Auto Exec: "Industry in Turmoil" / Tesla HW3: Time to Upgrade? / FSD 12.5 First Drive ⚡️

Welcome to Electrified, it's your host, Dylan Loomis. Quick shout out to my newest patron, Kerry. Thank you for choosing to support the channel. CERNBasher on X had a great framing of Tesla's regulatory credit sales, and no matter what happens with these in the future, they are very real right now. Since inception, Tesla has spent a total of $5.1 billion on compute, both spending on AI infrastructure and computer equipment, hardware and software. Meanwhile, over just the last three years, Tesla has received a reg credit revenue of $5.5 billion, which is how you draw the conclusion Tesla's competition has paid for Tesla's entire compute spend. And at the core, it's really that compute capacity, both the hardware and the software that is eventually going to allow Tesla to turn its current fleet of nearly 7 million vehicles into ongoing profit generators for all of its vehicles that will eventually be added to the Tesla RoboTaxi network that Tesla will take a portion of those profits from.

欢迎来到Electrified，我是你们的主持人Dylan Loomis。先感谢一下我的新赞助者Kerry，谢谢你选择支持这个频道。X平台上的用户CERNBasher对特斯拉的监管信用销售做了很好的解读，不管未来会发生什么，现在这些收益都是非常真实的。自公司成立以来，特斯拉在计算方面总共花费了51亿美元，包括在人工智能基础设施和计算设备上的支出，硬件和软件方面都有。同时，仅在过去三年里，特斯拉就获得了55亿美元的监管信用收入，由此得出结论，特斯拉的竞争对手实际上支付了特斯拉在计算方面的全部开支。核心是，这些计算能力，包括硬件和软件，最终将使特斯拉能够将其当前的近700万辆汽车车队转变为持续盈利的产物，这些车辆最终会加入特斯拉的RoboTaxi网络，从中获利，而特斯拉将从这些利润中分一杯羹。

And as you'll see toward the end of the video, there's a reasonable chance these reg credits stay part of Tesla's business for years to come. If you're not already following CERN, I would encourage you to do so. I'll have his X profile linked below. Sawyer wasn't touched with the Tesla owners of Kentucky, and the word is that soon, Kentucky will finally allow Tesla to sell vehicles direct to customers in the state. The post said, after several, back and forth talks between Tesla and the Kentucky Motor Vehicle Commission were excited to announce Tesla will soon be offering direct sales in Kentucky. We don't know when this will go into effect, but when it does, no more need for any of these prospective Tesla owners to have to drive a few hours out of state to pick up their vehicle thanks to outdated franchise laws.

如您会在视频末尾看到的，特斯拉的监管积分可能会在未来几年内继续是其业务的一部分。如果您还没有关注CERN，我建议您关注。我会在下方链接他的X平台个人资料。Sawyer并未与肯塔基州的特斯拉车主接触，据说肯塔基州很快将允许特斯拉直接向客户销售车辆。帖子指出，经过特斯拉和肯塔基州机动车辆委员会的多次讨论，我们很高兴地宣布，特斯拉很快将在肯塔基州提供直接销售服务。我们不知道这一政策何时生效，但一旦生效，这些潜在的特斯拉车主就不再需要因过时的特许经营法驾车数小时到外州提车了。

The poll for Tesla to invest in XAI has closed, and Elon responded to it saying, looks like the public is in favor, will discuss with the Tesla board. But if you've been following along, you may remember late last year, Elon said the same thing, will discuss with the Tesla board when Jason DeBolt and Dave Lee were talking about a partnership between Tesla and XAI. Just wanted to say there are no guarantees this leads to anything, and it definitely doesn't mean it's going to be in the next few weeks. And when you factor in what the Tesla board just got done dealing with for the majority of the first half of this year with Elon's compensation plan case in Delaware, they may want to proceed with a bit more caution, maybe a bit more pushback on Elon's ideas, and at the very least, going a lot further to actually fully inform all of the investors for any vote that would happen.

