Tesla Announces New Standard / VW in Nightmare Situation / Wall St. on Tesla Raising Money ⚡️

Welcome to Electrified, it's your host, Dylan Loomis. So we've known previously that Tesla has worked closely with its Tesla semi-customers when it comes to the service side. Dan Priestley, the head of that semi-program, told us that they do something similar when it comes to charging for their customers for the semi. By leveraging Tesla's in-house built hardware common with Tesla charging and experience from deploying over 60,000 DC posts, we can often deploy fast charging for the semi at around $500 per kilowatt, fully landed cost to the customer. It's not uncommon for competing installations to be over two times that. Tesla's vertical integration, economies of scale, and developed construction techniques enabled the savings and helped make semi even more compelling. I think it's clear why that's so important, but to put some data behind it, according to the American Transportation Research Institute, fuel costs made up between 19% and 28% of fleet's average marginal costs from 2018 to 2022. The average cost of operating a truck in 2022 surpassed $2 per mile for the first time, while much of that increase was due to high fuel costs.

欢迎来到Electrified，我是你的主持人Dylan Loomis。我们之前了解到，特斯拉在为其半挂车客户提供服务时一直紧密合作。负责这个半挂车项目的Dan Priestley告诉我们，他们在为客户提供充电服务时也是如此。通过利用特斯拉自主开发的硬件，与其他特斯拉充电设备共同使用，以及在部署超过60,000个直流充电桩时积累的经验，我们通常可以以每千瓦约500美元的全面落地成本为半挂车提供快速充电。而相比之下，竞争对手的安装费用往往超过两倍。特斯拉的纵向整合、规模经济和成熟的施工技术实现了成本节省，使半挂车更加具有吸引力。我认为这为何如此重要已经很清楚了，但从数据上看，根据美国交通研究所的数据，从2018年到2022年，燃料成本占车队平均边际成本的19%到28%。2022年，运营一辆卡车的平均成本首次超过每英里2美元，其中大部分增加是由于高昂的燃料成本引起的。

So Tesla offering this white glove service, if you will, to its customers for the Tesla semi to help them have the ideal charging solutions for their fleet is a huge deal. And shout out to James Cat for eliciting that response. Consumer Reports put out their American Experiences Survey for September of this year. This data is based on 2,146 interviews. For those that were at a dealership in the past 12 months, they were asked, were you interested in learning about electric or partially electric vehicle options? 34% said yes, and 66% said no. Then imagine you're shopping for your next vehicle at a dealership, would you be interested in test driving a battery electric vehicle, even if you're not currently interested in buying one. To that, 50% said yes, 37% said no, and 13% were unsure. Of course, it's a small sample size, but my biggest takeaway was that 34% that were at a dealership recently were actually interested in learning about electrified vehicles. That of course does not mean they're going to end up buying one, but given that the S&P is forecasting that 9% will be the market share of fully electric vehicles in October in the US this year, there are some encouraging signs that were likely to see continued growth ahead. That 9% figure is just fully electric vehicles, but if you go to the EIA, they tell us that when you consider hybrid electric and plug-in, that number is about 19% in the US into 2024. So we'll call it electrified sales total, make up about 19% of the US market as of the summer this year.

特斯拉为其客户提供了一种可以说是“白手套”服务，帮助他们为特斯拉半挂卡车找到理想的充电解决方案，这是一件大事。同时，要感谢James Cat引出了这样的回应。《消费者报告》发布了今年9月的“美国经验调查”。这份数据基于2146次访谈。在过去12个月内到过汽车经销店的人中，询问他们是否有兴趣了解电动或部分电动汽车的选项，34%的人表示有兴趣，66%的人表示没有兴趣。如果你假设自己正在经销店选购下一辆汽车，你会对试驾一辆电动汽车感兴趣吗，即便你目前不打算购买？对此，50%的人表示会感兴趣，37%的人表示不会，13%的人不确定。尽管样本量较小，但我最大的体会是，最近去过经销店的34%的人确实对了解电动化车辆感兴趣。当然，这不意味着他们最终会购买，但考虑到标普预计今年10月纯电动车在美国的市场份额将达到9%，这显示出了一些鼓舞人心的迹象，表明未来可能会持续增长。这个9%的数据仅代表纯电动车，但据能源信息署（EIA）数据显示，当你考虑混合动力车和插电式混合动力车时，这一数字在美国到2024年将达到19%左右。因此，到今年夏天为止，电动化车的总销售额大约占美国市场的19%。

