Musk Meets With South Korea, Senate Leader + New Tesla Cybertruck Photos

Hey everybody Rob now we're here and today we are going to be talking about a couple of Elon Musk meetings we've got one with South Korea and one with Senate Majority Leader Chuck Schumer. Also talk a little bit about Tesla stock. We've got some new cyber truck photos and a few other items as well.

大家好，我是罗布，今天我们要谈论一下伊隆·马斯克的两次会议，一次是和韩国的会面，另一次是和参议院多数党领袖查克·舒默的会面。我们还将谈一下特斯拉股票的情况，有一些新的赛博卡车照片，还有其他一些事项。

So starting off with the stock, Tesla down 4.3% today to close at $153.75. Tough day obviously with the NASDAQ up half a percent. We'll talk about a few things here but I think just in general we're still in the window where any stock movement can still be tied back to earnings. Of course we got the 10Q earlier this week so still probably some reaction there but we did see also a downgrade from Jeffries today. They previously had a $230 price target on the stock. That has now been reduced to $185 per share for their targets and they reduce their rating from buy to hold.

今天，特斯拉的股价下跌了4.3%，收盘价为153.75美元。显然，今天纳斯达克上涨了0.5%，我们接下来会谈一些问题，但我认为一般来说，我们仍处于任何股票波动都可以与盈利联系起来的时期。当然，我们本周早些时候收到了10Q文件，所以可能仍会有一些反应，但今天我们还看到了来自杰富瑞的降级。他们以前的目标价格为230美元/股，现在将其调低到每股185美元并将评级从买入降为持有。

In their note they said that however fascinating the investment case remains relative price aggression is not supportive of high multiple investment case while this is unfolding and they also said with multiple technical edges from software to batteries and manufacturing productivity. Tesla clearly overperforms on engineering but has fallen behind in building skills and marketing and product planning. So a little bit short-sighted I think on those last couple of comments.

他们在笔记中说，尽管投资案例仍然非常迷人，但相对价格攻击并不支持高倍数的投资案例，而这一点正在发生。他们还说，从软件到电池和制造生产力多方面技术方面，特斯拉明显在工程方面表现得很优秀，但在建筑技能、市场营销和产品规划方面却落后了。所以我认为这最后几段评论有些短视。

You know they seem to be poking at Tesla for not advertising which is just one subset of marketing I think other than that Tesla does a really great job at marketing. Products planning again Tesla has some of the best selling products in the world and more expensive prices than their competition. So it does seem a little bit short-sighted and can obviously change as Tesla does release new products which of course we are just a mere months away now from the sabre truck coming out.

你知道吗？人们似乎在批评特斯拉不进行广告宣传，但这只是营销的一个子集。除此之外，特斯拉在营销方面表现得非常出色。再说产品规划，特斯拉的产品在全球销量很好，价格也比竞争对手高。所以这个看法有点短浅，很明显随着特斯拉推出新产品，这种看法很可能会改变。当然，我们现在距离萨伯卡车的推出只有几个月的时间了。

Nonetheless those were the comments from Jeffries today could have impacted the stock a little bit. So also been some new conversation about Tesla's inventory levels. Those have continued to rise a little bit not all that significantly though. If we look at the Model 3 and Model Y here for US inventory listed it's kind of flat line for the last couple of weeks SNX a little bit of an increase there but we did see price increases of course recently and it did take down a little bit today.

然而，今天Jeffries的评论可能会对股票产生一些影响。同时，关于特斯拉的库存水平也有一些新的讨论。尽管增长并不明显，但它们已经持续略有增长。如果我们看看美国库存中的Model 3和Model Y，最近几周来它们处于平稳状态，SNX的增长略微增加，但当然我们最近确实看到价格上涨，今天的跌幅略有降低。

So hopefully inventory not too crazy. Just in general a couple of comments on this this is not necessarily reflective of Tesla's entire inventory. So what we're looking at with these inventory positions isn't necessarily just these you know 3000 vehicles or so because obviously that's you know what less than a day of production for Tesla so it's insignificant in terms of the total number of vehicles but we have to consider that this may not be capturing all of Tesla's inventory so I think the relative changes in inventory are probably a little bit more informative. So when we see those increases that is what kind of causes concern that oh maybe there's going to be another price change or price cuts coming up.

