as we find new and incredibly complex technologies and navigate a fragmented regulatory landscape. The future is incredibly bright, and I want to thank the Tesla team once again for all their help.

我們在本月初的「我們，機器人」活動中分享了對未來的願景。特斯拉團隊非常專注於實現這一願景。所有努力都在努力使其成為現實。雖然我們今年取得了重大進展，但實現這一目標還需要時間，因為我們發現了新的、極其複雜的技術，並應對分散的監管環境。未來是非常光明的，我要再次感謝特斯拉團隊的所有幫助。

Great. Thank you very much, Vaibhav. Now we'll go to investor questions. The first one is, is Tesla still on track to deliver the more affordable model next year as mentioned by Elon earlier? And how does it align with your AI and product road map?

偉大的。非常感謝你，瓦伊巴夫。現在我們將回答投資者問題。第一個是，特斯拉是否仍有望像伊隆早些時候提到的那樣，明年推出更實惠的車型？它如何與您的人工智慧和產品路線圖保持一致？

Sure. I mean, as Elon and Vaibhav both said, we are on plan to meet that in the first half of next year. Ambition has always been to lower the cost of our vehicles to increase the adoption of sustainable energy and transport. Part of that is lowering the cost of our current vehicles, which is where all of the personally-owned vehicles that we sell today come in. But the next stage in that, really as it fits into AI road map, is well as we bring in robotaxis, which lowers the initial cost of getting into an EV, and that's really where we see the marriage of EV road map and the AI road map.

當然。我的意思是，正如 Elon 和 Vaibhav 所說，我們計劃在明年上半年實現這一目標。我們的目標始終是降低車輛成本，以增加永續能源和交通的採用。其中一部分是降低我們目前車輛的成本，這就是我們今天銷售的所有個人擁有的車輛的來源。了進入電動車的初始成本，這正是我們看到電動車路線圖和人工智慧路線圖結合的地方。

Yes. It will be like with incentive [sub 30,000], which is kind of a key threshold.

是的。就像激勵[sub 30,000]一樣，這是一個關鍵的門檻。

Great. Thank you very much. Similar question next, when can we expect Tesla to give us the $25,000 non-robotaxi regular car model?

偉大的。非常感謝。接下來類似的問題是，我們什麼時候可以期待特斯拉為我們提供 25,000 美元的非機器人出租車普通車型？

We're not breaking it on --

我們不會打破它——

Yes, all our vehicles today --

是的，我們今天所有的車輛—

So I think we've made very clear that we're -- the future is autonomous. I mean, it's going to be -- I've actually said this many years ago, but that in my strong belief and I believe that is panning out to be true, very obvious retrospect is that the future is autonomous electric vehicles. And non-autonomous gasoline vehicles here will be like riding a horse and using a foot bone. It's not that there are no horses, yeah, there are some but they're unusual. They're niche.

所以我認為我們已經非常明確地表明，未來是自主的。我的意思是，實際上我多年前就說過這一點，但我堅信，而且我相信這將成為現實，回顧起來非常明顯的是，未來是自動駕駛電動車。這裡的非自動汽油車就像騎馬並使用腳骨一樣。並不是說沒有馬，是的，有一些，但它們很不尋常。他們是小眾的。

And so everything is going to be electric autonomous. I think this is like it should be, frankly, blindingly obvious at this point, that is the future. So a lot of automotive companies, most of the companies have not internalized this, which is surprising because we're shouting from the rooftops for such a long time. And it will accrue to their detriments in the future. But all of our vehicles in the future will be autonomous.

所以一切都將是電動自動化的。我認為這應該是，坦白說，在這一點上顯而易見，這就是未來。所以很多汽車公司，大多數公司都沒有內化這一點，這很令人驚訝，因為我們在屋頂上喊了這麼長時間。這將在未來對他們造成損害。但未來我們所有的車輛都將是自動駕駛的。

Yes. So all the vehicles that we've really made, almost 7 million vehicles, the vast majority are capable of autonomy. And we're currently making on the order of 35,000 autonomous vehicles a week to say Waymo's entire fleet is less than -- they've less than 1,000 corners. We're making 35,000 a week.

是的。所以我們真正製造的所有車輛，近 700 萬輛，絕大多數都具有自動駕駛能力。目前我們每週生產 35,000 輛自動駕駛汽車，可以說 Waymo 的整個車隊數量還不到——它們的彎道數量還不到 1,000 個。我們每週賺 35,000 美元。

Yes. And our cars look normal.

是的。我們的車看起來很正常。

Yes, they mostly look normal. The Cybertruck looks abnormal. And the Cybercab, robotaxi, we wanted to have something futuristic looking, and I think it does look futuristic.

是的，他們大多看起來很正常。 Cyber​​truck看起來很不正常。 Cyber​​cab、機器人計程車，我們想要一些具有未來感的東西，我認為它確實看起來具有未來感。

It's worth going with respect to the Cybercab, it's not -- it's especially not just a revolutionary vehicle design but a revolution in vehicle manufacturing that was also coming with the Cybercab. The cycle times like the units per hour of the Cybercab line, it is -- like this is just really something special. I mean, this is (inaudible) of than other car manufacturing lines, like -- not even the same league is what I'm saying, not in the same league. And I said like several years ago that maybe the most -- the hottest Tesla be the battery, just like by a factory.

Cyber​​cab 值得一試，但事實並非如此——它不僅是革命性的車輛設計，而且是伴隨 Cyber​​cab 而來的車輛製造革命。循環時間就像 Cyber​​cab 線路的每小時單位數一樣，就像這真的很特別。我的意思是，這（聽不清楚）不同於其他汽車生產線，就像——我所說的話甚至不是同一個聯盟，不是在同一個聯盟。幾年前我就說過，特斯拉最熱門的可能是電池，就像工廠一樣。

Yes, can't reverse engineering factory.