Based on the data from consumer reports that told us 35% of people that were at a dealership were interested in an electrified vehicle, that data point should give us some confidence that this number is likely to continue to increase. If of course, that consumer reports number was indicative of the larger population. You've been doing this for a hot minute. Have you ever seen a company like Tesla before? I've been doing this for over 25 years. I've never seen a company like this before. No, it's pretty impressive. I think when you look at what's going on at Tesla, you have, I mean, it's not Tesla, but you have Elon with SpaceX and everything that's going on in Tesla and XAI. I think we have a real innovator, whether you're like him or not, but it's really kind of shocking the world and bringing a lot to the table. We've had a lucky run here with Tesla with almost free capital for the better part of a decade, so he's been given tens of billions of dollars. But the reality is he's done something really amazing with it and is really pushing the envelope, which I think is going to be great for humanity over time. By the way, that free capital comment is likely referring to the regulatory credits that Tesla has received over the years.

根据消费者报告的数据，显示在汽车经销商处的顾客中，有35%的人对电动汽车感兴趣。这一数据给予我们信心，说明这个比例可能继续增长。当然，前提是这份消费者报告的数据能够代表更大范围的人群。你已经在这个领域做了很长时间了，你见过像特斯拉这样的公司吗？我已经做了超过25年，从未见过这样的公司。真是令人印象深刻。当你观察特斯拉的发展时，你会发现，不仅仅是特斯拉，埃隆·马斯克还在运作SpaceX和XAI等项目。我认为无论你喜欢他与否，他确实是一个真正的创新者，他正在震撼世界，并且带来了许多新事物。过去十年，特斯拉获得了几乎免费的资金支持，使得马斯克获得了数百亿美元的资金。但是，实际上他用这些资源做了非常惊人的事情，真正推动了技术进步，我认为从长远来看，这对人类是有益的。顺便提一句，所谓的“免费资金”很可能是指特斯拉多年来收到的监管积分。

So you have a buy rating on Tesla. Did it blow past your price target already? Well, it's moved a lot in the last two days. So it's moving quickly. We're going to have to reassess things as the stock takes off. And part of our thesis on Tesla is their access to low-cost capital. So the reality is if they raise 10% capital raise right now, it would be a bit dilutive, but I think shareholders would share it and you raise 80 to 90 billion dollars of capital that you could put on your balance sheet to execute on all these opportunities. So it is almost an auto-correlated financial instrument in a way that if you use it and leverage it, you really can accelerate growth. You may remember Tesla did two separate capital raises via stock issuance back in 2020. One was for $2 billion and the other was for $5 billion.

所以你对特斯拉的评级是“买入”。它已经超出你的目标价了吗？最近两天它的价格波动很大，所以变动得很快。随着股价的上涨，我们需要重新评估情况。我们对特斯拉的其中一个观点是，他们可以获得低成本资本。实际上，如果现在进行10%的资本募集，虽然会有些稀释，但我认为股东会支持，因为这样可以筹集到800到900亿美元的资本，这笔资金可以用于实现各种机会。因此，从某种意义上说，这几乎是一种自相关的金融工具。通过使用和杠杆操作，可以真正加速增长。你可能还记得，在2020年，特斯拉通过发行股票进行了两次资本募集，一次是20亿美元，另一次是50亿美元。

Personally, I think the chances of Tesla doing this anytime soon are quite low, but it is true that it's generally speaking better for companies to do this when the share price is higher. Doing it with that timing means it would be less dilutive because Tesla could raise the same amount by issuing fewer shares at higher prices. And the fewer new shares issued means less dilution for existing shareholders. So it was interesting that the Bank of America analysts thought Tesla's ability to raise capital like that was part of its investment thesis. The main reason I think Tesla won't do that anytime soon is because if they did that and raised an additional $80 billion, they'd have roughly $110 billion on the balance sheet and they just can't spend that type of money fast enough.

