Tesla CEO Elon Musk: Fed operating with too much 'latency' on rate hike decisions

You mentioned affordability. It's something you discussed during your meeting. You've also discussed it a bit on the call on the earnings call recently as well in relation to the Federal Reserve raising interest rates and obviously the monthly cost for a typical auto buyer. You think it's going to be a tough 12 months ahead. You said that a few times. Yes, before everyone not just has understood so it's.

您提到了支付能力。这是您在会议期间讨论过的话题。最近，在盈利电话会议上，您也谈到了这个话题，特别是与美联储加息和典型汽车买家的每月费用有关。您认为未来的12个月会很艰难，您已多次说过这句话。是的，在所有人都理解之前，您已经多次提到了这个问题。

I mean it's simply you know you can you can think of raising the Fred Fred rate as somewhat of a break pedal in the economy frankly so it's. It makes a lot of things more expensive certainly things that are bought with credit but then it has downstream effects on even things that are on board with credit so you know if the car payments or your home mortgage payment is absorbing more of your monthly budget then you have less to money to buy other things. So actually it affects everything even those that are things that are important credit so and my concern with the with the way the Federal Reserve is making decisions is that they they're just operating with too much latency basically the data is somewhat stale so they so the Federal Reserve was was slow to raise interest rates. And now I think they're slow to they're going to be slow to lower them that that appears to be the case.

我是说，其实你可以将提高联邦基金利率看作是经济中的一个制动踏板，这会使很多东西变得更加昂贵，尤其是那些用信用购买的东西，但这也会对那些用信用购买的其他东西产生下游效应，比如说，如果汽车贷款或房屋按揭贷款占用了你月度预算的更多资金，那么你就有更少的资金去购买其他东西。因此，联邦基金利率的变化实际上影响到了一切，甚至那些重要的信用品。我的担忧是，联邦储备委员会做出决策时的反应速度实在太慢了，基于过时的数据，他们过去提高利率时迟疑不决，现在降低利率时也显得拖沓不堪。

Yeah that may well be we spent a lot of time talking about that is not. Yeah, perhaps too much but when it comes to latency that takes me to pricing because you've discussed the lack of latency in your own ability to understand exactly what's going on in the market for those cars as opposed to many of the legacy and other. So we have real time information on demand so so we know how many people place an order for it has the yesterday so the computer calculates that all and literally every day we get a you know an automated email to the exact staff that says how many people place an order in which countries for which cars.

可能，我们花了很多时间谈论的不是那个问题。但是当谈到延迟问题时，这让我想到了价格问题。因为你已经提到了你自己理解市场上这些汽车的情况存在延迟，而许多老旧的汽车和其他品牌则没有这个问题。因此，我们拥有实时的需求信息，知道有多少人已经下单，计算机每天都会自动汇总并发送邮件给员工，告诉他们昨天有多少人在哪个国家针对哪个车型下了订单。

So we know what demand we know what the orders were yesterday and you don't want to overreact these things because sometimes you get like little dips for you know reasons that are hard to explain. Do you look at them every day? Yeah yeah but like I said you don't want to overreact to you know if like the week is slow or something you don't overreact to that but. But if you look at the trend say for over two weeks ban or something like that you can see that okay this this for some reason the demand is less than it was or it's higher.

我们知道市场需求，了解昨天的订单情况，但不能过度反应，因为有时候会因为很难解释的原因出现小幅波动。您每天都会查看吗？是的，但像我说的，您不希望因为慢慢的销售一周或其他因素而过度反应。但是，如果您观察一个品类或某个产品的趋势超过两周，您可以发现需求是高于或低于过去的。

And just pricing yeah yeah I mean is that are you almost like an airline at this point terms of kind of we know we're dynamic pricing model yes so we're basically just pricing to match demand and. Well obviously did a big price drop in q one but no now you know January is usually terrible type of carbine so there's the seasonality to car purchases with generally January is often the worst month so. So we did we did a big price drop and then and then recently we did we did price increase so.

“仅仅是定价，对，我的意思是你现在在某种程度上就像一个航空公司，因为我们知道我们采用动态定价模型来匹配需求。当然，在第一季度我们进行了大幅度的价格下调，但是现在你知道一月份通常是购车的淡季，存在购车季节性，通常一月份是最差的月份。因此，我们进行了大幅度的降价，然后最近我们又进行了价格上涨。”

As I mentioned to the audience the the realities that all companies do significant all car companies make significant adjustments to price because you got the MSRP number and then if demand is high deal as well charge some premium of MSRP if demand is lower they'll they'll have a manufacturer setups so that you can actually see a very big difference. Of course of say six months between the peak to trough of of all cars is just that test list so immediate and always transparent it's not. A question of MSRP and then mark up so discount.

正如我对观众所提到的那样，所有公司都会因为需求的高低做出相应的价格调整。他们先给出MSRP价格，如果需求高，就会再收取高于MSRP的溢价；如果需求低，他们就会提供制造商的设置，让你可以看到价格上的很大差异。当然，所有车型在6个月内的峰值和低谷之间的价格变化是很显著的，但这不是一个MSRP和标价折扣的问题，而是及时和透明的。