特斯拉 (TSLA) 2025 Q2 法說會逐字稿

Good afternoon, everyone, and welcome to Tesla's Second 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.

大家下午好，歡迎收聽特斯拉 2025 年第二季問答網路直播。我是投資者關係主管特拉維斯·阿克塞爾羅德 (Travis Axelrod)，今天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。

Our Q2 results were announced at about 3:00 PM Central Time in the update deck we published at the same link as this webcast. During this call, we will discuss our business outlook and make forward-looking statements.

我們的第二季業績於美國中部時間下午 3:00 左右在與本次網路廣播相同的連結中發布的更新報告中公佈。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。

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

這些評論是基於我們今天的預測和期望。由於多種風險和不確定因素，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因素，實際事件或結果可能存在重大差異。（活動說明）在我們進入問答環節之前，艾隆先講一些開場白。埃隆？

Thanks, Travis. So we've had a very exciting quarter. We're able to successfully launch Robotaxis, so providing our first drives with no one in the driver seat with paying customers in Austin. And as some may have noted, we've already expanded our service area in Austin.

謝謝，崔維斯。因此，我們度過了一個非常令人興奮的季度。我們成功推出了 Robotaxis，從而為奧斯汀的付費客戶提供了首次無人駕駛的體驗。有些人可能已經注意到，我們已經擴大了在奧斯汀的服務區域。

It's bigger and longer, and it's going to get even better and longer. We were expecting to really greatly increase the motion service area to well in excess of what competitors can, and that's hopefully in a week or so, two weeks?

它更大、更長，而且會變得更好、更長。我們希望大幅擴大運動服務區域，使其遠遠超過競爭對手，希望在一周左右或兩週內實現？

Yeah, couple of weeks.

是的，幾週了。

A couple weeks or so. And we're getting the regulatory permission to launch in the Bay Area, Nevada, Arizona, and a number of -- and Florida and a number of other places. So as soon as we, get the approvals and we improve our safety, then we'll be launching autonomous ride hailing in most of the country, and I think we'll probably, have autonomous ride hailing. And like half the population of the US by the end of the year, that's at least our goal, subject to regulatory approvals.

大約幾週。我們已獲得在灣區、內華達州、亞利桑那州以及佛羅裡達州和其他一些地方推出的監管許可。因此，一旦我們獲得批准並提高安全性，我們就會在全國大部分地區推出自動駕駛叫車服務，我認為我們可能會推出自動駕駛叫車服務。就像到今年年底美國一半的人口一樣，這至少是我們的目標，但要獲得監管部門的批准。

I think we'll technically be able to do it, so assuming we get regulatory approvals, it's probably addressing half the population of the US by the end of the year. But we are being very cautious. We don't want to take any chances, and so we're going to go cautiously, but the service areas and the number of vehicles in operation will increase at a hyper exponential rate.

我認為從技術上來說我們能夠做到這一點，因此假設我們獲得監管部門的批准，到今年年底，它可能會覆蓋美國一半的人口。但我們非常謹慎。我們不想冒任何風險，所以我們會謹慎行事，但服務區域和營運車輛的數量將以超指數級的速度增長。

So add some other notable things. Model Y in June became the bestselling car in Turkey, Netherlands, Switzerland, and Austria. It is, I believe, the bestselling car of any kind in the world still. And autonomy is a big factor there. So even without that -- even without supervised -- even with just supervised self, self-driving, it's a huge, selling point, and it's worth noting that we do not actually yet have approval for supervised FSD in Europe.

因此添加一些其他值得注意的事情。6 月份，Model Y 成為土耳其、荷蘭、瑞士和奧地利最暢銷的汽車。我相信，它仍然是世界上最暢銷的汽車。而自主性是一個重要因素。因此，即使沒有這個——即使沒有監督——即使只有監督自我、自動駕駛，這也是一個巨大的賣點，值得注意的是，我們實際上還沒有獲得歐洲對監督 FSD 的批准。

We will, so our sales in Europe, we think will improve significantly once we are able to give customers the same experience that they have in the US. This is I think a very important point to convey. And we've been working with Bay Country regulator, which is the Netherlands. And I think we're close to getting approval of the Netherlands, then it's going to go to the EU it's quite a Kafkaesque.

我們會的，因此，我們認為，一旦我們能夠為客戶提供與美國相同的體驗，我們在歐洲的銷售額將會顯著提高。我認為這是需要傳達的一個非常重要的觀點。我們一直在與荷蘭 Bay Country 監管機構合作。我認為我們即將獲得荷蘭的批准，然後它將提交給歐盟，這真是一個卡夫卡式的故事。

In fact, Kafka had no idea that something that the EU could exist, beyond comparative challenges with bureaucracy, but we will get the approvals, and I think we'll get. So people in Europe will have experience, some of them have the US, in most of Europe, this year, hopefully, at least partially, in this quarter.

事實上，卡夫卡根本不知道歐盟能夠存在，除了與官僚主義的比較挑戰之外，我們會得到批准，我認為我們會得到批准。因此，歐洲人今年將會有經驗，其中有些人有美國經驗，歐洲大部分地區也有經驗，希望至少部分在本季有經驗。

And then we also had some regulatory challenges in China, which we're hoping to unblock shortly, where we -- because we also cannot provide supervised FSD in China currently. We going to unblock that soon, and that's also -- that's another major, it's really is the single biggest demand driver.

然後，我們在中國也面臨一些監管挑戰，我們希望很快能解除這些挑戰，因為我們目前還無法在中國提供監督式 FSD。我們很快就會解除封鎖，這也是另一個重要因素，它確實是最大的需求驅動因素。

And then within the US, as we are confident about safety and in different geographic areas, we will loosen up on how much somebody has to be laser focused to have their eyes laser focused on the road, cause that's been a common complaint.

然後在美國境內，由於我們對安全以及在不同的地理區域充滿信心，我們將放寬對人們必須將眼睛聚焦在道路上的程度的要求，因為這一直是一個常見的抱怨。

In fact, it does create an odd safety issue where people will sometimes disengage, autopilot, then do something, change the radio or maybe look at the phone, drive with their knee, and then re-engage autopilot, which obviously is not is less safe than simply keeping autopilot on.

事實上，它確實產生了一個奇怪的安全問題，人們有時會脫離自動駕駛，然後做一些事情，改變收音機或看手機，用膝蓋駕駛，然後重新啟動自動駕駛，這顯然並不比簡單地保持自動駕駛更不安全。

So anyway, that experience will improve in in the next several weeks. Because I focus on Austin, with no one in the driver's seat, the production release of autopilot is actually several months behind what people experience on a Robotaxi in Austin.

無論如何，這種體驗將在接下來的幾週內得到改善。因為我關注的是奧斯汀，由於沒有人坐在駕駛座上，自動駕駛儀的生產發布實際上比人們在奧斯汀乘坐 Robotaxi 的體驗晚了幾個月。

So now we have the Robotaxi that was launched will provide adding back those elements. So that there will be, a step change improvements in the autopilot experience for people outside of Austin.

所以現在我們推出的 Robotaxi 將會提供這些元素。這樣，奧斯汀以外地區的人們的自動駕駛體驗就會顯著改善。

As you can tell, this is very much sort of autonomy is the story, like we need the physical product without which you cannot have autonomy, but once you have a physical product, you need -- the autonomy is what amplifies the value to stratospheric levels.

正如你所看到的，這在很大程度上是一種自主性，就像我們需要有形產品，沒有它你就無法擁有自主性，但是一旦你有了有形產品，你就需要——自主性將價值放大到平流層水平。

We also launched the Tesla Diner, which has been a huge hit. They actually got worldwide attention, which is unusual for a Diner. Diners don't typically get the headline news around Earth, but this is a pretty special Diner, and if you're in the LA area, it's worth visiting. It's sort of shining beacon of hope, but not otherwise sort of bleak urban landscape, frankly. So it's really quite a lovely experience, great job by the little team there.

我們也推出了特斯拉餐廳，並獲得了巨大的成功。他們實際上得到了全世界的關注，這對於一家餐廳來說是不尋常的。通常，食客們不會了解地球上的頭條新聞，但這是一個非常特別的食客，如果你在洛杉磯地區，值得一遊。坦白說，它就像是閃耀的希望燈塔，但並不像陰暗的城市景觀。所以這真的是一次非常愉快的經歷，那裡的小團隊做得很好。

On the full self-driving front, continue to worry about that. We're continuing to make significant improvements just with the software, so we're expecting to increase the parameter count actually at this point to what I think we think we can probably 10x -- almost 10x -- roughly 10x the parameter count.

在完全自動駕駛方面，我們繼續擔心這一點。我們正在繼續對軟體進行重大改進，因此我們預計此時參數數量實際上會增加到我認為可能增加 10 倍——幾乎 10 倍——大約 10 倍的參數數量。

So this is actually a very tricky thing to do because as you increase the parameter count, you get choked on memory bandwidth, but we currently think we can 10x the parameter count from what people are currently experiencing. That's not just the 4x, actually 10x increase in parameter count. And yeah, so there's still a lot of improvement on the existing hardware to happen.

