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 年第一季度網絡直播。我是投資者關係副總裁 Martin Viecha，今天加入我的還有 Elon Musk、Zachary Kirkhorn 和其他一些高管。我們的第一季度業績在下午 3 點左右公佈。我們在與此網絡廣播相同的鏈接上發布的更新平台中的中央時間。

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

在這次電話會議中，我們將討論我們的業務前景並做出前瞻性陳述。這些評論是基於我們今天的預測和期望。由於許多風險和不確定性，包括我們最近提交給美國證券交易委員會的文件中提到的風險和不確定性，實際事件和結果可能存在重大差異。

(Operator Instructions)

（操作員說明）

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

在我們進入問答環節之前，扎克將做一些開場白。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。從這裡開始，第一季度對公司來說是一個充滿挑戰但非常成功的季度。儘管出現了多次供應中斷，包括我們上海工廠和附近供應商因新冠疫情而關閉，但我們仍在繼續取得進展，並實現了有史以來最好的車輛交付。

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.

上個季度，我們展示了一系列新的財務記錄，包括收入、毛利率、營業利潤率和底線盈利能力。 GAAP 汽車毛利率達到 32.9%，剔除監管信用時首次超過 30%。隨著我們在不斷增長的積壓中交付汽車取得進展，更高的定價繼續對我們的財務產生積極影響。請注意，對於大多數車輛，我們的交貨等待時間很長。因此，第一季度交付的汽車的定價通常在前幾個季度設定，並且低於今天訂購的汽車。

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、原材料價格、加急和物流成本繼續影響我們的成本結構。工廠關閉也發生了，幾乎沒有通知。因此，我們無法採取行動以具有成本效益的方式計劃這些中斷。此外，我們看到了向利潤更高的車輛（包括 Model Y）的輕微混合轉變。我們還確認了與美國 CAFE 罰款的監管變化相關的信貸收入一次性收益 2.88 億美元，否則信貸收入將會下降到去年同期。

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.

與汽車業務相比，能源業務繼續受到宏觀形勢的影響。我們的存儲產品、我們對芯片供應的需求和新的進口流程影響了我們太陽能係統某些組件的供應，這反映在我們本季度的太陽能量中。

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.

由於收入增加、基於股票的補償費用和其他項目降低，運營支出佔收入的百分比繼續下降。由於我們不斷提高經營槓桿，我們實現了創紀錄的超過 19% 的經營利潤率。請注意，由於柏林于 3 月下旬開始生產，奧斯汀於 4 月初開始生產，因此我們工廠的調試成本在研發中。鑑於這些工廠現在正在生產客戶可銷售的汽車，這些成本將在未來的汽車 COGS 中產生。

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，但受到與低於計劃生產相關的營運資金的影響。此外，我們已將債務（不包括產品融資）減少到接近 0。

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.

展望近期，第二季度需要牢記幾件事。首先，由於與 COVID 相關的停工，我們在上海的工廠損失了大約一個月的生產量。生產在有限的水平上恢復，我們正在努力盡快恢復全面生產。這將影響第二季度的總建造量和交付量。其次，正如我之前提到的，奧斯汀和柏林才剛剛起步，因此，這些低效率將在第二季度開始影響我們的毛利率。第三，我們的積壓訂單中確實有更高的平均售價，這將有助於抵消其中一些不利因素。

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.

我們將在下半年繼續推動進一步加強我們的財務狀況，並相信我們今年仍可實現 50% 或以上的增長率。

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、我們的供應商和我們的新客戶，感謝他們在第一季度的出色表現。

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

非常感謝你。埃隆也有開場白。

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。我的一些言論與 Zach 的言論相去甚遠，但也許值得重複。第一季度的交付量、利潤和營業利潤率達到 19%，在許多層面上再次創下歷史新高。儘管存在大量芯片短缺、許多物流挑戰以及整個季度困難重重的情況。因此，我真的要祝賀特斯拉團隊儘管面臨許多困難的逆風，但仍實現了創紀錄的盈利能力和產出。尤其是我們上海工廠的特斯拉中國團隊，由於新冠疫情的停工，他們確實面臨著巨大的挑戰，但仍然能夠生產出大量高質量的車輛，我們已經與上海工廠一起恢復運營。

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.

因此，正如 Zach 所說，我們仍然對 2022 年汽車產量與 21 年相比增長 50% 充滿信心。我認為我們實際上有一個比去年增加 60% 的合理機會。那麼讓我們看看。顯然，我們在過去的幾個月裡增加了 Giga Berlin 和 Giga Texas 的產量，所以有兩家很棒的工廠和優秀的團隊，而且他們正在迅速增加。現在有了新工廠，最初的坡道看起來總是很小，但它呈指數級增長。因此，我對兩家工廠的團隊都非常有信心，我們希望最初會緩慢增加這些團隊，但就像我說的那樣，隨著他們在今年年底實現高產量而呈指數級增長。

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.

