Biggest News From Tesla's Q2 Earnings Call

Hey everybody Rob Maurer here and today we are going to be going through Tesla's Q2 earnings call. Sorry about the issues on the actual live call. Hopefully you guys can give me a heads up if everything is working now. But I do apologize for that. Obviously extremely frustrating for me. I did test it and everything was working good. Just couldn't get things fixed.

大家好，我是罗布·莫里尔（Rob Maurer）。今天我们将一起回顾特斯拉（Tesla）的第二季度业绩电话。对于实际的直播电话出现问题，非常抱歉。希望你们现在能告诉我一切正常了。我为此道歉。显然，这对我来说非常令人沮丧。我进行了测试，一切运作良好，只是无法解决问题。

So we are going to go through just the normal call takeaways like we normally would do after the earnings call. I'm just going to wait a second and again make sure that everything is working here. Okay. So let me know in the comments and then we'll continue. Someone says no audio. Great. That's nice. I'm just going to wait a couple more seconds here. Perfect. Now.

所以我们将按照通常的做法，在财报电话会议之后进行正常的总结。我暂时会等一下，确保这里一切正常。好的，请留言告诉我，然后我们继续。有人说没有声音。太好了，谢谢提醒。我再等几秒钟。完美，现在可以开始了。

Alright. Thanks Todd. Appreciate that.

好的，谢谢 Todd。非常感激。

Alright. So as usual I went through and you know took the normal notes on the call. So we'll kind of go through in sequential order. I've bolded a couple of things that are you know stuck out to me as major big news from the call.

好的，像往常一样，我完成了通话后做了一些笔记。下面我们会按照顺序做一些总结。我已经加粗了几个在通话中让我印象深刻的重大消息。

But we'll start off you know Tesla said they're continuing to target 1.8 million deliveries. The slight decrease though expected in production in Q3 for what Tesla called a global factory upgrades. So kind of interesting to hear about that. You know obviously there's been a lot of rumors about Tesla and Project Highland. It would seem that that would be scheduled now for Q3 with Tesla talking about these upgrades to come. So that's going to not only hit production probably hit deliveries as well depending on how much inventory Tesla works through. And it will also hit margins as Zach mentioned later in the call due to downtime and just spend for those production upgrades. So we will have to wait you know and see on that but should expect declines in the third quarter.

但是特斯拉表示他们将继续以180万辆交付车辆为目标开始。然而，特斯拉称此次第三季度生产略有下降是因为全球工厂升级，这让人觉得很有趣。关于特斯拉和高原项目一直有很多传言，现在看来，这可能计划在第三季度进行，特斯拉提到了这些升级计划。因此，这不仅可能影响生产，还可能影响交付，这取决于特斯拉处理存货的数量。正如Zach在通话中提到的，这还会对利润率产生影响，因为需要停产时间和升级的支出。因此，我们将不得不等待并观察，但应该预计第三季度会出现下降。

Going from there Elon talked about the Robotaxi that they're working on the next generation vehicle said it should have quasi infinite demand. Talked about it being not only revolutionary from a software perspective with FSD but also from a hardware and production standpoint which we heard a lot about at investor day. He said it will be the highest units per hour ever created in terms of production for vehicles. Talked about AI with AI more training yields better results no one can come close to Tesla on training capabilities. He said that through Dojo and continuing to grow their Nvidia GPU cluster they may 100x or more they're known at training capacity or capability by the end of next year. So we've talked about that and that's just a ramp up of their training capabilities through their hardware like we talked about with Dojo and the A100 equivalents in terms of I think getting to 100x of flops by end of next year.

