特斯拉 (TSLA) 2022 Q1 法說會逐字稿

Good afternoon, everyone, and welcome to Tesla's First Quarter 2022 Q&A Webcast. My name is Martin Viecha, VP of Investor Relations, and I'm joined today by Elon Musk, Zachary Kirkhorn and a number of other executives. Our Q1 results were announced at about 3 p.m. Central Time in the update deck we published at the same link as this webcast.

大家下午好，歡迎收聽特斯拉2022年第一季問答網路直播。我是投資者關係副總裁馬丁·維查 (Martin Viecha)，今天與我一同參與直播的還有埃隆·馬斯克 (Elon Musk)、扎卡里·柯克霍恩 (Zachary Kirkhorn) 以及其他幾位高管。我們的第一季業績已於美國中部時間下午3點左右在更新資料中公佈，更新資料與本次網路直播的連結相同。

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

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目前的預測和預期。由於許多風險和不確定因素，包括我們最近提交給美國證券交易委員會 (SEC) 的文件中提及的風險和不確定因素，實際事件和結果可能存在重大差異。

(Operator Instructions)

（操作員指示）

Before we jump into Q&A, Zach will have some opening remarks. Zach?

在我們進入問答環節之前，札克將發表一些開場白。扎克？

Yes. Thanks, Martin. Just to start off here, Q1 was a challenging but extremely successful quarter for the company. Despite numerous supply interruptions, including shutdowns at our Shanghai factory and nearby suppliers due to COVID, we've continued making progress and achieved our best-ever vehicle deliveries.

是的，謝謝，馬丁。首先，第一季對公司來說充滿挑戰，但也取得了巨大的成功。儘管經歷了多次供應中斷，包括我們上海工廠和附近供應商因新冠疫情而停工，但我們仍在持續取得進展，並實現了有史以來最好的汽車交付量。

Last quarter, we demonstrated a series of new financial records, including revenue, gross margins, operating margin and bottom line profitability. GAAP automotive gross margin reached 32.9% and, for the first time, exceeded 30% when excluding regulatory credits. Higher pricing continues to positively impact our financials as we make progress delivering cars in our growing backlog. Note that, for most vehicles, our delivery wait times are quite long. Thus, cars delivered in Q1 generally carried pricing set in prior quarters and at levels lower than cars being ordered today.

上季度，我們創造了一系列新的財務紀錄，包括收入、毛利率、營業利潤率和獲利能力。根據美國通用會計準則 (GAAP)，汽車業務毛利率達到 32.9%，扣除監管抵免後首次超過 30%。隨著我們不斷增加的訂單交付進度，更高的定價持續對我們的財務狀況產生積極影響。需要注意的是，對於大多數車輛而言，我們的交付等待時間相當長。因此，第一季交付的車輛通常採用前幾季設定的定價，且低於目前訂單的水平。

Our per unit vehicle cost increased as well. Inflation, raw material prices, expedites and logistics costs continue to impact our cost structure. Factory shutdowns also occurred with little to no notice. Hence, we are unable to take action to plan those interruptions in a cost-efficient manner. Additionally, we saw a slight mix shift towards more profitable vehicles, including the Model Y. We also recognized a onetime benefit of $288 million from credit revenue relating to a regulatory change in the U.S. CAFE penalty, without of which credit revenue would have declined compared to the same period last year.

我們的單位車輛成本也增加了。通貨膨脹、原料價格、加急費和物流成本持續影響我們的成本結構。工廠停工也幾乎毫無預警地發生了。因此，我們無法以經濟高效的方式採取措施來規劃這些停工。此外，我們的產品組合略微轉向了利潤更高的車型，包括Model Y。我們也確認了與美國CAFE罰款監管變化相關的2.88億美元抵免收入的一次性收益，如果沒有這筆收益，抵免收入與去年同期相比將會下降。

The energy business has continued to be impacted by macro conditions more severely than the vehicle business. Our storage products, our need of chip supply and new import processes have impacted supply of certain components for our solar systems, which is reflected in our solar volume for the quarter.

能源業務持續受到宏觀環境的影響，且比汽車業務更為嚴重。我們的儲存產品、晶片供應需求以及新的進口流程影響了我們太陽能係統某些組件的供應，這反映在本季的太陽能銷售上。

OpEx as a percentage of revenue continues to reduce driven by higher revenue, lower stock-based comp expense and other items. As a result of our ongoing improvements in operating leverage, we achieved a record operating margin of over 19%. Note that commissioning costs for our factories are in R&D as Berlin started production in late March and Austin in early April. These costs will be in automotive COGS going forward given these factories are now producing customer sellable cars.

受收入成長、股票補償費用下降及其他項目的影響，營運支出佔收入的百分比持續下降。由於我們持續提升營運槓桿，我們的營運利潤率達到了創紀錄的19%以上。需要注意的是，由於柏林工廠於3月底投產，奧斯汀工廠於4月初投產，因此這些工廠的調試成本都計入研發費用。鑑於這些工廠目前已開始生產可供客戶銷售的汽車，這些成本未來將計入汽車銷售成本。

Our free cash flows have remained quite strong, yet were impacted by working capital related to lower-than-planned production. Additionally, we have reduced our debt, excluding product financing, to nearly 0.

我們的自由現金流保持強勁，但受到產量低於計劃導致的營運資本影響。此外，我們的債務（不包括產品融資）已降至接近零。

Looking ahead in the immediate term, a few things to keep in mind for Q2. First, we've lost about a month of build volume out of our factory in Shanghai due to COVID-related shutdowns. Production is resuming at limited levels, and we're working to get back to full production as quickly as possible. This will impact total build and delivery volume in Q2. Second, as I've mentioned before, Austin and Berlin are just starting their ramp, and thus, those inefficiencies will start to flow through our gross margins in Q2. Third, we do have higher ASPs in our backlog which will help to offset some of these headwinds.

展望短期內，第二季需注意以下幾點。首先，由於新冠疫情相關的停工，我們上海工廠的產量損失了約一個月。目前，生產正在有限度地恢復，我們正在努力盡快恢復全面生產。這將影響第二季度的總產量和交付量。其次，正如我之前提到的，奧斯汀和柏林工廠的產能才剛開始提升，因此，這些效率低下的問題將在第二季開始影響我們的毛利率。第三，我們的待售訂單中確實有更高的平均售價，這將有助於抵消部分不利因素。

We continue to drive towards further strengthening of our financials in the second half of the year and believe our 50%-or-above growth rate remains achievable for the year.

我們將繼續致力於在下半年進一步加強我們的財務狀況，並相信今年我們仍然可以實現 50% 或以上的成長率。

I want to conclude by thanking the Tesla team, our suppliers and our new customers for a great first quarter.

最後，我要感謝特斯拉團隊、我們的供應商和新客戶，感謝他們為第一季所做的貢獻。

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

非常感謝。馬斯克也發表了開場致詞。

Sure. Some of my remarks will be redundant with Zach's, but it's maybe worth repeating. Q1 was once again a record quarter on many levels by reaching the highest deliveries, profit and an operating margin of 19%. This was despite a lot of chip shortages, many logistics challenges and an overall difficult quarter. So I'd really like to congratulate the Tesla team on achieving record profitability and output despite many, many difficult headwinds. And especially the Tesla China team in our Shanghai factory, they really had significant challenges due to the COVID shutdowns and nonetheless have been able to output a tremendous number of high-quality vehicles, and we are already back up and running with the Shanghai factory.

當然。我的一些言論可能與札克的有些重複，但或許值得重複。第一季在多個層面再次創下紀錄，交付量、利潤和19%的營業利潤率均創歷史新高。儘管晶片短缺嚴重，物流挑戰重重，整個季度都舉步維艱，但特斯拉仍然取得了這樣的成績。因此，我由衷地祝賀特斯拉團隊克服重重困難，實現了創紀錄的獲利能力和產量。尤其是特斯拉上海工廠的中國團隊，他們確實因新冠疫情停工而面臨巨大挑戰，但儘管如此，他們仍然能夠生產大量高品質的汽車，而且上海工廠也已經恢復運作。

So as Zach said, we remain confident of a 50% growth in vehicle production in 2022 versus '21. I think we actually have a reasonable shot at a 60% increase over last year. So let's see. Obviously, we ramped production, as you will know, with Giga Berlin and Giga Texas in the past few months, so with 2 fantastic factories with great teams, and they are ramping rapidly. Now with new factories, the initial ramp always looks small, but it grows exponentially. So I have very high confidence in the teams in both factories, and we expect to ramp those initially slowly but, like I said, growing exponentially with them achieving high volume by the end of this year.

正如札克所說，我們仍有信心2022年的汽車產量將比2021年增加50%。我認為我們實際上有相當大的機會比去年增長60%。讓我們拭目以待。顯然，正如你們所知，過去幾個月我們透過柏林超級工廠和德州超級工廠提高了產量。我們擁有兩家優秀的工廠和優秀的團隊，而且它們正在迅速提升產量。現在有了新工廠，最初的產量提升總是看起來很小，但會呈指數級增長。因此，我對這兩家工廠的團隊都非常有信心，我們預計它們最初會緩慢提升產量，但正如我之前所說，隨著它們在今年年底實現高產量，產量將呈指數級增長。

So we're also working on a new vehicle that I alluded to at the Giga Texas opening, which is a dedicated robotaxi. That's highly optimized for autonomy, meaning it would not have steering wheel or pedals. And there are a number of other innovations around it that I think are quite exciting. That is fundamentally optimized for -- it's trying to achieve the lowest fully considered cost per mile or cost per kilometer, accounting everything. And so it's, I think, going to be a very powerful product. We aspire to reach volume production of that in 2024. So I think that really will be a massive driver of Tesla's growth. And we remain on track to reach volume production of the Cybertruck next year.

