Tesla Q2 2023 Financial Results and Q&A Webcast - YouTube

So You You You You You You You You You You You You You You You You You You You You You Good afternoon, everyone, and welcome to Tesla's second quarter 2023 Q&A webcast. My name is Martin vehicle of invest relations and I'm joined today by Elon Musk, Zachary Kirkhorn and a number of other executives. Our Q2 results were announced at about 3 p.m. Central time in the update deck we publish at the same link as this webcast. During this call we will discuss our business outlook and make forward-looking statements. These comments are based on our predictions and expectations as of today. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in our most recent filings with the SEC. During the question and answer portion of today's call, please let me tell yourself to one question and one follow up. Please use the raise hand button to join the question queue. But before we jump into the Q&A, Elon has some opening remarks.

大家下午好，欢迎来到特斯拉2023年第二季度的问答网络直播。我是马丁·车辆，负责投资关系，今天我与伊隆·马斯克、扎卡里·柯克霍恩和其他几位高管一起参加。我们的Q2业绩在中央时间下午3点左右发布，更新的报告在与本网络直播相同的链接上公布。在本次电话会议中，我们将讨论公司的业务展望并进行前瞻性陈述。这些评论是基于我们今天的预测和期望。由于一系列风险和不确定性，实际事件或结果可能会有实质性差异，这些风险和不确定性在我们最近向美国证监会提交的文件中提到。在今天的问答环节中，请每人自问一次问题，并提出一个补充问题。请使用举手按钮加入提问队列。但在进行问答环节之前，伊隆有一些开场词。

Elon? Thank you, one. So just a Q2 recap. In Q2, we achieved record vehicle production and deliveries and record revenue of about $25 billion in a single quarter. Model Y became the best selling vehicle of any kind globally in Q1, surpassing the likes of Corolla and Gold. So it was the number one vehicle of any kind, including vehicles that are at a cellular parlor price. This is I think an incredible achievement by Tesla team and just a huge thank you to our customers for their support.

谢谢大家，首先要做个二季度回顾。在二季度，我们实现了创纪录的车辆生产和交付量，单季度创下了大约250亿美元的收入纪录。Model Y在一季度成为全球任何类型车辆中最畅销的车型，超过了卡罗拉和高尔夫等车型。所以它是任何类型车辆中的第一名，包括价格较低的车型。我认为这是特斯拉团队的不可思议成就，同时也要非常感谢我们的客户对我们的支持。

So in this case, despite of high interest rates and a lot of macro uncertainty and nonetheless, we managed to achieve operating margin of about 10%. We continue to target 1.8 million vehicle deliveries this year. Although we expect that Q3 production will be a little bit down because we've got summer shutdowns for a lot of factory upgrades. So just probably a slight decrease in production in Q3 for sort of global factory upgrades.

在这种情况下，尽管存在高利率和许多宏观不确定性，但我们仍然成功实现了约10%的营运利润率。我们仍然目标今年交付180万辆车辆。尽管我们预计第三季度的生产会稍有下降，因为我们有很多工厂进行夏季停产升级。所以在全球工厂升级方面，可能会在第三季度出现一些生产的轻微减少。

In the long term economy, we think is going to just drive volume through the ceiling next level. And our sort of future rubber taxi products, dedicated rubber taxi products, we think have like quasi infinite demand. So, and the way we're going to manufacture the rubber taxi is also itself a revolution. So it's a revolutionary design made in a revolutionary way. It'll be by far the highest units per hour of any vehicle production ever. So we're very excited about that.

在长期经济发展中，我们认为将会推动交通量触及新的高度。而我们未来的橡胶出租车产品，专门针对出租车市场的产品，我们认为将拥有几乎无穷的需求。同时，我们制造橡胶出租车的方式也是一场革命。因此，这是一种革命性的设计，以革命性的方式制造。它将成为有史以来每小时产量最高的车辆。因此，我们对此感到非常兴奋。

With respect to autopilot and dojo in order to build autonomy, we also need to train our neural net with the data from millions of vehicles. With the more, I mean, this has been proven over and over again, the more training data you have, the better the results. And there are times where we see basically in a neural net. Basically, it's sort of at a million training examples. It barely works at 2 million. It's slightly works at 3 million. It's like, wow, we're seeing something for that. It's like 10 million training examples. It's like it becomes incredible. So, there's just no substitute for mass amount of data. And obviously Tesla has more vehicles on the road that are collecting this data than all of the companies combined by, I think, maybe even an order of magnitude. So, I think we might have 90% of all, or a very big number. So, you know, the success in AI and Dev as a function of talent, sort of unique data and computing resources. And we have outstanding capabilities and all three arenas. And I really just don't know how anyone could do what we're doing, even if they had our software and had our computer, if they did not have the training data.