是的，不能逆向工程工廠。

Yes. It's like -- so we're rapidly evolving our manufacturing technology. So anyway, basically, I think having a regular $25,000 model is pointless. It would be silly, like completely at odds with what we believe.

是的。就像——所以我們正在快速發展我們的製造技術。所以無論如何，基本上，我認為擁有 25,000 美元的普通型號是沒有意義的。這將是愚蠢的，就像與我們所相信的完全不一致一樣。

In autonomous world, what matters is lowest cost per mile of efficiency of that vehicle. And that's what we've done with the robotaxi.

在自動駕駛世界中，重要的是車輛每英里效率的最低成本。這就是我們對機器人計程車所做的事情。

Exactly. It's fully considered cost per mile is what matters. And if you try to make a car that is essentially a hybrid, manual, automatic car, it's not going to be as good as a dedicated autonomous car. So yes, Cybercab is just not going to have stairwells and you design optimize for autonomous. It will cost on the order of cost roughly $25,000, so it is a $25,000 car. You can, you will be able to buy one exclusively if you want.

確切地。重要的是充分考慮每英里的成本。如果你試圖製造一輛本質上是混合動力、手動、自動汽車的汽車，它不會像專用的自動駕駛汽車那麼好。所以，是的，Cyber​​cab 不會有樓梯間，你需要針對自動駕駛進行最佳化。它的成本約為 25,000 美元，因此這是一輛價值 25,000 美元的汽車。可以，如果您願意，您可以專門購買一件。

Great. The next question is, what is Tesla doing to alleviate long wait times at service centers?

偉大的。下一個問題是，特斯拉正在採取哪些措施來緩解服務中心漫長的等待時間？

So we aim on solving problems at the source so at the factory before they can even affect our customers. We believe the best service is no service. And really don't even --

因此，我們的目標是從源頭解決問題，甚至在工廠影響我們的客戶之前就解決問題。我們相信最好的服務就是沒有服務。甚至真的不——

The car doesn't break, that's the best thing.

車子沒壞，那就最好了。

Don't see what the test you get to do to fix the issue upstream or you would remotely do through software, maybe at work or at home car we park. And we've addressed the fixed issue. And we've partnered the field with service to make sure we're looking at the same issues. And additionally, just in Q2 and Q4 of this year alone, we have opened and will open in total of nearly 70 locations. And in North America, we significantly expand the size of each location and have doubled the size last year compared to this year.

不知道您需要做什麼測試來解決上游問題，或者您可以透過軟體遠端執行什麼測試，也許是在工作中或在我們停放的家中的汽車中。我們已經解決了已解決的問題。我們已經與該領域的服務部門合作，以確保我們正在解決相同的問題。此外，僅今年第二季和第四季度，我們已經開設並將開設近 70 家門市。在北美，我們大幅擴大了每個地點的規模，去年的規模比今年增加了一倍。

Yeah. I think it was like actually a lot of merit of having large service centers because you can have specialization of labor. You can start your approach. Yes, it should be more factory-like where you can have dedicated lanes for particular types of service. And it's way easier for somebody to become expert in a few different types of repairs than in every repair.

是的。我認為擁有大型服務中心實際上有很多優點，因為你可以擁有專業化的勞動力。你可以開始你的方法了。是的，它應該更像工廠，可以為特定類型的服務提供專用通道。對於一個人來說，成為幾種不同類型維修的專家比每種維修都更容易。

Exactly. This has helped us with the base that the heavy repairs, like, the dedicated lanes for different type of repairs. And so it's through really treating it like a factory.

確切地。這為我們提供了重型維修的基礎，例如用於不同類型維修的專用車道。因此，這就是透過真正將其視為工廠來對待。

Yeah. This is where a Tesla structure, I think, a strong advantage relative to the rest of the auto industry because we make the cars and we service the cars, whereas I think there's a bit of a conflict of interest with the dealer model and the traditional OEM and dealer model where the dealerships make most of their money on service. And so they don't -- they obviously assistance to reduce the servicing cost, whereas in our case, we are incented to reduce the service and cost because we carry that servicing cost. And we've got a good feedback with our cars.

是的。我認為，這就是特斯拉結構相對於汽車行業其他公司的強大優勢，因為我們製造汽車並為汽車提供服務，而我認為經銷商模式和傳統模式存在一些利益衝突。商的大部分收入來自於服務。所以他們沒有——他們顯然有助於降低服務成本，而在我們的例子中，我們有動力減少服務和成本，因為我們承擔了服務成本。我們的汽車得到了很好的回饋。

Yes. With the factory, with the service leaders together, it's sent people from the factors that feel you feel for the factory to see it firsthand by suggestions for manufacturing as well as for engineering on design.

是的。與工廠一起，與服務領導一起，它派出那些對工廠有感覺的人，透過對製造和設計工程的建議來親眼目睹工廠。

Yes. So I view this as a structural -- a fundamental structural advantage of Tesla versus the rest of the auto industry.

是的。因此，我認為這是特斯拉相對於汽車產業其他公司的結構性優勢。

Must do a bunch of work on the software side to omni diagnostics, identifying what needs to be done to before it comes into service, but also automating all of the preparation work and aligning all the resources that are necessary in order for the car be very efficiently worked on once it arrives.

必須在全向診斷的軟體方面做大量工作，確定在投入使用之前需要做什麼，而且還要自動化所有準備工作並調整所有必要的資源，以使汽車非常好一旦到達，就可以有效地進行工作。

Certain parts are there like (multiple speakers)

某些部分就像（多個揚聲器）

This is what's wrong me and tells the service centre -- please fix me, and this is what is wrong.