特斯拉是否投资于XAI的投票已经结束，埃隆回应表示，看来公众是支持的，他会与特斯拉董事会讨论此事。但如果你一直在关注，你可能记得去年年底，埃隆也曾说过同样的话，说会在Jason DeBolt和Dave Lee讨论特斯拉与XAI的合作关系时与董事会讨论。只是想说，这并不能保证一定会有什么结果，而且肯定不会在接下来的几周内发生。而且考虑到特斯拉董事会在今年上半年大部分时间里一直在处理埃隆在特拉华州的薪酬计划案件，他们可能会更加谨慎地推进这些事情，对埃隆的想法可能会有更多的反对意见，至少，他们会更加努力地完全告知所有投资者任何将要进行的投票。

Personally I'm a lot more excited about a Tesla and XAI partnership or investment from a 3-6 year time period than I am for the next 3 years. The main reason for that is the valuations for some of these AI startups are certainly debatable and that boils down to the fact that they're spending a ton of money on compute but there still hasn't been a lot of proving it when it comes to being able to earn money. The word is open AI may be doing a few billion in revenue per year but what type of profit are they doing from that still a question. Elon has said before that the CapEx required for compute alone is going to be a few billion dollars a year just to be in the game. The hardware, the software, the cooling, the data centers, the energy use, it's not a cheap business.

就个人而言，我对特斯拉和XAI在未来3-6年内的合作或投资感到更兴奋，而不是接下来的3年。主要原因是，有些AI初创公司的估值确实存在争议，这归结于他们在计算方面投入了大量资金，但在盈利能力方面还没有得到充分证明。据说OpenAI每年的收入可能是数十亿美元，但他们能从中获得多少利润仍是个问题。埃隆曾经说过，仅仅为了参与竞争，每年的计算资本支出就需要数十亿美金。硬件、软件、冷却系统、数据中心、能源消耗，这不是一个便宜的行业。

This Mike P on X who historically has been very critical of Tesla's FSD really changed his tune with 12.5. He said that was by a long shot the most incredible FSD experience I've ever had. The rest was not family friendly but I really just wanted to highlight what Elon said, still some issues with this release but you can see the magic already. We're pushing it out only to those who have requested advanced releases for regular users 12.5.3 is probably suitable for wide release. Replying to Chuck Cook, Elon said we have yet to unlock the full potential of hardware 4 that may enable up to a further 8x increase in parameters. I know many hardware 3 owners out there are starting to get antsy feeling like they're going to get left in the dust.

在X平台上，Mike P以往一直对特斯拉的完全自动驾驶（FSD）持批评态度，但他在12.5版本发布后改变了看法。他说这是迄今为止最令人惊叹的FSD体验。尽管他说的其他内容不适合家庭讨论，但我主要想强调的是埃隆·马斯克的话。尽管这个版本仍然存在一些问题，但你已经可以看到其中的惊艳之处。我们仅将其推送给那些请求提前发布的用户，而对于普通用户，12.5.3版本可能更适合大范围发布。在回复Chuck Cook时，埃隆说我们还没有完全解锁硬件4的全部潜力，可能会使参数增加多达8倍。我知道许多硬件3的用户已经开始担心他们会被落在后面。

Personally I would not be there just yet. I would wait at least a few weeks to see how the Tesla AI team can optimize things and as we've heard the plan is still to get 12.5 working for hardware 3. And trust me the last thing I'd ever want to do is to throw salt in anybody's wounds right now but I will be honest in that this is the one hardware item that I personally think it's sometimes worth waiting for if you're considering buying a Tesla. Full disclosure, getting hardware 4 was a significant part of the reason I waited even longer to eventually get a Tesla. And I know not everybody has the luxury of waiting but I did want to get that out there for the future as we head toward AI5 chatter just something to keep in the back of your mind if you have the ability to wait. One last encouragement if you do have hardware 3, don't forget it's in Tesla's best interest to make sure that all of those hardware 3 vehicles will eventually be capable of becoming a Robotaxi. That's a significant part of the fleet so I'm very confident Tesla will do everything in its power to make sure that can happen for hardware 3 as well. It's just looking like it may take some extra time to do so.