所以這其實是一件非常棘手的事情，因為隨著參數數量的增加，記憶體頻寬會受到限制，但我們目前認為我們可以將參數數量增加 10 倍，以滿足人們目前所經歷的需求。這不僅僅是 4 倍，實際上是參數數量增加了 10 倍。是的，現有硬體仍有許多需要改進的地方。

Energy is growing really well, despite headwinds from tariffs and supply chain charges. The mega pack is expanding capacity quickly and we have upgrades to the mega pack that will make it even better, and we had record power deployment gain in Q2.

儘管面臨關稅和供應鏈費用的阻力，能源產業仍成長良好。大型電池組的容量正在迅速擴大，我們對大型電池組進行了升級，使其變得更好，並且我們在第二季度實現了創紀錄的電力部署成長。

So I think batteries are going to just going to be a massive thing. The scale of batteries, battery demand is, I think not that many people appreciate just how gigantic the scale of battery demand is. The way you think about it is that the US sustained power output for the US grid is around 1 terawatt.

所以我認為電池將會成為一個巨大的市場。電池的規模，電池需求，我認為沒有多少人意識到電池需求的規模有多巨大。您可以這樣想：美國電網的持續電力輸出約為 1 太瓦。

But average usage is less than half a terawatt. If you add batteries to the mix, you can run the power plants 24/7 at full capacity, thus doubling -- more than doubling the energy output per year of the United States just with batteries. But that's again a big deal. It's a really big deal.

但平均使用量不到半太瓦。如果再加上電池，就可以全天候滿載運轉發電廠，從而使美國每年的能源產量翻倍——僅使用電池就可以增加一倍以上。但這又是一件大事。這確實是一件大事。

At Optimus, so we're revolving Optimus design, and really get Optimus to the point where it is a phenomenal sign to an Optimus version 2 right now, sort of 2.5. Optimus 3 is an exquisite design in my opinion. And it will be an incredible -- as I've said many times before, I predicted, it will be the biggest product ever. It's a very hard problem to solve.

在Optimus方面，我們正在不斷改進Optimus的設計，力求將Optimus提升到如今Optimus 2.0的非凡水平，或者說是2.5版。在我看來，Optimus 3的設計非常精妙。這將是令人難以置信的——正如我之前多次說過的，我預測，這將是有史以來最偉大的產品。這是一個很難解決的問題。

You have to design that every part of it from physics-first principles, there's nothing that's off the shelf that actually works, so you could design every motor gearbox, power electronics, control electronics, sensors, the mechanical elements.

你必須根據物理第一原理來設計它的每一個部分，沒有任何現成的東西可以真正起作用，所以你可以設計每個馬達變速箱、電力電子設備、控制電子設備、感測器和機械元件。

We also got to train Optimus to use its lens and its sensors with a neural net. But we'll be applying the same techniques we will apply for a car, which is essentially a four wheeled robot, and Optimus is a robot with arms and legs.

我們也透過神經網路訓練 Optimus 使用它的鏡頭和感測器。但我們將應用與汽車相同的技術，汽車本質上是一個四輪機器人，而擎天柱是一個有手臂和腿的機器人。

So the same principles that apply to optimizing AI inference on the car applied to Optimus because they're both really robots in different forms. And Tesla, it is important to note that Tesla is by far the best in the world at real world AI.

因此，適用於優化汽車 AI 推理的相同原則也適用於 Optimus，因為它們實際上都是不同形式的機器人。至於特斯拉，值得注意的是，特斯拉是迄今為止現實世界人工智慧領域全球最優秀的。

Like a clear proof point with that would be if you compare say Tesla to Waymo, Waymo has got -- the car is festooned with God knows how many sensors. And yet, isn't Google good at AI? Yeah, but they're not good at real world AI thus far they have. Tesla is actually much better than Google by far than -- much better than anyone at real world AI.

一個明顯的證據是，如果你將特斯拉與 Waymo 進行比較，Waymo 擁有——天知道這輛車上安裝了多少個感測器。然而，谷歌不是擅長人工智慧嗎？是的，但到目前為止，他們在現實世界的人工智慧方面還不夠好。事實上，特斯拉比谷歌要好得多——比現實世界人工智慧領域的任何人都要好得多。

And by far, Tesla has the best inference efficiency. Like, key bigger merit for AI is, what is the intelligence per gigabyte? And people talk about parameters, blah blah blah, but I think let's talk about, start talking about parameters and talk about gigabytes because with the parameters you can have 4-bit parameters, 8-bit parameters, 16-bit parameters, but the actual constraints in the hardware are.

目前為止，特斯拉的推理效率是最好的。例如，人工智慧的關鍵更大優點是，每千兆位元組的智慧是多少？人們談論參數等等，但我認為我們應該開始談論參數並談論千兆字節，因為有了參數，你可以有 4 位元參數、8 位元參數、16 位元參數，但硬體中的實際限制是。

How many gigabytes of RAM and how many gigabytes per second can you transfer from RAM? Therefore, it is not a parameter constraint, it is a byte constraint.

您可以從 RAM 傳輸多少 GB 的 RAM 以及每秒多少 GB 的 RAM 資料？因此，它不是一個參數約束，而是一個位元組約束。

And Tesla has the highest intelligence density of any AI by far. I have a lot of insight into this with xAI. xAI is, Grok is the smartest AI overall, but it's a yeah, Grok 4 is a giant beast with the terabyte levels. And so it's kind of important to note, Tesla has the best intelligence density. Intelligence density will be a very big deal in the future. It is now.

特斯拉是迄今為止所有人工智慧中智能密度最高的。我對 xAI 有很多見解。 xAI、Grok 是整體上最聰明的 AI，但 Grok 4 確實是個擁有 TB 級容量的龐然大物。因此值得注意的是，特斯拉擁有最高的智慧密度。智能密度在未來將會是一個非常大的問題。現在是了。

So with Optimus 3, which is really the right design. It's like it doesn't have at this point there's no significant flaws with the Optimus 3 design. But we are going to retool a bunch of things, so it's -- it'll probably be prototypes of Optimus 3 end of this year, and then scale production next year.

所以 Optimus 3 確實是正確的設計。就好像目前 Optimus 3 的設計沒有任何重大缺陷。但我們將重新調整很多東西，所以——它很可能在今年年底成為 Optimus 3 的原型，然後明年進行規模生產。

And then try to scale Optimus production as fast as it's humanly possible to do so and try to get to a million units a year as quickly as possible. Do you think we can get there in less than five years? That's why it's been sort of, I guess. That's a reasonable aspiration, 1 million units a year. Five years, it seems like an achievable target.

然後嘗試以人力所能及的最快速度擴大 Optimus 的產量，並儘快達到每年一百萬台的產量。您認為我們能在不到五年的時間內實現這一目標嗎？我想，這就是它如此的原因。每年 100 萬台，這是一個合理的目標。五年，這似乎是一個可以實現的目標。

But in conclusion, so far 2025 has been a very exciting year, a lot of major milestones. We've made clear, demonstrable progress in autonomy, there were a lot of naysayers that said we would not achieve, but it's worth noting that we have done what we said we're going to do. And we are always on time, but we get it done. And on naysayers, they're sitting there with egg on their face.

但總而言之，到目前為止，2025 年是非常令人興奮的一年，有許多重要的里程碑。我們在自主權方面取得了明顯的進步，有很多反對者說我們無法實現，但值得注意的是，我們已經做到了我們說過要做的事情。我們總是準時，並且能夠完成任務。而對於反對者，他們則感到十分丟臉。

So great progress by the Tesla team. Yeah, I do think if Tesla continues to execute well with big autonomy and the humanoid robot autonomy, it will be the most valuable company in the world. It's a lot of execution between here and there. It doesn't just happen, but provided we execute very well.

特斯拉團隊取得了巨大的進步。是的，我確實認為，如果特斯拉繼續在大型自動駕駛和人形機器人自動駕駛方面表現出色，它將成為世界上最有價值的公司。從這裡到那裡需要大量的執行。這不會自然發生，但只要我們執行得很好。

I think Tesla has a shot at being the most valuable company in the world. Obviously, I'm extremely optimistic about the future of the company. Best way to predict the future is to make it happen, and we're making it happen here with Tesla team. So I'd just like to say thanks to all of our supporters, and I think we're good, yeah, an incredibly exciting future.

我認為特斯拉有機會成為世界上最有價值的公司。顯然，我對公司的未來極為樂觀。預測未來的最佳方式就是讓它發生，我們正與特斯拉團隊一起讓它發生。所以我只想感謝我們所有的支持者，我認為我們的未來很好，是的，令人興奮。

Great, thank you very much, Elon, and Vaibhav has some opening remarks as well.

太好了，非常感謝，埃隆，Vaibhav 也發表了一些開場白。

Travis, as Elon mentioned, Q2 was an interesting quarter in a few respects. We started ramping up the production of the new Model Y at all our factories. We rolled out our Robotaxi service in Austin and delivered a car completely autonomously directly from the factory to the customer's home.