這就是我的問題所在，並告訴服務中心——請修復我，這就是問題所在。

Instead a customer trying to translate, the car is telling us directly and we're pulling that.

相反，客戶試圖翻譯，汽車直接告訴我們，我們正在拉動它。

Yes, most the time, you don't need to diagnose the car when it arrives. The car -- this is like, again, a fundamental technology advantage and structural advantage compared to the rest of the auto industry.

是的，大多數時候，您不需要在汽車到達時對其進行診斷。與汽車產業的其他領域相比，汽車又是一種基本的技術優勢和結構優勢。

I think it's underappreciated as to what all we are able to do. And that's why -- because like I said before, most of our cars, except for Cybertruck, look the same so people don't realize that it has so much capability.

我認為我們所能做的一切都被低估了。這就是為什麼 - 因為就像我之前說過的，除了 Cyber​​truck 之外，我們的大多數汽車看起來都一樣，所以人們沒有意識到它有這麼多的功能。

Better than other cars, but they're not like obviously super futuristic.

比其他汽車更好，但它們並不像明顯的超級未來派。

Great. Thanks very much. The next question is, please provide an update on the semi. What will the next stage growth look like and when will ready?

偉大的。非常感謝。下一個問題是，請提供半成品的最新情況。下一階段的成長會是什麼樣子？

Sure. So as you -- we posted an earnings, we're progressing something on the build of the Semi factory our data factory in Reno. We've released all our major cash flow expenditures for that program, and we're on track to start pilot builds in the second half of next year with production starting in the first half of 2026 and ramping really throughout the year to full production. Semi growth will largely depend on our customers' adoption of the product.

當然。因此，正如您所說，我們發布了收益，我們正在雷諾的數據工廠的半工廠建設方面取得進展。我們已經公佈了該計劃的所有主要現金流支出，我們預計在明年下半年開始試點建設，並於 2026 年上半年開始生產，並在全年真正實現全面生產。半成長將在很大程度上取決於我們的客戶對產品的採用。

Well, I don't think we're going to be limited.

嗯，我不認為我們會受到限制。

Yes, what a which is like semi because it's really a commodity of total cost of --

是的，這就像半成品，因為它實際上是一種總成本為--的商品

Yes, exactly. We have kind of ridiculous demand for the Semi.

是的，完全正確。我們對半拖車的需求有些荒謬。

In that where it's about how much do I spend to testing per mile. It's a no-brainer.

在那裡，我要花多少錢來測試每英里。這是理所當然的。

Yeah. Fundamentally, if you've got a Semi, the fully considered cost per mile per ton of transport is better than a diesel truck. Any company that doesn't adopt an electric semi will lose. It's not a subjective thing. It's like whether you like competitive we want the stat we want to have a good old semi truck. But frankly, if we made an would it matter?

是的。從根本上講，如果您擁有一輛半拖車，那麼經過充分考慮，每英里每噸運輸的成本比柴油卡車要好。任何不採用電動拖車的公司都會失敗。這不是主觀的事情。就像你是否喜歡競爭一樣，我們想要統計數據，我們想要一輛好的舊半卡車。但坦白說，如果我們做了一個，這會很重要嗎？

And this is proving so in our fleets and Pespsi, partner. In fact, Pepsi you actually said last week that their drivers don't want to go back.

我們的機隊和合作夥伴百事可樂證明了這一點。事實上，百事可樂上週確實說過他們的司機不想回去。

As soon as we gave anyone at the electric Semi, that's like the choice.

一旦我們給了 Electric Semi 的任何人，那就是選擇。

It is what they want to drive.

這就是他們想要駕駛的。

Yes, yes. That's like -- so the more senior, like they're top drivers. Well, they get to drive a Tesla Semi. It's the thing they want to drive. It's super fun to drive.

是的，是的。這就像——所以級別越高，就像他們是頂級車手一樣。好吧，他們可以駕駛特斯拉拖車。這是他們想要駕駛的東西。駕駛起來超有趣。

It's also very easy to drive.

駕駛也非常容易。

It's easy to drive and it's like fast.

駕駛起來很容易，而且速度很快。

Super fast, maybe too fast.

超快，也許太快了。

Well, but I mean like you've seen like the videos that were like the like, some like can you uphill here as speeding fast like the diesel truck. Yeah, in cars. So like it's responsive. You floor it, and the truck actually.

好吧，但我的意思是就像你看過類似的視頻，有些像你能像柴油卡車一樣快速上坡嗎？是的，在汽車裡。就像它有反應一樣。你把它放在地板上，實際上是卡車。

And that's a benefit only for the driver and for the goods, but also for safety in terms of other drivers on the road. You don't get stuck behind the Semi, you're not like in a slowdown situation in the I mean how that plays into FSD, which is the second part of the question, all of this is have been a couple of hundred we've deployed already and the ones that we'll be building next year and throughout the future, how all of the hardware and the camera is necessary to deploy FSD, and we're currently training with that small we have. And as soon as the fleet is trained and the neural that there up, we'll get FSD onto that platform.

這不僅有利於駕駛員和貨物，也有利於道路上其他駕駛員的安全。你不會被困在Semi 後面，你不會像在減速的情況下那樣，我的意思是這對FSD 有何影響，這是問題的第二部分，所有這一切都已經是我們數百年的時間了。一旦艦隊經過訓練並且神經網路建立起來，我們就會將 FSD 部署到該平台上。

Yeah. I mean there would be a mass improvement in driver fatigue because and driver safety. We've got sort of the anti-jack knifing software. You don't have to worry about your brakes overheating if you go down a steep hill because we generating that energy goes back and into the pack. (multiple speakers) it's like radically better than a diesel is what the drivers love it.