我們也正在研發一輛新車，就像我在德州超級工廠開幕典禮上提到的那樣，這是一款專用的自動駕駛計程車。它針對自動駕駛進行了高度優化，這意味著它沒有方向盤或踏板。此外，它還包含許多其他我認為非常令人興奮的創新。它從根本上進行了優化——試圖在考慮所有因素的情況下，實現最低的每英里或每公里成本。所以，我認為它將會是一款非常強大的產品。我們的目標是在2024年實現量產。所以我認為這將成為特斯拉成長的巨大驅動力。我們仍然預計在明年實現Cyber​​truck的量產。

So basically, once again, I'd like to thank the Tesla employees for their hard work, but also I'd like to thank our suppliers who have really gone the extra mile. We have an amazing supplier group, and I want say heartfelt thanks to the suppliers that have really worked day and night to ensure that Tesla is able to keep the factories running.

所以，我再次感謝特斯拉員工的辛勤工作，同時也要感謝我們供應商的辛勤付出。我們擁有一支優秀的供應商團隊，我要衷心感謝那些日夜辛勤工作的供應商，他們確保特斯拉工廠能夠正常運作。

And we're really at the early stages of that journey. We only crossed 1 million units in the past 12 months recently. And we aspire to head to 20 million units a year, so we're basically 5% along the way towards our goal. And we are growing very, very rapidly year-over-year. And we remain confident of exceeding 50% annual growth for the foreseeable future, for basically several of the next years. I mean -- so yes.

我們真的處於這段旅程的早期階段。過去12個月，我們的銷售量才剛突破100萬台。我們的目標是每年銷售量達到2000萬台，所以我們距離目標基本上只差了5%。而且我們的年增率非常非常快。我們仍有信心在可預見的未來，也就是未來幾年，年增率能超過50%。我的意思是——是的。

And then there's, of course, Optimus, which I was surprised that people did not realize the magnitude of the Optimus robot program. The importance of Optimus will become apparent in the coming years. Those who are insightful or who listen carefully will understand that Optimus ultimately will be worth more than the car business, worth more than FSD. That's my firm belief. And then, of course, Insurance is growing well. We expect to address the parts shortages that limited our progress with batteries and solar. So we expect batteries and solar to also grow well this year. And basically, the future is very exciting. I've never been more optimistic or excited about Tesla's future than I am right now. Thank you.

當然還有Optimus，我很驚訝人們竟然沒有意識到Optimus機器人計畫的重要性。 Optimus的重要性將在未來幾年顯現出來。那些有洞察力或認真傾聽的人會明白，Optimus最終的價值將超過汽車業務，超過FSD。這是我堅定的信念。當然，保險業務成長良好。我們預計將解決限制我們在電池和太陽能領域發展的零件短缺問題。因此，我們預計今年電池和太陽能業務也將實現良好成長。總的來說，未來非常令人興奮。我對特斯拉的未來從未像現在這樣樂觀和興奮。謝謝。

Thank you very much. Let's go to the first investor question. And the first investor question is, Elon has historically provided FSD time lines with, note, optimal accuracy. We love his optimism for 2022 release. But is there any data Tesla can share with investors to help them make their own conclusions on progress being made, interventions per mile driven or any other data?

非常感謝。我們來回答第一個投資者問題。第一個投資者問題是，伊隆馬斯克一直以來提供的FSD時間表都非常準確。我們很欣賞他對2022年發布的樂觀態度。但是，特斯拉是否可以與投資者分享一些數據，幫助他們就進展、每英里行駛幹預次數或其他數據得出自己的結論？

Sure. Well, with respect to full self-driving, of any technology development I've ever been involved in, I've never really seen more kind of false dawns, or where it seems like we're going to break through but we don't, as I've seen in full self-driving. And ultimately, what it comes down to is that to solve full self-driving, you actually have to solve real-world artificial intelligence, which nobody has solved. The whole road system is made for biological neural nets and eyes. And so actually, when you think about it, in order to solve full self-driving, we have to solve neural nets and cameras to a degree of some capability that is on par with or really exceeds humans.

當然。嗯，就全自動駕駛而言，在我參與過的所有技術開發中，我從未見過如此多的虛幻曙光，或者說，我們似乎即將取得突破，但最終卻一無所獲，就像我在全自動駕駛領域所見的那樣。最終，要解決全自動駕駛問題，實際上必須解決現實世界的人工智慧問題，而這個問題至今卻無人能解。整個道路系統都是為生物神經網路和眼睛而建構的。所以，仔細想想，為了解決全自動駕駛問題，我們必須將神經網路和攝影機的效能提升到與人類相當甚至超越人類的層次。

And I think we will achieve that this year. The best way to reach your own assessment is to join the Tesla full self-driving beta program where we have over 100,000 people right now enrolled in that program, and we expect to broaden that significantly this year. So that's my recommendation, join that full self-driving beta program and experience it for yourself and take note of the rate of improvement with every release. And we put out a new release roughly every 2 weeks. And you'll see a little bit of 2 steps forward, 1 step back. But overall, the rate of improvement is incredibly quick. So that's my recommendation for reaching your own assessment, literally try it.

我認為我們今年就能實現這個目標。想要獲得自己的評估，最好的方法就是加入特斯拉的全自動駕駛測試專案。目前，該計畫已有超過10萬人註冊，我們預計今年將大幅擴大規模。所以我的建議是，加入這個全自動駕駛測試項目，親身體驗，並留意每次發布的改進速度。我們大約每兩週發布一個新版本。你會看到，我們進步了兩步，退了一步。但總的來說，改進速度非常快。所以，我建議你親自嘗試一下，就能獲得自己的評估。

Thank you. The second question is, how much of an impact will the production shutdown in Shanghai have in Q2? What is the time line for localizing the Model 3 in Europe? Or will newer models be prioritized in Berlin?

謝謝。第二個問題是，上海工廠的停產對第二季的影響有多大？歐洲Model 3的在地化時間表是怎樣的？還是說柏林工廠會優先生產更新的車款？

Yes, we did lose a lot of important days of production. And because there are sort of upstream supplier challenges where a lot of suppliers also lost many days of production. But Tesla Shanghai -- Giga Shanghai is coming back with a vengeance. So I think notwithstanding new issues that arise, I think we will see a record output per week from Giga Shanghai this quarter, albeit we are missing a couple of weeks. So that means the most likely vehicle production in Q2 will be similar to Q1, maybe slightly lower, but it's also possible we may pull a rabbit out of the hat and be slightly higher. But it's really, call it, roughly on par. Then Q3 and Q4 will be substantially higher. So it seems likely that we'll be able to produce over 1.5 million cars this year. That's my best guess.

是的，我們確實損失了很多重要的生產日。而且由於上游供應商面臨挑戰，許多供應商也損失了許多生產日。但特斯拉上海超級工廠正在強勢回歸。所以我認為，儘管出現了新的問題，但我認為本季上海超級工廠的周產量將創歷史新高，儘管我們缺席了幾週。這意味著第二季的汽車產量很可能與第一季相似，可能略低，但也有可能出乎意料地略高。但實際上，產量大致持平。然後第三季和第四季的產量將大幅成長。因此，我們今年的產量很有可能超過150萬輛。這是我的最佳預測。

And then Model 3. It's important for new factories to be focused and have the least amount of complexity and variation, which is why Giga Berlin and Giga Texas are focused on the Model Y. From the point in which you have a factory complete and you're making a small number of units to the point where it's producing high-quality vehicles in volume is sort of 9 to 12 months from start of production. So now hopefully, we're getting better at that ramp, so maybe it's a little less. But to get to sort of the 5,000-a-week level has typically taken us around 12 months from start of production, yes.

然後是 Model 3。新工廠必須專注，盡量減少複雜性和變化，這就是柏林超級工廠和德克薩斯超級工廠專注於 Model Y 的原因。從工廠建成並開始生產少量車輛，到開始大量生產高品質車輛，從投產到交付大概需要 9 到 12 個月的時間。希望現在我們的產能提升速度能更快一些，所以時間可能會比較短。但是，要達到每週 5000 輛的產量，從投產到交貨通常需要 12 個月左右。

Thank you. The next question is, how much raw material exposure do you have, measured roughly in percentage of cost of goods sold, for example, in a given quarter versus 1 to 2 years out, both direct and indirect? Separately, how do you think about price increases versus prioritizing higher mix vehicles going forward?

謝謝。下一個問題是，您的原料敞口是多少？粗略地以銷售成本的百分比來衡量，例如，在特定季度與未來1到2年內，包括直接和間接成本。另外，您如何看待漲價與優先發展更高組合車型的關係？

Actually, on the price increase front, I should mention that it may seem like maybe we're being unreasonable about increasing the prices of our vehicles given that we had record profitability this quarter, but the wait list for our vehicles is quite long. And some of the vehicles that people will order, the wait list extends into next year. So our prices of vehicles ordered now are really anticipating supplier and logistics cost growth that we're aware of and believe will happen over the next 6 to 12 months. So that's why we have the price increases today because the car ordered today will arrive, in some cases, a year from now. So we have a very long wait list. And we're obviously not demand limited, we are production limited, very much so production limited.

實際上，關於漲價，我應該說一下，考慮到我們本季獲利創紀錄，我們漲價似乎有些不合理，但我們車輛的等待名單很長。有些客戶會訂購車輛，等待名單會延伸到明年。因此，我們現在訂購車輛的價格實際上是在預測供應商和物流成本的成長，我們知道並且相信這種情況會在未來6到12個月內發生。這就是為什麼我們今天漲價的原因，因為今天訂購的車輛在某些情況下要一年後才能到貨。所以我們的等待名單很長。顯然，我們不是需求受限，而是產量受限，產量非常有限。

Raw material exposure?