特拉維斯，正如埃隆所提到的，第二季度在某些方面是一個有趣的季度。我們開始在所有工廠加大新款 Model Y 的產量。我們在奧斯汀推出了 Robotaxi 服務，將一輛完全自動駕駛的汽車直接從工廠運送到客戶家中。

It is a seminal point to get to this thing. I mean, it took a lot of effort, and I really want to thank everybody at Tesla to make this happen. It wasn't an easy thing to do, but we did it. It took time, but we've just begun the next phase for the company.

達到這個目的具有重要意義。我的意思是，這花費了很多努力，我真的要感謝特斯拉的每一個人讓這一切成為可能。這不是一件容易的事，但我們做到了。雖然這需要時間，但我們才剛開始公司進入下一個階段。

The one big bill has a lot of changes that would affect our business in the near term. The first among those changes is the repeal of the IRS EV credit of 7,500 by the end of this quarter. Given the abrupt change, we have limited supply of vehicles in the US this quarter, as we have already within lead times to auto parts cars.

這項大法案有很多變化，會在短期內影響我們的業務。這些變化中的第一項是在本季末取消 7,500 美元的 IRS EV 抵免。鑑於這一突然變化，我們本季在美國的車輛供應有限，因為我們已經在交貨期內提供汽車零件。

We've rolled out all our planned incentives already and we'll start paying them back as we start to sell. If you're in the US and looking to buy a car, place your order now, as we may not be able to guarantee delivery orders placed in the later part of August and beyond. It will also make changes to certain emission standards by reducing the amount of penalty to zero.

我們已經推出了所有計劃的激勵措施，並將在開始銷售時開始償還這些激勵措施。如果您在美國並且想要購買汽車，請立即下訂單，因為我們可能無法保證 8 月下旬及以後的交貨訂單。它還將透過將罰款金額降至零來改變某些排放標準。

This in turn will have an impact on the new sales of regulatory credits to other OEMs, and in turn will lead to lower earnings. While we now plan a business around such sales, it will nonetheless impact our total revenues going forward.

這反過來會對其他原始設備製造商的新監管信用額度銷售產生影響，進而導致收益下降。雖然我們現在計劃圍繞此類銷售開展業務，但它仍會影響我們未來的總收入。

On the automotive product portfolio, the entire lineup is updated. Globally, we're seeing an increase in the number of test drives. We started the production of the lower cost model as planned in the first half of '25. However, given our focus on building and delivering as many vehicles as possible in the US before the EV credit expires and the additional complexity of ramping a new product, the ramp will happen next quarter, slower than initially expected.

在汽車產品組合方面，整個陣容都進行了更新。在全球範圍內，我們看到試駕數量正在增加。我們按照計劃於 25 年上半年開始生產低成本型號。然而，考慮到我們專注於在電動車信貸到期之前在美國生產和交付盡可能多的汽車，以及增加新產品的額外複雜性，產量增加將在下個季度發生，速度比最初預期的要慢。

One thing which is grossly underappreciated and Elon talked about it is that all our vehicles in the lineup are capable of autonomy. This is by far the biggest differentiator between us and the competition. A vehicle's top safety standard as is, but with FSD they are and will continue to set a new standard for safety within regular transportation.

伊隆談到的一件被嚴重低估的事情是，我們產品線中的所有車輛都具備自動駕駛能力。這是迄今為止我們與競爭對手的最大差異。這本身就是車輛的最高安全標準，但有了 FSD，它們將持續為常規運輸的安全設定新標準。

We published our vehicle safety report earlier today, and you can see a car on FSD is 10 safer than the car not on FSD. We've started seeing an uptick in FSD adoption in North America in recent months, which is a very promising trend.

我們今天稍早發布了車輛安全報告，您可以看到配備 FSD 的汽車比未配備 FSD 的汽車安全 10 倍。近幾個月來，我們開始看到北美 FSD 的採用率呈上升趨勢，這是一個非常有希望的趨勢。

And just to give your perspective, since the launch of -- since we moved to version 12 of FSD, we've seen the adoption rates really increase. We started seeing on the automated revenue front, despite reduction in regulator revenue and the total automotive increased by 19% sequentially, even though total deliveries only improved 14%.

僅從您的角度來說，自從推出以來——自從我們轉向 FSD 12 版本以來，我們已經看到採用率確實在增加。我們開始看到自動化收入方面，儘管監管機構收入減少，但汽車總收入較上季成長了 19%，儘管總交付量僅提高了 14%。

This was primarily due to an improved ASPs because of the new Model Y. This helped in improving margin sequentially as well, along with improved mix and higher cost fixed cost absorption, despite an increasing cost of tariffs.

這主要是由於新 Model Y 提高了平均售價。儘管關稅成本不斷增加，但這也有助於連續提高利潤率，同時改善產品組合併提高固定成本吸收率。

We started seeing the impact of tariffs in our P&L. Sequentially, the cost of tariffs increased around $300 million, with approximately two-thirds of that impact in automotive and rest in energy. However, given the latency in manufacturing and sales, the full impacts will come through in the following quarters, and so cost will increase in the near term.

我們開始看到關稅對我們的損益表的影響。關稅成本隨之增加了約 3 億美元，其中約三分之二的影響集中在汽車產業，其餘則集中在能源產業。然而，考慮到製造和銷售的延遲，全面影響將在接下來的幾季顯現出來，因此成本將在短期內增加。

While we're doing our best to manage these impacts, we are in an unpredictable environment on the tar front. The margins for the energy generation and storage businesses improved sequentially, while deployment reduced primarily due to the ramp of power deployments at high margins.

雖然我們正在盡力控制這些影響，但我們在焦油方面處於一個不可預測的環境。能源生產和儲存業務的利潤率連續提高，而部署的利潤率下降主要是由於高利潤率電力部署的增加。

We were able to achieve our highest gross profit for the business yet. Note that the overall deployments will continue to vary quarter to quarter. I think Elon covered this that, industrial storage would make a difference in this drive towards AI and data center growth.

我們實現了迄今為止最高的業務毛利。請注意，總體部署將繼續按季度變更。我認為 Elon 已經提到過這一點，工業儲存將對推動人工智慧和資料中心的成長產生影響。

The energy requirements are increasing at a rapid scale as their applications are very energy hungry. The quickest path to scale up energy is deploying storage. This is something that our customers have started realizing and destroyed this business having the largest impacts from tariffs, we're seeing customers willing to accept some of the tariff impacts.

由於其應用非常耗能，因此能源需求正在迅速增加。擴大能源規模的最快途徑是部署儲存。我們的客戶已經開始意識到這一點，並摧毀了受關稅影響最大的業務，我們看到客戶願意接受部分關稅影響。

The Big Bill has certain adverse impacts even for the energy business, most notably on the residential storage business due to the early expiration of consumer credits by the end of this year. The challenges of the storage business therefore remain both from the bill and from the tariffs, and we're doing our best to try and manage through this, but it will -- we will see shifts in demand profitability.

即使對於能源業務，《大法案》也產生了一定的不利影響，最明顯的是，由於消費者信貸將在今年年底提前到期，對住宅儲存業務產生了不利影響。因此，儲存業務的挑戰仍然來自帳單和關稅，我們正在盡最大努力解決這個問題，但我們會看到需求獲利能力的變化。

The margins for our service and other businesses improves sequentially, primarily due to higher profits from supercharging and improvement in insurance and service center profitability. Operating expenses also grew sequentially as we continued our investment in AI projects, including additional expenses related to employee-related costs, including higher stock-based compensation and depreciation for air compute.

我們服務和其他業務的利潤率連續提高，主要由於超級充電利潤增加以及保險和服務中心盈利能力的提高。隨著我們繼續投資人工智慧項目，營運費用也持續成長，包括與員工相關成本相關的額外費用，包括更高的股票薪酬和空中運算的折舊。

Our operating expenses, especially R&D-related spend will continue to grow. We believe even in the current environment, it is the right strategy to keep making investments in these areas to position us for the long term.

我們的營運費用，特別是研發相關支出將持續成長。我們相信，即使在當前環境下，繼續在這些領域進行投資以使我們立於長遠，這也是正確的策略。

Other income grew sequentially primarily from the mark to market adjustment on Bitcoin Holdings, which was $284 million gained in Q2, while being $125 million loss in Q1. Just want to remind people that this would keep creating volatility based on the Bitcoin price.

其他營收季增主要來自比特幣控股公司的市價調整，第二季收益為 2.84 億美元，而第一季虧損 1.25 億美元。只是想提醒人們，這會持續造成比特幣價格的波動。

While operating cash flows increased sequentially, so did our CapEx, resulting in $146 million of free cash flow. We continue to make investments in various aspects of manufacturing like the Cybertruck, semi lines, and other manufacturing spend and the expansion of our AI initiatives. The latest expectation for the year in terms of CapEx is in excess of [$9 billion].