接着，埃隆谈到了他们正在研发的下一代车辆- Robotaxi，并表示它应该有近乎无限的需求。他谈到这不仅是从软件上的革命，还包括从硬件和生产角度，这在投资者日上我们已经听到了很多。他说这将是有史以来生产车辆每小时最高产量的单位。他谈到了人工智能（AI），表示AI的训练越多，结果就越好，没有人能够与特斯拉在训练能力上相提并论。他说通过Dojo和继续扩大他们的Nvidia GPU集群，到明年年底可能使他们的训练能力或能力增加100倍或更多。所以我们已经谈到了这一点，那只是通过像Dojo和A100等硬件来提高他们的训练能力，我认为到明年年底能够实现100倍的浮点运算能力。

Licensing. So interesting here he mentioned kind of offhandedly they're not licensing supercharging so there wasn't really much discussion on that and interestingly not really any questions on how Tesla's structuring that from a business perspective but Elon mentioned not licensing it just opening up the network so we'll continue to wait for more information on that. But then he mentioned that they're actually very open and in early discussions with a major OEM about licensing FSD who that OEM would be who knows but I think Ford has been very receptive to working with Tesla they were the first to adopt an ACS it would seem like they would probably be the most likely candidate obviously they have their blue cruise system blues clues you know whichever you want to call it but they do have that although they have also mentioned that they specifically are only really going to be focusing or prioritizing development of sort of a level two level three type of systems and they've essentially given up on level four level five with Ford talking about how really their goal is to give people time back through those level three type of systems where maybe they can have eyes off of the road. So interesting we'll keep an eye out for more on that but that would be huge news we've seen the reaction since you know the initial announcement of the Ford supercharger adoption if they also announced FSD adoption I think that would be a pretty massive fundamental inflection point for the stock at that point.

许可证。 在这里他随口提到他们没有对超级充电进行许可，所以关于这个并没有太多讨论，有趣的是也没有关于特斯拉如何从商业角度来规划的问题，但伊隆提到不会进行授权，只是开放网络，所以我们还需要等待更多的信息。但他随后提到他们正在与一家主要原始设备制造商进行积极讨论和早期洽谈，关于授权完全自动驾驶。对于谁会是这家原始设备制造商，谁知道呢，但我认为福特一直非常愿意与特斯拉合作，他们是第一个采用ACS的公司，看起来他们可能是最有可能的候选人，显然他们有他们的蓝色巡航系统，无论你想叫什么。但他们也提到他们特意只会专注或优先发展二级三级的系统，他们已放弃发展四级五级系统，福特谈到他们的目标实际上是通过这些三级系统为人们节省时间，也许他们可以不用盯着路。有趣的是，我们将密切注意此事的进展，但如果他们还宣布采用FSD，我认为那将是股票的一个重要的根本性转折点。 备注：FSD完全自动驾驶的英文缩写。ACS主动系统科技的英文缩写。

Alright, back to the current business they noted as we talked about going into it as we talked about after the shareholder letter the current top priority for the for the business is just maximizing investment making sure that they are being able to make these investments in these things that they're so excited about in the product roadmap and the second priority alongside it is to maximize volume but doing it in a way that can support that expansion and that's what we talked about as being so valuable for Tesla right now they're able to grow these economies of scale grow their the infrastructure for their business and also put that through the cash flow on the current business.

好的，回到他们在我们讨论后标注的当前业务。在股东信中谈到之后，目前的首要任务是最大化投资，确保能够在他们对产品路线图如此兴奋的这些事物上进行投资，并且与此同时，第二个优先事项是最大化销售额，但要以一种能够支持扩大的方式来实现。这正是我们讨论的特斯拉现在非常宝贵的地方，他们能够扩大规模经济，发展他们的业务基础设施，并将其纳入当前业务的现金流中。

Elon mentioned later on the call that it's pretty crazy that they're in this capital intensive business they're investing in an insane way I think was the words that they used and yet they're still able to be free cash flow positive while doing that so that's what Zach was talking about and really just reiterated the focus up in the next few quarters is going to continue to be that not necessarily a focus on margin for those specific quarters but I think Zach put it really well in and you know once these quarters go by they're in the past and businesses are valued off of the net present value of their future earnings so once the earnings are in the past it's done and like we talked about going into this report the reason people care about the margins and things like that is because of how they extrapolate into future quarters doesn't matter if Tesla earns two and a half billion dollars or three billion dollars this quarter but it matters what their margin is because then that will yield you know half a million half a billion dollar difference in every single quarter going forward if the margins stay the same versus a lower level so that's why people care about it but with Tesla they're going to be these new products that Tesla develops and integrates and unveils and releases over time that fundamentally change that equation so that was the focus you know right now the business is just about getting getting enough cash flow to build those things and those things change the business going forward that's kind of always been the story for Tesla but at a certain point they just got big enough where people were excited about the actual fundamentals of the business versus the future products and some of that long term perspective I think has shifted over time so a great reiteration there of what we you know talked about going into the call.