个人认为，特斯拉近期采取这种行动的可能性很低，但确实，从总体上看，公司在股价较高时这样做会更好。选择在股价较高时融资意味着通过发行更少的股票达到同样的融资额，从而减少对现有股东持股的稀释。因此，银行分析师认为特斯拉能够通过这种方式筹集资金是其投资论点的一部分是很有意思的。我认为特斯拉不会很快这么做的主要原因是，如果他们进行这样的融资并额外筹集800亿美元，他们的资产负债表上将有大约1100亿美元，而他们无法快速花掉这么大一笔钱。

We know Tesla's CapEx guidance for this year is $11 billion so maybe next year that could jump to $15 to $20 billion but that would be quite significant. And don't forget, free cash flow is what's left over after capital expenditures. And Tesla has only had one negative cash flow quarter dating back four years to quarter two 2020. That one negative quarter was quarter one of this year when we had the Red Sea attacks and the Berlin fire that led to some inventory buildup. All of that to say Tesla's operations are still profitable enough to fund $11 billion in CapEx spend per year. But it's encouraging to know if Tesla really did want to ramp up AI spending here in the next few years and they did go to raise a new capital, Wall Street may actually view that favorably because they can trust that Tesla can put that capital to efficient use.

我们知道，特斯拉今年的资本支出指引为110亿美元，所以明年可能会跳涨至150亿到200亿美元，但这将是一个相当显著的增长。别忘了，自由现金流是扣除资本支出后的剩余现金。在过去的四年里，特斯拉只有一个季度出现过负现金流，那是在2020年第二季度。今年第一季度也出现了负现金流，那是因为红海袭击和柏林工厂的火灾导致库存增加。总的来说，这说明特斯拉的运营利润足以支撑每年110亿美元的资本支出。不过，有一点令人鼓舞的是，如果特斯拉真的想在未来几年增加AI方面的支出，并决定筹集新资本，华尔街可能会对此持积极态度，因为他们相信特斯拉能够高效利用这些资金。

Tesla put out a new blog post titled standardizing automotive connectivity. Over the past 20 years, the cost and complexity of electronics across the auto industry has doubled. Today, a single vehicle typically requires over 200 connections and the number of electrical connectors and types across new vehicles is only growing. Thus, Tesla is simplifying the manufacturing process and electrical connectivity requirements for all our vehicles. This includes the implementation of our low voltage connector standard, LVCS. This allows Tesla to reduce the large number of connector types required to just six. Or as Elon would say, that's roughly a 1.52 order of magnitude reduction. These six device connectors are designed to meet the power and signal requirements for over 90% of typical electrical device applications.

特斯拉发布了一篇新博客，题为“标准化汽车连接”。在过去的20年里，整个汽车行业的电子设备成本和复杂性翻了一番。如今，一辆车通常需要200多个连接，并且新车中的电气连接器数量和种类还在不断增加。因此，特斯拉正在简化所有车辆的制造过程和电气连接需求。这包括实施我们的低电压连接器标准（LVCS），使特斯拉将所需连接器的种类减少到仅六种。用埃隆的话来说，这大约减少了1.52个数量级。这六种设备连接器的设计可以满足超过90%的典型电气设备应用的电力和信号要求。

LVCS expands upon the same 48 volt architecture used for Cybertruck. It meets the requirement for increased spacing for 48 volt operation and is available in industry standard light blue. Of course, Tesla has done that because they are inviting all device suppliers and vehicle manufacturers to join in this initiative. The 48 volt architecture is the optimal long term choice requiring one fourth of the current to deliver the same amount of power. Given that Tesla said they are looking to simplify all of their vehicles, the question now becomes when will the other vehicles get the 48 volt architecture. Don't forget, even if Tesla were to receive $0 in royalties for this technology, the more suppliers and manufacturers that are using this tech means lower prices thanks to economies of scale.