在營運現金流連續增加的同時，我們的資本支出也隨之增加，最終產生了 1.46 億美元的自由現金流。我們繼續對製造業的各個方面進行投資，例如 Cybertruck、半成品生產線和其他製造業支出以及人工智慧計畫的擴展。今年資本支出的最新預期超過[90億美元]。

To summarize, we have near term challenges in our business due to the negative impacts of the bill and tariffs. However, the investments that we have made for AI, robotics, and our lead in energy sets us up for a bright future. I would like to thank the whole Tesla team, our customers, our investors and supporters for their continued belief in us.

總而言之，由於該法案和關稅的負面影響，我們的業務在短期內面臨挑戰。然而，我們在人工智慧、機器人技術方面的投資以及我們在能源領域的領先地位為我們帶來了光明的未來。我要感謝整個特斯拉團隊、我們的客戶、投資者和支持者對我們的持續信任。

Great, thank you very much, Vaibhav. So now we're going to move on to say.com questions. The first question is, can you give us some insight how Robotaxis have been performing so far and what rate you expect to expand in terms of vehicles, geo fence, cities, and supervisors?

太好了，非常感謝，Vaibhav。現在讓我們來討論 say.com 的問題。第一個問題是，您能否向我們介紹 Robotaxis 目前的表現，以及您預計在車輛、地理圍欄、城市和主管方面的擴張速度是多少？

Yeah, Robotaxis has been doing great so far in Austin, customers really love the experience. It's like super smooth, very safe, and like just a great experience overall, and we already did the first day of expansion in Austin and we continue to expand in Austin, to probably more than 10x of our current operating region. We're also testing in a lot of other cities, as Elon mentioned.

是的，到目前為止，Robotaxis 在奧斯汀的表現非常好，顧客真的很喜歡這種體驗。一切都非常順利、非常安全，總體來說是一種非常棒的體驗，我們已經在奧斯汀進行了第一天的擴張，並且我們將繼續在奧斯汀擴張，擴張範圍可能達到我們目前營運區域的 10 倍以上。正如埃隆所提到的，我們也在許多其他城市進行測試。

The next thing to expand would be in the San Francisco Bay Area. We are working with the government to get approval here. And in the meanwhile launch the service with the person in the driver's seat just to expedite, while we wait for regulatory approval. We're also testing a lot of other cities in the US, including Florida, Nevada, et cetera.

下一個擴張點是舊金山灣區。我們正在與政府合作以獲得批准。同時，我們正在等待監管部門的批准，以加快速度推出有人駕駛的服務。我們也在美國許多其他城市進行測試，包括佛羅裡達州、內華達州等。

Great, thank you very much, Ashok. The next question is, what are the key technical and regulatory hurdles still remaining for unsupervised FSD to be available for personal use? Can you provide a timeline?

太好了，非常感謝，Ashok。下一個問題是，無人監督 FSD 供個人使用還有哪些關鍵的技術和監管障礙？能提供一下時間表嗎？

So firstly, we're getting there. I think it'll be available for personal use, by the end of this year in certain geographies. We're just being very careful about it.

首先，我們到達了那裡。我認為它將在今年年底前在某些地區可供個人使用。我們只是對此非常小心。

This is not something which we want to rush. We want to make sure that everything is safe before we maintain available broadly.

這不是我們想倉促完成的事。我們希望確保一切安全，然後才能廣泛使用。

Yeah, we're just being extremely paranoid. But I would be -- I'm confident that by the end of this year, within, a number of cities in the US it will be available to end users.

是的，我們只是極度偏執。但我確信，到今年年底，美國多個城市的最終用戶都可以使用該服務。

Yeah, and it was the same hardware in the Austin Robotaxi vehicles has some customer vehicles and they deliver a car autonomously from the factory to a customer, the squatter, and every Tesla manufactured in the US and in Europe, autonomously drives itself from the end of line to the loading docks and so it's just a software update away.

是的，奧斯汀 Robotaxi 車輛的硬體與一些客戶車輛相同，它們將汽車從工廠自動交付給客戶，而在美國和歐洲生產的每輛特斯拉汽車都可以從生產線末端自動駕駛到裝卸碼頭，因此只需進行軟體更新即可。

Yeah, I think we'll end up, delivering cars in the Great Western area and the Bay Area by default from the factory by the end of this year. A car will deliver itself to where you are, unless you say you don't want that. It would be super cool.

是的，我認為我們將在今年年底前默認從工廠向大西部地區和灣區交付汽車。汽車會自動將您送到您所在的位置，除非您說您不想這樣做。這將會非常酷。

Yeah, great, thank you guys. The next question is, what specific factory tasks is Optimus currently performing and what is the expected timeline for scaling production to enable external sales? How does Tesla envision Optimus contributing to revenue in the next two to three years?

是的，太好了，謝謝你們。接下來的問題是，Optimus 目前正在執行哪些具體的工廠任務，以及擴大生產以實現外部銷售的預期時間表是什麼？特斯拉預計 Optimus 在未來兩到三年內將如何貢獻收入？

So the optimist Optimus 3 design, as I mentioned earlier, is, I think, finding the right design to be further optimizations, but there are no, I think the fundamental changes to that are needed for the Optimus 3 design. It has all the degrees of freedom that you really want or need. So they will have prototypes of that and I don't know, in about three months, and it's sub-tooling in production.

因此，正如我之前提到的，樂觀主義者 Optimus 3 的設計正在尋找正確的設計以進行進一步的最佳化，但我認為 Optimus 3 設計不需要根本性的改變。它具有您真正想要或需要的所有自由。因此，他們將會有原型，我不知道，大約三個月後，它將在生產中進行子工具化。

We will start production on that at the beginning of next year. The production ramp is simple. It's always a conflict, the S-curve of your production ramp. When something has got an entire -- when everything is new, the rate of production will move as fast as the least lucky and least competent element of the entire supply chain as well as internal processes.

我們將於明年年初開始生產。生產坡道很簡單。生產爬坡的 S 曲線始終存在衝突。當某樣東西有了完整的——當一切都是新的時，生產速度就會和整個供應鏈以及內部流程中最不幸運、最不稱職的元素一樣快。

So the more new stuff that is in a product, the slower the ramp could be because of unexpected supply chain interruptions or mistakes made internally. It's much easier to predict the end of the S-curve or late in the S-curve than the beginning of the S-curve.

因此，產品包含的新成分越多，由於意外的供應鏈中斷或內部錯誤，產量提升的速度就越慢。預測 S 曲線的終點或後期比預測 S 曲線的起點要容易得多。

The beginning of the S-curve of the production ramp is not really material for revenue purposes. The beginning of the S-curve, when you're usually -- not usually, always negative gross margin and you're debugging a lot of issues. So that's why I feel fairly confident in predicting things. At least medium confident in predicting where we are at five years, but it's hard to predict where we are in a year or two years.

生產爬坡的 S 曲線的開始對於收入目的來說並不重要。S 曲線的開始，當你通常——通常不是——總是毛利率為負時，你正在調試很多問題。這就是為什麼我對預測事情相當有信心。至少對於預測五年後我們會處於什麼位置有中等信心，但很難預測一年或兩年後我們會處於什麼位置。

So that's why I think in five years, we could be at the -- I would be surprised if at the end of five years, 60 months from now if we are not roughly making 100,000 Optimus robots in a month -- in 16 months, I would be shocked.

所以我認為，五年後，我們能夠達到——如果五年後，也就是 60 個月後，我們一個月內還不能生產出 10 萬台 Optimus 機器人，我會感到驚訝——如果五年後，也就是 60 個月後，我們一個月內還不能生產出 16 萬台 Optimus 機器人，我會感到驚訝。

All right. Thank you very much. Next question is, can you provide an update on the development and production timeline for Tesla's more affordable models? How will these models balance cost reduction, profitability, and what impact do you expect on demand in the current economic climate?

好的。非常感謝。下一個問題是，您能否提供有關特斯拉更實惠車型的開發和生產時間表的最新資訊？這些模型將如何平衡成本降低、獲利能力以及您預計在當前經濟環境下對需求有何影響？

Well, I think Vaibhav did a good job of answering this question in his opening remarks, as we said, we started production in June and we're ramping, quality builds and things around the corner, and given that that we started in North America.

嗯，我認為 Vaibhav 在開場白中很好地回答了這個問題，正如我們所說，我們在 6 月份開始生產，並且正在加大生產力度，質量建設和一切即將到來，而且考慮到我們是從北美開始的。

Our goal is to maximize production with the IRA cliffhanging Q3, we're going to keep pushing hard on our current models to avoid complexity. Unfortunately, that rolls away, we'll be ready with the more affordable models available for everyone in Q4, and, the goal of those products was not to negatively impact revenue or gross margin, but just to make a car that everyone loves and wants at a more affordable price.