关于自动驾驶和道场以构建自主性，我们还需要用来自数百万车辆的数据来训练我们的神经网络。更多数据意味着结果更好，这一点已经被反复证明。有时我们会发现，在一个神经网络中，基本上在一百万个训练示例时勉强能工作，在两百万个示例时有些有效，而在三百万示例时呈现出神奇的效果。所以，没有什么能替代大量的数据。显然，特斯拉比所有其他公司的车辆都在收集这些数据，并且数量可能甚至超过一个数量级。因此，我认为我们可能占据了90%或非常大的比例。所以，人工智能和开发的成功与才能、独特的数据和计算资源有关。在这三个领域我们都拥有出色的能力。即使他们拥有我们的软件和计算机，如果没有训练数据，我真的不知道其他人怎么能做到我们正在做的事情。

So, speaking of which our Doge training computer is designed to significantly reduce the cost of neural net training. It is designed to, it's so optimized for the kind of training that we need, which is a video training. So, you know, we just see that the need for neural net training, the quasi and things is just enormous. So, I think having, we expect to use both Nvidia and Dojo to be clear. But this, this, we just see a demand for really vast training resources. And we think we may reach in house neural net, neural net training capability of 100 x o'clock by the end of next year.

所以，说到我们的狗训练计算机，它的设计目的是大幅降低神经网络训练的成本。它的设计非常优化，适合我们需要的视频训练。所以，你知道，我们只是看到神经网络训练的需求非常巨大。我们希望同时使用Nvidia和Dojo，这一点要明确。但是我们只是看到对于庞大的训练资源有着巨大需求。我们认为到明年年底，我们可能会拥有100倍时钟速度的内部神经网络训练能力。

So, to date, over 300 million miles have been driven using FSD beta, that 300 million mile number is going to seem small very quickly. It'll soon be billions of miles, then tens of billions of miles. And then FSD will go from being as good as a human to them being vastly better than a human. We see a clear path to full stop driving being 10 times safer than the average human driver.

到目前为止，使用全自动驾驶测试版已经行驶了超过3亿英里，而这个3亿英里的数字很快会显得微不足道。很快它将达到数十亿英里，然后再进一步成为远远优于人类驾驶者的数十亿英里。我们看到了实现全程自动驾驶比普通人类驾驶者安全性提高10倍的明确途径。

So, and between autopilot, Dojo computer, our inference hardware in the car, which equals sort of hardware 34, you know, it's really dedicated. It's a high efficiency inference computer that's in the car and our optimist robot tells us the only of the cutting edge of a ad.

所以，在自动驾驶系统、道场计算机以及我们车载的推理硬件之间，相当于硬件34，你懂的，它是非常专用的。它是车载的高效推理计算机，而我们乐观机器人告诉我们它是广告领域的尖端技术。

With regard to our cyber. Which we continue to build release candidates of the cyber truck on our final production line in Austin. I'm actually here in Austin at the factory.

关于我们的网络部分，我们在奥斯汀的最终生产线上继续制造网络卡车的发行候选版本。事实上，我就在奥斯汀的工厂里。

This is the first truck that we're aware of that will have four doors over a six foot bed and foot into a 20 foot garage. So, it's a sort of biggest on the outside, but it's even bigger on the inside. So, I think that's one of the elements of good design is it should feel bigger on the inside. Then it looks in the outside. And this is this is no small car, but we we're really cared about the exterior dimensions of the cyber truck down to the last millimeter. So, just trying to get rid of the gold, a lot.

这是我们所知道的第一辆卡车，它拥有四个门，六英尺长的车厢，并且适合进入一个20英尺长的车库。所以，从外部看，它是最大的，但内部更大。所以，我认为好的设计之一就是它应该在内部感觉更大，比外部看起来更大。而且这并不是一辆小汽车，但我们真的很在乎Cybertruck的外部尺寸，甚至到最后一毫米。所以，我们努力尽量减少尺寸差距。

So, not too big, not too small. And then really maximize the utility of the volume. And we can't wait to start delivering it later this year. Some other highlights are global supercharging network. Now stands over 50,000 roughly 50,000 connectors and over 5000 locations. As I think a lot of people are aware. The Tesla starting the Tesla charging standard, which we made open source. We're deeply honored that for GM, Mercedes and many other Williams have signed up to use our connector and gain access to our charging network. We strongly believe in helping other companies to accelerate the evolution and just trying to do the right thing in general. So, that's all there.

所以，不太大也不太小。然后真正最大化空间的利用。我们迫不及待地希望今年晚些时候开始交付。其他一些亮点是全球超级充电网络。现在大约有50,000个连接器和5000多个位置。我认为很多人都知道，特斯拉启动了特斯拉充电标准，并且我们已经将其开源。我们深感荣幸，因为通用汽车、奔驰和许多其他公司已经签署了使用我们的连接器并获得我们充电网络访问权的协议。我们坚信帮助其他公司加速进化，并一直努力做正确的事情。所以，以上就是全部内容。

Then something I think I want to emphasize very strongly. As with the North American charging standard, although we're not licensed in the case of licensing, we're just making it available. But we are very open to licensing our pull stuff driving software and hardware to other car companies. And we are already in discussions with only discussions with a major OEM about using Tesla FST. So, we're not trying to keep this to ourselves. We're more than happy to license it to others.