因此，我們還在開發一種新車，我在 Giga Texas 開幕式上提到過，這是一輛專用的自動駕駛出租車。這針對自主性進行了高度優化，這意味著它沒有方向盤或踏板。我認為還有許多其他創新非常令人興奮。這是從根本上優化的——它試圖實現最低的每英里成本或每公里成本，考慮到一切。所以，我認為，它將成為一個非常強大的產品。我們渴望在 2024 年實現量產。所以我認為這確實將成為特斯拉增長的巨大推動力。我們仍有望在明年實現 Cybertruck 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.

所以基本上，我要再次感謝特斯拉員工的辛勤工作，但我也要感謝我們的供應商，他們真的付出了更多努力。我們有一個了不起的供應商團隊，我要衷心感謝那些日夜工作以確保特斯拉能夠保持工廠運轉的供應商。

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.

我們真的處於這一旅程的早期階段。在過去的 12 個月裡，我們最近才超過 100 萬台。我們渴望每年達到 2000 萬台，所以我們在實現目標的過程中基本上只完成了 5%。而且我們每年都在非常非常快速地增長。在可預見的未來，我們仍然有信心在未來幾年內實現超過 50% 的年增長率。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，我很驚訝人們沒有意識到 Optimus 機器人計劃的重要性。擎天柱的重要性將在未來幾年變得顯而易見。有洞察力或仔細聆聽的人會明白，擎天柱最終會比汽車業務更有價值，比 FSD 更有價值。這是我堅定的信念。然後，當然，保險業發展良好。我們希望解決限制我們在電池和太陽能方面取得進展的零件短缺問題。因此，我們預計今年電池和太陽能也將增長良好。基本上，未來是非常令人興奮的。我對特斯拉的未來從未像現在這樣樂觀或興奮過。謝謝你。

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?

非常感謝你。讓我們回到第一個投資者問題。投資者的第一個問題是，埃隆歷來為 FSD 時間線提供了最佳準確性。我們喜歡他對 2022 年發布的樂觀態度。但是，特斯拉是否可以與投資者分享任何數據，以幫助他們對正在取得的進展、每英里行駛的干預措施或任何其他數據做出自己的結論？

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。好吧，關於全自動駕駛，在我參與過的任何技術開發中，我從來沒有真正看到過更多的虛假黎明，或者我們似乎要突破的地方，但我們沒有t，正如我在全自動駕駛中看到的那樣。歸根結底，要解決完全自動駕駛，你實際上必須解決現實世界的人工智能，而這是沒有人解決的。整個道路系統是為生物神經網絡和眼睛而設計的。所以實際上，當你考慮它時，為了解決完全自動駕駛，我們必須解決神經網絡和攝像頭到一定程度的能力，與人類相當或真正超過人類。

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.

我認為我們將在今年實現這一目標。達到您自己的評估的最佳方式是加入特斯拉完全自動駕駛測試計劃，我們目前有超過 100,000 人註冊該計劃，我們預計今年將顯著擴大。所以這就是我的建議，加入那個完整的自動駕駛測試計劃並親自體驗它，並註意每個版本的改進速度。我們大約每兩週發布一個新版本。你會看到一點點前進 2 步，後退 1 步。但總的來說，改進的速度非常快。所以這是我對達到你自己的評估的建議，從字面上嘗試一下。

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?

謝謝你。第二個問題，上海停產對二季度的影響有多大？ Model 3 在歐洲本地化的時間表是什麼？還是柏林會優先考慮更新型號？

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，我們確實失去了很多重要的生產日子。而且因為存在某種上游供應商挑戰，許多供應商也失去了很多天的生產。但特斯拉上海——Giga Shanghai 捲土重來。因此，我認為儘管出現了新問題，但我認為本季度 Giga 上海的每週產量將創下新高，儘管我們錯過了幾週的時間。因此，這意味著第二季度最有可能的汽車產量將與第一季度相似，可能略低，但我們也有可能將兔子從帽子里拉出來並略高一些。但它真的，稱之為，大致相當。那麼第三季度和第四季度將大幅上漲。因此，今年我們似乎能夠生產超過 150 萬輛汽車。這是我最好的猜測。

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。對於新工廠來說，重要的是要集中精力，盡量減少複雜性和變化，這就是 Giga Berlin 和 Giga Texas 專注於 Model Y 的原因。 '正在生產少量單位，從生產開始到批量生產高質量車輛的時間大約為 9 到 12 個月。所以現在希望，我們在那個坡道上越來越好，所以也許它會少一點。但要達到每週 5,000 個的水平，我們通常需要從生產開始大約 12 個月，是的。

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?

