特斯拉 (TSLA) 2025 Q1 法說會逐字稿

Good afternoon, everyone, and welcome to Tesla's first-quarter 2025 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 Q1 results were announced at about 3:00 PM Central Time in the update deck be published at the same link as this webcast.

大家下午好，歡迎收聽特斯拉2025年第一季問答網路直播。我叫特拉維斯·阿克塞爾羅德 (Travis Axelrod)，是投資者關係主管，今天與我一起出席的還有埃隆·馬斯克 (Elon Musk)、瓦伊巴夫·塔內賈 (Vaibhav Taneja) 和其他一些高管。我們的第一季業績將於美國中部時間下午 3:00 左右在更新公告中公佈，該公告將透過與本次網路廣播相同的連結發布。

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 to a number due to a number of risks and uncertainties, including those mentioned in our most recent filings with the SEC. (Event Instructions)

在本次電話會議中，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。由於存在許多風險和不確定性，包括我們最近向美國證券交易委員會提交的文件中提到的風險和不確定性，實際事件或結果可能與數字有重大差異。（活動須知）

Before we jump into Q&A, Elon will be providing an update. Elon?

在我們進入問答環節之前，埃隆將提供最新消息。埃隆？

Hello, everyone. Well, it's never a dull moment these days. Well thanks for sure, every day is going to be exciting.

大家好。嗯，這些天永遠不會無聊。嗯，當然感謝，每一天都會很精彩。

As some people know, there's been some blowback for the time that I've been spending in government with the Department of Government Efficiency or DOGE. I think the work that we're doing there is actually very important for trying to rein in the insane deficit that is leading our country, the United States, to destruction, and the DOGE team has made a lot of progress in addressing waste and fraud. The natural blowback from that is those who were receiving the wasteful dollars and the fraudulent dollars will try to attack me and DOGE team and anything associated with me.

正如一些人所知，我在政府效率部（DOGE）任職期間遭遇了一些不利影響。我認為我們在那裡所做的工作實際上非常重要，因為我們正在試圖控制導致我們國家美國走向毀滅的瘋狂赤字，而 DOGE 團隊在解決浪費和欺詐問題方面已經取得了很大進展。由此產生的自然反擊是，那些收到浪費的美元和欺詐性美元的人會試圖攻擊我和 DOGE 團隊以及與我相關的任何事物。

So -- but then I'm really left with two choices. Should we just let the waste from fraud continue? And it was continuing to grow at a really unsustainable pace that was bankrupting the country or to fight the way forward and try to get the country back on the right track. And I believe the right thing to do is to just fight the ways forward and get the country back on the right track and working together with the President Trump and his administration. Because if the ship of America goes down, we will go down with it including Tesla and everyone else, so I think this is this critical work.

所以——但其實我只剩下兩個選擇。難道我們就要讓詐欺造成的浪費繼續下去嗎？而且它還在以不可持續的速度持續成長，導致國家破產，或阻礙國家前進，試圖讓國家回到正軌。我相信正確的做法是繼續奮鬥，讓國家回到正軌，並與川普總統及其政府共同努力。因為如果美國這艘船沉沒了，我們也會隨之沉沒，包括特斯拉和其他人，所以我認為這是至關重要的工作。

Now, the purchase that you'll see out there, they're very organized, they're paid for, they're obviously not going to say, admit that the reason that they're protesting is because they're receiving fraudulent money or that they're the recipients of wasteful largesse, but they're going to come up with some other reason. But that is the real reason for the protests. The actual reason is that those receiving the waste and fraud wish to continue receiving it. That is the real thing that's going on here, obviously.

現在，你會看到，他們進行購買，非常有組織，他們得到了報酬，他們顯然不會承認，他們抗議的原因是因為他們收到了欺詐性的錢，或者他們是浪費性慷慨的接受者，但他們會想出其他理由。但這才是抗議的真正原因。真正的原因是，那些收到浪費和欺詐的人希望繼續收到這些。顯然，這就是這裡正在發生的真實事情。

So now that said, I do think there's -- but the large slug of work necessary to get the DOGE team in place and working in the government to get the financial house in order is mostly done.

所以現在說了，我確實認為——但是讓 DOGE 團隊到位並在政府中開展工作以理順金融秩序所需的大量工作基本上已經完成了。

And I think starting probably next month, May, my time allocation to DOGE will drop significantly. I'll have to continue doing it for -- I think we'll play the remainder of the President's term just to make sure that the waste and fraud that we stop does not come roaring back, which we'll do if it has the chance.

我認為可能從下個月（五月）開始，我分配給 DOGE 的時間將大幅減少。我必須繼續這樣做——我認為我們將在總統任期的剩餘時間內繼續這樣做，只是為了確保我們制止的浪費和欺詐不會捲土重來，如果有機會，我們會這樣做。

So I think I'll continue to spend a day or two per week on government matters, for as long as the President would like me to do so and as long as it is useful. But starting next month, I'll be allocating far more of my time to Tesla now that the major work of establishing the Development of Government Efficiency is done.

因此，我認為我會繼續每週花一兩天處理政府事務，只要總統希望我這樣做並且這樣做有用。但從下個月開始，我將把更多的時間分配給特斯拉，因為建立政府效率發展的主要工作已經完成。

So at Tesla, we've gone through many crisis over the years and actually been through many near death experiences. Like we probably we're on the ragged edge of death at least and maybe a dozen times. It's been so, so many times.

因此，在特斯拉，我們多年來經歷了許多危機，實際上經歷了許多瀕死體驗。就像我們可能至少有十幾次處於死亡的邊緣。已經發生過很多次了。

This is not one of those times. We're not on the ragged edge of bed, not even close. But there are some there are some challenges, and I expect that this year will be -- there'll probably be some unexpected bumps this year. But I remain extremely optimistic about the future of the company.

但現在不是這樣的情況。我們並沒有處於困境之中，甚至還差得遠。但也存在一些挑戰，我預計今年可能會出現一些意想不到的障礙。但我仍然對公司的未來極為樂觀。

The future of the company is fundamentally based on large-scale autonomous cars and large scale -- in large volume vast numbers of autonomous humanoid robots. So the value of the company that makes truly useful autonomous humanoid robots and autonomous useful vehicles at scale at low cost, which is what Tesla is going to do is staggering.

該公司的未來從根本上是基於大型自動駕駛汽車和大規模——大量自主人形機器人。因此，以低成本大規模生產真正有用的自主人形機器人和自主實用車輛的公司的價值是驚人的，而特斯拉即將做到這一點。

I continue to believe that Tesla, with excellent execution, will be the most valuable company in the world by far. So that's an important if we must execute well, but we do execute well. I do I think Tesla will be the most valuable company in the world by far. It may be as valuable as the next five companies combined. But there'll be a few bumps along the road before that happens.

我仍然相信，憑藉出色的執行力，特斯拉將成為迄今為止全球最有價值的公司。因此，如果我們必須執行得好，這一點很重要，但我們確實執行得很好。我確實認為特斯拉將成為迄今為止世界上最有價值的公司。其市值可能與排在其後的五家公司的總和相當。但在此之前，我們還會遇到一些困難。

I said I think on last night's call that we we'll start to see prosperity of autonomy take effect in a material way around the middle of next year. Well we still expect -- we expect to have be selling fully autonomous rides in June in Austin as we've been saying for now several months, so that's continued. But the real question from financial standpoint is when does it really become material and affect the bottom line of the company and start to be a fundamental part of the -- when does it move the financial needle in a significant way? That's probably around the middle of next year, so that half of next year.

我在昨晚的電話會議上說過，我認為我們將在明年年中左右開始看到自治繁榮以實質的方式產生效果。嗯，我們仍然預計——我們預計將於 6 月在奧斯汀銷售全自動駕駛汽車，正如我們幾個月來一直在說的那樣，所以這會繼續。但從財務角度來看，真正的問題是，何時它才會真正變得重要，影響公司的底線，並開始成為公司的基本組成部分——何時才會對財務產生重大影響？這大概是在明年年中，也就是明年上半年。

And then once it does not move the national needle in a significant way, it will really go exponentially from there. So that's -- I'd encourage people to look beyond like the some sort of bumps and potholes of the road immediately ahead of us. Left your gaze to the bright shining Citadel on a hill, I don't know, some Reaganesque imagery. And that's where we're headed and not too distant future, like I said, and the next year type of thing, so let's see.

一旦它不再對國家產生重大影響，它就會呈指數級增長。所以——我鼓勵人們不要只顧眼前道路上的顛簸和坑洞。將目光投向山上閃閃發光的城堡，我不知道，一些雷根式的圖像。這就是我們的目標，就在不遠的將來，就像我說的，還有明年的事情，讓我們拭目以待。

With respect to supply chain risk, something that's Tesla has been working on for several years is to localize supply chains. This actually makes sense from a cost standpoint and from a logistics risk standpoint, is to have the supply chains be at least located on the continent in which the car is built. And so we are the least company, the least affected car company with respect to tariffs, at least in most respects, I mean, it remains to be seen.

關於供應鏈風險，特斯拉多年來致力於實現供應鏈本地化。從成本和物流風險的角度來看，這實際上是有意義的，即讓供應鏈至少位於生產汽車的大陸。因此，我們是受關稅影響最小的公司，是受關稅影響最小的汽車公司，至少在大多數方面是這樣，我的意思是，這還有待觀察。

Now, tariffs are still tough on a company when margins are still low. But we do have localized supply chains in North America, Europe, and China, so that puts us in a stronger position than any of our competitors.

現在，當利潤率仍然較低時，關稅對公司來說仍然是一個沉重的負擔。但我們在北美、歐洲和中國確實擁有本地化的供應鏈，因此這使我們比任何競爭對手都更具優勢。

And undoubtedly, I'm going to get a lot of questions about tariffs, and I just want to emphasize that the tariff decision is entirely up to the President of the United States. I will weigh in with my advice with the President, which he will listen to my advice, but then it's up to him, of course, to make his decision. I've been on the record many times as saying that I believe lower tariffs are generally a good idea for prosperity, but this decision is fundamentally up to the elected representative of the people being the President of the United States. So I'll continue to advocate for lower tariffs rather than higher tariffs, but that's all I can do.

毫無疑問，我會收到很多有關關稅的問題，我只想強調，關稅決定完全取決於美國總統。我會向總統提出我的建議，他也會聽我的建議，但最終的決定權當然在他自己手中。我曾多次公開表示，我相信降低關稅總體上對繁榮是有利的，但這項決定從根本上取決於人民選出的代表，即美國總統。因此我會繼續主張降低關稅而不是提高關稅，但這也是我所能做的一切。

Now, let me walk you through why I'm so excited about the future of Tesla. So first of all, autonomy, the team and I are laser focused on bringing Robotaxi to Austin in June. Unsimplified autonomy will first be solved for the Model Y in Austin. And then it actually should pass out the terms robotic taxi or Robotaxi and just generally like what's the cyber cab because we've got a product called the cyber cab and then any Tesla, which could be an S3X or Y that is autonomous, is a robotic taxi or Robotaxi. It's a bit confusing. So the vast majority of the Tesla fleet that we've made is capable of being a Robotaxi or robotic taxi.

現在，讓我告訴你為什麼我對特斯拉的未來如此興奮。首先，在自主性方面，我和我的團隊致力於在六月將 Robotaxi 帶到奧斯汀。奧斯汀的 Model Y 將首先解決非簡化自動駕駛問題。然後它實際上應該傳遞機器人出租車或 Robotaxi 的術語，就像一般的賽博出租車一樣，因為我們有一種稱為賽博出租車的產品，然後任何特斯拉，可能是自動駕駛的 S3X 或 Y，都是機器人出租車或 Robotaxi。這有點令人困惑。因此，我們製造的特斯拉車隊絕大多數都可以成為 Robotaxi 或機器人計程車。

And as we're going from -- once we can make all the system work where you can have paid rides fully autonomously with no one in the car in one city, that is a very scalable thing for us to go broadly within whatever jurisdiction allows us to operate.

隨著我們的發展——一旦我們能夠讓整個系統正常運行，你可以在一個城市實現完全自動駕駛且無人駕駛的付費乘車，那麼這對我們來說是一個非常可擴展的事情，我們可以在允許我們運營的任何管轄範圍內廣泛開展業務。

So because what we're solving for is a general solution to autonomy, not a city-specific solution for autonomy, once we make it work in a few cities, we can basically make it work in all cities in that legal jurisdiction. So if it's -- once we can make a place to work in a few cities in America, we can make work anywhere in America. Once you can make work in a few cities in China, can make work anywhere in China. Likewise in Europe, limited only by regulatory approvals.