接着，有一件事我想强调一下。就像北美的充电标准一样，尽管在许可方面我们没有获得许可，但我们会提供相应服务。但是，我们非常愿意将我们的拉力驱动软件和硬件授权给其他汽车公司使用。我们已经在与一家主要原始设备制造商进行讨论，将特斯拉的FST引入。所以，我们并没有试图独占这一技术，我们非常乐意授权给其他人使用。

And lastly, our new lithium refinery and cathode facility are progressing well.

最后，我们的新锂矿冶炼厂和正极材料设施的建设进展顺利。

In conclusion, we continue to focus on making as many causes as we can while maintaining healthy financials. Our artificial intelligence development is obviously entering a new era. And we're incredibly excited about what's to come. Our other businesses, such as mega pack supercharging service and what not all started to become a meaningful contributor to overall profitability. And then lastly, I'd just like to profusely thank all of our employees who are making it a lot of extra effort during uncertain times. Thank you very much for your hard work and impact your making. Thank you very much, you long and I think Zach is some opening remarks as well.

总之，我们将继续专注于尽可能多地创造机会，同时保持健康的财务状况。我们的人工智能发展显然正在进入一个新时代，我们对即将到来的事情感到非常兴奋。我们的其他业务，如超级充电服务等，也开始成为整体盈利的有意义的贡献者。最后，我想衷心感谢在不确定时期付出额外努力的所有员工。非常感谢你们辛勤的工作和影响力。非常感谢你们，接下来长话短说一下Zach的开场白。

Yeah, thanks Martin. As you one mentioned, Q2 was another record quarter of production and deliveries, as well as records and profit for energy and services and other businesses. Congratulations again to the Tesla team on the continued progress.

是的，谢谢马丁。正如你所提到的，第二季度是又一个创纪录的生产和交付季度，同时也是能源、服务和其他业务利润的记录。再次恭喜特斯拉团队在持续进步上取得的成绩。

As we navigate through a period of economic uncertainty, rising interest rates, volatility and consumer confidence and regulatory change, I want to comment on our financial approach.

在我们面临经济不确定性、利率上升、市场波动、消费者信心以及监管变革的时期，我想就我们的财务策略发表一下评论。

First, the single most important priority is to ensure we are continuing to invest heavily in the core technologies that will drive the long term value of the business. This include increasing spending on AI related technologies, such as full self driving, optimist and dojo, as well as new products such as cyber truck, our next generation platform and the semi as evidenced by the continued growth in our R&D spend.

首先，最重要的优先事项是确保我们继续大力投资于将推动企业长期价值的核心技术。这包括增加在人工智能相关技术上的支出，如全自动驾驶、优化和道场（Dojo），以及新产品，如Cybertruck、我们的下一代平台和半挂车，这一点可以从我们在研发开支上持续增长的情况得到证明。

This also includes continuing our investments and capacity expansion, not only in our vehicle factories, but also our supercharging network service, internal applications and battery processes as we continue with meaningful capital expenditures to lay this foundation for the future.

这也包括继续在我们的车辆工厂以及超级充电网络服务、内部应用和电池工艺方面进行投资和扩容。我们将继续进行有意义的资本支出，为未来奠定基础。

Second, we continue to work towards our goals of maximizing volumes on both our vehicle and energy business, but most importantly doing so in a way that generates the capital to continue our pace of R&D and capital investments.

其次，我们继续努力实现在车辆和能源业务上的最大化销量的目标，但更重要的是以一种能够产生资本的方式来继续我们的研发和资本投资的步伐。

This requires a strong focus on per unit cost reductions in each of our key businesses, as well as working capital improvements on raw materials, working process inventory and customer AR, all of which progressed appropriately in Q2.

这需要我们在每个主要业务中都集中精力降低单位成本，并改善原材料、工作过程库存和客户应收款的营运资金，而在第二季度，这些方面的进展都是适当的。

If we look specifically at our automotive business, our gross margin showed a modest reduction and remain healthy. Despite action taken to further improve vehicle affordability early in the quarter. We recognize we realized per unit cost improvements in nearly every category, including material cost and commodities, manufacturing costs and logistics, while also continuing to rapidly increase the build rate and our Austin and Berlin factories.