謝謝你。下一個問題是，您有多少原材料敞口，大致以銷售成本的百分比來衡量，例如，在給定的季度與 1 到 2 年之後，直接和間接？另外，您如何看待價格上漲與未來優先考慮更高混合的車輛？

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，在提價方面，我應該提一下，鑑於我們本季度的盈利能力創紀錄，我們提高車輛價格似乎是不合理的，但我們車輛的等待名單很長。人們將訂購的一些車輛，等待名單延長到明年。因此，我們現在訂購的車輛價格實際上是在預測供應商和物流成本的增長，我們知道並相信這將在未來 6 到 12 個月內發生。這就是我們今天提價的原因，因為今天訂購的汽車將在某些情況下，一年後到貨。所以我們有一個很長的等待名單。而且我們顯然不受需求限制，我們受到生產限制，非常有限。

Raw material exposure?

原材料曝光？

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。只是為了補充埃隆所說的，有不同的方法來計算原材料暴露。我認為簡單的方法——我們估計大約 10% 到 15% 的成本結構與原材料有關。只是為了澄清一些事情。因此，幾個季度以來，我們一直在經歷總體成本的增加，還有原材料的增加。這一速度在第一季度有所加快，所以在上個季度。我們在第二季度看到的情況也略高於此。

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.

隨著指數的變化，它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同。但是，隨著這些合同到期，我們必須重新談判它們，以免出現滯後。在某些情況下，我們的合同確實直接反映了商品價格或原材料價格的變動。但是，根據合同，特斯拉為此支付的時間也存在滯後。

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.

所以就埃隆而言，我們在這裡試圖做的是，因為在重新談判合同的所有這些各種滯後和不確定性中，原材料流動的情況是前所未有的，我們正在努力預測事情的發展方向和結果確保我們在原材料成本增加打擊我們時制定的定價是一致的，並且在我們展望未來 4 個季度時，公司可以在各種情況下保持財務健康。

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。非常感謝你。下一個問題是，為什麼特斯拉繼續逐個州地反對經銷商法，而不是採取聯邦制？另外，特斯拉為什麼不在其車輛中使用 800 伏架構？有什麼優點或缺點？

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?

因此，從特斯拉的角度來看，很明顯，我們希望有允許在所有州進行直銷的聯邦立法，但我們還沒有看到國會願意頒布這樣的法律來凌駕於各種州的法律之上。因此，不幸的是，我們必須在逐個州的基礎上與之抗爭。 Drew，你想回答 800 伏的問題嗎？

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。在 800 伏的事情上，是的，所以這真的是一個個案。對於像 3 和 Y 這樣的小型平台車輛，800 伏特有一些勝負，並非一切都更好。所以我們看著那個平台，我們不想忽視你可以達到更高電壓的現實，但沒有什麼真正鼓勵我們在那個平台上這樣做。這真的是關於質量和力量。當你看到更大的車輛時，那些更大的車輛有一些優勢。

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.

讓我量化一下。基本上，我們估計從 400 伏到 800 伏可能會節省 100 美元。它並沒有真正動針。

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

你正在改變許多東西，從充電基礎設施一直到整個車輛系統，以獲得大約 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。確切地。所以我的意思是，在美國，你有 110 伏的家用電源電壓，然後很可能是 220 伏。但實際上，它並沒有太大的區別。電器在歐洲和美國一樣好用。優勢小，成本高。比如說，從長遠來看，就像現在一樣，這對 800 伏架構可能有意義嗎？大概。但它確實需要非常大的車輛體積來支付從 400 伏到 800 伏的所有成本。然後德魯，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 美元大致就像一個電子表格練習，就像您必須從頭到尾完成才能看到它可能被削減到 50 美元或更少。在較大的車輛上，您正在談論充電側的更高功率或從電池到電力電子設備的更高功率，或者您需要更大的扭矩，因此電流要求會上升。使用更高的電壓可以節省更多的半導體和實際導體。因此，我們確實為 Semi 和 Cybertruck 考慮了這一點。但是對於 3 和 Y 平台，我們已經讓一切都在運行，而且收益非常小……

Yes, it's basically 0 for robotaxi.

是的，robotaxi 基本上是 0。

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

是的。對於robotaxi，是的，這沒有意義。

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。讓我們進入下一個問題。下一個問題是，當前的 4680 在預期續航里程增加和每千瓦時美元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，並且我們在所有這些領域都取得了一致的進展，以實現我們控制範圍內的成本的 5 年成本軌跡目標，但我們無法控制所有商品費用。所以這是我需要指出的一個例外。與模型 3 類似，我們需要幾年的時間才能將利率和收益率達到我們討論的所有目標。在我們最初的 4680 結構電池斜坡期間，我們的首要任務是大規模簡化。隨著我們實現製造目標，我們將採用我們正在開發的新材料技術和更高範圍的結構包裝供應。

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.

我想也許簡而言之，我認為可以公平地說，4680 和結構包將在今年晚些時候與最佳替代品競爭，我們認為明年將超過最佳替代品。

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很好的現有證據，對吧？就像我們在德克薩斯州建造了這個設施一樣，就像我們知道我們在設施的資本設備上花了多少錢一樣。它比以前的技術安裝少 5 倍以上。因此，我們在資本支出、公用事業和人員方面節省了大量資金。我們知道這些負載是什麼，以及需要多少人來運行基本上是高度自動化的工廠。我們在這兩個方面都有大量減少。所以像成本模型是很好理解的。正如埃隆所說，這真的是關於利率和收益率，這將在今年和明年的過程中及時出現。

Yes.

