Musk Receives Vote of Confidence, Ford Plans for ICE Growth, Cadillac Escalade EV Announced

Hey everybody Rob now we're here welcome back to Tesla Daily today we are going to be talking about the result of the vote from Tesla shareholder meeting We also have a very interesting Harris poll relating to Elon Musk a number of updates from Ford from their capital markets day and a few other items as well

大家好，现在我们来到了特斯拉日报，欢迎回来。今天我们将讨论特斯拉股东大会的投票结果，以及一份关于埃隆·马斯克的极具趣味性的哈里斯民意调查、福特从资本市场日中带来的许多更新以及其他一些项目。

All right looking at the stock another really nice day for Tesla today up about 4.9% to close it $188.87 Then as deck up just half a percent on the day so nice out performance for Tesla on the day And we are now up about 14% sense Tesla shareholder meeting So the nice run for Tesla continues and hopefully that'll carry through the rest of this week

好的，看着股票，特斯拉今天又是一个非常不错的交易日，收盘价涨了约4.9%，达到了188.87美元。而Deck的涨幅仅为0.5%，因此今天特斯拉表现得非常出色。自从特斯拉股东会议以来，我们现在已经涨了大约14%。因此，特斯拉的良好表现将继续下去，希望这种趋势能持续到本周的其余时间。

All right getting into the updates from the shareholder meeting Tesla today filed an 8k to disclose the results of the votes on the proposals from the shareholder meeting We can see here those results a little bit difficult to understand those in this format though So I have gone ahead and put those in percentage formats as we can see here

好的，现在开始介绍特斯拉股东大会的最新情况。今天，特斯拉已提交了一份8k文件，披露了股东大会上有关提案的投票结果。虽然这些结果以这种格式呈现有些难以理解，但我已将它们转换成百分比格式并呈现如下。

So obviously of most consequence would be the vote on board members and we can see the results here We already knew JB was elected to the board But Robin has been reelected as the chairman chairperson of the board Elon Musk also reelected the board

显然，对董事会成员的投票是最重要的，我们可以在这里看到结果。我们已经知道JB当选为董事会成员，但Robin已经连任为董事会主席，Elon Musk也重新当选为董事会成员。

So I have two breakdowns of the votes here You can see that for many of these there are a number of non votes about 22% So on the left we have those included in the percentages on the right those are excluded from each of these percentages So for Elon Musk for those that did vote he received a 95% 4 vote in terms of being reelected to the board versus just 5% against so a lot of confidence there shown in Elon despite tumultuous and volatile period of time here since the last shareholder meeting But I think good to see that support from shareholders of Elon obviously he received a pretty warm welcome at the shareholder meeting So not terribly surprising, but I think if people had to guess what this percent would be they probably would have guessed a little bit more for the against vote just because of you know the the stock price performance over the last 12 or 18 months and Again some of the volatility that there's been a relating to Elon Musk

我这里有两个选票结果的分析。你可以看到，很多情况下都有约22%的无效票。左边的结果是包括无效票计算的百分比，右边则是排除无效票后的百分比。对于埃隆·马斯克，如果只看有效票，他在重新当选董事会成员方面得到了95%的赞成票和仅有5%的反对票。这表明股东们对他的信任非常高，尽管在上次股东大会之后，公司经历了很多动荡和波折。但是，很高兴看到股东们对埃隆的支持，显然他在股东大会上受到了热烈欢迎。这并不是非常令人惊讶，但是如果人们要猜测这个百分比会是多少，他们可能会认为反对票会多一些，因为公司股价在过去的12或18个月中表现不佳，埃隆·马斯克在一些事件中显得非常不稳定。

So I think impressive to see that for Elon for Robin 74% of votes in favor for those that did vote and then for JB 86% in favor So good to see that strong support of JB as well for the rest of these proposals We don't need spend too much time on them proposal to that just had to do with executive compensation and it was a Changing that to a non-binding advisory vote basis, which also relates to proposal three here Which is a little bit different in structures so you can see that broken out down here, but the Recommendation from shareholders was for that to be reviewed on an annual basis That's where we're seeing from that vote proposal four. That was just the auditor So nothing crazy there automatically gets counted for for the auditor as you can see by the 0% non votes And then proposals five and six proposal five was a shareholder proposal that was brought before the meeting proposal six and that was for key person Risk disclosure basically wanting to sell to lay out their Succession planning in a public way and then proposal six That was the one that was brought on the floor and Elon did respond to that saying that they will have a third party audits of Some of their mining activities for cobalt so although there were no votes for it because it was brought on the floor and just nobody voted for it There's automatically counted against that will also have an impact obviously from Elon's feedback