埃隆在通话后提到，他们投资于这个资本密集型的行业的方式非常疯狂，他认为这种投资方式疯狂。然而，尽管如此，他们仍然能够保持正现金流的状态。这就是Zach所说的，而接下来几个季度的重点仍将继续保持这种状态，不一定是关注利润率，但我认为Zach表达得很好。你知道，一旦这几个季度过去了，它们就成为了过去，企业的价值是根据未来收益的净现值来评估的。因此，收益已经过去就意味着结束了。就像我们在报告中讨论的那样，人们关心利润率等因素是因为它们对未来的季度产生了一定的推断效果。对于特斯拉来说，重点是他们将开发、整合和推出的新产品，这些产品在时间上根本改变了这个方程。这就是目前业务的重点，只是为了获得足够的现金流来建造这些产品，并且这些产品将从根本上改变未来的业务。这一直以来都是特斯拉的故事，但在某个特定时刻，他们变得足够大，以至于人们对于其实际业务基本面和未来产品感到兴奋，而某种程度上的长期展望已经发生了变化。这是对我们在通话中讨论的内容的很好的重申。

Alright so upgrades if we'll carry some costs that's just about the factory upgrades we talked about that 4680 progress it sounds like things are progressing really well so 80% increase in production at gigatexis for 4680 production quarter over quarter they surpassed 10 million cells produced in Texas so they'd given that update on Twitter it was a little bit unclear if that was total or in Texas our thought was that it was specifically for Texas that turns out to be correct and then he said they've they've achieved a 25% reduction in cost of goods sold on the cells at gigatexis quarter over quarter through a 40% scrap rate reduction so that's a massive reduction in costs quarter over quarter we talked about how this is hitting Tesla's average cost of goods sold on all their vehicles that gets amortized across vehicles made in Shanghai you know right now so as this continues that will help the business continue to look better from a fundamental perspective so great to see that they also mentioned that the energy density on their next generation 4680 cell which is sounds like it's you know either in production or going into production right now would be 10% higher than the current cell which it's roughly in line with energy density from the Tesla's other vehicles we've talked about that with the standard range Model Y so it's it's sort of right now coming in around you know the benchmarks that Tesla would have with their other cells so for them to now be able to do a 10% higher energy density would be you know I think fantastic progress in that sort of short period of time I don't feel like a long time but relatively short period of time that Tesla's been producing these cells and they said that that was without silicon and without additional cathode improvements which would continue to drive energy density up and cost down so pretty big updates there on 4680 and I was glad to hear about those so maybe I mentioned this but they're calling that next generation of the cyber cell so it sounds like that would be used for the cyber truck and they're confident in having that up to enough volume production to support volume production of the cyber truck next year.

好的，那么升级方面如果有一些成本，那就是关于我们谈到的工厂升级。4680的进展听起来进展非常顺利，所以Gigafactory的4680产量季度环比增长了80％，他们在德克萨斯州生产的电池已经超过1000万个，他们在Twitter上给出了这一更新，不过有点不清楚是总量还是德克萨斯州的产量，我们认为它是特指德克萨斯州，结果证明是正确的。然后他说，他们已经实现了Gigafactory电池成本的季度环比降低了25％，通过降低40％的废品率，这是一个巨大的成本降低。我们谈到这对特斯拉的所有车辆的平均成本有什么影响，它会分摊到上海工厂生产的车辆中，你知道目前是这样的，所以随着这种情况继续下去，它将帮助企业从根本上看起来更好。很高兴看到他们还提到了下一代4680电池的能量密度，听起来这个电池现在正在生产中或即将投产，将比目前的电池高出10％的能量密度，这与特斯拉的其他车辆的能量密度大致相同，我们在与标准续航Model Y讨论过这个问题。所以现在它大约会达到特斯拉希望达到的标准，那么能够在相对短的时间内实现10％的能量密度提高，我认为是一个很大的进展。他们还说这是没有硅和额外阴极改进的情况下，而这些改进将进一步提高能量密度并降低成本，所以关于4680的更新非常重要，我很高兴听到这些消息。也许我已经提过，但他们称这为Cyber电池的下一代，所以听起来将用于Cyber卡车，并且他们有信心在明年能够有足够的产量支持Cyber卡车的量产。