是的。

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

謝謝你。下一個問題是，特斯拉計劃如何確保擴大規模所需的原材料？

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。所以這是我們經常思考的問題。這取決於極端尺寸意味著什麼。但當然，看看 500 萬美元、1000 萬美元、2000 萬美元——500 萬、1000 萬、2000 萬輛汽車的水平，你真的必須分析某種宏觀經濟，就像你認為鋰的噸位是多少需要鎳、磷酸鐵、石墨隔板、電解質。它看起來像 - 真的認為只是宏噸位。

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.

我們需要為整個世界考慮這個問題，因為只是——我們想要什麼——加速可持續能源未來的到來存在限制因素。無論最大的限制因素是什麼，特斯拉都會對這些限制因素採取行動。所以現在，我們認為開采和提煉鋰似乎是一個限制因素，它肯定是造成電池成本增長的原因。我認為，這是目前絕對按百分比計算的最大成本增長項目。雖然只是對於那些不完全了解這一點的人來說，鋰離子電池中鋰的實際含量可能在電池的 2% 或 3% 左右。

5 kgs a car.

5公斤一車。

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，正好是 5 公斤。它被稱為鋰離子電池，但到目前為止，電池中最昂貴和最重的部件是陰極。那就是鎳或磷酸鐵。因此，我們正在仔細研究所有原材料，並試圖弄清楚我們如何才能加快將世界轉變為可持續發展所需的原材料總量。我認為我們已經 - 我們沒有足夠的時間在這次電話會議上真正了解所有這些細節，但我們正在考慮這些事情。我們認為我們將在未來幾個月內發布一些令人興奮的公告。

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。我想指出的一件事是，我們也致力於在我們所有的電池工廠進行回收利用。我們現在在 Reno 每週回收 50 噸，並增加到 150 噸，所有回收的材料都直接回到我們的陰極供應鏈。所以我們在這里關註生命的開始和結束的需求。

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。確實如此，就像 Reno 建立了 Gigafactory 以來，我們開始使用電池來做這件事。但是，當我們建造更新的工廠或車輛時，例如我們今天所在的 Giga Texas，我們將所有這些未加工的或廢鋁從沖壓車間直接轉移到鑄造車間。我們重新研磨任何塑料。所以我們真的很關心原材料，不僅僅是開采和消耗它們，而是當我們把它們送到門口時，100% 使用它們。

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，拉斯，這是一個很好的觀點。所以我們正在儲存——我們安裝的熔爐可能是最低限度的。就像我們在 Giga Texas 製造的 Model Y 一樣，它有前後車身鑄件。所以我們鑄造了幾乎 2/3 的車身，那就是高壓壓鑄。因此，我們可以從鑄造機和澆口中取出廢料並將其放入 - 只是將它們真正扔回鋁熔爐，然後，正如拉斯所說，還可以取出任何沖壓件和任何其他鋁廢料通過那個熔爐。事實上，我們還發現我們幾乎可以使用任何汽車的輪子。因此，我們還將從傳統汽油車中回收鑄鋁輪轂，並將其投入到我們的 Model Y 鑄鋁車身的熔爐中。而且我們將轉向整體採用鑄件後車身車輛隨著時間的推移。嗯，實際上，也許不是 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?

謝謝你。相對於上海，您預計柏林和奧斯汀的增長速度是多少？你能藉鑑上海的經驗嗎？還是新工廠的流程大不相同？

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.

希望我們能夠比上海更快地提高產量，因為我們學到了很多東西。而且我們現在已經經歷了 - 我們基本上在 3 和 Y 坡道，尤其是 Y 坡道，在多個地點都有經驗豐富的團隊。我們顯然在分享我們學到的東西。所以我們不想自滿或有資格，但這應該是一個更快的坡道，因為我們學到了更多，我們做了很多工作來簡化 Model Y 的生產過程，這應該會導致我們在德克薩斯州更快地坡道和柏林，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.

但我們也有一個結構鑄件，機器人減少了大約 30%。所以我們期望身體的能力幾乎翻倍，例如，減少機器人的數量，但我們在很多領域的能力翻倍。

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。對。結構包的車身線是——如果你有結構包和前後鑄件，與標準的汽車製造方式相比，車身車間的尺寸減少了 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].

這涉及到總裝和其他一切，因為我們有結構電池，地板就是電池。我們將座椅放在電池上，然後將其放入他們的汽車中。因此，由於大會方面的原因，GA 的站點實際上減少了 10% 到 15%。所以真的，就像我思考這個問題以及我們思考汽車的方式一樣，如果你在等待最好的特斯拉，你將永遠等待。如果您正在等待我們最好的電池，那麼您也將永遠等待，因為每個新工廠都比上一個工廠好，因為我們吸取了所有的教訓，[我們也分享了它們]。

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 上，Elon 提到未來的無人駕駛機器人出租車已經在路線圖上。我們什麼時候可以期待有關產品提供的更多詳細信息？這是人可以擁有的東西嗎？還是僅由特斯拉作為服務提供？

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.

