2024-07-23 Tesla, Inc. (TSLA) Q2 2024 Earnings Call Transcript

Tesla, Inc. (NASDAQ:TSLA) Q2 2024 Earnings Conference Call July 23, 2024 5:30 PM ET

特斯拉公司 (纳斯达克:TSLA) 2024 年第二季度财报电话会议 2024 年 7 月 23 日下午 5:30（东部时间）

Company Participants 公司参与者

Travis Axelrod - Head of Investor Relations

特拉维斯·阿克塞尔罗德 - 投资者关系负责人

Elon Musk - Chief Executive Officer

埃隆·马斯克 - 首席执行官

Vaibhav Taneja - Chief Financial Officer

维巴夫·塔内贾 - 首席财务官

Lars Moravy - Vice President, Vehicle Engineering

拉斯·莫拉维 - 副总裁，车辆工程

Ashok Elluswamy - Director, Autopilot Software

阿肖克·埃卢斯瓦米 - 自动驾驶软件总监

Conference Call Participants

会议电话参与者

Will Stein - Truist Securities

威尔·斯坦 - Truist 证券

Ben Kallo - Baird 本·卡洛 - 贝尔德

Alex Potter - Piper Sandler

亚历克斯·波特 - 派珀·桑德勒

Dan Levy - Barclays 丹·莱维 - 巴克莱

Ferragu Pierre - New Street

费拉古·皮埃尔 - 新街

Colin Rusch - Oppenheimer

科林·鲁施 - 奥本海默

Colin Langan - Wells Fargo

科林·兰根 - 富国银行

Travis Axelrod 特拉维斯·阿克塞尔罗德

Good afternoon, everyone and welcome to Tesla's Second Quarter 2024 Q&A Webcast. My name is Travis Axelrod, Head of Investor Relations and I’m joined today by Elon Musk, Vaibhav Taneja, and a number of other executives.

大家下午好，欢迎参加特斯拉 2024 年第二季度问答网络直播。我是特斯拉投资者关系负责人 Travis Axelrod，今天我与 Elon Musk、Vaibhav Taneja 以及其他几位高管一起出席。

Our Q2 results were announced at about 3.00 p.m. Central Time and 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. 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.

我们的第二季度业绩在中部时间下午 3 点左右公布，更新的资料也在与本次网络研讨会相同的链接上发布。在此次电话会议中，我们将讨论我们的业务前景并发表前瞻性声明。这些评论基于我们截至今天的预测和期望。实际事件或结果可能因多种风险和不确定性而有实质性差异，包括我们最近向 SEC 提交的文件中提到的那些风险。在今天电话会议的问答环节中，请限制自己提问一个问题和一个后续问题。请使用举手按钮加入提问队列。

Before we jump into Q&A, Elon has some opening remarks. Elon?

在我们开始问答之前，埃隆有一些开场白。埃隆？

Elon Musk 埃隆·马斯克

Thank you. So to recap, we saw large adoption exploration in EVs, and then a bit of a hangover as others struggle to make compelling EVs. So there are quite a few competing electric vehicles that have entered the market. And mostly they’ve not done well, but they’ve discounted their EVs very substantially, which has made it a bit more difficult for Tesla. We don’t see this as long-term issue, but really -- fairly short-term. And we still obviously firmly believe that EVs are best for customers and that the world is headed for a fully electrified transport, not just the cars, but also aircrafts and boats.

谢谢你。那么总结一下，我们看到电动车（EV）的广泛采用探索，然后是其他公司在制造有吸引力的电动车时遇到了一些困难。因此，市场上出现了相当多的竞争电动车。大多数情况下，它们的表现不佳，但它们大幅度降价，这使得特斯拉面临了一些困难。我们不认为这是一个长期问题，而是一个相对短期的问题。并且我们显然仍然坚信电动车对客户是最好的，世界正朝着全面电气化的交通工具发展，不仅仅是汽车，还有飞机和船只。

Despite many challenges the Tesla team did a great job executing and we did achieve record quarterly revenues. Energy storage deployments reached an all-time high in Q2, leading to record profits for the energy business. And we are investing in many future projects, including AI training and inference and great deal of infrastructure to support future products.

尽管面临许多挑战，特斯拉团队做得很出色，我们实现了创纪录的季度收入。能源存储部署在第二季度达到了历史新高，为能源业务带来了创纪录的利润。我们还在许多未来项目上进行投资，包括人工智能训练和推理，以及大量基础设施以支持未来的产品。

We won't get too much into the product roadmap here, because that is reserved for product announcement events. But we are on track to deliver a more affordable model in the first half of next year. The big -- really by far the biggest differentiator for Tesla is autonomy. In addition to that, we've scale economies and we're the most efficient electric vehicle producer in the world. So, this, anyway -- while others are pursuing different parts of the AI robotic stack, we are pursuing all of them. This allows for better cost control, more scale, quicker time to market, and a superior product, applying not to -- not just to autonomous vehicles, but to autonomous humanoid robots like Optimus.

我们在这里不会过多讨论产品路线图，因为这留给产品发布活动。但我们计划在明年上半年推出一个更实惠的型号。特斯拉最大的差异化因素无疑是自动驾驶。此外，我们还具备规模经济，是全球最高效的电动车生产商。因此，尽管其他公司在追求人工智能机器人技术的不同部分，我们则在全面追求。这使得我们能够更好地控制成本、实现更大规模、更快上市时间，并提供更优质的产品，这不仅适用于自动驾驶汽车，还适用于像 Optimus 这样的自主类人机器人。

前面说竞争对手大幅度降低，下一段也准备推出一个更实惠的车型，后面的逻辑同样前后矛盾。

Regarding Full Self-Driving and Robotaxi, we've made a lot of progress with Full Self-Driving in Q2 and with version 12.5 beginning rollout, we think customers will experience a step change improvement in how well supervised full self-driving works. Version 12.5 has 5x the parameters of 12.4 and will finally merge the highway and city stacks. So the highway stack is still at this point is pretty old. So often the issues people encounter are on highway, but with 12.5, we are finally merged the two stacks.

关于完全自动驾驶和机器人出租车，我们在第二季度取得了很大进展，随着 12.5 版本的开始推出，我们认为客户将体验到监督完全自动驾驶工作效果的显著改善。12.5 版本的参数是 12.4 的 5 倍，并且最终将高速公路和城市堆栈合并。因此，高速公路堆栈在这一点上仍然相当旧。因此，人们遇到的问题通常发生在高速公路上，但通过 12.5，我们终于将两个堆栈合并了。

I still find that most people actually don't know how good the system is, and I would encourage anyone to understand the system better, to simply try it out and let the car drive you around. One of the things we're going to be doing just to make sure people actually understand the capabilities of the car is when delivering a new car and when picking up a car for service to just show people how to use it and just drive them around the block. Once people use it at all they tend to continue using it. So it's very compelling. And then this I think will be a massive demand driver, even unsupervised full self-driving will be a massive demand driver. And as we increase the miles between intervention, it will transition from supervised full self-driving to unsupervised full self-driving, and we can unlock massive potential in [V3] (ph).

我仍然发现大多数人实际上并不知道这个系统有多好，我鼓励任何人更好地了解这个系统，简单地尝试一下，让汽车带你四处行驶。我们将做的一件事是确保人们真正理解汽车的能力，就是在交付新车和取车维修时，向人们展示如何使用它，并带他们绕着街区开一圈。一旦人们使用它，他们往往会继续使用。因此，这非常吸引人。我认为这将成为一个巨大的需求驱动因素，即使是无监督的全自动驾驶也将是一个巨大的需求驱动因素。随着我们增加干预之间的里程，它将从监督的全自动驾驶过渡到无监督的全自动驾驶，我们可以在[V3]中释放巨大的潜力。

We postponed the sort of Robotaxi the sort of product unveil by a couple of months where it were -- it shifted to 10/10 to the 10th October -end because I wanted to make some important changes that I think would improve the vehicle -- sort of Robotaxi, the thing that we are -- the main thing that we are going to show and we are also going to show off a couple of other things. So moving it back a few months allowed us to improve the Robotaxi as well as add in a couple other things for the product unveil.

我们将 Robotaxi 的产品发布推迟了几个月，改到 10 月 10 日，因为我想做一些重要的改动，我认为这些改动会改善这款 Robotaxi。我们将展示的主要内容就是这个 Robotaxi，同时还会展示其他一些东西。因此，将发布会推迟几个月让我们有机会改进 Robotaxi，并增加其他一些产品。

We're also nearing completion of the South expansion of Giga Texas, which will house our largest training cluster to date. So it will be an incremental for 50,000 H100s plus 20,000 of our hardware 4 AI5 Tesla AI computer.

我们也接近完成德克萨斯州 Giga 工厂的南部扩建，这里将容纳我们迄今为止最大的培训集群。因此，这将增加 50,000 个 H100 和 20,000 个我们的硬件 4 AI5 特斯拉 AI 计算机。

With Optimus, Optimus is already performing tasks in our factory. And we expect to have Optimus production Version 1 in limited production starting early next year. This will be for Tesla consumption. It's just better for us to iron out the issues ourselves. But we expect to have several thousand Optimus robots produced and doing useful things by the end of next year in the Tesla factories. And then in 2026, ramping up production quite a bit, and at that point we'll be providing Optimus robots to outside customers. That will be Production Version 2 of Optimus.

随着 Optimus 的推出，Optimus 已经在我们的工厂中执行任务。我们预计将在明年初开始有限生产 Optimus 生产版本 1。这将用于特斯拉的消费。我们自己解决问题对我们来说更好。但我们预计到明年年底将在特斯拉工厂生产几千台 Optimus 机器人并进行有用的工作。然后在 2026 年，生产将大幅增加，到那时我们将向外部客户提供 Optimus 机器人。这将是 Optimus 的生产版本 2。

For the energy business, this is growing faster than anything else. This is -- we are really demand constrained rather than production constrained. So we are ramping up production in our U.S. factory as well as building the Megapack factory in China that should roughly double our output, maybe more than double -- maybe triple potentially.