因此，由於我們要解決的是自治的一般解決方案，而不是針對特定城市的自治解決方案，因此，一旦我們使其在幾個城市發揮作用，我們基本上就可以使其在該法律管轄範圍內的所有城市發揮作用。所以，如果──一旦我們能在美國的幾個城市找到工作，我們就能在美國的任何地方找到工作。一旦你能在中國的幾個城市開展工作，你就能在中國的任何地方開展工作。在歐洲也同樣如此，僅受監管部門批准的限制。

So this is the advantage of having a generalized solution using artificial intelligence.

這就是使用人工智慧的通用解決方案的優勢。

And the AI chip that Tesla designed specifically for this purpose as opposed to very expensive sensors and high-precision maps of a particular neighborhood where that neighborhood may change or often changes, and then the cost of such working, so we have a general solution instead of a specific solution.

特斯拉專門為此設計的人工智慧晶片與非常昂貴的感測器和特定社區的高精度地圖相反，因為該社區可能會發生變化或經常發生變化，而且這種工作的成本也較低，因此我們有一個通用的解決方案，而不是特定的解決方案。

And we got to Optimus, making good progress in Optimus. We expect to have thousands of Optimus robots working in Tesla factories by the end of this year, during this work. And we expect to scale Optimus up faster than any product, I think, in history to get to millions of units per year as soon as possible. I think I feel confident in getting to a million uses per year in less than five years, maybe four years. So by 2030, I feel confident in predicting a million Optimus units per year. It might be 2029, so let's see.

我們來到了 Optimus，並在 Optimus 方面取得了良好的進展。我們預計，到今年年底，將有數千台 Optimus 機器人在特斯拉工廠工作。我認為，我們希望 Optimus 的擴張速度能比歷史上任何產品都快，盡快達到每年數百萬台的銷售量。我認為我有信心在不到五年甚至四年的時間內實現每年一百萬次的使用。因此，到 2030 年，我有信心預測每年的 Optimus 銷售將達到 100 萬台。可能是 2029 年，讓我們拭目以待吧。

With respect to energy, our energy business is doing very well. The Megapack is -- that enables utility companies to output far more total energy than would otherwise be the case.

關於能源，我們的能源業務做得很好。Megapack 可以讓公用事業公司輸出比其他方式多得多的總能量。

When you think of the energy capability of the grid, it's much more than it takes a total energy output per year is if a power plants could operate at peak power for all 24 hours as opposed to being at half hour, sometimes a quarter hour at night then you could double the energy output of existing power plants. But in order to do that, you need to buffer the energy so that you can charge up the something like battery pack at night and then discharge into the grid during the day. So this is a massive unlock on total energy output of any given grid over the course of a year.

當您考慮電網的能源容量時，它遠遠超過每年的總能源輸出量，如果發電廠可以在 24 小時內以峰值功率運行，而不是在晚上半小時、有時一刻鐘運行，那麼您可以將現有發電廠的能源輸出量翻一番。但為了做到這一點，您需要緩衝能量，以便您可以在晚上為電池組之類的東西充電，然後在白天放電到電網中。因此，這將對任何給定電網一年內的總能源輸出產生巨大​​的影響。

And utility companies are beginning to realize this and are buying them Megapacks of scale. So at this point, a gigawatt class battery is quite a common thing. So we many orders in the hopper with gigawatt and beyond factories. And we expect the energy, the stationary energy storage business to scale ultimately to terawatts per year, so very good numbers.

公用事業公司開始意識到這一點，並開始大規模購買儲能電池。因此，目前，千兆瓦級電池已經相當普遍。因此，我們接到了許多來自千兆瓦及以上工廠的訂單。我們預計能源、固定能源儲存業務最終將擴大到每年太瓦，這是一個非常好的數字。

Now, the Q1, first quarters of a year are usually pretty tricky because it's often -- it's usually the worst part of the year because people don't want to go buy a car in the middle of winter during a blizzard. And this -- so we picked Q1 is like a good quarter to do a cutover to the new version of the Model Y, and we changed production of the world's best-selling cars. Worth remembering that Model Y is the best-selling car of any kind on Earth with a 1.1 billion units per year output of a single model. And we did this changeover at the same time in factories all across the world. So congratulations to the Tesla team on an amazing job in pulling off what is a very difficult transition. So yeah, it's really -- that was very impressive work.

現在，一年的第一季通常相當棘手，因為它通常是一年中最糟糕的時期，因為人們不想在暴風雪肆虐的冬天去買車。因此，我們選擇第一季作為過渡期，推出新版 Model Y，並改變全球最暢銷車款的生產方式。值得記住的是，Model Y 是地球上最暢銷的汽車類型，單一車型每年的產量為 11 億輛。我們同時在世界各地的工廠進行了這種轉換。因此，恭喜特斯拉團隊出色地完成了這項非常艱難的轉型。是的，這確實是——這是非常令人印象深刻的工作。

In conclusion, while there are many near-term headwinds for us in the border industry, the future for Tesla is brighter than ever. The value of the company is delivering sustainable abundance with our affordable AI-powered robots. So this phrase -- I like this phrase: sustainable abundance for all. If you say like, what's the ideal future that you can imagine? That's what you'd want. You'd want abundance rule in a way that's sustainable. It's good for the environment. Basically, this is a happy future.

總而言之，雖然邊境產業短期內面臨許多阻力，但特斯拉的未來比以往任何時候都更加光明。公司的價值在於透過我們價格實惠的人工智慧機器人實現永續的富足。所以這句話——我喜歡這句話：人人享有可持續的富足。如果你說，你能想像的理想未來是什麼樣的？這就是你想要的。您希望以永續的方式實現富足統治。這對環境有好處。基本上，這是一個幸福的未來。

So what's the happiest future you can imagine? One which is that would be a future where there's sustainable abundance for all. Closest thing to heaven we can get on Earth, basically. So thank you again to the Tesla team for their efforts at the challenging time. I look forward to continuing to lead the team to great success in the future.

那麼你能想像的最幸福的未來是什麼樣的呢？其中一個就是未來人人都能過著永續的富足生活。基本上，這是我們在地球上能找到的最接近天堂的東西。因此，再次感謝特斯拉團隊在充滿挑戰的時刻所做的努力。我期待未來繼續帶領團隊取得巨大成功。

Great, thank you very much, Elon. Before we move on, Vaibhav has some opening remarks as well.

太好了，非常感謝，埃隆。在我們繼續之前，Vaibhav 也發表了一些開場白。

Thank you, Trav. As Elon mentioned, in Q1, we achieved something which has never been undertaken in the automotive industry of updating all our factories for the best-selling car in the world all at the same time. And this is -- people don't understand this was not a small feat. We're not aware of anybody else being able to do the best-selling car all at once within a quarter, and that to hitting all the timelines which we had established at the beginning. So big kudos to the team for making this happen. Additionally, we also hit a record gross profit for energy storage business in the quarter.

謝謝你，特拉夫。正如伊隆所提到的，在第一季度，我們實現了汽車行業前所未有的成就：同時更新了我們所有的工廠，以生產全球最暢銷的汽車。人們不明白這不是一件小事。我們不知道是否有其他人能夠在一個季度內一次生產出最暢銷的汽車，並且能夠滿足我們最初設定的所有時間表。因此，我們要向團隊致以崇高的敬意，感謝他們讓這一切成為現實。此外，本季我們的儲能業務毛利也創下了歷史新高。

Now, getting back into the business. There's been a lot of speculation as to the reasons for decline of our vehicle deliveries in the first quarter. We have previously guided that we will be updating all factories, and this will lead to several weeks of lost production, which did happen as that.

現在，重新回到正事上。第一季汽車交付量下降的原因有很多猜測。我們之前曾表示將對所有工廠進行更新，這將導致數週的生產損失，事實也確實如此。

The ripple effect of the change is not having enough new Model Y available in most markets for people to see and experience till the last few weeks of the quarter.

這項變化的連鎖反應是，直到本季最後幾週，大多數市場上都沒有足夠的新 Model Y 供人們觀看和體驗。

Additionally, the negative impact of vandalism and unwarranted hostility towards our brand and our people had an impact in certain markets. Despite this, we were able to sell out legacy model Y in the US, China, and a few other markets within the world. And again, just so people understand, we were producing the legacy Model Y till middle to end of February. And we switched over and we were able to still sell out within that period. So again, big achievement by all the people that just start to make it happen.

此外，針對我們的品牌和員工的破壞行為和無端敵意也對某些市場產生了負面影響。儘管如此，我們仍然能夠在美國、中國和世界其他一些市場銷售傳統型號 Y。再次強調，為了讓大家理解，我們一直在生產傳統款 Model Y，直到 2 月中旬到 2 月底。我們進行了轉換，並且仍然能夠在那段時間內銷售一空。所以，所有開始努力實現這目標的人都取得了巨大的成就。

We've been extremely -- we have a very extremely competitive vehicle lineup, which with most vehicles going through a recent update. And after that, advances in FSD, you have a personal chauffeur, which can take you almost anywhere under supervision.

我們擁有極具競爭力的車輛陣容，其中大多數車輛最近都進行了更新。此後，隨著 FSD 的進步，您將擁有一名私人司機，可以在您的監督下帶您去幾乎任何地方。

There are numerous stories shared by customers ranging from how it has improved their daily commute, to providing mobility customers with disabilities, to giving older customers the ability to travel comfortably and independently. Not only is FSD supervised safer than a human driver, but it is also improving the lives of individuals who experience it. And again, this is something you have to experience, and anybody who has experienced just knows it. And we've been doing a lot lately, try and get those stories out, at least on X, so that people can see how other people have benefited from this.

客戶們分享了許多故事，從它如何改善他們的日常通勤，到為殘疾客戶提供出行便利，再到讓老年客戶能夠舒適而獨立地出行。FSD 不僅比人類駕駛員監督更安全，而且還改善了體​​驗者的生活。再說一次，這是你必須經歷的事情，任何經歷過的人都知道這一點。我們最近做了很多事情，嘗試傳播這些故事，至少在 X 上，以便人們可以看到其他人是如何從中受益的。

Now, coming into some of the financial stuff. Auto margins declined sequentially, primarily due to the reduction in the total number of deliveries, lower fixed cost absorption due to factory changeovers and lower regulatory credit revenues, offsets by a slight increase in pricing due to the launch of new whole line despite incentives which we had to sell legacy Model Y.

現在來談談一些財務問題。汽車利潤率環比下降，主要原因是總交付量減少、工廠轉換導致的固定成本吸收減少以及監管信貸收入減少，儘管我們採取了銷售傳統 Model Y 的激勵措施，但由於推出新的整條生產線，價格略有上漲，從而抵消了上述影響。

The energy storage business, like I said before, has achieved yet another milestone of the great highest gross profit in the quarter. This was despite sequential decline in deployments. The importance of this business, as Elon mentioned, is pretty profound, especially in this environment because if -- in order for grids to work properly with the demands for AI and all this, you need some more stability, and this is by far the simplest and best solution which we are aware of, which can help do this. And we've also developed certain unique solutions to help our customers to achieve this.

正如我之前所說，儲能業務在本季再次實現了毛利創歷史新高的里程碑。儘管部署數量連續下降，但情況仍然如此。正如 Elon 所提到的，這項業務的重要性非常深遠，特別是在這種環境下，因為為了讓電網能夠正常滿足人工智慧等需求，你需要更多的穩定性，這是迄今為止我們所知的最簡單、最好的解決方案，可以幫助做到這一點。我們也開發了一些獨特的解決方案來幫助我們的客戶實現這一目標。

Additionally, on the Powerwall side, we've been selling the new Powerwall 3, and it's been received with very good reception from customers and to the extent that we are currently supply constrained.

此外，在 Powerwall 方面，我們一直在銷售新 Powerwall 3，並且受到了客戶的熱烈歡迎，即使我們目前的供應受到限制。

On services and other margins, they were slightly down sequentially, primarily because of the pressure on a used car business and insurance business. Note that we continued our journey to improve profitability in our services and collision business through better labor productivity.