原材料暴露？

Yes. Just to add to what Elon is saying, there's different ways to calculate raw material exposure. I think the simple way -- we estimate around 10% to 15% of our cost structure exposed to raw materials. And just to clarify a couple of things on that. So we've been experiencing increases in cost in general, but also raw materials, for a number of quarters now. That pace picked up in Q1, so last quarter. And what we're seeing for Q2 is slightly higher than that as well.

是的。補充一下Elon所說的，計算原料風險敞口的方法有很多種。我認為最簡單的方法是──我們估計大約10%到15%的成本結構受到原料的影響。關於這一點，我再澄清幾點。我們整體成本一直在上漲，原料成本也一樣，這種情況已經持續了好幾個季度了。這個速度在第一季有所加快，也就是上個季度。而我們看到的第二季也略高於這個數字。

And as indices move, it doesn't impact us immediately or directly. In some cases, we have contracts with suppliers. But then, as those contracts expire, we have to renegotiate them so that there can be a lag. In some cases, our contracts do directly reflect movement in commodity prices or raw material prices. But the timing in which that Tesla pays for that has a lag associated with it as well based on the contract.

指數波動不會立即或直接影響我們。在某些情況下，我們與供應商簽訂了合約。但隨著這些合約到期，我們必須重新協商，因此可能會存在滯後。在某些情況下，我們的合約確實會直接反映大宗商品價格或原物料價格的變動。但根據合約規定，特斯拉支付這些費用的時間也會有滯後。

And so to Elon's point, what we're trying to do here, because it's quite an unprecedented situation of raw material movement in all of these various lags and uncertainty around renegotiating contracts, is we're trying to anticipate where things will go and make sure that the pricing that we have put in place at the time that those raw material cost increases hit us is that they align and that the company can remain financially healthy in various scenarios as we look out over the next 4 quarters.

所以，正如 Elon 所說，由於在重新談判合約的各種滯後和不確定性中，原材料流動的情況是前所未有的，因此我們在這裡試圖做的是，我們試圖預測事情的走向，並確保在原材料成本上漲對我們造成影響時我們制定的定價是一致的，並且展望未來 4 個季度，公司在各種情況下都能保持財務健康。

Okay. Thank you very much. The next question is, why does Tesla continue to fight dealership laws on a state-by-state basis versus taking it federal? Separately, why isn't Tesla using 800-volt architecture in its vehicles? What are the advantages or disadvantages?

好的，非常感謝。下一個問題是，為什麼特斯拉要繼續與各州的經銷商法律抗爭，而不是訴諸聯邦法律？另外，為什麼特斯拉不在其車輛中使用 800 伏特架構？這樣做有什麼優缺點？

So from Tesla's standpoint, obviously, we'd love to have federal legislation that allows direct sales in all states, but we have not seen willingness on the part of the Congress to enact such law that would override a variety of state laws. So unfortunately, we have to fight it on a state-by-state basis. And Drew, do you want to answer the 800-volt question?

所以從特斯拉的角度來看，我們當然希望聯邦立法允許所有州的直銷，但我們還沒有看到國會願意頒布這樣一項凌駕於各州法律之上的法律。所以很遺憾，我們只能逐州逐項爭取。德魯，你想回答關於800伏特的問題嗎？

Yes, sure. On the 800-volt thing, yes, so it's really a case-by-case thing. For the smaller platform vehicles like 3 and Y, there's some wins and losses with 800 volts, not everything is better. And so we look at that platform and we're not like ignoring the reality that you can go to a higher voltage, but there's nothing really encouraging us to do so on that platform. It's really about mass and power. And as you look at bigger vehicles, there are some advantages on those bigger vehicles.

是的，當然。關於800伏，是的，所以這真的是一個個案問題。對於像3和Y這樣的小型平台車輛來說，800伏特有得有失，並非一切都更好。所以我們著眼於這個平台，我們並沒有忽視可以採用更高電壓的現實，但沒有什麼真正鼓勵我們在這個平台上這樣做。這實際上關乎品質和動力。至於更大的車輛，這些更大的車輛確實有一些優勢。

Let me just quantify that. Basically, our estimate is that going from 400 to 800 volts might save $100. It's not really moving the needle.

我來量化一下。基本上，我們估計從400伏到800伏大概可以省100美元。但這並沒有帶來什麼實質的改變。

And you're changing many things from charging infrastructure all the way through the entire vehicle system to get maybe $100.

而且你需要改變很多東西，從充電基礎設施到整個車輛系統，可能只需要 100 美元。

Yes. Exactly. So I mean, in the U.S., you've got 110-volt household power voltage and then most possible like sort of 220. But really, it doesn't make that much of a difference. And appliances work pretty much as well in, say, Europe as they do in the U.S. The advantages are small and the cost is high. Say, like long term, like years now, does it make sense probably to an 800-volt architecture? Probably. But it really needs a very big vehicle volume to pay for all the cost of changing from 400 to 800 volts. And then Drew, do want to continue with it?

是的，沒錯。我的意思是，在美國，家用電源電壓是110伏，然後很可能是220伏特左右。但實際上，差別並不大。而且，在歐洲，電器的運作效果和在美國差不多。優勢不大，成本卻很高。比如說，從長遠來看，例如幾年後，升級到800伏特架構是否合理？可能吧。但從400伏特到800伏的轉換成本來看，確實需要很大的車輛容量才能完全覆蓋。然後，Drew，你還想繼續嗎？

I was just going to say that 100 volts is also kind of like a spreadsheet exercise, right?

我只是想說 100 伏特也有點像電子表格練習，對吧？

$100.

100美元。

Sorry, $100 is roughly like a spreadsheet exercise, like you have to get through the full end to the end to see that maybe it's been whittled away to $50 or less. On bigger vehicles where you're talking about higher power on the charging side or higher power from the battery to the power electronics or you need more torque, so the current requirements go up. There's a little bit more semiconductor and actual conductor savings of going to the higher voltage. And so we do consider that for Semi and Cybertruck. But for the 3 and Y platform where we've got everything running and the benefit is questionably small...

抱歉，100 美元大概就像電子表格練習題一樣，你必須從頭到尾仔細核算才能發現它可能被削減到了 50 美元甚至更低。對於更大的車輛來說，充電端需要更高的功率，或者從電池到電力電子設備需要更高的功率，或者需要更大的扭矩，因此電流需求也會增加。提高電壓可以節省一些半導體和實際導體。所以我們確實會為 Semi 和 Cyber​​truck 考慮這一點。但對於 3 和 Y 平台來說，我們已經讓所有零件都運作起來了，因此收益可能很小…

Yes, it's basically 0 for robotaxi.

是的，對於 Robotaxi 來說，它基本上是 0。

Yes. For robotaxi, yes, it doesn't make sense.

是的。對於自動駕駛計程車來說，這確實沒意義。

Okay. Let's go to the next question. Next question is, how are the current 4680s performing versus expectations set during the Battery Day in terms of expected range increase and dollars per kilowatt hour?

好的。我們進入下一個問題。下一個問題是，目前的 4680 在續航里程增長和每千瓦時成本方面的表現與電池日期間設定的預期相比如何？

Yes. We're working in all the areas we shared on Battery Day, and we have sort of consistent progress across all of those areas towards achieving the 5-year cost trajectory goals for the cost within our control, but we do not control all the commodity costs. So that's an exception I needed to call out. Similar to Model 3, it will take us several years to get rate and yields to the point where everything that we've discussed is achieved. Our priority was on simplicity at scale during our initial 4680 structural battery ramps. And as we attain our manufacturing goals, we will layer in new material technologies we are developing and higher-range structural pack provisions.

是的。我們正在電池日分享的所有領域開展工作，並且在所有這些領域都取得了持續進展，力求實現我們可控成本的五年成本軌跡目標，但我們並非控制所有商品成本。所以，這是我需要指出的例外。與Model 3類似，我們需要幾年時間才能將生產力和良率提高到我們之前討論過的所有水準。在最初的4,680個結構電池量產過程中，我們的首要任務是簡化規模化生產。隨著我們實現製造目標，我們將逐步採用我們正在開發的新材料技術和更高續航里程的結構包配置。

I think maybe in a nutshell, I think it probably is fair to say that 4680 and structural pack will be competitive with the best alternatives later this year and we think will exceed the best alternatives next year.

我認為，簡而言之，可以公平地說，4680 和結構包將在今年稍後與最佳替代品競爭，我們認為明年將超越最佳替代品。

Yes. I mean we have some good existing proofs, right? Like we've built the facility here in Texas, like we know how much we spent on capital equipment in the facility. And it's more than 5x less than prior technology installations. So we're saving huge on CapEx, on utilities and personnel. We know what those loads are and how many people are needed to run what is basically a highly automized factory. And we have massive reductions in both of those. So like the cost model is well understood. It's really about rate and yield, which will come in time, as Elon said, over the course of this year and next.

是的。我的意思是，我們有一些現成的證據，對吧？例如我們在德州建了工廠，我們知道在工廠的資本設備上花了多少錢。這比之前的技術安裝少了五倍多。所以我們在資本支出、水電費和人員方面節省了大量資金。我們知道這些負載是多少，也知道運作一個高度自動化的工廠需要多少人。我們在這兩方面都大幅削減了成本。所以成本模型很容易理解。實際上，關鍵在於殖利率和良率，正如埃隆所說，這些因素會在今年和明年逐漸顯現。

Yes.

是的。

Thank you. And the next question is, how does Tesla plan to secure raw materials required to scale to extreme size?