对于能源业务来说，这一增长速度超过了其他任何领域。我们实际上是需求受限，而不是生产受限。因此，我们正在提高美国工厂的生产能力，并在中国建设 Megapack 工厂，这将大约使我们的产量翻倍，甚至可能超过翻倍——可能达到三倍。

So in conclusion, we are super excited about the progress across the board. We are changing the energy system, how people move around, how people approach the economy. The undertaking is massive, but I think the future is incredibly bright. I really just can't emphasize just the importance of autonomy for the vehicle side and for Optimus.

所以总的来说，我们对各方面的进展感到非常兴奋。我们正在改变能源系统、人们的出行方式以及人们对经济的看法。这项事业规模庞大，但我认为未来非常光明。我真的无法过分强调自主性对车辆和 Optimus 的重要性。

Although the numbers sound crazy, I think Tesla producing at volume with unsupervised FSD essentially enabling the fleet to operate like a giant autonomous fleet. And it takes the valuation, I think, to some pretty crazy number. ARK Invest thinks, on the order of $5 trillion, I think they are probably not wrong. And long-term Optimus, I think, it achieves a valuation several times that number.

尽管这些数字听起来很疯狂，但我认为特斯拉在没有监督的情况下大规模生产 FSD，实际上使车队能够像一个巨大的自动驾驶车队一样运作。这使得估值，我认为，达到了相当疯狂的数字。ARK Invest 认为，估计在 5 万亿美元左右，我认为他们可能没有错。而长期来看，Optimus 的估值，我认为会是这个数字的几倍。

说到底是缺少安全感，强烈的渴望别人的承认，5万亿，为什么不是5000万亿？即使是一种力量也是一种畸形的力量。

I want to thank the Tesla team for a strong execution and looking forward to exciting years ahead.

我想感谢特斯拉团队的出色执行，期待未来令人兴奋的几年。

Travis Axelrod 特拉维斯·阿克塞尔罗德

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

很好。非常感谢你，埃隆，维巴夫也有开场发言。

Vaibhav Taneja 维布哈夫·塔内贾

Thanks. As Elon mentioned, the Tesla team rose to the occasion yet again and delivered on all fronts with some notable records. In addition to those records, we saw our automotive deliveries go sequentially. I would like to thank the entire Tesla team for their efforts in delivering a great quarter.

谢谢。正如埃隆所提到的，特斯拉团队再次迎接挑战，在各个方面都取得了显著的成绩。除了这些记录，我们还看到汽车交付量逐步增长。我想感谢整个特斯拉团队在交付出色季度方面所做的努力。

On the auto business front, affordability remains a top of mind for customers, and in response in Q2, we offered attractive financing options to offset sustained high interest rates. These programs had an impact on revenue per unit in the quarter. These impacts will persist into Q3 as we have already launched similar programs. We are now offering extremely competitive financing rates in most parts of the world. This is the best time to buy a Tesla, I mean, if you are waiting on the sidelines, come out and get your car.

在汽车业务方面，客户的可负担性仍然是首要考虑因素。为了应对这一点，我们在第二季度提供了有吸引力的融资选项，以抵消持续的高利率。这些项目对本季度的每单位收入产生了影响。这些影响将持续到第三季度，因为我们已经推出了类似的项目。我们现在在大多数地区提供极具竞争力的融资利率。这是购买特斯拉的最佳时机，我的意思是，如果你还在观望，快出来买车吧。

意思是降价销售。

We had a record quarter on regulatory credits, revenues, and as well. On net, our auto margins remained flat sequentially. It is important to note that the demand for regulatory credits is dependent on other OEMs plans for the kind of vehicles they are manufacturing and selling as well as changes in regulations. We pride ourselves to be the company with the most American-made cars and are continuing our journey to further localize our supply chain, not just in the U.S., but in Europe and China as well for the respective factories.

我们在监管信用、收入方面创下了季度记录。总体而言，我们的汽车利润率保持平稳。需要注意的是，监管信用的需求取决于其他原始设备制造商（OEM）对他们制造和销售的车辆类型的计划，以及法规的变化。我们以拥有最多美国制造汽车的公司为荣，并继续努力进一步本地化我们的供应链，不仅在美国，还在欧洲和中国的相关工厂。

As always, our focus is on providing the most compelling products at a reasonable price. We have stepped up our efforts to provide more trims that have estimated range of more than 300 miles on a single charge. We believe this, along with the expansion of our supercharging network, is the right strategy to combat range anxiety.

一如既往，我们的重点是以合理的价格提供最具吸引力的产品。我们加大了努力，提供更多单次充电估计续航超过 300 英里的车型。我们相信，这与我们超级充电网络的扩展一起，是应对续航焦虑的正确策略。

Since the revision of FSD pricing in North America, we've seen production rates increase meaningfully and expect this to be a driver of vehicle sales as the feature set improves further. Cost per vehicle declined sequentially when we removed the impact of Cybertruck. While we are experiencing material costs trending down, note that there is latency on the cost side and such reductions would show up in the P&L when the vehicles built with these materials get delivered.

自从北美修订了 FSD 定价以来，我们看到生产率显著提高，并预计这将成为车辆销售的推动力，因为功能集进一步改善。当我们剔除 Cybertruck 的影响时，每辆车的成本按季度下降。虽然我们正在经历材料成本的下降，但请注意，成本方面存在滞后，这种降低将在使用这些材料制造的车辆交付时反映在损益表中。

Additionally, as we get into the second half of the year, it is important to note that we are still ramping Cybertruck and Model 3 and are also getting impacted by varying amounts of tariffs on both raw materials and finished goods. While our teams are working feverishly to offset these, unfortunately it may have an impact on the cost in the near-term.

此外，随着我们进入下半年，重要的是要注意我们仍在加速生产 Cybertruck 和 Model 3，同时也受到原材料和成品不同程度的关税影响。虽然我们的团队正在努力抵消这些影响，但不幸的是，这可能会在短期内对成本产生影响。

We previously talked about the potential of the energy business and now feel excited that the foundation that was laid over time is bearing the expected results. Energy storage deployments more than doubled with contribution not just from Megapack, but also Powerwall, resulting in record revenues and profit for the energy business.

我们之前谈到了能源业务的潜力，现在感到兴奋的是，随着时间的推移奠定的基础正在产生预期的结果。能源存储的部署超过了翻倍，不仅来自 Megapack，还有 Powerwall，这为能源业务带来了创纪录的收入和利润。

Energy storage backlog is strong. As discussed before, deployments will fluctuate from period to period with some quarters seeing large increases and others seeing a decline. Recognition of storage gigawatt hours is dependent on a variety of factors, including logistics timing as we send units from a single factory to markets across the world, customer readiness and in case of EPC projects on construction activities.

能源存储的积压情况强劲。如前所述，部署将在不同时间段内波动，某些季度将出现大幅增长，而其他季度则可能出现下降。存储千兆瓦时的确认取决于多种因素，包括我们从单一工厂向全球市场发送设备的物流时机、客户的准备情况，以及在 EPC 项目中与施工活动相关的因素。

Moving on to the other parts of the business, service and other gross profits also improved sequentially from the improvement in service utilization and growth in our collision repair business. The impact of our recent reorg is reflected in restructuring other - on the income statement. Just to level set, this was about $622 million of charge, which got recorded in the period. And I want people to remember that we've called it out separately on the financials.

在业务的其他部分，服务和其他毛利也因服务利用率的提高和我们碰撞修复业务的增长而环比改善。我们最近的重组影响体现在损益表的其他重组项目上。为了让大家了解，这大约是 6.22 亿美元的费用，已在该期间记录。我希望大家记住，我们在财务报表中将其单独列出。

Sequentially, our operating expenses excluding surcharges reduced despite an increase in spend for AI-related activities and higher legal and other costs. On the CapEx front, while we saw a sequential decline in Q2, we still expect the year to be over $10 billion in CapEx as we increase our spend to bring a 50k GPU cluster online. This new cluster will immensely increase our capabilities to scale FSD and other AI initiatives.

我们的运营费用（不包括附加费用）虽然由于与人工智能相关的活动支出增加以及法律和其他成本上升而有所增加，但仍然有所减少。在资本支出方面，尽管我们在第二季度看到了一定的下降，但我们仍然预计全年资本支出将超过 100 亿美元，因为我们增加支出以使一个 5 万 GPU 的集群投入使用。这个新集群将极大提升我们扩展 FSD 和其他人工智能项目的能力。

We reverted to positive free cash flow of $1.3 billion in Q2. This was despite restructuring payments being made in the quarter and we ended the quarter with over $30 billion of cash and investments. Once again, we've begun the journey towards the next phase for the company with the building blocks being placed. It will take some time, but will be a rewarding experience for everyone involved. Once again, I would like to thank the entire Tesla team for their efforts.

我们在第二季度恢复了 13 亿美元的正自由现金流。这是在本季度进行重组支付的情况下实现的，我们在季度末拥有超过 300 亿美元的现金和投资。我们再次开始了公司下一个阶段的旅程，基础工作正在进行中。这将需要一些时间，但对所有参与者来说将是一次有益的经历。再次感谢整个特斯拉团队的努力。

只有几个数字的财务分析，这是见到的最少的一个。

Question-and-Answer Session

问答环节

A - Travis Axelrod A - 特拉维斯·阿克塞尔罗德

Great. Thank you very much, Vaibhav. Now let's go to investor questions. The first question is, what is the status on the Roadster?

很好，非常感谢你，Vaibhav。现在我们来看看投资者的问题。第一个问题是，Roadster 的状态如何？

Elon Musk 埃隆·马斯克

With respect to Roadster, we've completed most of the engineering. And I think there's still some upgrades we want to make to it, but we expect to be in production with Roadster next year. It will be something special, like the whole thing [Indiscernible].