所以我認為我們要堅持下去——我們不想在激動人心的產品發布上過分急於求成。因此，我認為我們的目標可能是明年為機器人出租車舉辦產品活動並了解更多細節，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。也許投資者的最後一個問題是，目前弗里蒙特和德克薩斯州 Giga 的 4680 電池生產的運行速度是多少？您預計今年年底弗里蒙特和 Giga 德克薩斯或柏林的運行率會達到多少？

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?

好吧，柏林正在使用 2170 非結構包。所以他們不受 4680 的限制。他們有望在今年晚些時候過渡到 4680，但目前的批量生產並沒有獲得這一點。作為風險緩解措施，我們還擁有與 Giga Texas 相關的 2170 非結構包裝能力。如果一切按計劃進行，我們可能會在第三季度末的某個時候開始量產 4680，當然在第四季度。這準確嗎，德魯？

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。我要補充的另一件事是中國 COVID 關閉以及我們在第四季度遇到的半導體瓶頸，因此在第一季度有一點點，我們目前有相當大的電池庫存和多餘的電池來支持你描述的 2022 年產量目標。因此，這使我們能夠在 4680 坡道中進行非常慎重的工作，我們可以逐步最大限度地學習，利用工程停機時間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。

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產量對今年實現150萬輛沒有風險，但如果我們在2023年初不解決量產，明年就會成為風險，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.

非常感謝你。現在讓我們來回答分析師的問題。第一個問題來自CSFB 的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，也許您可以討論或解決本季度成本改善的一些驅動因素。是在上海還是在弗里蒙特進一步改善？任何關於你過去談到的持續改善的事情，也許你可以談談你在第一季度從中受益的事情。

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，在較高的水平上，上海生產的汽車確實比弗里蒙特生產的汽車具有更低的成本結構。因此，隨著我們的汽車組合向上海轉移，平均成本受到了積極影響。我們也看到弗里蒙特在製造效率方面取得了一些進展，特別是在 S 和 X 方面，因為那裡的產量增加了。 Expedites 對公司來說是一個巨大的故事。第四季度，我們有大量的加急。第一季度仍然很大，但我們確實在降低一些方面取得了進展。

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

是的，Drew 提到了——對弗里蒙特製造團隊和我們在那裡的同事表示敬意，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.

減肥很難。就像你應該做的那樣——COVID 發生的瘋狂物流的加速情況。

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。就 Elon 而言，弗里蒙特團隊和上海團隊一直非常活躍，因為我們的零件到達的不可預測性。而我們的供應鏈團隊，尤其是供應鏈的生產計劃部分，當零件即將短缺時，我們通常很少得到通知，並且在該零件應該到達前幾天才弄清楚如何獲得在這裡。因此，產生像第一季度甚至之前的季度這樣的季度所付出的巨大努力絕對是巨大的。

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

軍隊裡有句俗話，外行講戰術，專業講後勤。

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。因此，正如我所提到的，有一些內在的成本改進，但也有我們之前談到的原材料和商品的抵消。儘管付出了大量努力來增加那裡的容量並降低這些成本，但出境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 的最初目標之一是擁有一款大部分市場都能負擔得起的電動汽車。而且我們知道，鑑於供應限制，現在價格要高得多。所有其他汽車製造商的價格都更高。我們知道您正在與通貨膨脹作鬥爭，其中一些需要通過車輛價格來傳遞。在可預見的未來，你將受到供應限制，所以這是一個有爭議的問題。但是，考慮到隨著時間的推移，讓大眾更廣泛地使用電動汽車的長期目標，您如何看待價格隨時間的變化？

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.

我們絕對想讓電動汽車盡可能地負擔得起。這是非常困難的 - 我的意思是我認為通貨膨脹率處於 40 或 50 年的高位。而且我認為官方數據實際上低估了通貨膨脹的真實幅度。至少在今年剩下的時間裡，通脹似乎可能會持續下去——當我們與供應商交談時，供應商面臨著嚴重的成本壓力，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%。所以那裡有很大的成本壓力。

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，因為我們——當通貨膨脹[失去理智]時，你知道它很高，而且我們有一年或更長時間的訂單，在某些情況下，我們必須預測那些成本增加。但我認為，尤其是機器人出租車和自動駕駛，我認為我們最終將為消費者提供迄今為止他們所經歷過的最低的每英里運輸成本，是的。我的意思是使用自動駕駛出租車，每英里的成本可能是 5 到 10 倍，這真的非常可觀。

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

因此，[很多東西]都可以訪問。

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。我的意思是，看看我們的一些預測，乘坐自動駕駛出租車的費用似乎低於公交車票、補貼公交車票或補貼地鐵票。

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

非常感謝你。讓我們轉到 Wolfe Research 的 Rod Lache 的下一個問題。

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?