是的。我的意思是，駕駛員疲勞和駕駛員安全都會大幅改善。我們有某種防傑克刀軟體。如果您下陡峭的山坡，您不必擔心煞車過熱，因為我們產生的能量會返回並進入電池組。 （多個揚聲器）它比柴油車好得多，這是駕駛員所喜歡的。

Great, guys. Thanks very much. Our next question is when will Tesla incorporate X and Grok in all Tesla vehicles?

太棒了，夥計們。非常感謝。我們的下一個問題是，特斯拉何時會將 X 和 Grok 整合到所有 Tesla 車輛中？

I mean, these are relatively small things. But yes, I think we'll keep expanding what is available in the car on the screen. And also improving like the browser so like just generally, you can access anything you want in the car. In fact, for the Tesla, once you get to full autonomy, you actually want fully a system that is -- can do anything.

我的意思是，這些都是相對較小的事情。但是，是的，我認為我們將繼續擴展汽車螢幕上的可用內容。並且像瀏覽器一樣進行改進，就像一般情況一樣，您可以在車內存取您想要的任何內容。事實上，對於特斯拉來說，一旦實現完全自主，您實際上想要一個完全可以做任何事情的系統。

Like if you want to browse the Internet, if you want to ask AI questions, if you want to watch a movie, if you want to play a video game, if you wanted to do some productivity thing, you can do anything you want in an autonomous vehicle because you don't need to drive. So that's why the Cybercab's got a nice big screen and a great sound system. So you can watch it, watch you're moving with. It's like being in a personal movie theater. [Dawson]

就像如果你想瀏覽互聯網，如果你想問人工智慧問題，如果你想看電影，如果你想玩視頻遊戲，如果你想做一些生產力的事情，你可以做任何你想做的事情自動駕駛汽車，因為你不需要開車。這就是為什麼 Cyber​​cab 配備了漂亮的大螢幕和出色的音響系統。所以你可以看著它，看著你在移動。就像身處私人電影院。 [道森]

Yes, this is why we've been building this functionality. I think gaming to the car, adding and other -- all sorts of different media applications of the car because that's what you're going to -- that's yes, the cars that will be built today.

是的，這就是我們建立此功能的原因。我認為汽車遊戲，添加和其他 - 汽車的各種不同的媒體應用程序，因為這就是你要做的 - 是的，今天將製造的汽車。

Fun games, by the way, people haven't tried it. There's like Castle and Polatopia and a bunch of really fun games in the car.

有趣的遊戲，順便說一句，人們還沒有嘗試過。車上有《Castle》和《Polatopia》等許多非常有趣的遊戲。

We're constantly looking at what features to add next and we're paying attention to what's most commonly requested by our customers.

我們不斷研究下一步要新增哪些功能，並專注於客戶最常要求的功能。

Yeah. (inaudible)

是的。 （聽不清楚）

Great. The next question is, Elon mentioned unsupervised FSD in California and Texas next year. Does that mean regulators have agreed to it in the entire state for existing hardware 3 and 4 vehicles?

偉大的。下一個問題是，Elon 提到明年加州和德州將實現無監督 FSD。這是否意味著監管機構已在整個州同意現有硬體 3 和 4 車輛？

As I said earlier, California loves regulation.

正如我之前所說，加州熱愛監管。

But they have a pathway.

但他們有一條路。

Yes. I mean, there's a pathway. Obviously, Waymo operates in California so there's just a lot of forms and a lot of approvals that are required. I mean, I'd be shocked if we don't get approved next year, but it's just not something we totally control. But I think we will get approval next year in California and Texas. And towards the Bay Area, branch out beyond California and Texas.

是的。我的意思是，有一條路。顯然，Waymo 在加利福尼亞州運營，因此只需要大量表格和大量批准。我的意思是，如果我們明年沒有獲得批准，我會感到震驚，但這不是我們完全控制的事情。但我認為明年我們將在加利福尼亞州和德克薩斯州獲得批准。並向灣區延伸，超越加州和德州。

I mean, I think it's important to reiterate this like on our certifying a vehicle at the federal level in the US is done by meeting FMVSS regulations. Our vehicles today that are produced there capable to meet all those regulations, the Cybercab regulations. And so the deployment of the vehicle to the road is no limitation, but its limitation is what you said at the state level where they control autonomous vehicle deployment.

我的意思是，我認為重申這一點很重要，就像我們在美國聯邦層級對車輛的認證是透過滿足 FMVSS 法規來完成的一樣。我們今天在那裡生產的車輛能夠滿足所有這些法規，即 Cyber​​cab 法規。因此，車輛在道路上的部署沒有限制，但其限制是你所說的在州一級控制自動駕駛車輛部署的限制。

Some states are relatively easy, as you mentioned, for Texas. It's other ones have always like California that may take a little longer. The other ones hadn't set up anything yet. And so we will work on those state by state in the.

正如您所提到的，對於德克薩斯州來說，有些州相對容易。其他國家（例如加利福尼亞州）可能需要更長的時間。其他人還沒有設置任何東西。因此，我們將逐州開展工作。

I do think we should have a federal. Like autonomous vehicles should be approved. It should be possible to.

我確實認為我們應該有一個聯邦。就像自動駕駛汽車應該得到批准一樣。應該是可以的。

Congress, if you're listening, let's get the federal AV --

國會，如果你在聽的話，讓我們使用聯邦AV——

There should be a federal approval process for autonomous vehicles.

自動駕駛汽車應該有一個聯邦審批程序。

Yeah, in 2017, I think we -- the regulators started looking at it (inaudible) but we would appreciate helping out.

是的，在 2017 年，我認為我們——監管機構開始關注這個問題（聽不清楚），但我們很樂意提供協助。

It really needs to be like a national approval is important. There's a partner of government efficiency, I'll try to help make that moving. And it took for every one, not just Tesla. But just like some things in the US. are state-by-state regulated like, for example, insurance, like incredibly to do it state by state for 50 states. And I think we should have this national approval process for autonomy.

