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Live: Tesla Q1 Earnings Call 2023 (TSLA)

发布时间 2023-04-19 23:18:16    来源

摘要

Listen to Elon Musk and Tesla management discuss Tesla's Q1 2023 financial results and answer questions from investors and analysts. Join Rob Maurer of Tesla Daily for a live blog highlighting key information, followed by reaction to the call and earnings report. For reaction to Tesla's shareholder letter and earnings report: https://youtube.com/live/E8kgKW2CUnE 0:00 Call begins 0:55 Elon Musk opening remarks 6:07 Zach Kirkhorn opening remarks 8:54 Investor questions 20:26 Analyst questions 1:01:43 Post-call reaction Shareloft: https://www.shareloft.com Twitter: https://www.twitter.com/teslapodcast Patreon: https://www.patreon.com/tesladailypodcast Tesla Referral: https://ts.la/robert47283 #Tesla #TSLA #Investing Executive producer Jeremy Cooke Executive producer Troy Cherasaro Executive producer Andre/Maria Kent Executive producer Jessie Chimni Executive producer Michael Pastrone Executive producer Richard Del Maestro Executive producer John Beans Disclosure: Rob Maurer is long TSLA stock & derivatives

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Vika, VP of Invest 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. During this call, we will discuss our business outlook and make forward-looking statements. These comments are based on our predictions and expectations as of today. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in our most recent filings with the SEC.
大家好，我是投资关系VP Vika，今天和我一起参加本次研讨会的有埃隆·马斯克、扎卡里·柯克霍恩和其他的高管们。我们在中央时间下午3点左右宣布了本季度的业绩，我们发布了一个更新的演示文稿，链接与本次网络研讨会相同。在本次通话中，我们将讨论我们的业务前景并做出前瞻性声明。这些发言是基于我们今天的预测和预期作出的。实际事件或结果可能因许多风险和不确定性而有所不同，包括我们最近提交给SEC的文件中提到的那些。

During the question and answer portion of today's call, please limit yourself to one question and one follow-up. Please use the raise hand button to join the question queue. But before we jump into Q&A, Elon has some opening remarks.
在今天的问答环节中，请限制自己只提一个问题和一个后续问题。请使用举手按钮加入问题队列。但在我们进入问答环节之前，埃隆会有一些开场白。

Elon? Thank you, Martin. So just a Q1 recap. Model Y became the best selling vehicle of any kind in Europe and the best selling non-pickup vehicle in the United States. And this is in spite of a lot of challenges in production and delivery. So it's a huge credit to the Tesla team for achieving these great results. It is with pointing out that the current macro environment remains uncertain, I think I'm telling anyone that anything you already know, especially with large purchases such as cars. And while we reduce prices considerably in early Q1, it's with noting that our operating margin remains among the best in the industry.
马丁，感谢你。简单回顾一下第一季度，Model Y已成为欧洲任何类型车型中的最畅销车型，也成为美国最畅销的非皮卡车型。这是在生产和交付过程中面临许多挑战的情况下取得的成就，这是特斯拉团队的巨大功劳。需要指出的是，目前的宏观环境仍然不确定，这个任何人都知道，特别是在涉及大型购买如汽车的情况下。虽然我们在第一季度初大幅降低了价格，但值得注意的是，我们的运营利润率仍然是行业中最佳的。

We've taken a view that pushing for higher volumes and a larger fleet is the right choice here versus a lower volume and higher margin. However, we expect our vehicles over time will be able to generate a significant profit through autonomy. So we do believe we're like laying the groundwork here and then it's better to ship a large number of cars at a lower margin and subsequently harvest that margin in the future as we perfect autonomy. This is an extremely important point.
我们认为，在这里推动更高的销量和更大的车队比追求更低的销量和更高的利润更为正确。然而，我们预计随着时间的推移，我们的车辆能够通过自主驾驶实现巨大的盈利。因此，我们相信我们正在为未来打下基础，最好是以低利润的大批量出售车辆，以后在完善自主驾驶技术后收获利润。这是一个非常重要的观点。

Let's see, regarding the cyber truck, we continue to build alpha versions of the cyber truck on our pilot line for testing purposes. It's a great product. And we're completing the installation of the following production line at Giga Texas. And we're anticipating having a delivery event, a great delivery event, probably in Q3. As with all new products, it'll follow an S curve of production stops out slow and then accelerates. So the cyber truck is no different. So it's, you know, there's trust on a demand for the product, obviously. And it might be a fantastic product, a whole a favor. But as with all new products, it takes time to get the manufacturing line going and this is really a very radical product. It's not, it's not made in the way that other cars are made.
关于赛博卡车，我们正在我们的试生产线上不断制造赛博卡车的Alpha版进行测试。这是一款很棒的产品。我们正在Giga Texas完成以下生产线的安装，我们预计在第三季度有一个交付盛会，非常盛大。就像所有新产品一样，生产将会呈S形曲线缓慢开始，然后加速。因此，赛博卡车并没有什么差异。很显然，这个产品一定有市场需求，并且可能成为一款很棒的产品。但是就像所有新产品一样，需要时间来启动生产线，而这是一个非常激进的产品。它不是像其他汽车那样生产的。

So let's see, we've got to Megapack, we're making great progress. Our energy storage deployment reached nearly 4 gigawatt hours in Q1. It's by far the strongest quarter ever. And this growth was achieved thanks to the ongoing ramp at our Megapack tree in late through California. This is some way to go to reach the full run rate of 40 gigawatt hours per year. And then we additionally announced the start of a new Megapack tree in Shanghai. So we were, as we've expected, the stationary storage growth actually will significantly exceed the vehicle growth.
让我们来看看，我们有两个Megapack，我们正在取得巨大的进展。我们的能量储存部署在第一季度接近4吉瓦时，这是迄今为止最强的季度。这种增长得益于我们在加州晚期推出的Megapack树持续攀升。要达到每年40吉瓦时的全面运营还有很长的路要走。此外，我们还宣布在上海启动了一个新的Megapack树。正如我们预料的那样，固定储能产品的增长将显著超过车辆增长。

Regarding auto-powered and full-subdriving, we've now crossed over 115 million miles, driven by full-subdriving beta. And this number is growing exponentially. We're, I mean, this is a data advantage that really no one else has. Those who understand AI will understand the importance of data, of training data, and how fundamental that is to achieving an incredible outcome. So yeah, so we're also very focused on improving on neural net training capabilities. As is one of the main limiting factors of achieving full autonomy. So we're continuing to simultaneously make significant purchases of NVIDIA GPUs and also putting a lot of effort into Dojo, which we believe has the potential for an order of magnitude improvement in the cost of training.
关于自动驾驶和全自动驾驶，我们已经通过全自动驾驶beta驱动了1.15亿英里，而且这个数字正在呈指数级增长。这是一个数据优势，其他人真的没有。了解人工智能的人会明白数据、训练数据的重要性，以及实现惊人成果的根本性。因此，我们非常专注于改善神经网络训练能力。这是实现完全自主的主要限制因素之一。因此，我们同时在大力购买NVIDIA GPU，并投入大量精力开发Dojo，我们相信它具有成本训练方面的数量级提高潜力。

And it also has the potential to become a sellable service that we would offer to other companies in the same way that Amazon Web Services offers Web Services, even though it started out as a bookstore. So I really think that the Dojo potential is very significant. In conclusion, we're taking a view that we want to keep making it so many cars as we can, despite this being an uncertain macro environment. This is a good time to increase our lead further and we'll continue to invest in growth as fast as possible. Once again, I'd like to give the huge thanks to all test employees worldwide for doing an incredible job again and yeah, super appreciated.
这还有潜力成为一项可售卖的服务，我们会像亚马逊Web服务一样将其提供给其他公司，虽然它起初只是一家书店。因此我认为Dojo的潜力非常巨大。总之，我们将继续以生产尽可能多的汽车为目标，尽管这是一个不确定的宏观环境。这是增加我们领先优势的好时机，我们将继续尽可能快地投资于增长。再次，我要感谢全球所有测试员工的杰出工作，非常感激。

Thank you very much and Zach has some remarks as well. Thanks Martin.
非常感谢，Zach 也有一些评论。谢谢，Martin。 意思是对某人表示感谢，并且Zach也有一些话要说。最后再次向Martin道谢。

I want to start by congratulating the Tesla team for record vehicle production and deliveries and I also want to congratulate our energy stores team for record volumes as well. There's three main points I want to make.
首先，我要恭喜特斯拉团队创下了汽车生产和交付的记录，同时也要恭喜我们的能源库存团队创下了纪录的销售量。接下来我要讲三个主要的观点。

First, automotive growth margin and operating margin reduced sequentially, but as Elon mentioned these remain at healthy levels. In particular, automotive growth margin was impacted by a few factors since our discussion on the last earnings call, which include additional action taken in the second half of the quarter to improve vehicle pricing and one time items most notably warranty adjustments on older SNX vehicles as well as increased effort revenue for certain autopilot features as we transition technologies progress on vehicle cost reduction continued in Q1 with meaningful improvements on logistics and the beginnings of some commodity cost reduction starting to be realized per unit cost for Austin and Berlin improved as well driven by record volumes. However, these factories still provide a margin headwind and will likely continue to do so until after we reach and stabilize at our intended volumes. Note that Q1 was our third quarter and our multi quarter plan to move to more regionally balanced mix of build and deliveries. As I've mentioned previously, this results in lower deliveries than production within a quarter due to a higher volume of cars and transit at the end of the quarter and has an associated impact on quarter ending free cash flows. This was particularly prevalent in Q1 for SNX as we began exporting cars for international deliveries.
首先，汽车增长率和运营利润率从季度角度看有所下降，但正如埃隆所提到的，这些仍然保持在健康的水平。特别是，自最后一次业绩电话讨论以来影响汽车增长率的一些因素包括第二季度加强了改善车辆定价的行动，以及一次性项目，尤其是对旧的SNX车辆的保修调整和某些自动驾驶功能的增强收入，随着技术进步，车辆成本的降低也在Q1期间不断进行，并在物流方面实现了重要的改善，并开始针对奥斯汀和柏林实现某些商品成本的降低。但是，这些工厂仍然形成了利润的劣势，并且可能会继续存在直到我们达到并稳定在我们计划的产量之后。请注意，Q1是我们多个季度计划的第三个季度，以实现更加区域平衡的建设和交付混合模式。正如我之前提到的，由于本季收到了更多在交通运输中的汽车，并影响季度末的自由现金流。对于SNX而言，这在Q1期间尤为明显，因为我们开始出口车辆以供国际交付。

Second, our storage business is starting to take shape and this is exciting to see after many years of investment in focus. This business is growing as a percentage of the businesses of the company's revenue and reached its highest level yet in Q1 driven by an increasing rate of deliveries for our mega pack products. We are also making progress on storage profitability generating our highest gross profit yet in the quarter.
其次，我们的储存业务开始慢慢成型，这令人兴奋，这种成果是在多年的专注投资之后取得的。这个业务作为公司收入的一部分正在不断增长，并在 Q1 创下了历史最高水平，这是由我们的 Mega Pack 产品递送率的增加所驱动的。我们在盈利方面也正在取得进展，在这个季度实现了历史最高的毛利。

Third, I want to reiterate the philosophy by which you are operating the business this year. Our approach is to grow volumes as quickly as possible in both our vehicle and energy businesses. We plan to continue to invest heavily into our future plans which include the cyber truck, next generation platform, in-house self-production, energy storage business, and our autonomy and AI enabled products. And we plan to do this while keeping the business financially healthy and industry leading. To accomplish this, we need to remain focused on cost efficiency and working capital and in particular unwinding the strategic inventory buildup left over from the pandemic.
第三点，我想再次强调你们今年经营企业所遵循的哲学。我们的方法是尽快增加我们的汽车和能源业务的销售量。我们计划继续大力投入我们的未来计划，包括研发电动皮卡，下一代平台，自主生产，能源储备业务，以及我们的自主驾驶和人工智能产品。同时，我们还计划在保持业务财务的健康和行业领先的同时实现这些计划。为了做到这一点，我们需要集中精力提高成本效益和优先考虑工作资本，特别是消化疫情期间积压的战略库存。

I want to conclude by thanking the Tesla team again as well as thanking our suppliers and our customers. Thank you very much and let's go to investorquestionsonc.com.
我希望再次感谢特斯拉团队，感谢我们的供应商和客户。非常感谢你们，让我们去投资者问答网站。

The first one is what is the process to make auto pricing adjustments? What variables do you consider? How frequently do you review pricing? Do you want to take that Elon or do you want me to take it?
第一个问题是制定价格调整的流程是什么？您考虑哪些变量？您多频繁地审查价格？您想负责这个问题，还是让我来处理？

My apologies, sir. I was on mute. Yeah, I think this is not something that we can really talk about. It's just we do our best to evaluate the production output macroeconomic conditions and we want to make a decision. Unless it's something you'd like to add to. I think that's right. I mean, as a team, we review where we stand globally on a weekly basis and certainly can't get into the details of the reasons why certain decisions are made. But it is something that's very actively managed by a subset of the leadership team. Thank you.
对不起，先生。我刚才静音了。我认为这不是我们确实需要讨论的事情。我们尽力评估生产产量宏观经济情况，并做出决策。除非您有其他要补充的。我认为这是对的。作为一个团队，我们每周回顾全球市场情况，并不能详细说明某些决策的原因。但这是由领导团队的子集积极管理的事情。谢谢您。