关于 Roadster，我们已经完成了大部分工程。我认为我们还有一些升级想要进行，但我们预计明年将开始生产 Roadster。这将是一些特别的东西，就像整个事情一样[无法辨认]。

Travis Axelrod 特拉维斯·阿克塞尔罗德

Fantastic. The next question is about timing of Robotaxi event, which we've already covered. So we'll go to the next question, when do you expect the first Robotaxi ride?

太棒了。下一个问题是关于 Robotaxi 事件的时间安排，我们已经讨论过了。接下来我们进入下一个问题，您预计第一次 Robotaxi 乘车会在什么时候？

Elon Musk 埃隆·马斯克

I guess that, that's really just a question of when can we expect the first -- or when can we do unsupervised full self-driving. It's difficult, obviously, my predictions on this have been overly optimistic in the past. So I mean, based on the current trend, it seems as though we should get miles between interventions to be high enough that -- to be far enough in excess of humans that you could do unsupervised possibly by the end of this year. I would be shocked if we cannot do it next year. So next year seems highly probable to me based on [quite simply] (ph) plus the points of the curve of miles between intervention. That trend exceeds humans for sure next year, so yes.

我想，这实际上只是一个问题，什么时候我们可以期待第一次——或者我们什么时候可以进行无监督的完全自动驾驶。显然，这很困难，我过去对此的预测过于乐观。所以，我的意思是，基于当前的趋势，似乎我们应该在干预之间的行驶里程足够高，以至于——远远超过人类，以至于你可能在今年年底之前就能进行无监督驾驶。如果明年我们不能做到这一点，我会感到震惊。因此，明年在我看来是非常可能的，基于[非常简单的]（ph）以及干预之间的行驶里程曲线的点。这个趋势明年肯定会超过人类，所以是的。

这种牛B已经重复过很多次。

Travis Axelrod 特拉维斯·阿克塞尔罗德

Thank you very much. Our third question is, the Cybertruck is an iconic product that wows everyone who sees it. Do you have plans to expand the cyber vehicle lineup to a cyber SUV or cyber van?

非常感谢。我们的第三个问题是，Cybertruck 是一款标志性产品，让每个看到它的人都感到惊艳。你们是否有计划将网络车辆系列扩展到网络 SUV 或网络厢式车？

Elon Musk 埃隆·马斯克

I think we want to limit product announcements to when we have a special -- specific product announcement event, rather than earnings calls.

我认为我们希望将产品发布限制在我们有特别的——具体的产品发布活动时，而不是在财报电话会议上。

Travis Axelrod 特拉维斯·阿克塞尔罗德

Great, thank you. Our next question is, what is the current status of 4680 battery cell production and how is the ramp up progressing?

好的，谢谢。我们下一个问题是，4680 电池单元的生产目前处于什么状态，产能提升进展如何？

Lars Moravy 拉尔斯·莫拉维

Yes, 4680 production ramped strongly in Q2, delivering 51% more cells than Q1 while reducing COGS significantly. We currently produce more than 1,400 Cybertrucks of 4680 cells per week, and we'll continue to ramp output as we drive cost down further towards the cost parity target we set for the end of the year. We've built our first validation Cybertruck with dry cathode process made on our mass production equipment, which is a huge technical milestone and we're super proud of that. We're on track for production launch with dry cathode in Q4, and this will enable cell cost to be significantly below available alternatives, which was the original goal of the 4680 program.

是的，4680 电池的生产在第二季度强劲增长，交付的电池比第一季度增加了 51%，同时显著降低了成本。我们目前每周生产超过 1,400 辆搭载 4680 电池的 Cybertruck，并将继续提高产量，进一步降低成本，以实现我们设定的年末成本平价目标。我们已经用干电极工艺在我们的量产设备上制造了第一辆验证 Cybertruck，这是一个巨大的技术里程碑，我们对此感到非常自豪。我们计划在第四季度启动干电极的生产，这将使电池成本显著低于现有替代品，这也是 4680 项目的最初目标。

Travis Axelrod 特拉维斯·阿克塞尔罗德

Great. Thank you very much. The next question is any update on Dojo?

很好，非常感谢。下一个问题是关于 Dojo 的最新进展吗？

Elon Musk 埃隆·马斯克

Yes, so Dojo, I should preface this by saying I'm incredibly impressed by NVIDIA's execution and the capability of their hardware. And what we are seeing is that the demand for NVIDIA hardware is so high that it's often difficult to get the GPUs. And there just seems this, I guess I'm quite concerned about actually being able to get state-of-the-art NVIDIA GPUs when we want them. And I think this therefore requires that we put a lot more effort on Dojo in order to have -- in order to ensure that we've got the training capability that we need. So we are going to double down on Dojo, and we do see a path to being competitive with NVIDIA with Dojo. And I think we kind of have no choice because the demand for NVIDIA is so high and the -- it's obviously their obligation essentially to raise the price of GPUs to whatever the market will bear, which is very high. So, I think we've really got to make Dojo work and we will.

是的，Dojo，我应该先说，我对 NVIDIA 的执行力和他们硬件的能力感到非常印象深刻。我们看到 NVIDIA 硬件的需求如此之高，以至于常常很难获得 GPU。我对此感到相当担忧，实际上我们能否在需要时获得最先进的 NVIDIA GPU。因此，我认为这需要我们在 Dojo 上投入更多的努力，以确保我们拥有所需的训练能力。因此，我们将加倍努力发展 Dojo，并且我们确实看到了与 NVIDIA 竞争的路径。我认为我们别无选择，因为 NVIDIA 的需求如此之高，显然他们有责任将 GPU 的价格提高到市场所能承受的水平，而这个水平非常高。因此，我认为我们真的必须让 Dojo 发挥作用，我们会做到的。

有可能某个领域对算力的需求很敏感，算力弱一点就直接出局。

Travis Axelrod 特拉维斯·阿克塞尔罗德

Right. The next question is what type of accessories will be offered with Optimus?

好的。下一个问题是，Optimus 将提供什么类型的配件？

Elon Musk 埃隆·马斯克

There's -- Optimus is intended to be a generalized humanoid robot with a lot of intelligence. So it's like saying what kind of accessories will be offered with a human. It's just really intended to be able to be backward compatible with human tasks. So it would use any accessories that a human would use. Yes.

Optimus 旨在成为一种通用的人形机器人，具有很高的智能。因此，这就像在说人类会提供什么样的配件。它的设计确实是为了能够与人类的任务向后兼容。因此，它将使用人类使用的任何配件。是的。

Travis Axelrod 特拉维斯·阿克塞尔罗德

Thank you. The next question is, do you feel you're cheating people out of the joys of owning a Tesla by not advertising?

谢谢。下一个问题是，你是否觉得不做广告让人们失去了拥有特斯拉的乐趣？

Elon Musk 埃隆·马斯克

We are doing some advertising, so, want to say something?

我们正在做一些广告，所以想说点什么吗？

Vaibhav Taneja 维布哈夫·塔内贾

Yes, I would say something. Our fundamental belief is that we need to be providing the best products at a reasonable price to the consumers. Just to give you a fact, in U.S. alone in Q2, over two-thirds of our sales were to -- deliveries were to people who had never owned a Tesla before and which is encouraging. We've spent money on advertising and other awareness programs and we have adjusted our strategy. We're not saying no to advertising, but this is a dynamic play and we know that we have not exhausted all our options and therefore plan to keep adjusting, but in the latter half of this year as well.

是的，我想说几句话。我们的基本信念是，我们需要以合理的价格向消费者提供最好的产品。举个例子，仅在美国，第二季度我们的销售中超过三分之二是交付给从未拥有特斯拉的人，这让人感到鼓舞。我们在广告和其他宣传项目上花了钱，并且调整了我们的策略。我们并不是说不做广告，但这是一个动态的过程，我们知道我们还没有用尽所有的选择，因此计划在今年下半年继续调整。

Travis Axelrod 特拉维斯·阿克塞尔罗德

Great. Thank you very much. The next question is on energy growth, which we already covered in opening remarks, so we'll move on to the next one. What is the updated timeline for Giga Mexico and what will be the primary vehicles produced initially?

很好，非常感谢。下一个问题是关于能源增长的，我们在开场发言中已经讨论过了，所以我们将继续下一个问题。Giga Mexico 的最新时间表是什么，最初将生产哪些主要车型？

Elon Musk 埃隆·马斯克

Well, we currently are paused on Giga Mexico. I think we need to see just where things stand after the election. Trump has said that he will put heavy tariffs on vehicles produced in Mexico. So it doesn't make sense to invest a lot in Mexico if that is going to be the case. So we kind of need to see where the things play out politically. However, we are increasing capacity at our existing factories quite significantly. And I should say that the Cybertaxi or Robotaxi will be produced here at our headquarters at Giga Texas.

我们目前在 Giga 墨西哥暂停。我认为我们需要看看选举后情况如何。特朗普表示他将对在墨西哥生产的车辆征收重税。因此，如果真是这样，在墨西哥投资大量资金就没有意义了。所以我们需要看看政治局势如何发展。然而，我们正在大幅增加现有工厂的产能。我应该说，网络出租车或机器人出租车将在我们位于德克萨斯州 Giga 的总部生产。

Travis Axelrod 特拉维斯·阿克塞尔罗德

All right. Thank you. 好的。谢谢。

Elon Musk 埃隆·马斯克

And as well Optimus towards the end of next year for Optimus production Version 2, the high volume version of Optimus will also be produced here in Texas.

并且，随着 Optimus 在明年年底的到来，Optimus 生产版本 2，即 Optimus 的高产量版本，也将在德克萨斯州生产。

Travis Axelrod 特拉维斯·阿克塞尔罗德

Great. Thank you. Just a couple more. Is Tesla still in talks with an OEM to license FSD?

很好。谢谢。还有几个问题。特斯拉还在与一家 OEM 谈判以授权 FSD 吗？

Elon Musk 埃隆·马斯克

There are a few major OEMs that have expressed interest in licensing Tesla full self-driving. And I suspect there will be more over time. But we can't comment on the details of those discussions.