希望库存不会太疯狂。总的来说，这里提到的几点评论并不一定反映了特斯拉整个库存。因此，我们看到的这些库存仓位并不仅仅限于3000辆车，因为显然这些车只相当于特斯拉的一天生产量，所以在总车辆数量上是微不足道的。但是我们需要考虑到这可能并没有涵盖特斯拉所有的库存，因此我认为相对的库存变化可能更有说服力。因此，当我们看到增加的库存时，会引发担忧，可能会有另一个价格变化或者价格下调的可能。

It is important to look at but again not necessarily the the sole arbiter of what is going to happen with prices going forward as we just saw from the US and the X with the price increases there. Now the other thing that I think may have been affecting Tesla stock a little bit today and just broader renewable stocks in general. Enphase did report earnings yesterday and they dropped significantly they were down you know the stock was down 25% today for Enphase.

重点要看，但不一定是价格走向的唯一仲裁者，正如我们刚才从美国和X的价格上涨所看到的那样。另外，我认为可能对特斯拉股票和其他可再生能源股票产生一定影响的是，Enphase昨天公布了财报，并且股票出现了显著下跌，今天Enphase股票下跌了25％。

This has been a stock that had sort of been on a run year to day definitely giving a lot of that back up but they give it really low sales forecast for the next quarter. They talked a lot about how higher borrowing costs are hurting solar companies in general just due to financing rates. In their conference call they talked about interest rates I think 10 different times talking about how the economics of loan financing has worsened due to rising interest rates saying their installers in general are navigating three key three key challenges.

这支股票一直在走高，但近期却表现不佳，因为他们给出了下个季度非常低的销售预测。他们谈到了利率上升对太阳能公司的影响，主要是因为融资成本。在电话会议中，他们提到了利率10次，谈论了贷款融资的经济学如何因利率上涨而恶化，并表示他们的安装商正面临三个关键挑战。

First the rapid increase in interest rates of the last year. Second switching from low APR to higher deal low APR with high dealer fees to selling market rate loans with low low dealer fees and third delay payments from the loan originators or reduction of M1 payments. They continue to go on throughout the call and mention interest rates as being a problem continually saying interest rates are high that's the first thing basically it's getting more difficult to sell solar with loans getting more difficult to sell and a couple more times for good measure.

首先是去年利率的快速上涨。第二，从低APR换到高交易费用的低APR，再转向销售市场利率低、交易费用低的贷款，以及第三，从贷款发起者那里延迟付款或减少M1付款。他们在通话中继续谈论这些问题，并不断提到利率是一个问题，总体上说利率越来越高，贷款越来越难销售，为了说明这个问题，他们也提到了几次。

So of course as long as interest rates are so high we cannot we're not saying that the numbers are going to return back to where they were the demand will unleash only when interest rates are back to normal. So obviously we've heard kind of the same rhetoric from Elon from Tesla for quite some time. Now it is popping up in other places to you obviously the solar industry. as we know from solar city way back in the day can be highly sensitive to changes like this automotive industry certainly in the same same sort of realm. So I think positivity here some similar comments to what we've been hearing from Tesla in other areas to show that you know this is affecting other companies more broadly even though we don't necessarily feel all the impact of that yet again most of the decline in the stock for end phase was based on their guidance they're forward looking assessment rather than their actual Q1 earnings in this case which actually came in ahead of expectations. So it's more of a forward looking thing there for end phase and you know solar stocks I think most of them were down around 10% and sympathy with end phase today and I think Tesla probably catching a bit of that as well.