Okay, so 4680 system so although these are cell based improvements a lot of what is being done with 4680 is the entire production process. Tesla focused a lot on that at Battery Day. Drew said that they're you know realizing those advantages as Texas scales. up so good at kind of reiterate and focus on that as well.

好的，所以4680系统尽管是基于电池的改进，但在4680方面所做的很多工作实际上是整个生产过程。特斯拉在电池日上非常注重这一点。德鲁表示，他们正在意识到这些优势，并且在德克萨斯州扩大规模时也能够充分利用它们。因此，在重申和关注这一点上也是很有好处的。

Energy so we talked about the margin they didn't focus too much on margins in this call but for energy products at least but they did say that they can't talk about future products. With the current products, Lathrop is you know the mega factory and Lathrop with 40 gigawatt hours it's ramping up to meet demand for the second half of the year and the second line is scheduled ahead of the full the second line of production for the Lathrop facility is on schedule ahead of the factory ramp in 2024 so it sounds like it'll be probably still a bit of time maybe a year from now where Lathrop is really at that sort of 40 gigawatt hour capacity. So we may see the growth stall out a little bit until that second line comes on and then you got a little bit of a jump there.

关于能源部分，他们在这次电话会议上并没有过多强调利润率，但至少对于能源产品来说是这样的。他们表示不能讨论未来的产品。就目前的产品而言，拉斯罗普是一个巨大的工厂，拥有40千兆瓦小时的产能，正在逐步提高以满足下半年的需求。拉斯罗普的第二条生产线计划提前于2024年的工厂升级。所以听起来可能还需要一段时间，也许再过一年，拉斯罗普才能真正达到40千兆瓦小时的产能。因此，在第二条生产线投入使用之前，我们可能会看到增长出现一些停滞，而之后又会出现一次小幅增长。

500,000 power walls installed they recently hit that milestone so we'll have to go back and see what the previous milestone was I don't have that handy but we can kind of extrapolate production and install rates from that.

已安装50万个Power Wall，他们最近达到了这一里程碑，因此我们将不得不回头看看之前的里程碑是什么。我手头没有那个信息，但我们可以从中推断出生产和安装速度。

Question was asked about costigood sold per unit from the IRA. Zach reiterated the previous guidance so kind of a waste of a question but $150 million to $250 million per quarter they said that you two came in in that range they said that they split that benefit 5050 with Panasonic I think that's before they're you know considering the range that they gave there so Panasonic probably benefiting in a similar of a similar magnitude commodity prices improving lithium most notable as we talked about before the call heading into it in the preview seeing benefits and other commodities like steel and aluminum as well and they said that the improvements there were similar to the benefits from IRR a quarter of a quarter

问到了关于IRA每单位的销售成本的问题。扎克重申了之前的指导，所以这个问题有点浪费，但他们说每个季度的销售成本在1.5亿到2.5亿美元之间，他们说你们两个在这个范围内，他们说他们和松下平分了这个利益。我认为这是在他们给出的范围之前，所以松下可能也会获得类似的利益，商品价格正在改善，锂是最明显的，正如我们在通话前讨论的那样，在预览中也看到了像钢铁和铝等其他商品的好处，他们说那里的改善情况与IRA每个季度的好处类似。

SNX mix increased so that helps ASP but it also increases the average cost of goods sold which as we talked about did decline $1200 quarter of a quarter so if you take out SNX from the mix that likely means off to do the math on it but that likely means that the decline sequentially for Model 3 and Model Y would have been bigger than that $1200 so nice to see that.