我认为很印象深刻的是，对于埃隆和罗宾，接受率为74%，对于JB则是86%。很高兴看到对JB的强烈支持，同时也看到对其他提案的支持。我们不需要在这些提案上花太多时间，其中一个提案与高管薪酬有关，建议将其改为非约束性咨询性投票，并与提案三有关。提案三的结构略有不同，如下所示，但股东建议每年对其进行审核。提案四只是关于审计师的，没有什么特别的，因为可以自动计算为审计师，从0%的无投票人数可以看出。提案五是股东提出的提案，提案六是关于关键人员风险披露的，基本上是希望他们公开展示他们的继任计划。提案六是在会场上提出的，埃隆回应说，他们将进行第三方审计，以了解他们的钴挖掘活动。虽然没有投票支持，因为是在会场上提出的，没有人投票支持，但自动计为反对，显然埃隆的反馈也会产生影响。

So those are the results of the shareholder meeting votes nothing too surprising there, but again, I think just positive to see the You know strong support there for Elon despite some of the tumultuous times here Now the other interesting results of a vote that we have is from Harris poll So you can see this was done or this was published over the weekend. I think a couple thousand voters in this poll and Elon has been rated as among their poll polling options as the most favorable political figure

这就是股东会投票的结果，没有太多意外，但是我认为看到即使在动荡时期，Elon仍然得到了强有力的支持，这是非常积极的。另一个有趣的投票结果来自哈里斯民意调查。你可以看到这份调查是在周末发布的，大约有几千名选民参与了投票，而在提供投票选项中，Elon在政治人物方面被评为最受欢迎的人。

So he got a 47% favorable rating you can see the neutral gap there and then about 33% Unfavorable so about a 14% spread between unfavorable and favorable Which is really positive? Obviously you can see how that ranks among some other people here on this on this list

因此，他获得了47%的好评率，您可以看到其中的中立差距，然后是约33%的不喜欢，因此不喜欢和喜欢之间有约14%的差距。这很积极吧？显然，您可以看到它在此列表中与其他人的排名如何。

So at first blush it seems like a good result right? Elon topping the chart there, but sort of on second thought it's like well Is it really a good thing that Elon has even been included on this in the first place? Perhaps not and I think the more bowed comparison versus a bunch of political figures would be at least for our You know discussions as it relates to Tesla and potentially for the stock would be how Elon would rank against other You know CEOs Jeff Bezos um well not anymore, but Bezos Zuckerberg Tim Cook things like that I think would be more telling because what this shows you is that you know 33% don't view Elon as as favorable And that could impact potentially their purchasing decisions whereas you know Perhaps a CEO that is less in the limelight might have a lower favorability rating But also potentially a lower unfavorable rating more more people probably falling in that neutral bucket

就表面上看，伊隆名列榜首，似乎是一个好的结果，对吗？但仔细想想，我们会发现，伊隆能在第一个榜单中名列前茅，真的是一件好事吗？也许不是。对于特斯拉和潜在的股票，更有意义的比较是伊隆与其他CEO（如Jeff Bezos、Mark Zuckerberg、Tim Cook等）相比较。因为这个结果显示出，33%的人不认为伊隆很受欢迎，这可能会影响他们的购买决策。相比之下，对于那些不太引人注目的CEO来说，他们的好感度可能会更低，但不利评价可能会更少，更多人可能是中立的。

So interesting results. I don't know how meaningful that is But wanted to kind of share some thoughts on that because I think there's a couple of different ways that that can be interpreted.

非常有趣的结果。虽然我不知道这是否有意义，但我想分享一些想法，因为我认为有几种不同的解释方式。

All right moving on from that we do have an update here from teslamag.de on some news out of Germany. It looks like Tesla is changing their compensation structure a little bit. I think they have done this in some markets in the past. It's been a little bit back and forth. I think in the US Historically, but they are now adding a commission or I guess rather a sales quota.