当然，只要利率如此之高，我们就不能说数字会回到之前的水平，需求将在利率回归正常时释放。显然，我们从Tesla的Elon那里听到了类似的言论已经有一段时间了。现在它也出现在其他地方，显然太阳能行业也是如此。正如我们从太阳城的过去了解到的，太阳能行业对这种变化非常敏感，汽车行业也是同样的领域。因此，我认为积极的一面是，我们从其他领域听到了一些类似的评论，表明这对其他公司的影响更广泛，即使我们现在还没有完全感受到。在这种情况下，绝大部分安费诺公司的股票下跌是基于他们的指引和未来的评估而不是他们实际的Q1收益，而实际上这些收益超出了预期。因此，这更多的是个前瞻性的问题，对于安费诺和太阳能股票来说，我认为大多数都下跌了约10％，与安费诺的共鸣今天也被Tesla所捕捉。

All right getting into your couple of main stories for today we do have a couple of meetings from Elon Musk first is with the South Korean president who is in the United States taking various meetings. Apparently he didn't meet with Elon Musk today at Elon's request and they discussed a possible gigafactory in South Korea. So the president of South Korea said that should Tesla decide to invest we will provide active support in terms of location workforce and taxes. So although this was at Elon's request looks like South Korea doing a little bit of pitching there to Elon to try to solicit a bit of a little bit of an investment in South Korea potentially something as significant as a gigafactory. They did also talk about SpaceX and possible collaborations there in general the South Korea industry for the automotive industry isn't massive. It looks like the annual volume there is probably around one and a half million vehicles per year. So for Tesla even if they took a significant market share in that market it's not going to fully support a gigafactory that would have to be a significant export factory as well. And when we look at sort of geographically it is of course very close to Shanghai. So I'm not sure if it completely makes sense for that to be the next location for a Tesla factory but of course there is a significant battery industry electronics industries in South Korea. So kind of have that leverage on one hand and a little bit smaller market and geographical proximity to Shanghai on the other hand. So we'll see obviously it's good for Elon to have these conversations and kind of gauge offers. It also makes you know other countries that are sort of competing for possible factory from Tesla you know maybe you have to step up sort of their offers to an extent as well.

今天我们要讲述主要的两个故事，第一则是来自埃隆·马斯克的消息。他与正在美国各处开展会议的韩国总统见面，但根据埃隆的要求，他们今天并没有会面。他们讨论了在韩国建造可能的 Gigafactory。因此，韩国总统表示，如果特斯拉决定进行投资，我们将提供地点、劳动力和税收方面的积极支持。虽然是埃隆的要求，但韩国似乎也在向埃隆推销一些加强对韩国的投资，这可能包括建造 Gigafactory。他们还讨论了 SpaceX 和可能的合作。总的来说，韩国汽车行业相对较小，年销量大约在一百五十万辆。因此即使特斯拉在该市场占据重要份额，也无法充分支持一个 Gigafactory，这将需要一个重要的出口工厂。从地理位置上看，它当然非常靠近上海。因此，我不确定这是否完全合理，成为特斯拉工厂的下一个位置。然而，在韩国有一个重要的电池工业和电子工业。因此，在一方面有这种优势，而另一方面市场规模较小且地理位置靠近上海。因此，我们将看到这些谈话对于埃隆来说是很有好处的，并能衡量这些要约。此外，它还鼓励其他国家也在争夺特斯拉可能建造工厂的机会，因此大家可能需要加强对其提供的要约。

Now Elon was busy with meetings today the other meeting he had was at the Senate so some reporting here of Elon heading in there and it looked like this meeting was with Chuck Schumer the Senate Majority Leader and sounded like they talked for about an hour after leaving apparently Musk said that the meeting was good they talked about the future AI and the economy. So this comes after about a week ago maybe 10 days or so a couple weeks ago I guess Chuck Schumer had announced that he was off launching some groundwork for regulation on AI and was seeking to meet with experts to discuss possible regulations in this area. Elon replied to that on Twitter saying that that was good news of course he's argued for AI regulation for you know almost a decade now I would say maybe even longer than that. So I good to see Elon kind of you know making his way out there having this opportunity to provide some feedback in those areas and talking about some other things as well. After the meeting Schumer said that quote we had a very good meeting we talked about Buffalo Tesla as a large plant in Buffalo and we talked about AI and quote. So hopefully some good you know progress there in terms of some of those things and good to see that Schumer also mentioning that there was some Tesla discussion involved as well.