謝謝。接下來的問題是，特斯拉計畫如何確保達到極限尺寸所需的原料？

Yes. So this is something we think about quite a lot. It depends what extreme size means. But certainly looking at, like, say, the $5 million, $10 million, $20 million -- 5 million, 10 million, 20 million vehicle levels, you really have to analyze sort of macroeconomic, just like what is the tonnage of lithium that you need, of nickel, of iron phosphate, of graphite separators, electrolytes. It looks like -- really think of like just macro tonnage.

是的。這是我們經常思考的問題。這取決於極端規模意味著什麼。但當然，考慮到500萬美元、1000萬美元、2000萬美元——500萬輛、1000萬輛、2000萬輛的汽車規模，你真的必須分析一下宏觀經濟因素，比如你需要多少噸鋰、鎳鎳、多少磷酸鐵、多少石墨隔膜、多少電解液。看起來——真的應該只考慮宏觀噸位。

And we need to think about this for the world as a whole because just -- we want to what -- there's limiting factors for accelerating the advent of a sustainable energy future. And whatever the most limiting factors are, Tesla will take action on those limiting factors. So right now, we think mining and refining lithium appears to be a limiting factor, and it certainly is responsible for quite a bit of cost growth in the cells. It's, I think, the single biggest cost growth item right now absolutely on a percentage basis. Although just for those who don't totally know this, the actual content of lithium in lithium ion cell is maybe around 2% or 3% of the cell.

我們需要從全球角度來思考這個問題，因為——我們想知道——加速永續能源未來的到來存在著一些限制。無論最主要的限制因素是什麼，特斯拉都會採取行動。所以目前，我們認為鋰的開採和提煉似乎是個限制因素，而且它肯定是造成電池成本大幅增加的主要原因。我認為，以百分比計算，它絕對是目前成本成長最大的項目。不過，對於不太了解這一點的人來說，鋰離子電池的實際鋰含量可能在電池的2%或3%左右。

5 kgs a car.

每輛車5公斤。

Yes, 5 kilograms exactly. It's called lithium ion cell, but by far, like the most expensive and heaviest item in the cell is the cathode. So that's the nickel or the iron phosphate. So we're looking carefully at all of the raw materials and trying to figure out how we can accelerate the total amount of raw materials needed to transition the world to sustainability. I think we've got -- we don't have enough time on this call to really go through all those details, but we are thinking about these things. And we think we'll have some exciting announcements in the months to come.

是的，剛好5公斤。它被稱為鋰離子電池，但到目前為止，電池中最昂貴、最重的部分是陰極。也就是鎳或磷酸鐵。所以，我們正在仔細研究所有原材料，並試圖找出如何加速實現世界永續發展所需的原材料總量。我想我們——這次電話會議我們沒有足夠的時間來真正討論所有細節，但我們正在考慮這些事情。我們相信在接下來的幾個月裡，我們會發布一些令人興奮的消息。

Yes. One thing I want to call out is like we're also committed to recycling at all of our cell factories. We're recycling 50 tons a week right now in Reno and ramping to 150 with all of that reclaimed material going directly back into our cathode supply chain. So we're looking at the beginning and end-of-life needs here.

是的。我想說的是，我們也致力於在所有電池工廠進行回收。目前，我們在裡諾每週回收50噸電池，並將逐步增加到150噸，所有回收的材料都將直接返回我們的正極供應鏈。因此，我們關注的是電池的初始和最終需求。

Yes. And that's true like since Reno built a Gigafactory, we started doing that with batteries. But as we build newer factories or vehicles, for example, Giga Texas here, where we are today, we [shifted] all this non-yielded or scrap aluminum from the stamping shop directly into the casting shop. We regrind any plastic out. And so we're really concerned about raw materials, not just like mining them and consuming them, but when we get them in the door, using all 100% of them.

是的。的確如此，自從雷諾建造超級工廠以來，我們就開始用這種方法來生產電池。但隨著我們建造新的工廠或車輛，例如我們今天所在的德州超級工廠，我們會把所有未加工或廢鋁從沖壓車間直接轉移到鑄造車間。我們會把塑膠重新研磨掉。所以我們非常重視原料，不只是開採和消耗它們，而是在它們進入工廠後，我們會100%地利用它們。

Yes, Lars, that's a great point. So we're storing -- we're installing sort of melt furnaces for probably minimum. Like for the Model Y that we've built here at Giga Texas, it has both a front and a rear body casting. So we're casting almost 2/3 of the body, and that's high pressure die casting. And so we can take both scrap from the casting machine and the gating that comes out and put that -- just really toss that back into the aluminum melting pot and then, as Lars was saying, also take any stampings and any other aluminum scrap also through that melting pot. Matter of fact, we've also figured out that we can use wheels from practically any car. So we're going to be recycling cast aluminum wheels from legacy gasoline cars as well and throwing that in the melting pot for our aluminum cast body of Model Y. And also we'll be moving to the sort of cast part rear body in all vehicles over time. Well, actually, maybe not S and X, but 3 and Y.

是的，Lars，你說得對。我們正在儲存——我們正在安裝熔爐，可能是為了最低限度。例如我們在Giga Texas工廠生產的Model Y，它有前後車身鑄件。所以我們幾乎鑄造了車身的三分之二，而且是高壓壓鑄。這樣我們就可以把鑄造機的廢料和澆口取出來——真的把它們扔回鋁熔爐裡，然後，正如Lars所說，把所有沖壓件和其他鋁廢料也放進熔爐裡。事實上，我們也發現，幾乎任何汽車的輪轂都可以使用。所以我們也將回收傳統汽油車的鑄鋁輪轂，並將其丟進熔爐，用於生產Model Y的鋁鑄車身。而且，隨著時間的推移，我們將在所有車型中使用這種後車身鑄件。嗯，實際上，可能不是S和X，而是3和Y。

Thank you. At what rate do you expect Berlin and Austin to ramp relative to Shanghai? Are you able to leverage learnings from Shanghai? Or are the processes substantially different in the new factories?

謝謝。您預計柏林和奧斯汀的產能提升速度會比上海快多少？你們能藉鏡上海的經驗嗎？或者說，新工廠的流程會大不相同嗎？

Hopefully, we should be able to ramp production faster than Shanghai because we have learned a lot. And we've now been through the -- we have basically veteran teams obviously in the 3 and Y ramp, Y ramp especially, in multiple locations. And we're obviously sharing what we've learned. And so we don't want to get complacent or entitled, but this should be a faster ramp because we have learned more, and we have done a lot to simplify the production process of Model Y that should lead us to a faster ramp in Texas and Berlin, yes.

希望我們的產量提升速度能比上海工廠更快，因為我​​們學到了很多。而且我們現在已經經歷了——我們在Model 3和Model Y的產能提升，尤其是Model Y的產能提升，在多個地點都有經驗豐富的團隊。我們當然會分享我們所學到的經驗。所以我們不想自滿或自以為是，但這應該會是一個更快的產能提升，因為我們學到了更多，而且我們已經做了很多工作來簡化Model Y的生產流程，這應該會讓我們在德克薩斯州和柏林的產能提升更快。是的。

But we also had a structural casting, about 30% less robots. So we expect to almost double the capacity for body, for example, reducing the number of robots but doubling our capacity in a lot of areas.

但我們也有結構鑄件，機器人數量減少了約30%。因此，我們預計車身產能將幾乎翻一番，例如，減少機器人數量，但在許多領域實現產能翻倍。

Yes. Right. The body line for the structural pack is -- and if you got structural pack and front and rear castings, the body shop size drops by over 60% relative to the standard way of making a car.

是的。沒錯。結構包的車身線是－如果你有結構包和前後鑄件，那麼車身車間的尺寸相對於標準的汽車製造方式來說會減少60%以上。

And that taps into general assembly and everything else because we have the structural battery, the floor is the battery. We put the seats on the battery and then we put that in their cars. So there's actually between 10% and 15% less stations in GA because of the general assembly side as well. So really, like I think about this and the way that we think about cars, if you're waiting for the best Tesla, you're going to be waiting forever. If you're waiting for our best battery, you're also going to be waiting forever because every new factory is better than the last one because we take all that learning and [we share them too].

這涉及到組裝以及其他所有環節，因為我們有結構性電池，地板就是電池。我們把座椅裝在電池上，然後裝到他們的車上。所以，由於組裝環節的原因，喬治亞州的充電站數量實際上減少了​​10%到15%。所以，真的，就像我思考這個問題以及我們對汽車的看法一樣，如果你在等待最好的特斯拉，你將永遠等待。如果你在等待我們最好的電池，你也將永遠等待，因為每家新工廠都比上一家更好，因為我們吸取了所有的經驗教訓，並且[我們也分享這些經驗]。

Yes.

是的。

Next question is at Cyber Rodeo, Elon mentioned that a future driverless robotaxi vehicle is on the road map. When can we expect more details on the product offering to be unveiled? Is this something that people can own? Or will this be only offered by Tesla as a service?

下一個問題是，在 Cyber​​ Rodeo 大會上，埃隆提到未來的無人駕駛 Robotaxi 已經在規劃中。我們什麼時候能看到更多關於這款產品的細節公佈？這款產品是可以擁有的嗎？還是只能由特斯拉以服務的形式提供？

So I think we want to hold up on -- we don't want to jump the gun on an exciting product announcement too much. So I think we'll aim to maybe do a product event for robotaxi next year and get into more detail, but we are aiming for volume production in 2024.

所以我覺得我們得等等再說——我們不想操之過急地發布令人興奮的產品。所以我覺得我們可能會在明年舉辦一場Robotaxi的產品發表會，更詳細地介紹一下，但我們的目標是在2024年實現量產。

All right. And maybe the last question from investors is, what is the current run rate of 4680 cell production at Fremont and at Giga Texas? What do you expect run rates of 4680 to be in Fremont and Giga Texas or Berlin at the end of the year?