好的，我们现在继续来自德国的teslamag.de的最新消息。看起来Tesla正在微调他们的报酬结构。我认为他们在过去的一些市场上已经这样做过，并且一直来回摇摆。历史上在美国也有这样的情况，但现在他们正在增加佣金或者说是销售配额。

To meet a part of the compensation total to part to meet part of the total compensation plan. For employees that are directly involved in sales. So this is not every employee. But it looks like according to teslamag.de's report here that up to 10% of total commission for these sales based employees Would be based on meeting those sales quotas. So it looks like Tesla again.

为了满足部分员工的总薪酬计划，部分薪酬将分担。这只适用于直接参与销售的员工，而不是所有员工。据teslamag.de的报告称，对于这些基于销售的员工，最多有10％的总佣金将基于达到销售配额。因此，看起来特斯拉又在行动了。

We've seen them doing a little bit more promotional stuff. We've seen them bring back their referral program In different ways and trying some things there Elon's talked about being open to advertising now We see a little bit of different structure with the commission base or quota-based Compensation here. I think they're doing a little bit more to try to incentivize selling Then what they've done in the past as obviously production skills up Perhaps a little bit more quickly than demand naturally has been in this type of market that we're currently in.

我们看到他们进行了一些更多的推广活动。我们看到他们重新推出了他们的推荐计划，采取了不同的方式并尝试了一些项目。埃隆曾经谈到过现在愿意进行广告投放。我们看到了一些不同的佣金或配额制度的基础补偿结构。我认为他们正在做一些更多的尝试，试图激励销售，因为显然随着产量的提高，需求自然比过去更加突出在我们目前所处的市场类型。

The next update we have is from drive Tesla Canada. They have posted some Testing results from I believe the TFF forum, which is a popular Tesla forum I believe in over in Germany. Looking at the results of charging for the new byd battery packs that we've talked about Tesla starting to integrate Versus the catl packs that are used in the standard range vehicles out of Shanghai.

下一个更新来自特斯拉加拿大地区。他们在我认为是流行于德国的Tesla论坛TFF上发布了一些测试结果。通过查看这些结果，我们可以看到特斯拉开始整合的新BYD电池包的充电效果，与在上海生产的标准版车辆使用的CATL电池包进行比较。

For them out of why so here you can see that charging curve Obviously, I have not had a chance to verify this. So you know, this is just One one test result, but it looked like the byd battery pack performed more favorably in terms of those charging rates You can see kind of hitting peak capacity around close to 175 kilowatts there All the way up to about looks like 50% state of charge versus the catl pack at that point would be more down around 110-ish In terms of the kilowatt rate at that point.

在这里你可以看到充电曲线，很明显我还没有机会验证它。这只是一项测试结果，但在充电速率方面，比亚迪电池组看起来表现更好，您可以看到它接近175千瓦电量峰值，在约50%电量时，而在那个点上，富氧锂电池组的千瓦率会更低，大约在110左右。

So looks like overall should be able to charge more quickly on this pack even though it is a little bit smaller So a nice bonus there for that new pack from Byd again, not verified yet So hopefully we get some more test results that can show similar performance.

看起来这个电池组的充电速度总的来说应该会更快，尽管规格略小。这是比亚迪的这个新电池组的一个好处，但目前还没有得到验证。希望能够得到更多的测试结果来证明其类似的性能。

Right in the next up today kind of a big item for the day forward held their capital markets day. So they walked through a lot of their plans for their new business segments as we've talked about a number of times. They've broken those out into three distinct segments the Ford blue which is really their legacy ice business model E Which is their you know sort of startup EV business and then Ford Pro which is more of their Enterprise business.

今天很重要的一件事就是他们举办了资本市场日，提出了其未来业务计划。他们详细介绍了新的业务领域计划，这也是我们多次谈论过的。他们将这些业务拆分成了三个独立的领域：Ford blue是传统的燃油汽车业务模式，E是他们的电动汽车初创业务，Ford Pro则是面向企业客户的业务。

And and a little bit of their services. So Talking about Ford Blue who were sort of their legacy ice business. They wanted to reiterate today strongly that Ford Blue is a growth business. This is how they're viewing it They said that they plan to add a 160,000 Vehicle capacity in terms of production capacity over the next 10 months and They view this as being a business that is going to increase in profitable profitability over the next three years.