我个人现在还不会急着入手。我会至少再等几周，看看特斯拉的AI团队能如何优化，毕竟他们的计划是要让硬件3支持12.5系统。相信我，现在我最不愿意做的事情就是在别人伤口上撒盐，但我要诚实地说，这是唯一一个硬件项目，我认为如果你考虑购买特斯拉，有时值得等待。坦白说，我等待更久才买特斯拉的一个重要原因就是想要硬件4。我知道不是每个人都有等待的奢侈条件，但当我们面向AI5讨论时，我希望你能把这一点放在心里，如果你有能力等待的话。最后，如果你已经有硬件3，不要忘了特斯拉也有很大动力确保这些硬件3的车辆最终能够成为机器人出租车。这是车队的重要组成部分，所以我非常有信心，特斯拉会尽全力确保硬件3也能实现这一目标。不过，看起来可能需要一些额外的时间。

This right here should be arguments 1 through 3 for the Tesla needs to advertise camp. Alex said I can't believe some people don't believe in FSD to which Elon said most people have no idea it exists. If this is what Elon really believes then why not spend a few million dollars at a minimum to make some ads showing the benefits of FSD. Elon said technically actually SmartSummon is separate code from 12.5 but it'll be bundled with 12.5.x next month. Something tells me if this works well and reliably it's going to become a very powerful marketing tool so many videos will end up going viral. The reactions of people alone in the parking lots when they look into a Tesla and realize there's nobody in the driver's seat they should be priceless. I'm not sure how Tesla will handle it from an accounting standpoint but actually SmartSummon and Banish are some of the last features for the full FSD suite. Which means releasing those features may allow Tesla to recognize more of that FSD revenue upfront rather than deferring it.

这段文字正是支持特斯拉需要做广告的理由1到3。Alex说他不敢相信有些人不相信完全自动驾驶（FSD），对此Elon回应说大多数人根本不知道它的存在。如果Elon真的这样认为，为什么不至少花几百万美元来做一些广告，展示FSD的好处呢？Elon还说，技术上讲，智能召唤（SmartSummon）实际上是独立于12.5代码的，但它会在下个月与12.5.x版本捆绑发布。如果智能召唤运行良好且可靠，它将成为一个非常强大的营销工具，许多视频将会变得病毒式传播。人们在停车场看到一辆特斯拉，然后发现驾驶座上没有人时的反应应该是无价的。我不确定特斯拉会如何在会计上处理此事，但实际上智能召唤和驱散（Banish）都是完全自动驾驶套件的最后一些功能之一。这意味着推出这些功能可能会使特斯拉能够提前确认更多的FSD收入，而不是将其延后。

We've been talking about deferred revenue on the energy side but don't forget on the auto side mainly it's from Tesla's FSD and at the end of quarter 2 that balance sits at 3.66 billion dollars. And of that balance Tesla expects to recognize 940 million dollars of revenue in the next 12 months. James Downa said 12.5 has started going out to model 3 vehicles as well but as far as I know it's still only AI4. Which again if you missed yesterday's video was hardware 4. To James Downa Robert was asking what type of parameter counts will hardware 3 be able to handle. James said Tesla probably is not near the theoretical limit of performance it takes crazy amounts of software development to get there. Hardware 3 is too recent and most performance enhancement is not linked to parameter count anyway. Small models can have big performance hardware 4 can get to higher performance with less development so it can get there sooner but hardware 3 has a long way to go before it becomes impractical to keep improving performance on it. Simply put Tesla may need to spend some extra engineering time and resources on optimizing 12.5 for hardware 3 but as I said I think they're still heavily incentivized to make that investment. But as we like to say here patience will likely be required.