SNX混料增加了，有助于提高ASP，但也增加了销售商品的平均成本。正如我们所讨论的那样，商品销售成本在季度中减少了1200美元，因此如果将SNX排除在混料之外，这很可能意味着Model 3和Model Y按顺序的销量下降可能会比1200美元更大，很高兴看到这一点。

FSD transferability I had to laugh when this one came up because obviously I wasn't a huge fan of the question I'm still not a huge fan of the question the reason for that isn't because of any opinion that I have on this topic although I do have an opinion on it it's more so that I just don't think it's a really appropriate question for an earnings call I think it's more of a customer based question so that's that's my frustration with it but Elon did say they're gonna allow a transfer in Q3 so congratulations to those people that wanted that he said this is gonna be a one-time amnesty where they'll allow this transfer the timing is interesting because that's definitely a lever for Tesla you know that's gonna cause people especially if it's just a one-time thing like hey do it now or don't do whatever if that's the case that's gonna probably trigger quite a few orders so an interesting level for Tesla and I guess you know that does have some business relevance for a short period of time over the long term it's I don't think it's very relevant but it'll be interesting to see how they handle that this quarter maybe they would temporarily increase prices too I don't know we'll have to see on that but it's also gonna mean a lot of new or used Tesla vehicles hitting the market at the same time so we'll see you know what their plans are for that for this quarter.

FSD可转让，当我看到这个问题时，我笑了，因为显然我不是这个问题的铁粉，我现在对这个问题仍然不感冒。不过，这并不是因为我对这个话题有任何意见，虽然我对此有意见，而是我觉得这个问题并不适合在盈利电话会议中提出。我认为这更适合作为一个客户的问题，所以这是我对这个问题的不满。但是埃隆确实说他们将在第三季度允许转让，所以恭喜那些希望进行转让的人。他说这将是一次一次性特赦，他们将允许这种转让。时机很有趣，因为这绝对是特斯拉的一个杠杆，你知道这会引起人们的兴趣，特别是如果只是一次性的，就像“现在做或者不做，无论如何”。如果是这种情况，这可能会引发很多订单。这对特斯拉来说是一个有趣的层面，我想在短期内对业务有一定的关联性，但从长远来看，我认为它并不是非常重要，但看看他们如何处理这个季度将是有趣的，也许他们还会暂时提高价格，但我们还得看一下。然而，这也将意味着很多新的或二手特斯拉汽车会同时进入市场，所以我们要看看他们对此季度的计划。

Cyber truck demand is off the hook a lot of new tech a lot he reiterated so just like we saw in the shareholder letter which by the way make sure you go back and watch that you know reaction in the shareholder letter we're focusing on the call here but for the cyber truck reiterating that there's just a lot of new technology the ramp up is gonna move as slow as the slowest part of the ramp up across you know 10,000 different parts are thinking something of that magnitude so just trying to caution people that this is going to still be a slow process probably painfully slow that we're now this close but still confident high volume production next year and delivering the first vehicles this year I don't think that there was any mention of specifically in Q3 so I guess we'll just have to stay tuned on that.

Cyber truck的需求非常火爆，有很多新技术。他再次重申了这一点，就像我们在股东信中所看到的那样，顺便说一句，请确保回头看看股东信中的反应。我们在这里关注的是电话会议，但对于Cyber truck，重申了有很多新技术，增长将会像斜坡上最慢的部分一样慢，涉及到大约10,000个不同的部件，这样的规模需要时间。因此，我试图告诫人们，这个过程仍然会很慢，可能是痛苦的慢，但我们现在已经非常接近了，仍然对明年有大量的量产和今年首批交付车辆充满信心。我不认为在Q3中有具体提到，所以我猜我们只能继续关注。

Alright giga casting repairability so just kind of a question there quickly answered they said it's you know the people overestimate the simplicity of current vehicles in terms of their repairability there's a lot of different parts that have to all be fitted together versus just swapping out the casting potentially Tesla said this is 10 times cheaper and three times faster than the Model 3 so just kind of a red herring in terms of those questions.