谈论一下Ford Blue及其一些服务。他们称Ford Blue是他们传统的冰业务，并强调Ford Blue是一个增长的业务。他们计划在未来10个月内增加16万个车辆的生产能力，并认为这是未来三年盈利能力将增加的业务。

So in 2022 Ford Blue had a an EBIT margin of 7.2 percent They expect that to grow up to 10% in 2026 and you can see some of the results there Volume and mix responsible for a 1% increase in EBIT margin. So again growing volume in this business Uh net pricing coming down but being offset by some things in terms of the contributed cost for each vehicle the structural cost for the business Services and then some other you know exchange headwinds bringing that back down.

2022年，福特蓝色业务的息税前利润率为7.2％。他们预计在2026年将增长到10％，并且可以看到一些结果，这些结果是由销量和混合造成的，推动了息税前利润率的1％增长。因此，再次增加此业务的销量，净定价下降，但被某些方面、如每辆车的成本、业务结构成本和一些汇率波动所抵消。

So that's kind of the waterfall chart of how they get there. Uh for that ice business margin They also talked about one of the things driving this would be their focus on product derivatives. So they talked about how they want to bring sort of optionality down in general simplify production processes but as sort of a separate tangent to that While those simple while those some trims will be simplified They do expect to offer derivatives that we've seen them kind of go down this path where they can offer a very similar vehicle, but it's a different trim and they can Earn a much stronger margin on those trim.

这是他们到达那里的瀑布图。对于冰业务毛利率，他们也谈到了其中一个推动因素是专注于产品衍生品。他们谈论了如何想要通常简化生产流程，但作为一个独立的话题，他们希望带来更多的选择性。尽管一些设计可能会被简化，但他们仍然有期望提供衍生品。我们已经看到他们走上了这条路，可以提供非常相似的车型，但是它们是不同的款式，他们可以在这些款式上获得更强的利润。

So they say it's low investment high margins. They're they pointed out for example the bronco raptor They're able to earn two to three times the EBIT on each vehicle of this derivative. So It's kind of interesting. I don't know how sustainable a strategy like that is in the long term um You know, it's it's tough to say how much of that is just capitalizing on some of this perhaps initial demand for some of these different types of trims Uh, whereas over time can they really support a vehicle that really isn't that different but is earning that high You know that much more in earnings. I'm not quite sure but it's interesting to see that that is you know a big part of their plan for profitability and uh the ice business

据他们所说，这种策略是低投入、高利润。例如，他们指出了野马猛禽车型，这种衍生车型上每辆车的EBIT能够赚取两到三倍的利润。这个策略很有趣，但我不知道这种策略在长期内是否可持续。很难说，在一开始的一些不同款式的需求中，他们能够赚取多少利润，而随着时间推移，他们是否能够真正支持一种没有多大差别但能够赚取更高利润的车型。我不太确定，但有趣的是，这是他们盈利和冰汽车业务的重要部分。

They also said that they expect their post warranty services to go from 25% to 40% over the next three years and I'm not 100% clear on what exactly They're referring to in terms of those percentages So I do want to go back and take a listen to what they discussed during this part of the presentation Haven't had a chance to do that yet. So I don't want to make two significant comments on this But it did raise kind of a red flag for me when reviewing this uh that they do expect some significant Seems like additional contribution from post-orantee service which again, I'm not necessarily sure that's you know the best way It's uh to plan for profitability in the business relying on that post-orantee service which obviously that Creates a little bit of a burden on on the customer to be able to Uh afford that service. So interesting.

他们还说，他们预计在接下来的三年内，他们的售后服务从25%增长到40%，对于这些百分比，我并不完全清楚他们具体指的是什么。因此，我想回头听一下他们在演示中讨论这部分时的内容，但我还没有机会这样做。因此，我不想对此发表过多的评论，但是当我回顾这个内容时，它确实引起了我警惕的红灯，因为他们确实希望从售后服务中获得一些显着的贡献，似乎这并不是规划业务利润的最佳方式，依赖售后服务可能会给客户带来一定负担。这很有趣。