好的。投資者的最後一個問題是，目前弗里蒙特和德克薩斯超級工廠的4,680電池產能利用率是多少？您預計到今年年底，弗里蒙特、德克薩斯超級工廠或柏林的4680電池產能利用率會是多少？

Well, Berlin is using the 2170 nonstructural pack. So they're not constrained by 4680. They will transition to 4680 hopefully later this year, but current volume production does not to acquire that. We also have, just as a risk mitigation, 2170 nonstructural pack capability adherent to Giga Texas as well. If things go according to plan, we will be in volume production with 4680 sometime perhaps towards the end of the third quarter and certainly in the fourth quarter. Is that accurate, Drew?

柏林工廠目前使用的是2170非結構化電池組。所以他們不受4680的限制。他們預計在今年稍後過渡到4680，但目前的量產還無法實現。為了降低風險，我們也擁有Giga Texas工廠配套的2170非結構化電池組產能。如果一切按計劃進行，我們將在第三季末，或第四季度，實現4680的量產。 Drew，您說的對嗎？

Yes. And the other thing I would add is like with the China COVID shutdown and the semiconductor bottlenecks we had through Q4 and hence a little bit in Q1, we have sizable cell inventory at the moment and excess cells to support the 2022 volume targets you described. So that gives us the ability to be pretty deliberate in the 4680 ramp where we can maximize learnings step by step, take engineering downtime to upgrade key pieces of equipment and modify the structural pack design to improve reliability, all while achieving what you just said.

是的。我想補充的是，由於中國新冠疫情導致的停工停產以及我們在第四季度遇到的半導體瓶頸，以及第一季度的一些情況，我們目前擁有相當可觀的電池庫存，並且還有剩餘電池，可以支持您所描述的2022年產量目標。因此，我們能夠在4680產能提升過程中保持審慎的態度，逐步最大限度地積累經驗，利用工程停工時間來升級關鍵設備，並修改結構包設計以提高可靠性，同時實現您剛才所說的目標。

Yes. 4680 output is not a risk to achieving 1.5 million vehicles produced this year, but it would become a risk next year if we do not solve volume production by early 2023, but we're highly confident of doing so.

是的。 4680輛的產量對於今年實現150萬輛的目標來說並不構成風險，但如果我們不能在2023年初之前解決量產問題，那麼明年就會構成風險，但我們對此非常有信心。

Thank you very much. Let's go to analyst questions now. The first question comes from Dan Levy from CSFB.

非常感謝。現在我們進入分析師提問環節。第一個問題來自瑞士信貸第一波士頓銀行的丹‧利維（Dan Levy）。

First, maybe you can just talk through or address what some of the drivers of cost improvement were in the quarter. Was it just further improvements within Shanghai or in Fremont? Anything around sort of ongoing kaizen that you've talked about in the past, maybe you could just talk through what you benefited from in the first quarter.

首先，您能否簡單談談本季成本改進的一些驅動因素。是上海工廠還是弗里蒙特工廠的進一步改進？關於您之前談到的持續改進，能否談談第一季有哪些方面讓您受益匪淺？

Sure. I mean at a high level, cars produced in Shanghai do carry a lower cost structure than cars produced in Fremont. And so as our mix of cars shift towards Shanghai, the average cost is positively impacted by that. We're also seeing some progress in manufacturing efficiencies in Fremont, particularly on the S and X side, as volume increases improves there. Expedites has been a huge story for the company. Q4, we had massive amounts of expedites. Q1 was still quite large, but we did make progress on bringing that down some.

當然。我的意思是，從總體上看，在上海生產的汽車確實比在弗里蒙特生產的汽車成本更低。因此，隨著我們的車型組合向上海轉移，平均成本將受到正面影響。我們也看到弗里蒙特的生產效率提高，尤其是在S系列和X系列車型上，因為那裡的產量有所提升。加急生產對公司來說是一個重大的事件。第四季度，我們有大量加急生產。第一季的加急生產量仍然很大，但我們確實在降低加急生產量方面取得了一些進展。

Yes, Drew mentioned like -- kudos to the Fremont manufacturing team and our associates there because we're achieving record output at Fremont.

是的，德魯提到了——向弗里蒙特製造團隊和我們在那裡的同事致敬，因為我們在弗里蒙特實現了創紀錄的產量。

Yes, the Fremont team is doing a tremendous job.

是的，弗里蒙特團隊做得非常出色。

It's hard to underweight. Like you should -- the expedite situation with the crazy logistics that occurred with COVID.

減重很難。你應該這麼做──新冠疫情期間，物流變得異常混亂，導致加急的情況發生。

Yes. And to Elon's point, the Fremont team and also the Shanghai team, has been extremely dynamic with the unpredictable nature of our part arrivals. And our supply chain team, in particular, production planning portion of supply chain, we often get very little notice when part shortage is coming, and it's kind of a scramble couple of days before that part is supposed to arrive to figure out how to get it here. And so the amount of Herculean effort that goes in to produce a quarter like Q1 and even the quarters before that is absolutely immense.

是的。正如伊隆所說，弗里蒙特團隊和上海團隊都非常靈活，因為我們的零件到貨難以預測。我們的供應鏈團隊，尤其是供應鏈的生產計劃部分，在零件即將短缺時，我們通常很難收到通知，只能在零件預計到達的幾天前手忙腳亂地想辦法把它送到這裡。因此，為了在第一季乃至更早的幾季裡保持生產，我們付出了巨大的努力。

There's a saying in the military, it's like amateurs talk about tactics, professionals talk about logistics when it comes to war.

軍隊裡有一句話，打仗的時候外行人講戰術，內行人講後勤。

Yes. So there were some inherent cost improvements, as I mentioned, but there's also offsets that we've talked about previously on raw materials, commodities. Outbound logistics continues to remain a challenge despite a ton of efforts to increase capacity there and bringing those costs down.

是的。正如我之前提到的，有一些內在的成本改進，但也有一些我們之前談到的原材料和大宗商品方面的抵消。儘管我們付出了巨大的努力來提高產能並降低成本，但出站物流仍然是一個挑戰。

Second question, one of the initial goals of Model 3 way back when was to have an EV that was affordable for a wide portion of the market. And we know prices are much higher now just given the supply constraints. Prices are higher for all other automakers. We know that there's inflation that you're battling through, and some of that needs to be passed through the price of the vehicles. And you're going to be supply constrained for the foreseeable future, so it's sort of a moot point. But given the goal long term of making EVs more widely available to the masses over time, how do you look at the progression of prices over time?

第二個問題，Model 3 最初的目標之一是讓更多人都能負擔得起。我們知道，由於供應限制，現在的價格要高得多。其他所有汽車製造商的價格都更高。我們知道你們正在應對通貨膨脹，其中一部分影響需要透過車價來轉嫁。而且在可預見的未來，你們的供應仍然會受限，所以這個問題沒有實際意義。但考慮到長期目標是讓電動車隨著時間的推移更廣泛地普及到大眾，您如何看待價格的長期走勢？

We absolutely want to make EVs as affordable as possible. It's been very difficult with the -- I mean I think inflation is at like a 40- or 50-year high. And I think that the official numbers actually understate the true magnitude of inflation. And that inflation appears to be likely to continue for at least the remainder of this year is what -- when we're talking to suppliers, suppliers are under severe cost pressure, so yes. And in some cases, we're seeing suppliers request 20% to 30% cost increases for parts from last year to the end of this year. So there's a lot of cost pressure there.

我們絕對希望電動車盡可能便宜。這非常困難——我的意思是，我認為通貨膨脹率達到了四十十年來的最高水準。我認為官方數據實際上低估了通膨的真實幅度。而且通貨膨脹似乎至少會持續到今年剩餘時間——當我們與供應商交談時，他們面臨巨大的成本壓力，所以是的。在某些情況下，我們看到供應商要求從去年到今年年底將零件成本提高20%到30%。所以成本壓力很大。

That's why we raised our prices because we -- when things [lose sense] with respect to inflation, you know it's high, and we've got orders that go out a year or more, in some cases, then we have to anticipate those cost increases. But I think, especially with the robotaxi and autonomy, I think we will end up providing consumers with, by far, the lowest cost per mile of transport that they've ever experienced, yes. I mean with robotaxi, like maybe 5 to 10x cost per mile, it's really quite substantial.

這就是我們提高價格的原因，因為當通貨膨脹率[失去理智]時，你知道通貨膨脹率很高，而且我們的訂單要一年甚至更久，在某些情況下，我們必須預測這些成本的增長。但我認為，尤其是在自動駕駛計程車和自動駕駛技術出現之後，我們最終將為消費者提供迄今為止他們體驗過的最低的每英里交通成本，是的。我的意思是，有了自動駕駛計程車，每英里成本可能是普通計程車的5到10倍，這確實相當可觀。

And therefore, accessible to [a lot of things].

因此，[很多事情]都可以實現。

Yes. I mean looking at some of our projections, it would appear that a robotaxi ride will cost less than a bus ticket, a subsidized bus ticket or subsidized subway ticket.

是的。根據我們的一些預測，搭乘自動駕駛計程車的費用似乎比公車票、補貼公車票或補貼地鐵票都要低。

Thank you very much. Let's go to the next question from Rod Lache from Wolfe Research.

非常感謝。我們接下來請Wolfe Research的Rod Lache提問。

I'm trying to just parse out your comments about the inflation and constrained supply and battery feedstocks and the initiatives that you are working on internally to secure these materials. It sounds like you're optimistic about Tesla's ability to solve this for Tesla. But do you see this as a constraint on EV adoption more broadly?