如果我们具体看我们的汽车业务，我们的毛利率出现了适度降低但仍然健康。尽管在季初采取了进一步提高车辆购买能力的行动。我们意识到我们在几乎每个类别都实现了每单位成本的改善，包括材料成本和商品、制造成本和物流，同时还在我们的奥斯汀和柏林工厂快速增加产量。

For our energy business, we improved margins and gross profit driven by cost reductions and deal economics, particularly with Megapack. As a reminder, storage volumes are typically volatile sequentially based on the types of projects and their specific revenue recognition milestones.

对于我们的能源业务，我们通过成本降低和交易经济效益，特别是与Megapack项目，改善了利润率和毛利润。需要提醒的是，储能容量在不同项目和特定收入确认里程碑的影响下通常会有季度性的波动。

As we look forward to the rest of the year, I want to reiterate Elon's comments on Q3 volumes driven by planned down times for factory upgrades. These upgrades will also carry some amount of factor idle cost, however we are working to minimize as much as possible. It's also important to keep in mind the uncertainty in the macro environment, which can impact our execution positively or negatively in the near term. Regardless, we continue to remain dynamic with a focus on fundamental efficiency and a long term outlook. Congratulations again to everybody on a great quarter.

在展望接下来的一年时，我想重申埃隆在第三季度产量上的评论，这是由于工厂升级计划带来的停机时间所致。这些升级还将带来一定程度的工厂闲置成本，但我们正在尽可能地减少这些成本。同时，重要的是要记住宏观环境的不确定性，这可能对我们的业务执行产生积极或消极的影响。无论如何，我们继续保持灵活性，专注于基本效率和长期展望。再次祝贺大家做出了出色的季度成绩。

Thank you very much, Zach, and let's go to investor questions. The first question on licensing FSD we've already answered. So let's go to the second one. The second question is, what is the status of 4680 cells? How far are you from the specs you laid out on battery day? When do you expect to achieve what you laid out on battery day? Yeah, first I'll just start with a little bit of a production update. So in Texas 4680 cell production increased 80% Q2 over Q1 and the team surpassed 10 million production cells produced here in Texas. So congrats to the team for that. Their focus on yield reduced our scrap bill by 40% quarter over quarter and that resulted in a 25% reduction in cell cogs. Here in Texas we're preparing to launch our Sauber Truck Cell, which is 10% higher energy density than current production. That was accomplished through process and mechanical design optimization. As we scale cyber cell production through the end of the year and early next we should be in a comfortable place on cost per cell. Against our battery energy density targets the cyber cell is at our expectations on a like for like electrochemistry basis, where you get to integrate silicon or in house cathode production both reviewed on battery day, which do bring significant further energy density and cost improvements, but that is a topic for another day. Lastly, it is important to remember that most of what we focused on a battery day was the Tesla engineered 4680 production system and the improvements we strove to achieve on equipment, factory density, capital cost and utility cost reduction, all of which we were realizing in our Texas scale up to date. Thank you very much.

非常感谢你，Zach，我们继续回答投资者的问题。有关FSD的许可问题，我们已经回答过了。那么我们来说第二个问题。第二个问题是，4680电池的进展如何？离您在电池发布日中所提出的规格还有多远？您预计何时能达到电池发布日中的规格呢？是的，首先我会简要介绍一下生产情况。在得克萨斯州，4680电池的生产量在第二季度较第一季度增长了80%，团队已经在得克萨斯州生产了超过1000万个电池。因此，向团队表示祝贺。他们在产能利用率方面的努力使我们的废品费用在季度间减少了40%，电池生产成本降低了25%。在得克萨斯州，我们正准备推出我们的塞伯卡车电池，其能量密度比目前生产的电池更高出10%。这是通过工艺和机械设计优化实现的。随着我们在年底和明年初逐步扩大塞伯电池的产量，我们应该能够达到合理的单个电池成本。根据我们的电池能量密度目标，就电化学基础来看，塞伯电池的表现符合我们的期望。在电池发布日上，我们提到了硅集成和内部阴极生产，它们都可以带来显著的能量密度和成本改进，但这是另一个话题。最后，重要的是要记住，我们在电池发布日上所关注的大部分内容都是特斯拉设计的4680生产系统以及我们在设备、工厂密度、资本成本和公用事业成本减少方面力争实现的改进，这些都在我们在得克萨斯州的扩大生产中得以实现。非常感谢。

The next question is, can you talk more to the upcoming Tesla energy products and how your thinking has evolved on the revenue model? Given Tesla's AI capabilities, how do you see the long term mix between hardware margin and recurring software margin from auto bidder as the segment accelerates? We can't comment on future product roadmap, but I can provide a quick energy Q2 update. Megapack continues to show strong demand globally with Lathrop ramping successfully to meet our contracted projects in 2023. As stated last quarter, Megapack margins are in a reasonable place in line with our target market vehicle target margins. The second final assembly line at Lathrop is progressing on schedule, eventually doubling Lathrop capacity ahead of our full factory ramp in 2024. We have several exciting large projects in construction or nearing completion, including the KES project in Hawaii, the River Gina project in Australia, several projects in California, and one here at Gigafactory, Texas, that I toured today, actually. We want to thank our customers, utilities and grid operators for trusting us with these projects.