這確實需要像國家批准一樣重要。有一個政府效率合作夥伴，我將盡力幫助推動這一目標。這需要每個人的幫助，而不僅僅是特斯拉。但就像美國的一些事。是逐州監管的，就像保險一樣，令人難以置信的是，50 個州都在逐州進行監管。我認為我們應該有國家自治審批程序。

Great, thanks, guys. The next question is, what is the plan for 2025?

太好了，謝謝你們。接下來的問題是，2025年的計畫是什麼？

I mean, basically, we talked through this. There's a lot going on. Elon already mentioned that we're working on cheaper models to come out. I mean, there are work which the team is doing to get the factories ready today to try and make that happen on.

我的意思是，基本上，我們討論過這個問題。有很多事情發生。埃隆已經提到我們正在開發更便宜的型號。我的意思是，團隊正在做一些工作，讓工廠今天做好準備，試著實現這一目標。

Yeah. the amount of work required we're required to make a lower-cost car is insanely high. But like it is harder to get like 20% of the cost out of a car than it is to design the car and build an entire factory in the first place. It's like excruciating. And there's not a lot of movies made about the heroes who got 20% of the cost out of a car. But let me tell you there should be.

是的。製造低成本汽車所需的工作量非常大。但是，從一輛車中節省 20% 的成本比設計汽車和建造整個工廠要困難得多。這就像令人難以忍受。而關於那些從汽車中獲得 20% 成本的英雄的電影並不多。但讓我告訴你應該有。

Whoever can cut that is incredibly your own. (multiple speakers) Yeah, it's like there should be the heroes go 20% cost out of the cars, like respect to them. moving. I think you only could make a compelling movie, but it just -- like if you actually saw are, if people actually saw our heart was to do that, you'd be like, wow, that's.

誰能把它剪下來，那絕對是你自己的。 （多個發言者）是的，就像應該讓英雄們從汽車中拿出 20% 的成本，就像對他們的尊重一樣。移動。我認為你只能製作一部引人入勝的電影，但如果你真的看到了，如果人們真的看到了我們的內心是這樣做的，你會說，哇，就是這樣。

Just yesterday, we were talking about it.

就在昨天，我們還在談論這件事。

Honestly, literally, I mean, there's a lot of -- when I do go sort of like getting cost out things is kind of like -- it's like a Game of Thrones, but penny, so it's like, bu pennies. First approximation, if you're about 10,000 items in a car, very rough approximation. And each of them cost $4, then you have a $40,000 car. So do you want to make a $35,000 car, you're going to get $0.50 on average out of the 10,000 items.

老實說，從字面上看，我的意思是，有很多——當我去的時候，有點像把事情成本化——就像《權力的遊戲》，但是一分錢，所以就像，一分錢。第一個近似值，如果一輛車上有大約 10,000 件物品，這是一個非常粗略的近似值。每輛售價 4 美元，那麼你就有一輛價值 4 萬美元的汽車。那麼，如果您想製造一輛價值 35,000 美元的汽車，那麼您將從 10,000 件商品中平均獲得 0.50 美元。

Every time, every part.

每一次，每一個部分。

Yeah. It's like -- and then obviously, the best is to lead some parts. The able to leave a lot of parts. I'm very excited about the Cybercab design and the -- how we're rethinking the design of a car from the Cybercab. Designing it while also have volume production and then design a machine that the machine that I think is also revolutionary. And it's just -- there's no other car company that's even trying to do what we're doing, like uneven heard of actually. In fact, I'm certain there isn't one.

是的。顯然，最好的方法就是領導某些部分。能夠留下很多零件。我對 Cyber​​cab 的設計以及我們如何重新思考 Cyber​​cab 汽車的設計感到非常興奮。設計它的同時也進行大量生產，然後設計一個我認為也是革命性的機器。只是——沒有其他汽車公司試圖做我們正在做的事情，就像實際上聽說過的那樣。事實上，我確信沒有一個。

Cycle time and like part deletion. I don't think any other car company has the same level of like integration of thought that we have when it comes to like when you design a part from a paper, who's going to make it? Where is it going to be made? How is it going to be shipped? How is it going to be assembled into the vehicle?

週期時間和類似零件刪除。我認為沒有其他汽車公司具有與我們相同程度的思想整合，當你從紙上設計一個零件時，誰來製造它？它將在哪裡製造？它將如何運送？它將如何組裝到車輛中？

At any one point if something is done in the silo, it becomes a bottleneck of either cost or time or efficiency, but with the robotaxi development, like we've done a good job on the combining all that and then like blowing up how it's made and saying it should be made this way and rethinking it also that it's the most efficient factory possible. That shows our -- it will see our CapEx efficiency when we deploy it shows in the number of parts, simplicity of vehicle but also help performance in terms of like end user state.

在任何時候，如果在筒倉中完成某件事，它就會成為成本、時間或效率的瓶頸，但隨著機器人出租車的發展，就像我們在將所有這些結合起來方面做得很好一樣，然後就像炸毀它的方式一樣並表示應該這樣做，並重新思考它是最高效的工廠。這表明我們在部署時會看到我們的資本支出效率，它不僅體現在零件數量、車輛簡單性方面，而且還有助於提高最終用戶狀態方面的性能。

Yeah. Just to close out, just on the emerging front also in '25, we will have started manufacturing of car. We'll continue to increase our storage deployments with Powerwall 3. We plan to continue expanding our supercharging network, getting more OEMs on our network, 4680 that as Elon talked about, that would keep going. And then also we'll have our lithium refinery starting to produce. So there's a lot which is going on.