LVCS基于Cybertruck使用的相同48伏架构进行扩展。它符合48伏操作所需的更大间距要求，并采用业界标准的淡蓝色。当然，特斯拉这样做是为了邀请所有设备供应商和汽车制造商参与这一倡议。48伏架构是长期的最佳选择，因为它需要的电流仅为原来的四分之一即可提供相同的功率。考虑到特斯拉表示他们正在简化所有车辆的问题，现在的问题是其他车辆何时会采用48伏架构。别忘了，即使特斯拉在这项技术上没有获得任何专利费，更多的供应商和制造商使用这项技术，也会因为规模经济效应而降低价格。

Don't forget, this won't just lead to simplicity in manufacturing and lower costs, but also you have to think about the service side as well. It will certainly take some time to grow the number of cars in the fleet using this LVCS, but from a long term perspective, just another way that Tesla is setting the standard. And because I'm guessing a few inquiring minds will wonder why 48 volt architecture requires increased spacing in vehicles. One is the higher arching potential, the increased voltage increases the distance that electricity can arc or jump through the air. There may be insulation needs because the higher voltage would require a more robust insulation between the conductors. And lastly, I would speculate to prevent interference because the higher voltage levels with 48 volts can lead to increased electromagnetic interference. So naturally, increased spacing would help to mitigate that problem.

别忘了，这不仅会为制造过程带来简化和降低成本的好处，还要考虑到服务方面的影响。虽然使用这种LVCS技术增加车队中车辆数量需要时间，但从长远来看，这是特斯拉树立标准的另一种方式。而且，我想有些好奇的人会想知道为什么48伏架构需要在车辆中增加间距。一个原因是更高的电弧电位，增加的电压使得电流可以在空气中跳跃的距离更大。由于更高的电压需要在导体之间使用更强的绝缘，所以可能有绝缘需求。最后，我推测这是为了防止干扰，因为48伏的高电压水平可能导致更强的电磁干扰。所以自然地，增加间距有助于缓解这个问题。

Naralokesh is the Minister of IT for Andhra Pradesh, a state in India. He said, I visited the Tesla HQ in Austin and explained to Tesla's CFO Vibov the possibilities and advantages of investing in Andhra Pradesh in the field of making EVs internationally. Andhra Pradesh is aiming to achieve 72 gigawatts of renewable energy production by 2029. And they're seeking the help of top companies like Tesla to achieve their goal. So Naralokesh is arguing that their location is ideal for setting up Tesla EV manufacturing and battery product units. The problem here is we've seen now for years that Indian politicians publicly are doing what they can to woo Tesla to their region, but at the end of the day, they still want to protect their homegrown players.

纳拉洛克什是印度安得拉邦的信息技术部长。他表示，他访问了位于奥斯汀的特斯拉总部，并向特斯拉的首席财务官维博夫介绍了在安得拉邦投资国际电动汽车制造领域的可能性和优势。安得拉邦的目标是到2029年实现72吉瓦的可再生能源生产。他们正在寻求像特斯拉这样的顶级公司的帮助来实现这一目标。因此，纳拉洛克什认为，他们的地区非常适合建立特斯拉的电动汽车制造和电池生产单位。问题在于，近年来我们看到印度政客们公开努力吸引特斯拉到他们的地区投资，但最终他们仍然希望保护本土企业。

Naralokesh did invite Tesla to participate in various projects like the installation of solar panels, Smart City and Rural Electrification projects, the development of EV charging networks, and the establishment of technology parks. I did a little digging on Andhra Pradesh and I found that they are offering subsidies on power consumption charges. They have some investment subsidies up to 15-20% of the fixed capital investment. They're developing new massive land parcels with infrastructure like power, roads and water, and their location is well connected to major cities like Bengaluru. I'm not expecting any new factory announcements for EV manufacturing from Tesla anytime in the next 6-9 months.