我们一直在讨论能源方面的递延收入，但不要忘记汽车方面，主要来自特斯拉的全自动驾驶（FSD）。截至第二季度末，这一余额为36.6亿美元。而在这个余额中，特斯拉预计将在接下来的12个月内确认9.4亿美元的收入。James Downa说，版本12.5已经开始部署到Model 3车辆，但据我所知，这仍然是硬件4（AI4）。再次提醒，如果你错过了昨天的视频，硬件4就是我们所说的硬件版本4。针对James Downa，Robert问到硬件3能够处理多少参数。James表示，特斯拉大概还没有接近性能的理论极限，要达到这些极限需要大量的软件开发工作。硬件3相对较新，而且大多数性能提升与参数数量没太大关系。小型模型可以有很高的性能，而硬件4则可以在较少开发时间内达到更高性能，因此它可以更快实现目标，但硬件3离无法提升性能还有很长一段距离。简单来说，特斯拉可能需要额外花费一些工程时间和资源来优化硬件3上的版本12.5，但正如我所说，我认为他们依然有极大的动力去做这项投资。不过，正如我们喜欢说的，可能需要一些耐心。

To those of you stuck on 12.3.6 I really do feel for you I do now have 12.5 and have been able to test it for about 4 or 5 hours so far. As I was expecting it's really good but it's not perfect however there were significant and noticeable improvements for me from 12.3.6. I'm just going to show you two quick clips from my first drive. Oh looks like this road is actually closed I don't know if it's going to realize that there's cones over there. I don't see a sign though. I also really like testing this out but I had 3.6 long enough to know what it was about. And there are cones and it probably would have driven right through those cones.

对于那些还停留在12.3.6版本的人，我真的很能理解你们的感受。目前我已经拿到12.5版本，并且已经测试了大约4到5个小时。正如我预期的那样，这个版本确实很好，但还不完全完美。不过，相比12.3.6版本，我确实看到了显著和明显的改进。现在我打算给大家看两个我首次驾驶时录的短片。 哦，看起来这条路实际上已经封闭了，我不知道它是否会识别到那边有锥形路标。我也没看到任何标志。我非常喜欢测试这个新版本，但我使用12.3.6版本的时间也够长，所以很清楚它的情况。而且，我看到路上有锥形路标，12.3.6可能会直接开过去。

Oh boy I wonder if people are going to say you disengaged too early. I kind of want to try that again because huh yeah I think I'm going to try that again. But oh okay so yeah it's ignoring the navigation which would basically take it to the right. It has it doing a u-turn there which obviously doesn't need to this is a shorter out so I got to be ready for this one to see if it's going to recognize these cones this time or not so this is going to be attempt number two. This time it took to turn a little bit wider and did get around them I didn't do anything. So I was ready to go.

哦，天呐，我在想大家会不会说你过早退出了。我有点想再试一次，因为，嗯，是的，我觉得我要再试一次。但是，哦，好吧，所以，是的，它忽略了导航，按导航基本上要右转的。它在那边做了个掉头，但显然不需要，这里是更短的路线，所以我必须准备好，看看这次它是否会识别这些锥形标。这是第二次尝试。这次它转得稍微宽了一点，绕过了那些锥形标，我什么也没做。所以我已经准备好了。

Took the turn wider now let's see what happens though because it might go straight through this lane you're not this is not even a lane you're not supposed to be doing this. So what do you guys think the second time around did it just get lucky that it happened to take that turn a bit wider or did it actually learn from the first disengagement just a few minutes before. And just to show you in case you missed it the first time this right here is not actually a lane this is a no drive zone this lane is right turn only. But with 12.3 this was a problem every single time here's 12.5.