服務和其他利潤率較上季略有下降，主要原因是二手車業務和保險業務面臨壓力。請注意，我們繼續透過提高勞動生產力來提高我們的服務和碰撞業務的獲利能力。

As previously discussed, our operating expenses continue to increase sequentially, primarily due to our AI related initiatives, including Optimus, and also cost of development for vehicle programs including Cybercabs, Semi, and cheaper models. These expenses flow to RD.

如前所述，我們的營運費用持續連續增加，這主要是由於我們的人工智慧相關計劃（包括 Optimus）以及包括 Cyber​​cabs、Semi 和更便宜的車型在內的汽車項目的開發成本。這些費用流向 RD。

We believe even in the current environment, it is the right strategy making investments in these areas position us for the long term. These increases were offset by decreases in SG&A from changes in our vehicle airflow program.

我們相信，即使在當前環境下，在這些領域進行投資也是正確的策略，能夠讓我們獲得長期利益。這些增加被我們車輛氣流計劃變化導致的銷售、一般及行政費用的減少所抵消。

Other income reduced significantly on a sequential basis. The primary reason was bit Bitcoin mark-to-market loss in Q1 versus gain in Q4, resulting in a $472 million drop. The remainder of the change is because of FX measurement. With the adoption of the new mark-to-market standard for Bitcoin, we expect increased volatility in other income in addition to the effects of utility.

其他收入季比大幅減少。主要原因是第一季比特幣的市價下跌，而第四季則出現收益，導致比特幣市價下跌 4.72 億美元。其餘變化是由於外匯測量造成的。隨著比特幣採用新的市價標準，我們預期除了效用的影響之外，其他收入的波動性也會增加。

I know tariffs is the hottest topic which people talk about, and it has various impacts to our business. And as Elon mentioned, on the vehicle business, we've been on this journey of regionalization for years. Specifically in the US, Model Y has been rated the most American model made car on carstock.com made in America index three years ago. This part is of all the work which team has been doing over the years. And to the extent that today, if you look at our vehicle lineup in US, we part approximately on a weighted average basis, 85% USMCA compliant.

我知道關稅是人們談論的最熱門話題，它對我們的業務有各種影響。正如伊隆所提到的，在汽車業務方面，我們已經走上了區域化之路多年。具體到美國，Model Y三年前就被carstock.com美國製造指數評為最具美國特色的汽車車型。這部分是團隊多年來一直在做的工作。就今天而言，如果您看看我們在美國的車輛陣容，我們大約按加權平均值劃分，其中 85％ 符合 USMCA 標準。

So, like Elon said, this definitely gives us a bigger edge as compared to our other OEMs in terms of managing the tariffs, but we're not immune because when the Section 232 auto tariffs become effective in May, which includes Canada and Mexico, and Canada and Mexico has been part of our regionalization study, they will have an impact on profitability. And I know research modeling on this in fact has been about a couple of thousands, which is pretty much in line with what we've been forecasting.

因此，就像 Elon 所說的那樣，這無疑使我們在管理關稅方面比其他 OEM 擁有更大的優勢，但我們也不能倖免，因為當第 232 條汽車關稅於 5 月生效時（其中包括加拿大和墨西哥，而加拿大和墨西哥一直是我們區域化研究的一部分），它們將對盈利能力產生影響。我知道，對此的研究模型其實已經有幾千個了，這與我們的預測基本上一致。

The impact of tariffs on the energy business will be outsized since we source LFP battery cells from China. We're in the process of commissioning equipment for the local manufacturing of LFP battery cells in the US. However, the equipment, which we have, can only service a fraction of our total install capacity at (inaudible)

由於我們從中國採購 LFP 電池，關稅對能源業務的影響將會非常大。我們正在調試在美國本地生產 LFP 電池的設備。然而，我們現有的設備只能滿足我們總安裝容量的一小部分。（聽不清楚）

We've also been working on securing additional supply chain from non-China based suppliers, but it will take time.

我們也一直在努力從中國以外的供應商獲得額外的供應鏈，但這需要時間。

Also note that Megapack, irrespective of all the impact on US from our energy from tariffs on the energy business, we do have mega factory China, which just started operations in Q1, and that should take care of our business outside of US.

還要注意，Megapack，無論我們的能源業務因關稅而對美國產生何種影響，我們在中國確實擁有大型工廠，該工廠於第一季剛開始運營，這應該可以解決我們在美國以外的業務。

There's also an important impact of tariffs on our capital investments. I know this is going to sound counterintuitive since in order to onshore manufacturing or expand lines, we have to bring equipment from outside the US because there is not that much capacity in the US. And the current trade environment such equipment being brought in this objective --

關稅對我們的資本投資也有重要影響。我知道這聽起來有違常理，因為為了實現國內製造或擴大生產線，我們必須從美國以外引進設備，因為美國沒有那麼多產能。目前的貿易環境，這種設備被帶入這個目標--

The expense of bringing it in from China right now.

目前從中國進口的費用。

Exactly. And the reality is that China has the basic one, which has the most capacity to provide these things.

確切地。而現實情況是，中國擁有最基本的供應能力，最有能力提供這些東西。

Our CapEx guidance, inclusive of modern tariffs, even with the optimization we've tried to do. It is forecasted to be still in excess of $10 billion this year. We're still evaluating what more to do on this one.

我們的資本支出指導包括現代關稅，甚至包括我們嘗試進行的優化。預計今年仍將超過100億美元。我們仍在評估對此還能採取什麼措施。

To summarize, we have near-term challenges in our business due to tariffs and brand image. I think our strategy of providing the best product at a competitive price is going to be a winner, and this is the reason we're still focused on bringing cheaper models to market soon. The startup production still planned for June.

總而言之，由於關稅和品牌形象，我們的業務在短期內面臨挑戰。我認為我們以有競爭力的價格提供最好的產品的策略將會取得成功，這就是我們仍然專注於盡快將更便宜的型號推向市場的原因。啟動生產仍計劃於六月進行。

Additionally, the advancement in FSD related features, including pilot Robotaxi launch in Austin later this year, should help create a new air of demand. I would like to thank everyone at Tesla and our customers.

此外，FSD 相關功能的進步，包括今年稍後在奧斯汀推出的 Robotaxi 試點，應該有助於創造新的需求氛圍。我要感謝特斯拉的每一個人以及我們的客戶。

Fantastic. Thank you very much, Vaibhav.

極好的。非常感謝，Vaibhav。

Now we will move on to investor questions. We will start with questions from say.com.

現在我們來回答投資人的問題。我們將從 say.com 的問題開始。

First question is, what are the highest-risk items on the critical path to Robotaxi launch and scaling?

第一個問題是，Robotaxi 啟動和擴展的關鍵路徑上風險最高的專案是什麼？

This is Ashok.

這是阿肖克。

Yeah. We've got Ashok on the line.

是的。我們聯繫了 Ashok。

Sure. Well, just backed by the disambiguate the Cybercab from Robotaxi once again. So the -- when will Teslas -- because the Teslas that will be fully autonomous in June in Austin are fully Model Ys. So that is -- it's currently on track to be able to do paid rides fully autonomously in Austin in June, and then to be in many other cities in the US by the end of this year.

當然。好吧，再次以消除 Cyber​​cab 與 Robotaxi 之間的歧義為依據。那麼，特斯拉什麼時候會實現完全自動駕駛呢？因為將於 6 月在奧斯汀實現完全自動駕駛的特斯拉是 Model Y。也就是說，它目前預計在 6 月在奧斯汀實現完全自動駕駛的付費乘車服務，並在今年年底前在美國許多其他城市推出。

It's difficult to predict the exact ramp sort of week by week and month by month, except that it will ramp up very quickly. So it's going to be like some based an S-curve where it predict the intermediate slope of the S-curve, but you kind of know where the S-curve is going to end up, which is the vast majority of the Tesla fleet being autonomous. So that is why I feel confident in predicting large-scale autonomy around the middle of next year, certainly the second half next year, meaning I bet that there will be millions of Teslas operating autonomously, fully autonomously in the second half of next year.

很難預測每週、每月的具體成長速度，但可以肯定的是，成長速度會非常快。因此，它會像某些基於 S 曲線的東西一樣，預測 S 曲線的中間斜率，但你知道 S 曲線最終會在哪裡結束，也就是絕大多數特斯拉車隊都是自動駕駛的。所以，我有信心預測明年年中，或者肯定是明年下半年，大規模自動駕駛汽車將會出現，這意味著我敢打賭，明年下半年將有數百萬輛特斯拉汽車實現完全自動駕駛。

But it does seem increasingly likely that there will be a localized parameter set that especially for places that have a very snowy weather, like I say, if you're in the Northeast or something like this -- you can think of -- it's kind of like a human. Like you can be a very good driver in California but are you going to be also a good driver in a blizzard in Manhattan? You're not going to be as good. So there is actually some value in you still drive but your probability of an accident is higher. So it's increasingly obvious that there's some value to having a localized set of parameters for different regions and localities.

但似乎越來越有可能的是，會有一個局部參數集，特別是對於多雪天氣的地方，就像我說的，如果你在東北或類似的地方 - 你可以想像 - 它有點像人類。就像你可以在加州成為一個非常優秀的司機，但你在曼哈頓的暴風雪中也能成為一個優秀的司機嗎？你不會變得那麼好。因此，實際上，您仍然開車還是有一定價值的，但發生事故的機率更高。因此，越來越明顯的是，針對不同地區和地方制定一套本地化的參數具有一定的價值。

But this is -- that put that in a nice-to-have category. It's not the required category. Really, the car is just very much like a human. It's digital neural nets and cameras, and humans operate with biological neural nets and eyes. And so the same strengths and weaknesses will be present for the age of digital neural net and cameras versus a neural net and eyes.

但這是——這把它歸入了一個「最好有」的類別。這不是必需的類別。確實，汽車非常像人類。它是數位神經網路和攝像頭，而人類則透過生物神經網路和眼睛進行操作。因此，數位神經網路和攝影機時代與神經網路和眼睛時代相比，將存在相同的優勢和劣勢。

Ashok, would you like to elaborate on that?

Ashok，您願意詳細說明一下嗎？

Yeah. And speaking to the location-specific models, we still have a generalized approach. And you can see that from our deployment of FSD supervised in with this very minimal data that's China-specific, the model is generalized quite well to completely different driving sites. That just like shows that the AI-based solution that we have is the right one because if you had gone down the previous rule-based solutions, sort of like more hard-coded SDMA-based solutions, it would have taken like many, many years to get China to work. You can see those in the videos that people post online themselves.

是的。對於特定位置的模型，我們仍然採用通用的方法。您可以看到，透過我們針對中國特定且極少量的數據對 FSD 進行監督部署，該模型可以很好地推廣到完全不同的駕駛場所。這表明我們基於人工智慧的解決方案是正確的，因為如果採用以前基於規則的解決方案，類似於更硬編碼的基於 SDMA 的解決方案，那麼要讓中國發揮作用將需要很多年的時間。你可以在人們自己發佈到網路上的影片中看到這些。

So the generalized solution that we are pursuing is the right one that's going to scale well. And you can think of this like location-specific parameters that you don't like a mixture of experts. And if you are sort of familiar with the AI models, Grok, and others, they all use the mixture of experts to sort of specialize the parameters to specific tasks while still being general. This makes the come -- the model to use amount of compute to solve for the task that it has to solve.

因此，我們所追求的通用解決方案是正確的，並且能夠很好地擴展。您可以將其視為位置特定的參數，您不喜歡混合專家。如果你熟悉 AI 模型、Grok 和其他模型，你就會知道它們都使用專家的混合來將參數專門化到特定任務，同時仍然具有通用性。這使得模型能夠使用大量計算來解決它必須解決的任務。

In terms of addressing the question that asked for what are the critical things being to get right, one thing I'd like to note is validation. Self-driving is a long-tail problem where there can be a lot of edge cases that only happen very, very rarely.

在回答需要做好哪些關鍵事情的問題時，我想指出的一點是驗證。自動駕駛是一個長尾問題，其中可能存在許多極少數發生的邊緣情況。

Currently, we are driving around in Austin using our QA fleet. But then, it's super rare to get interventions that are critical for Robotaxi operation. And so going to go many days without getting a single intervention. So you can't easily know whether you are improving or regressing in your capacity.

目前，我們正在使用我們的 QA 車隊在奧斯汀行駛。但是，對於 Robotaxi 的運作來說，獲得關鍵介入的情況極為罕見。因此，很多天都不會得到任何干預。因此，你無法輕易知道自己的能力是在進步還是在退步。

And we need to build out sophisticated simulations, including neural network-based video generation. That's all happening in the background to make sure that we deliver a safe product, and we are able to measure our safety even though we can't just driving around the block or something like that.