有几家主要的原始设备制造商对特斯拉的全自动驾驶表示了兴趣。我怀疑随着时间的推移会有更多的 OEM 参与。但我们无法对这些讨论的细节发表评论。

Travis Axelrod 特拉维斯·阿克塞尔罗德

All right. Thank you. And the last one, any updates on investing in xAI and integrating Grok into Tesla software?

好的。谢谢。最后一个，有关投资 xAI 和将 Grok 整合到特斯拉软件中的最新消息吗？

Elon Musk 埃隆·马斯克

I should say Tesla is learning quite a bit from xAI. It's been actually helpful in advancing full self-driving and in building up the new Tesla data center. With -- regarding investing in xAI, I think, we need to have a shareholder approval of any such investment. But I'm certainly supportive of that if shareholders are, the group -- probably, I think we need a vote on that. And I think there are opportunities to integrate Grok into Tesla's software, yes.

我应该说，特斯拉从 xAI 学到了很多东西。它在推进完全自动驾驶和建立新的特斯拉数据中心方面确实很有帮助。关于投资 xAI，我认为我们需要股东对任何此类投资的批准。如果股东支持，我当然会支持这一点，可能我们需要对此进行投票。我认为有机会将 Grok 整合到特斯拉的软件中，是的。

Travis Axelrod 特拉维斯·阿克塞尔罗德

All right. Thanks very much. And now we will move on to analyst questions. The first question comes from Will Stein from Truist. Will, please go ahead and unmute yourself.

好的，非常感谢。现在我们将进入分析师提问环节。第一个问题来自 Truist 的 Will Stein。Will，请继续并解除静音。

Will Stein 威尔·斯坦

Great. Thanks so much for taking my question. And this relates a little bit to the last one that was asked. Elon, I share your strong enthusiasm about AI and I recognize Tesla's opportunity to do some great things with the technology. But there are some concerns I have about Tesla's commercialization and that's what I'd like to ask about specifically. There were some news stories through the quarter that indicated that you redirected some AI compute systems that were destined for Tesla instead to xAI or perhaps it was to X, I'm not sure.

很好。非常感谢您回答我的问题。这与上一个问题有一点关系。埃隆，我对人工智能的强烈热情与您相同，我也认识到特斯拉在这项技术上做出伟大成就的机会。但我对特斯拉的商业化有一些担忧，这正是我想具体询问的。这个季度有一些新闻报道表明，您将一些原本用于特斯拉的人工智能计算系统重新定向到了 xAI，或者可能是 X，我不太确定。

And similarly, a few quarters ago, if you recall, I asked about your ability to hire engineers in this area, and you noted that there was a great desire for some of these engineers to work on projects that you were involved with, but some of them weren't at Tesla, they were instead at xAI or perhaps even X again. So the question is, when it comes to your capital investments, your AI R&D, your AI engineers, how do you make allocation decisions among these various ventures and how do you make Tesla owners comfortable that you're doing it in a way that really benefits them? Thank you.

同样，几季度前，如果你还记得，我问过你在这个领域招聘工程师的能力，你提到一些工程师非常希望参与你所参与的项目，但其中一些并不在特斯拉，而是在 xAI，甚至可能又在 X。那么问题是，关于你的资本投资、人工智能研发和人工智能工程师，你是如何在这些不同的项目之间做出分配决策的？你又是如何让特斯拉车主相信你是在以真正有利于他们的方式进行这些投资的？谢谢。

Elon Musk 埃隆·马斯克

Yes, I mean, I think you're referring to a very -- like an old article, regarding GPUs. I think that's like 6 or 7 months old. At Tesla, we had no place to try them on, so it would've been a waste of Tesla capital because we would just have to order H100 and have no place to try them on. So it was just -- there was -- this wasn't a, let's pick xAI of Tesla.

是的，我是说，我认为你指的是一篇关于 GPU 的非常旧的文章。我想那大约是 6 或 7 个月前的事。在特斯拉，我们没有地方来试用它们，所以这会浪费特斯拉的资金，因为我们只能订购 H100，却没有地方来试用。因此，这只是——这不是一个，让我们选择特斯拉的 xAI。

There's -- there was no -- the Tesla data centers were full. There was no place to actually put them. The -- we've been working 24/7 to complete the South extension on the Tesla Giga factory in Texas. That South extension is what will house 50,000 H100s and we're beginning to move the H100 server racks into place there. But we really needed -- we needed that to complete physically. You can't just order compute -- order GPUs and turn them on, you need a data center, it's not possible.

特斯拉的数据中心已经满了，根本没有地方放置它们。我们一直在 24 小时不间断地完成位于德克萨斯州的特斯拉超级工厂南部扩展。这个南部扩展将容纳 50,000 个 H100，我们已经开始将 H100 服务器机架搬入那里。但我们真的需要它完成物理建设。你不能仅仅订购计算设备——订购 GPU 并开启它们，你需要一个数据中心，这是不可能的。

So I want to be clear, that was in Tesla's interest, not contrary to Tesla's interest. Does Tesla no good to have GPUs that it can't turn on. That South extension is able to take GPUs, which is really just this week. We are moving the GPUs in there and we'll bring them online.

所以我想明确，这符合特斯拉的利益，而不是与特斯拉的利益相悖。特斯拉没有好处拥有无法启用的 GPU。南部扩展能够容纳 GPU，这实际上是本周的事情。我们正在将 GPU 移入那里，并将其上线。

With regard to xAI, there are a few that only want to work on AGI. So what I was finding was that when trying to recruit people to Tesla, they were only interested in working on AGI and not on Tesla's specific problems and they want to start -- do a start-up. So it was a case of either they go to a start-up or -- and I am involved or they do a start-up and I am not involved. Those are the two choices. This wasn't they would come to Tesla. They were not going to come to Tesla under any circumstances. So, yes.

关于xAI，有些人只想致力于人工通用智能（AGI）。所以我在招募特斯拉员工时发现，他们只对研究AGI感兴趣，而不是特斯拉面临的具体问题，他们想开始——创办一家初创公司。所以情况是要么他们去创办一家初创公司，并且我参与其中，或者他们创办一家初创公司，我不参与。这不是他们会不会来特斯拉的问题。在任何情况下，他们都不会来特斯拉。所以，是的。

有些怀疑，Gen AI的技术本质上是通用的，都是对行为和特征的token化，马斯克在多家公司之间的利益不够清晰，这是一种噪音，对股东和他本人都是噪音，缺少规划的结果。

Vaibhav Taneja 维布哈夫·塔内贾

Yes, I mean, I would even add that AI is a broad spectrum and there are a lot of things which we are focused on full time driving as Tesla and also Optimus, but there's the other spectrum of AI which we're not working on, and that's the kind of work which other companies are trying to do in this case, xAI. So you have to keep that in mind that it's a broad spectrum. It's not just one specific thing.

是的，我的意思是，我甚至想补充一点，人工智能是一个广泛的领域，我们全职专注于特斯拉和 Optimus 的许多事情，但还有人工智能的另一个领域，我们并没有在做，那是其他公司在尝试做的工作，比如 xAI。因此，你必须记住这是一个广泛的领域，而不仅仅是一个特定的事物。

Elon Musk 埃隆·马斯克

Yes. And once again, I want to just repeat myself here. I tried to recruit them to Tesla, including to say like, you can work on AGI, I if you want and they refused. Only then was xAI created.

是的。我想再次重申一下。我曾试图招募他们到特斯拉，包括说，如果你想的话，可以从事 AGI 的工作，但他们拒绝了。只有在那之后，xAI 才成立。

Will Stein 威尔·斯坦

I really appreciate that clarification. If I can ask one follow-up, it relates to the new vehicles that you're planning to introduce next year. I understand this is not the venue for product announcements, but when we think about the focus, I've heard on the one hand that the focus is on cost reduction. On the other hand, you also said that the Roadster would come out. Should we expect other maybe more limited variants like, similar to the cars that you make today, but with some changes or improvements or different, some other variability in the form factors. It should -- we expect that to be a significant part of the strategy in the next year or two?

我非常感谢您的澄清。如果我可以问一个后续问题，这与您计划明年推出的新车型有关。我知道这不是发布产品的场合，但当我们考虑重点时，我听说一方面重点是降低成本。另一方面，您也提到跑车将会推出。我们是否应该期待其他可能更有限的变种，比如类似于您今天制造的汽车，但有一些变化或改进，或者在形态上有其他不同的变体？我们是否应该期待这在未来一两年内成为战略的重要组成部分？

Elon Musk 埃隆·马斯克

I don't want to get into details of product announcements. And we have to be careful of the Osborne effect here. So, if you start announcing some great thing, it affects our near-term sales. We're going to make great products in future just like we have in the past, end of story.

我不想详细讨论产品发布的细节。我们在这里必须小心奥斯本效应。因此，如果你开始宣布一些伟大的事情，这会影响我们近期的销售。我们将像过去一样在未来推出优秀的产品，故事到此为止。

Travis Axelrod 特拉维斯·阿克塞尔罗德

Right. The next question comes from Ben Kallo from Baird. Ben, please go ahead and unmute yourself.

好的。下一个问题来自 Baird 的 Ben Kallo。Ben，请继续并解除静音。

Ben Kallo 本·卡洛

Hi. Thanks for taking my question. When we think about revenue contribution and with energy growing so quickly and Optimus on the come, how do we think about the overall segments longer term? And then do you think that auto revenue will fall below 50% of your overall revenue? And then my follow-up is just on the last call you talked about, distributed compute on your new hardware. Could you just update us and talk a little bit more about that, the timeline for it and how you would reward customers for letting you use their compute power and their cars? Thanks.