下一个问题是，您能不能详细谈一谈即将推出的特斯拉能源产品，并且您对收入模式的思考是如何发展的？鉴于特斯拉的人工智能能力，您如何看待在该领域加速发展的过程中硬件利润和循环软件利润（来自自动投标员）之间的长期结合？我们无法对未来的产品路线图进行评论，但我可以简单介绍一下能源业务第二季度的最新情况。Megapack在全球范围内继续显示出强劲的需求，拉斯罗普顺利进行着为2023年合同项目的生产。正如上一季度所述，Megapack的利润状况与我们的目标市场车辆利润相当合理。拉斯罗普的第二条最终装配线正在按计划进行，最终将使拉斯罗普的产能加倍，为我们2024年的全面工厂扩产做好准备。我们正在进行几个令人兴奋的大型项目的建设或接近完成，包括夏威夷的KES项目，澳大利亚的River Gina项目，加利福尼亚的几个项目以及我今天实际参观的德州超级工厂的一个项目。我们要感谢我们的客户、公用事业公司和电网运营商对我们这些项目的信任。

On the auto bidder question, we continue to grow auto bidder contracts in wholesale markets like Australia, Texas, UK and California with over 6 gigawatt hours under Tesla's dispatch next year. In the UK, our project performed best in the industry in Q2.

关于自动竞价器的问题，我们继续在澳大利亚、德克萨斯、英国和加利福尼亚等批发市场不断增加自动竞价合约，预计在特斯拉调度下，明年将超过6个吉瓦时。在英国，我们的项目在第二季度在行业中表现最好。

Auto bidder does have software margins and is an enabler for hardware sales, but it's a relatively small contributor to revenues given how much deployment growth on the Megapack hardware side is occurring.

自动投标工具确实有软件利润，并且对硬件销售起到了推动作用，但相对于Megapack硬件方面的部署增长来说，它对收入的贡献相对较小。

It's important to remember that these large projects, these large capital projects have lifetimes of 20 years of occurring revenues on an analyzed basis relative to upfront capex are small.

重要的是要记住，这些大型项目，这些大型资本项目的寿命在经过分析的基础上与前期资本支出相比的收入是很小的，占据了20年。

On the residential side, we have some fun things happening. We recently surpassed a half million power wells installed. Just this week, we were launching charge on solar, which allows Tesla power wall and vehicle customers to charge their vehicles using their access solar and drive only on the sunshine that hits their roof.

在住宅领域，我们有一些有趣的事情正在发生。我们最近安装的电源井已经超过了50万个。就在本周，我们推出了太阳能充电（Charge on Solar）计划，它允许特斯拉的Power Wall和车主利用他们接入的太阳能为电动车充电，只使用他们屋顶接收到的阳光行驶。

Yesterday, we began paying customers in Texas for participating in our virtual power plant to provide grid support to ERCOT. We expect these credits to lower our median customer's annual bill by a third and to increase these credits over time as ERCOT expands market access.

昨天，我们开始向德克萨斯州的付费客户支付费用，以参与我们的虚拟电力厂，为ERCOT提供电网支持。我们预计这些积分将使我们中位数客户的年度账单降低三分之一，并随着ERCOT扩大市场准入，逐渐增加这些积分。

And today we were expanding Tesla electric enrollment to new Model 3 owners in Texas, followed by all Texas vehicle customers over the rest of the quarter.

今天，我们正在德克萨斯州向新的3型车车主扩展特斯拉电动车的注册，并将在本季度的其余时间内向所有德克萨斯州的车辆客户扩展。

Unfortunately, and somewhat similar to Tesla insurance, bringing Tesla electric and BPP capabilities to our customers requires working through a fractured regulatory environment on a jurisdiction by jurisdiction basis.

很遗憾的是，与特斯拉保险类似，将特斯拉的电动和BPP功能带给我们的客户需要我们在各个司法管辖区的法规环境中进行努力和协商。

In the long run, the value of residential energy software and hardware will be driven by the level of market access that utilities, market operators and regulators permit. For power walls eligible to provide the full stack of energy services, like peak or peak or capacity and system buffering, such as in Australia, we can more than double the value of ownership relative to a typical system today.

从长远来看，住宅能源软硬件的价值将受到公用事业、市场经营者和监管机构允许的市场准入水平的驱动。对于那些符合条件能够提供整套能源服务的功率存储设备，比如澳大利亚的峰值供电、峰值容量和系统缓冲等，我们可以将其相对于现今典型系统的拥有价值提高一倍以上。

Thank you very much. The next question is, could you quantify the benefits to COGS per unit from the IRA battery manufacturing incentives and secondly battery raw material declines year to date.