我試圖解析您對通貨膨脹和供應受限以及電池原料的評論，以及您在內部為保護這些材料而採取的舉措。聽起來您對特斯拉為特斯拉解決這個問題的能力感到樂觀。但您是否認為這會限制更廣泛地採用電動汽車？

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。絕對地。至少在短期內，我們與供應商簽訂了長期合同，從而降低了我們的成本。但這些長期合同顯然會用完，然後我們將開始看到潛在的顯著成本增加。但宏觀 - 有點像看待整個世界並說，“好吧，我們需要什麼才能更快地過渡到可持續能源？”從根本上說——基本的限制因素是細胞的輸出——基本上是細胞的輸出。鋰離子電池每年能以什麼速度增加千兆瓦時，這是基本的限制因素。所以按順序——這將與整個供應鏈中最慢、最不可能的元素一樣快。

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，我們認為這是對鋰的挑戰。需要明確的是，這並不是說世界上存在鋰礦石短缺。鋰幾乎無處不在。這是一個非常常見的元素。但是，你仍然需要把礦石拿出來，基本上把污泥或含鋰的粘土都拿出來，然後你需要經過一系列的提煉步驟。這是將鋰礦石提煉成鋰所需的大量工業設備，鋰可用作電池中的氫氧化鋰或碳酸鋰。

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業務的企業家。現在的鋰利潤實際上是軟件利潤。我的意思是 Zach，如果我錯了，請糾正我，但我認為我們看到現貨鋰價格比提取成本高 10 倍的情況。所以不像我們在這裡談論 [19%] 的利潤率。能否請更多人涉足鋰電行業？你喜歡鑄幣嗎？好吧，鋰業務是給你的。

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?

有趣的。所以我想我們會繼續關注，看看會發生什麼。我的第二個問題是，考慮到我們在商品方面實際看到的情況，每輛車的成本和每輛車的銷售成本僅略有增加，這令人印象深刻。從這裡開始，您可以通過 4680 電池和電池製造變化、陽極化學結構包、千兆鑄件獲得大量節省機會。您是否建議即使這些可能不足以抵消您所看到的通貨膨脹，並且除了您已經提出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.

我們希望我們不需要進一步提高定價。目前的定價正在預測我們認為可能的成本增長。如果成本的增長沒有實現，我們實際上可能會略微降低價格。因此，我們目前預計價格不會大幅上漲。但顯然，我們無法控制宏觀經濟環境。如果政府繼續大量印鈔，如果鋰的提煉和提煉以及其他原材料沒有顯著增加，以至於每個人都在爭奪有限數量的原材料，那麼顯然，這將把價格推高到高位。所以如果你有一個水晶球可以告訴我們未來會是什麼樣子，我們會做出相應的調整。但目前的價格是針對未來交付的車輛，比如從現在開始的 6 到 12 個月。所以這是我們最好的猜測。

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，如果你縮小範圍，對，就像你說的那樣，我們的使命是加速向可持續能源的過渡。因此，我們正在與現有供應商和其他供應商合作，以找出如何盡快種植所有這些原材料，以免減緩過渡。這是否意味著我們必須直接參與某些情況取決於交易對手及其以我們認為他們應該能夠擴張的速度擴張的意願。這與我們對其他所有事情所做的類似。就像我們在里諾建造了一個超級工廠，因為它需要完成。因此，我們將做需要做的事情來不減慢過渡速度。負擔能力是一個目標。如果它負擔不起，它將阻礙本質上是一件好事的發展。我們不能這樣。

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

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

Can you hear me well?

你聽得清楚嗎？

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.

偉大的。我想問你一些關於自由現金流的問題。所以首先，也許從長遠來看，埃隆，如果你看看你的表現、你的增長模式和你的增長野心，我很快就算了一下，我看到你們坐擁 4000 億美元，也許是 5000 億美元的現金十年結束。我想知道這是否是什麼——你已經給出了一些想法。

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，5000 億美元今天可能會像 200 億美元，我不知道。因此，我們將看看 5000 億美元在 10 年內能為你帶來什麼，但它可能會少得多。所以我不知道我們是否會 - 這似乎是一大筆現金。我不知道。我們將嘗試用它做一些有用的事情。我的意思是，扎克，我不知道——我意識到這不是問題，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.

我們一直以來的方式——我認為我們必須一次邁出這一步。因此，我們現在正在進行投資，以使奧斯汀和柏林啟動並運行，然後，正如埃隆所說，安裝機器人出租車生產能力。正如埃隆所暗示的那樣，有些決定只是為了在未來分享機器人出租車的經濟模式。所以埃隆和我討論這個問題的方式是——是的，所以我們的重點是到達機器人出租車在路上，擎天柱正在使用的地方，得到撥入的經濟模型，然後評估那時的現金流，然後就下一步做決定。

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

好的。讓我們進入下一個。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 Cybertruck。我想知道，就零件數量而言，Cybertruck 與傳統皮卡車的零件數量相比如何？我的第二個問題是關於 Gigafactory Nevada Sparks。我們會在那家工廠生產任何車輛，還是所有未來的生產都將在 Giga Austin 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對 Cybertruck 零件與普通卡車零件進行了比較。我是說，拉斯？

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，如果你想下去——就像它取決於什麼樣的部分。我們仍然有一些細胞...