我們需要建立複雜的模擬，包括基於神經網路的視訊生成。這一切都是在後台進行的，以確保我們提供安全的產品，並且即使我們不能只是繞著街區開車或做類似的事情，我們也能夠衡量我們的安全性。

I mean, very basic terms, if that -- if we're seeing an accident every 10,000 miles, well, then you have to drive 10,000 miles on average before you get in an accident or an intervention. So it's like okay. I mean, we must be really -- you don't have to be very worked up by the sheer number of Teslas doing in Austin right now. We like it's good look pretty bizarre.

我的意思是，非常基本的條件是，如果我們每 10,000 英里就會看到一次事故，那麼，在發生事故或需要幹預之前，你必須平均行駛 10,000 英里。所以沒關係。我的意思是，我們必須真的——你不必對現在奧斯汀的特斯拉數量感到非常激動。我們喜歡它看起來相當奇怪。

Some people are checking at --

有些人正在檢查--

There's just always a convoy of Teslas going -- just going all over to Austin in circles. But yeah, I just can't emphasize this enough. In order to get a figure on the long-tail things, it's 1 in 10,000, that says 1 in 20,000 miles. We're 1 in 30,000. The average person drives 10,000 miles in a year. So not trying to compress that test cycle into a matter of a few months. It means you need a lot of cars doing a lot of driving in order to compress that to do in a matter of a month where we normally take someone a year.

總是有一隊特斯拉汽車繞著奧斯汀到處行駛。但是的，我再怎麼強調這一點也不為過。為了得到長尾事物的數字，它是 10,000 分之一，也就是 20,000 英里中的 1 分之一。我們是三萬分之一。平均每個人每年行駛 10,000 英里。因此不要試圖將測試週期壓縮到幾個月內。這意味著你需要很多輛汽車進行大量的駕駛才能在一個月內完成通常需要一年才能完成的工作。

I would just also add that if you haven't looked at those videos coming out of China, people are --

我還要補充一點，如果你沒看過那些來自中國的視頻，人們--

Yes, those videos are amazing.

是的，這些影片非常棒。

Yes, they're putting it to real test. I mean, the --

是的，他們正在進行真正的測試。我的意思是--

I think the Chinese consumer might be the American and let me -- actually, customers in China are awesome. They have a lot of fun with the cars. I saw one guy take a Tesla on autonomous -- on a narrow road across like a mountain. And I'm like, still a very bright person. And I said this driving along the road with no barriers where he makes a mistake, he's going to plunge to his doom. But it worked.

我認為中國消費者可能就是美國消費者，而且實際上，中國的消費者非常棒。他們玩汽車玩得很開心。我看到一個人駕駛著一輛特斯拉自動駕駛汽車——在一條像山一樣狹窄的道路上行駛。我仍然是一個非常聰明的人。我說，如果他在沒有任何護欄的道路上開車，一旦犯錯，他就會墜入深淵。但它確實有效。

Thank you. And if the question was on Cybercab itself, we're a sample validation now.

謝謝。如果問題是關於 Cyber​​cab 本身的，我們現在就是一個樣本驗證。

Yes, we should ask that question, too.

是的，我們也應該問這個問題。

Yes, we have our first -- just like big builds coming at the end of this quarter in Q2. And then in the coming months, we'll start to large scale installation of all equipment in Giga Texas with still on schedule for production next year.

是的，我們有了第一個——就像本季末第二季即將推出的大型建置一樣。然後在接下來的幾個月裡，我們將開始大規模安裝 Giga Texas 的所有設備，並按計劃在明年投入生產。

Yes. And I just want to also to clarify because I think people don't understand the thing that there's no new building being built and where is Cybercab going to factory.

是的。我也想澄清一下，因為我認為人們不明白沒有建造新建築，Cyber​​cab 要去哪裡建造工廠。

It's happening, and people don't know it's happening upstairs and along lines while we're still building the Model Ys and Cybertrucks every day.

它正在發生，人們並不知道它正在樓上和生產線上發生，而我們每天仍在製造 Model Y 和 Cyber​​trucks。

Yeah. So it's worth noting that the Tesla Gigafactory at Austin is three times the size of the Pentagon.

是的。因此值得注意的是，奧斯汀的特斯拉超級工廠的面積是五角大廈的三倍。

Including the garden.

包括花園。

Yeah, including the ground zero garden. So heading on this building used to look big, but then you won't --

是的，包括世貿中心遺址花園。所以，這棟建築以前看起來很大，但後來你不會--

Great. Thank you very much. The next question is, when will FSD unsupervised be available for personal use on personally owned cars?

偉大的。非常感謝。下一個問題是，FSD 無人駕駛何時才能在個人汽車上供個人使用？

Before the end of this year. Not necessarily -- I say within the US, like we do want to test -- at Tesla, we're absolutely hardcore about safety. We go to great lengths to make the safest car in the world and have the lowest accidents per mile in. So -- and look, (inaudible) last. So we want to be very careful.

今年年底之前。不一定——我說的是在美國，就像我們確實想測試一樣——在特斯拉，我們絕對非常重視安全。我們竭盡全力製造世界上最安全的汽車，並實現每英里事故發生率最低。那麼 — — 看，（聽不清楚）最後。所以我們要非常小心。

So we're trying to meet to be definitively safer than manual driving. So it's not enough that it just be as safe. It needs to be meaningfully safer than if it's cars mainly driven. And we want to confirm that there's not something -- we just want to be cautious with the rollout. We don't want to jump in at the deep end with.

因此，我們正在努力實現比手動駕駛更安全的駕駛。所以僅僅安全是不夠的。它需要比主要由汽車駕駛的車輛更安全。我們想確認沒有問題——我們只是想謹慎地推出。我們不想陷入困境。

So with that said, I think we should -- people should -- we should be able to have it work in several cities later this year for personal use. So the acid test being you should -- can you go to sleep in your car and wait until your destination? And I'm confident that will be available in many cities in the US by the end of this year.

所以話雖如此，我認為我們應該——人們應該——我們應該能夠在今年晚些時候在幾個城市讓它供個人使用。因此，你應該進行嚴格的測試——你能在車裡睡覺並等到目的地嗎？我相信，到今年年底，該服務將在美國許多城市推出。

Great. Thank you very much. The next question is, is Tesla still on track for releasing more affordable models this year, or will you be focusing on simplifying versions to enhance affordability similar to the rear-wheel drive Cybertruck?

偉大的。非常感謝。下一個問題是，特斯拉今年是否仍會推出更多更實惠的車型，還是會專注於簡化版本以提高類似於後輪驅動 Cyber​​truck 的價格？

Yeah, we're still planning to release models this year. As with all launches, we're working through like the last-minute issues that pop up. We're not getting down one by one. At this point, I would say that ramp maybe might be a little slower than we had hoped initially, but there's nothing, just kind of given the turmoil that exists in the industry right now. But there's nothing blocking us from starting production within the next -- within the time line laid out in the opening remarks.

是的，我們仍計劃今年發布模型。與所有發布一樣，我們正在努力解決最後一刻出現的問題。我們不會一個接一個地下去。在這一點上，我想說，成長速度可能比我們最初希望的要慢一些，但這沒什麼，只是考慮到目前行業中存在的動盪。但沒有什麼能阻止我們在接下來的時間內開始生產——按照開場白中列出的時間表。

And I will say, it's important to emphasize that as we've said all along, the full utilization of our factories is the primary goal for these new products. And so flexibility of what we can do within the form factor and the design of it is really limited to what we can do in our existing lines rather than build new ones. But we've been targeting the low cost of ownership. Monthly payment is the biggest differentiator for our vehicles. And that's why we're focused on bringing these new models with the big price. So the market can within the constraints that you highlighted.

我要說的是，必須強調的是，正如我們一直所說的那樣，充分利用我們的工廠是這些新產品的主要目標。因此，我們在外形尺寸和設計方面所能做的靈活性實際上僅限於我們在現有生產線上所能做的事情，而不是建立新的生產線。但我們一直致力於降低擁有成本。月付款是我們車輛的最大區別。這就是我們專注於以高價推出這些新車型的原因。因此市場可以在您所強調的限制範圍內發展。

Great. Thank you very much. The next question is, does Tesla see Robotaxi as a winner-take-most market? And as you approach the Austin launch, how do you expect to compare against Waymo's offering especially regarding pricing, geofencing and regulatory flexibility?

偉大的。非常感謝。下一個問題是，特斯拉是否將 Robotaxi 視為贏家通吃的市場？隨著奧斯汀發布會的臨近，您認為它與 Waymo 的產品相比如何，特別是在定價、地理圍欄和監管靈活性方面？

Well, okay. The issue with Waymo's cars is it costs way more money, but that is the issue. The car is very expensive, low volume. Teslas are probably cost a quarter, 20% of what a Waymo costs and made in very high volume. Ironically, like we want to make the per solution with cameras and what the correct will listen for sirens and that kind of thing.

嗯，好的。Waymo 汽車的問題在於成本太高，但這就是問題所在。這車很貴，產量低。特斯拉的成本可能只有 Waymo 的四分之一到 20%，產量非常大。諷刺的是，就像我們想用攝影機做出每個解決方案一樣，正確的做法是聽警報聲之類的東西。

It's the way it moves. And Waymo decided that an expensive sensor suite is the way to go, even though Google is very good at AI. So I'm wondering. And it is worth noting that Tesla has both an incredible AI software team and AI hardware chip design team, prospect for nothing. We didn't acquire anyone. So yes, it's really -- I mean, I don't see anyone being able to compete with Tesla at present.

這就是它的移動方式。儘管谷歌在人工智慧方面非常擅長，但 Waymo 還是決定採用昂貴的感測器套件。所以我很好奇。值得注意的是，特斯拉既擁有非常強大的AI軟體團隊，又擁有AI硬體晶片設計團隊，前景不可限量。我們沒有收購任何人。是的，確實如此——我的意思是，我認為目前沒有人能夠與特斯拉競爭。

I'm sure that'll change eventually, but at least as far as I'm aware, because we will have, I don't know, 99% market share or something ridiculous. That 90% something, at least, I don't know, some of them might change, but if we have millions of cars deployed next year and the list, others have millions of cars deployed, like we'll have -- unless we're blocked by regulatory situations. It won't be long. I mean, in a few years, we'll have 10 million autonomous cars on the roads than and counting.

我確信這種情況最終會改變，但至少據我所知，因為我們將擁有，我不知道，99％的市場份額或一個荒謬的數字。那個 90% 左右，至少，我不知道，其中一些可能會改變，但如果我們明年部署了數百萬輛汽車，那麼其他人也會部署數百萬輛汽車，就像我們會有的一樣——除非我們受到監管情況的阻礙。不會太久的。我的意思是，幾年後，道路上將有 1000 萬輛自動駕駛汽車，而且這個數字還在增加。

The other thing which people forget is that we're not just developing the software solution, we are also manufacturing the cars. And like you know what like Waymo has, they're taking cars and then trying to -- we don't do that, so that definitely gives us a big leg-up. And like Elon said, we only have a big existing fleet which hopefully, the software update could become autonomous.

人們忘記的另一件事是，我們不僅開發軟體解決方案，我們還製造汽車。就像你知道的，像 Waymo 一樣，他們接管汽車然後嘗試——我們不這樣做，所以這無疑給了我們很大的優勢。正如埃隆所說，我們現有的艦隊規模龐大，希望透過軟體更新可以自動化。

With the software update. It will become autonomous. To be clear, the Model Y in that we're in being autonomous in Austin in June. Other Model Ys we make currently, there's no change to it.

隨著軟體更新。它將實現自治。需要明確的是，我們的 Model Y 將於 6 月在奧斯汀實現自動駕駛。我們目前生產的其他 Model Y 沒有任何變化。

I think people don't appreciate that the car they can buy today --

我認為人們並不珍惜今天能買到的車--

The car that they have --

他們擁有的汽車--

The car they have is capable of these kind of things.

他們的汽車能夠完成這些事。

In fact, it does drive autonomously from the factory to the end of line, every car nowadays.

事實上，現在每輛汽車都是從工廠到生產線終點都自動駕駛的。

That runs through the tunnel, the Model Y is everything.