The second question is, do you still believe Tesla Energy will be bigger than auto and when will you provide more formal guidance on mega pack and overall Tesla Energy?
第二个问题是，您是否仍然相信特斯拉能源将比汽车产业更大规模，并且您何时会提供有关Mega Pack和整体特斯拉能源的更正式的指导意见？ 意思是询问特斯拉公司是否认为特斯拉能源业务会比汽车业务更加重要和有前途，并且询问该公司什么时候会发布更详细的有关Mega Pack和整体特斯拉能源的指导方针。

Yeah, I should just clarify, bigger than auto from standpoint of total gigawatt hours deployed. So it's possible, automotive revenue may be higher, but gigawatt hours I think will be probably higher with stationary storage.
是的，我应该澄清一下，从部署的总千瓦时角度来看，比汽车更大。因此，虽然汽车收入可能更高，但我认为静态储存的千瓦时数可能更高。

If you just look at what's needed to transition the world to a sustainable energy economy. There is more stationary energy storage needed than there is mobile energy storage. So and we are seeing growth of our stationary storage while in excess of automotive. So that is in line with expectations.
如果你只看世界向可持续能源经济转型所需的东西，你会发现需要的固定能量储存比移动能量储存更多。因此，我们看到我们的固定储能增长超过汽车能源储存，这符合预期。

Yeah, and on the guidance part of the question, maybe Martin, we can combine this with the next question, which is on guidance from margins, just have a single comment there.
嗯，关于这个问题中的指导部分，也许我们可以将它与下一个关于边距指导的问题合并起来，只留下一个评论。意思是建议将问题中的两个关于指导的部分合并成一个评论。

You know, I think we are going to we will get to the point where we as a company provide guidance on the storage business. I say storage is a combination of both the mega pack business and the power of all the things. But relative to total revenues of the company, it's still fairly small. And in the business has a lot of volatility currently, both in terms of volumes as well as financials, just given the small volumes and kind of diversification of the customer pool there. But as this business grows and smooths out, I don't think we're that far away from it.
你知道吗，我认为我们将会到达一个我们作为公司提供储存业务指导的阶段。我认为储存是巨型储存业务和所有事物能力的结合体。但相对于公司总收入来说，储存业务还是相当小的。而且这个业务目前存在很大的波动性，无论是就业量还是财务状况，在此方面客户群体的多样化也使得储存业务难以稳定发展。但随着这个业务的成长和平稳，我们距离目标还不远。

You know, I think including these volumes on our day two production and deliveries release is something that we'll start doing. And then we can talk more formally as a business about our expectations over the coming year. I think it will be a few more quarters before we think that. Thank you.
你知道的，我认为将这些卷纳入我们第二天的生产和交货报告中是我们将开始做的事情。然后我们可以更正式地谈论我们在未来一年的期望。我认为在几个季度之后我们才会考虑这个。谢谢。

The next question, as you said, was already answered. So let's go to the battery question.
下一个问题，就像你所说的一样，已经得到了回答。那么让我们来看看关于电池的问题。

So just one of the thing I wanted to mention on margin, you know, while we're not providing specific guidance there, we just just said expectations of where we think this business will go in terms of margins, you know, probably generally in the ballpark of what we've seen historically on the vehicle business. You know, we generally look to mid 20% gross margins for any program that we launch. And so we're not there yet on this business, but that's what we're working towards. We're hopeful to get there later this year, but that's not a promise that's an aspiration. Thank you.
关于利润率的问题，我想提到一件事情。虽然我们没有提供具体的指导，但是我们已经对这个业务的利润率有了一些预期，大致上应该与我们历史上的车辆业务相当。我们通常希望我们推出的任何项目的毛利率达到中间水平的20%左右。目前我们的业务还没有达到这个目标，但我们正在努力达成。我们希望在今年晚些时候达成这个目标，但这不是一个承诺，只是一个愿望。谢谢。

The next question is how well are 4680 sales meeting the expectations described on the battery day? How long will it be until the sales meet those goals?
下一个问题是，4680销售是否达到了电池日所描述的预期？还需要多长时间才能实现销售目标？

True. Yeah. On battery day, we established a cost down rub map through 2026 across five areas of effort. There was the cell design we discussed. Annerndon Catholic materials, the structural pack concept and the cell factory itself.
没错。是的。在电池日，我们制定了一个2026年的成本下降计划，涉及五个方面的努力。其中包括我们讨论的电池设计、Annerndon的材料、结构组件概念以及电池工厂本身。

We've been making progress across all these aspects since then for the cell factory that the Texas 4680 factor, we, you know, are part way through building and commissioning and installing and operating will be 70% lower cap X per gig watt hour than typical cell factories when fully ramped in line with what we described on battery day.
自从那时起，我们在所有这些方面都取得了进展，特别是对于德克萨斯4680电池工厂，我们正在建设、调试、安装和运行中，当全面推广时，其资本开支将比典型电池工厂低70%每千瓦时每吉瓦时，符合我们在电池日所描述的目标。

And we're continuing to further pursue densification and investment reduction opportunities in future factory buildouts like in Nevada. On the cell design, we're in production with not only the first generation tablet cell, we unveiled on battery day, but a second more manufacturer version in Texas today.
我们将继续追求在未来工厂建设方面的密集化和投资降低机会，例如在内华达州。就电池设计而言，我们不仅生产了在电池日发布的第一代平板电池，而且在德克萨斯州推出了第二个更适合制造商的版本。

On the cathode material side, we have a number of activities underway per the battery day road map for lithium, our corpus Christi lithium refinery breaks ground this may. Our goal is to start commissioning portions of the facility for the end of the year.
在阴极材料方面，根据电池日路线图，我们正在进行多项活动，以利用锂。我们的科珀斯克里斯蒂锂矿加工厂将于今年五月开始动工，我们的目标是在年底前启动工厂的部分测试工作。

The refinery uses the sulfate free spodium refining process with reduced process cost, no cast acid or cost agree agents lower embodied energy and actually produces a beneficial byproduct that can be repurposed in construction materials. We discussed all of these concepts on battery day.
这个炼油厂采用了无硫酸盐的锶物精炼工艺，可以降低加工成本，不需要使用铸造酸或成本一致的代理商，降低了能耗，实际上还会产生一种有益的副产品，可以重新用于建筑材料。我们在电池日讨论了所有这些概念。

Same with cathode precursor, we've set successfully just demonstrated a lower process cost, zero waste water precursor process that we described on battery day at both lab and pilot scale and are in the detailed design phase for incorporating this technology into the front end of our Austin cathode facility.
与阴极前体相同，我们已经成功地展示了一种低成本、零废水前体工艺，这是我们在电池日在实验室和试验规模上描述的。我们正在详细设计阶段，以将这项技术纳入我们奥斯汀阴极工厂的前端。

On cathode production, we are 50% equipment, 75% utilities installed at our new cathode building in Austin with our goal to begin dry and wet commissioning this quarter and next quarter with the target to produce first material before the end of the year.
在阴极生产方面，我们已经在奥斯汀的新阴极建筑中安装了50%的设备和75%的公用事业设施，我们的目标是在本季度和下季度开始进行干式和湿式调试，并在年底之前生产出首批材料。

We saw big improvements with pack manufacturing with the 4680 cell in the structural pack concept, 50% lower capex and 66% smaller factory for the same output in gig watt hours per year. We do believe structural as a concept is a good one. It's simpler. We'll continue to structurally load the cells and use the pack as the floor of the vehicle while iterating the design to closer to B level execution of this pay level architecture in future programs.
我们发现，在结构化包装概念中使用4680单元，包装制造方面有很大的改善，成本降低了50％，同样的年产吉瓦时产量所需的工厂规模减小了66％。我们相信，结构化作为一个概念是不错的。它更加简单。我们将继续在单元上进行结构加载，并使用包装作为车辆底盘，同时在未来项目中通过设计迭代来更接近B级执行此付费架构。

And zooming out for the 4680 team, Q1 was all about cost and quality. We made significant improvements in both areas. On Texas production increased 50% quarter of a quarter, three yields increased 12% in KDO, P-grade increased by 20% and three yields improved by 20%. Altogether the team accomplished a 25% reduction in cogs over the quarter and we are on track to achieve steady state cost targets over the next 12 months. And going forward for the rest of the year, the priority one is yielding cost for the 4680 program as we steadily ramp production ahead of Cybertruck next year. Thank you very much.
回顾4680团队的第一季度工作，我们关注的主要是成本和质量，取得了显著的进展。我们在德克萨斯州生产的产量季度内增长了50％，KDO的三次产量增加了12％，P级产量增加了20％，而三次产量也提高了20％。整个团队在这个季度实现了25％的成本降低，我们计划在未来的12个月内稳步达到成本目标。对于接下来的一年，我们的首要任务是在提升4680项目的生产效益的基础上，确保我们在明年Cybertruck上市之前能有更加稳定的产量。非常感谢大家。

The next question is, what do you anticipate 2023 automotive growth margins X credits will be at the company's current pricing levels? Yeah, I can start off on this one. This is a difficult environment to make a projection like this. There's a lot of macro uncertainty. There's also headlines and tailwinds. This is basically a question I think that's asking about our viewpoint on where costs will go. And within cost, there's a set of costs in which we do control, the set of costs in which we're kind of subject to what's going on in the macro world. Within the bucket of things we control, the most of the costs down that we're working on is around ramping our Austin factory, stabilizing that, and then doing the cost optimization work once we get to our intended volumes there. And a part of the cost journey in the Austin factory is as Drew mentioned, the 4680 sell, which is an input into our Austin colleagues. And so, as the 4680 program improves over the course of the year on cost, as Drew mentioned, and then the non-self portion of the factory improves. We see a pretty good trajectory in the Austin facility. But a similar story exists in the Berlin factory. It does not have 4680 as an input, but for that factory, the journey to complete localization is still ongoing. And so, over the course of this year's volume increases, more localization occurs. We do see a good path to cost reduction in the Berlin factory as well.
下一个问题是，你预计公司现有的价格水平下，到2023年汽车销售增长的信用额度将是多少？我来回答这个问题。这是一个很难做出预测的环境。存在着许多宏观上的不确定性和利好因素。这个问题实际上是在问我们对成本走势的看法。而成本中，有一些我们可以控制的部分，也有一些是受宏观环境影响的部分。在我们可以控制的成本方面，我们正在努力降低目前的成本，主要是通过推进我们在奥斯汀工厂的生产和稳定化，并在达到目标产量之后进行成本优化工作。在奥斯汀工厂的成本优化工作中，Drew提到的4680电芯也是一个重要的因素。随着4680计划在今年不断提高成本效益，奥斯汀工厂的成本将得到显著改善。而在柏林工厂方面，虽然没有4680电芯的影响，但仍在不断进行本地化的进程中。随着今年产量的增加，本地化的程度也会不断提高，我们也看到了柏林工厂成本的好前景。

In existing factories, too, we talk about this on every cost, we don't need to rehash it. But the expectation is that every existing factory improves all of their key metrics, and we continue to see the progress there. There's also a handful of other costs in which we have influence. The philosophy here is that we're aggressively going across every cost bucket that we can. Within the world that we don't control, the two major costs there being logistics, which fortunately is moving in our favor. And I think our supply chain team is doing a great job, both on logistics optimization and taking advantage of reduced spot rates where they can. So thank you to our supply chain team. And then there's the commodities world, which has been a huge page point in our cost structure over the last, say, two years or so. And we're still kind of at the maximum of pain for commodities in our cost structure. It kind of maximized, it maxed out in the second half of last year. We did start to see in Q1 a little bit of improvement. We think there'll be a little bit more improvement in Q2. But the theme has dropped a lot. It's worth mentioning that the way the slow theme has dropped significantly. And that's the piece that we expect to see more impact from in Q2. And generally as a company, we do expect commodity prices to come down and have a more meaningful impact in the second half of the year. So this is our approach, how that nets out. I mean, just just a lot of risk and we'll have to see how the year progresses. Thank you.
在现有的工厂中，我们每次都谈论成本，不需要重复。但期望每个现有工厂都改善他们所有的关键指标，我们继续看到进展。还有一些其他成本，我们有影响力。这里的哲学是我们正在积极地涉足每一个成本类别。在我们无能为力的领域内，还有两个主要成本，物流是其中之一，幸运的是物流正在朝我们的方向发展。我认为我们的供应链团队做得非常好，既优化物流，又利用降低的点价。所以感谢我们的供应链团队。然后还有商品世界，在过去两年左右的时间里一直是我们成本结构中的巨大痛点。我们仍然处于成本结构中商品的最大程度的痛苦阶段。它在去年下半年达到了最高峰。在Q1中我们开始看到了一点改善。我们认为在Q2中会有更多改善。但主题已经大幅下降。值得一提的是，慢速主题显著下降。这是我们期望在Q2中看到更多影响的部分。通常而言，我们公司希望商品价格会下降，并在下半年有更有意义的影响。这是我们的方法，如何达到收支平衡。这个风险很大，我们必须看着这一年的进展。谢谢。

The next question is, how has global order intake tracked since the most recent round of price cuts? I think the overall thing we can say is that orders are in excess of production. Thank you.
下一个问题是，自最近一轮价格调整以来，全球订单接收情况如何？我认为总的来说，订单超过了生产量。谢谢。