Uh, I'm not exactly sure again that I'm understanding that correctly And I want to go back and listen to it but uh sort of an item of note as I was reviewing that Now looking at their uh sort of model e-business or e-business one thing that they highlighted that I thought was kind of a little bit humorous Was that the customer experience is a lot more favorable when they have to interact with dealers less So they talked about how they have a plus 57 points uh NPS from that promoter score if negotiations with the dealer less than 30 minutes And they also talked about how loyalty increases by 40% when the transaction is mostly digital So as much as they can get the dealers out of the way it represents a much much stronger customer experience Which I think we can think of uh an automaker that has gone all the way down that path and eliminated these things from from the process So kind of interesting to see them highlight that uh in the presentation

嗯，我不太确定我是否正确理解了它。我想回去再听一下，但在回顾时有一个值得注意的事项。现在看他们的电子商务模式时，他们强调了一个比较有趣的点，即当客户需要与经销商互动较少时，客户体验会更加良好。他们谈到，如果与经销商谈判时间不到30分钟，他们的推荐评分≥57分。而且，当交易大部分都在数字化环境中进行时，忠诚度会提高40%。因此，尽量让经销商靠边站，会带来更强的客户体验。我们可以想到一家汽车制造商已经将这一点完全贯彻了，从整个流程中剔除了这些繁琐的步骤。在演示中强调这一点，也是相当有趣的事情。

The rest on on Ford Model U was stuff that we've pretty much already talked about But there were a couple of new details here Uh, they disclosed the take rate on I believe blue crews here. They say 20% take rate in pilot on model my um 2023 model year Mustang Mach E so I think that's on blue crews which they obviously just changed the pricing of this pretty significantly Going from $600 for three years now to $800 per year So I would imagine that that take rate is going to shrink pretty significantly If I am understanding that uh this graphic correctly from them

关于福特U型车的其余部分，我们已经讨论过了，但这里有一些新的细节。他们透露了对蓝色船员（蓝牙车载电话）的接受率，表示在2023年款野马Mach E的试点期内，约有20%的消费者选择蓝色船员。但他们最近显著提高了蓝色船员的价格，从每三年600美元增加到每年800美元。因此，我认为这个接受率将大幅下降。如果我正确理解这个图表的话。

And then one other disclosure that they made that I thought was interesting was their capital allocation plans for basically the next three years Uh, they expect to basically invest 60% of their capital into product battery joint ventures raw materials and 43% of that specifically to go to A Ford Model E or the EV business which is more than Ford blue more than Ford bro But of their total capital allocation. It's only about 25% of their you know capital expenditure plans so Obviously some of this is going to things like shareholders and um just probably fixed cost as well But kind of interesting to see Somewhat small sliver of their capital specifically dedicated for the EV business

他们还披露了一些我觉得很有趣的资本分配计划，主要是未来三年。他们预计将基本上60%的资本投资于产品电池联合风险、原材料等方面，其中43%特别用于福特E型车或电动车业务，这比福特蓝色、福特兄强多了。但在他们的总资本分配中，仅占25%的资本支出计划。显然，其中的一部分将用于股东和固定成本等方面。但有点有趣的是，他们专门为电动车业务分配了一小部分资本。

Now they did talk a little bit about their next generation uh products coming Uh one of which would be sort of a Ford expedition like vehicle So it would be a three row family SUV With a 350 mile range that they expect to be released in 2025 So just a couple of teasers on that uh and then this is separate from Ford But GM also announcing today that they are going to be making the Escalade in an electric version as well So they'll call that the escalate IQ to match up with the lyric the Celeste IQ Uh and it looks like that'll be i think they said coming in They may not have actually given a date I might be getting the dates mixed up there with with Ford But uh some to keep an eye out for from Cadillac as well

他们稍微谈了一下他们下一代产品，其中之一将类似于福特探险者的车型，所以它将是一款三排座的家用SUV，有350英里的续航里程，预计将在2025年发布。这只是关于这个的一些预告，福特和通用汽车是分开的。但是通用汽车也宣布今天他们将推出安装电动驱动的凯迪拉克escalade，这将被称为escalade IQ以匹配音乐夏代表的Lyriq和Celeste IQ。看起来那将在……可能他们实际上没有给出日期，我可能把它们和福特混淆了，但是也要关注凯迪拉克的一些新动向。