我們的目標是透過 IRA 懸念第三季度實現產量最大化，我們將繼續努力推進現有模型以避免複雜性。不幸的是，這一切都過去了，我們將在第四季度為每個人提供更實惠的車型，而且，這些產品的目標不是對收入或毛利率產生負面影響，而只是以更實惠的價格製造出一款每個人都喜歡和想要的汽車。

Great, thank you, Lars. The next question is, can you talk about the benefits of Tesla investing in xAI?

太好了，謝謝你，拉爾斯。下一個問題是，您能談談特斯拉投資 xAI 的好處嗎？

This is not the forum to discuss this topic. I mean, like if there is something which we need to discuss, we'll discuss it separately.

這不是討論該主題的論壇。我的意思是，如果有什麼事情需要我們討論，我們會單獨討論。

I think obviously, we're a publicly traded company. Shareholders are welcome to put forward any shareholder proposals that they'd like. I've recently encouraged that, and then have shareholders vote and we'll act in accordance with the shareholder wishes.

我認為顯然我們是一家上市公司。歡迎股東提出任何他們想要的股東提案。我最近一直鼓勵這樣做，然後讓股東投票，我們會按照股東的意願行事。

Great. Thank you very much. The next question is, can you tell us a little bit more about what goes on in the Tesla Design Studio?

偉大的。非常感謝。下一個問題是，您能否向我們詳細介紹特斯拉設計工作室的情況？

Do you want me to take that one? We kind of generally say that, what happens in the studio stays in the studio, and that earnings calls are not the place to disclose new product stuff, but we're working to make sure that we have an exciting future for Tesla in the product lineup.

你想讓我拿那個嗎？我們通常會說，工作室裡發生的事情就留在工作室裡，收益電話會議不是披露新產品資訊的地方，但我們正在努力確保特斯拉在產品陣容中擁有令人興奮的未來。

Yeah, there's a lot of exciting things happening in the Design Studio. It's not like static. And really what's going to happen over the next several years is a fundamental transformation of the company from a pre-autonomy wall to a post-autonomy.

是的，設計工作室裡發生了很多令人興奮的事情。它不像靜態的。未來幾年真正要發生的是公司從自治前壁壘到自治後障礙的根本轉變。

And I'm working on a new master plan to articulate that as a team. And there are some teething pains as you transition from pre-autonomy to post-autonomy world, but I think that the future vision for Tesla is incredibly exciting and will profoundly change the world in a good way. And it may sound like sort of time or whatever, but I think if, well, let's just say if we execute on that plan effectively, which is you have to actually do that, Tesla will be the most valuable company in the world by far.

我正在製定一個新的總體規劃，以便團隊能夠清晰地表達這一點。從前自動駕駛世界過渡到後自動駕駛世界的過程中，肯定會遇到一些初期的陣痛，但我認為特斯拉的未來願景令人興奮不已，並將以一種好的方式深刻地改變世界。這聽起來可能像是某種時間問題，但我認為，如果我們有效地執行該計劃，也就是你必須真正做到這一點，特斯拉將成為迄今為止世界上最有價值的公司。

Great, thank you. The next question is actually duplicate on unsupervised SSD customer vehicles, we escape that. After that is, are there any news for Hardware 3 users getting retrofits or upgrades? Will they get Hardware 4 or some future version of Hardware 5?

太好了，謝謝。下一個問題實際上是在無人監督的 SSD 客戶車輛上重複的，我們逃避了這一點。此後，有沒有什麼消息可以讓硬體 3 用戶進行改造或升級？他們會獲得硬體 4 或硬體 5 的未來版本嗎？

I mean, what we want to do is we want to get unsupervised done on Hardware 4 first. Once it's done, then we'll go back and look at what we need to do with the Hardware 3 cars. I mean, like I said, the focus is for us to get unsupervised out, and then we'll go back and see what more work we need to do.

我的意思是，我們想要做的是先在硬體 4 上完成無人監督的操作。一旦完成，我們將回頭看看我們需要對硬體 3 輛車做些什麼。我的意思是，就像我說的，我們的重點是讓大家不受監督地離開，然後我們會回去看看還需要做哪些工作。

Great. Next question is, can you give an update on Dojo, and could xAI be a customer for Dojo?

偉大的。下一個問題是，您能否提供有關 Dojo 的最新消息，xAI 會成為 Dojo 的客戶嗎？

Dojo 2, we expect to have Dojo 2 operating in scale sometime next year, with scale being Somewhere around 100,000 H100 equivalents. And then AI5, which is really it's spectacular too. I don't use those words slightly, spectacular too. The AI5 truck will hopefully be in buying production around the end of next year. That has a lot of potential.

Dojo 2，我們預計 Dojo 2 將在明年某個時候大規模運營，規模約為 100,000 個 H100 當量。然後是 AI5，它也確實非常引人注目。我稍微不要用那些詞，太壯觀了。AI5 卡車預計明年年底投入生產。這有很大的潛力。

Thinking about Dojo 3 and the AI6 in first chip, it seems like intuitively we want to try to find convergence there where it's basically the same chip that is used what we say two of them in a car or an Optimus. And maybe a larger number on a board, a kind of 5 or 12 on a board or something like that if you want high bandwidth communication between the chips for inference serving, I think. That's sort of seems like intuitively the sensible way to go.

考慮第一款晶片中的 Dojo 3 和 AI6，似乎直覺上我們希望嘗試在那裡找到融合點，基本上使用相同的晶片，就像我們在汽車或 Optimus 中所說的那樣。如果您希望晶片之間進行高頻寬通訊以用於推理服務，那麼電路板上的數字可能會更大，例如 5 或 12 或類似的數字。從直覺上看，這似乎是明智的做法。

Great. The next set of questions, have all actually been covered, so we'll end with, how will the BBB elimination of tax credits for solar projects affect your sales pipeline for mega pack?

偉大的。下一組問題實際上都已經涵蓋了，所以我們最後要問的是，BBB 取消太陽能專案的稅收抵免將如何影響您的超級電池組銷售管道？

Yeah, our sales pipeline is quite diversifying across customers and market segments, so we aren't heavily weighted in mega pack projects that are paired with solar. And as we talked about in the opening remarks, we're seeing storage quickly being recognized for its ability to unlock grid efficiency and how quickly it can be deployed to help the grid.

是的，我們的銷售管道在客戶和細分市場中相當多樣化，因此我們在與太陽能配對的大型電池組專案中的權重並不大。正如我們在開場白中談到的那樣，我們看到儲存因其釋放電網效率的能力以及其能夠快速部署以幫助電網的能力而迅速得到認可。

Additionally, although the recent bill was not favorable towards solar, we believe solar projects will still get built because the energy is necessary, the projects are well developed, and they're ready for execution, and there's really no alternatives in the near term giving gas turbine lead time and pricing.

此外，儘管最近的法案對太陽能不利，但我們相信太陽能項目仍將建設，因為能源是必要的，項目已經開發完畢，並且已準備好執行，而且在短期內沒有其他選擇，可以提供燃氣渦輪機的交貨時間和價格。

We also continue to see growth in the data center segment and in standalone storage projects providing capacity to the grid in several markets across the US. Overall, we're forecasting a very strong second half of the year as we increased deployments.

我們也持續看到資料中心領域和獨立儲存專案的成長，為美國多個市場的電網提供容量。總體而言，隨著部署的增加，我們預測今年下半年業績將非常強勁。

And lastly, we continue to invest heavily in US manufacturing to mitigate policy and tariff impacts, expecting our first LFP cell manufacturing facility to be online by the end of the year, and launching our third mega factory near Houston in 2026.

最後，我們將繼續大力投資美國製造業，以減輕政策和關稅的影響，預計我們的第一個 LFP 電池製造工廠將於今年年底上線，並於 2026 年在休士頓附近啟動我們的第三個大型工廠。

Okay, thank you, Mike. We will now be moving to analyst questions. The first question comes from Emmanuel Rosner at Wolf Research. Emmanuel, please feel free to unmute yourself whenever you're ready.

好的，謝謝你，麥克。我們現在將轉向分析師提問。第一個問題來自 Wolf Research 的 Emmanuel Rosner。伊曼紐爾，只要你準備好了，請隨時取消靜音。

So Elon, are you able to share any KPIs with us in terms of the Robotaxi business? How many vehicles are you operating, miles driven autonomously, or the number of safety critical intervention? Just curious, how the rollout is, it generally is going in any sort of like targets that you could share, more broadly.

那麼 Elon，您能與我們分享任何有關 Robotaxi 業務的 KPI 嗎？您經營著多少輛汽車、自動駕駛了多少英里、或進行了多少次安全關鍵幹預？只是好奇，推出情況如何，它通常會實現您可以更廣泛地分享的任何類似目標。

We have, more than 7,000 miles operating in Austin area. It's just because service is new, we have a handful of vehicles, right now, but then we're trying to expand the service, in terms of both the area and also the number of vehicles both in Austin and other locations.