And maybe the last question from investors, can you give updated specs and pricing for cyber truck and NNU features that will make it to production? Well, I think we'll save that for the cyber truck handover, which will hopefully be around the end of Q3 this year. And one thing I am confident of saying is that it's an incredible product. It's a whole of favor, I think. And a product like this only comes one once and a long while. So people will not be disappointed at all. That's amazing. Great. Thank you very much.
也许这是投资者最后一个问题了，您能否提供Cyber Truck和将到生产的NNU功能的更新规格和定价？好的，我想我们会把这些内容留给Cyber Truck的交付仪式，希望能在今年第三季度末左右举行。但我可以自信地说，这是一款难以置信的产品。我认为这是一款非常受欢迎的产品，这样的产品往往难得一见。所以大家一定不会失望的。这太棒了。非常感谢。

And let's go to analyst questions. We'll start with Alex Potter from Piper Sandler. Alex, go ahead and unmute. Can you hear me? Yeah. Yeah. Okay. Perfect. So first question was on laythrupp. Obviously, that's, it's great to see the growth there. Just wondering when you think that facility might be closer to full utilization. Are you just sort of deliberately working your way up the S curve there? I'd demand obviously isn't the limitation. So what are one of the steps, I guess, to unlocking full utilization there?
接下来我们来回答分析师的问题，先由Alex Potter从Piper Sandler开始。Alex，请发问前先解除静音。你能听到我说话吗？可以。好的，那太好了。所以第一个问题是关于Laythrupp的。显然，Laythrupp的增长非常好，我想知道你们什么时候认为这个工厂会接近充分利用。你们只是按照S曲线谨慎地进程增长吗？需求显然不是限制因素。那么解锁全部利用的步骤是什么呢？

Sure. There are some classic factor ramp aspects of what's going on in laythrupp. We actually have two phases of the cat fix there. We've faced some of the general assembly parts of the facility. But in addition, we also have ramps with our suppliers that we are following. So both on the cell side and on the power electronic side. And we will see that unlock in the latter half of this year, which was both those inputs. So the overall facility was phased with the second phase of cat fix coming off time towards the end of this year.
当然。在Laythrupp发生的情况中，有一些经典的因素影响。我们实际上在那里有两个阶段的猫修复计划。我们已经面对了一些设施的总装配部分。但是，除此之外，我们还在跟进我们的供应商在电池端和功率电子端的配套。我们会在今年下半年看到这些因素的释放。因此，整个设施是分阶段进行的，第二阶段的猫修复计划将于年底前完成。

Okay. Great.
好的，太棒了。

And then I guess my second question is on your ability to serve other markets out of Shanghai. Obviously the facility in Berlin should be opening up your ability to, I guess, allocate more vehicles to Southeast Asia, Australia, other areas. I'm just wondering what are the regions you think you're maybe not yet serving effectively? What are your timelines for addressing some of those gaps in your regional exposure?
然后我的第二个问题是关于你们在上海服务其他市场的能力。显然，柏林的设施应该会增加你们向东南亚、澳大利亚和其他地区分配更多车辆的能力。我想知道的是，你们认为目前可能仍未有效地服务的地区是哪些？你们什么时候计划填补这些区域曝光度的空白？

Thanks. Yeah, that's a good question because there are still many parts of what we're doing. So we're not yet so with respect to vehicles, especially. So we do expect to open up new markets around the world. And while those markets are not necessarily individually gigantic, they do add up to, you know, if you add up a whole bunch of markets, they do collectively sum up to something significant. So it's high time that Tesla offers cars to the rest of the world. And that is something that we intend to do.
谢谢。是的，那是一个很好的问题，因为我们仍然有很多方面需要处理，尤其是对于汽车方面。我们期望在全球开拓新的市场。虽然这些市场不一定是巨大的单个市场，但是如果将大量的市场加起来，它们总体上会成为一个有意义的数值。所以现在是特斯拉向世界上其他地方推出汽车的时候了。这是我们打算做的事情。

Okay. Thank you very much. Let's go to the next analyst, George from Kenned Court. Go ahead and unmute.
好的，非常感谢。让我们接下来听来自肯尼迪法院的分析师George发言，现在可以解除静音状态。 意思：好的，非常感谢您。接下来请来自肯尼迪法院的分析师George发言，可以打开麦克风。

Hi, thanks for taking my question. I was wondering, first of you could discuss your FSD take rates and whether you've seen any significant positive or negative change there. And also, given that you've reduced the prices for your vehicles, do you think you need to do that for FSD as well?
大家好，感谢回答我的问题。我想知道，首先，您能谈一下您的FSD接受率以及是否看到了任何重大的积极或消极变化。另外，考虑到您已经降低了汽车的价格，您是否认为您也需要为FSD降价呢？ 简单来说：这个人想知道特斯拉自动驾驶（FSD）的市场接受率和价格变化。如果价格降低，是否会提高市场接受率。

Thanks.
谢谢。 请提供具体内容以便进行翻译。

Well, I'll be clear to answer the details on the FSD take rate. But it's a tricky price in question because the value of a car that is autonomous is enormous. So in a way, the price right now is an option value on an autonomous vehicle. And that value is that we ultimately be very significant. And it's really really, I mean, for those that are using the FSD beta, I think you can see the improvements are really quite dramatic. You know, there'll be a little bit of two steps forward, one step back between releases and for those trying to beta. But the trend is very clearly towards full self-driving, towards full autonomy. And I as I say to say this, but I think we'll do it this year. So that's what it looks like.
我会清楚地回答有关全自动驾驶（FSD）系統的细节问题，但价格问题很棘手，因为无人驾驶汽车的价值是巨大的。因此，目前的价格实际上是对无人驾驶汽车的期权价值。而这个价值最终将非常重要。对于使用 FSD beta 的人来说，改进非常显著。虽然在发布的版本之间会有一些两步向前，一步向后的问题，但趋势非常明显朝着全自动化的方向发展。虽然我很不好意思，但我认为我们将在今年实现这一目标。这就是目前的情况。

Yeah. Thank you.
好的。谢谢。

Maybe on the dramatic change we've seen in EV related commodity prices. Do you think that's a reflection of any recent overcapacity in mining and refining, or is that sort of a coincidence indicator on global EV demand? And how do you expect those prices to kind of track over the next several quarters?
也许你已经注意到EV相关商品价格的戏剧性变化。你认为这反映了最近采矿和精炼领域的产能过剩，还是全球EV需求的巧合指标？并且，你预计这些价格在未来几个季度会如何跟踪？

Thank you. And I wish I had to crystal bowl to answer your question. I don't know if we can provide a question that would have any value really. I think we're in uncertain times. And if somebody's got a crystal bowl like the land, me, I really like to borrow it. I think that's a, you know, these are uncertain times. You know, my guess is this, it's, you know, economics told me whether for about a year or so. And then it will fall for roughly 12 months. And then this is my guess. I'm just pure speculation. It's told me whether for about 12 months. And then provided there are not no major geopolitical wild cards that show up. That is things start getting sunny around spring next year. The only thing I would say on the like EV materials markets, they're not all super liquid. And some of them, for example, like less than like single digit percentage of the market is actually traded on the spot market. And not only are they not super liquid, there's not like storages and particularly fast all for all of the materials. So like small mismatches and supply and demand drive like large price wings, not really real price wings, but just like temporarily large price wings. So it's hard to read into those price wings.
谢谢，但我希望我有一只水晶碗来回答你的问题。我不知道我们是否能提供任何真正有价值的问题。我认为我们正处于不确定的时期，如果有人有像我这样的水晶碗，我真的很想借用它。我的猜测是，经济学家告诉我大约还要一年左右的时间，然后它会下降大约12个月。这只是我个人的猜测。经济学家告诉我，再过大约12个月，除非出现重大的地缘政治风险，否则形势开始好转。关于电动汽车材料市场，我想说的是，它们并不是所有的超级流动性市场。例如，市场的不到一位数的百分之一实际上在现货市场上交易。不仅它们不是非常流动的，而且材料的存储和转运速度也不是很快。所以，小的供求失衡，会带来大的价格波动，但这些价格波动不能真正反映实际的价格波动，只是暂时性的大的价格波动。因此，很难解读这些价格波动。

I'm not kind of you.
我不善良像你。意思是说，我和你不一样，不是一个挺友善、好相处的人。

Well, this is one about what we are saying, you know, as you all mentioned, quite a bit of softening in the lithium carbonate market. This was, you know, six months ago, we were trading at like $85,000 a ton. And today's spot price is about 26. So there's been a dramatic decrease in that.
嗯，这个是关于我们之前说过的那个问题，你们都知道，锂碳酸盐市场上已经出现了相当多的软化。六个月前，我们的交易价格约为每吨85000美元。而今天的现货价格只有26美元左右。这是一个戏剧性的下降。

Of course, we were able to take advantage of low lithium pricing earlier on with fixed price contracts. And we find that this is going to be another opportunity, opportunity moment that basically extends that into the later after the decade. But you know, we had the quantities we're procuring. We're not as impacted by the spot market because we have those contracts in place. And we're just going to be going and doing more of that.
当然，我们之前能够利用固定价格合同在低锂价格时抓住机会。我们发现这将是另一个机会，这基本上将其延续到这个十年后期。但是，您知道，我们正在采购的数量。我们没有受到现货市场的影响，因为我们已经签订了这些合同。我们将继续执行更多此类合同。

The other thing that's happening is because of the price spike, a lot of the companies that are in this business are becoming more ambitious about finding more upstream resources and exploring locations in Africa as well as South America. So that's also helping the macro situation with pricing.
另一个正在发生的事情是由于价格飙升，许多从事这个行业的公司正在变得更有雄心壮志，寻找更多的上游资源并在非洲以及南美洲探索新的地点。因此这也有助于宏观价格形势的改善。

Yeah. But just on the lithium front to emphasize the, the choke point is more, much more on refining capacity than it is on mining. So lithium is actually is very common throughout the world, including in the US and really never ever. It's just a very common elements on on earth is lithium. So it's much more a question of where is the refining capacity and can the refining capacity keep up? That's really what what matters more than where it, where is the lithium or it's everywhere basically.
嗯，但就锂方面而言，要强调的是，瓶颈更多地在于精炼能力，而不是采矿。锂在世界范围内，包括美国，在地球上都非常普遍，从来不缺乏。因此，问题更多地是在于精炼能力在哪里，精炼能力是否能够跟上。这真的比锂矿在哪里，或者锂在哪里，更重要。基本上锂无处不在。

I think that's the same question also extends to refining of the cathode and to some degree refining of the anode. And that's why we've at Tesla we're building our lithium refinery capability at Corpus Christie and our cathode refinery outside Austin. Yeah, I hope other companies do the same thing. We will have by far the most lithium refining capability and the most a cathode refining capability in North America.
我认为同样的问题也会延伸到阴极的精炼，甚至是阳极的精炼。这就是为什么我们在特斯拉正在Corpus Christie建设我们的锂矿精炼能力以及在奥斯汀市外建设我们的阴极精炼厂。希望其他公司也能做同样的事情。我们将拥有远远超过北美其他公司的锂精炼能力和阴极精炼能力。

I think probably more than everyone else combined by a lot. So can other people please do this work that would be great. We're begging you. We don't want to do it. You know, can someone please like instead of making a picture sharing app, please refine lithium mining and refining heavy industry. Come on. It's fun. It's actually fun. Yeah, yeah, exactly.
我认为我比其他所有人加起来都要多得多。因此，其他人能不能请做这项工作，那就太好了。我们恳求你们。我们不想做这件事。你知道吗，能不能有人不再开发图片分享应用，而是改进锂的开采和重工业精炼呢。拜托了。这样做其实很有趣。是的，确实是这样。

He's real. You have a question. We're here. Ready to buy.
他是真实存在的。你有问题吗？我们在这里，准备购买。

Yeah, it's.
没错，就是这样。

It's.
很抱歉，您的问题不完整。请提供需要翻译的英文内容。

We have a lot of.
我们有很多。 这句话的简洁明了的表达了“我们有许多”的意思，但是缺乏具体的情境或背景，因此无法进一步理解或解释。

We have a lot of fish to fry. Obviously, but we're doing it because others aren't doing it and we wish others would do it.
我们有很多事情要做。显然，但我们这样做是因为其他人没有做，我们希望其他人能做这些事情。

Awesome. Thank you very much.
太棒了。非常感谢你。

Let's go to a manual Rossner from Deutsche Bank.
我们去德意志银行的罗斯纳手册吧。

Hey, manual. Can you hear me?
嘿，手动操作。你能听到我说话吗？

Yeah, we can. Perfect.
没问题，我们可以做到。太好了。

Thank you so much for taking my question.
非常感谢您回答我的问题。

Maybe your first question for Elon on your pricing strategy. So you find the send your message. You're saying, you know, Tesla feels it's worth maximizing the volume increasing the size of the fleet. As fast as you can because you'll be able to monetize this over the life cycle of the vehicle. Can you be a little bit more specific around ways you would be able to monetize or like this existing fleet in the future?
也许你会想提出第一个问题询问埃隆马斯克有关价格策略的问题。你可以这样表达：你们认为特斯拉的价值在于增加销量并尽快扩大车队规模，因为你们能够在车辆的生命周期中获得最大化的盈利。你能否更具体地解释一下，你们将如何利用目前的车队，在未来进行盈利？

Obviously, a single tournament seems to be a big piece of it by minus, minus, standing was that robot taxi would probably be for the next generation vehicle, not not the existing one. So I guess in which ways would you monetize it? Sorry, the robot taxi technology can be a bit confusing because that that's sort of like a generic term for our next generation vehicle. And we obviously are working on next generation vehicle.
显然，单个比赛似乎是整个事情的重要组成部分，但减去、减去、停滞不前的是，机器人出租车很可能是下一代车辆，而不是现有车辆。那么，您认为如何将其货币化呢？ 抱歉，机器人出租车技术可能有点令人困惑，因为这是我们下一代车辆的一种通用术语。我们显然正在研发下一代车辆。