好吧，吉加铸造的可修复性就是一个问题很快就回答了，他们说人们高估了现行车辆在可修复性方面的简单性，很多不同的零部件需要组装在一起，而不仅仅是更换铸造件。特斯拉表示，这种方法比Model 3便宜10倍，快3倍，所以这只是那些问题中的一个红鱼。

And then for optimus Elon said that there you know currently there's maybe five or six bots or ten it just kind of depends on what you view as a bot and what stage of development but said that they're making more more bots every month lots of interesting things right now they they talked about the actuators for the the Tesla bot which they've talked about before none of them are really available off the shelf Tesla has to design and produce these and they should be able to produce the first optimus with fully in-house actuators sometime in November and then try to ramp up production after that obviously at first they're going to use these in their own factories and over time expand from there but Elon thinks that they can start using these doing something useful in the factory at least sometime next year so I think that's going to surprise a lot of people but if we really do see you know sort of exponential or logarithmic growth in Tesla's AI capabilities which is what Elon does expect if that happens we you know optimus will surprise a lot of people so exciting on that and then he also mentioned just the capabilities of combining Neuralink with optimus and some of the things that could be done with that kind of cyborg-esque type of type of things which obviously would be pretty cool.

然后，就优化型的问题，埃隆说，现在或许有五六个机器人，或者十个，这取决于你如何定义机器人，以及处于什么开发阶段。但他表示，他们每个月都在制造更多的机器人，目前有很多有趣的事情。他们谈到了特斯拉机器人的执行器，这是之前就提到过的。目前还没有可以直接购买的执行器，特斯拉必须设计和生产它们。预计在11月份他们能够使用自家的执行器生产第一台优化型机器人，然后在此之后逐步扩大生产规模。显然，起初他们将在自己的工厂内使用这些机器人，并逐渐扩展其他领域的应用。埃隆认为，至少明年某个时候，他们可以开始在工厂中利用这些机器人做一些有用的工作，这将会让很多人感到惊讶。如果特斯拉的人工智能能力真的出现指数或对数级增长（这是埃隆所期望的），那么优化型机器人将会给很多人带来惊喜。这对于那些结合优化型与神经链接的能力以及可能实现的一些类似合成人的事物的能力来说，当然会非常酷。

Order intake, demand roughly tracked production, Tesla's got very high confidence in the long term growth of Tesla but mentioned on a number of occasions things could be volatile in the short term nothing new there. Elon reiterated though he does see a path to Tesla 10x from here and then he thought about well the stock price is quite a bit higher than it was in recent times in recent months so Elon said maybe something more like a 5x these days which would obviously put Tesla at around 4.5 trillion dollars as potentially the largest company in the world.

订单接收量，需求大致跟踪生产情况，特斯拉对特斯拉的长期增长非常有信心，但在短期内可能会有波动，这并不新鲜。埃隆再次重申，他确实看到了特斯拉从现在开始增长10倍的路径，然后他考虑到现在的股价已经比最近几个月高很多，所以埃隆说也许现在是5倍左右，这显然将使特斯拉的市值潜力达到约4.5万亿美元，可能成为全球最大的公司。

Yeah, investment so we talked about that. Dojo R&D they said they're going to be spending north of a billion dollars throughout the next year so this is a decent chunk of Tesla's R&D spend if you look at where they've been running for R&D and it depends on what bucket things fall into some R&D spend can sometimes fall in other buckets but strictly talking to R&D line Tesla's been spending about 800 million dollars there per quarter that jumped up a bit this quarter but we're talking somewhere in the order of 3 to 4 billion dollars per year so it's a big chunk of their spend and obviously right now that's doing nothing for the business right like it's going to but it's not doing anything to help the business right now yet it is still impacting operating expenses which is something we've talked about going back a long long time in Tesla's history.