I think there's this is an interesting space because it doesn't seem like Tesla has Too much of a desire to really compete and sort of that traditional three row SUV segment Obviously, they've got the Model X but uh that's a little bit more of a you know Not necessarily that traditional with you know sort of the size and the shape of of the vehicle Versus something like you know an escalator an expedition or explorer something in that category Which would probably be more comparable to like the Rivian R1s So I think automakers are seeing that as a potential opportunity to have a little bit more free space from Tesla And probably pretty wise to pursue that space

我认为这个领域很有趣，因为特斯拉似乎并不急于与传统的三排座SUV市场进行竞争。显然，他们已经有了Model X，但那更像是一种非传统的车型，与其他车辆在尺寸和形状上有所区别。与像凯雷德或探险者这样的车型相比，这可能更接近于类似Rivian R1s的车型。因此，汽车制造商认为这是一个有可能与特斯拉争夺市场份额的机会，也是明智的选择。

All right last few things here we got an update from crews that they have now surpassed two million driverless miles. So we just talked about some of their safety statistics on their first one million miles. That was achieved just three months ago. They're now up to two million. So Obviously, it's a pretty low base, but accelerating pretty quickly in terms of what they're achieving there for driverless kind of similar to what we had just talked about with Waymo as well.

好的，最近有些事情要跟大家更新，我们得到了来自车队的通知，他们现在已经超过了200万英里的无人驾驶里程。所以我们刚刚谈论了他们在前100万英里的一些安全统计数据，这是在仅仅三个月前实现的。现在他们已经达到了200万英里。显然，这是一个相对较低的基础，但他们的无人驾驶技术的发展速度非常快，类似于我们刚刚和Waymo谈论的情况。

And then we've got a couple updates on other companies today. So first space X They had a successful launch another crewed mission taking four astronauts up to the international space station. And for the first time successfully landed a Falcon 9 booster back on earth for a crewed mission. So pretty cool to see that and another milestone for space X and obviously I was exciting to see successful crewed launches as well.

今天我们还有关于其他公司的更新。首先是太空探索技术公司（SpaceX）。他们成功发射了一次载人任务，将四名宇航员送到了国际空间站。并且第一次成功将一枚“猎鹰9号”火箭助推器带回了地球，这是一次载人任务。非常酷，这是SpaceX的又一个重要里程碑，同时也非常令人振奋地看到载人任务的成功发射。

And then we've got an update from the boring company that the burnt hair cologne or perfume is now Finally about a ship. They say this is gonna be shipping in June. After a number of delays. So I know probably a lot of people here have orders for that wanted to pass along that update.

然后我们从The Boring Company得到了一个消息，被烧焦的头发香水现在终于要发货了。据他们称，这将在六月发货，经历了多次延迟。所以我知道可能这里有很多人订购了这款香水，想要传达这个最新信息。

The boring company also updated their website today saying that once their new expansion plans are complete for Vegas Which we've already talked about. They'll be capable of transporting more than 90,000 passengers per hour. So cool to see the progress there in Vegas. And then to wrap up just a quick look at the calendar We talked about this on Friday, but a couple things this week FOMC meeting minutes on Wednesday PCE on Friday.

今天无聊公司也更新了他们的网站，说一旦他们在拉斯维加斯完成了新的扩张计划（我们已经谈过了），他们将能够每小时运输超过90,000名乘客。在拉斯维加斯看到进展真是太酷了。然后，简单地看一下日历。我们在周五已经谈过了，但是本周有两件事情：周三的FOMC会议记录和周五的PCE。

I will probably be off on Fridays traveling for one more real day weekend. So hopefully nothing too crazy. You'll be happening on that day. And then of course the market's being closed on Monday. All right, that'll wrap it up for today. So as always. Thank you for listening Make sure you subscribe and sign up for notifications. You can also find me on Twitter at Tesla podcast and we'll see you tomorrow for the Tuesday May 23rd episode of Tesla Daily. Thank you.

我可能会在周五旅行，在这个真正的长周末再享受一天。所以希望不会发生太疯狂的事情。那天你们会发生什么。当然，周一市场也将关闭。好的，今天就到这里吧。所以像往常一样，感谢你们的收听。确保你订阅并注册通知。你也可以在Twitter上找到我@Tesla podcast，我们明天会在5月23日星期二的节目中见到你。谢谢！