I can be very compelling. This is just not the time to talk about it in details product. So we internally call it robot taxi, but really all of the vehicles that have hardware three, which is the best majority of our fleet. We believe will achieve full autonomy. So they will be a robot, they will be a a wrote like a model three or model why would be a robot taxi, a robotic taxi. So yeah, that's the best amount of knowledge that we believe that the current hardware can achieve full autonomy.
我可以很有说服力。但现在不是详细讨论产品的时候。我们内部称之为机器人出租车，但实际上所有配备硬件三的车辆（这是我们大部分车队所配备的）都将实现完全自主。因此，它们将成为机器人，就像Model 3或Model Y一样，将成为机器人出租车。因此，我们相信当前硬件可以实现完全自主，这是我们的最佳认识。

Understood. And then maybe a question for Zach back on the automotive growth margins. I think I guess a few months ago, you know, even after major price cuts, you felt pretty strongly that, you know, 20% or more of gross margin was still, you know, probably reasonable floor.
明白了，那么也许可以问Zach一个有关汽车增长利润率方面的问题。我想几个月前即使经过了大幅度的价格下调，你仍然坚定地认为，20%或更高的毛利率仍然是合理的底线。

Obviously, the macro has gone worse and additional price cuts have happened. Is there anything else that has changed in terms of the outlook? Is it just the macro deteriorating? Is it the competitive landscape? Anything else that sort of like makes you think differently around, you know, the full year and is there is their way, therefore to frame a floor.
显然，宏观经济形势变得更糟，价格也进一步下降。展望方面还有什么其他变化吗？宏观形势恶化是唯一的变化吗？是竞争环境变化了吗？还有其他任何使你对整个年度有不同看法的因素吗？是否有办法确定一个底部呢？

Yeah, you know, about, you know, about half of the mist against that previous conversation last quarter is attributed to adjustments we made in pricing in the second half of the quarter. I guess you could argue that that lowers the floor in a sense. We've also made pricing adjustments so far this quarter, you know, so that brings brings it down further. About the other half of the miss in Q1 was attributed to things that are not recurring.
是这样的，你知道的，上个季度关于谈话的一半左右的原因是我们在季度后半段做出的定价调整。我想你可以争辩说这在某种程度上降低了底线。我们在本季度初也进行了定价调整，所以这将进一步降低了底线。而Q1失误的另一半归因于不可重复的原因。

So I mentioned these in my opening remarks. It's a warranty adjustment for cars that were previously produced, but not part of the pedigree of cars we're building now. And in some autopilot related deferrals as we make some technology changes here that this deferral should get recognized once some of the software catches up. So those two things are not repeating. So hopefully that helps answer your question.
我在开幕致辞中提到了这些。这是对先前生产的汽车的保修调整，但不属于我们现在正在建造的汽车谱系的一部分。在我们进行一些技术变更时，有一些与自动驾驶相关的拖延，一旦某些软件赶上来，这种拖延应该得到认可。因此，这两件事不会重复。所以希望这能够回答你的问题。

There's really two macro factors that are tricky. The biggest thing the interest rate. So if there's a very high fed rate or interest rates are very high that that is, every time that the bed raised interest rates, that's that's equivalent to increasing the price of a car. It makes the cars less affordable because people are able to buy cars as a function of what they can afford on a monthly basis. So that that's that these are just it almost directly equivalent to a price increase is any kind of interest rate increase. Then the other factor is whenever there's uncertainty in the economy, people will generally postpone your new big new capital puts is like a new car. This is a natural human reaction. If people are reading about layoffs and whatnot in the press that like well, they might be worried about they might be laid off. So then that they'll be naturally a little more hesitant.
有两个宏观因素是非常棘手的。最大的问题是利率。如果联邦利率很高或利率非常高，每次联邦加息，相当于汽车价格上涨。这使得汽车变得不太可负担，因为人们购买汽车的能力取决于他们每月的可支配收入。因此，这些利率增加几乎直接等同于价格上涨。另一个因素是每当经济不稳定的时候，人们通常会推迟购买新的资本投入，如购买新车。这是人类的自然反应。如果人们在媒体上读到裁员等不确定的消息，他们可能会担心自己也将被裁员，因此会自然而然地更加犹豫。

They would otherwise be to buy a new car. Now this is just the nature of the water industry that you know it. But there is there will be a transparent pent up demand for new cars. So. But it goes through cycles.
否则，他们就得购买一辆新车。这就是你所了解到的水业的本质。但是，市场上会有一个明显的压抑需求来购买新车。因此，市场会呈现周期性变化。

Thank you. Let's go to Ben Kalo from Baird. Ben, go ahead and unmute. Thank you guys. You know what you know when you talk about many fish supply, you talked about dojo being a product that you can sell outside Tesla. How do we rate all the things you're out going on and then in the economic environment? I mean like he pumps and everything else you have going on versus. Investing in the vehicle business. There's that not the right way to look at that.
谢谢。现在去Baird的Ben Kalo。Ben，请解除静音。谢谢各位。当你们谈论许多鱼类的供应时，你们提到了Dojo是一种可以在特斯拉之外销售的产品。我们如何评估你们正在进行的所有事情以及经济环境？这与投资于车辆业务有何不同？这种看法是否正确？

I'm not sure if we'll understand you question, but the you know I'd look at dojo as like kind of a long shot bet. But if it's a long shot bet that pays off, it'll pay off in a very, very big way. But potentially, you know, yeah, potentially in a very, very big way like, you know, in the multi hundred billion dollar level. But it, but they think it's like, you know, they'll put it in the long shot category, but long shot with a multi hundred billion dollar. You know, potential outcome.
我不确定我们是否理解了你的问题，但你知道我会把道场看作是一种不太可能的赌注。但如果这个赌注实现了，它将以非常非常重大的方式实现回报。但有可能，它以一个非常非常大的方式实现，就像在数千亿美元的水平上。但这个投注被认为是一个不太可能的赌注，但赌注是有一个数千亿美元的巨大潜在效益。

And so it's a bit worth making, but not one you can take you can sort of say like, you know, take it to the bank type of thing. Although these days take it to the bank. It's maybe not as secure as it used to be. So, um, obviously we believe in heat pumps. You know, and that is on all this that over time is to do a really good heat pump for homes and commercial offices and stuff. And we have a technology. It's really good. But it's still it's a background right. You know, folks is very much on vehicles autonomy, stationary storage, basically as solving sustainable energy and solving autonomy would be.
因此，这个产品有一定的价值，但不能保证您能得到可行的结果。虽然现在把钱存到银行可能不像以前那样安全了。所以，我们相信热泵技术，并计划逐步提供适用于住宅和商业办公室的优质热泵设备。我们现在的技术还有待改进。我们关注的主要方向是车辆自主性、静态储存和解决可持续能源及自主性的问题。

From, you know, like says, solving autonomy. If we're able to have a fleet of several million vehicles that with a software update. But can can be potentially what several times their original value that's that that that will be if that happens, that will be the and I think it will happen. That'll be the biggest asset value increase in history, I think.
从目前的情况来看，解决自动化问题非常重要。如果我们能够拥有数百万辆车队，并进行软件更新，那这些车辆的价值可能会达到原始价值的数倍。如果这种情况发生了，那将可能是历史上最大的资产价值增长，我认为这种情况肯定会发生。

Thank you. So pricing a lot of pundits talk about the pie and losing share or game share and, uh, but how do you guys look at pricing versus the EVs or the ice vehicles or does that not come into the equation. Sorry to ask about pricing again.
谢谢。很多专家谈论到市场份额、输赢，但你们如何看待价格与电动车或传统燃油车的关系，是否会考虑这些因素？抱歉再次问及价格问题。

Thank you. No, it's really just like, you know, we're every day we get a daily real time update of how many cars were ordered yesterday, how many costs were produced yesterday. We must have I, if there's a company that's got more real time data than then Tesla. I'm not sure I'm not sure there's any company on earth that has better real time data than, than Tesla except maybe SpaceX starling.
谢谢。实际上就是，你知道的，我们每天都会得到一个关于昨天订单数量和生产成本的实时更新。我想除了SpaceX的星际网，也许没有其他公司拥有比特斯拉更好的实时数据了。

So, um, because because we don't have to, you know, for the other car companies, they will make the cars, send them to the dealers, then the dealers will sell the cars and, you know, and then it takes quite a long time for them to get the data back to actually figure out how many cars are sold. Whereas we know how many cars were ordered yesterday throughout the world. So our fingers on the pulse is real time and does not have latency, whereas the other car companies have a lot of latency in their data. As does the government, the government has a lot of latency in their data. So, so we're just looking at and saying, okay. You know, what, what, what does it take to achieve a clearing price for our vehicle production. And then we make a pricing change and we see what happens immediately. And adjust course. So we're adjusting course. And we're thinking about it literally every day, seven days a week. I'll look at that email and so's the rest of the team. And we try to make the least dumb decision that we can. You know, on balance, I think our decisions are pretty good. Sometimes they'll be, you know, dumb, but on average, they're, I think better than the rest of industry.
所以，因为我们不必像其他汽车公司那样制造汽车、将其发送给经销商，然后经销商再销售汽车，这需要很长时间才能获得销售数据。而我们知道昨天全球订购了多少辆汽车。因此，我们的信息实时性强，没有延迟，而其他汽车公司的数据存在许多延迟。政府也有许多数据延迟。因此，我们只是在考虑，要达到我们的汽车生产的清算价格需要什么。然后我们会改变定价并立即观察反应，并适时调整方向。我们每天、每周七天都在思考这些问题。我和团队的其他成员都关注着这份电子邮件，并尽力做出最聪明的决策。总的来说，我认为我们的决策相当不错。有时候他们会显得愚蠢，但平均来看，它们比其他行业的决策更好。

Just to add on the question about EV market share ice. This comes up a lot. I think a lot of the public debate is around this concept of EV market share. You know, we don't look at it that way. We look at it as car market, not the EV market. The mission of the company requires internal combustion engine cars to be switched over electric vehicles. So that's what we pay attention to. Yeah, I said that last time too. We got us, you guys got to stop looking at it as the EVB, the market. There's so many cars are we. So just start looking at it that way. All cause, all cause will be EVs is, you know, it's going to, you know, set this for a long time. We'll look back. I don't know, assuming civilization still around 20 years. We'll look back on internal combustion engine vehicles. The same way we look back on external combustion engine vehicles, which like a steam engine, a steam engines and external combustion engine vehicle. Just a few around their kind of quirky and, you know, kind of cool collector's items. That's that's how gasoline cars will be in the future.
关于电动汽车市场份额的问题，我想补充一下。这经常被谈论。我认为公众讨论的很多都是关于电动汽车市场份额这个概念的。我们不这么看。我们把它作为汽车市场而不是电动汽车市场来看待。我们公司的使命要求将内燃机汽车转变为电动汽车。那就是我们关注的事情。是的，我上次也说了同样的话。你们必须停止将其视为电动汽车市场。我们有这么多的汽车，所以开始以这种方式看待它。所有的因素都将是电动汽车，这将是一个很长一段时间的趋势。在假定文明还围绕这个世界转20年之后，我们将看到内燃机汽车的历史，就像我们看待外燃机汽车（如蒸汽机）一样。他们仅仅存在于收藏家手中，有些古怪，但也很有趣。这就是汽油汽车在未来的命运。

Thank you. And let's go to calling the rush from up inheimer. Colin, go ahead, go ahead and unmute please. Thanks so much, guys. Can you talk a little bit about how much of the actual cost structure is variable? You know, on these vehicles. And if you could give us a range on plus or minus the lithium cost within those contracted volumes that they're seen. Well, I think you're good. I'll, again, you would really love to have a crystal ball here, but we don't have it. Depending on what time scale you're looking at, most of the car is variable. So most of the cost is variable. And probably, if I would guess, I think we will see improved costs from suppliers. Yeah, I think we will. That's our expectations. And we're already starting to see that. I think you mentioned before we anticipated crashing the lithium prices. And some of that has flowed through by way of lithium carbonate reductions into battery cost. And the same thing will happen with lithium hydroxide. The length of the supply chain matters also because what we're talking about is is very far upstream. So by the time it makes it into the battery that's in a car, it'll be several months. But beyond just commodity pricing, as Zach mentioned earlier, we're also very focused on other metrics that make production very efficient. So for example, extension and the marriage air expedites. I think our air expedites are down 90% detention and the merges down 93% from the peaks. That can be hundreds of thousands of dollars per vehicle. So we're sort of attacking all vectors and becoming very efficient.
谢谢。接下来让我们打电话给Upinheimer，Colin请发言。谢谢大家。能否谈一谈这些车辆实际成本结构中有多少是可变的？如果你能给出合同量中锂的费用的上下限范围，那就更好了。 嗯，我想，现实是我们不可能知道未来的。不过，如果你考虑的时间范围越长，车的成本就会更多的是可变成本。 另外，我们还预计会从供应商那里看到成本改善。我们已经开始看到了。我们预期锂的价格会下降。这已经在锂碳酸盐减少到电池成本中得到体现。锂羟化物也会发生同样的事情。供应链的长度也很重要，因为我们谈论的是非常上游的东西。因此，当它最终成为汽车电池时，可能已经过了几个月。除了商品价格之外，就像Zach先前提到的，我们也非常关注其他能使生产变得非常有效率的指标。例如，展期和婚姻航班加速。我们的航班加速比峰值下降了90％，展期和婚姻航班下降了93％。这会修改每辆车数十万美元的成本。所以，我们攻击了所有的因素，变得更加高效。