穿過隧道，Model Y 就是一切。

Right. Yes, exactly. We have -- it has been pointed to use -- it's doing useful work fully autonomously at the factories as a the cars driven from end of line to the wetness was being picked up by a to be taken to a customer. And I'm confident also that later this year, the first Model Y will drive itself all the way to the customer.

正確的。是的，確實如此。我們已經——它已被指定使用——它在工廠中完全自主地做有用的工作，因為從生產線末端開到潮濕處的汽車被接走並送到客戶那裡。我也相信，今年晚些時候，第一輛 Model Y 將實現自動駕駛，直達客戶手中。

So from our -- probably from a factory in Austin and one in here in Fremont, California, I'm confident that from both factories, we'll be able to drive directly to a customer on the factory. Yeah, literally goes from the end of line and drive to the house.

因此，從我們位於奧斯汀和加州弗里蒙特的一家工廠出發，我相信，從這兩家工廠，我們都能夠直接將產品送到工廠的客戶手中。是的，確實是從隊伍的末端開車回家。

It's important to note in the factories, we don't have dedicated lengths or anything. People are coming out every day, trucks delivering supplies, parts, construction.

值得注意的是，在工廠裡，我們沒有專用的長度或任何東西。每天都有人出來，卡車運送物資、零件和建築材料。

And people can -- by the way, see this from the road like And this many people take videos online. And anyone who wants to see it and just drive fast or remote factory and see the autonomous cars driving themselves. And they drive themselves and they put themselves in the exact right spot to pick up.

順便說一句，人們可以從路上看到這種情況，而且許多人都在網路上拍攝影片。任何想親眼見證這一切的人，只需快速駕駛或進入遠端工廠，就能看到自動駕駛汽車自行行駛。他們自己開車，並把車停在正確的地點接人。

Yes, the logistics, the right there. They don't move it again to an --

是的，物流就在那裡。他們不會再把它移到--

Yes. So that's just a routine like everyday thing that.

是的。所以這只是日常例行事務。

Great. Thank you very much. The next question is, can you please provide an update on the unboxed method and how that has progressed?

偉大的。非常感謝。下一個問題是，您能否提供有關拆箱方法的最新資訊以及其進展？

Sure. It's progressing, absolutely. As I mentioned just a minute ago, like it is the basis for our Cybercab manufacturing process. It's really what we changed in order to allow the low cost of production and also get the super high levels of automation that are sort of unheard of in the vehicle manufacturing scale. This is like not something that when you see it be produced, you'll think of in terms of, like, wow, it's car has been for 100 years.

當然。它確實在進步。正如我剛才提到的，它是我們的 Cyber​​cab 製造流程的基礎。我們所做的改變實際上是為了降低生產成本，並實現汽車製造規模中聞所未聞的超高自動化水平。當你親眼看到它被生產出來時，你不會想到，哇，這輛車已經有 100 年的歷史了。

It's really something changed. In the past year, we've been like focusing on a lot of key development areas like, large subassemblies together in a precise way, in an accurate way. We've also de-risked things like corrosion of uncoated aluminum structures, the ceiling across the seams of the vehicle and when you marry several components.

確實有些事情發生了改變。在過去的一年裡，我們一直專注於許多關鍵開發領域，例如以精確的方式將大型子組件組裝在一起。我們也降低了無塗層鋁結構、車輛接縫處的天花板以及多個零件組合時產生的腐蝕風險。

And we've even done any crash testing and improvement that like it's going to be just as safe as the other car build. So like we're -- as with all that combined, we kind of go into the builds that we have in this quarter for the Cybercab product, and that's the next real big test of full-scale integration with the unboxed process. And that's kind of where we are. So you'll see them on the test roads in a couple of months.

我們甚至進行了碰撞測試和改進，以確保它與其他汽車一樣安全。因此，就像我們 - 就像所有這些結合起來一樣，我們進入了本季度 Cyber​​cab 產品的構建階段，這是對與開箱流程進行全面集成的下一個真正的大考驗。這就是我們現在的處境。因此幾個月後你就會在測試道路上看到它們。

Yeah. Although the line won't be at this rate initially --

是的。雖然一開始排隊的速度不會這麼快--

Initially.

最初。

This is a revolutionary production system. about the right word is unboxing sounds like something let when you get your phone. You have like a pleasant experience when you take your phone out of the box, which of course is nice, but this is more revolutionary than that. This is a profound reimagining of how to make cars in the first place. No car is made like this anywhere in the world.

這是一個革命性的生產系統。正確的詞是「拆箱」聽起來就像你拿到手機時聽到的東西。當你把手機從盒子裡拿出來時，你會有一種愉快的體驗，這當然很好，但這比這更具革命性。這是對汽車製造方式的一次深刻的重新構想。世界上沒有任何汽車是這麼製造的。

The factory is the product as much as the car is the product. So this really just first principles approach to manufacturing that will ultimately allow us, I think, I'm confident ultimately allow us to achieve a cycle time, meaning a unit every five seconds or less, off a single line.

工廠是產品，就像汽車是產品一樣。因此，這實際上只是製造的第一原理方法，我認為，我相信最終將使我們能夠實現一個週期時間，即每五秒或更短的時間內從一條生產線上生產一個單元。

And not incorporate some of these -- for testing into our existing production lines as well.

並且不將其中一些納入我們現有的生產線進行測試。

Something I've been thinking about for a long time and sort of thinking about this a long time, and it's kind of -- it's not a crazy thing. Like a car every five seconds may sound like it's coming out like bullets, but actually it's coming out at walking speed.

我已經思考了很長時間了，思考了很長時間了，這有點——這不是一件瘋狂的事情。就像每五秒鐘就有一輛車出來，聽起來像是子彈一樣，但實際上它是以步行的速度出來的。

It's a meter a second.

即每秒一公尺。

A meter a second. So this is like we're still far away from caring about the aerodynamic drag of the manufacturing line, because you're still at 3 miles an hour to (inaudible) but it's 3 miles an hour that we're talking about. So yes, you can run away for it basically. But that's still, by far, and fastest slide on Earth, and it's like half hour -- half -- what's the line not it's like about --

每秒一公尺。所以這就像我們還遠遠沒有關心生產線的空氣阻力，因為你仍然以每小時 3 英里的速度（聽不清楚）但我們談論的是每小時 3 英里。所以是的，你基本上可以逃跑。但這仍然是迄今為止地球上最快的滑行速度，大約需要半小時——半小時——大概是--

Shanghai Phase 2. (inaudible) 33 seconds.

上海第二階段。 （聽不清楚）33秒。

We're the fastest, right? We think we're the fastest at 33 seconds in our Shanghai factory, but this would be six times faster or seven times faster, thereabouts. I mean, it'll be slower than that but the point is that like when you fully optimize the design and operation of the next-generation factory that we're building right now, the five-second cycle time or less is, the design is capable of it.

我們是最快的，對吧？我們認為我們上海工廠最快的速度是 33 秒，但這大約要快六倍或七倍。我的意思是，它會比這慢，但重點是，當你完全優化我們現在正在建造的下一代工廠的設計和操作時，五秒或更短的周期時間，設計是可以實現的。

So if you -- when you go through like new architecture, you go from like being like in any -- I mean, probably China in particular is an A+ on a moderately an advanced but still traditional car production system. So they're really in about as good as possible to do within in a conventional scenario. So trying to get much below, sort of below like 30 seconds, extremely difficult.

所以如果你——當你經歷新的架構時，你會從任何方面——我的意思是，中國可能特別是在一個中等先進但仍然是傳統的汽車生產系統上獲得了 A+ 的評價。因此，他們實際上在傳統情況下已經做到了盡可能好。因此，嘗試將時間縮短至 30 秒以下是非常困難的。

But you start getting into sort of impossible where you just -- you have to be faster than a human could possibly move. So then the autonomous line, it really just needs to be robust moving really fast, and that's where you get to sub-five seconds. But we'll start off with getting a C and a new architecture, but then the potential is there over time to move them up to an A+, within an A+ architecture.

但你開始陷入一種不可能的境地，你必須──你的速度必須比人類的移動速度更快。那麼，自動駕駛線路實際上只需要非常強大地快速移動，這樣就可以將時間縮短到五秒以內。但我們首先會獲得 C 和新的架構，但隨著時間的推移，有可能在 A+ 架構內將它們提升到 A+。

Great. Thank you very much. The next question is, how is Tesla positioning itself to flexibly adapt to global economic risks and form of tariffs, political biases, et cetera?

偉大的。非常感謝。接下來的問題是，特斯拉如何定位自己，以靈活適應全球經濟風險和關稅形式、政治偏見等？

As Elon said, we've been supplying team for a while. We continue to mitigate global economic risks like tariffs and political biases by regionalizing part supply factories in North America, Berlin, and Shanghai. For example, in North America, our high-volume vehicle programs have over 85% North America content and Shanghai vehicles have over 95% content. But in a similar level of regionalization as North America, when you exclude the battery, and we are working on regionalizing the battery as well. This is a prepandemic strategy that we accelerated post pandemic to supply diversification, dual-sourcing, vertical integration, advanced analytics, and local partnerships to ensure supply chain resilience and stability.

正如埃隆所說，我們已經為團隊提供服務有一段時間了。我們透過將北美、柏林和上海的零件供應工廠區域化，繼續降低關稅和政治偏見等全球經濟風險。例如，在北美，我們的大批量車輛專案中超過85%的內容來自北美，上海車輛專案中超過95%的內容來自北美。但是在與北美類似的區域化水平中，當你排除電池時，我們也在致力於電池的區域化。這是疫情前的一項策略，我們在疫情後加速實施該策略，以實現供應多樣化、雙重採購、垂直整合、高階分析和本地合作夥伴關係，從而確保供應鏈的彈性和穩定性。

Having said that, we are not 100% insulated and these tariffs will higher on our low volume platforms than the high-volume ones.

話雖如此，我們並非 100% 免受影響，這些關稅在我們的低容量平台上會比在高容量平台上更高。

Yeah. There's no more vertically integrated car company than Tesla. I mean, we're taking -- we're most vertically integrated car companies since Henry Ford back in the day when they're doing mining iron and stuff and growing. Like we're not going around and mining iron yet. But we are -- we have both a lithium refinery in South Texas. And it's -- I mean, the biggest lithium refinery outside of China, I think. Is that right?

是的。沒有哪家汽車公司比特斯拉更垂直整合。我的意思是，我們是自亨利福特時代以來最垂直整合的汽車公司，當時他們從事鐵礦開採和其他業務並不斷發展。就像我們還沒到處去開採鐵礦一樣。但是我們在南德州有一家鋰精煉廠。我認為，它是中國境外最大的鋰精煉廠。是嗎？

Yeah. I think so.

是的。我認為是的。

But it has -- its upward potential would be the biggest refinery and in -- and we've got to expand and be build more, right? And then we've got the catheter refinery in Austin next at. We've got to figure out what to do about the node. This is an ongoing subject of discussion. The best of all possible as would be figuring how to best ones part being not part.

但它有——它的上升潛力將是成為最大的煉油廠——我們必須擴大並建造更多的煉油廠，對嗎？接下來我們在奧斯汀有導管精煉廠。我們必須弄清楚如何處理該節點。這是一個正在討論的話題。最好的方法就是弄清楚如何將非部分的部分發揮到極致。

That's the dream of the batteries to be not having a node. But either way, we better have the anode, the cathode and the lithium and the separator to make a cell. But there's no other car company that has both lithium refineries and cathode refineries. We're ridiculously vertically integrated, and thus are best positioned to protect against supply chain disruptions. you want to talk that progress in the --

這就是沒有節點的電池的夢想。但無論如何，我們最好有陽極、陰極、鋰和隔膜來製造電池。但沒有其他汽車公司同時擁有鋰精煉廠和陰極精煉廠。我們高度垂直整合，因此最有能力防止供應鏈中斷。你想談談--

Yeah. Certainly, for our in-house cells, we've multi-sourced every component. We have every path coming from at least two different countries of origin, which is we started this -- the supply chain team and the engineering team worked together on this for the last couple of years to put that together. It's not something we did in a couple of months. This is years of work.

是的。當然，對於我們的內部電池，我們已經從多個來源購買了每個組件。我們的每條路徑都來自至少兩個不同的原產國，這是我們開始的——供應鏈團隊和工程團隊在過去幾年共同努力才實現的。這不是我們幾個月就能完成的事。這是多年的努力。

So we're in a good position to take advantage of that and the in-sourcing of lithium and cathode, the two most critical parts that actually does run that backyard and we're totally insulated from --

因此，我們處於有利地位，可以利用這一點以及鋰和陰極的內部採購，這兩個最關鍵的部分實際上確實運行著這個後院，我們完全不受--

It needs to be in operation.