嗨。感谢您回答我的问题。当我们考虑收入贡献时，随着能源的快速增长和 Optimus 的到来，我们如何看待整体细分市场的长期发展？您认为汽车收入会降到您整体收入的 50%以下吗？我的后续问题是，在上一次电话会议中，您提到了您新硬件上的分布式计算。您能否更新一下，并多谈谈这个项目的时间表，以及您将如何奖励客户让您使用他们的计算能力和汽车？谢谢。

Elon Musk 埃隆·马斯克

Yes, I mean, as I've said a few times, I think the long-term value of Optimus will exceed that of everything else that Tesla combined. So, it's simply -- just simply consider the usefulness utility of a humanoid robot that can do pretty much anything you ask of it. I think everyone on earth is going to want one. There's 8 billion people on earth, so it's 8 billion right there. Then you've got, all of the industrial uses, which is probably at least as much, if not way more. So I suspect that the long-term demand for general purpose humanoid robots is in excess of 20 billion units. And Tesla is -- that has the most advanced humanoid robot in the world, and is also very good at manufacturing, which these other companies are not. And we've got a lot of experience -- with the most experienced with the world leaders in real world AI.

是的，我的意思是，正如我几次提到的，我认为 Optimus 的长期价值将超过特斯拉所有其他产品的总和。因此，简单地考虑一下一个可以满足你几乎所有要求的人形机器人，它的实用性。我认为地球上的每个人都会想要一个。地球上有 80 亿人，这就是 80 亿个需求。然后还有所有的工业用途，这可能至少与此相当，甚至更多。因此，我怀疑对通用人形机器人的长期需求超过 200 亿台。而特斯拉拥有世界上最先进的人形机器人，并且在制造方面也非常出色，而其他公司则不具备这一点。我们在现实世界的人工智能领域拥有丰富的经验，是最有经验的。

这样的疯子有先发优势。

So we have all of the ingredients. I think we are unique in having all of the ingredients necessary for large scale, high utility, generalized humanoid robots. That's why my rough estimate long-term is in accordance with the ARK [ph] Invest analysis of market cap on the order of $5 trillion for -- maybe more for autonomous transport, and it's several times that number for general purpose humanoid robots. I mean, at that point, I'm not sure what money even means, but in the benign AI scenario, we are headed for an age of abundance where there is no shortage of goods and services. Anyone can have pretty much anything they want. It's a wild -- very wild future we're heading for.

所以我们拥有所有的成分。我认为我们在拥有大规模、高效用、通用人形机器人所需的所有成分方面是独一无二的。这就是为什么我粗略估计长期来看，按照 ARK 投资对市场资本的分析，可能达到 5 万亿美元，甚至更多用于自主运输，而通用人形机器人的数字是这个数字的几倍。我的意思是，在那时，我不确定金钱到底意味着什么，但在良性人工智能的情景下，我们正朝着一个丰盈的时代前进，那里没有商品和服务的短缺。任何人几乎都可以拥有他们想要的任何东西。我们正朝着一个非常疯狂的未来前进。

丰盈的具体批向是什么？如果是温饱，人类已经在很大程度上实现了这个目标，后面是差异化或者相互比较出来需求，永远有好有坏，人类的需求是永远无法满足的。

Ben Kallo 本·卡洛

On the distributed compute?

在分布式计算上？

Elon Musk 埃隆·马斯克

Yes, distributed compute, that seems like a pretty obvious thing to do. I think the -- where this distributed compute becomes interesting is with our next generation Tesla AI truck, which is hardware viable or what we're calling AI5, which is -- from the standpoint of inference capability comparable toB200 -- and a bit of B200. And we are aiming to have that in production at the end of next year and scale production in '26. So it just seemed like if you've got -- even if you've got autonomous vehicles that are operating for 50 or 60 hours a week, there's a 168 hours in a week. So you have somewhere above I think a 100 [indiscernible] net computing. I think we need a better word than GPU because GPU means graph express in unit.

是的，分布式计算，这似乎是一个相当明显的事情。我认为，分布式计算变得有趣的地方在于我们的下一代特斯拉人工智能卡车，它是硬件可行的，或者我们称之为 AI5，从推理能力的角度来看，可以与 B200 相媲美，甚至稍微超出 B200。我们计划在明年年底投入生产，并在 2026 年扩大生产。因此，如果你有——即使你有每周运行 50 或 60 小时的自动驾驶车辆，周中有 168 小时。所以我认为你有超过 100 的净计算能力。我认为我们需要一个比 GPU 更好的词，因为 GPU 意味着图形表达单位。

So there's a 100 hours plus per week of AI compute, AI advanced compute from the fleet, from the vehicles and probably some percentage from the humanoid robots that it would make sense to do distributed inference. And if you're -- if there's a fleet of at some point a 100 million vehicles with AI5 and beyond, because you have AI 6 and 7 and whatnot, and there may be billions of humanoid robots that is just a staggering amount of inference compute or that could be used for general purposes at computing. It doesn't have to be used for, the humanoid robot or for the car. So I think, that's just -- that -- that's a pretty obvious thing to say, like, well, it's more useful than having to do nothing.

所以每周有超过 100 小时的 AI 计算，来自车队、车辆的 AI 高级计算，可能还有一些来自人形机器人的百分比，进行分布式推理是有意义的。如果有一支车队，某个时候有 1 亿辆配备 AI5 及以上的车辆，因为你还有 AI 6、7 等，可能还有数十亿的人形机器人，这将是一个惊人的推理计算量，或者可以用于通用计算。它不必仅仅用于人形机器人或汽车。因此，我认为，这只是一个相当明显的说法，像是，嗯，这比什么都不做要有用得多。

精神病，集中在机房里的算力更有效率。

Travis Axelrod 特拉维斯·阿克塞尔罗德

All right. Thank you. The next question comes from Alex Potter from Piper Alex. Alex, please go ahead and unmute yourself.

好的。谢谢。下一个问题来自 Piper Alex 的 Alex Potter。Alex，请继续并解除静音。

Alex Potter 亚历克斯·波特

Perfect. Thanks. I wanted to ask a question on FSD licensing. You mentioned that in passing previously, was just wondering if you can elaborate maybe on the mechanics of how that would work. I guess presumably this would not be some sort of simple plug and play proposition that presumably an OEM would need, I don't know, several years to develop its own vehicle platform that's based on FSD. I imagine they would need to adopt Tesla's electrical architecture, compute, sensor stack. So I, correct me if I'm sort of misunderstanding this, but if you had a cooperative agreement of some kind with another OEM, then presumably it would take you several years before you'd be able to recognize licensing revenue from that agreement. Is that the right way to think about that?

完美。谢谢。我想问一个关于 FSD 许可的问题。你之前提到过这个，我只是想知道你能否详细说明一下这将如何运作。我想这显然不是一种简单的即插即用的方案，OEM 可能需要几年时间来开发基于 FSD 的自己的车辆平台。我想他们需要采用特斯拉的电气架构、计算和传感器堆栈。所以，如果我理解错了，请纠正我，但如果你与另一个 OEM 有某种合作协议，那么显然在你能够从该协议中确认许可收入之前，可能需要几年时间。这是正确的思考方式吗？

Elon Musk 埃隆·马斯克

Yes. The OEMs not real fast. There's not really a sensor suite, it's just cameras. But they would have to integrate our AI computer and have cameras with a 360 degree view. And at least the gateway, like the what talks to the internet, and communicates with the Tesla system, what that you need kind of a gateway computer too. So it's really gateway computer with the cellular and Wi-Fi connectivity, the Tesla AI computer, and seven cameras, or not cameras, again, a 360 degree view. But this will -- given the speed at which, the auto industry moves, it would be several years before you would see this in volume.

是的。原始设备制造商的速度并不快。实际上并没有传感器套件，只有摄像头。但他们需要集成我们的人工智能计算机，并配备 360 度视角的摄像头。至少需要一个网关，就像与互联网通信的那样，并与特斯拉系统进行沟通，这也需要一个网关计算机。因此，实际上是一个具有蜂窝和 Wi-Fi 连接的网关计算机，特斯拉人工智能计算机，以及七个摄像头，或者说是 360 度视角。但考虑到汽车行业的速度，这将在几年后才能看到大规模应用。

看着是有可能出现的赢家通吃，科技企业对传统企业的绞杀只会越来越残酷。

Alex Potter 亚历克斯·波特

Okay, good. That's more or less what I expected. So then the follow-up here is, if you did sign an FSD licensing agreement with another automaker, when do you think you would disclose that? Would you do it right when you signed the agreement or only after that multiple years has passed and the vehicle is ready to be rolled out? think it depends on the OEM. I guess we'd be happy either way. Yes, it depends on, what kind of arrangement we enter into. A lot of those things are, we are not resolved yet, so we'll make that determination as and when we get to that point.

好的，好的。这或多或少是我所预期的。那么接下来的问题是，如果你与另一家汽车制造商签署了 FSD 许可协议，你认为你会在什么时候披露这一点？是在签署协议时就披露，还是在经过多年后，车辆准备推出时再披露？我认为这取决于 OEM。我想我们无论哪种方式都乐意接受。是的，这取决于我们达成什么样的安排。很多事情我们还没有解决，所以我们会在达到那个点时做出决定。

Elon Musk 埃隆·马斯克

And the kind of deals that are obviously relevant are only if, some OEM is willing to do this in a million cars a year or something significant. It's not -- if it's like 10,000 or a 100,000 cars a year. We can just make that ourselves.

显然相关的交易类型只有在某个 OEM 愿意在每年生产一百万辆车或其他显著数量的情况下才有意义。如果每年只有一万或十万辆车，我们完全可以自己生产。

Travis Axelrod 特拉维斯·阿克塞尔罗德

All right, thank you. The next question comes from Dan Levy from Barclays. Dan, please go ahead and unmute yourself.

好的，谢谢。下一个问题来自巴克莱的丹·莱维。丹，请继续并解除静音。

Dan Levy 丹·莱维

Hi, good evening. Thanks for taking the questions. First, wanted to start with a question on Shanghai. You've leveraged Shanghai as an export center really due its low cost, and that makes sense. But maybe you can just give us a sense of, of how the strategy changes, if at all, given, the implementation of tariffs in Europe. Also to what extent, your import of batteries from China into the U.S., how that might change given the tariffs. Thank you.