非常感谢。下一个问题是，您能否量化由IRA电池制造激励和今年迄今为止电池原材料下降所带来的单位成本COGS的好处。

All right, I can take that. First part of the question for IRA manufacturing incentives, we provided previous guidance that we expect these to be for the course of this year in the range of 150 million to 250 million per quarter. We are staying within that boundary as we got it previously. So that was the case in Q2 as well.

好的，我能理解。关于IRA制造刺激措施的第一部分问题，我们先前提供的指导意见是，我们预计这些刺激措施在今年每个季度的范围内为1.5亿至2.5亿美元。我们仍将保持在这个范围内，因为我们之前也是如此。所以Q2也是如此。

I will note, I think we've mentioned this before, that this includes a 5050 sharing of credits for qualified cells from our long term battery partner Panasonic. On the commodity side, we are continuing to see improvements there as we've discussed previously. Lithium is the most notable improvement so far. I think I commented on this on the last call, because typically we see this coming about a quarter before it actually is realized in our financials.

我想提醒一下，我们之前已经提到过，这包括与我们的长期电池合作伙伴松下（Panasonic）共享合格电池的产出，按照50%的比例分配信用。在商品方面，我们仍然能看到之前讨论过的改善。目前最明显的改善是锂。我记得在上次通话中已经评论过这一点，因为通常我们会在金融报表中实现之前大约一个季度就能感受到这种改善。

And also just as a reminder, we're not fully exposed to the price of lithium. Our supply chain team has done a terrific job in partnership with another bunch of other companies to put in place some long term agreements here, but we do have some exposure that moves up and down. We're also seeing benefits in aluminum and steel, which I think is great. Not as large as the lithium impacts, but they contribute nonetheless.

并且只是作为提醒，我们对锂的价格并没有完全暴露。我们的供应链团队与其他一些公司合作，做了很出色的工作，达成了一些长期协议，但我们确实存在一些上下波动的风险。我们也看到铝和钢材方面的利益增长，我认为这很不错。虽然没有锂的影响那么大，但它们仍然起到了一定的贡献。

So if we add up the total impact of this in Q2 relative to prior quarter, it's about the same size and magnitude as the IRA benefits that we also received. Just to put this in context, as you look at Cog's per unit sequentially from Q1 to Q2, I think there's two things to keep in mind there.

因此，如果我们将第二季度相对于上一季度的总影响加起来，它的规模和影响力与我们收到的IRA福利相当。只是为了将其放在上下文中，当你从Q1到Q2逐单位地观察Cog时，我认为有两件事情需要铭记。

The first is that our Sx mix for deliveries increased quite a bit from Q1 to Q2. So as you think about fundamental cost reductions, it's important to adjust for that. And then secondly, as we continue to work on reducing our Austin and Berlin costs, which we did quite a bit of that from Q1 to Q2, these factories are still a slightly above model Y production costs elsewhere. And in the quarter, our mix of Austin and Berlin related builds increased. And so that's something to consider as you model out the impact from Q1 to Q2 in terms of Cog's per unit.

首先，我们的交付Sx产品的组合比例在Q1和Q2之间有了很大的增加。因此，在考虑基本成本降低时，调整这一因素是非常重要的。其次，我们继续努力降低奥斯汀和柏林的成本，从Q1到Q2我们已取得了相当大的进展，但这两个工厂的生产成本仍然略高于其他地方生产Model Y的成本。在这个季度，我们与奥斯汀和柏林相关的建设项目比例增加。因此，在您进行Q1到Q2每单位成本的影响建模时，需要考虑这一点。

I do want to ask, if there's anything else on the commodity side, or just more generally you want to add here?

我确实想问一下，如果在商品方面还有其他事情需要补充，或者更一般地说，你想在这里添加什么？

Yeah, as you mentioned, Zach, we've naturally been a little bit hedged from the lithium position because of the long term contracts we have in place. But we have seen reduction in pricing across the board for all commodities that specifically go into batteries, such as nickel, cobalt, and graphite.

是的，正如你所提到的，Zach，由于我们签署了长期合同，我们在锂领域自然会有一些对冲。但是，我们已经看到了所有用于电池的特定物质（如镍、钴和石墨）价格的下降。

And the reductions in pricing translate into thousands of dollars when you look at it from a ProVIA-colon pack. We're taking advantage of the historically low commodity pricing in certain areas to kind of expand some of those fit fresh contracts through the end of the decade.

当您从ProVIA-colon方面来看，价格的降低可以转化成数千美元的可观节省。我们正在利用某些领域历史上低水平的商品价格，来扩大某些适合的新合同，以延续到本十年的结束。

So it's a playbook that will continue to kind of go back to as we look to the future. Thank you.