[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.

如果我們不計算這一點，就像我們結構的簡單性與傳統的皮卡車或任何其他車輛相比意義重大。就像我們談到的那樣，對於千兆鑄件，我們在那裡節省了數百個零件。

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

我的意思是整個後部——汽車的一半是一個演員。

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.

例如，對於 Cybertruck 和車門，我們有一個外骨骼設計，車門已準備就緒，並且可以承受 [ahold of side motor] 的衝擊。所以我們真的有——就像我們沒有門增援一樣。我們沒有崩潰（聽不清）。所以就你的觀點而言，我沒有計算它們，因為我不經常回顧舊技術來決定我做得有多好。我偶爾會這樣做。但總的來說，架構總是在朝著降低複雜性、減少部件或減少部件數量的方向發展。我想說，忽略電池，我們可能會少 20% 到 30%。

All right.

好的。

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

好的。謝謝你。讓我們去下一個，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，我們希望擴大嗎？是的，我們確實希望擴大 Giga Nevada。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，產量增幅最大的將來自 Giga Texas。

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

非常感謝你。下一個問題來自 Piper Sandler 的 Alex Potter。亞歷克斯，你能聽到我們的聲音嗎？

Yes. Martin, can you hear me?

是的。馬丁，你能聽到我說話嗎？

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。偉大的。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不受我們在中國可能遇到的任何進一步的上游供應瓶頸的影響。顯然，如果這次 COVID 封鎖的事情失控，顯然，這將繼續影響上海。但是，它是否真的會影響其他設施？

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，如果要繼續的話。但有一些在中國採購的零件適用於全球，這將影響其他地方的生產。但所有跡像都表明，Giga Shanghai 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有什麼大不了的。

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，您在過去幾個季度中能夠體驗到更高的盈利能力，這在很大程度上反映了某種“真正的”改善。另一部分是因為我們不再像以前那樣付給你，埃隆，所以我想知道你和董事會在多大程度上正在考慮另一種長期補償包，在過去似乎運行良好。

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

目前沒有關於我的增量補償的討論。

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

謝謝你。下一個問題來自富國銀行的 Colin Langan。

Great. Do you guys hear me?

偉大的。你們聽我說嗎？

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?

完美的。只是跟進，很抱歉繼續討論電池方面的原材料問題，但顯然，這似乎很重要。原材料供應的建立速度有多快？因為我的理解是需要很多年才能建立起來。那麼我們只是在分階段進行嗎？你認為我們什麼時候會看到鋰短缺或鎳短缺？是否有足夠的時間來建立這種採礦能力？然後相關的，你能多快切換到像 LFP 一樣的鎳問題？

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 LFP 的問題。就像我們在信中說的那樣，上個季度我們一半的產品是 LFP，這表明我們能夠以多快的速度做出反應——好吧，老實說，這不是因為原材料短缺，而只是因為看起來像做正確的事，我們可以改變我們的陰極化學。在陰極方面還有更多工作要做，我們正在積極追求它，以使我們能夠根據市場條件在其他陰極之間進行替代，這些陰極可以在我們有很多選擇的車輛中具有競爭力。

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.

我想我要說的是，特別是在陰極方面，比如靈活性是我們實現這一目標的方式。首先，並非所有進入陰極的材料實際上都很難像通過採礦或精煉那樣獲得安全；其次，在很多情況下，就像已經很豐富，就像巨大的規模一樣。如果世界上所有的電池都使用這些陰極，那麼年總產量增加不到 1%。這就是陰極側。

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 Elon 已經花了很多時間談論鋰。這真的取決於資源。一些資源就像只是從地下挖出石頭。擴大從地下挖出的岩石數量可能需要一點文書工作和一些額外的爆破和卡車運輸操作。精煉可能是將其上線的地方更加笨拙。但精煉也不是——它不像煉油廠。從鋰輝石或液體（如鹽水或鹽池蒸發）中提煉鋰的過程要小得多。所以你說的是1到2年的時間尺度。這並不是說我們多年來沒有與所有鋰供應商交談過。他們有很多項目已經在籌備中，今年和明年將上線。

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.

今年鋰市場發生的一些事情實際上並沒有對類似的供需基本面產生影響，這也有點令人沮喪。但是，是的，如果我們回顧今年或明年，到 2030 年，我們需要 15 到 20 太瓦時的這些東西才能走上增長軌跡——保持在我們所處的增長軌跡上，我們需要每個人都這樣做鋰領域比目前更多。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.