纳拉洛克什确实邀请特斯拉参与多个项目，包括安装太阳能电池板、智慧城市和农村电气化项目、电动汽车充电网络的开发，以及科技园区的建设。我查了一下安得拉邦，发现他们在电力消费费用上提供补贴，还有固定资本投资最多15-20%的投资补贴。他们正在开发新的大规模土地，配备电力、道路和水等基础设施，且这些土地位置很好，与班加罗尔等大城市相连。我暂时不指望特斯拉在未来6到9个月内会宣布新的电动汽车制造厂的建设计划。

Tesla News Wire shared this video of the CyberCab at Giga Texas with the wheel hubs removed. As Joe Tett-Mayer shared, Tesla's CyberCab is now on display at the main entrance of Giga Texas. In the daylight, you can see that these vehicles really are more gold in color. It is roped off so you can't get inside, but if you're in the area, just an FYI. Dan Birkeland was asking about Tesla's adaptive headlight rollout for North America as he got to use it in the EU. He said on bumpy roads, I could follow my friends closely with the high beams on, never impairing their visibility once.

特斯拉新闻发布平台分享了一段视频，展示了在德州超级工厂的CyberCab，车轮毂已被拆除。正如Joe Tett-Mayer所述，现在特斯拉的CyberCab在德州超级工厂的正门展示。在白天，你会发现这些车辆的颜色更偏向金色。虽然车辆被围栏挡住无法进入，但如果你在附近，注意一下。Dan Birkeland询问关于特斯拉在北美推出自适应前灯的情况，因为他在欧洲使用过。他表示，即便在颠簸路面上行驶，也能紧跟朋友且不会影响他们的视线。

To that, over the weekend Lars Mirevi said almost there. As a reminder, if you want to check if your vehicle has the Matrix headlights, just look for the round projector dome. If you have that, your headlights are likely Matrix. Almost there is pretty vague, but there's at least a chance we see the rollout sometime later this year. Nick shared this video on X showing this pedestrian that stops walking his dog and does motion for the Tesla vehicle to go ahead. He said Tesla's FSD was beautifully recognizing a hand signal.

周末，Lars Mirevi 提到“快到了”。提醒一下，如果你想确认你的车辆是否配备了矩阵大灯，只需查看是否有圆形投射灯。如果有的话，那你的大灯可能就是矩阵大灯。虽然“快到了”比较模糊，但至少有机会我们会在今年晚些时候看到它的推出。Nick 在平台X上分享了一个视频，显示一个行人停下来遛狗，并示意特斯拉车辆先行。他说特斯拉的全自动驾驶系统能够很好地识别手势信号。

For now, I'm going to say it's possible, but we don't have official confirmation that FSD is doing this quite yet. Translation, it could just be that FSD knew to go because the pedestrian stood still. But we do know that in May, earlier this year, Elon said he would not count on FSD recognizing hand gestures at that time. But according to a Tesla employee, it was supposed to be included in an FSD update the following month. Also earlier this year, Elon said hand gesture recognition would be improved with version 12.4 and even better by version 12.5. Which is why I said there's a chance this feature is working, but I would not yet consider it a rock solid feature that we can all rely on all the time.