Okay. And then my phone up is really around stationary storage demand on the utility scale. I mean, obviously there's the gigantic queue for interconnection in the US. And we talk about the volume of quotation you're seeing at this point around a stationary storage for that renewables queue on a global basis. And how how much of that is converting to actual sales.
好的。然后我的话题是关于公用事业规模上静止储存需求的电话问题。我的意思是，在美国显然存在着供电连接的巨大队列。我们讨论的是在全球范围内针对可再生能源队列的静止储存报价量，以及其中有多少转化为实际销售。

I drew you want to take that. Yeah, I don't that's also not exactly how we look at it really. We're not like, yeah, we're not engaged in the interconnection queue. Like we're focused on ramping mega pack as quickly and efficiently as we can. And we have, you know, visibility into the pipelines of, you know, a variety of different real energy and just pure stationary storage developers. And we also develop our own projects. And we're mostly just going, we're being selective in trying to pick the products that projects that best fit our mission and our objectives.
我画了一张图，你想要看看吗？嗯，我认为这并不完全是我们的关注点。我们并没有像你想象的那样，致力于互联互通队列。我们主要是专注于尽快高效地扩大Mega Pack，我们可以看到各种真实能源和纯静态储存开发商的管道情况，并且我们也正在开展自己的项目。我们主要是有选择地挑选符合我们使命和目标的最佳项目。

Yeah, this. Again, this is not a product call, but we will have something. I mean, this, we're making improvements on on on many fronts, including mega mega pack. So I think some of those improvements will improve the speed of which you can connect the mega packs to the grid. Thank you.
是的，说的就是这个。我并不是在推销产品，但我们会有一些改进。我们正在多个方面进行改进，包括超大型电池组。因此，我认为这些改进将提高你连接超大型电池组到电网的速度。谢谢。

The next question is from Mark Delaney from Goldman Sachs. Yes, thank you for taking a question. Do you still see two million units as an upside case for volume this year? And is the gating factor for reaching 1.8 million or two million units in 2023 still supply chain as was mentioned on your last conference callers are more about demand at this point.
下一个问题来自高盛的马克·德兰尼。非常感谢您接受提问。您是否仍然认为今年能够实现两百万辆汽车的销量上升？在您最近的电话会议中提到，2013年能够实现180万或200万辆汽车销售的关键因素仍然是供应链，目前更多关注的是需求。

Well, you know, if you're a crystal bowl, you can let me back to the crystal bowl situation. These are volatile times from production standpoint. If things go well, we've got a shot at 2 million vehicles is here. But that is the upside case. And we feel comfortable with 1.8. And we'll have to see how this year unfolds.
嗯，你要知道，如果你是一个水晶碗，你就可以把我带回到水晶碗的情况下了。从生产角度来看，这些都是不稳定的时期。如果情况顺利，我们有可能生产出200万辆汽车。但这是预计的最好情况。我们觉得1.8万辆还比较有把握。我们必须看看今年的情况如何发展。

That's helpful. Thanks. And then the company has spoken at the investor day and then for the past conference calls about opening up its vehicle charging network. Can you speak to some of the feedback you've been getting from both Tesla owners and non Tesla owners and how the ramp of the charging network may progress from here. Thanks.
这很有帮助。谢谢。此外，该公司在投资者日以及过去的电话会议中谈到了开放其车辆充电网络的事宜。请问您能否谈一下您从特斯拉车主和非特斯拉车主那里收到的一些反馈，以及充电网络的推进可能如何发展。谢谢。

That drew you want to go on? Yeah. So as you may have seen, we opened our first before before posts in Europe and and our magic doc posts in North America and q1. And that is, you know, indicative of the direction we're heading with, you know, universal compatibility for all vehicles of, you know, no matter where the charge for it is, etc. In all major markets. And we're going to continue to roll out those sort of improved offerings as we build new stations.
你想继续了解吗？是的。正如你所见，我们已经在欧洲开设了我们的第一家“before before posts”，在北美和Q1开设了我们的“magic doc posts”。这表明了我们正在迈向的方向，即为所有车辆提供通用充电兼容性，无论它们在哪里充电等等，在所有主要市场。随着我们建造新的充电站，我们将继续推出这些改进的服务。

We're always balancing like our ability to serve our own customers with our ability to serve new customers when doing that. I think we've been able to balance it rather well, for example, in Europe, 50% of all of our super charging stations are open to all EVs. And we've been able to do that without any increase in wait times at all for anybody. So we're going to continue to take a similar approach as we do this in North America and China over the coming quarters.
我们始终需要平衡服务自己的客户和服务新客户之间的能力。我认为我们已经相当好地平衡了这一点，在欧洲，我们所有的超级充电站中有50％对所有电动汽车开放。我们能够做到这一点，而不会增加任何人的等待时间。因此，我们将在未来几个季度继续采取类似的方法，在北美和中国进行此项工作。

Okay. Thank you very much. Let's go to road latch from wolf research. Hi, everybody. I just wanted to first just follow up on your comments in your letter about leveraging your cost position as other struggle with unit economics and also taking into account the lifetime revenue. Actually, in a way that most other automakers will will never see just given your service network and super charging and other attributes. Can you just maybe give us a sense of how far you'd be willing to take this are there brackets around the range of initial margin that you'd be comfortable with.
好的，非常感谢。我们现在去狼研究中心的道路阻塞处。大家好，首先我想回应你们在信中提到的成本优势以及考虑终身收入的问题。由于您拥有服务网络、超级充电以及其他方面的优势，您所看到的效果其他车企是不可能实现的。您能否告诉我们，您愿意在这方面取得多大的成果？是否有对初始保证金范围的限定？

And again, any any color that you might provide on the updated range of margins that you'd expect in the in the auto business. I think we may have to answer this question or try to ask this question a few times, but it's difficult to say what the the module will be depends on how on what if what the macroeconomic environment is is like. For example, if the bed were to lower the rates, that would be super helpful for demand. If they keep raising that's that's you know, that just raises the interest cost that buyers have to pay for to buy a car so it reduces affordability and therefore reduces demand. So it's maybe if you know like if we look past say this year or we're like to go you know.
再次提及，无论您提供的任何颜色更新利润范围，您在汽车业务中所期望的。我认为我们可能需要几次回答或试图提出这个问题，但很难说模块将取决于宏观经济环境。例如，如果银行降低利率，那将对需求非常有帮助。如果他们继续上涨，那就只会增加购车人需要支付的利息成本，从而降低可承受性，从而降低需求。因此，也许我们可以看到今年之后的一段时间，或者我们要去哪里。

Sometime next year middle next year, so I think they're looking really I think you're like said. Well, you know, we'll best off the if there's some you know major geopolitical wildcard that turns up, but the absence of that I think. I'll be very optimistic about. You're middle next year and the next year.
明年年中或中期的时候，我认为他们非常有可能实现你所说的目标。当然，如果有一些重大的地缘政治上的突发事件发生，那么我们的前景可能会受到影响，但是如果没有这种情况的话，我对明年年中和下一年非常乐观。

Yeah, just that just to add to you on comments. Just two other points, you know what what's really important for us this year in addition to just managing the day today of the business, but is also investing in as Elon mentions about 2024 and 2025 will look like. And so you know using the cash generated from the sale of products today and we investing that this is very important for us.
嗯，只是想在评论中再加强一下。还有两个要点，除了管理当今业务的日常，对我们来说，对2024年和2025年的发展进行投资同样非常重要，这正如埃隆所提到的一样。因此，利用今天销售产品所产生的现金并进行投资对我们来说非常重要。

I think that what happens to margins over the next couple of quarters. Only matters in the context of what that means for our ability to reinvest into 2024 and 2025. And we have a lot of space before that becomes something that we have to revisit our investment plans. And so, you know, we're planning to keep the business healthy. But I just want to caution folks about reading too much into what happens over the near term here is we're very focused as a company on making sure that when we exit this macro economic situation, this company is positioned in the best possible way.
我认为在接下来的几个季度内利润率的变化只有在对我们到2024年和2025年再次投资能力所代表的意义的背景下才有意义。在那之前，我们有很大的空间不必重新审视我们的投资计划。因此，我们计划保持企业的健康状况。但我想警告大家不要过度解读眼前发生的事情，我们作为一家公司非常关注确保在退出这种宏观经济形势时，该公司以最好的方式定位。

Exactly. Just to elaborate on that point though that the revenue, the long term lifetime revenue that you're targeting from each vehicle is massive. So if you took that to the extreme, you it would seem that you'd be comfortable with a relatively low initial margin and am I. Right. And so, you know, the same thing that you're targeting that or is that that exactly right and and just right.
的确如此。只是要对这一点进行详细说明，你所追求的每辆车的长期生命周期收益是巨大的。因此，如果你把这个推向极端，似乎你会对初始利润率比较低感到舒适，我说的对吗？所以，你所追求的是这个，是吗？没错，完全正确。

Okay. And the normally in in a recession when consumers feel less financially secure, actually price elasticity deteriorates. Just based on your pulse taking of the consumer. Do you have a view on elasticity of demand?
好的。通常情况下，在经济衰退时，消费者感到经济安全感降低，实际上价格弹性会变差。这只是基于您对消费者进行的脉搏检查而言。您对需求弹性有什么看法吗？ 意思是说，在经济衰退时，消费者的经济安全感降低，反过来也导致价格弹性变差，这是通过对消费者进行调查等方式得出的。然后问对方对需求弹性有什么看法。

I can't emphasize enough that the whole just fundamental question of affordability. For the full most people, the their ability by a car is a function of can they make the multi payment or not. And, you know, so like said, if it's straight to really high like there are right now. Then, you know, in some cases, people can't get alone at all. You know, so it's it's a and I think probably banks are are pretty.
我无法强调足够整个负担能力这个根本问题。对于大多数人来说，他们是否能买得起一辆车是他们能否支付多年分期付款的能力。如果价格非常高，就像现在一样，有些人根本无法获得贷款。我想银行可能会很谨慎。

Not not leading forward in providing loans. I expect these days. So. You know, so that's but like that there is. There is a lot of powerful stories here when you.
不是不积极向前提供贷款。我期望这些天会有改变。你知道的，就是这样。但是，如果你去了解，这里有很多有力的故事。

You know, going back to me, it was literally to the moment ago, I'll mention a moment ago that Tesla is in a uniquely strong strategic position. Because we're the only ones making cars. Technically, we could sell for zero profit. For now. And then you'll actually tremendous economics in the future. But don't pick up through autonomy. No one else can do that.
你知道，回想起我刚刚说的，特斯拉现在处于非常强大的战略位置。因为我们是唯一生产汽车的公司。从技术上讲，我们可以以零利润出售车辆。暂时而言。然后，未来我们将获得巨大的经济优势。但不要忽视自主驾驶技术。没有其他公司能够做到这一点。

I'm not sure how many people will appreciate the profundity of what I've just said, but it is extremely significant. Thank you. Let's go to Adam Jonas from Morgan Stanley. Hi, everybody.
我不确定有多少人能够欣赏我刚才所说的深远意义，但这是非常重要的。谢谢。现在我们接下来请来来自摩根士丹利的亚当·乔纳斯。大家好。

So first Elon, good luck with tomorrow's launch of Boca Chica. We can't have too much luck in the rocket business. That's for sure.
首先，祝贺埃隆（马斯克），祝明天在博卡奇卡的发射顺利。在火箭行业，永远不会有太好的运气。这点是肯定的。

Incredible. We got to know the Twitter architecture. Kind of intimately well past six months. What can you tell Tesla stakeholders about how an X dot com or super app could be potentially accelerated to Tesla's business model?
不可思议。过去六个月，我们深入了解了Twitter的架构。您能向特斯拉利益相关者介绍一下，一个X点公司或超级应用程序如何潜在地加速特斯拉的商业模式？

Well. I don't know. I guess you could make it. Tens to make it easier to buy cars. So, but we are, we're going to string somewhat of copy here. Okay.
嗯，我不知道。我猜你可以做到。几十年来，让购买汽车更加容易。但我们会在这里略微复制一些内容。好的。 意思：我不太确定，但我觉得你应该可以做到。我们一直在努力让购车变得更加方便，但我们还需要在这方面进行一些工作。

Alright. I think there's some benefit. I think probably there's some benefit. Let's, let's, I get it, Elon.
好的，我认为有一些好处。我觉得可能会有些好处。好了，好了，我明白了，埃隆。

So just as a follow up on manufacturing, I, you're a student of history. I think that back in 1913 Henry Ford introduced the moving assembly line in Hydeland Park, Michigan. And the price of a Model T, which would have had already, you know, been undercutting cars around the time fell another 70 or 80% and hundreds of rival car companies went bust.
关于制造业，我想跟进一下。你是一个历史学家，我觉得1913年亨利·福特在密歇根州海德兰公园推出了流水线制造，Model T的价格已经比其他汽车便宜了。价格又下降了70%至80%，导致数百家竞争对手的汽车企业倒闭。

I'm wondering if, if history is repeating itself here, Elon, and that the recent pattern of cuts with you is way ahead of the cost curve compared to competition art. Is this, it seems like it's a calculated strategy. Not, not just, not just in reaction to competition or changing supply demand in the market, but you're, you know, could we, could we catalyze some Darwinian forces in the EV market?
我在想，埃隆，历史是否在这里重演，你最近的裁员趋势是否比竞争方更超前于成本曲线。看起来这是一种有计划的策略，不仅仅是针对竞争或市场供需变化做出的反应，而且你是否可以促进电动汽车市场中的达尔文进化力量？