今天，埃隆忙于会议，其中一场会议是在联邦参议院举行的，有报道称埃隆正在前往那里，看起来这场会议是与参议院多数党领袖Chuck Schumer进行的，离开后他们谈了大约一个小时，显然马斯克表示这次会议很好，他们谈到了未来的人工智能和经济。这是在大约一周之前，也许是10天前左右，Chuck Schumer宣布他正在启动一些人工智能监管的基础工作，并寻求与专家会面，讨论这个领域可能的监管措施。埃隆在Twitter上回复说，这是一个好消息，他已经争议人工智能监管近十年了，甚至可能更长。很高兴看到埃隆有机会在这些领域提供一些反馈，并谈论其他事情。会后，参议员Schumer表示：“我们有了一次非常好的会议，我们谈到了水牛城的特斯拉大型工厂和人工智能。”希望在这些领域有一些进展，并且很高兴看到Schumer也提到了特斯拉的讨论。

Alright next we've got a couple of new photos of the cyber truck testing in free month so this is on Reddit from AJ SNS. So you know we've seen many of these now I don't think we need to spend too much time analyzing these photos but just kind of wanted to bring those to people's attention in case they have not had a chance to see those yet so we can see the new photos here. No new details that I notice you know you've got the wipers on there we've got kind of the same side view mirrors those have been a couple of features that have seemed to change a little bit from sighting to sighting but as far as I can tell no major changes in this iteration.

接下来我们有几张新的赛博卡车在自由月进行测试的照片，这是从Reddit上来的，由AJ SNS发布。你知道，我们已经看到了很多这样的照片，我觉得我们不需要花太多时间分析这些照片，但我想提醒一下那些还没有看过的人，因此我们可以在这里看到新照片。我没有注意到任何新的细节，你可以看到有雨刷，我们有相同的侧镜，这些都是一些从不同角度看到的特征，但据我所知，在这个迭代版本中没有重大的改变。

Next, just wanted to make a quick correction on something that we had talked about yesterday. So we had talked about Tesla's ranking in terms of desirability of employment from engineering students, and Tesla ranked number two after SpaceX. I talked about how this was from the universe and study that was published last year, and I noted that the US study was published in August, and the worldwide study was published in January last year.

接下来，我想快速纠正我们昨天谈论的一个问题。我们曾谈论过特斯拉在工程学生中就业吸引力排名的问题，特斯拉排名第二，仅次于SpaceX。我提到，这是根据去年发布的一项研究得出的结论，我指出这项研究是去年8月在美国发布的，全球范围内的研究则是在去年1月发布的。

I miss read the date, so yeah, silly American thing here, but this was actually November 1st for the global study that they had published, so the timeline for that would be a little bit closer in two current-day. But again, the US study, which Tesla referenced, was still August, so whenever the polling for that took place would have been obviously prior to August last year, but did want to make that quick correction.

我误读了日期，傻傻的美国人，但事实上全球研究发表的日期是11月1日，因此这个时间线会更接近现在。但再次强调，特斯拉所引用的美国研究仍然是去年8月的，所以这份调查的时间显然是在去年8月之前进行的，但我想进行这个快速纠正。

Apologies for the error on that. And then last couple of things, we do have some news here from Honda. Just wanted to correct some reporting. There was some reporting that Honda had raised their eb production targets. Today, they did publish updates on their business, but there was no change in their guidance for eb production.

对于那个错误表示道歉。还有最后几件事，我们从本田这里得到了一些消息。我只是想纠正一些报道。有报道称本田已经提高了他们的电动汽车生产目标。今天，他们发布了业务更新，但他们对电动汽车生产的指导没有改变。

This is down here, they guided for 2030 eb production of two million vehicles. Two million eb's annually, and that is the same as their guidance last year. So we can see April 11th here from last year, 2022, and we see that same two million unit annual production number.

这里的内容是他们指导在2030年生产200万辆电动汽车。每年生产200万辆电动车，这与他们去年的指导相同。因此我们可以看到去年4月11日的数据，同样是每年生产200万辆电动车的数字。

So just wanted to clear that up, that there was no increase there from Honda, although they did talk about their plans, and their COO actually talked about some of the competition that they were seeing out of the Shanghai Auto Show, saying that quote, "We were overwhelmed by the Chinese. They are ahead of us even more so even more than expected," end quote.