我們在奧斯汀地區的營運里程已超過 7,000 英里。因為這項服務是新的，我們現在只有少量車輛，但我們正在嘗試擴大服務範圍，包括奧斯汀和其他地區的服務區域和車輛數量。

So far, there's like no notable safety-critical incidents there, sometimes we have our own, restrictions as to, for example, we restrict our speed limit to 40 miles per hour, and if the vehicle wants to go on like higher speed roads, we can stop the vehicle, but those are a lot of convenience opposed to safety critical nature. So far the service has been really well received, and we continue to expand on it.

到目前為止，那裡還沒有發生值得注意的安全關鍵事件，有時我們有自己的限制，例如，我們將速度限制在每小時 40 英里，如果車輛想在高速公路上行駛，我們可以停車，但這些都是為了方便，而不是為了安全。到目前為止，這項服務受到了廣泛好評，我們將繼續擴大服務範圍。

Yeah, longer term -- from an economics point of view, longer term you've previously talked about working to drive down the cost per mile on the Robotaxis maybe towards $0.30 or $0.40 per mile over time. Now that your service is live, how should we think about the main milestones to getting there?

是的，從長期來看——從經濟學的角度來看，您之前曾談到要努力降低 Robotaxis 每英里的成本，可能隨著時間的推移降低到每英里 0.30 美元或 0.40 美元。現在您的服務已經上線，我們應該如何考慮實現該服務的主要里程碑？

Yeah, well, the cyber cab is which is really optimized for autonomy, that I think has got probably sub $0.30 per mile potential over time, maybe $0.25. It's really -- you like if you design a car from scratch to be a cost optimized Robotic taxi, like cyber cab.

是的，賽博計程車確實針對自動駕駛進行了優化，我認為隨著時間的推移，其每英里的盈利潛力可能低於 0.30 美元。0.25 美元。確實——如果你從頭開始設計一輛汽車，使其成為成本優化的機器人計程車，就像網路計程車一樣。

For example, we're not trying to make it corner like a, like incredibly well like a Model 3 would, or Model S or even Model Y, like it's got this, all of our cars that are driven by people are super fun to drive. They've got incredible acceleration, the incredible cornering capability, but we're confident that very few people can. A cyber cab want to be huddling around.

例如，我們不會試圖讓它像 Model 3、Model S 甚至 Model Y 那樣轉彎，而是讓它擁有極佳的轉彎性能，我們所有由人駕駛的汽車都非常有趣。它們擁有令人難以置信的加速能力和轉彎能力，但我們相信很少有人能做到。網路出租車想要聚集在一起。

So we reduced the top end speed, which means we can use more efficient tires. We don't need as much acceleration, we don't need as much fake brakes to sort of, we weren't stopping distance, but we're not expecting it to be heavily used. It's a gentle ride, essentially, if you design it for a gentle ride and then you have a much more optimized design point. So that's why it seems probably we could achieve that.

因此我們降低了最高速度，這意味著我們可以使用更有效率的輪胎。我們不需要那麼多的加速度，我們不需要那麼多的假煞車，我們沒有停車距離，但我們不希望它被大量使用。從本質上講，這是一次平穩的旅程，如果你將其設計為平穩的旅程，那麼你就擁有了一個更優化的設計點。所以這就是為什麼我們有可能實現這一目標。

Especially Optimus is sort of cleaning up the car and doing maintenance and stuff and it's doing automatic charging. So yeah, I think it's going to -- the actual cost per mile of cyber cab will be very low. The cost from our existing fleet will be higher, but still very competitive.

尤其是 Optimus，它可以清理汽車、進行維修等工作，還可以自動充電。是的，我認為網路計程車每英里的實際成本會非常低。我們現有車隊的成本將會更高，但仍然非常有競爭力。

So yeah, maybe a number of $0.50. I'm just guessing. Yeah, so this really, Tesla, Inc.'s Robotaxi will go from tiny to gigantic, in terms of operations, in a pretty short period of time. Like my guess is that it has a material impact on our financials around the end of next year.

是的，大概是0.50美元。我只是猜測。是的，就營運而言，特斯拉公司的 Robotaxi 將在很短的時間內從微型變成巨型。我的猜測是，這將在明年年底對我們的財務狀況產生重大影響。

Okay. Thank you very much. The next question comes from Adam at Morgan Stanley. Adam, please unmute yourself.

好的。非常感謝。下一個問題來自摩根士丹利的亞當。亞當，請取消靜音。

Great. Hello, everybody. So, Elon, as Tesla moves into this next phase of physical AI, autonomous humanoids, Robotaxis, etc. World-changing, civilizational species changing technology with dual purpose, are you comfortable moving Tesla in this direction while only having a 13% stake in the economy -- sorry, in the company? Is that sustainable or do you still insist that something needs to happen, given, your current lack of control and the types of technologies you're getting into.

偉大的。大家好。那麼，伊隆，隨著特斯拉進入物理人工智慧、自主人形機器人、機器人計程車等下一階段，這種具有雙重用途的改變世界、改變文明物種的技術，您是否願意讓特斯拉朝這個方向發展，同時您只擁有 13% 的經濟股份——抱歉，是在公司股份？這是可持續的嗎？或者考慮到您目前缺乏控制以及您正在接觸的技術類型，您是否仍然堅持需要發生一些事情。

That is a major concern for me as I've mentioned in the past, and I hope that is addressed at the upcoming shareholders meeting, but, yeah, it is a big deal like, I want to find that. I've got like so little control that I can easily be ousted by activist shareholders after having built this army of humanoid robots. I think that, as I mentioned before, I think my control over Tesla should be enough to ensure that it goes in a good direction, but not so much control that I can't be thrown out if I go crazy.

正如我過去提到的那樣，這是我主要關心的問題，我希望在即將召開的股東大會上解決這個問題，但是，是的，這是一件大事，我想找到它。我幾乎沒有控制權，在建立了這支人形機器人大軍後，我很容易被激進股東趕下台。我認為，正如我之前提到的，我認為我對特斯拉的控制應該足以確保它朝著好的方向發展，但控制力又不能太大，以免我發瘋時被趕出去。

Okay, Elon, and you're not going to go crazy. We trust you. You can stay a little crazy. A little crazy is okay. Elon, though, we understand that the Board of Directors of a major US investment bank recently toured Optimus production.

好的，伊隆，你不會發瘋的。我們相信你。你可以保持一點瘋狂。有點瘋狂是可以的。不過，據埃隆稱，我們了解到一家美國大型投資銀行的董事會最近參觀了擎天柱的生產車間。

I don't know if you want to confirm that or not. It's just what we've heard. That's cool. But when do you think others will be able to get a firsthand view of Optimus like that? And is the second half of this year too soon to have an AI day because it seems like everybody else in the world is doing it, and this talent war is getting freaking crazy.

我不知道您是否想確認這一點。這只是我們聽到的。這很酷。但是您認為什麼時候其他人才能親眼目睹擎天柱的風采呢？今年下半年是不是太早了，還沒有迎來人工智慧日，因為似乎世界上其他人都在做這件事，而且這場人才爭奪戰已經變得異常瘋狂。

And I know, I know you've mentioned for recruiting purposes, this is a very important thing that you've done. I think people have, you have copied you on this, and I'm wondering if this is -- if this year's too early for that. Thanks, Elon.

我知道，我知道您提到過出於招聘目的，這是您所做的一件非常重要的事情。我認為人們已經模仿了你的做法，我想知道今年是否還為時過早。謝謝，埃隆。

Yes, it's a bit of a tough thing because like when we do an AI day we find that some of our competitors have literally done a frame by frame examination of our slides, everything we say and then copy us. So I say like how what's the trade-off which it does help with recruiting, but then competitors look very closely and copy us.

是的，這有點困難，因為當我們舉辦人工智慧日時，我們發現我們的一些競爭對手實際上已經逐幀檢查了我們的幻燈片，我們所說的每一句話，然後抄襲我們。所以我說，這有什麼好處呢？它確實有助於招聘，但競爭對手會密切關注並抄襲我們。

I mean, that said, we should probably, I mean, I guess we could consider the shareholder beginning to be sort of an -- we can maybe go into depth, some amount of depth at the annual shareholder meeting with respect to Optimus and AI and sort of our chip stuff perhaps.

我的意思是，話雖如此，我們可能應該，我的意思是，我想我們可以考慮讓股東開始成為一種——我們也許可以在年度股東大會上深入討論 Optimus 和人工智慧以及我們的晶片方面的問題。

Yeah, it has also really underrated in terms of AI chip design, as well as AI software. So like there's still not a chip that exists that we would prefer to put in our car, that is an AI chip that we would prefer to put in the car over our own. And even though it's been now out for several years.

是的，它在人工智慧晶片設計和人工智慧軟體方面也確實被低估了。所以，就像現在還沒有一種晶片是我們願意安裝在汽車上的，也就是說，我們不願意將一種人工智慧晶片安裝在汽車上，而不是我們自己的晶片上。儘管它已經問世好幾年了。

And we're confident that the AI5 chip will be a profound game changer. In fact, it's so powerful that we'll have to nerf it for to some degree for markets outside of the US because it flows way past the export restrictions. So unless the export restrictions change, we actually will have to know if our AI5 chip is kind of weird. Hopefully those hopefully keep raising the bar on export restrictions, otherwise it gets a bit silly.