现在转弯更宽了，让我们看看会发生什么，因为它可能会直接穿过这个车道。不过，这里其实不是一个车道，你不应该这样做。那么你们觉得第二次尝试怎么样？它只是因为偶然转得宽了一点而幸运通过，还是它实际上从几分钟前的第一次失败中学到了东西？为了给你们展示一下，万一你们第一次没注意到，这里实际上不是一个车道，这是一个禁止行驶区，这个车道只能右转。但在版本12.3中，这每次都是问题，现在是12.5版本。

So you can see if we go straight this lane turns into a left turn lane only for the highway. So it's it should get over to the right to go straight but there's cars to my right so this should be interesting. I'm guessing it's just going to again go straight through this left turn lane which is illegal. Or now it's trying to turn right and it does at the last minute but now it would always get in this right turn lane this is a right turn only lane and it needs to be in the left lane and it's not but it is actually getting over this time before it would just drive through those white lines without a signal.

所以你可以看到，如果我们一直走，这条车道会变成一个只能左转上高速的车道。所以我们应该往右边并道才能继续直行，但我右边有车，所以情况会有点复杂。我猜车子可能会继续走在这个只能左转的车道上，这是违规的。或者现在它试图在最后一刻右转，但这样它总是会进入只能右转的车道，而它应该在左边的车道。不过这次它确实在白线前并道了，以前它会不打信号直接穿过那些白线。

So that was better than before not perfect but I'll take it. I kind of want to go try that again so that's exactly what I'm going to do but he's staying behind us and this time it's getting over earlier so that's good. So that's very promising now this turns into a right turn only so it should be getting left right now and it's not and again it's in this right turn only lane but it's realizing it now signaling and getting over so that is definitely a significant improvement from 12.3.6. Overall though it is indeed noticeably smoother than 12.3.6 and I was only out today with traffic for about an hour or so but I had zero disengagements there are still times when I'll press on the accelerator to get it up to speed and then it usually does hold the speed there.

所以，这比以前要好，虽然不完美，但我能接受。我有点想再试一次，所以我就真的去做了，但他留在我们后面，这次提前结束了，这很好。这非常有希望，现在这里变成了仅供右转的车道，所以它应该现在就向左转，但它没有，这次它在仅供右转的车道上，但它意识到了，打信号并换道，这是比12.3.6版本显著的改进。但是，总体来说，它确实比12.3.6版本流畅了很多。我今天只在有交通的情况下开了大约一个小时，但我没有一次需要干预操作。有时我会踩下油门让它提速，然后它通常会保持那个速度。

I'll be honest with what was happening with 12.4 I thought there was a world where maybe Tesla got stuck learning how to train these nets for a few weeks or months but with 12.5 that fear for me is mostly gone and very encouraged with this release and I know I know it's a very small sample size but I'm considering taking a small road trip this weekend just to put it through its paces. The ability to accelerate your Cybertruck delivery for 30,000 referral credit points is now back. JD Power just put out its 2024 appeal study and you know how I feel about JD Power but just hitting the highlights. It stands for Automotive Performance Execution and Layout. It measures how well each new vehicle provides positive experiences with design, performance, safety, usability, comfort, perceived quality and beyond. This is for new vehicle owners after 90 days of ownership. This study has been around for decades and they usually get between 80 and 100,000 responses. On a 1000 point scale for the premium category Porsche, Jaguar and Land Rover led the way, the premium average was 870 points. Tesla is still not officially rank eligible but their score would have been right in line with the average at 870. Vivian was 900 and Polestar was 839, the lowest on the list. In the summary though listen to what they said for full EVs, recent launches from traditional manufacturers have surpassed perennial leader Tesla when it comes to owners level of emotional attachment and excitement with their new vehicle. Their takeaways across all fuel types, emotional satisfaction is highest among owners of non-Tesla EVs with a score of 877. Tesla remains strong for satisfaction among its loyal buyers but is lackluster with conquest buyers. Newer EVs are achieving higher appeal scores due to improved battery range and better interior materials.