目前，我会说这是有可能的，但我们还没有官方确认完全自动驾驶（FSD）系统正在做这件事。换句话说，可能只是FSD知道要前进，因为行人站着不动。不过，我们知道今年五月份时，Elon曾经说过当时不能指望FSD识别手势。但是根据一位特斯拉员工的说法，这项功能会在接下来一个月的FSD更新中加入。今年早些时候，Elon还说手势识别功能会在12.4版本中得到改善，并且在12.5版本中会更好。因此，我才说这个功能可能存在，但我还不认为它是一个我们可以一直完全依赖的稳定功能。

Some of you will remember a few years back, the National Labor Relations Board ordered Elon to take this post on X down, which clearly he never did. It said there's nothing stopping Tesla team at our car plant from voting union. Could do so tomorrow if they wanted, but why pay union dues and give up stock options for nothing. Our safety record is two times better than when the plant was UAW and everybody already gets health care. Well, fast forward to today and a US appeals court just ruled that the NLRB went too far by ordering Elon to delete that tweet. They said deleting the speech of private citizens on topics of public concern is not a remedy traditionally countenance to buy American law. The court also directed the NLRB to reconsider its decision ordering Tesla to reinstate a pro-union employee who was fired.

几年前，全国劳资关系委员会命令埃隆删除他在X社交平台上的一条帖子，有些人可能还记得，但显然他并没有删除。这条帖子表示，特斯拉汽车工厂的团队可以随时投票支持组建工会，没有任何阻碍。但是，他质疑为何要支付工会会费并放弃股票期权而得到什么。我们的安全记录比这个工厂属于汽车工人联合会（UAW）时好两倍，而且每个人都已经有医疗保健。转眼到今天，美国一家上诉法院裁定，全国劳资关系委员会命令埃隆删除该推文的行为超出了权限。他们认为，删除私人公民关于公共事务的言论并不符合美国法律的一贯做法。该法院还指示全国劳资关系委员会重新考虑他们要求特斯拉重新聘用被解雇的支持工会员工的决定。

And all along Tesla has argued that tweet was not a threat and it merely reflected the fact that union workers at other auto companies did not receive stock options. The court decided that post amounted to free speech protected by the US Constitution's First Amendment. In a blog post today, Nvidia was highlighting the incredible work of the XAI team. They were of course talking about Colossus, the world's largest AI supercomputer that's in Memphis, Tennessee. They said XAI is in the process of doubling the size of Colossus to a combined total of 200,000 Nvidia Hopper GPUs.

特斯拉一直主张这条推文不是威胁，仅仅反映了其他汽车公司工会工人没有获得股票期权的事实。法院决定这条推文属于美国宪法第一修正案保护的言论自由。 今天，Nvidia 在一篇博客文章中强调了 XAI 团队的卓越工作。他们当然是在谈论 Colossus，这台位于田纳西州孟菲斯的世界最大 AI 超级计算机。他们表示，XAI 正在将 Colossus 的规模扩大一倍，总共将达到 200,000 个 Nvidia Hopper GPU。

The supporting facility and state of the art supercomputer was built by XAI in Nvidia in 122 days instead of the typical timeframe for systems of this size that can take many months to years. Just so everybody understands, this is the biggest AI supercomputer in the world at 100,000 Nvidia Hopper GPUs. And now Elon and XAI are in the midst of doubling that. And I'm not sure if this is still part of the plans, but Elon did say that they're looking at 300,000 B200 GPUs for XAI by next summer.

由XAI在Nvidia建造的配套设施和最先进的超级计算机，只用了122天就完成，而通常这种规模的系统需要几个月到几年的时间。为了让大家更清楚，这台超级计算机是世界上最大的AI超级计算机，拥有10万个Nvidia Hopper GPUs。而现在，Elon和XAI正在着手将其规模扩大一倍。我不确定这是否仍在计划中，但Elon曾表示，他们计划在明年夏天为XAI配备30万个B200 GPUs。

Of course if you like Grock, you should be very excited about these developments. But if you don't think that Elon and his team at Tesla is going to learn an incredible amount from this project at XAI, I would just say denial is a river in Egypt. Tesla has extended its 5-year 0% interest offer in China until the end of November. This further extends that incentive for car purchases that began in April. The alarm bells are officially going off at VW. VW is now planning to shut at least 3 factories in Germany, lay off tens of thousands of staff, and shrink its remaining plants in Germany.