我們相信，AI5晶片將會徹底改變遊戲規則。事實上，它的威力如此強大，我們必須在某種程度上削弱它，以適應美國以外的市場，因為它遠遠超出了出口限制。因此，除非出口限制發生變化，否則我們實際上必須知道我們的 AI5 晶片是否有點奇怪。希望那些國家能夠繼續提高出口限制的門檻，否則就有點愚蠢了。

And we'll have a bunch of Optimus robots on stage, at the shareholder meeting. The Optimus map is cool to see. It looks like it basically looks like the Santa Westworld. We put robots in various stages. Some of them are at various stages of repair. Like I don't know, some combination of like the tattooing junkyard and the and Westworld is what it looks like. It's very cool.

在股東會上，我們將在舞台上展示一群擎天柱機器人。擎天柱地圖看起來很酷。它看起來基本上就像是聖誕老人的西部世界。我們將機器人置於各個階段。其中一些正處於不同程度的修復階段。就像我不知道，刺青垃圾場和西部世界的某種組合看起來是什麼樣子的。這非常酷。

And Optimus is walking around the office here in Palo Alto. So 24/7 it's just walking around like a small -- so Optimus like in the Tesla Diner serving popcorn. Yeah, so it's, we'll go from a world where robots are rare to where they're so common that you don't even look up.

擎天柱正在帕洛阿爾託的辦公室裡走來走去。所以它每天 24 小時都四處走動，就像一個小型的——擎天柱在特斯拉餐廳裡供應爆米花。是的，所以，我們將從一個機器人稀少的世界走向一個機器人普遍到你甚至不需要抬頭看的世界。

Great, thank you so much. The next question comes from Edison at Deutsche Bank. Edison, please unmute yourself. Edison, please go ahead and unmute yourself. Right, while Edison figures that out, we will go to the next question, which is going to come from Dan Levy at Barclays. Dan, please go ahead and unmute yourself.

太好了，非常感謝。下一個問題來自德意志銀行的愛迪生。愛迪生，請取消靜音。愛迪生，請繼續並取消靜音。好的，當愛迪生弄清楚這一點時，我們將進入下一個問題，這個問題來自巴克萊銀行的丹·利維。丹，請繼續並取消靜音。

Great, thank you. Elon, you've talked about the opportunity to put non-Tesla owned vehicles into the Robotaxi network. Just talk about the gating factors to enabling that and what timeline we should expect on personally owned vehicles in the Robotaxi network.

太好了，謝謝。伊隆，您談到了將非特斯拉汽車納入 Robotaxi 網路的機會。只需討論實現這一目標的限制因素以及我們應該對 Robotaxi 網路中私人車輛的時間表進行預期。

We haven't really thought hard about that. But we need to make sure it works when the vehicles are fully under our control. Yeah, it's kind of one step at a time here. We don't want to jump the gun. As I said, we're being paranoid about safety.

我們還沒有認真考慮過這個問題。但我們需要確保當車輛完全在我們的控制之下時它能夠正常工作。是的，這是一步一步來。我們不想操之過急。正如我所說，我們對安全非常擔心。

So it's like -- but I guess, I guess it would like next year is I'd say confidently next year, I'm not sure when next year, but confidently next year, people who would be able to add or subtract their car to the Tesla fleet.

所以就像——但我想，我想明年我會很有信心地說明年，我不確定明年什麼時候，但很有信心明年，人們將能夠在特斯拉車隊中添加或減少他們的汽車。

I mean, one thing to keep in mind is that we will have some criteria because like even when you put your car in an Uber or Lyft, they go through a whole checklist process of making sure things are working.

我的意思是，要記住的一件事是，我們會有一些標準，因為即使你把你的車放在 Uber 或 Lyft 上，他們也會經過一整套檢查流程來確保一切正常。

It's like an Airbnb room,

就像 Airbnb 的房間一樣，

Yeah, so we will do something like that because we want like Elon said, we want to be better about security. I mean, assets, small things like tread on the tire can have an impact on safety, so that's why we would want to do some proper validation before we let other cars come in.

是的，我們會做這樣的事情，因為就像伊隆說的那樣，我們希望在安全方面做得更好。我的意思是，資產，輪胎上的胎面等小東西都會對安全產生影響，所以這就是為什麼我們要在讓其他車輛進來之前進行一些適當的驗證。

Dan, do you have a follow-up?

丹，你還有後續消息嗎？

Yes, thank you. Could you just unpack the different costs associated with scaling the Robotaxi business and how you think about funding those costs? Are the cash flows in the auto business sufficient to fund it? And if not, what other funding sources do you think you'd use, would you just fund it off the balance sheet?

是的，謝謝。您能否簡單介紹一下擴大 Robotaxi 業務規模所涉及的各種成本，以及您考慮如何為這些成本提供資金？汽車業務的現金流是否足以支持其發展？如果沒有，您認為您會使用什麼其他資金來源，您是否會從資產負債表外提供資金？

Well, as soon as there is a clear cash flow stream associated with any product, you can finance it.

好吧，只要任何產品有清晰的現金流，您就可以為其融資。

And in the interim, we will use our balance sheet, but like once we get to a certain scale in terms of the current revenues like Elon said, we could get into an easily and kind of transaction to try and get funding.

在此期間，我們將使用我們的資產負債表，但就像埃隆所說的那樣，一旦我們的當前收入達到一定規模，我們就可以輕鬆進行交易以嘗試獲得資金。

Great. Thanks so much. We will now move on to Mark from Goldman Sachs. Mark, please, feel free to unmute yourself.

偉大的。非常感謝。我們現在來談談高盛的馬克。馬克，請隨意取消靜音。

Yes, good afternoon. Thank you very much for taking the questions. With the FSD trials that Tesla has been offering to consumers and the attention on self-driving more generally, are you able to comment more specifically on what you're seeing with FSD subscription trends and take rates and help us better understand how large FSD revenue may be currently?

是的，下午好。非常感謝您回答這些問題。隨著特斯拉向消費者提供 FSD 試用以及人們對自動駕駛的普遍關注，您能否更具體地評論一下您所看到的 FSD 訂閱趨勢和費率，並幫助我們更好地了解 FSD 目前的收入可能有多大？

So we've definitely, like I mentioned it in my opening remarks, since we've launched version 12 of FSD in North America, we've definitely seen a marked improvement in the FSD adaptation. And the other thing which we had also done last year is we did bring down the pricing and we made subscription much more affordable. So we have seen 25% increase since that time.

因此，正如我在開場白中提到的那樣，自從我們在北美推出 FSD 12 版以來，我們確實看到了 FSD 適應性的顯著改善。我們去年做的另一件事是降低了價格，讓訂閱費用變得更實惠。從那時起我們已經看到了25%的成長。

So, which is an encouraging trend, but honestly, we, we've just started the story around explaining the benefits of FSD. Like I said before, we released our vehicle safety report. Even if you don't believe in this, anything else, a car on FSD being 10x safer should be a motivator.

這是一個令人鼓舞的趨勢，但老實說，我們才剛開始解釋 FSD 的好處。正如我之前所說，我們發布了車輛安全報告。即使您不相信這一點，其他任何事情，FSD 上的汽車安全性提高 10 倍也應該成為一種激勵。

Plus the other thing is people don't realize even at $99 a month, it's like you're getting a personal show for almost $3.33 a day. And this is by far the biggest game changer, which I know we've been talking about it because part of it is we live and breathe it.

另外，人們沒有意識到，即使每月只需 99 美元，每天只需花費近 3.33 美元就可以觀看一場個人表演。這是迄今為止最大的遊戲規則改變者，我知道我們一直在談論它，因為部分原因是我們生活和呼吸它。

Most people still don't know, but the people don't know it exists. And it's still like half of Tesla owners who could use it haven't tried it even once. They don't actually realize. Obviously this is something we want to educate them on. So we've got, when they come in for service, we'll reach out to them, send them like videos of how to make it work. And so it's such a shocking thing. They don't they don't think a car is capable of this.

大多數人還不知道，但人們不知道它的存在。但似乎有一半可以使用它的特斯拉車主甚至沒有嘗試過一次。他們實際上並沒有意識到。顯然這是我們想要教育他們的事情。因此，當他們來尋求服務時，我們會聯繫他們，並向他們發送有關如何使用的影片。這是一件令人震驚的事。他們不認為汽車能夠做到這一點。

So you have to show them and get them comfortable with turning it on and off. It's so trivial, but it's like saying you've got a cat that can sing and dance, but it just looks like a normal cat, and you're like, until you see the cat sing and dance and talk like you assume it's just a cat. That tells our car is intelligent.