它需要運行。

We also make our own cells, by the way.

順便說一下，我們也製造自己的細胞。

Cell production, if you took this -- you make the anode, the cathode, the lithium, the electrolyte separator, can and then you got to put all that together in the cell factory. And there are entire companies that only do is produce cells but they don't do the other stuff, refine or the cathode or. So our cell production is going quite well. And I think we're -- are we sort of the lowest cost per kilowatt hour in the --

電池生產，如果你採取這個——你製造陽極、陰極、鋰、電解質隔膜，然後你必須在電池工廠裡把所有這些組裝在一起。還有一些公司只生產電池，而不生產其他產品，例如精製或陰極等。所以我們的電池生產進展相當順利。我認為我們是－我們是每千瓦時成本最低的--

All cells we purchase in North America.

所有電池我們都在北美購買。

Yeah. So we have the lowest cost per kilowatt hour, all things considered. So the Tesla cell is the most competitive cell. Yes, for a kilowatt hour bringing to a car, it's a Tesla cell, it's lower cost than a supplier cell.

是的。因此，綜合考慮各方面因素，我們的每千瓦時成本是最低的。所以特斯拉電池是最具競爭力的電池。是的，對於為汽車提供一千瓦時的電力來說，它是特斯拉電池，其成本比供應商電池低。

Yeah. And the plan this year is to really build off that base. Getting to cost is -- it's the hardest challenge for so many entry. It's relatively easy to build a flashy product that does one thing well to build something at high volume, low cost is to be difficult, and we're kind of using that space to then drill off and performance in different areas for new products coming out.

是的。今年的計劃就是真正以此為基礎繼續發展。降低成本是許多進入者面臨的最艱難的挑戰。製造一款性能出色、外觀酷炫的產品相對容易，但要大批量、低成本地生產一款產品則比較困難，我們會利用這個機會，在新產品推出時，深入挖掘不同領域的性能。

Yeah. I mean, to Elon's point, there's a lot of advantages for regionalization. The most important thing is we're not of working capital for six to eight weeks on the ocean. If there's a design change, then everything that's in transit basically has to be scrapped.

是的。我的意思是，正如埃隆所說，區域化有很多好處。最重要的是我們在海上航行六到八週的時間裡沒有營運資金。如果設計發生變化，那麼運輸過程中的所有物品基本上都必須報廢。

Secondly, port disruptions, as we're talking, COVID can be very expensive because slide disconnects can shut down production. So then your rolling option that's costly expedite. It also gives us resilience in supply chain. If one region is down, we can bridge with others. It's more who to set up in the beginning, but it's critical to have when the need arises. Having said that, it's unrealistic there's 100% regionalization across the board for specialized areas such as semiconductors.

其次，正如我們所說，港口中斷，COVID 可能會造成非常大的損失，因為滑動斷開裝置可能會導致生產停止。因此，您的滾動選擇是昂貴的加急選擇。它還使我們的供應鏈具有彈性。如果一個地區出現問題，我們可以與其他地區建立聯繫。這更多的是一開始要設立誰的問題，但當需要時，這一點至關重要。話雖如此，但在半導體等專業領域實現全面100%的區域化是不切實際的。

In such cases, our teams works very closely with our partners to ensure we have strategic banks in place and disruption doesn't impact production while we stand up the regional manufacturing for that particular commodity.

在這種情況下，我們的團隊與合作夥伴密切合作，以確保我們擁有戰略儲備，並且在我們為特定商品提供區域製造的同時，中斷不會影響生產。

And I'll say like unless the vehicle like you own was talking about with, we very testing, you recycle those in melters the same thing with plastics, but it doesn't mean we're not exposed. We do have some areas where we use magnets and we've been working for years to find alternative sources and bring those up as well as we have machines. And as we've mentioned in the past, we're working on for some time.

我想說的是，除非像您所談論的車輛一樣，我們進行過非常多的測試，您在熔爐中回收那些與塑料相同的東西，但這並不意味著我們沒有接觸過。我們確實在某些領域使用磁鐵，並且我們多年來一直致力於尋找替代能源，並將它們提升到與機器一樣好的高度。正如我們過去提到的，我們已經努力了一段時間。

So as [Karn] said, with our heavy regionalization percentages, we definitely like the lowest exposed to this, but we're not completely new to remarked.

因此，正如 [Karn] 所說，由於我們的區域化比例很高，我們肯定希望將這一比例降至最低，但我們對此並不完全陌生。

Great. Similarly related on the battery to guide, does Tesla the battery supply constrained as noted on the Q4 call and does that change with tariffs?

偉大的。同樣與電池指南相關，特斯拉的電池供應是否如第四季度電話會議所述受到限制，並且這種情況會隨著關稅而改變嗎？

This is Karn. We've been working very hard to expand battery cell production in the US, both with vendors and what Bonne mentioned earlier with the 4680 program. And we're also working on moving the upstream supply chain for battery cells to the United States for several years. And that strategy is really starting to pay off now.

這是卡恩。我們一直在努力擴大美國的電池生產，包括與供應商的合作以及 Bonne 之前提到的 4680 計劃。我們也致力於在未來幾年將電池上游供應鏈轉移到美國。現在這一策略確實開始產生效果了。

As it stands right now, we're not constrained on battery cell supply for vehicles. The recent tariffs do pose some challenges to Tesla Energy, well, like our CFO mentioned earlier, but it's something we've been anticipating and we should be able to resolve in a timely fashion.

就目前情況而言，我們的車輛電池供應並未受到限制。正如我們的財務長之前提到的那樣，最近的關稅確實給特斯拉能源帶來了一些挑戰，但這是我們一直預料到的事情，我們應該能夠及時解決。

We actually have a kind of place right going towards it. We also have some other sources coming online to supplement the shortfall. And then of course, we have the production that's happening in-house.

我們實際上有一個正朝著它前進的地方。我們還有一些其他資源可用於彌補不足。當然，我們還有內部生產。

We have a slight disconnect of aligning the right cells with the right path. So that's the little bit of puzzle that we have to solve internally. But as far as cells go, there's no shortage.

我們在將正確的單元格與正確的路徑對齊方面存在輕微的脫節。所以這是我們內部必須解決的小難題。但就細胞而言，並不短缺。

Great. Thank you very much. The next question is, did Tesla experience any meaningful changes in order inflow rate in Q1 they to all the rumors of brand damage?

偉大的。非常感謝。下一個問題是，儘管有傳言稱特斯拉品牌受損，但其第一季的訂單流入率是否經歷了任何有意義的變化？

In Q1, as I mentioned earlier, we took the best-selling car over the last two years and ramped up all four of our global factories. And in less than eight weeks, we've already gone to the rate of our previous Model Ys in the factories. So just kudos again to the team for the great job there.

正如我之前提到的，在第一季度，我們推出了過去兩年中最暢銷的汽車，並增加了全球四家工廠的產能。在不到八週的時間內，我們工廠的生產速度就已經達到了先前 Model Y 的水平。因此，再次向團隊的出色工作表示敬意。

And despite the economic strain and negative articles, in California in Q1, Tesla remained the best-selling car, not just EV. And additionally, we had a record number of test drives globally in Q1 as well. So interest remains high. And so right now, we continue to see good interest still on the vehicle.

儘管面臨經濟壓力和負面報道，特斯拉在第一季仍然是加州最暢銷的汽車，而不僅僅是電動車。此外，我們在第一季的全球試駕次數也創下了紀錄。因此人們的興趣仍然很高。因此，目前我們仍然看到人們對這款車的濃厚興趣。

Yeah. I mean, Tesla into sort of the macro demand for cars. So when there is economic uncertainty, people generally want to pause on buying, doing a major capital purchase like a car. But as far as absent macro issues, we don't see any reduction in demand.

是的。我的意思是，特斯拉滿足了汽車的宏觀需求。因此，當經濟出現不確定性時，人們通常會暫停購買汽車等重大資本性支出。但就不存在宏觀問題而言，我們並未看到需求減少。

Correct. And that's what we're continuing to focus on affordability. And it's fun to focus there.

正確的。這就是我們繼續關注可負擔性的原因。集中精力在那裡很有趣。

Fantastic. The next question is regarding the Tesla Optimus pilot line, could you confirm if it is currently operational? If so, what is the current production rate of Optimus per week? Additionally, how might the recent tariffs impact the scalability of this production line moving forward?

極好的。下一個問題是關於特斯拉 Optimus 試點生產線的，您能否確認它目前是否正在運作？如果是的話，目前 Optimus 每週的生產力是多少？此外，最近的關稅將如何影響該生產線未來的可擴展性？

I want to say Optimus is still very much a development program. It's not a large volume production. This year, we'll make a few -- we do expect to make thousands of Optimus robots, but most of that production is going to be at the end of the year. So the -- almost everything in Optimus is new. There's not like an existing supply chain for the motors, gearboxes, electronics, actuators, really anything in the Optimus apart from the AI Tesla AI computer, which is the same as the one in the car.

我想說的是 Optimus 在很大程度上仍然是一個開發項目。這不是大批量生產。今年，我們將生產一些——我們確實希望生產數千個 Optimus 機器人，但大部分生產將在年底完成。所以 Optimus 中的幾乎所有東西都是新的。除了與汽車中的相同的特斯拉人工智慧計算機之外，Optimus 中的任何東西都沒有現有的馬達、變速箱、電子設備、執行器的供應鏈。

So when you have a new complex manufactured product, it will move as fast as the slowest and least lucky component in the entire thing. And as opposed to proximation, there's like 10,000 unique things. So that's why anyone you tells you they can predict with precision, the production ramp of the truly new product is -- doesn't know what they're talking about. It is totally impossible.

因此，當您擁有新的複雜製造產品時，它的運行速度將與整個產品中最慢、最不幸運的組件一樣快。與近似值相反，有大約 10,000 個獨特的事物。所以這就是為什麼任何告訴你他們可以精確預測真正新產品的生產坡道的人都不知道他們在說什麼。這根本就不可能。

So you go through this like a series of constraints where I would think this part is back now that passing factor and multiply that by 1,000 basically. And then the rate of the production is decided by how quickly you can solve each of those problems.

因此，您要經歷一系列約束，我認為這部分現在又回到了傳遞因子，基本上將其乘以 1,000。然後，生產力取決於你解決每個問題的速度。

Now, Optimus was affected by the magnet issue from China because the Optimus actuators in the arm to use permanent magnets. But when something is volume constrained like an arm of the robot, then you want to try to make the motor as small as possible. So we did design permanent magnets for those motors, and that's more affected by the supply chain by basically China requiring an export license to send out anywhere with magnets.

現在，Optimus 受到了來自中國的磁鐵問題的影響，因為 Optimus 手臂中的執行器使用了永久磁鐵。但是當某些東西的體積受到限制時，例如機器人的手臂，那麼您就需要嘗試使馬達盡可能小。因此，我們確實為這些馬達設計了永久磁鐵，但這更多地受到供應鏈的影響，因為中國基本上要求獲得出口許可證才能將磁鐵運送到任何地方。

So we're working through that with China. Hopefully, we'll get a license to use the rare-Earth magnets. China wants some assurances that these are not used for military purposes, which obviously they're not. They're just going into a humanoid robot. So -- and it's a non-weapon system. But that is an example of a challenge there.

因此我們正在與中國合作解決這個問題。希望我們能夠獲得使用稀土磁鐵的許可證。中國希望得到保證，這些武器不會用於軍事目的，但顯然並非如此。他們正要進入人形機器人。所以——這是一個非武器系統。但這就是挑戰的一個例子。

I'm confident we'll overcome these issues. And we'll, by the end of this year, have thousands of Optimus robots.

我相信我們能夠克服這些問題。今年底，我們將擁有數千台擎天柱機器人。

Great. Thank you very much. And the last question, we already covered earlier, whether Robotaxi was still on track for this year. So with that, we can move on to analyst questions. The first question is going to come from Pierre at New Street. Pierre, please unmute yourself.

偉大的。非常感謝。最後一個問題，我們之前已經討論過了，Robotaxi 今年是否還能順利發展。因此，我們可以繼續回答分析師的問題。第一個問題來自新街的皮埃爾。皮埃爾，請取消靜音。

Hey guys, can you hear me?