是的。最後，就在 25 年的新興前沿，我們將開始製造汽車。我們將繼續增加 Powerwall 3 的儲存部署。然後我們的鋰精煉廠也將開始生產。所以有很多事情正在發生。

Yeah, so many things. Like crazy thing is like Tesla is winning basically on almost every single thing we're doing. If we're not running now, we're in a where their entire large companies, that's the only thing they do.

是的，很多事情。就像瘋狂的事情一樣，特斯拉基本上在我們所做的每一件事上都獲勝了。如果我們現在不跑步，我們就處於他們整個大公司的地方，這是他們唯一做的事情。

Yes. I mean, it's a company -- there are multiple companies within the company.

是的。我的意思是，這是一家公司——公司內部有多家公司。

Yes. Tesla's like many companies in one.

是的。特斯拉就像許多公司合而為一。

Thank you, guys, just a few more. What is going on with the Tesla Roadster?

謝謝大家，還有幾個。特斯拉 Roadster 到底怎麼了？

Some things. Well, I just thought to go back to our long-suffering deposit holders of the Tesla Roadster. The reason it hasn't come out yet is because it is -- Roadster is not just icing on the cake, it's the cherry on the icing on the cake. And so our larger mission is to accelerate the progress towards a sustainable energy future, trying to do things that maximize probably the future is good for humanity and for Earth.

有些事情。好吧，我只是想回到我們長期受苦的特斯拉跑車存款持有者那裡。它還沒有問世的原因是——Roadster 不只是錦上添花，更是錦上添花。因此，我們更大的使命是加速邁向永續能源未來的進程，並努力做一些事情，最大限度地實現未來對人類和地球的好處。

And so that necessarily means that like the things like that are deserved. We'd like -- we'd all love to work on the Tesla -- next-gen -- it is super fun. And we are working on it, but it has to come behind the more things that have a more serious impact on the of the world. So just thank you to all our long-suffering Tesla Roadster deposit holders. And we are actually finally making progress on that. And we're close to finalizing the design on it.

所以這必然意味著類似的事情是應得的。我們希望——我們都喜歡開發特斯拉——下一代——它非常有趣。我們正在努力，但它必須落後於對世界產生更嚴重影響的更多事情。感謝我們所有長期受苦受難的 Tesla Roadster 存款持有者。事實上，我們終於在這方面取得了進展。我們即將完成其設計。

It's really going to be something spectacular (inaudible) some like Peter Telaria, we're really good friends. Peter was lamenting how the future doesn't have flying cars. Well, we'll see. More to come.

這真的會是一件壯觀的事情（聽不見），像彼得·泰拉里亞（Peter Telaria）這樣的人，我們真的是好朋友。彼得感嘆未來沒有飛行汽車。好吧，我們拭目以待。未來還會有更多。

Yeah, thank you very much. The next one is quite similar to other questions you've had. So when I combine it with the final question. So briefly, could you just detail how Robotaxi will roll out? Will it start with a Tesla deployed fleet and then allow customers to add theirs on the subscription model, and then we'll Hardware 3 capable of this.

是的，非常感謝。下一個問題與您遇到的其他問題非常相似。所以當我將它與最後一個問題結合時。能簡單介紹一下 Robotaxi 會如何推出嗎？它將從特斯拉部署的車隊開始，然後允許客戶將他們的車隊添加到訂閱模型中，然後我們的硬體 3 將能夠實現這一點。

Regarding the hardware 3, what we saw with was, it was easier to make a progress with starting with hardware 4 and on the solution and backporting to Hardware 3 instead of directly working on Hardware 3, given that hardware 4 was more like fundamental hardware capabilities. I think that trend will continue into the next few quarters as well by the first solution rapidly with hardware 4, and then backwardate and it just takes longer to those things because it's not fundamentally supported in the hardware and it's emulated. But yes, initially working on hardware 4, backwarding it to hardware 3.

關於硬體3，我們看到的是，考慮到硬體4 更像是基本硬體功能，從硬體4 開始，在解決方案上向後移植到硬體3，而不是直接在硬體3 上工作，更容易取得進展。我認為這種趨勢將持續到接下來的幾個季度，以及透過硬體4 的第一個解決方案快速實現，然後回退，只是需要更長的時間才能完成這些事情，因為硬體並沒有從根本上支援它並且是模擬的。但是，是的，最初致力於硬體 4，後來轉向硬體 3。

Yeah. So answer is we're not 100% sure, but as Ashok mentioned, because by some measure, Hardware 4 has really several times the capability of Hardware 3. It's easier to get things to work with then it takes a lot of effort to sort of squeeze that box analyst hat Hardware 3. And there is some chance that Hardware 3 is -- does not achieve the safety level that allows for unsupervised FSD. There is some chance of that.

是的。所以答案是我們不是 100% 確定，但正如 Ashok 提到的，因為從某種程度上來說，硬體 4 的能力確實是硬體 3 的好幾倍。擠壓那個盒子分析師的帽子硬體3。有一些機會。

And if that turns out to be the case, we will upgrade those group bought Hardware 3 FSD for free. And we have designed the system to be upgradeable so it's really just to sort of switch out the computer thing, the camera, the cameras are capable. But we don't actually know the answers of that. But if it does turn out, we'll make sure we take care of those on Hardware 3.

如果確實如此，我們將免費升級那些團購的 Hardware 3 FSD。我們設計的系統是可升級的，所以它實際上只是為了切換電腦的東西，相機，相機是有能力的。但我們其實並不知道答案。但如果確實如此，我們將確保處理硬體 3 上的問題。

Great. And in the last few minutes that we have left, we will try to get in some analyst questions.

偉大的。在我們剩下的最後幾分鐘內，我們將嘗試回答一些分析師的問題。

Pierre Ferragu, New Street.