嗨，晚上好。感谢您回答问题。首先，我想问一个关于上海的问题。您将上海作为出口中心，主要是因为其低成本，这很合理。但也许您可以告诉我们，考虑到欧洲实施关税，这一战略是否会有所改变。如果有变化，您从中国进口电池到美国的情况又会如何受到关税的影响。谢谢。

Elon Musk 埃隆·马斯克

Yes. I think I covered some part of it in my opening remarks, but just to give you a little bit more, just on the tariff side, the European authorities did sample certain other OEMs in the first round to establish the tariffs for cars being imported from China into Europe. While we were not picked up in our individual examination in the first round, they did pick us up in the second round. They visited our factory. They -- we worked with them, provided them all the information. As a result, we were adjusting our import strategy out of China into Europe.

是的。我认为我在开场白中提到了一部分，但为了给您更多的信息，关于关税方面，欧洲当局在第一轮中对某些其他原始设备制造商进行了抽样，以确定从中国进口到欧洲的汽车的关税。虽然我们在第一轮的个别审查中没有被选中，但他们在第二轮中选择了我们。他们访问了我们的工厂。我们与他们合作，提供了所有信息。因此，我们正在调整从中国进口到欧洲的策略。

But -- and one other thing to note is in Q2 itself, we started building right hand from model wise out of Berlin and we also delivered it in U.K. And we're adjusting as needed, but we will keep adjust. We're still importing Model 3s into Europe, out of Shanghai. And we are still evaluating what is the best alternate manage all this just on the examination by the European authorities.

但是，还有一点需要注意的是，在第二季度，我们开始从柏林按车型进行生产，并且我们也在英国交付。我们会根据需要进行调整，但我们会持续调整。我们仍在从上海向欧洲进口 Model 3，并且我们仍在评估如何最好地管理这一切，以应对欧洲当局的审查。

Like I said, we cooperated with them. Well, we are confident that they, we should get a better rate than what they have imposed for now. But this is literally evolving and we are adjusting as fast as we can with this. It is -- I would also add that, because of this, you've seen the impact that Berlin is doing more imports into places like Taiwan as well as, U.K I just mentioned. So it will keep changing and we will keep adapting as we go about it.

正如我所说，我们与他们合作。好吧，我们有信心我们应该能获得比他们目前施加的更好的利率。但这确实在不断发展，我们正在尽快调整。还要补充的是，由于这个原因，你已经看到柏林对台湾和我刚提到的英国等地的进口影响。因此，这将不断变化，我们会在这个过程中不断适应。

Dan Levy 丹·莱维

Great. Thanks. Yes, thank you. As a follow-up, wanted to ask about the Robotaxi strategy and specifically the shareholder deck here notes that the release is going to be -- one of the gating factors is regulatory approval. So maybe you could help us understand which regulations specifically are the ones that we should be looking for? Is it FMVSS, that's standard? And then to what extent does the strategy shift? You've done with FSD more of a nationwide, no boundary approach. Is the Robotaxi approach one that's more geofenced, so to speak, and is more driven by a state by state approach?

很好。谢谢。是的，谢谢。作为后续，我想询问一下 Robotaxi 战略，特别是股东报告中提到的发布将会是——一个关键因素是监管批准。那么，也许您可以帮助我们理解具体哪些法规是我们应该关注的？是 FMVSS 标准吗？那么战略的转变程度如何？您在 FSD 方面采取了更全国性的、没有边界的方法。Robotaxi 的方法是否更像是地理围栏，换句话说，是更依赖于逐州的方法？

Elon Musk 埃隆·马斯克

I mean, our solution is a generalized solution like what everybody else has. They, if you see like Waymo has one of it, they have a very localized solution that requires high density mapping. It's not -- it's quite fragile. So, their ability to expand rapidly is limited. Our solution is a general solution that works anywhere. It would even work on a different earth. So if you're rendered a new Earth, it would work on a new earth. So it's -- there's this capability I think in our experience, once we demonstrate that something is safe enough or significantly safer than human.

我明白了，您的解决方案是一种通用解决方案，就像其他人所拥有的一样。他们，如果您看到像Waymo这样的公司，他们有一个非常本地化的解决方案，这需要高密度的地图。这不是——它相当脆弱。所以，他们快速扩张的能力是有限的。我们的解决方案是一种通用解决方案，可以在任何地方工作。它甚至可以在另一个地球上工作。所以如果您创造了一个新的地球，它也会在新地球上工作。所以我认为，一旦我们证明了某件事情足够安全或者明显比人类更安全，我们的解决方案就具备了这种能力。

创始人和职业经理人还是有差距的，创始人显然在工作上更拼，也更有野心。

We are fine that regulators are supportive of deploying deployment of that capability. It's difficult to argue with if you -- if you've got a large number of -- yes, if you've got billions of miles that show that in the future unsupervised FSD is safer than human. What regulator could really stand in the way of that? They would -- they're morally obligated to approve. So I don't think regulatory approval will be a limiting factor.

我们很高兴监管机构支持部署这一能力。如果你有大量的数据——是的，如果你有数十亿英里的数据表明，未来无监督的全自动驾驶比人类更安全，那就很难反驳。哪个监管机构能真正阻碍这一点呢？他们有道德义务去批准。因此，我认为监管批准不会成为限制因素。

I should also say that the self-driving capabilities of this are deployed outside of North America are far behind that in, in North America. So with the -- with Version 12.5, and maybe a 12.6, but pretty soon we will ask for regular regulatory approval of the Tesla supervised FSD in Europe, China, and other countries. And I, I think we're likely to receive that before the end of the year, which will be a helpful demand driver in those regions obviously.

我还应该说，这款车的自动驾驶能力在北美以外的地区远远落后于北美。因此，随着 12.5 版本的推出，也许还有 12.6 版本，但很快我们将申请特斯拉监督的完全自动驾驶在欧洲、中国和其他国家的常规监管批准。我认为我们很可能在年底之前就会获得批准，这显然会成为这些地区的一个有利需求驱动因素。

Travis Axelrod 特拉维斯·阿克塞尔罗德

Thank you. Just to …

谢谢。只是为了……

Elon Musk 埃隆·马斯克

Go ahead, Travis. 继续吧，特拉维斯。

Travis Axelrod 特拉维斯·阿克塞尔罗德

In terms of like, as Elon said, in terms of regulatory approval, the vehicles are governed by FMVSS in U.S., which is the same across all 50 states. The road rules are the same across all 50 states. So creating a generalized solution gives us the best opportunity to deploy in all 50 states, reasonably. Of course there are state and even local and municipal level regulations that may apply to, being a transportation company or deploying taxes. But as far as getting the vehicle on the road, that's all federal and that's very much in line with what you was just suggesting about the data and the vehicle itself.

在监管批准方面，正如埃隆所说，车辆在美国受到 FMVSS 的管理，这在所有 50 个州都是一样的。所有 50 个州的道路规则也是相同的。因此，创建一个通用解决方案为我们在所有 50 个州合理部署提供了最佳机会。当然，可能还会有州级甚至地方和市级的法规适用于作为运输公司或部署出租车。但就车辆上路而言，这都是联邦的，这与您刚才提到的数据和车辆本身非常一致。

Vaibhav Taneja 维布哈夫·塔内贾

And to add to the technology point, the end-to-end network basically makes no assumption about the location. Like you could add data from different countries and it just like perform equally well there, just like almost like close to zero US specific, um, code in there. It's all just the data that comes from the U.S

为了补充技术点，端到端网络基本上不对位置做任何假设。你可以从不同国家添加数据，它在那里的表现几乎一样好，几乎没有美国特定的代码。所有的数据都是来自美国的。

Elon Musk 埃隆·马斯克

Yes. To, to that end of the show, it's like, we can go as humans to other countries and drive with some reasonable amount of assessment in those countries. And that's how you design the FSC software. Yes, exactly.

是的。为了这个节目的目的，我们可以作为人类去其他国家，并在那些国家以合理的评估进行驾驶。这就是你设计 FSC 软件的方式。没错，正是如此。

Travis Axelrod 特拉维斯·阿克塞尔罗德

Great. Thanks guys. The next question comes from George from Canaccord. George, please go ahead and unmute yourself.

好的。谢谢大家。下一个问题来自 Canaccord 的乔治。乔治，请继续并解除静音。

George Gianarikas 乔治·吉安纳里卡斯

Hi, everyone. Thank you for taking my questions. Maybe just to expand on the regulatory question for a second. And I could be comparing apples and oranges, but GM canceled their pedal less, wheel less vehicle. And according to the company this morning, their decision was driven by uncertainty about the regulatory environment. And from what we understand, and again, maybe I'm wrong here, but the Robotaxi that has been shown at least in images of the public is also pedal less and wheel less. Is there a different regulatory concern just if you deploy a vehicle like that that doesn't have pedal -- pedals or a wheel, and that may not be different from just regular FSD on a traditional Tesla vehicle. Thank you.

大家好。感谢您接受我的问题。也许只是想就监管问题再展开一下。我可能在比较苹果和橙子，但通用汽车取消了他们的无踏板、无方向盘车辆。根据公司今天早上的说法，他们的决定是由对监管环境的不确定性驱动的。根据我们的理解，我可能错了，但至少在公共图片中展示的Robotaxi也是无踏板和无方向盘的。如果部署这样一种没有踏板或方向盘的车辆，是否有不同的监管担忧，这可能与传统特斯拉车辆上的普通全自动驾驶（FSD）没有区别。谢谢。

Elon Musk 埃隆·马斯克

Well, obviously the real reason that they cancel it is because GM can't make it work, not because the regulators, they're blaming regulators. That's misleading of them to do so, because Waymo is doing just fine in those markets. So it's just that their technology is not far.

显然，他们取消的真正原因是因为通用汽车无法使其运作，而不是因为监管机构，他们在指责监管机构。这种做法对他们来说是误导，因为 Waymo 在这些市场表现得很好。所以只是他们的技术还不够成熟。

George Gianarikas 乔治·吉安纳里卡斯

Right. And maybe just as a follow-up, I think you mentioned, that FSD take rates were up materially after you reduced the price. Is there any way you can help us quantify what that means Exactly? Thank you.