所以你必須向他們展示並讓他們習慣於打開和關閉它。這是非常微不足道的，但這就像說你有一隻會唱歌和跳舞的貓，但它看起來就像一隻普通的貓，而你，直到你看到這隻貓唱歌、跳舞和說話，你才會認為它只是一隻貓。這表明我們的汽車是智慧的。

And so what we're going to do to Elon's point, like we've been giving the free time to try the FSD, but we'll start giving more prompts to say, okay, this particular drive, try FSD. So that, I mean, because it's literally seeing is believing like Elon said, it's think of it like a cat, it looks like a normal cat, but this cat can sing and dance. Same thing.

因此，對於 Elon 的觀點，我們要做的就是，就像我們一直在提供空閒時間來嘗試 FSD，但我們會開始提供更多提示，說，好的，對於這個特定的驅動器，嘗試 FSD。所以，我的意思是，因為就像伊隆說的，眼見為實，把它想像成一隻貓，它看起來像一隻普通的貓，但這隻貓可以唱歌和跳舞。同樣的事情。

Great, yeah. And the 25% comment was 25% increase in the penetration since we've seen the release of V12 and V13 in North America. Great. Thank you, Mark, did you have a follow-up question?

太好了，是的。25% 的評論是指，自從我們在北美看到 V12 和 V13 發布以來，滲透率增加了 25%。偉大的。謝謝你，馬克，你還有其他問題嗎？

Yeah, I think Travis. Tesla has historically said it would use pricing as one tool to help drive auto vehicle growth as long as free cash flow stayed positive, given the ability to monetize products like FSD. I'm curious how you're thinking about pricing from here as a potential tool to drive increased volumes given where you stand with FSD as well as the fact that the IRA purchase tax credits are poised to go away in the US started in the fourth quarter.

是的，我認為是特拉維斯。特斯拉曾表示，只要自由現金流保持正值，並有能力將 FSD 等產品貨幣化，它就會將定價作為一種工具來推動汽車成長。我很好奇，考慮到您對 FSD 的立場以及美國 IRA 購買稅收抵免即將在第四季度取消的事實，您如何看待從現在開始的定價作為推動銷量成長的潛在工具。

So should we expect more meaningful price reductions given that monetization potential, or do you envision price reductions be more limited compared to cost downs given where free cash flow now stands? Thanks.

那麼，考慮到貨幣化潛力，我們是否應該期待更有意義的價格下降，或者考慮到目前的自由現金流，您是否認為價格下降與成本下降相比更為有限？謝謝。

Well, we're in this like weird transition period, where we will lose a lot of incentives in the US. We a lot of incentives actually in many other parts of the world, but we'll lose them in the US, but we still look at the relatively early stages of autonomy.

嗯，我們正處於一個奇怪的過渡時期，我們將在美國失去很多激勵措施。實際上，我們在世界許多其他地區提供了許多激勵措施，但在美國我們會失去這些激勵措施，但我們仍然關注自治的相對早期階段。

On the other hand, autonomy is most advanced and most available from a regulatory standpoint in the US. So I mean, does that mean like we could have a few rough quarters? Yeah, we probably could have a few rough quarters. I'm not saying we will, but we could. Q4, Q1, maybe Q2, but once you get to autonomy at scale in the second half of half of next year, certainly by the end of next year, I think, I'd be surprised if Tesla's economics are not very compelling.

另一方面，從監管角度來看，美國的自主權是最先進、最可行的。所以我的意思是，這是否意味著我們可能會經歷幾個艱難的季度？是的，我們可能會經歷幾個艱難的季度。我不是說我們會這麼做，但我們可以這麼做。第四季、第一季度，也許還有第二季度，但一旦在明年下半年，當然是在明年年底，實現大規模自動駕駛，我認為，如果特斯拉的經濟效益不那麼引人注目，我會感到驚訝。

Great. The next question is going to come from Will from Truist. Will, please feel free to unmute yourself when you're ready.

偉大的。下一個問題來自 Truist 的 Will。威爾，當你準備好時請隨時取消靜音。

Great, thanks so much for taking my questions. First, I'd like to ask for a little bit more detail about the lower cost model that you talked about having, I think, started, production in the first half, but you said we'll ramp later.

太好了，非常感謝您回答我的問題。首先，我想詢問您提到的低成本車型的更多細節，我認為該車型已經在上半年開始生產，但您說我們稍後會加大生產。

At the last analyst days I recall, you talked about some aspects of this like two-thirds or three-quarters reduction in silicon carbide and not using rare earths in the motor and perhaps other cost downs, you also had this unboxed architecture that I think you said would not be part of this sort of interim, approach. Can you update us on what we should expect this thing to actually look like?

我記得在上次分析師會議上，您談到了這方面的一些方面，例如減少三分之二或四分之三的碳化矽，不在電機中使用稀土元素，或許還有其他成本降低措施，您還提出了這種非盒裝架構，我認為您說過這不會成為這種臨時方法的一部分。您能告訴我們這個東西實際上是什麼樣子的嗎？

Well, we won't get into the looks.

好吧，我們先不討論外觀。

Just let the cat out of the bag there, dancing cat that can sing and dance, but it can talk and sing and dance though. That's the cool part.

剛剛洩漏了一個秘密，跳舞的貓會唱歌和跳舞，但它會說話、唱歌和跳舞。這真是太酷了。

Yeah, I mean, fundamentally, the biggest obstacle remains that people just don't have -- some people don't -- the desire to buy the car is very high, just people don't have enough money in the bank account to buy it, literally, that is the issue, not a lack of desire, but a lack of ability.

是的，我的意思是，從根本上來說，最大的障礙仍然是人們沒有——有些人沒有——購買汽車的願望非常強烈，只是人們在銀行帳戶中沒有足夠的錢來購買它，從字面上看，這就是問題所在，不是缺乏願望，而是缺乏能力。

So the more affordable we can make the car, the better. I think it's going to be -- it will be a very big deal when people can release their car to the fleet and have it earn money for them, which I like I said, I think I feel confident in saying that will happen next year in the US at least. In the US we're legally allowed, appropriate disclaimers. And that'll make the affordability dramatically greater.

因此，我們製造的汽車越便宜越好。我認為這將是——當人們可以將他們的汽車交給車隊並讓其為他們賺錢時，這將是一件非常重要的事情，就像我說的那樣，我認為我有信心至少明年在美國會發生這種情況。在美國，我們有法律允許的、適當的免責聲明。這將使負擔能力大大提高。

Just like if you have an Airbnb and you can rent out your home when you're not there or rent out a guest room or guest house or something like that, the affordability of your home is much greater.

就像如果您有 Airbnb，您可以在不在家時出租您的房子，或者出租客房或招待所或類似的東西，您的房子的可負擔性就會大大提高。

Okay, trying another topic then, can we see all these wonderful developments at xAI like Grok and, obviously Tesla is trying to do quite a bit in AI. Elon, how do you manage the division of efforts and recruiting and talent and capital, between these two that seem like there's a very high potential that they can in fact compete.

好的，那麼嘗試另一個話題，我們能否看到 xAI 的所有這些精彩發展，例如 Grok，而且顯然特斯拉正在嘗試在人工智慧領域做很多事情。伊隆，您如何管理這兩個看起來具有很高的競爭潛力的公司之間的努力、招募、人才和資本的分配？

Well, they are doing different things here. So the xAI is doing like, terabyte scale models. And multi-terabyte scale models, Tesla's 100 times smaller models. So one's real world AI and one's kind of I guess, artificial super intelligence type of thing.

嗯，他們在這裡做不同的事情。所以 xAI 正在做類似 TB 規模的模型。還有數 TB 規模的模型，比特斯拉的模型小 100 倍。所以一個是現實世界的人工智慧，另一個是我猜想的那種人工智慧超級智慧類型的東西。

I mean, they really kind of the genesis for XAI was that there were some people who, some people would not join Tesla, AI engineers, because they wanted to work on ASI and they would join Tesla, and I was like, well, maybe they'll join a new company.

我的意思是，XAI 的起源實際上是這樣的，有些人，有些人不會加入特斯拉，他們是人工智慧工程師，因為他們想從事 ASI 工作，所以他們會加入特斯拉，而我想，好吧，也許他們會加入一家新公司。

And now I think the deal is extremely important, but not everyone agrees with me on that. And so, rather than have them join, OpenAI or Google or some other company, it's like might as well have them create a company in that regard, which is like say xAI.

現在我認為這筆協議極為重要，但並不是所有人都同意我的看法。因此，與其讓他們加入 OpenAI 或 Google 或其他公司，不如讓他們創建一家這樣的公司，就像 xAI 一樣。

And then make a make a decision, do they want to work on -- it's like super intelligence at data center or real world AIs. They're both compelling problems, but some people want to work in one and some want to work on the other.

然後做出決定，他們是否想繼續研究——這就像是資料中心的超級智慧或現實世界的人工智慧。它們都是引人注目的問題，但有些人想解決其中一個，有些人想解決另一個。

Great. And unfortunately, that is all the time we have today. Thank you everyone so much for your questions and we'll see you next quarter.

偉大的。不幸的是，我們今天的時間就這麼多了。非常感謝大家的提問，我們下個季度再見。