皮埃爾費拉古，新街。

Thanks, guys, for taking my question. I was wondering about like the compute you're ramping up. So you gave like interesting statistics on how much you have and you said you don't feel your compute constrained. And I was wondering how you are putting to work this additional compute. Is that a game for you of creating like larger and larger models like next generation of models that are larger the way OpenAI go from GPT-3 to GPT-4? Or is that more like you're set on your model and you need to throw more and more compute to accelerate the pace of learning to improve reliability.

謝謝你們回答我的問題。我想知道你正在增加的計算量。所以你提供了關於你擁有多少的有趣統計數據，並且你說你不覺得你的計算受到限制。我想知道你如何使用這些額外的計算。這是一款讓您創建越來越大的模型（例如下一代模型）的遊戲嗎？或者，這更像是您已設定好模型，並且需要投入越來越多的計算來加快學習速度，從而提高可靠性。

And then I had a quick follow-up real quick on your rollout in Texas and in California next year. The plan, as you see today, is it to roll out like a fleet or two with cars that will start with like a supervisory like some onboard supervision, someone sitting at the wheel just in case and removing the supervisors progressively? Or are you aiming for going fully fledged without even a human supervisor when you get started?

然後我對明年在德克薩斯州和加利福尼亞州的推出進行了快速跟進。正如您今天所看到的，該計劃是否會像一兩個車隊一樣推出，配備汽車，一開始會像一些車上的監督人員一樣，有人坐在方向盤上以防萬一，然後逐步撤掉監督人員？或者您的目標是在開始時完全成熟，甚至沒有人類主管？

Okay. Well, I guess regarding -- the first part of the question, The nature of real-world AI is different from LLM and in that you have a massive amount of context. So like you've got a case of Tesla cameras that (inaudible) if you include tunnel camera that -- so you've gigabytes of context. And that is then distilled down into a small number of control outputs, whereas it's like it's very rare to have, in fact, I'm not sure any LLM out there can do gigabytes of context.

好的。嗯，我想關於問題的第一部分，現實世界人工智慧的本質與法學碩士不同，因為你有大量的背景知識。就像你有一個特斯拉相機的箱子（聽不清楚），如果你包括隧道相機——那麼你就有了千兆位元組的背景資訊。然後將其分解為少量的控制輸出，而事實上，這種情況很少見，我不確定是否有任何法學碩士可以處理千兆位元組的上下文。

And then you've got to then process that in the car with a very small amount of compute power. So it's all doable and it's happening, but it is a different problem than what, say, a Gemini or OpenAI is doing. And now part of the way you can make up for the fact that the inference computer is quite small. It is by spending a lot of effort on training. And just like a human, the more you train on something, the less metal work takes when you try to -- when you do it, like when the first time like a driving it absolves your whole mind.

然後你必須用非常少量的計算能力在汽車中處理它。所以這一切都是可行的，而且正在發生，但這是一個與 Gemini 或 OpenAI 正在做的不同的問題。現在，您可以部分地彌補推理計算機非常小的事實。就是透過花大量的精力進行訓練。就像人類一樣，你在某件事上訓練得越多，當你嘗試去做時，就像第一次開車一樣，你的整個頭腦就得到了解放。

But then as you train more and more on driving different than the driving becomes a background task. It doesn't -- it only solves a small amount of your mental capacity because you have a lot of training. So we can make up for the fact that the insurance computers -- it's tiny compared to a 10-kilowatt bank of GPUs because you've got a few hundred watts of inference compute. We can make up that with heavy training.

但隨著你越來越多地進行駕駛訓練，駕駛就變成了一項後台任務。它不會——它只能解決你的一小部分心理能力，因為你接受了大量的訓練。因此，我們可以彌補這樣一個事實：保險計算機與 10 千瓦的 GPU 庫相比很小，因為你有幾百瓦的推理計算能力。我們可以透過大量訓練來彌補。

So yeah, that's -- and then there's also vast amounts of the actual petabytes of data coming in tremendous. And then sorting out what training is important of the vast amounts of video training video data coming complete what is actually most important for trading. That's quite difficult. But as I said, we're not currently training compute constraint, try to lever it.

是的，那就是——然後還有大量實際的 PB 級數據湧入。然後從大量的視訊培訓視訊資料中找出哪些培訓是重要的，從而完成對交易來說實際上最重要的培訓。那是相當困難的。但正如我所說，我們目前沒有訓練計算約束，請嘗試利用它。

Like you mentioned, the training has both in large models, also the trend quicker. But in the end, we still got to take which models are performing better. So the validation network to picking the models because as mentioned this pretty large. We had to drive a lot of miles going close to. We do have simulation and other ways to get those metrics. Those two help, but in the end, that's a big bottleneck. That's why we're not trying to compete constraint alone. And there's other access of scaling as well, which is a data figuring office as more useful, that is an important as focusing on that.

就像你提到的，訓練既有大型模型，也有更快的趨勢。但最終，我們仍然需要選擇哪些模型表現得更好。因此，驗證網路要選擇模型，因為如上所述，這非常大。我們不得不開車很多英里才能接近。我們確實有模擬和其他方法來獲取這些指標。這兩個有幫助，但最終，這是一個很大的瓶頸。這就是為什麼我們不試圖單獨競爭約束。還有其他擴展方法，這是一個更有用的數據計算辦公室，這與關注這一點很重要。

Yes. So as it relates to the second part of your question, Pierre, about safety drivers and rolling it out. Each state has different requirements in terms of how many miles and how much time you need to have a safety driver and not have a safety driver. We're going to follow all those were not regulations are out there. But safety is a priority. But there is obviously, safety is there, and we are going to be more of action from --

是的。皮埃爾，這與你問題的第二部分有關，關於安全驅動程式及其推廣。每個州對於有安全駕駛員和沒有安全駕駛員需要多少英里和多長時間都有不同的要求。我們將遵循所有沒有規定的規定。但安全是重中之重。但顯然，安全是存在的，我們將採取更多行動——

Yeah. I guess like we think that we'll be able to have driverless Teslas during paid rides next year, sometime next year.