好的。作为后续，我想您提到过，在您降价后，FSD 的接受率显著上升。您能否帮助我们量化一下这具体意味着什么？谢谢。

Vaibhav Taneja 维布哈夫·塔内贾

Yes, we shared the [indiscernible] that there we've seen a meaningful increase. I don't want to get into specific because we started from a low base and -- but we are seeing encouraging results. And the key thing here is, like Elon said, you need to experience it because words can't describe it till the time we actually use it. And that's why we are trying to make sure that every time a car is getting delivered, people are being showed how this thing is working because when you see it working, you realize how great it is.

是的，我们分享了[无法辨认]，我们看到有了显著的增长。我不想具体说明，因为我们起步较低——但我们确实看到了令人鼓舞的结果。关键在于，正如埃隆所说，你需要亲身体验，因为在我们实际使用之前，语言无法描述它。这就是为什么我们努力确保每次交付汽车时，人们都能看到这个东西是如何运作的，因为当你看到它运作时，你会意识到它是多么出色。

I mean, just to give you one example, so again, there's a bias example, but I have a more than 20 mile commute into the factory almost every day. I have zero interventions on the latest stack, and the card just literally drives me over. And especially with the latest version wherein, we are also tracking your eye movement, the steering wheel lag is almost not there as long as you're not wearing sunglasses.

我举个例子，虽然这也是一个偏见的例子，但几乎每天我都有超过 20 英里的通勤到工厂。我在最新的系统上没有任何干预，汽车就真的自己开过去了。尤其是在最新版本中，我们还在追踪你的眼动，只要你不戴太阳镜，方向盘的延迟几乎不存在。

Elon Musk 埃隆·马斯克

Well, we are fixing the sunglasses thing. It's coming soon. So you will be able to drive -- you'll be able to have sunglasses on and have the car drive.

好吧，我们正在修复太阳镜的问题。它很快就会推出。这样你就可以开车——你可以戴上太阳镜，让车子自动驾驶。

George Gianarikas 乔治·吉安纳里卡斯

Yes. 是。

Elon Musk 埃隆·马斯克

So -- but there's number of times I've talked with smart people who like live in New York or maybe downtown Boston and don't ever drive and then ask me about FSD, I'm like, you can just get a car and try it. And if you're not doing that, you have no idea what's going on.

所以——但我和一些聪明的人谈过，他们住在纽约或波士顿市中心，从来不开车，然后问我关于 FSD 的事，我就说，你可以租一辆车试试。如果你不这样做，你根本不知道发生了什么。

这个问题还存在于时间维度，开车占据每个人的时间很少，每天1小时，甚至更少，地铁等同于自动驾驶，早就实现了。

Travis Axelrod 特拉维斯·阿克塞尔罗德

Thank you. The next question comes from Pierre from New Street. Pierre, please unmute yourself.

谢谢。下一个问题来自新街的皮埃尔。皮埃尔，请解除静音。

Ferragu Pierre 费拉古·皮埃尔

Hey, guys. Thank you for taking my question. So it's on Robotaxi again, and I completely get it that with a universal solution, we will get like regulatory approval, we'll get there eventually clicking up miles and compute, et cetera. And my question is more, how you think about deployments, because I'm still like, I'm thinking once you have a car that can drive everywhere, that can replace me, it can replace a taxi, but then to do the right hailing service, you need a certain scale. And that means a lot of cars on the road and so you need an infrastructure to just maintain the cars, take care of them, et cetera. And so my question is, are you already working on that? Do you have already an idea of what, like your plan to deploy looks like? And is that like a test Tesla only plan or are you looking at partners, local partners, global partners to do that? And I'll have a quick follow-up.

嘿，大家好。感谢你们回答我的问题。我的问题是关于机器人出租车的，我完全理解，凭借一个通用的解决方案，我们最终会获得监管批准，逐步积累里程和计算能力等等。我的问题更多是关于部署的思考，因为我仍然在想，一旦你有一辆可以到处行驶的车，它可以取代我，也可以取代出租车，但要提供正确的叫车服务，你需要一定的规模。这意味着路上需要很多车，因此你需要一个基础设施来维护这些车，照顾它们等等。所以我的问题是，你们已经在这方面工作了吗？你们是否已经有了部署计划的想法？这是一个仅限特斯拉的计划，还是你们在寻找本地合作伙伴、全球合作伙伴来实现这一目标？我还有一个快速的后续问题。

Elon Musk 埃隆·马斯克

Yes. This would just be the Tesla network. You just literally open the Tesla app and summon a car and resend a car to pick you up and take you somewhere. And you can -- our -- we'll have a fleet that's I don't know, on order of 7 million dedicated global autonomy soon. In the years come it'll be over 10 million, then over 20 million. This is immense scale. And the car is able to operate 24/7, unlike the human driver. So, the capability to -- like, if there's this basically instant scale with a software update.

是的。这将只是特斯拉网络。你只需打开特斯拉应用程序，召唤一辆车，然后让它来接你并带你去某个地方。我们的车队将很快达到大约 700 万辆专用全球自动驾驶汽车。未来几年将超过 1000 万辆，然后超过 2000 万辆。这是巨大的规模。而且这辆车能够 24/7 运行，不像人类司机。因此，基本上通过软件更新就能实现这种即时规模的能力。

And now this is for a customer on fleet. So you can think of that as being a bit like Airbnb, like you can choose to allow your car to be used by the fleet, or cancel that and bring it back. It can be used by the fleet all the time. It can be used by the fleet some of the time, and then Tesla would take -- would share on the revenue with the customer. But you can think of the giant fleet of Tesla vehicles as like a giant sort of Airbnb equivalent fleet, Airbnb on wheels.

现在这是针对车队的客户。你可以把它想象成有点像 Airbnb，你可以选择允许你的车被车队使用，或者取消这个选择并把车拿回来。它可以一直被车队使用，也可以在某些时候被车队使用，然后特斯拉会与客户分享收入。但你可以把特斯拉的庞大车队想象成一个类似于 Airbnb 的庞大车队，轮子上的 Airbnb。

The -- I mean, then in addition we would make some number of cars for Tesla that would just be owned by Tesla and be added to the fleet. I guess that would be a bit more like Uber. But this would all be a Tesla network. And there's an important clause we've put in, in every Tesla purchase, which is that the Tesla vehicles can only be used in the Tesla fleet. They cannot be used by a third-party for autonomy.

我们还会为特斯拉制造一些车辆，这些车辆将由特斯拉拥有并加入车队。我想这有点像优步。但这将是一个特斯拉网络。我们在每一辆特斯拉的购买中都加入了一个重要条款，即特斯拉车辆只能用于特斯拉车队。它们不能被第三方用于自动驾驶。

Uber搞了10年还在亏损，总觉得跟成本较劲的模式没一个好的。

Ferragu Pierre 费拉古·皮埃尔

Okay. And do you think that scale is like progressively so you can start in a city with just a handful of cars and you grow the number of cars over time? Or do you think there is like a critical mass you need to get to, to be able to offer like a service that is of competitive quality compared to what like the -- like Uber would be typically delivering already?

好的。你认为这种规模是逐步增长的，所以你可以从一个城市开始，只有少量的汽车，然后随着时间的推移增加汽车的数量吗？还是你认为需要达到一个临界质量，才能提供与像 Uber 这样的服务相比具有竞争力的服务？

Elon Musk 埃隆·马斯克

I guess I'm not -- maybe I'm not conveying this correctly. The entire Tesla fleet basically becomes active. This is obviously maybe there's some number of people who don't want their car to own money, but I think most people will. It's instant scale.

我想我可能没有正确表达。整个特斯拉车队基本上变得活跃。这显然可能有一些人不希望他们的车赚钱，但我认为大多数人会愿意。这是即时的规模。

Travis Axelrod 特拉维斯·阿克塞尔罗德

Thank you. Our next question comes from Colin from Oppenheimer. Colin, please unmute yourself.

谢谢。我们的下一个问题来自 Oppenheimer 的 Colin。Colin，请解除静音。

Colin Rusch 科林·鲁施

Sorry about that guys. I've got two questions around energy storage. With the tight supply and the stationary storage, can you talk about your pricing strategy and how you're thinking about saturation and given geographies given that some of these larger systems are starting to shift wholesale power markets in a pretty meaningful way quickly?

抱歉，大家。我有两个关于能源存储的问题。在供应紧张和固定存储的情况下，你能谈谈你们的定价策略，以及你们如何考虑饱和度和特定地区吗？因为一些较大的系统开始迅速以相当重要的方式改变批发电力市场。

Vaibhav Taneja 维布哈夫·塔内贾

So, I mean, we are working with a large set of players in the market and our pipeline is actually pretty long. And there's actually very -- there's actually long end in terms of where you enter into a contract where delivery started -- starts happening. And so far we have good pricing leverage. And now Mike, chime in on this too.

所以，我的意思是，我们正在与市场上大量的参与者合作，我们的项目管道实际上相当长。而且在签订合同和交付开始之间的时间实际上也很长。到目前为止，我们有很好的定价杠杆。现在，迈克，你也来谈谈这个。

Unidentified Company Representative

未识别的公司代表

Yes, I mean there's a lot of competition from Chinese OEMs just like there is in the vehicle space. So we're in close contact with our customers and making sure that we're remaining competitive in where they're needing to be competitive to, to secure contracts to sell power and energy in the markets. We had a really strong contracting quarter and continue to build our backlog for 2025 and 2026. So we feel pretty good about where we are in the market. We realize that competition is strong, but we have a pretty strong value proposition with offering a fully integrated product with our own power electronics and site level controls. So …

是的，我的意思是，来自中国 OEM 的竞争非常激烈，就像在汽车领域一样。因此，我们与客户保持密切联系，确保在他们需要竞争的领域保持竞争力，以确保获得销售电力和能源的合同。我们在合同签署方面表现强劲，并继续为 2025 年和 2026 年积累订单。因此，我们对自己在市场上的位置感到相当满意。我们意识到竞争很激烈，但我们提供的全套集成产品以及我们自己的电力电子和现场控制系统具有很强的价值主张。所以……

Vaibhav Taneja 维布哈夫·塔内贾

Yes, and again, the aspect which people miss do not fully understand is that there's also a whole software stack, which comes with from Megapack, right? And that is a unique proposition which we -- which is only available to us, and we are using it with other stuff too, but that gives us a much more of an edge as compared to the competition.