所以这是一本我们在展望未来时会一直回头参考的手册。谢谢。

The next question on FSD. Have you considered allowing FSD transferability as a lever to allow existing customers to upgrade to a new Tesla instead of being locked into an existing car due to the price of FSD? Yeah, this is a question we get asked a lot. So we're excited to announce that for Q3, we will be allowing transfer of FSD. This is a one time MSD. So it needs to be taken advantage of it in Q3, but or at least place the order in Q3 within reasonable delivery timeframes. So, yeah, yeah, yeah, yeah, please make people happy. But we're not going to do this one time thing.

下一个关于全自动驾驶（FSD）的问题。您是否考虑过以FSD可转让性作为手段，让现有客户可以升级到一辆新的特斯拉，而不会因为FSD的价格而被锁定在现有汽车上？是的，这是一个经常被问到的问题。因此，我们非常高兴地宣布，到第三季度，我们将允许FSD的转让。这是一次性的转让机会，所以需要在第三季度内充分利用它，或者至少在第三季度内下订单，并在合理的交付时间内。所以，是的，请让人们开心。但我们不会只做这一次。

Right, the next question, when will we give more information about the cyber truck orders, estimated delivery schedules, pricing, and specifications? So demand is so far off the hook, you can't even see the hook. So that's really not an issue. I do want to emphasize that the cyber truck has a lot of new technology in it, like a line. It doesn't look like any other vehicle because it is not like any other vehicle. So the production ramp will move as fast as the slowest and least like the elements of the entire supply chain and internal production. So, you know, I wouldn't expect, you know, I hope it's smooth. We're certainly better at production ramps than we've got a lot of experience with production ramps. But, you know, first order approximation is like 10,000 unique parts and processes in the cyber truck. And if any one of it will go as fast as the least lucky, you know, least well executed element of the 10,000. So, always very difficult to predict the ramp initially, but I think we'll be making them in high volume next year. And we will be delivering the car this year. Thank you.

好的，下一个问题是，我们什么时候会提供有关雪弗兰卡车订单、预计交货时间、价格和规格的更多信息？需求目前异常巨大，甚至超出了预期。所以这不是一个问题。我想强调的是，雪弗兰卡车里面有很多新技术，就像一个线一样。它的外观不像任何其他车辆，因为它不同于其他车辆。所以生产进度将取决于供应链和内部生产的最慢、最不像其他环节的部分。所以，你们知道，我不指望能一切顺利，希望生产进度能够平稳。我们对于生产进度有很多经验，我们在这方面做得更好。但是，大致估计雪弗兰卡车会有10,000个独特的零部件和生产过程。如果其中任何一个环节出现问题，生产速度就会像最不幸运、最糟糕执行的那个环节一样慢。所以，最初很难预测生产进度，但我认为明年我们将大量生产这款车。我们今年将交付该车。谢谢。

The next question is critics of gigacast thing, contented that process makes vehicles harder and more costly to repair, essentially pushing costs onto the customer. You share some details about the initial repair experience with gigacast vehicles. That must be why everyone's copying us. Yeah, thanks. That's like simply not true. There's a misconception that traditional bodies are easy to repair, but they are made of multiple materials and multiple joining methods. Spot wells and rivets have to be drilled out. Panels and structural adhesive have to be chiseled out. Tried adhesive has to be removed. Stamped links cut. Blah, blah, blah. It's a crazy patch. Yeah. And so putting that back together means time and money using an example of replacing a rear cast rail on a model Y. To do that versus like what we replaced it with from the model three, it's 10 times cheaper and three times faster to do it with the cast rail. My design team works with our collision repair team since we're closed loop on this with insurance and we design specific parts that are making it easier and faster to repair. And we have an incentive to do that because we have our own insurance and our own body shops. We expect that we'll continue to do this and collision repair will continue to become cheaper and faster over time. And we already made this available for all body shops or a test rope clear body shop training. Yeah, closing loop on collision repair. Factoring that into design is a big deal. It's crucial. I don't think anyone else can do it with that ecosystem that we have. Yeah. And we are actually able to change the details of the casting with inserts. And we actually do that all the time. So because the answer is actually we're out and need to be replaced anyway. So we can actually make design changes to the inserts and tweak the castings. But the cast, basically cast the rear body or front body is lighter, cheaper, better for noise vibration, harshness, much easier to manufacture. And it's better in every way. And that's why so many other car companies are copying us. Because probably they don't know. They certainly put out a lot of press releases. I think it's basically going to be how all cars are made in the future. Thank you. Next question. How many optimus bots have been made and when will they be able to start performing useful tasks? 10 million. Yeah, I think we're around five or six. I would say how many are working in what phase. It's sort of. Yeah. There's more more every month. There's a lot of interesting things about the options. We found that there are actually no suppliers that can produce the actuators. There are no off the shelf actuators that work well for a human robot at any price. Certainly not compelling. Yes, not a human robot that can do stuff that you know, things that a human could do. So we've actually had to design our own actuators that integrate the motor of the power electronics, the controller. The sensors and. Really everyone of them is custom design. So. And of course we'll be using the same inference hardware as the car. So. You know, and we are in designing these actuators, designing them for flying production. So they're not just lighter, tighter, more and more capable than any other actuators where that that were where that exists in the world. It's also actually. Me factorable. So we should be able to make them in volume. The first. Optimists that is that will have all of the tells that designed actuators. So production candidate actuators. It integrated and walking should be around November. So. And then we'll, we'll start wrapping up after that. So we're going to do some useful things. We'll first be trying this out in our own factories and just proving out this utility. But I, I think, I think we'll be able to have it do something useful in our factories sometime next year. I would be. Yeah, I'm pretty, pretty confident of that. So. Yeah, and it's going well. I should say another cool thing about optimists is that, you know, there's just in the US loan, there are 2 million amputees. And I was just talking to the neural link team and by combining a neural link. Implant and a robotic arm or leg. For someone that has had their arms on the leg or arms and legs amputated. We believe we can give you basically a cyborg body that is incredibly capable. Six million dollar man. It in real life. Don't worry cost six million dollars. Six thousand dollar man. It's a thousand impressive, but it's, it'll actually, you know, so, so that actually could be a really, I think would be incredible to potentially help millions of people around the world. And, and give them, you know, a whole armor like that is as good, maybe a long term better than a mileage going. Thank you.