我只是想分析一下您關於通貨膨脹、供應受限、電池原料以及您內部為確保這些材料供應而採取的措施的評論。聽起來您對特斯拉解決這些問題的能力感到樂觀。但您是否認為這會對電動車的普及造成更廣泛的限制？

Yes. Absolutely. What's sort of keeping our costs down, at least in the short term, is that we have long-term contracts with suppliers. But those long-term contracts will obviously run out and then we'll start to see potentially significant cost increases. But the macro -- sort of looking at the world as a whole and saying, "Okay, what does it take for us to transition to sustainable energy faster?" It's fundamentally -- the fundamental limiting factor is the output of cell -- basically, cell output. At what rate can lithium ion cells increase the gigawatt hours per year, that is the fundamental limiting factor. So in order -- and that will move as fast as the slowest, least likely element of the whole supply chain.

是的，絕對是如此。至少在短期內，我們之所以能控製成本，是因為我們與供應商簽訂了長期合約。但這些長期合約顯然會到期，屆時我們就會開始看到成本大幅上漲。但從宏觀角度來看——就像把世界看作一個整體，然後問自己：「好吧，我們需要做些什麼才能更快地過渡到可持續能源？」 從根本上來說，最根本的限制因素是電池的產量——基本上就是電池的產量。鋰離子電池每年能以什麼樣的速度增加千兆瓦時，這就是最根本的限制因素。因此，為了做到這一點，整個供應鏈中最慢、最不可能的環節的進展速度將與它一樣快。

Currently, we see that as being a challenge with lithium. To be clear, it's not that there's a shortage of lithium ore in the world. Lithium is present almost everywhere. It's a very common element. However, you still need to take up the ore, take up basically the sludge or the clay with the lithium, and then you need to go through a whole series of refinement steps. And that's a lot of industrial equipment that's needed to refine lithium ore to lithium that can be used as lithium hydroxide or lithium carbonate in a battery cell.

目前，我們認為這對鋰資源來說是一個挑戰。需要明確的是，世界上並非缺乏鋰礦石。鋰幾乎無所不在，是一種非常常見的元素。然而，你仍然需要提取礦石，基本上是將含有鋰的礦泥或黏土提取出來，然後還需要經過一系列的精煉步驟。而將鋰礦石精煉成可用於電池的氫氧化鋰或碳酸鋰需要大量的工業設備。

So we think we're going to need to help the industry on this front. I mean the industry is growing fast and I certainly encourage entrepreneurs out there who are looking for opportunities to get into the lithium business. Lithium margins right now are practically software margins. I mean Zach, correct me if I'm wrong, but I think we're seeing cases where the spot lithium price is 10x higher than the cost of extraction. So not like we're talking [19%] margins here. Can more people please get into the lithium business? Do you like minting money? Well, the lithium business is for you.

所以我們認為我們需要在這方面幫助這個行業。我的意思是，這個行業正在快速發展，我當然鼓勵那些正在尋找機會進入鋰行業的企業家。目前鋰的利潤率其實相當於軟體利潤率。札克，​​如果我錯了，請糾正我，但我認為我們看到的情況是，現貨鋰價格是開採成本的10倍。所以我們這裡討論的不是[19%]的利潤率。能不能請更多人進入鋰產業？你喜歡賺錢嗎？那麼，鋰產業就是為你準備的。

Interesting. So I guess we'll stay tuned to see what happens from that. My second question is, it's impressive to see just a modest increase in cost per vehicle, cost of goods sold per vehicle, given what we've seen in terms of commodities actually. And from here, you have a lot of savings opportunities with 4680 cells and the cell manufacturing changes, the anode chemistry structural packs, giga castings. Are you suggesting that even those may not be sufficient to offset the inflation that you're seeing and that you're going to need additional pricing as well in addition to those specific initiatives that you've called out?

有意思。我想我們會繼續關注後續情況。我的第二個問題是，考慮到我們實際看到的大宗商品價格，每輛車的成本、每輛車的銷售成本僅小幅上漲，這令人印象深刻。從現在開始，4680電池、電池製造流程的改進、陽極化學結構包、超級鑄件等都帶來了許多成本節省的機會。您是否認為，即使這些措施也不足以抵消您所看到的通貨膨脹，除了您提到的那些具體舉措之外，您還需要額外的定價？

We hope we don't need to increase the pricing further. The current pricing is anticipating what we think is the probable growth in costs. And if that growth in cost does not materialize, we actually may slightly reduce prices. So we don't currently anticipate making significant price increases. But obviously, we don't control the macroeconomic environment. If governments keep printing vast amounts of money and if there are not significant increases in lithium extraction and refinement and other raw materials such that everyone is competing for a limited amount of raw materials then, obviously, that will drive prices to high levels. So if you have a crystal ball that can tell us what the future is going to be like, we'll adjust accordingly. But the current prices are for a vehicle delivered in the future, like 6 to 12 months from now. So this is our best guess.

我們希望不需要進一步漲價。目前的定價是基於我們認為的成本可能成長的預期。如果成本成長沒有實現，我們實際上可能會略微降價。所以我們目前預計不會大幅漲價。但顯然，我們無法控制宏觀經濟環境。如果政府繼續印鈔票，而鋰的開採、精煉和其他原材料的產量沒有大幅增長，以至於每個人都在爭奪有限的原材料，那麼顯然，這將推高價格。所以，如果你有一顆水晶球，可以預知未來會怎樣，我們就會相應地進行調整。但目前的價格是針對未來交付的車輛，例如6到12個月後。所以這是我們最好的預測。

But I think if you zoom out, right, like as you said, our mission is to accelerate the transition to sustainable energy. So we are working with our existing suppliers and others to figure out how to grow all of these raw materials as quickly as possible to not slow down the transition. And whether that means we have to get directly involved in some cases or not comes down to the counterparty and their willingness to expand at the rate we think they should be able to expand. And that's similar to what we've done with everything else. Like we built a Gigafactory in Reno because it needed to be done. And so like we will do what needs to be done to not slow down the transition. And affordability is a goal. If it's unaffordable, it's going to retard the growth of what is inherently a good thing. We can't have that.

但我認為，如果你把視角拉遠，就像你說的，我們的使命是加速向永續能源的轉型。因此，我們正在與現有供應商和其他方合作，研究如何盡快增加所有這些原料的產量，以免減緩轉型進程。這是否意味著我們必須在某些情況下直接介入，取決於交易對手以及他們是否願意以我們認為他們能夠承受的速度擴張。這與我們在其他所有項目上的做法類似。例如，我們在裡諾建造了一座超級工廠，因為這是必然的。所以我們會盡一切努力，以免減緩轉型進程。價格可負擔是我們的目標。如果價格過高，就會阻礙原本美好的事物的發展。我們不能容忍這種情況。

Thank you. The next question comes from Pierre Ferragu from New Street Research.

謝謝。下一個問題來自 New Street Research 的 Pierre Ferragu。

Can you hear me well?

你聽得清楚我說話嗎？

Yes.

是的。

Great. I'd like to ask you some questions about free cash flow. So first, maybe in the long run, Elon, if you look at your performance and your growth model and your growth ambitions, I did the math very quick, and I see you guys sitting on $400 billion, maybe $500 billion, of cash at the end of the decade. And I was wondering if it's something -- you have given some thoughts about.

太好了。我想問您一些關於自由現金流的問題。首先，伊隆，從長遠來看，如果您看看你們的業績、成長模式和成長目標，我很快算了一下，到2020年末，你們的現金流將達到4000億美元，甚至5000億美元。我想知道您是否對此有過一些想法。

If inflation keeps going crazy, $500 billion might be like $20 billion today, I don't know. So we'll see what $500 billion buys you in a decade, but it might be a lot less. So I don't know if we'll -- that seems like a lot of cash. I don't know. We'll try to do something useful with it. I mean, Zach, I don't know -- I realize it's not a problem, that's for sure.

如果通貨膨脹繼續瘋狂上漲，5000億美元可能相當於今天的200億美元，我不知道。所以我們拭目以待，看看十年後5000億美元能買到什麼，但可能會少很多。所以我不知道我們是否會——這看起來是一大筆錢。我不知道。我們會嘗試用它做一些有用的事情。我的意思是，扎克，我不知道——我知道這不是問題，這是肯定的。

The way we've been -- I think we have to take this one step at a time. And so we have investments that are happening right now to get Austin and Berlin up and running and then, as Elon mentioned, installing capacity for robotaxi production. And there are some decisions that, as Elon alluded to, just to share in the future about what the economic model looks like for robotaxi. And so the way Elon and I have discussed this is -- yes, so our focus is to get to the point where robotaxis are on the road, Optimus is in use, get the economic model for that dialed in and then evaluate the size of cash flows at that point and make decisions then as to what's next.

就我們一直以來的做法而言，我認為我們必須一步一步來。因此，我們目前正在進行投資，以啟動奧斯汀和柏林的運營，然後，正如埃隆所提到的，我們將建立自動駕駛計程車的生產能力。正如伊隆所提到的，我們還有一些決定，只是在未來分享自動駕駛計程車的經濟模式。我和埃隆討論的方式是——是的，我們的重點是讓自動駕駛出租車上路，讓Optimus投入使用，建立相應的經濟模型，然後評估屆時現金流的規模，並決定下一步的行動。

All right. Let's go to the next one. The next question comes from Trip Chowdhry from Global Equity Research.

好的。我們進入下一個問題。下一個問題來自 Global Equity Research 的 Trip Chowdhry。

Two questions I have. First is regarding the Cybertruck. And I was wondering like in terms of number of parts, how would Cybertruck compare with the traditional pickup truck in terms of number of parts? The second question I have is on Gigafactory Nevada Sparks. Will we have any production of vehicles in that factory or all the future production will happen in Giga Austin?