Well, I mean, we're not trying to say take, take pricing actions in order to be deliberately, you know, to deliberately undermine competitors or anything like that. We really don't think about competitors that much. We just look at, you know, do people like our cars? How can we make a park better? Can they afford our cars? And, you know, the sort of things like improving service and whatnot.
我是说，我们并不是在劝说大家通过调整价格来故意破坏竞争对手或其他类似的行为。我们并没有那么强烈关注竞争对手。我们只是关心人们是否喜欢我们的汽车，我们如何让公园变得更好，他们是否能够负担得起我们的汽车，以及通过改善服务等方式等等的事情。

But, but like we do have this unique strategic advantage that that we haven't, we're making a car that. Autonomy pans out and we think it will, where that that asset is actually will be worth a hell of a lot more in the future than it is now. So it's taking the possible sell it at zero profit, but still have the net present value of future cash flow associated with that asset. Be very significant.
但我们确实拥有这种独特的战略优势，即我们正在制造一辆汽车。如果自主性得到验证，我们认为在未来，这项资产的价值将远远超过现在的价值。因此，我们可以考虑以零利润的价格出售它，但仍然可以获得与该资产相关的未来现金流的净现值，这将非常重要。

And service and charging and insurance and all of these other ongoing revenue streams that other companies don't have. Yeah. Certainly we want all TVs to succeed too. We're not in like some malicious attacks to try to just. Definitely not. We're like opening up super chargers. We're made up patents available for free. So it's like we're trying to be helpful here. You know, so. We're not trying to, we're not out to the story of competitors or anything like that. We're trying to help competitors frankly. And anyway, we can.
我们所拥有的服务、收费、保险等其他持续的收入来源，其他公司并不具备。是的，我们当然也希望所有电视都能取得成功。我们并没有恶意攻击的意图。我们正试图开设超级充电站，并让我们的专利免费使用。因此，我们力图提供帮助。我们并没有将竞争对手视为敌人。事实上，我们正尽我们所能去帮助竞争对手。

Thank you. Let's go to then Levi for from Barclays. Hi. Good. Good evening. Thank you.
谢谢你。我们去Barclays的Levi那里。嗨。晚上好。谢谢。

First question. You're ramping supply at Austin and Berlin. So, I want to understand just how critical it is to further increase volume at those plants just to get the vertical integration benefits in the face of the sort of market with some demand questions and just broadly. I mean, historically, you've been operating at the pace at which your supply allows you to produce as opposed to gauging to demand. Should we generally expect that you're going to continue to produce at your whatever the max capacity to your lab within your supply constraints, regardless of what the broader economic environment is just to continue to get that volume out there. That is. Yes, I mean, there's they could be like obviously a macro shock that is so severe that, you know, people just stop buying cars for some reason. But in the absence of that, we will continue to grow output at a rapid clip.
第一个问题。您正在Austin和Berlin增加供应，因此，我想了解在市场出现一些需求问题的情况下，进一步增加这些工厂的产量以获得垂直整合利益有多重要。从广泛意义上讲，历史上您一直在按照你的供应量来生产，而不是根据需求来评估。我们是否应该普遍认为，您将继续按照您的实验室的最大容量生产，而不考虑更广泛的经济环境，只是为了继续扩大产量。是的，我是说，显然可能会有一个宏观冲击事件如此严重，以至于人们因某种原因停止购买汽车。但在缺乏这种情况下，我们将继续以快速的速度增长产量。

Great. Thank you. And then just on the margin associated with Austin and Berlin, you mentioned Austin Berlin to have a margin drag until you reach intended volumes. And then maybe you could just remind us of what the margin profile of Austin and Berlin will look like versus Shanghai. Once you get the vertical integration benefits in place. Well, probably one have be quite as good as as Shanghai is hard, you know, has as a very efficient cost structures. Obviously, I love his construction well. But we do expect to be make mixing improvements in Austin and Berlin and continue to make improvements in premarrow. So.
太好了，谢谢。你提到奥斯汀和柏林有利润拖累，直到达到预期产量为止。请您再提醒一下，如果在这些地方实现垂直整合的好处之后，它们的利润情况会与上海有什么不同。嗯，可能不会像上海那么好，因为上海有非常高效的成本结构。但是，我们预计会在奥斯汀和柏林实现混合改进，并继续在premarrow上改进。

So we've increased this is Russian by the increase our localization efforts. So that will then drive down a days and on hand requirements. We made 10% quarter quarter, you know, improvement and days and on hand. So we continue that path as a localization improves. Okay. Thank you very much.
我们通过加强本地化努力提高了我们在俄罗斯市场的业务。这将会降低库存需求。我们在库存存货增加方面取得了10%的季度进展，我们将继续朝着本地化的方向努力。谢谢！

And our final question comes from Philip Pushwap from Jeffries. Yes, good evening. Thanks for taking a question. It's a slightly longer term. I completely agree with your comments that we should look at Tesla in terms of no auto market share and not eating market share. But I'm just wondering as you build up the market share globally, is there a limit to the direct selling business model as you practice it. And should we think about going forward, you need to look into the agency or using in quarters to basically develop market share more smoothly, I guess globally. And so in other words, no, is there a candidate fell by date for the direct business model as you as you practice it today.
我们的最后一个问题来自Jeffries的Philip Pushwap。晚上好，感谢您回答问题。这是一个稍微长远的问题。我完全同意您的观点，应该从没有汽车市场份额的角度来看待特斯拉，而不是抢夺市场份额。但是，当您在全球建立市场份额时，您实践的直销业务模式是否存在限制？未来是否应该考虑采用代理或使用内部来更加顺畅地开拓全球市场份额。换句话说，今天的直销业务模式是否存在失效的时间点呢？

It seems to be working well so far. Because we hear different feedback from customers who miss the human interaction or unhappy with the service. And I'm just wondering if, if you see some growth pains in there that would lead you to change, you're not seeing that. I mean, since we always going to have some growing pains where times and it depends on which geography we were talking about where sometimes service is behind sales, sometimes it's ahead of sales. This is, I mean, Tesla is growing. I believe faster than any company in history that has that has that makes a large complex manufactured object. So, you know, these are trying to max is always difficult to match exponentials.
目前看来它似乎运作得很好。因为我们听到了不同的客户反馈，他们想念人际交往或对服务不满意。我只是想知道，如果您看到了一些增长痛苦，会导致您做出改变吗？但我想您并没有看到那样的迹象。我是说，由于我们总会遇到一些增长痛苦，这取决于我们讨论的地理位置，有时服务落后于销售，有时则领先于销售。这是因为Tesla正在不断增长，我相信这是历史上任何一家制造大型复杂物体的公司中增长速度最快的。因此，您知道，这些试图匹配指数函数总是很困难的。

So but I think it is helpful to have the feedback with with our service because that means we feel the pain of service and and then we can adjust the design to make the car need less service. And I think that gives us the right incentive structure. Because the best service is no service. The car doesn't break. And, you know, whereas if you have say a deal in network that is relying upon services revenue, then you arguably have misalignment of incentives where they, you know, they're making money on service. Actually, we want to, you know, the best thing for the consumer is the car doesn't need servicing.
所以我认为我们得到服务反馈是有帮助的，因为这意味着我们感受到了服务的痛点，然后我们可以调整设计，减少汽车需要的服务。我认为这给了我们正确的激励结构。因为最好的服务是没有服务。汽车不会坏。如果您有一个依靠服务收入的合作网络，那么您可能会存在激励不一致的问题，因为他们赚钱的方式是通过提供服务。实际上，我们希望消费者最好是不需要保养汽车。

And in the front if I can follow up, have you have you worked out, I mean, for many of your traditional competitors, the fair amount of profits for them comes from sending spare parts and servicing. And you don't have that in your in your structure. And have you have you worked out the deficit you have compared to your peers.
如果我可以跟进一下，你会不会已经想好，我是说，对于许多传统竞争对手来说，他们的相当大一部分利润来自于提供备件和服务。而在你的结构中，你没有这个。你已经计算好了与同行相比的不足了吗？

Yeah, actually, this one, something I could wax on about for a while because really people have didn't understand that the best short telling argument against Tesla for the longest time was the fact that Tesla does not have an existing fleet. And that the auto industry, the reason in comments succeed and newcomers fail.
是的，事实上，我可以对这个话题长篇大论一番，因为长期以来人们一直没有理解，特斯拉最弱的对手是缺乏一个实际的车队。这是汽车行业中，评论者与新手获胜或失败的原因。

The biggest reason is that the incumbents have a large fleet and they're able to sell new cars at close to zero margin. And then sells spare parts at a very high margin. Sort of, you know, razors and blades type thing. And so the only way to actually succeed for newcomers succeed is to have a product that is so compelling that people are willing to pay a premium over the incumbent product. And in the absence of electrification and autonomy, I don't think in newcomer can succeed.
最大的原因在于现有企业拥有大规模车队，他们能够以接近零利润的价格销售新车，然后以非常高的利润出售备件。类似于剃须刀和刀片的关系。因此，新进入者成功的唯一途径是推出一款产品，其吸引力足以让人们愿意付出溢价购买它，然而在没有电气化和自主化的情况下，我认为新来者难以成功。

Very much everyone. Unfortunately, that's all the time we have for this quarter. We'll see you again in three months from now. Thank you.
大家好。不幸的是，这个季度我们只有这么多时间。我们将在三个月后再次见到您。感谢您的支持。

All right, hey, everybody stay tuned here and we'll go through what we heard on that call. Give me a second and I'll just the audio. Let me know how it is right now. Maybe a little bit quiet.
好的，大家请继续关注，我们会逐步讲解通话内容。等我一下，我会播放音频。告诉我现在声音怎么样。可能有点小声。

And we'll just go through kind of what we heard on the call. And should be a pretty quick recap as I think we heard a lot of the same stuff as I felt like the same question got asked time and time again. Obviously analysts wondering about demand, wondering about pricing, wondering about the effect on margins as Tesla goes forward and Tesla basically just saying, hey, we don't really care. We can sell the cars as we can sell them.
我们就来简单地回顾一下这次电话会议中我们听到了什么。我认为我们听到了很多同样的问题反复被问了多次，所以这应该是一个相当快速的总结。显然，分析师们关心需求、价格以及特斯拉未来的利润率等问题，而特斯拉则基本上说，嘿，我们并不太在意这些问题。我们能卖多少车就卖多少车。

So, all right, if we're going too far into it, just want to make sure the thought is good. Let me close this out.
所以，好的，如果我们进行得太深入了，只是想确保思路正确。让我结束这个话题。

All right. For some reason, I'm not seeing any chats right now audio good. Okay.
好的。出现某种原因，我现在无法看到任何聊天记录，音频的质量还不错。好的。

So, as I was saying, I think we just heard a lot of the same stuff from most of those questions, I think probably more than half of the analyst questions were relating to what was going on with pricing.
所以，我想说的是，我认为我们刚刚听到的大部分问题都是相同的内容，可能超过一半的分析师问题都与价格相关。

You know, it sound like from Tesla's answers, they kind of gave up, I guess, on giving guidance for pricing. So, or for margins, rather.
你知道，听起来像是特斯拉的回答中，他们可能已经放弃了给出价格指导，或者说放弃了给出利润率指导。

So obviously last quarter, we had talked about last quarter, Tesla talked about that 20% automotive gross margin, X credits, X leasing.
显然，上一季度，我们谈论了特斯拉的20%汽车毛利率、X积分和X租赁。

I felt below that this quarter probably to around 18% have to go back calculate those exact numbers, exact saying half of that miss was due to, let me scroll back up here, but half of that miss due to non recurring items.
我感觉本季度可能会下降到约18%，需要重新计算确切的数字。确切地说，其中一半的错过是由于非经常性项目，让我滚动回去看一下。

And then half of that basically due to the pricing adjustments that they made in the second half of the quarter.
然后，其中一半的原因基本上是由于他们在第二季度进行的定价调整所致。这些调整导致了销售额的下降。

So, you've got those pricing adjustments in the second half of the quarter. And then as we move into Q2 here, we've already had pricing adjustments.
所以，你在本季度下半年进行了价格调整。然后我们进入Q2，我们已经进行了价格调整。

So, we need to understand that with those pricing adjustments, that's going to continue to lower the possible margin floor.
因此，我们需要理解，通过这些定价调整，可能的利润下限将继续降低。

So, it's not going to be a pretty picture financially for a period of time here, but Tesla is telling us that it's just not something that they care about.
因此，在一段时间内，特斯拉的财务状况不会很好看，但特斯拉告诉我们，这并不是他们所关心的。

I think obviously Wall Street's reaction to that is probably not going to be super positive.
我认为很明显，华尔街对此的反应可能不会特别积极。

So, Wall Street tends to care a lot more about what exactly is going to happen over the next two quarters.
因此，华尔街更关心接下来两个季度将会发生什么，这比其他任何事情都更重要。

Then what's going to happen two years from now and Tesla is the exact opposite.
那么两年后会发生什么？而特斯拉恰恰相反。 即将发生的事情是指某种未来情况或事件，而“特斯拉恰恰相反”可能表示特斯拉与这种未来情况或事件有着不同的态度或预测。

Tesla doesn't really care what happens over two quarters.
特斯拉并不太在意未来两个季度发生的事情。 意思是说，特斯拉对短期的业绩并不是很在意，更注重长远的发展和目标。

I mean, you pretty much heard Zax say it there.
我是说，你几乎已经听到了Zax说的话。 这句话的意思是说，对方已经听到了 Zax 所说的，现在再重复一遍可能就有点多余了。