当然，如果你喜欢Grock，那你应该对这些发展感到非常兴奋。但如果你认为Elon和他在特斯拉的团队无法从这个XAI项目中学到很多，那我只能说拒绝承认现实就像尼罗河在埃及一样。特斯拉已经将其在中国的5年0%利率购车优惠延长到了11月底。这项激励措施从今年四月开始，现在得到了进一步的延长。大众汽车（VW）的警报正式响起。大众计划在德国至少关闭三家工厂，裁员数万人，并缩小其在德国剩余工厂的规模。

VW said restructuring is needed and said it would make concrete proposals Wednesday. Management is absolutely serious about all of this. This is not saber rattling in the collective bargaining round. This is the plan of Germany's largest industrial group to start the sell-off in its home country of Germany. VW is facing severe pressure from high energy and labor costs, stiff Asian competition, I would add Tesla too, weakening demand in Europe and China in a slower than expected EV transition. VW also plans to cut salaries at the brand by at least 10% and freeze pay in 2025 and 2026.

大众表示，重组是必要的，并将在周三提出具体的建议。管理层对此非常认真，这并不是集体谈判中的虚张声势。这是德国最大工业集团计划在其本国进行资产出售的一部分。大众面临着来自高昂的能源和劳动力成本、激烈的亚洲竞争（包括特斯拉）以及欧洲和中国需求疲软等压力，同时电动车转型的速度也慢于预期。大众还计划将其品牌员工的薪资削减至少10%，并将在2025年和2026年冻结薪资水平。

A VW board member said the situation is serious and the responsibility of the negotiating partners is enormous. Without comprehensive measures to regain competitiveness, we will not be able to afford essential investments in the future. The head of the VW brand said German factories were not productive enough and were operating 25-50% above targeted costs. Meaning some sites were twice as expensive compared to the competition. Of course, Tesla is not the only reason that both VW and Germany as a whole are struggling right now, but they did say they're seeing its dominance challenged by more nimble and cheaper rivals in key areas including the auto industry.

一位大众汽车董事会成员表示，这种情况非常严重，谈判双方肩负着重大的责任。如果不采取全面措施来恢复竞争力，我们将来无法负担必要的投资。大众汽车品牌负责人指出，德国的工厂生产效率不够高，运行成本超出目标成本的25%到50%，这意味着某些工厂的成本是竞争对手的两倍。当然，特斯拉并不是导致大众和整个德国目前困境的唯一原因，但他们确实表示，在包括汽车行业在内的关键领域，他们看到自己的主导地位正受到更灵活且成本更低的竞争对手的挑战。

Of course, E-Game at all is not happy about this at all, saying if VW confirms its dystopian path on Wednesday, the board must expect the corresponding consequences on our part. Strykes, which had been threatened before, are now likely. They said Berlin needs to urgently come up with a master plan for the German industry to ensure it does not go down the drain. This really is a nightmare of a situation for VW. It almost feels like a no win situation when you throw in E-Game at all. Competing with Tesla without that burden is already hard enough.

当然，E-Game对此一点也不满意，他们表示如果大众（VW）在周三确认其不利的路径，董事会就必须预料到我们这边的相应后果。之前威胁过的罢工现在很可能会发生。他们说，柏林需要紧急制定一个德国工业的总体规划，以确保不会走向衰退。对于大众来说，这实在是一个噩梦般的局面。尤其是在有E-Game的情况下，真是无路可退。即使没有这样的负担，和特斯拉竞争也已经足够困难了。

Just to circle back, if full EV sales do hit 9% in the US in October, that would be the first time we ever hit that mark. In North America posted 14 years ago, we opened our Fremont factory to produce the Model S. Today, it still makes sexy cars and continues to be the only large scale manufacturing plant in California and the most productive factory in North America. This might sound crazy, but I still remember the very first time I sat in a Tesla, it was in the back seat of a Model S and I saw the big screen and I thought, this is the coolest car I've ever been in. That's actually when I started making my own custom Tesla apparel and here we are 14 years later.