是的，我们谈到了投资。道场的研发部门表示他们将在未来一年内投入超过十亿美元，所以这是特斯拉研发支出的一个可观部分，如果你看看他们以前的研发支出情况，并且这也取决于这些支出属于哪个范畴，有时候研发支出可能归入其他范畴，但单纯从研发角度来说，特斯拉每个季度在这方面的支出大约是8亿美元，在这个季度有所增加，但我们可以说大约每年的支出在30亿到40亿美元之间，所以这是他们支出的一个大部分。显然目前这对企业来说没有帮助，但它持续影响着运营费用，这是我们在特斯拉历史中长期以来一直在谈论的事情。

Those operating expenses those are hitting before they're yielding real benefit especially the R&D line so that's why I said like I don't mind seeing that line jump up and cause the operating margin to decline because it's from things like spending on Dojo which don't really have any relevance to actual operating margin of the business today but hopefully will improve things significantly going forward. So excited to hear some comments on that talked about how it makes sense to sacrifice margin for volume due to autonomy the more vehicles you get out there the more you can turn on flip on to being autonomous and reap the rewards of doing that they were asked about just progress in general Elon said he's the boy who cried FSD at this point but continues to believe that it'll be better than a human by the end of the end of the year in the US not to say it's approved so nothing too new on Elon's thoughts there but he remains confident and then he reiterated the price of FSD as low relative to obviously what the future value would be if this were to happen.

那些运营费用在产生真正效益之前就已经带来了压力，特别是研发领域。因此，我说过我不介意看到这一方面的开支增加，导致运营利润率下降。因为这些开支来自于像Dojo这样与业务当下实际运营利润率并无太大关联的事情，但希望会显著改善未来的情况。我很期待听到对此的一些评论。我们讨论了因为自主性而牺牲利润率以换取销量的理性性。车辆越多，你就能更多地实现自主性，并因此获得回报。关于整体进展的问题，埃隆表示他现在可以算是一个一直在说全自动驾驶的“男孩”，但他依然坚信到今年底，全自动驾驶将比人类更好，这并不意味着它已获得批准。埃隆在这方面的想法没有什么新的。但他仍然对此抱有信心，并重申了全自动驾驶的价格相对较低，相对于未来价值而言，如果这一切发生，价值会很高。

XAI they briefly touched on whether that would be like a conflict of interest with Tesla or whether it would benefit Tesla Elon noted specifically that part of the reason it exists is because when interviewing talent they had no interest in potentially working for a company like Tesla that's a $900 billion company even if there is potential upside in that I'm sure there's equity considerations there to be made and then in addition to that it's just a different type of a team like we've heard you know JB Straubel talk about how where Tesla is at these days it just wasn't quite the same as it was many years ago where you've got a smaller team and potentially that gives you different roles or different tasks that you're required to do so it's just a different environment basically Elon's point was that there are people that want to work in that environment and you can either let them go to some other company like OpenAI or whomever else and then they're not going to benefit Tesla at all or you can have an XAI startup and that can work side by side to an extent with Tesla like SpaceX and Tesla have done for many years and then hopefully that can actually be beneficial to Tesla versus just kind of losing out on that talent so it's a tricky situation but the explanation I do think makes sense.

XAI是指“可解释人工智能（Explainable Artificial Intelligence）”，他们简要讨论了这是否与特斯拉存在利益冲突，或者是否有助于特斯拉。埃隆特别指出，其存在的部分原因是在面试人才时，他们对于潜在的为一家市值9000亿美元的公司如特斯拉工作没有兴趣，即使其中存在潜在利益，我肯定在这方面也有股权考虑。而且，这只是一支不同类型的团队，我们听到JB·斯特劳贝尔谈到特斯拉现在的情况与以前不太一样，以前是一个规模较小的团队，可能有不同的角色或任务需要承担。基本上，埃隆的观点是，有些人愿意在这样的环境中工作，你可以让他们去其他公司，比如OpenAI或其他公司，那样他们对特斯拉没有任何好处，或者你可以建立一个XAI初创公司，并与特斯拉在某种程度上共同工作，就像SpaceX和特斯拉多年来所做的那样，希望这对特斯拉实际上是有益的，而不仅仅是失去这些人才。这是一个棘手的情况，但我认为这个解释是有道理的。