我直说吧，关于12.4版本的情况，我有点担心特斯拉可能需要几周甚至几个月才能学会如何训练这些网络，但是到了12.5版本，我的担忧基本消失了，对这个版本的发布感到非常鼓舞。我知道，这只是一个非常小的样本，但我正在考虑这个周末去做一个小小的公路旅行，来看看它的表现。 现在，只要有30000推荐积分，就可以加快你的Cybertruck送货速度。JD Power刚刚发布了2024年的车型吸引力研究，你知道我对JD Power的感受，但我们来看一下重点。这个研究代表汽车性能、执行与布局，它衡量每辆新车在设计、性能、安全性、可用性、舒适性、感知质量等方面带来的积极体验。这个研究针对的是新车车主在拥有车辆90天后的反馈。这个研究已经进行了数十年，他们通常会收到8到10万份回应。 在1000分的评分表上，保时捷，捷豹和路虎在高端车型中名列前茅，高端车型的平均分是870分。特斯拉还不能正式排名，但他们的得分应该与平均分870分相当。Vivian得了900分，而Polestar得了839分，是榜单上最低的。但是听听他们在总结中对全电动车的评论吧：传统制造商最近推出的车型在车主的情感依恋和对新车的兴奋度上已经超过了常年的领导者特斯拉。所有燃料类型的结论是，非特斯拉电动车的车主在情感满意度上得分最高，为877分。特斯拉在忠实用户中的满意度依然很高，但在征服新市场方面表现平平。更新的电动车由于电池续航里程的改进和更好的内饰材料，获得了更高的吸引力评分。

I'm speculating here but we know these traditional automakers are selling full EVs in very low quantities. It's likely still the very loyal either Ford, GM or Stellantis traditionalists who will like any vehicle that automaker puts out. Just like Tesla has its core group of raving fans, believe it or not, other companies do as well. It's just now with a volume Tesla is doing of course, some of those customers aren't necessarily going to be hardcore Tesla fans, it's more of your average consumer. I'm not at all trying to make excuses for Tesla, they're not a perfect company and they're not for everyone, just something to keep in mind. Yeah and I think this is like the complications of modeling this out are one of the reasons why it's probably gone unnoticed. So we've got this really big increase in deployments, quarter over quarter, which translates to the huge increase in revenue but it's not just that, it's this $1.4 billion increase in revenue quarter over quarter plus the $1.8 billion that Bradford highlighted that's going to be kind of future revenue. So I think what a lot of analysts might be doing is simply taking the total energy revenue, let's say this was $3 billion, dividing that by the deployments and saying okay, Tesla selling for $321 per kilowatt hour. Meanwhile, we know that their average pricing has been more like $450, $4, $64, $70 per kilowatt hour. So the fact that you've got this kind of big hole in your ASP is actually very supportive of the fact that you have this big component of the ASP, which is tied to the UPL. If you'd like to learn more about Tesla energy, I highly encourage this video from Matt Smith, Bradford Ferguson and Tesla Larry on the Rebellion Air channel, also on YouTube. And if you don't know what Tesla UPLs are, I would go back and watch yesterday's video. Tesla is continuing to expand its footprint in and around Austin this time they're planning to lease a 183,000 square foot building that is accessible via train. The site is near an area that Tesla has used to ship its finished models by rail. One of these times, I'm fully expecting one of these buildings or leases to be the first Robotaxi hub where they come to charge, get cleaned, etc. The article said it's unclear how Tesla will use this location. By the way, I'm not predicting I think this will be that Robotaxi hub, but it's coming at some point.