是的。我想我們認為明年某個時候我們將能夠在付費乘車期間擁有無人駕駛特斯拉。

All right, thank you.

好的，謝謝。

Adam Jonas, Morgan Stanley.

亞當‧喬納斯，摩根士丹利。

Thanks, everybody. I just had a question about the relationship between Tesla and xAI. Many investors are still not clear how the work at xAI is truly beneficial to Tesla. Some even take the view that the two companies may even be in competition with each other in terms of talent and tech and even your time, Elon. So what's your message to investors on that relationship between Tesla and xAI? And where do you see it going over time?

謝謝大家。我剛才有一個關於特斯拉和 xAI 之間關係的問題。許多投資者仍不清楚 xAI 的工作如何真正為特斯拉帶來好處。有些人甚至認為這兩家公司甚至可能在人才和技術甚至你的時間上相互競爭，埃隆。那麼對於特斯拉和 xAI 之間的關係，您想向投資者傳達什麼訊息呢？隨著時間的推移，你認為它會走向何方？

Well, I should say that xAI has been helpful to Tesla AI quite a few times in terms of things like scaling it, bought it, like training, just even like recently in the last week or so, improvements in training, where if you're doing a big training one and it fails, be able to continue training and is to recover from a training on has been pretty helpful. But there are different problems. xAI actually is working on artificial general intelligence or artificial super intelligence. Tesla's autonomous cars and autonomous robots. There are different problems.

好吧，我應該說，xAI 在擴展、購買、培訓等方面對 Tesla AI 很有幫助，甚至就像最近一周左右，培訓方面的改進，如果你'正在做一項大型訓練，但失敗了，能夠繼續訓練並且從訓練中恢復是非常有幫助的。但也存在不同的問題。 xAI實際上正在研究人工智慧或人工智慧。特斯拉的自動駕駛汽車和自動機器人。有不同的問題。

I think we've said this before also, like not all AI is equal, right? I mean, AI is a broad spectrum. And we have our also in lets Yes, there are certain things which we can collaborate on if needed. But for the most part, we're wanting different issues.

我想我們之前也說過，並不是所有的人工智慧都是平等的，對吧？我的意思是，人工智慧是一個廣泛的領域。我們也有我們的意見，是的，如果需要的話，我們可以在某些事情上合作。但在大多數情況下，我們想要不同的問題。

Yeah, Tesla is focused on real-world And I was saying earlier, it is quite a bit different from -- but you have massive context in the board video and some amount of audio, that's going to be instilled like extremely efficient inference compute. I do think Tesla is the most efficient in the world in terms of inference compute like because of necessity, we have to be very good at efficient firms. We can't put 10 kilowatts of GPUs in a car. We've got a couple of hundred watts. And it's pretty well-designed Tesla AI chip, but it's still a couple under.

是的，特斯拉專注於現實世界，我之前說過，它與 - 但你在董事會視頻和一定量的音頻中擁有大量背景信息，這將像極其高效的推理計算一樣被灌輸。我確實認為特斯拉在推理計算方面是世界上最有效率的，因為有必要，我們必須非常擅長有效率的公司。我們不能將 10 千瓦的 GPU 安裝在汽車中。我們有幾百瓦。它是設計相當精良的 Tesla AI 晶片，但仍然落後一些。

But there are different problems. I mean, this to that ad is like we just running in burns. I mean, it is running in question, just answering questions on a 10-kilowatt rank. It's like put that in a car. It's a different pole. No, exactly. So xAI is -- because I felt there wasn't there wasn't a truth-seeking digital super intelligence company out there, like that's what it came down to.

但也存在不同的問題。我的意思是，對於那個廣告來說，這就像我們剛剛在燒傷中奔跑一樣。我的意思是，它正在運行有問題，只是回答 10 千瓦級的問題。就像把它放在車裡一樣。這是一個不同的極端。不，確切地說。所以 xAI 是——因為我覺得那裡沒有一家追求真理的數位超級智慧公司，就像它歸根結底一樣。

They needed to be a true set, like an AI company that is very reversed about make. I'm not saying xAI is perfect but that is at least the elaboration even if something is corrected would still be fruitful. I think this is very important for. So I think and I will -- it has been helpful to Tesla and will continue to be helped to Tesla, but they are very different problems.

他們需要是一個真正的集合，就像一家在製造方面非常相反的人工智慧公司。我並不是說 xAI 是完美的，但這至少是即使修正某些內容仍然會富有成效的闡述。我認為這一點對於。所以我認為並且我會——這對特斯拉有幫助，並將繼續對特斯拉有幫助，但它們是非常不同的問題。

And as in like what is -- like what other cloud company has a world-class chip design team? Like Zero. What other cloud company has a world-class AI team like Tesla does? Zero. Those were all startups; they were created from scratch.

就像其他雲端公司擁有世界級的晶片設計團隊一樣？就像零一樣。還有哪家雲端公司擁有像特斯拉這樣世界級的人工智慧團隊？零。這些都是新創公司；它們是從頭開始創建的。

Great. Thank you, Elon. And I think that's, unfortunately, all the time that we have for today. We appreciate all your questions, and we look forward to hearing from you next quarter. Thank you very much, and goodbye.

偉大的。謝謝你，埃隆。不幸的是，我認為這就是我們今天所擁有的全部時間。我們感謝您提出的所有問題，並期待下個季度收到您的來信。非常感謝，再見。