为了回顾一下，如果美国全电动车销量在十月份达到9%，那将是我们首次达到这个数字。14年前在北美，我们开放了弗里蒙特工厂来生产Model S。直到今天，它仍然制造着漂亮的汽车，并且继续是加利福尼亚唯一的大规模制造工厂，也是北美生产效率最高的工厂。可能听起来有些不可思议，但我还记得我第一次坐在特斯拉车里，当时是在一辆Model S的后座。我看到了大屏幕，心想，这真是我坐过的最酷的车。实际上，那时我就开始制作自己的定制特斯拉服装，而现在已经过去了14年。

As Sawyer highlighted from some public filings, Tesla plans to complete its interior build out at Gigataxis by the end of 2025. Then Joe Tettmeyer, our resident Gigataxis expert said this is for ADA compliance and occupancy. It's the last step before these new areas can be used by employees. Basically, the TDLR is responsible for issuing licenses to protect the health and safety of employees. Which means the construction is nearly complete and ready for use, a very good sign. Ford did release its quarter three earnings and just skipping to the Model E division, their volume was down 11%, driven by competitive market dynamics, translation, competition with the Model Y and the Cybertruck, their revenue was down 33%, reflecting industry-wide pricing pressure and lower volume.

根据一些公开文件，Sawyer指出，特斯拉计划在2025年底前完成Gigataxis的内部装修。然后，我们的Gigataxis专家Joe Tettmeyer说，这是为了符合ADA（美国残疾人法案）要求和使用许可合规。这是这些新区域能被员工使用前的最后一步。基本上，TDLR负责颁发许可证，以保护员工的健康和安全。这意味着工程几乎完成并准备投入使用，这是个好迹象。另一方面，福特发布了第三季度财报，简单来说，他们的Model E部门销量下降了11%，主要受到市场竞争动态的影响，也就是说，与特斯拉Model Y和Cybertruck竞争所致，他们的收入下降了33%，反映了整个行业的价格压力和较低的销量。

And they had a $1.2 billion dollar E-bit loss and their E-bit margin was negative 104.4% which was worse than quarter two when it was negative 99.5%. It was also worse year over year as Q3 last year it was negative 75.6%. If you go to their wholesale units for the Model E, you see 32,000 for the quarter. And a $1.2 billion loss for Model E, divided by 32,000 wholesale units, is a loss of $37,500 per vehicle. And look, that's not a bulletproof metric but it's the one that everybody likes to know after their earnings reports. And year to date, Ford's Model E division has lost $3.7 billion.

他们的E-bit（息税前利润）损失达到了12亿美元，E-bit利润率为负104.4%。这比第二季度的负99.5%更糟糕，同时也比去年第三季度的负75.6%更差。如果查看Model E的批发数量，这个季度是32,000台。Model E方面的12亿美元损失，除以32,000台的批发数量，意味着每辆车亏损37,500美元。这个数字不是百分之百精确，但这是大家在财报之后最想知道的指标之一。截止目前，福特的Model E部门已经亏损了37亿美元。

But frankly, it's about what we've been expecting all year and it's what Ford has been guiding for. Tesla stock closed the day at $262.51 down 2.48% while the NASDAQ was up 0.26%. It was another higher volume day trading about 25 million shares above the average volume the past 30 days. Hope you guys have a wonderful day. Please like the video if you did.

坦率地说，这基本上就是我们全年预期的，也是福特一直在引导的方向。特斯拉的股票收盘价为262.51美元，下跌了2.48%，而纳斯达克指数上涨了0.26%。今天交易的股票数量再次超过平均水平，比过去30天的平均交易量多了约2500万股。希望大家度过愉快的一天。如果你喜欢这个视频，请点赞。

You can find me on X-linked below and a huge thank you to all of my Patreon supporters.

你可以在下面的 X 平台上找到我，非常感谢所有 Patreon 支持者的支持。