让我试着翻译一下，尽量让意思清晰易读： “我在这里只是猜测，但我们知道这些传统汽车制造商正在以非常低的数量销售纯电动车。很可能仍然是那些非常忠诚的福特、通用汽车或Stellantis的传统用户，他们会喜欢这些制造商推出的任何车辆。就像特斯拉有一群狂热的粉丝一样，相信或不信，其他公司也有。只是现在特斯拉的销量非常大，当然，其中一些客户不一定是特斯拉的铁杆粉丝，更像是普通消费者。我不是在为特斯拉找借口，他们并不是一家完美的公司，也不是适合所有人，只是这一点值得记住。是的，我认为这就是建模时的复杂性，是其可能被忽视的原因之一。所以我们看到部署量大幅增加，季度环比，这转化为巨大的收入增长，但不仅仅是这样，还有季度环比增长的14亿美元收入，加上布拉德福德提到的18亿美元，这将成为未来的收入。因此，我认为很多分析师可能只是简单地将总能源收入，假设这是30亿美元，除以部署量，然后说特斯拉每千瓦时售价为321美元。同时，我们知道他们的平均售价一直更像450、464、470美元每千瓦时。因此，事实证明你有一个很大的平均售价缺口，实际上很好地支持了平均售价的一大部分是与UPL（未完成义务）相关的。如果你想了解更多关于特斯拉能源的信息，我强烈推荐Rebellion Air频道上的Matt Smith、Bradford Ferguson和Tesla Larry的视频，也在YouTube上。如果你不知道什么是特斯拉UPL，建议看看昨天的视频。特斯拉继续扩大在奥斯汀及周边的足迹，这次他们计划租赁一个占地18.3万平方英尺的建筑，该建筑可以通过火车到达。这个地点靠近特斯拉用于通过铁路运送成品车型的区域之一。我完全预期某一次，这些建筑或租赁中的一个会成为第一个Robotaxi中心，在那里可以充电、清洁等。文章说目前不清楚特斯拉将怎样使用这个地点。顺便说一下，我不是在预测这将是那个Robotaxi中心，但它总会出现的。”

Previously, Volvo said it would not sell a single car globally after 2030 that would not be fully electric. Now they're saying it's going to take time to bridge different parts of the world for full electrification. A Volvo dealer said Volvo has gotten way out over their skis with this EV-only strategy. This dealer must be listening to electrified. In the first half of this year, deliveries of Volvo's electrified vehicles were down to 1,900 down 74%. The dealer said Volvo now realizes it cannot be successful without plug-in hybrids and mild hybrids. Stellantis still has some of the highest days of supply numbers in the industry. If you look at the US, this is a spot where our days of sales are still over 90.

之前，沃尔沃曾表示，到2030年后将不再在全球销售任何非全电动汽车。但现在他们表示，要实现全球范围内的全面电动化还需要时间来弥合不同地区的发展差距。一位沃尔沃经销商表示，沃尔沃在推行全电动汽车策略上走得太远了。这位经销商可能正在关注电动车市场。今年上半年，沃尔沃电动车的交付量下降到了1900辆，降幅达74%。经销商指出，沃尔沃现在意识到，如果没有插电式混合动力车和轻度混合动力车，它就无法取得成功。Stellantis在行业中仍然拥有一些最高的库存天数。如果你看美国市场，他们的销售周期仍然超过90天。

Tesla is at 18. Stellantis, which has been hanging its hat on profitability, had its net income fall 48% in the first half of this year. Its operating margin also dipped below its goal of 10%. Margins declined most significantly in North America and now they're going to reduce production in North America. If you missed it, GM is now delaying production of its electric pickups at its Orion plant until mid-2026, pushing him back roughly half a year. GM is also delaying Buick's first EV for the North American market. That vehicle was likely to come from China and thanks to the new tariffs, that's likely why it's at least delayed they did not give a new time frame so I won't be surprised if it doesn't come at all.