我有兩個問題。首先是關於 Cyber​​truck 的。我想知道，就零件數量而言，Cyber​​truck 與傳統皮卡相比如何？第二個問題是關於內華達州 Sparks 超級工廠。我們會在那裡生產汽車嗎？還是說未來的所有生產都會在奧斯汀超級工廠進行？

I'm not sure if we've actually done a comparison of Cybertruck parts versus regular truck parts. I mean, Lars?

我不確定我們是否真的比較過 Cyber​​truck 零件和普通卡車零件。我是說，Lars？

Yes. I mean, if you want to go down -- like it depends on what kind of part. We still have cells in the some...

是的。我的意思是，如果你想往下走——這取決於哪個部分。我們還有一些細胞…

[Ignition] count.

[點火] 計數。

If we don't count that, like the simplicity of our structure is significant versus a traditional pickup truck or any other vehicle. Like as we've talked about, for giga castings, we save hundreds of parts there.

如果不考慮這一點，與傳統皮卡或其他車輛相比，我們的結構簡潔性就顯得尤為重要。正如我們之前提到的，對於大型鑄件，我們節省了數百個零件。

I mean the entire rear -- kind of half of the car is one cast.

我的意思是整個後部——也就是汽車的一半都是一體鑄造的。

So with the Cybertruck and the doors, for example, we have an exoskeleton design where the door is ready, and it takes [ahold of the side motor] impact. So we really have -- like we don't have the door reinforcements. We don't have the crash (inaudible). So to your point, I haven't counted them because I don't often look back at old technologies to decide how well I'm doing. I take that once in a while. But in general, architecture is always moving to reduce complexity, reduce parts or reduce parts count. I would say, ignoring the battery cells, we are probably 20% to 30% less.

以 Cyber​​truck 和車門為例，我們採用了外骨骼設計，車門本身就已準備好，可以承受（側馬達的）衝擊。所以我們真的沒有車門加固。我們沒有碰撞（聽不清楚）。所以，正如你所說，我沒有統計這些，因為我很少回顧舊技術來判斷我做得如何。我偶爾會回顧一下。但總的來說，架構總是不斷改進，以降低複雜性、減少零件或減少零件數量。我想說，忽略電池單元，我們可能減少了 20% 到 30%。

All right.

好的。

Okay. Thank you. Let's go to the next, Nevada?

好的。謝謝。我們進入下一個話題，內華達州？

Nevada, do we expect to expand? Yes, we do expect to expand Giga Nevada. There's a lot of room for expansion there, and we do expect to increase output from Nevada. But by far, the biggest increase in output will be from Giga Texas.

內華達州，我們預計會擴張嗎？是的，我們確實計劃擴建內華達州的超級工廠。那裡有很大的擴張空間，我們確實希望增加內華達州的產量。但到目前為止，產量增加最大的將是德州的超級工廠。

Thank you very much. The next question comes from Alex Potter from Piper Sandler. Alex, can you hear us?

非常感謝。下一個問題來自派珀·桑德勒的亞歷克斯·波特。亞歷克斯，你聽得到我們說話嗎？

Yes. Martin, can you hear me?

是的。馬丁，你聽得到我說話嗎？

Yes.

是的。

Okay. Great. So first question I had was the extent to which other plants outside of China are insulated from any further upstream supply bottlenecks that we may have in China. Obviously, if this COVID lockdown things gets out of hand, clearly, that's going to continue impacting Shanghai. But is there a point at which it could actually also impact other facilities?

好的。太好了。所以我的第一個問題是，中國以外的其他工廠在多大程度上能夠免受中國可能出現的上游供應瓶頸的影響？顯然，如果這次新冠疫情封鎖失控，上海工廠的產能顯然會持續受到影響。但疫情是否會最終影響其他工廠？

Yes, if it were to continue. But there are some parts that are sourced in China that apply worldwide, and that would impact production elsewhere. But all indications are that Giga Shanghai is back in production at fairly high levels already and so are our suppliers. So we don't think this is going to be a big deal.

是的，如果這種情況持續下去的話。但有些零件在中國採購，但適用於全球市場，這會影響其他地方的生產。不過，所有跡像都表明，上海超級工廠已經恢復了相當高的生產水平，我們的供應商也是如此。所以我們認為這不會造成太大影響。

Okay. Second question, obviously, the higher profitability that you've been able to experience over the last couple of quarters, a lot of that is reflecting sort of "real" improvements. Another part of it is because we're no longer paying you, Elon, as much as we were, and so I'm wondering the extent to which you and the Board are in the process of contemplating another one of these long-term compensation packages, which in the past have seemed to work quite well.

好的。第二個問題，顯然，過去幾季你們獲利能力的提高，很大程度上反映了某種「真正的」改善。另一部分原因是，伊隆，我們不再像以前那樣支付你那麼多薪水了，所以我想知道你和董事會在多大程度上正在考慮另一個長期薪酬方案，這些方案在過去似乎效果很好。

There are no discussions currently underway for incremental compensation for me.

目前還沒有關於給我增加補償的討論。

Thank you. The next question comes from Colin Langan from Wells Fargo.

謝謝。下一個問題來自富國銀行的科林·蘭根。

Great. Do you guys hear me?

太好了。你們聽到我說話了嗎？

Yes.

是的。

Perfect. Just to follow up, sorry to keep going on the raw material issue on the battery side, but obviously, it seems pretty important. How quickly can raw material supply be built? Because my understanding is it takes many years to build that out. So are we just sort of phasing? When do you think we see a lithium shortage or a nickel shortage? And is there even enough time to build that sort of mining capacity in place? And then related, how quickly can you switch to like LFP for the nickel issue?

太好了。接下來，抱歉一直在討論電池方面的原料問題，但顯然，這似乎非常重要。原料供應能多快建好？因為我的理解是，這需要很多年才能建成。所以我們只是在分階段推進嗎？您認為什麼時候會出現鋰或鎳短缺？我們是否有足夠的時間來建立這樣的採礦能力？然後，相關的是，為了解決鎳的問題，您能多快切換到磷酸鐵鋰電池（LFP）？

Yes. I mean I'll take the LFP question. Like it says so in our letter, like half of our products were LFP last quarter, which shows how quickly we were able to respond to -- well, honestly, it wasn't because of a raw material shortage but just because it seemed like the right thing to do, we could change our cathode chemistry. And there's more to be done on the cathode side, and we are actively pursuing it to give us substitution flexibility in response to market conditions between the other cathodes that are out there that can be competitive in our vehicles for which there are many options.

是的。我的意思是，我會回答關於磷酸鋰鐵電池的問題。正如我們在信中所說，上個季度我們一半的產品都是磷酸鐵鋰電池，這表明我們能夠迅速做出反應——說實話，這並不是因為原材料短缺，而是因為改變陰極化學成分似乎是正確的做法。在陰極方面，我們還有很多工作要做，我們正在積極推進，以便根據市場情況，靈活地選擇其他能夠與我們車輛競爭的陰極材料，因為市場上有很多選擇。

I guess what I would say is, specifically on the cathode side, like flexibility is the way we're going to achieve this. And not all of the materials that go into cathodes are actually, first of all, hard to secure like through mining or refining; and second of all, in many cases, are like very plentiful already, like huge scale. And if all of the batteries in the world use those cathodes, it's less than a 1% increase in total annual output. So that's the cathode side.

我想說的是，特別是在正極方面，靈活性是我們實現這一目標的途徑。而且，並非所有用於製造正極的材料實際上都難以獲得，首先，透過採礦或精煉；其次，在許多情況下，這些材料本身就非常豐富，規模巨大。如果世界上所有的電池都使用這些正極，那麼年總產量的增幅將不到1%。這就是正極方面的情況。

I think Elon already spent a lot of time talking about lithium. It really depends on the resource. Some resources like just getting rocks out of the ground. Expanding the amount of rock that you're getting out of the ground is maybe a little bit of paperwork and some additional sort of blasting and trucking operations. The refining is maybe where it's a little bit more chunky to bring it online. But also the refining doesn't -- it's not like an oil refinery. It's a much, much smaller operation to refine lithium out of spodumene or liquid like a brine or a salt pond evaporation. So you're talking about a time scale of 1 to 2 years. And it's not like we haven't been talking to all of the lithium suppliers out there for many years. They have a lot of projects already in the pipeline to come online this year and next.

我認為伊隆已經花了很多時間討論鋰資源了。這真的取決於資源本身。有些資源就像從地下開採岩石一樣。增加從地下開採的岩石數量可能需要一些文書工作，以及一些額外的爆破和卡車運輸作業。精煉環節可能更複雜一些，才能投入使用。但精煉過程不像煉油廠。從鋰輝石或鹽水或鹽池蒸發等液體中提煉鋰，規模要小得多。所以你說的時間尺度是1到2年。而且我們多年來一直在與所有的鋰供應商溝通。他們已經有很多項目正在籌備中，將於今年和明年上線。

Some of what's going on in the lithium market this year doesn't actually have fruit to bear to the like fundamentals of supply and demand, which is also a little frustrating. But yes, if we look past this year or next year and into 2030 when we need to 15 to 20 terawatt hours of this stuff to get on the growth trajectory -- stay on the growth trajectory we're on, we need everybody to do more in the lithium space than they currently are. I don't know if that answers the question.

今年鋰市場的一些走勢其實並沒有對供需基本面產生影響，這也讓人有些沮喪。但是，如果我們展望今年或明年，展望2030年，我們需要15到20太瓦時的鋰才能進入成長軌道——保持目前的成長軌跡——我們需要每個人在鋰領域做出比現在更多的貢獻。我不知道這是否回答了這個問題。

Yes.