As long as they've got enough capital, as long as the business is financially healthy, and they can continue to reinvest as they need to for what they're targeting for future years, they're kind of fine with that, right?
只要他们有足够的资本，只要他们的业务财务上健康，并且可以按照未来几年的目标随时进行再投资，他们就可以对此感到满意，对吧？

Like who really cares what the exact earnings number is this year, whether that's, you know, a couple billion dollars difference.
谁真的关心今年的确切收入数字是多少？无论是几十亿美元的差距，知道这个有什么用呢。

It doesn't make any difference to Tesla, to be honest.
老实说，对特斯拉来说这并没有什么区别。

It makes a difference to investors and to Wall Street because people use that as a basis to extrapolate from.
这对投资者和华尔街很重要，因为人们会把这作为推断和推论的基础。

But I think the last 12 months have shown us that that is a poor way of modeling the business, because that's what people were doing, right?
我认为过去的12个月已经向我们证明了这是建模商业的一种不良方式，因为那就是人们一直在做的事情，对吧？

And me myself, you know, using sort of the margins that we had at that point in time in that high.
而我自己，你知道的，在高中时候我自己利用我们当时拥有的余地。

High 20s range even approaching into that 30% range and looking at that and saying, oh, you know, Tesla grows vehicle production by 30% even if price come down a little bit.
即使价格稍微下降，特斯拉汽车生产量增长30％，甚至接近30％的高水平，看到这一点并说：“哦，你知道的。”

If they're still in that margin range, then, you know, these are kind of the earnings expectations that you could put on top of that.
如果它们仍处于那个利润范围内，那么这些是你可以在此基础上设置的收益预期。

But then you get into this year and it's completely different.
然后进入这一年，情况完全不同。 意思是，相较于之前，当前有了很大的变化。

Right. So I think that's what's Tesla's Tesla is saying is that, you know, OK.
好的。我认为特斯拉想表达的是，你知道的，好的。

Right now we're going to not as strong margin position, but at the end of this as we continue to scale, which is our sole focus or our primary focus.
现在我们的利润率不是很强，但随着我们不断扩张，我们的唯一或主要焦点，最终我们的利润率会提高。

That's going to improve our cost structure fundamentally.
这将从根本上改善我们的成本结构。

It's going to improve the way that the business can be operated, even if the margins during this period are a little bit lower.
这将改善业务的运营方式，即使在这个时期利润率略有下降。

So ultimately comes down to you if you believe that on the other side of this, Tesla will be in a better position or if you think that this is kind of the new normal and Tesla is going to continue to have to cut prices margins are going to continue to climb.
最终取决于你，如果你相信在这段时间的另一边，特斯拉将处于更好的位置，或者你认为这是一种新的常态，特斯拉将继续降价，利润率将继续攀升。

And there's no upside later on whether that upside is through autonomy or continuing to improve the cost structure to the point where prices come back in line costs come back down far enough that the margin can continue to be in that mid 20 range.
无论是通过自治还是继续改善成本结构，以至于价格能再次与成本相匹配并使利润率保持在中20的范围内，后面都没有优势。

And you heard Zach talk there about how they think about their products trying to target that mid 20s range.
你听到Zach谈论他们如何考虑他们的产品，试图瞄准那些20多岁的人群。

So in short from all of that, I think that's it's not going to be a call that's very well received from Wall Street because Tesla is saying there that we don't care, you know, we're going to sell as many cars as we can at whatever price we can.
总的来说，我认为这不会受到华尔街的好评，因为特斯拉在这里表明我们不在乎车的售价，尽可能的出售我们能够卖出的每一辆车。

And that's just that's one of it is at the end of the day.
这只是其中之一，最终来说。 这句话的意思是，这只是其中的一个事情，而在最终决定时会有更多因素需要考虑。

And Elon mentioned a few times that that unlocks potential future revenue from being able to sell autonomous services to being able to sell super charging service.
埃隆多次提到，这将开启未来潜在收益的机会，从能够销售自动驾驶服务到能够销售超级充电服务。

Other things like that insurance.
其他类似保险的事情。

So Wall Street probably doesn't believe in that right like no one no one trust Elon that they're going to have a robot taxi out at the end of the year.
华尔街可能不相信这种说法，就像没有人相信埃隆，他们会在今年年底拥有一个机器人出租车。

And I think you want reiterated again that that's his best guess, you know, it's been wrong a number of times in the past, but he continues to think that's, you know, towards end this year, there's going to be some full autonomy.
我认为你想再次强调一下，这是他的最佳猜测，你知道，过去有很多次都错了，但他仍然认为，朝着今年年底，会有一些完全自主的进展。

So under that circumstance, you know, obviously you don't care if you're selling the cars for zero.
在那种情况下，显然你并不在乎汽车以零售价出售。

And that's because you can then earn a lot of revenue later on, but Wall Street's not going to believe in that until it's happening. So in that interim period, it's not going to be great for the stock. I don't think obviously things can change, but that's just sort of my perception on how Wall Street's probably going to take the information that we heard today on the call.
那是因为你以后可以获得很高的收入，但华尔街在那之前不会相信这一点。因此，在这个过渡期内，对于股票来说并不会很好。我认为，显然情况可能会改变，但这只是我对华尔街可能会如何对今天我们在电话会议上听到的信息做出反应的看法。

So we are down a little bit more I'm just looking at the stock here and sorry that kind of jumped around a little bit, but you can see we're down now down about 5% I think heading into the call we're down around 4%. So it's not like it's a huge swing. I'm actually surprised it's not a little bit more because I don't think that well, you know, investors probably heard exactly what they hope to hear. But I think in general Tesla. Communicated clearly what they're going to do.
我们现在跌得更多了，我刚才看了看股票行情，抱歉有点跳跃，但您可以看到我们现在跌了大约5%，我想在电话会议之前我们已经下跌了约4%。所以这并不像是一个巨大的波动。我其实有点惊讶股票跌幅没有更大，因为我觉得投资者听到的信息可能与他们所期望的差不多。但我认为，总体而言，特斯拉已经清楚地传达了他们的计划。

So now it's just a matter of I guess getting through that period of time. So outside of that, obviously that was the majority of the call. I was getting a little bit frustrated at the end as a couple comments here saying I look looks at or something. This isn't my normal setup, obviously. So I think part of that is lighting and that's just sort of my demeanor or not my demeanor, but just kind of how I look, but I'm not sad. Just to be clear on that.
现在只是时间问题，我猜是度过那段时间。除此之外，显然那是通话的主要内容。在结束时有一些评论说我看起来像很失落，这让我有点沮丧。这不是我平常的环境设置，显然是光线和我的外表造成的，但是我并不难过，这点我想要明确。

But just going back through here and we'll see kind of, you know, if there's any major comments to call out here. So this is kind of like opening comments from Elon. Delivery of that for cyber truck potentially towards the end of end of Q3. So obviously that could change, you know, they still get a lot of work to do before that point.
我们只是回顾一下这里，看看是否有任何需要特别提出的主要评论。这是埃隆的开场白评论。震动卡车的交付可能在Q3末进行。显然，这可能会改变，因为在那个时间点之前他们还有很多工作要做。

But that's really exciting to hear that reiterated. I think people probably just kind of assume that that'll be a little bit delayed and moved in a key for maybe even the key one next year. But for Elon to continue to say, you know, it's looking good for Q3. That's super exciting on the cyber truck. Obviously storage where do you talked about in the shareholder recap. So flip over that if you didn't have a chance to watch that video, we go through all the financials and all the good stuff that we heard from the earnings report or all the information we learned from the earnings report.
但这真的很兴奋听到重申。我想人们可能只是认为那会有一点延迟，并可能在明年甚至在下一财年。但对于伊隆继续说，你知道Q3看起来很好，这对于Cybertruck来说非常令人兴奋。显然，在股东会议总结中，我们谈论了存储问题。如果你没有机会看那个视频，请翻阅一下，我们会在里面讲述所有财务和我们从财报中学到的好信息。

The X comments really talking about, you know, things that we kind of know about some materials cost improvements starting to hit but not a huge driver this quarter. Hopefully that improves in Q2. But it really sounded like from his comments. It's going to be the second quarter or the second half of the year. So again, when we think about the cost changes that Tesla said this quarter so far.
X的评论实际上讨论的是，你知道的，某些材料成本改善开始显现，但这对本季度影响不是很大。希望这方面能在Q2得到改善。但从他的评论中，实际听起来是第二季度或下半年才会有所改变。因此，当我们考虑特斯拉本季度迄今所说的成本变化时，我们需要注意这点。

We probably need to be expecting relatively low margins here in the second quarter, probably another sequential decline. Even with continued improvements on cost from Berlin ramping Austin ramping improvements on 4680s sort of all the stuff there that we've talked about. All right. So process on price and adjustments, nothing to you to new there will energy be bigger than auto total gigawatt hours deployed for energy might be bigger.
在第二季度，我们可能需要预期相对较低的利润率，可能会出现另一次连续下降。即使柏林和奥斯汀都在不断提高成本和改进4680s等所有话题中的物品。好的。因此，在价格和调整上的过程，没有新的，能源将比汽车部署的总千瓦时更大。

I'm interesting because I believe at battery day Tesla talked about two terawatt hours for automotive and one terawatt hour for energy. So I mean that obviously gives us information on revenue, you know, which business is going to be bigger and be automotive in that case.
我很感兴趣，因为我相信在特斯拉的电池日中，他们谈到了汽车领域的两太瓦时和能源领域的一太瓦时。所以我指的是这显然给我们提供了关于收入的信息，你知道哪一个业务将会更大，显然是汽车领域。

But it sounds like this is a little bit different than maybe what they had said there with potentially, you know, an even higher outlook for energy storage than what we had previously heard. Obviously the opposite there would be a lower outlook for automotive, but I don't think that is really the case. So guidance for margins, you know, they will provide some margins margin guidance on energy storage and we got a little bit of that today saying that over the longer term they're targeting that mid 20% range.
但是似乎它和他们之前提到的可能有所不同，可能会有比我们之前听到的更高的能量储存前景。显然，相反的情况是汽车的前景变差，但我不认为这是真的。至于利润率指引，他们会提供一些能量储存的利润率指引，今天我们得到了一些消息称，长期来看他们的目标是在中二十的范围内。

So hopefully that helps like pull back in expectations a little bit. Obviously there's been, you know, a lot of excitement on Twitter about what energy storage margins can be. I think I've talked quite a few times on tempering those expectations. So hopefully in this audience, there's nothing too crazy out there.
希望这可以稍微降低一些期望。显然，在Twitter上对能源储存利润的激动已经很多了。我曾多次谈到过要调整这些期望。希望在这个听众群体中，没有太过离谱的期望。

Obviously that should be a little bit by the inflation reduction act battery production credits. Unfortunately, we didn't get any questions on that like how that's being reflected how impactful that was this quarter, at least that I recall. So that would have been nice to hear about, but you know, hey, ask about pricing for the fifth time. Battery day.
很明显，通货膨胀减少法对电池生产信贷的影响应该会有所减弱。不幸的是，我们没有得到关于这个问题的任何问题，比如这个法案是如何反映在这个季度的，至少我没有记得。有关这方面的信息是有益的，但你知道的，第五次询问有关价格。电池日。

So Drew said a lot of stuff. I didn't even able to catch it. He clearly had some prepared remarks on that and sadly I'm just not fast enough at typing all that stuff out. So we're just going to have to come back to that. But in general, sounds like they're continuing to make pretty good progress on 46 a.m. which no surprise given that we had the 4680 model Y added back to the design studio.
德鲁说了很多话，但我没有听听完全。显然他已经准备好了一些发言材料，但我打字的速度还不够快，无法全部记录下来。因此，我们只能回头再听一遍。总的来说，听起来他们在 46 上继续取得了相当不错的进展，这一点也不奇怪，因为我们在设计工作室中又看到了 4680 Model Y。

Production in Texas.
德克萨斯州的生产。这句话表达的是德克萨斯州的产业生产情况。

I believe this was for 4680 increase for 50% quarter of recorder should be still a pretty low base. But obviously that's a really strong quarter of recorder number probably annualized us like a what I don't know.
我认为这个增长幅度是对4680的增加，对于记录仪来说，这算是一个相当低的基数，但显然这是一个非常强劲的季度记录仪的数量，可能会使我们实现一个年度化的目标，但我不知道具体是多少。

3 400% increase year over year after that compounds have to do the math on that. But big growth.
一年后增长了3400%，在那之后有许多合成的数学问题需要处理。但是增长非常快。 意思是，该数据经过一年后增长非常之快，增长了3400%。但是此后涉及到复合计算，需要做一些数学问题。

How do you anticipate 2023 out of gross margin X credits will be so yeah, just difficult to know.
你如何预计2023年毛利X积分的情况呢？嗯，这真的很难说。

Logistics moving in their favor commodities have been a huge point. Paying point again reiterating still max paying pretty much.
物流运输对他们的商品非常有利。再次强调，付款是最大的问题，付款金额仍然很高。

But starting to see that come down. They talked about locking in new contracts for lithium as the spot prices have gone down significantly. So feel like it's a good time to sort of renegotiate and lock in those longer term contracts for the middle and perhaps later part of the 2020s.
但是现在开始看到价格正在回落。他们讨论了为锂签订新合同的问题，因为现货价格已经大幅下跌。因此，认为现在是一个好时机来重新谈判并锁定那些2020年后期的中长期合同。