and then kind of the last thing just some comments on costs commodity trends they said to be said seem to be deflationary nothing new on that that's been the case for Tesla for six months now or so and economies of scale continue to grow with the exception obviously of this next quarter with the production downtime so overall I mean again as I said at the at the outside of or I guess that the after the shareholder letter came out I think this was a great quarter average selling prices were better than expected despite pricing adjustments throughout the quarter I think cost of goods sold coming down more so than average selling prices came down is obviously a huge positive we saw amazing margin from Tesla energy going from about 11% up to 18% and hopefully continuing to grow from that because we actually saw a sequential decline in volume and obviously as we know higher volume usually yields higher margins so excited about energy and all of these numbers were achieved you know beating analysts expectations with with a relatively low number for regulatory credits probably one of the lowest regulatory credit numbers and you know the last couple of years so I don't think there's a lot here to be disappointed with I think most things either come in came in at expectation or above expectations which is really good and I think Tesla showed a lot of focus on the right things on the call they're talking about the things I want them to be talking about no surprise like this is a management team that I've invested in for a decade and will continue to invest in for a long time so I'm excited about how they're viewing the business it's obviously a bit of a rough patch right now while we're you know waiting to get this next next generation stuff waiting to get to FSD but I think the way that they're approaching these problems and the way that they're viewing the business are the right way so a lot to be excited about I'm pretty happy with the results I haven't looked at the the stock for a bit I've been you know trying to get this this streaming stuff in order it looks like we're down 4% right now which is frankly pretty surprising given the magnitude of the beat versus expectations and I don't think anything too negative on the call but you know perhaps I'm missing something that's causing a little bit of that negative reaction alright so I think we'll probably wrap it up there again really happy with the quarter again apologize for the issues on the live stream trust me nobody hates that more than me I practiced you know did a test run beforehand and everything was fine so I don't know what what caused that and it's obviously frustrating just me here I don't have like a tech support team that can jump on fix things live so we'll try to get those things work through and again apologize for that but that'll wrap it up for today so as always thank you for listening make sure you're subscribed and signed up for notifications you can also find me on twitter at tessell podcast and we'll see you tomorrow for the Thursday July 20th episode of tessell daily thank you.

然后，最后关于成本和商品趋势的一些评论，他们表示存在通货紧缩现象，这对特斯拉来说并没有什么新情况，这已经持续了大约六个月了，规模经济继续增长，除了下一个季度生产暂停时，总体上来说，我觉得这是一个很棒的季度，平均售价比预期要好，尽管在整个季度中进行了定价调整，销售成本下降得更多，显然是一个巨大的好消息，我们从特斯拉能源中看到了惊人的利润率，从大约11%增长到了18%，希望能继续增长，因为我们实际上看到了销量的连续下降，而我们都知道，更大的销量通常意味着更高的利润率，对能源表示兴奋，并且所有这些数字都超过了分析师的预期，拥有相对较低的规章信用的数年来可能是最低的规章信用数字，所以我认为这里没有什么值得失望的地方，我认为大多数问题要么符合预期，要么超出了预期，这真的很好，我认为特斯拉在电话会议上对正确的事情表示了很多关注，他们正在谈论我希望他们谈论的事情，毫不意外，因为这是一个我已经投资了十年，并将继续长期投资的管理团队，所以对他们如何看待业务我感到很兴奋，显然现在是一个有点困难的时刻，因为我们正在等待下一代产品，等待实现FSD，但我认为他们解决这些问题的方式，以及他们对待业务的方式是正确的，所以有很多让人兴奋的事情，我对结果感到非常满意，我有一段时间没有看股票了，因为一直在努力整理这个直播的节目，看起来现在我们的股价下跌了4%，这实际上相当令人惊讶，考虑到结果超出了预期，而且电话会议中没有太多负面情绪，但也许我可能错过了一些引起负面反应的事情，好了，我们应该结束这里，再次对本季度感到非常满意，对直播的问题再次道歉，相信我没有人比我更讨厌这个问题了，我之前进行了预演测试，一切都正常，所以我不知道是什么引起了这个问题，显然这很令人沮丧，我一个人在这里，没有一个技术支持团队可以随时解决问题，我们将尽快解决这些问题，再次对此表示歉意，但今天就到这里吧，谢谢大家一如既往地收听，确保您已经订阅并设置了通知，您也可以在推特上找到我，推特账号是tessell podcast，我们明天见，在7月20日星期四的tessell daily节目中，谢谢。