是的。

Fantastic. Thank you very much. So let's go to the last question from Mark Delaney from Goldman Sachs.

太棒了！非常感謝。那我們來看看高盛的馬克·德萊尼提出的最後一個問題。

Yes. I was hoping you could comment on your latest thoughts about potentially opening up the charging network in the U.S. to non-Tesla owners. It's certainly really important to have a good experience for Tesla owners in terms of wait times and charge installs. But if Tesla is able to have enough capacity, it could be a really good way to bring other vehicle owners into the Tesla network, perhaps help Tesla to sustain its network benefits and maybe make more people likely to buy Tesla vehicles in the future.

是的。我希望您能談談您最近關於向非特斯拉車主開放美國充電網路的想法。在等待時間和充電安裝方面，為特斯拉車主提供良好的體驗當然非常重要。但如果特斯拉能夠擁有足夠的充電容量，這可能是吸引其他車主加入特斯拉網路的好方法，或許有助於特斯拉維持其網路優勢，並可能在未來吸引更多人購買特斯拉汽車。

Yes. As Elon has said and as we've publicly committed, yes, we do plan to provide third-party vehicle access in all over the world, not just in Europe where our original pilot was. And we are working on solutions in North America, which is a little bit more problematic with our connector being different than others, but we are moving in that direction. I don't know if you want to add.

是的。正如埃隆所說，也正如我們公開承諾的那樣，我們確實計劃在世界各地提供第三方車輛訪問權限，而不僅僅是我們最初試點的歐洲。我們正在為北美地區尋找解決方案，由於我們的連接器與其他公司不同，北美地區的問題會稍微多一些，但我們正在朝著這個方向努力。我不知道您是否想補充。

Yes. Yes, I think there's more to be said on that for growth, yes. We want to do the right thing with respect to the whole system.

是的。是的，我認為關於成長還有很多話要說，是的。我們希望在整個體系中做正確的事。

And we're going faster on adding chargers. With the growth of the cars that we're producing and then anticipating what Drew was discussing, overall charger capacity is really important. And so the pace of our investment in supercharging has accelerated.

我們正在加快增設充電樁的速度。隨著我們生產的汽車數量不斷增長，正如Drew之前提到的，整體充電樁容量至關重要。因此，我們在超級充電樁方面的投資步伐也加快了。

Absolutely.

絕對地。

Okay. That's helpful. And for my second question, could you share any more details on Tesla Insurance? In particular, as you wind it out in more states, are there any metrics you can share on what take rates have been like? And how do profitability and margins on the insurance offering compare to the corporate average?

好的，這很有幫助。我的第二個問題，您能否分享更多關於特斯拉保險的細節？特別是，隨著特斯拉保險在更多州逐步推廣，能否分享一些指標來了解其收費標準？特斯拉保險產品的獲利能力和利潤率與公司平均值相比如何？

So we just launched Tesla Insurance for real-time insurance in Virginia, Colorado and Oregon earlier this week. Maybe one step that I'll share, so Texas is our longest-standing real-time insurance market. Based upon the information that we have, Tesla is the second largest insurer of Teslas in the State of Texas. And possibly by the end of this quarter, maybe early next quarter, we'll be the largest insurer of Teslas. And so the customer reception to this has been quite positive. And I was reading social media on Monday after we launched in the 3 new states, a lot of folks are reporting their stories of saving quite substantial amounts of money relative to their previous insurance. And so we're quite encouraged by that. And we're working as quickly as we can to get to 80% of customers having access to a Tesla Insurance product by the end of this year in the United States, at which point we'll pivot our attention to expansion outside of the U.S.

本週早些時候，我們剛在維吉尼亞州、科羅拉多州和俄勒岡州推出了特斯拉保險，提供即時保險服務。我不妨分享一下，德州是我們歷史最悠久的即時保險市場。根據我們掌握的信息，特斯拉是德州第二大特斯拉保險公司。或許到本季末，或是下個季度初，我們將成為最大的特斯拉保險公司。客戶對此反應非常正面。週一，我們在三個新州推出特斯拉保險後，我瀏覽了社群媒體，發現許多客戶反映，他們比之前的保險省了不少錢。我們對此感到非常鼓舞。我們正在盡快努力，爭取在今年年底前讓美國80%的客戶能夠使用特斯拉保險產品，屆時我們將把注意力轉向美國以外的市場。

The other thing I'll say on insurance is with these 3 new states, the model is different because we are now the underwriter, and we are also now holding the risk. And so with those states, we are a fully vertically integrated provider of insurance from systems and financials. With respect to the financials of the program, it's still very early. And so as the program gets more scale, happy to share more information on that.

關於保險，我想說的另一件事是，這三個新州的模式有所不同，因為我們現在是承保人，同時也承擔風險。因此，在這些州，我們是一家從系統到財務的完全垂直整合的保險提供者。至於該計劃的財務狀況，目前仍處於初期階段。隨著計劃規模的擴大，我很樂意分享更多資訊。

And one side I noticed that we are seeing that having real-time feedback for driving habits is actually resulting in Tesla owners driving the cars in a safer way because they can see the -- they get real-time feedback on, "Okay, this is affecting my insurance rate," or it isn't. And so when people see -- they can see their real-time score, they realize, "If I make compelling changes in my driving habits, then I pay less in insurance." Then they have a very -- like a real-time feedback loop for safer driving and an incentive to do so. So it is -- actually, what we're seeing is it is causing people to drive their cars in a safer manner, which is still also a net good.

我注意到，即時駕駛習慣回饋實際上正在促使特斯拉車主以更安全的方式駕駛汽車，因為他們可以看到——他們可以獲得即時回饋，例如「這會影響我的保險費率」或「不會」。因此，當人們看到他們的即時評分時，他們會意識到：「如果我在駕駛習慣上做出顯著改變，那麼我的保險費就會減少。」這樣一來，他們就擁有了一個非常即時的回饋循環，可以促進更安全的駕駛，並有動力這樣做。所以，實際上，我們看到的是，它正在促使人們以更安全的方式駕駛汽車，這仍然是一件好事。

It's safer on average, what we see in the data, to Elon's point, and premiums are lower. We see that in the take rate data. We have extremely high retention for customers who experience the product. And I think I've talked about this in the past, this has become a real passion program for us for these benefits. It's bigger than just the economics. We're trying to do a good thing here for our customers, save people money and make the roads a little bit safer.

正如埃隆所說，從數據來看，它平均而言更安全，而且保費更低。我們從使用率數據中也看到了這一點。體驗過這款產品的顧客留存率極高。我想我以前也談過這一點，這些福利已經成為我們真正熱愛的項目。它的意義遠不止經濟效益。我們正努力為客戶做好事，為人們省錢，讓道路更安全。

Yes. I think it improves just overall macroeconomic efficiency. It's also a feedback loop for Tesla because we see, if there is a crash, large or small, like we sort of see exactly what that cost. And then we think about how can we change the design of the car or the software in order to minimize the probability of that accident. Most accidents are minor, but how do we have those accidents occur less frequently? And how do we make the repair associated with that accident superfast? Like aspirationally, it would be like a same-day repair for a collision, which is night and day difference compared to sometimes having to wait for a month while insurance claims are settled and figured out because Tesla is also doing collision repair.

是的。我認為這只會提高整體宏觀經濟效率。這對特斯拉來說也是一個反饋循環，因為我們可以看到，如果發生碰撞，無論大小，我們都能清楚知道損失是多少。然後我們會思考如何改變汽車或軟體的設計，以最大限度地降低事故發生的機率。大多數事故都是輕微的，但我們如何減少這類事故的發生頻率？我們如何讓與事故相關的維修工作變得非常快？理想情況下，我們希望碰撞事故當天就能修復，這與有時需要等待一個月才能理賠並最終確定保險理賠（因為特斯拉也提供碰撞維修服務）的情況相比，簡直是天壤之別。

Yes, the feedback loop is instant.

是的，回饋循環是即時的。

Right.

正確的。

So I mean we do claims management in-house. And so we receive the notification that there's an accident, we work to prepare the estimate. And we can, with the support of our customers, use our collision centers to do the repair. And so it's full end-to-end visibility. And all of that, to Elon's point, we can then identify areas of cost inefficiency, feed those back to our engineering teams, and also our software teams, to actually improve the product. This lowers the cost of insurance, improves reliability of the product. So it's a full circle.

所以我的意思是，我們在內部進行理賠管理。收到事故通知後，我們會著手準備估價。在客戶的支持下，我們可以利用我們的碰撞中心進行維修。所以，這是端到端的完全可視性。正如 Elon 所說，我們可以識別成本效率低下的環節，並將其回饋給我們的工程團隊和軟體團隊，從而真正改進產品。這降低了保險成本，並提高了產品的可靠性。所以，這是一個完整的循環。

Yes. And basically, the customer experience is just vastly better because if there's an accident, there's no argument. We'll repair it immediately. This is as compared to arguing with an insurance company and then a claims adjuster and then a collision repair center. This can be a nightmare basically. So we're trying to turn a nightmare into a dream with Tesla Insurance.

是的。基本上，客戶體驗大大提升，因為如果發生事故，無需任何爭議。我們會立即維修。這比先與保險公司、理賠員，再與碰撞維修中心爭吵好得多。這簡直就是一場惡夢。所以，我們正努力通過特斯拉保險，將惡夢變成夢想。

Fantastic. Thank you very much. Unfortunately, that's all the time we have for this quarter. So thank you very much for all your great questions, and we'll speak to you again in 3 months.

太棒了！非常感謝。很遺憾，本季我們的時間就這麼多了。非常感謝大家提出的所有精彩問題，我們三個月後再聯絡。

Thank you.

謝謝。