極好的。非常感謝你。那麼讓我們回到高盛的馬克德萊尼的最後一個問題。

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。我希望你能評論你關於可能在美國向非特斯拉車主開放充電網絡的最新想法。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容量，這可能是一個非常好的方式，可以將其他車主引入特斯拉網絡，或許有助於特斯拉維持其網絡優勢，並可能讓更多人在未來購買特斯拉汽車。

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，正如我們公開承諾的那樣，是的，我們確實計劃在世界各地提供第三方車輛訪問權限，而不僅僅是在我們最初的飛行員所在的歐洲。我們正在北美研究解決方案，由於我們的連接器與其他連接器不同，這有點問題，但我們正朝著這個方向前進。不知道你要不要加。

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，我認為關於增長還有很多話要說，是的。我們希望對整個系統做正確的事情。

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.

而且我們在添加充電器方面做得更快。隨著我們正在生產的汽車的增長以及對 Drew 所討論內容的預期，整體充電器容量非常重要。因此，我們在增壓方面的投資步伐加快了。

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。對於我的第二個問題，您能否分享有關特斯拉保險的更多細節？特別是，當您在更多州結束時，您是否可以分享任何關於採取率的指標？保險產品的盈利能力和利潤率與公司平均水平相比如何？

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.

因此，我們本週早些時候剛剛在弗吉尼亞、科羅拉多和俄勒岡推出了特斯拉保險，用於實時保險。也許我會分享一個步驟，所以德克薩斯州是我們歷史最悠久的實時保險市場。根據我們掌握的信息，特斯拉是德克薩斯州特斯拉的第二大保險公司。可能到本季度末，也許下個季度初，我們將成為特斯拉最大的保險公司。因此，客戶對此的反應非常積極。在我們在 3 個新州推出後，我周一正在閱讀社交媒體，很多人都在報告他們的故事，他們說相對於他們以前的保險節省了相當多的錢。所以我們對此感到非常鼓舞。我們正在盡最大努力爭取到今年年底在美國讓 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擴張。

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，我要說的另一件事是這三個新州，模型不同，因為我們現在是承保人，而且我們現在也承擔風險。因此，對於這些州，我們是一個完全垂直整合的系統和金融保險提供商。關於該計劃的財務狀況，現在還為時過早。因此，隨著該計劃的規模越來越大，很高興分享更多有關這方面的信息。

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.

一方面，我注意到，我們看到實時反饋駕駛習慣實際上會導致特斯拉車主以更安全的方式駕駛汽車，因為他們可以看到——他們得到實時反饋，“好吧，這正在影響我的保險費率，”或者不是。所以當人們看到——他們可以看到他們的實時分數時，他們意識到，“如果我對自己的駕駛習慣做出令人信服的改變，那麼我支付的保險費用就會減少。”然後他們有一個非常 - 就像一個實時反饋循環，用於更安全的駕駛和這樣做的動力。所以它 - 實際上，我們看到的是它正在讓人們以更安全的方式駕駛他們的汽車，這仍然是一個淨收益。

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.

在埃隆看來，平均而言，我們在數據中看到的更安全，而且保費更低。我們在採取率數據中看到了這一點。對於體驗產品的客戶，我們有極高的保留率。而且我想我過去已經談到過這個，這已經成為我們為這些好處而進行的真正的激情計劃。它不僅僅是經濟學。我們正在努力為我們的客戶做一件好事，為人們省錢，讓道路更安全一些。

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。我認為它只是提高了整體宏觀經濟效率。這也是特斯拉的一個反饋循環，因為我們看到，如果發生事故，無論大小，就像我們確切地看到了成本。然後我們考慮如何改變汽車或軟件的設計，以盡量減少發生事故的可能性。大多數事故都是輕微的，但我們如何讓這些事故的發生頻率降低？我們如何使與那次事故相關的維修速度超快？就像理想中的那樣，這就像當日修理碰撞，與有時不得不等待一個月才能解決和弄清楚保險索賠相比，這是晝夜差異，因為特斯拉也在進行碰撞修理。

Yes, the feedback loop is instant.

是的，反饋循環是即時的。

Right.

對。

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索賠管理。因此，我們收到了發生事故的通知，我們正在努力準備估算。在客戶的支持下，我們可以使用我們的碰撞中心進行維修。所以它是完整的端到端可見性。所有這一切，就 Elon 而言，我們可以確定成本效率低下的領域，將其反饋給我們的工程團隊和我們的軟件團隊，以實際改進產品。這降低了保險成本，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，客戶體驗要好得多，因為如果發生事故，就沒有爭議。我們會立即修復它。這與與保險公司爭論，然後是索賠理算員，然後是碰撞維修中心的爭論。這基本上是一場噩夢。因此，我們正試圖通過特斯拉保險將噩夢變成夢想。

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.

極好的。非常感謝你。不幸的是，這就是我們本季度的所有時間。非常感謝您提出的所有重要問題，我們將在 3 個月後再次與您交談。

Thank you.

謝謝你。