只是想澄清一下，本田没有在那里增加任何东西，尽管他们谈到了他们的计划，而他们的首席运营官实际上谈到了他们在上海车展看到的一些竞争对手，他说道：“我们被中国人压倒了。他们的进展甚至超出了我们的预期。”

So we've obviously talked about this, some of Tesla's biggest competitors, probably biggest competitors in China, and now Honda starting to see that and open up about that as well.

我们已经谈论了一些特斯拉在中国最大的竞争对手，现在本田也开始看到这一点并公开谈论。

Kind of interesting to see that. And then also on China, to wrap it up today, some comments that we didn't get to yesterday, but BID did comment on their opinions on autonomous driving, saying that quote, "We think self-driving tech that's fully separated from humans is very, very far away and basically impossible," continuing to say quote, "There may be many industries and businesses that invest a lot of money on this tech, and after investing for many years, it will prove it leads nowhere," end quote.

今天我们看到了一些有趣的事情，此外，关于中国，我们今天总结一下昨天没有提到的一些评论，BID就自动驾驶技术发表评论表示：“我们认为完全分离人类的自动驾驶技术非常遥远，基本上是不可能的。”并继续说道：“可能会有许多行业和企业在这项技术上投入大量资金，在投资多年后，最终证明它没有前途。”

So it's interesting, you know, we always talk about BYU BID being a potentially Tesla's biggest competitor on the electric vehicle side, but if they're not going to heavily and aggressively pursue autonomous driving, which from these comments it doesn't sound like they have sort of that same intent or same desire that that Tesla would, then even if they've got that lead in EVs, maybe they fall a little bit behind on some of the autonomous driving development, which, yeah, could take a long time.

这很有趣，我们通常讨论BYU BID可能成为特斯拉在电动汽车领域最大的竞争对手，但如果他们不会积极地追求自动驾驶，从这些评论中来看，似乎他们没有特斯拉那样的意向或愿望，那么即使他们在电动汽车方面领先，可能在部分自动驾驶发展方面落后一些，这可能需要很长时间。

We have no certainty that that is going to be achieved, but I think looking at the progress from Tesla and then even companies like Waymo and Cruise, although they're using different methodologies that have problems with scaling, I think there's a lot of proof of concept being laid, ground work being laid right now that I think would strongly refute their point of view on this.

尽管我们还不能确定这一点能否实现，但是我认为从特斯拉、Waymo和Cruise等公司的成果来看，尽管他们采用的方法有可扩展性问题，但已经有很多概念在不断被证实，目前已经在打下基础。我认为这些成果强烈反驳了他们的观点。

So obviously we'll see, but hopefully that means that Tesla can have a pretty significant lead there as they continue to progress that. And although it's often presented as sort of an all-or-nothing situation, I'm not sure that, you know, that's how it's going to play out. In the interim, there might be, and I think we've already seen that, where FSD autopilot today are already adding a lot of value to the actual utilization of Tesla's vehicles, the value that customers see in those already.

显然，我们将会看到，但希望这意味着随着特斯拉的不断进步，他们可以在这方面取得相当大的领先优势。尽管通常被认为是一种“全有或全无”的情况，但我不确定情况会如何发展。在这个过渡时期，可能会看到，我们似乎已经看到了，FSD自动驾驶和Autopilot已经为特斯拉车辆的实际利用增加了很多价值，这已经为客户带来了更高的价值。

So not the BYD is not working on any of that, obviously, but interesting to see their perspective on level 4, level 5 type of stuff. Alright, that is it for today, then. So as always, thank you for listening. Make sure you're subscribed and sign up for notifications.

显然，比亚迪没有在进行这些方面的工作，但看到他们对四级、五级自动驾驶的看法还是很有趣的。以上就是今天的内容了。感谢您的收听，请务必订阅并开启通知。

You can also find me on Twitter at Tesla podcast, and we'll see you tomorrow for the Thursday April 27th episode of Tesla Daily. Thank you.

你还可以在Twitter上找到我，我的账号是Tesla podcast，我们明天再见，为大家带来4月27日星期四的《Tesla Daily》节目。感谢大家。