So although maybe periods of time like this are a little bit painful it does provide opportunities that realize get realized over time which you know again long term perspective. I think a lot of us understand that but sadly it's just not always perceived in that way.
虽然像这样的时期可能会有些痛苦，但随着时间的推移，它提供了一些机会，这些机会可以实现，再次强调长期视角。我认为很多人都理解这一点，但遗憾的是，它并不总是被这种方式感知。

So the ramp up to phases for the later factory and drew said the second phase of the cap X would come online towards end of this year so I wasn't sure if that meant spending in terms of that cap X or if that meant the cap X that is being spent would come online towards the end of this year.
因此，后续工厂的阶段性加速和Drew说，Cap X的第二阶段将于今年年底推出，因此我不确定这是否意味着该Cap X的支出，还是指正在支出的Cap X将于今年年底推出。

I'm hoping the latter because I think based on where they're at the ramp already. That would sort of be the timing that makes sense so we'll see on that but.
我希望是后者，因为我认为他们已经在坡道上了。这似乎是合理的时间，所以我们会看看情况如何。

Good to have some commentary on how that ramp might look.
很好有一些评论关于那个斜坡可能会是什么样子。意思是希望能够对那个斜坡进行一些评价，尽可能易于阅读。

So going to expand to new markets we've already seen some of that happen I think most recently with turkey so Tesla will continue to do that.
因此，特斯拉将继续拓展新市场，我们已经看到了一些这样的情况，最近的例子是在土耳其。

FSD take rates didn't want to answer that but again this is where it started to get into just talking about autonomy and how that's going to add revenue to these vehicles and they can sell them for zero profit if they need to.
FSD（全自动驾驶）的报价，我不想回答。但这也是开始讨论自主性和如何为这些车辆增加收入的地方，他们可以以零利润的价格出售它们。

You know Elon had already previously said that on a Twitter space I think back in December so maybe it's new for people that only listen to the earnings calls but you want philosophy on that has been clear for a while so that's why I was you know again a little bit frustrated why this question keeps getting asked because Tesla has said many many times what the strategy is including on the call.
你知道埃隆早在去年12月就已经在推特空间上说过这个，所以对于那些只听财报电话的人来说可能是新事物，但是他的哲学思想已经很清楚了，这就是为什么我有点不满意，为什么这个问题还要一遍又一遍地被问到，因为特斯拉已经多次表明了其策略，包括在电话中。

Robo taxi stuff margin stuff dojo multi hundred billion dollar level business okay I don't know that we kind of expected it to maybe have that sort of potential you know we've talked about the AWS sort of potential there for dojo potentially moving into that type of service for dojo with a training.
机器人出租车的利润概念，道场多达数千亿美元的水平业务，好的，我知道，我们也许会期望它有这种潜力，你知道我们曾经谈论过AWS的潜力，对于道场来说，它有可能进入那种类型的服务，为道场提供培训服务。

But obviously Tesla still seems like they've got a decent chunk of a ways to go on on dojo and you learn still viewing it as a little bit of a long shot of a bet but he was a little bit more positive I think there has been a little bit more positive on dojo in recent months I think there was maybe on the Q3 call or something he kind of seemed like it was almost being written off at that point but seems to progress a little bit since then at least in terms of the commentary.
但是显然，特斯拉在道场上仍然有很长的路要走，你仍然把它看作是一个有点冒险的赌注，但他稍微更加积极了。我认为最近几个月对于道场的看法变得更加积极。我想在第三季度电话会议上，有一些人似乎已经放弃了道场，但至少从评论来看，它似乎有所进展。

Eat pumps pricing again you know get orders obviously this can lead into a whole conversation on if Tesla should be doing other things other than the pricing adjustments to try and increase those order rates as you want really saying pricing as a function of the order rates so if that's the case you know there are other things that can be done to help those order rates other than just pricing.
再次调整售价会影响你的食品泵订单，显然，这可能会引发一场关于是否应该在定价调整之外进行其他努力来增加订单率的长谈。你想说，售价是订单率的函数，因此如果这是问题，除了定价之外，还有其他可以帮助提高订单率的事情可以做。

So obviously that can be another conversation for another time.
显然，这可以成为另一个时间的另一场谈话。

Cost structure stationary storage 2 million nothing really soon you in there.
成本结构，固定储存需2百万，不需要太快，您在其中。 意思是一个固定储存项目需要2百万成本，但不需要立即完成，你可以参与其中。但是句子表达不够清晰和完整，需要根据上下文进行解释。

The animals questions had been getting a little bit better but I gotta say I'm super disappointed this time around.
动物的问题之前有所改善，但是这次我必须说我非常失望。

I mean come on so unfortunately you know we just didn't quite get enough or we didn't quite get the information I think that we could have gotten from this call that's that's probably the extent of it so.
我的意思是，不幸的是，我们在这个电话中没有得到足够的信息，可能就是这样了。

Just not a lot of learnings but I guess what we learned is that Tesla is going to continue to just keep cutting prices as much as they feel like they need to to drive those orders to clear their production so.
虽然学到的东西不多，但我们认为特斯拉将继续不断降价，以刺激销售订单并清除其生产过剩。

I guess we'll kind of wrap it up there I'll just take a quick look and see if people have some questions here.
我猜我们差不多要结束了，我会快速看一下是否有人有疑问。

So I'm seeing one here that is good if FSD is repeatedly promoted as a revenue stream do I feel it's fair to investors to not provide take rates.
我发现如果全自动驾驶技术反复被推广为一种收入来源，那么没有提供使用率给投资者是否公平值得思考。

So I actually do think it's fine because we can work in the math right like it's not some huge range where we're not sure if it's like 80% or like 10% it's obviously much closer to that 10% range just based off of margins and average selling prices so.
实际上，我认为这没问题，因为我们可以在数学上工作。我们可以确定它不是一个不确定的范围，比如说80%或10%。基于毛利和平均售价，显然更接近10%的范围。

We don't have to you know worry too much about what the exact take rate is like I don't I don't care if it's 10% or 20% necessarily doesn't really affect anything.
我们不必过分担心具体的收费比率是多少，我并不在意它是否是10%或20%，这并不会对任何事情产生影响。

It's very clear that FSD as a product is still something that needs to be developed to unlock the full value of it so once that values unlocked then obviously the take rates going to increase so the take rate today doesn't matter and I think that's why Tesla just says you know. It's almost like why you've been asking right it's a question that if you're asking it you're probably not thinking about it in the correct way or in the way that at least Tesla is thinking about it.
很明显，FSD作为产品仍需要开发才能完全释放它的全部价值，一旦价值被释放，显然采用率将会增加，因此今天的采用率并不重要。这就是为什么特斯拉会说你知道。这几乎就像是你一直在问的一个问题，如果你在问，你可能没有以正确的方式或至少特斯拉正在思考的方式来考虑它。

Now obviously be nice to know and it's like easier to model stuff but it just I don't think it's really that important what's important is can Tesla actually make the progress on it that they want to and think that they can make that's that's much more of an important question. Just looking through chat again to see. There are other questions.
显然，知道这些并将其建模将更容易，但我认为真正重要的不是这些，而是特斯拉能否实现他们想要并且认为自己能够实现的进展，这才是更重要的问题。我再翻看一下聊天记录，看看有没有其他问题。

So in general I mean I shared a lot of my thoughts before in the shareholder and earnings letter I'll just kind of read a rate a couple of key points I think obviously really good progress on the energy storage business. I'm excited to see that tremendous progress sequentially and year over year I think there were maybe up like 50% or something sequentially perhaps even a little bit higher than that and up 360% year over year like that's phenomenal. So a lot of things to be excited about there with the energy business obviously the big concern that was going to be on a lot of margins you know as we talked about so I think the number of questions asked on that make it clear what people are worried about and I don't think doesn't give much.
总的来说，我指的是我之前在股东和收益信中分享了许多我的想法，我只想快速读出几个关键点。我认为能源储存业务取得了非常好的进展，我对连续和年度增长都感到兴奋，我想它们的增长可能达到了50%或更高，在去年增长了360%，这是非常惊人的。能源业务有很多值得期待的事情，显然最令人担忧的是利润率，正如我们所讨论的那样，所以我认为人们提出的问题数量表明了他们的担忧，但我认为这并不多。

I'm not expecting this to be a super fun quite super fun quarter for the stock pending you know what else happens. Okay well I suppose we can wrap it up then so thanks to everyone that tuned in you know I definitely appreciate you joining as we can see there the stock continuing to fall so again I don't think super surprising based on the stock. I think super surprising based on on what we heard on the call it's just it's not what Wall Street wants to hear whether that's you know everyone left to make their own decision on that if you get a long term view.
我不指望股票在接下来的季度会非常有趣，除非发生其他的事情。好的，我想我们可以结束了，感谢大家的收听，我很感激你们加入，正如我们在这里看到的股票不断下跌，所以再次基于股票，我并不觉得这非常令人惊讶。我觉得让人惊讶的是我们在通话中听到的内容，这并不是华尔街希望听到的，不论对于那些想要长期视野的人来说都是如此。

It's not super important and Tesla does but that being said you know as Tesla goes through this period there's not going to be super high confidence in in the business returning to the profitability that it wants that until we see things change right so just kind of is what it is for now I know that's not like the most exciting thing but just kind of where we're at. I know I said I was going to wrap it up I just want to make sure that no other thoughts come to me in the in the meantime.
虽然这件事并不是特别重要，并且特斯拉也这么认为，但是话说回来，随着特斯拉经历这个时期，企业想要重返盈利状态的信心并不是非常高，直到我们看到一些变化发生。所以现在就是这种状态，我知道这不是最令人兴奋的事情，但这就是现状。我知道我说过要结束了，但我只是想确保在此期间没有其他想法浮现。

Yeah I mean I feel like there's going to be comments that I'm like super disappointed in this and I think that's again just like part of how I look but I actually I'm actually not really that disappointed in this. I think this is like a obviously turned into some huge controversial thing in the Tesla world like whether or not Tesla should be doing advertising and it's actually shocking that that no analyst ask about this because it's like literally a key point in all their questions that they're asking like why are you not asking at all about if there are other things Tesla can be doing to help generate demand.
我觉得可能会有一些评论让我很失望，但这是我看待事情的一部分。但实际上，我并不是很失望。我认为这是一个显而易见的问题，会在特斯拉的世界引起巨大的争议，即特斯拉是否应该做广告。令人震惊的是，没有分析师提出这个问题，因为这实际上是他们提出所有问题中的一个关键点，即为何不问特斯拉是否可以做其他事情来帮助刺激需求。

Since that's the focus of all your questions so super weird that that was not a part of it but I think it's fair question to be asking you know I think Tesla's talking about having this amazing data but has not taken the opportunity to even try this out I don't think anyone that is in favor of advertising is saying like hey you need to be doing advertisements like forward does you know where it's just like a truck driving around.
你所有的问题都集中在这一点，所以非常奇怪，它居然不是其中的一部分，但我认为这是一个公平的问题，你知道我认为Tesla正在谈论拥有这些惊人的数据，但还没有尝试利用这个机会。我不认为任何支持广告的人都会像Ford那样说：“嘿，你需要像一辆卡车驶过去那样做广告。”

Like that's not what people are asking for it's just I think people are looking for something that tells people like hey this is actually what the price of a Tesla is because you probably didn't know this there's the $7500 tax credit you probably didn't know this you can save a thousand dollars a year and gas probably didn't know this there's thousands of charging stations there's probably one within like 50 miles of you if not closer so I think that's what people are asking for and I think that kind of makes sense.
这不是人们所要求的，我想人们正在寻找的是一种能够告诉他们特斯拉的真正价格的东西，因为你可能不知道这一点，有7500美元的税收抵免，你可能不知道这一点，你可以每年节省一千美元的汽油费，你可能不知道这一点，有数千个充电站，离你可能不到50英里甚至更近，所以我认为这就是人们要求的，我认为这很有道理。

But at the same time, on the other end of the argument, it's, it is, I think, I don't know if like noble, or that's not really the right word, I can't really think of the right word, but there is something to be said for being so focused on getting affordability as attainable as possible. And obviously, although advertising costs don't add to cost of production, it's a cost of the business.
但与此同时，在辩论的另一端，我认为，我不知道像高尚这样的词是否恰当，或者说我无法想出合适的词，但是将价格尽可能地降低确实有些值得称赞。显然，虽然广告费用不会增加生产成本，但它是企业的一项成本。

So I think there is something to be said about that's, and you know, obviously there's a little bit of cashier that comes with not having ever advertised. So I don't know, I didn't mean to start down this path, but we'll talk more about that in future days because you know that's going to continue to rage as a conversation, especially with just the commentary that I think was shared on the call today.
我认为这件事有一些需要强调的地方，显然，不曾广告宣传会带来一些不利因素。我不知道，我并不是想开始讨论这个话题，但我们将在未来的日子里更多地谈论这个问题，因为我认为今天通话中分享的评论将继续引起争论。

So that is where we're happy for today, as always thank you for listening. Make sure you subscribe and sign up for notifications. You can also find me on Twitter at test a podcast and we'll see you tomorrow for the Thursday April 20th episode of Tesla daily. Hopefully, we see a starship launch as well, everyone make sure to check that out if the launch does happen tomorrow.
今天就讲到这里，感谢您一如既往的收听。请务必订阅并开启通知。您也可以在Twitter上找到我，我的账号是test a podcast，明天我们会为大家带来4月20日星期四的特斯拉日报。希望明天我们也能看到星舰的发射，如果明天确实有发射，请大家务必关注。

So we'll see on that but until then hope everyone has an enjoyable.
所以在那之前我们拭目以待，但在此期间希望大家度过愉快。