嘿夥計們，能聽到我說話嗎？

Yeah.

是的。

That's great. I'm super excited to hear Robotaxi and Optimus becoming the very tangible future for Tesla. But I have actually a question on the legacy, not legacy, in the current like Auto business. And when I look back to the ramp of Model 3 a few years ago, I really saw it as being the iPhone of cars, a new product, completely reinvented, very different user experience, vastly superior, impossible to match for traditional competitors. And for the iPhone, which resulted in the high end of the smartphone market quadrupling in size and actually Apple taking 60% market share.

那太棒了。我非常高興聽到 Robotaxi 和 Optimus 成為特斯拉實際的未來。但我實際上對當前汽車行業的遺產（而非遺留問題）有一個疑問。當我回顧幾年前 Model 3 的推出時，我真的把它看作是汽車界的 iPhone，一款全新產品，完全重新設計，用戶體驗非常不同，非常優越，傳統競爭對手無法匹敵。而對於 iPhone 來說，這導致高階智慧型手機市場規模擴大了四倍，蘋果實際上佔了 60% 的市場。

And so when you look at the Model 3 and the Model Y today, I think they are still actually vastly superior to any other cars. And I wonder why they've taken about 15% of their addressable market and not more actually? So another way to put it is, why are there so many people still buying BMW and Mercedes, knowing that Model 3 and the Model Ys are out there and available?

因此，當你今天看到 Model 3 和 Model Y 時，我認為它們實際上仍然遠遠優於任何其他汽車。我想知道為什麼他們只佔了其目標市場的 15% 左右，而不是更多？換句話說，既然 Model 3 和 Model Y 已經上市銷售，為什麼還有這麼多人購買寶馬和賓士呢？

And I wonder if you're trying to solve that internally. If you understand why -- what are the auto buyers buying a Model 3 or Model Y missing. And if you have ideas of things you could do to address that. Maybe there is enormous value left on the table there. Yes, that's what I'm wondering these days.

我想知道您是否正在嘗試從內部解決這個問題。如果你理解原因——購買 Model 3 或 Model Y 的汽車買家錯過了什麼。如果您有想法可以採取哪些措施來解決這個問題。也許那裡還有巨大的價值等待挖掘。是的，這就是我最近想知道的。

Yeah. The reality is that in the future, most people are not going to buy cars. So it's kind of a -- one could sort of say, look, if you want to continue with your phone metaphor, I mean, you can remember the days of the flip-phones when there was 100 different flip-phone designs. And I would the mistake that lump manufacturers made was to try to make many different variants of which was a mistake. They should have made the iPhone.

是的。現實情況是，未來大多數人不會購買汽車。所以這有點像——有人可能會說，看，如果你想繼續用手機來打比方，我的意思是，你可以記得翻蓋手機的時代，當時有 100 種不同的翻蓋手機設計。我認為塊狀產品製造商所犯的錯誤是試圖製造許多不同的變體，這是一個錯誤。他們本來應該製造 iPhone。

So because, obviously, everyone is going to want a smartphone. But in the beginning of when the iPhone came out, I was like, wow, I can't believe these guys as not reacting as though this is death. But they kept making and flip-phones.

顯然，每個人都想要一部智慧型手機。但在 iPhone 剛推出時，我就覺得，哇，我不敢相信這些人竟然沒有對此做出反應，就好像這是死亡一樣。但他們仍在繼續生產翻蓋手機。

You think at one point, it was the most valuable company in the world or close to it? But they kept making flip-phones, trying to find another if somebody wants forward of a different style. I mean, this different color or whatever it is. No. They just want a super intelligent phone that can do everything, just one.

您認為它曾經是世界上最有價值的公司，或接近世界上最有價值的公司嗎？但他們仍在生產翻蓋手機，並試圖找到另一種手機，以防有人想要不同風格的手機。我的意思是，這種不同的顏色或其他什麼顏色。不。他們只是想要一部可以做所有事情的超級智慧型手機，僅此而已。

I said this many years ago in the future, in the not-too-distant future, buying a gasoline car that is not autonomous, will be like writing on using a flip-phone. Some people still do it, but it's rare.

我多年前就說過，在不久的將來，購買非自動駕駛的汽油車就像用翻蓋手機寫字一樣。有些人仍然這樣做，但這種情況很少見。

Great. The next question comes from Emmanuel Rosner at Wolfe. Emmanuel, please unmute yourself.

偉大的。下一個問題來自 Wolfe 的 Emmanuel Rosner。伊曼紐爾，請取消靜音。

Great. Thanks for taking my question. So Elon, the public version of the FSD software still has a decent amount of, I guess, intermittent human interventions that are required. So what's still required for the software on your end to get to a level where it doesn't need to be supervised? And I'm asking that in the context of obviously, the June launch being in the next couple of months. What still needs to happen?

偉大的。感謝您回答我的問題。所以 Elon，我猜 FSD 軟體的公開版本仍然需要相當多的間歇性人工幹預。那麼，你們這邊的軟體還需要做些什麼才能達到不需要監督的程度呢？我問這個問題的背景顯然是，六月的記者會將在接下來的幾個月裡舉行。還需要發生什麼事？

We are working a number of items to. Yes. I mean, we are aware of the interventions that are happening in the public bills, and that's why we are hardcore burning it down. And really speaking, some initial city helped us focus on like solving all the issues that we face here for example, like is focusing on Austin.

我們正在處理多項事宜。是的。我的意思是，我們知道公共法案中正在發生的干預，這就是我們堅決燒毀它的原因。實際上，一些最初的城市幫助我們集中精力解決我們在這裡面臨的所有問題，例如專注於奧斯汀。

We are not like solving all the issues that customers in Boston or somewhere else might face. And then here, we just have of all the issues, burn it down and that's what the team is working on, along with other sort of issues.

我們並不會解決波士頓或其他地方的客戶可能面臨的所有問題。然後在這裡，我們只需要解決所有問題，並將其分解，這就是團隊正在處理的問題，以及其他類型的問題。

For example, if one of the computer goes down, right on the customer fleet, it would like throw the hands ask you to take over, but we don't want the kind of situation. So you're solving both like the reliability issues of the software and also the regulatory issues of the system software together for Austin.

比如說，如果其中一台電腦宕機了，剛好在客戶機群上，它就會想拋出雙手請你來接管，但是我們不希望出現那種情況。因此，您要為奧斯汀同時解決軟體的可靠性問題和系統軟體的監管問題。

Yeah. Really just work through a long tail of unusual interventions. And these are really very like this is a singular intervention every 10,000 miles. I mean, that's a lot of driving you've got to do to even find one case within (inaudible)

是的。實際上只是透過一系列不尋常的干預措施來發揮作用。這些確實非常像每 10,000 英里進行一次單獨的干預。我的意思是，你必須開車很多才能在（聽不清楚）

Yes. And some interventions systematic missing functionality, for example, for handling emergency vehicles currently, you don't need to consume audio as an input but then the customer-facing versions don't have audio input. But the version that's in -- that's going to be in Austin will have audio input and so on.

是的。有些幹預系統缺少功能，例如，目前對於處理緊急車輛，您不需要使用音訊作為輸入，但面向客戶的版本沒有音訊輸入。但在奧斯汀推出的版本將具有音訊輸入等功能。

Okay. But would you have like remote operators, for example?

好的。但是，例如，您是否喜歡遠端操作員？

If a car gets stuck or some things, someone will like unlock it. But it's just bigger, we are a bit conservative and tend towards more safety than even if we get stuck every now and then we do have remote support. But it's not going to be required for safe operation. If anything, it's just required for more availability.

如果汽車被卡住或發生其他情況，有人會喜歡解鎖。但它只是更大，我們有點保守，傾向於更安全，即使我們時不時陷入困境，我們確實有遠端支援。但這並不是安全操作所必需的。如果有的話，它只是為了提高可用性。

Anyway, it's only a couple of months away so you're going to see it yourself in a couple of months in Austin.

無論如何，只需要幾個月的時間，所以幾個月後你會在奧斯汀親眼看到它。

Great. Our next question comes from Edison at Deutsche Bank. Edison, unmute yourself.

偉大的。我們的下一個問題來自德意志銀行的愛迪生。愛迪生，取消靜音吧。

Hi. Thank you very much for the question. So I want to ask about the Optimus supply chain going forward. You mentioned a very fast ramp-up. What do you envision that supply chain looking like? Is it going to require many more suppliers to be in the US now because of the tariffs? How does one kind of think about what needs to happen there?

你好。非常感謝您的提問。所以我想問 Optimus 供應鏈的未來發展。您提到了非常快速的成長。您設想的供應鏈是什麼樣的？由於關稅，現在是否需要更多的供應商進入美國？人們如何思考那裡需要發生什麼？

We'll have to see how things settle out. I mean, for doing as already talked about, which is that we've already taken tremendous steps to localize our supply chain, more localized than any other manufacturer. And we have a lot of things kind of underway that to increase the localization to reduce supply chain risk associated with geopolitical uncertainty.

我們必須看看事情如何解決。我的意思是，正如我們已經談到的那樣，我們已經採取了巨大的措施來本地化我們的供應鏈，比任何其他製造商都更加本地化。我們正在進行許多工作，以提高在地化程度，從而降低與地緣政治不確定性相關的供應鏈風險。

Did you have a follow-up?

你有後續行動嗎？

Yeah. Wanted to come back actually to the Robotaxi then. Do you have a sense on how many cars or how big the scale will be initially and how that might ramp up? I know you're targeting millions of vehicles in the second half kind of next year. But initially at launch, how many vehicles would be reasonable? And is it going to be as simple as if one goes to Austin, let's say in late June and July, you'll be able to request?

是的。當時我其實想回到 Robotaxi。您是否知道最初會有多少輛汽車或規模有多大以及如何擴大？我知道你們的目標是在明年下半年銷售數百萬輛汽車。但最初推出時，多少輛汽車才是合理的？這是否會像去奧斯汀一樣簡單，比如說在六月底和七月，你就可以提出請求？

Yeah. We're still debating the exact number to start up on day one, but it's, I don't know, maybe 10 or 20 vehicles on day one and watch it carefully to scale it up rapidly after that. So we want to make sure that we're paying very close attention to the first time this happens. But yes, you will end of June or July. Just go to Austin and order a Tesla autonomous drive.

是的。我們仍在討論第一天啟動的具體數量，但我不知道，也許第一天有 10 或 20 輛車，然後仔細觀察，然後迅速擴大規模。因此，我們要確保在第一次發生這種情況時給予密切關注。但是的，你將在六月底或七月底。只需前往奧斯汀並訂購一輛特斯拉自動駕駛汽車。

Great. The next question comes from George at Canaccord.

偉大的。下一個問題來自 Canaccord 的喬治。

Hi, thank you for taking my question. It has to do with FSD pricing. Can we envision when you launch unsupervised FSD that there could be sort of a multitiered pricing approach to unsupervised versus supervised similar to what you did with autopilot versus FSD in the past?

你好，謝謝你回答我的問題。這與 FSD 定價有關。我們是否可以設想，當您推出無監督 FSD 時，可能會出現一種對無監督和監督的多層次定價方法，類似於您過去對自動駕駛儀和 FSD 所做的那樣？

I mean, this is something which we've been thinking about. I mean, just so now for people who have been trying FSD and who've been using FSD, the thing given the current pricing is to achieve because for $99, basically getting a personal shop.

我的意思是，這是我們一直在思考的事情。我的意思是，現在對於那些嘗試過 FSD 並且一直在使用 FSD 的人來說，以目前的定價，只需 99 美元，基本上就可以享受到私人商店的服務。

Yeah. I mean, we do need to give people more time to, if they want to look like a key breakpoint is, can you read text messages or not? Can you write a text message or not? Because obviously, people are doing this, by the way, with an autonomous do all the time.

是的。我的意思是，我們確實需要給人們更多的時間，如果他們想看起來像一個關鍵的斷點，你能讀短信嗎？可以寫簡訊嗎？因為顯然，人們一直都是自主地這麼做的。

And if you just go for a drive down the highway and you'll see people texting while driving doing 80 miles an hour. Yes, putting on makeup, doing their hair with the mirror down and texting and driving at 80 miles an hour. This is a common occurrence.