特斯拉目前（的市值）是18（亿美元）。以盈利能力为傲的Stellantis，在今年上半年的净收入下降了48%。它的营业利润率也跌到了10%的目标以下。利润率在北美洲下降最为显著，因此他们打算减少在北美的生产。如果你错过了这个消息，通用汽车（GM）现在推迟了在Orion工厂生产电动皮卡的计划，直到2026年年中，相当于推迟了大约半年。通用汽车还推迟了Buick（别克）为北美市场推出的第一款电动车。这款车本来可能是从中国进口的，由于新关税，这可能是它被推迟的原因。它们没有给出新的时间表，所以如果最终不推出我也不会感到惊讶。

This week, the CEO of Stellantis said the auto industry is in turmoil. To remember what Elon said on X, he believes that obliteration is coming for the auto industry. We can't forget that true inflation levels and higher interest rates make things very difficult for all automakers. Ford stock got crushed today, I'm really only interested in its Model E division which once again lost $1.1 billion for the quarter. Its EBIT margin is still negative 99% and as you can see, they're really not making that much progress yet. Tesla is slowly becoming less and less reliant on the auto industry but for now they still have significant exposure to that industry which is indeed very cyclical.

本周，Stellantis 的 CEO 表示汽车行业正处于动荡之中。让人想起Elon在X上说的话，他认为汽车行业将面临毁灭。不能忘记的是，真实的通胀水平和更高的利率让所有汽车制造商的状况非常艰难。今天福特的股票大幅下跌，我真正感兴趣的只有其Model E部门，但该部门本季度再次亏损11亿美元。其息税前利润率（EBIT）仍为负99%，如你所见，他们还没有取得太大进展。特斯拉正逐渐减少对汽车行业的依赖，但目前他们仍在很大程度上暴露在这个确实非常周期性的行业中。

GM's 2025 Cadillac Optic is supposed to be eligible for the full tax credit, it's supposed to come later this year. The CEO of X-Pang that just tested 12.3.6 here in the States said that while an end-to-end approach is best to reach level 2 or level 3 driving, it may lack what it takes to reach level 4. He said recently I talked about end-to-end with several level 4 bosses and they all believed that end-to-end is the best route for level 2 and level 3 driving but it's definitely not the preferred choice for level 4. I really think that end-to-end and large models will eventually lead to level 4. I tried to get some sort of beat or translation on what he could mean by large models being paired with an end-to-end network but I came up empty. Just a quote to store away for the months ahead.

通用汽车的2025款凯迪拉克Optic应该有资格获得全额税收抵免，并预计将在今年晚些时候推出。小鹏汽车的CEO在美国试驾了12.3.6版后表示，虽然端到端（end-to-end）的方法是实现L2或L3自动驾驶的最佳途径，但可能不足以达到L4水平。他最近说，我和几位L4自动驾驶领域的领导人讨论了端到端的问题，他们都认为端到端是实现L2和L3级别自动驾驶的最佳途径，但绝对不是L4的首选。我真的认为端到端和大型模型最终会引导我们达到L4。我试图理解或翻译他提到的大型模型与端到端网络结合的意思，但没有什么进展。这句引言可以存起来，未来几个月可能会有用。

A judge has ruled that Rivian will go to trial over allegations that ex-Tesla employees stole trade secrets for Rivian. Rivian's motion to dismiss was denied. This case dates back to 2020 and we should have an official trial date set this week. Tesla stock closed the day at $220.25 up 1.97% while the Nasdaq was down 0.93%. Today Ford was down 18.3%. It was a lower volume day for Tesla trading about 17 million shares below the average volume in the past 30 days. Hope you guys have a wonderful day. Please like the video if you did. You can find me on X-linked below and a huge thank you to all of my Patreon supporters.

法官裁定，Rivian将因被指控窃取前特斯拉员工的商业机密而接受审判。Rivian的撤诉请求被驳回。此案件可以追溯至2020年，我们应该会在本周内确定正式的审判日期。特斯拉股票当天收盘价为220.25美元，上涨1.97%，而纳斯达克指数下跌0.93%。今天福特公司的股票下跌了18.3%。特斯拉当天的交易量较过去30天的平均交易量低了大约1700万股。希望大家度过愉快的一天。如果你喜欢这个视频，请点赞。你可以在下面的链接中找到我，感谢我所有的Patreon支持者。