是的，再次强调，人们常常忽视或不完全理解的一个方面是，Megapack 还附带了整个软件堆栈，对吧？这是一种独特的提议，只有我们能够获得，我们也在与其他东西一起使用，但这使我们相较于竞争对手具有更大的优势。

Elon Musk 埃隆·马斯克

Yes, we find customers that they can sort of put together a hodgepodge solution. And so, and then sometimes they'll pick that solution, and then that doesn't work. And then they come back to us.

是的，我们发现客户可以拼凑出一种杂乱的解决方案。有时他们会选择这个解决方案，但结果并不奏效，然后他们又会回来找我们。

Unidentified Company Representative

未识别的公司代表

Yes, and we're not really seeing saturation for like, on a global scale. There's little pockets of saturation in different markets, but we're more seeing that there's markets opening up given demand on the grid just continues to increase more than anyone expects. So that just opens up markets, really across the world in different pockets.

是的，我们并没有在全球范围内看到饱和。不同市场中有一些小的饱和区域，但我们更多地看到的是，由于电网上的需求持续超出预期，市场正在开放。因此，这实际上在世界各地的不同区域打开了市场。

Vaibhav Taneja 维布哈夫·塔内贾

Yes, I mean just even on the AI computer side, right? These GPUs are really powerful already and the amount of new pipeline, which we're getting for people for data center backup and things like that is increasing at a pretty large scale.

是的，我是说即使在人工智能计算机方面，对吧？这些 GPU 已经非常强大，而我们为数据中心备份等提供的新管道的数量正在以相当大的规模增加。

Colin Rusch 科林·鲁施

Yes. Thanks. And then the follow-up here is 4680 process technology and the role to role process. There's some news around your equipment suppliers. Can you talk about how far along you are in, in potentially qualifying an incremental supplier around some of that, those critical process technology steps?

是的。谢谢。接下来的问题关于4680工艺技术以及角色对角色的工艺流程。有关您的设备供应商有一些新闻。您能谈谈您在可能确认一个额外供应商参与其中一些关键工艺技术步骤方面的进展情况吗？

Lars Moravy 拉尔斯·莫拉维

Yes, I can talk about that. As you're probably referring to the lawsuit that we have with one of our suppliers, look, I don't think this is going to affect our ability to roll out 4680. We have very strong IP position in the technology and the majority of the equipment that we use is in-house designed and some of it's in-house build. And so we can take our IP stack and have someone else build it if we need to. So it's, that's not really a concern right now.

是的，我可以谈谈这个。你可能指的是我们与一个供应商之间的诉讼。看，我认为这不会影响我们推出 4680 的能力。我们在这项技术上拥有非常强的知识产权地位，而且我们使用的大部分设备都是内部设计的，其中一些是内部制造的。因此，如果需要，我们可以将我们的知识产权堆栈交给其他人来制造。所以，这目前并不是一个问题。

Elon Musk 埃隆·马斯克

Yes. I, I think people don't understand just how much demand there will be for grid storage. They really just like the [indiscernible] I think are underestimating this demand by probably orders magnitude. So that the actual energy, total energy output of, say the U.S grid is if the power plants can operate a steady state is at least two to three times, the amount of energy it currently produces, because there are a huge gap. There's a huge difference in the -- from peak to trough in terms of energy of power generation.

是的。我认为人们并不真正理解电网储能的需求会有多大。他们真的就像[听不清]我认为他们可能低估了这种需求，可能相差几个数量级。所以，比如说美国电网的实际总能量输出，如果发电厂能够以稳定状态运行，至少是目前产出能量的两到三倍，因为存在巨大的差距。在能源发电的高峰和低谷之间存在巨大的差异。

So in order for a grid to not have blackouts, it must be able to support the load at the worst minute of the worst day of the year, the coldest or hottest day, which means that for the rest of the time, the rest of the year, it's got massive excess power generation capability, but it has no way to store that energy. Once you add battery packs, you can now run the power plants at steady state. Steady state means that basically any given grid anywhere in the world can produce in terms of cumulative energy in the course of the year, at least twice what it is currently producing in some cases, maybe three times.

为了让电网不出现停电，它必须能够在一年中最糟糕的一天的最糟糕的一分钟，即最冷或最热的一天，支撑负荷。这意味着在其他时间，一年中的其他时间，它拥有巨大的过剩发电能力，但它没有办法储存这些能量。一旦你加上电池组，现在你可以让发电厂以稳定状态运行。稳定状态意味着基本上世界上任何给定的电网在一年的过程中，至少可以产生目前产量的两倍，在某些情况下可能是三倍的累积能量。

有可能是白痴指数比较高的领域。

Travis Axelrod 特拉维斯·阿克塞尔罗德

All right. Thank you, Elon. The next question comes from Colin Langan from Wells Fargo. Colin, please unmute yourself.

好的。谢谢你，埃隆。下一个问题来自富国银行的科林·兰根。科林，请解除静音。

Colin Langan 科林·兰根

Oh, great. Thanks for taking my questions. Do you hear me?

哦，太好了。谢谢你回答我的问题。你听到我吗？

Travis Axelrod 特拉维斯·阿克塞尔罗德

Yes. 是。

Colin Langan 科林·兰根

Yes. Sorry. I guess when we are going to ask, if Trump wins, there's a higher chance that IRA could get cut. I think Elon, you had commented online that Tesla doesn't survive on EV subsidies. But when Tesla lose a lot of support if IRA goes away? I think model Y3 and Y get IRA help for customers, and I think your batteries get production tax credits. So, just one, can you clarify if the end, if IRA ends, would it be a negative for your profitability in the near-term? Why might it not be a negative? And then, any framing of the current support you get, IRA-related?

是的。抱歉。我想当我们问到，如果特朗普赢了，IRA 被削减的可能性更高。埃隆，我记得你在网上评论过，特斯拉并不依赖电动车补贴。但如果 IRA 消失，特斯拉会失去很多支持吗？我认为 Model Y3 和 Y 得到了 IRA 对客户的帮助，我认为你们的电池也获得了生产税收抵免。所以，首先，你能否澄清一下，如果 IRA 结束，这对你们的短期盈利能力会是负面影响吗？为什么这可能不是负面影响？然后，关于你们目前获得的 IRA 相关支持的任何框架？

Elon Musk 埃隆·马斯克

I guess that there would be like some impact, but I think it would be devastating for our competitors. But -- and it would hurt Tesla slightly. But long-term probably actually helps Tesla would be my guess. Yes -- but I've said this before on earnings calls, it -- the value of Tesla overwhelmingly is autonomy. These other things are in the noise relative to autonomy. So I recommend anyone who doesn't believe that Tesla will solve vehicle autonomy should not hold Tesla stock. They should sell their Tesla stock. You should believe Tesla will solve autonomy, you should buy Tesla stock. And all these other questions are in the noise.

我想这会有一些影响，但我认为这对我们的竞争对手来说将是毁灭性的。不过——这对特斯拉会有些伤害。但从长远来看，实际上可能对特斯拉有帮助，这是我的猜测。是的——但我在财报电话会议上之前说过，特斯拉的价值主要在于自动驾驶。相较于自动驾驶，这些其他事情都是噪音。因此，我建议任何不相信特斯拉会解决车辆自动驾驶的人都不应该持有特斯拉股票。他们应该卖掉他们的特斯拉股票。你应该相信特斯拉会解决自动驾驶，你应该买入特斯拉股票。所有这些其他问题都是噪音。

补贴是噪音是对的，只是自动驾驶的价值值得怀疑，看着不怎么惊艳，没有自动驾驶也没什么影响，很多人还可能喜欢自己开。

Vaibhav Taneja 维布哈夫·塔内贾

Yes, I mean, I'll add this just to clarify a few things that -- at the end of the day, when we are looking at our business, we've always been looking at it whether or not IRA is there and we want our business to grow healthy without having any subsidies coming in, whichever way you look at it. And that's the way we have always modeled everything. And that is the way internally also even when we are looking at battery costs, yes, I --, there are manufacturing credits which we get, but we always drive ourselves to say, okay, what if there is no higher benefit and how do we operate in that kind of an environment? And like Elon said, we definitely have a big advantage as compared to a competition on that front. We've delivered it and you can see it in the numbers over the years. Like, so there is you cannot ignore the fundamental size of the business. And then on top of it, once you add autonomy to it, like even said, it becomes meaningless to you think about the short-term.

是的，我的意思是，我会补充一些内容以澄清几点——归根结底，当我们审视我们的业务时，我们一直在考虑无论 IRA 是否存在，我们希望我们的业务健康增长，而不依赖任何补贴，无论你从哪个角度看。这就是我们一直以来的模型方式。在内部，当我们考虑电池成本时也是如此，是的，我——我们确实获得了制造信用，但我们总是要求自己思考，如果没有更高的利益，我们该如何在那种环境中运营？正如埃隆所说，在这一方面，我们与竞争对手相比确实有很大的优势。我们已经实现了这一点，你可以在多年来的数字中看到这一点。所以，你不能忽视业务的基本规模。然后，一旦你将自主性加入其中，正如他所说，考虑短期变得毫无意义。

Travis Axelrod 特拉维斯·阿克塞尔罗德

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

好的。我想这不幸是我们今天所有的时间了。我们感谢你们所有的问题。我们期待在下个季度与你们交谈。非常感谢，再见。

Elon Musk 埃隆·马斯克

That's excellent. 那太棒了。

2024-07-23 Tesla, Inc. (TSLA) Q2 2024 Earnings Call Transcript

2024-07-23 Tesla, Inc. (TSLA) Q2 2024 Earnings Call Transcript

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