如果你沿著高速公路開車，你會看到人們在以每小時 80 英里的速度行駛時發送簡訊。是的，化妝、對著鏡子梳頭髮、發短信、以每小時 80 英里的速度開車。這是一種常見現象。

So we will be getting launch, you name it, -- so any, but right now, the car is very consistent that you pay attention to the road, which reduces the value somewhat because it's very rigorous about you paying attention to the road. And we'll gradually lighten up on that every few weeks or every month, we'll relax that a little bit and make it so you can be more and more able to do things you want to do and not have the car demand your is attention.

因此，我們將開始發射，無論你說出什麼，--任何，但現在，汽車非常一致，你會注意路況，這在一定程度上降低了價值，因為它非常嚴格地要求你注意路況。每隔幾週或每個月，我們就會逐漸放鬆對此的限制，讓您能夠做自己想做的事情，而不會讓汽車佔用您的注意力。

So that value -- it will really be profound when you can basically do whatever you want, including sleep. And then that $99 is going to seem like the best $99 you ever spent in your life.

因此，當你基本上可以做任何你想做的事情，包括睡覺時，這種價值將真正具有深遠的意義。然後，這 99 美元就會成為你一生中花得最值得的 99 美元。

And George, do you have a follow-up?

喬治，你還有後續消息嗎？

My follow-up is about geographic expansion. Just maybe discuss additional markets. There's been some news around India recently that you could launch this year and next. Thank you.

我的後續主題是關於地理擴張。也許只是討論一下其他市場。最近印度有消息稱，你們可能會在今年和明年推出這款產品。謝謝。

So yeah, I mean, we've been working on getting into India. India is a very hot market. And especially the current -- and I don't want to talk just about tariffs, but the current line structure within is that any car which we send in is subject to 70% tariff, also like a 30% luxury tax on it. So the same car which we're is like 100% more expensive than what it has. So that creates a lot of anxiety is like people feel, okay, they're paying too much for the car.

是的，我的意思是，我們一直在努力進入印度。印度是一個非常熱門的市場。尤其是當前——我不想只談論關稅，但目前的線路結構是，我們發送的任何汽車都要繳納 70% 的關稅，還要繳納 30% 的奢侈品稅。因此，我們擁有的同一輛車的價格比它的價格貴 100%。這讓人們感到非常焦慮，就好像他們為汽車付了太多錢。

And by the way, we're not getting the money. The local government is getting the money. And that's why we've been very careful trying to figure out when is the right time. We -- like I said, we are working on it. It will be a great market to enter because India has a big middle class, which we would want to tap in and tap market which we want to be in. But again, these kind of things create a little bit of tension which we're trying to work around.

順便說一句，我們沒有拿到錢。當地政府正在獲得這筆錢。這就是為什麼我們一直非常小心地試圖找出正確的時機。我們──就像我說的，我們正在努力。這將是一個很好的市場，因為印度擁有龐大的中產階級，我們希望挖掘這個市場並進入這個市場。但同樣，這些事情會造成一些緊張局勢，我們正在努力解決這個問題。

Great, thank you so much. The next question comes from Adam Jonas at Morgan Stanley. Go ahead.

太好了，非常感謝。下一個問題來自摩根士丹利的亞當喬納斯。前進。

We can't hear you, Adam, so maybe we'll put you back in the queue and we'll move to Colin Langan from Wells Fargo while Adam figures out his audio. Colin, unmute yourself.

亞當，我們聽不到你的聲音，所以也許我們會把你放回隊列中，然後我們會轉到富國銀行的科林·蘭根，讓亞當弄清楚他的音訊。科林，取消靜音。

Do you hear me?

你聽見我說話了嗎？

Yes.

是的。

Great. You're still sticking with the vision-only approach. A lot of it on the people still have a lot of concerns about sun glare, fog, and dust. Any color on how you anticipate on getting around those issues? Because my understanding, it kind of blinds the camera when you get glare and stuff.

偉大的。您仍然堅持只專注於視覺的方法。人們仍然對太陽光、霧氣和灰塵有很多擔憂。您預計如何解決這些問題？因為據我了解，當有眩光和其他東西時，它會使相機失明。

Actually, it does not blind the camera. We use an approach, which is a direct photon count. So when you see a processed image, so the image that goes from the -- with sort of photon counter, the silicon photon counter, that they get -- goes through a digital signal processor or image signal processor. That's normally what happens.

實際上，它不會使相機失明。我們採用一種方法，即直接光子計數。因此，當您看到已處理的影像時，來自光子計數器（矽光子計數器）的影像會經過數位訊號處理器或影像訊號處理器。這是通常發生的情況。

And then the image that you see looks all washed out because if it's -- you pointed a camera at the sun, the post-processing of the photon counting washes things out. It actually adds noise. So quite a big breakthrough that we made some time ago was to go with direct photon counting and bypass the image signal processor. And then you can drive pretty much straight at the sun, and you can also see in what appears to be the blackest of blacks.

然後，您看到的影像看起來就完全褪色了，因為如果—您將相機對準太陽，光子計數的後製會使影像褪色。它實際上會增加噪音。因此，我們不久前取得的一個重大突破是採用直接光子計數並繞過影像訊號處理器。然後你就可以直直地朝著太陽行駛，而且還能看到最黑的黑色。

And then in fog, we can see as well as people can, probably better but slightly better than people than the average person anyway.

在霧中，我們的視力和人一樣好，可能比普通人更好，但無論如何都比普通人好一點。

So the camera is able to see when there's direct glare on it?

那麼，當有直射光照射時，相機還能看清東西嗎？

Yeah.

是的。

Okay. And then just there are obviously media reports the other day that the affordable model was delayed. It doesn't sound like that's correct. Those reports also talked about it being more of a cheaper version of the Model Y. Any color on what we should expect? Is it a cheaper version of the Model Y? Or is it actually going to be a design change with it?

好的。前幾天就有媒體報道稱，這款經濟實惠的車型被推遲了。這聽起來似乎不正確。這些報導還稱，它更像是 Model Y 的廉價版本。我們對它有什麼期待嗎？它是 Model Y 的廉價版嗎？或者它實際上會改變設計？

So I think Lars only covered it in answering one of the say.com questions. The real thing which we are trying to focus on is affordability. And using our existing lines, and there's always limitations when you're using the existing lines as to how many different form factors can you bring to it. So that's the way I would say you should think about it. And I don't know if Lars, you anything more to that?

所以我認為 Lars 只是在回答 say.com 的一個問題時涉及到了這一點。我們真正關注的是可負擔性。並使用我們現有的生產線，當您使用現有生產線時，總是會有限制，即您可以為其帶來多少不同的外形尺寸。所以我認為你應該這樣思考。我不知道 Lars，你還有什麼想說的嗎？

Yes. I think I said this before in the call, like with the recent upgrades to the Model 3 and the Model Y platforms, we need some pretty great cars pretty big prices and a bunch of features and things like that. I think it's easy to consider that moving forward, Tesla doesn't make bad cars, and we always make -- our intent is not to make a car that is any worse than any car we've ever produced in the past. And so the models that come out in the next months will be built on our lines and will resemble form and shape the cars we currently make and is that they'll be affordable and they'll be able to buy them.

是的。我想我之前在電話中說過，就像最近對 Model 3 和 Model Y 平台的升級一樣，我們需要一些非常棒的汽車、相當高的價格以及一系列功能等等。我認為很容易認為，展望未來，特斯拉不會製造糟糕的汽車，而且我們一直在製造——我們的目的不是製造比我們過去生產的任何汽車更糟糕的汽車。因此，未來幾個月推出的車型將按照我們的生產線生產，其外形和設計將與我們目前生產的汽車相似，而且價格實惠，消費者能夠購買。

Great. We might have time for one last question. Adam, we'll try your audio again. Do you want to try to unmute yourself, Adam? All right. Unfortunately, still not working -- go ahead.

偉大的。我們可能還有時間回答最後一個問題。亞當，我們會再試一次你的音訊。你想嘗試取消靜音嗎，亞當？好的。不幸的是，仍然不起作用--繼續。

Yeah, in the February 28 Joe Rogan interview, Elon, you advocated for a ramp in tariffs to give people time to adjust. Otherwise, you said the system would break and bad things would happen. So are things breaking yet? And if the announced -- if the tariffs as announced remain in place, when would things start breaking?

是的，埃隆，在 2 月 28 日接受喬·羅根採訪時，你主張提高關稅，以便人們有時間適應。否則，您說系統就會崩潰，就會發生不好的事情。那麼事情已經改變了嗎？如果宣布的關稅繼續實施，什麼時候情況會開始改變？

Well, at the risk of stating the obvious, I'm not -- I'm one of many advisers to the President, I'm not the President. But I've made my opinion clear to the President and that -- and other people made their opinion clear to the President. He talks to many people and he makes his decision. And I'm hopeful that the President will observe where the predictions are more accurate than the predictions of others and perhaps where he might advise differently in the future, which we'll see. But I'm an advocate of predictable tariff structures and generally I'm an advocate for free trade and lower tariffs.

好吧，儘管這麼說有些明顯，但我不是——我是總統的眾多顧問之一，我不是總統。但我已經向總統明確表達了我的意見，其他人也向總統明確表達了他們的意見。他與很多人交談並做出了決定。我希望總統能夠觀察哪些預測比其他人的預測更準確，並在未來提出不同的建議，我們將拭​​目以待。但我主張可預測的關稅結構，整體而言，我主張自由貿易和降低關稅。

Now, one does need to take a look at where if some country is doing something predatory with tariffs or is providing extreme support for -- if a government is providing extreme financial support for a particular industry, then we have to do something to counteract that. But I think that's on a case-by-case basis strategically. But the President is the elected representative of the people and is fully within his rights to do what he would like to do.

現在，我們確實需要看看，如果某個國家透過關稅採取掠奪性行動，或者為某個特定行業提供極端支持——如果某個政府為某個特定行業提供極端的財政支持，那麼我們就必須採取措施來抵消這種影響。但我認為從戰略上來說，這是根據具體情況而定的。但總統是人民選舉產生的代表，他完全有權利做他想做的事。

Okay. Elon, I respect that. Just as a follow-up, thanks again. Between China and United States, who, in your opinion, is further ahead on the development of physical AI, specifically on humanoid and also drones? I'd be interested. And is it even close and kind of how --

好的。伊隆，我尊重這一點。作為後續行動，再次感謝。您認為中國和美國在物理人工智慧（尤其是人形機器人和無人機）的發展上誰更領先？我很有興趣。它接近嗎？怎麼樣--

I mean, a friend of mine posted on X, I reposted it. I think of a prophetic statement, which is any country that cannot on drones is doing to be the vast state of any country that can. And we can't -- America cannot currently manufacture its own drones. Let that sink in, unfortunately.

我的意思是，我的一個朋友在 X 上發了帖子，我轉發了它。我想到了一個預言，那就是任何不能使用無人機的國家都無法成為任何可以使用無人機的國家的龐大國家。我們不能——美國目前無法製造自己的無人機。不幸的是，讓我們接受這一點。

So China, I believe manufactures about 70% of all drones. And if you look at the total supply chain, China is almost 100% of drones are -- have a supply chain dependency on China. So China is in a very strong position.

所以我相信中國生產了大約70%的無人機。如果你看整個供應鏈，你會發現幾乎 100% 的無人機供應鏈都依賴中國。因此，中國處於非常有利的地位。

And with America, we need to tip more of our people and resources to manufacturing because this is -- and I have a lot of respect for China because I think China is amazing, actually. But the United States does not have such a severe dependency on China for drones and be unable to make them unless China gives us the parts, which is currently the situation.

對美國來說，我們需要將更多的人力和資源投入製造業，因為這是——我非常尊重中國，因為我認為中國其實非常棒。但美國對中國的無人機依賴程度就沒那麼嚴重，除非中國提供零件，否則美國無法製造無人機，而目前的情況就是如此。

With respect to humanoid robots, I don't think there's any company and any country that can match as well. Tesla and SpaceX are number one. And then I'm a little concerned that on the leaderboard, ranks 2 through 10 will be Chinese companies. We're not confident that rank one will be Tesla.

在人形機器人方面，我認為沒有任何一家公司、任何一個國家能夠做到如此。特斯拉和 SpaceX 位居第一。然後我有點擔心排行榜上排名第二到第十的會是中國公司。我們沒有信心特斯拉能奪得第一名。

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

偉大的。好吧，很遺憾，我想我們今天的時間就這麼多了。我們感謝您提出的所有問題，並期待下個季度與您交談。非常感謝，再見。