下一个问题是关于巨型投射的批评者，他们认为这个过程使汽车更难维修和更昂贵，实际上是将成本转嫁给了顾客。你和巨型投射车辆的初始维修经验分享了一些细节。这一定是为什么每个人都在模仿我们的原因。是的，谢谢。这根本就不是事实。有一种误解，即传统车身容易维修，但它们由多种材料和多种连接方法制成。需要钻探焊点和铆钉。需要铲掉面板和结构性胶粘剂。必须清除尝试过的胶粘剂。截短链接。等等等等。这是一个疯狂的修补。是的。所以重新组装就意味着时间和金钱，举个例子，用模型三车辆的铸铁车轨替换模型Y车的后部车轨。用铸铁车轨替换它的成本是进行这种更换的10倍便宜，速度是3倍。我的设计团队与我们的碰撞修复团队合作，因为我们在这方面是闭环的，与保险公司合作，我们设计了一些特定的零部件，使维修更加简单快捷。这是有动力去做的，因为我们有自己的保险和自己的汽车修理厂。我们希望随着时间的推移，碰撞修复将继续变得更便宜和更快速。我们已经为所有汽车修理厂或测试绳轨清除汽车维修进行了培训。是的，我们对碰撞修理进行闭环。将其考虑在设计中是一件大事。这是至关重要的。我认为没有其他人可以像我们拥有的生态系统那样做到这一点。是的。我们实际上能够通过插入物改变铸件的细节。我们一直在这样做。因为实际上答案是我们需要替换。因此，我们可以实际上对插入物进行设计更改和优化铸件。但是铸件，基本上是铸造的车身或前车身，更轻，更便宜，噪音振动更好，更容易制造，而且在各个方面都更好。这就是为什么那么多其他汽车公司都在模仿我们的原因。可能是因为他们不知道。他们肯定发表了很多新闻稿。我认为这基本上将是未来所有汽车的制造方式。 谢谢。下一个问题。有多少个Optimus Bot已经制造出来了，它们什么时候能开始执行实用任务？一千万。是的，我想我们大约有五六个。我会说有多少在哪个阶段工作。有点。是的，每个月都有更多更多。关于Optimus Bot有很多有趣的事情。我们发现实际上没有供应商能够生产出能与人类机器人很好配合的执行器，没有任何价格合理的现成执行器。是的，无法做到可以进行与人类类似的工作的人工机器人。因此，我们实际上不得不设计我们自己的执行器，将电机、电源电子器件、控制器和传感器集成在一起。我们每一个执行器都是定制设计的。当然，我们将使用与汽车相同的推理硬件。因此，我们在设计这些执行器时，是为了批量生产。因此，它们不仅比世界上现有的任何其他执行器更轻、更紧凑、功能更强大，而且在生产上也能够实现。第一个拥有所有设计的执行器的Optimus Bot将在11月左右开始行走。然后我们将在此之后逐步完善。因此我们将开始做一些有用的事情。我们首先将在我们自己的工厂中试用它，并验证其实用性。但是我认为，明年这个时间，我们将能够让它在我们的工厂做一些有用的事情。我对此相当有信心。是的，它的进展顺利。我想说的是，Optimus Bot的另一个很酷的事情是，在美国仅有的助行器患者就有200万人。我刚刚和神经纽带团队交流过，通过结合神经纽带植入物和机械手或机械腿，可以让因失去手臂或腿而截肢的人拥有基本上是一个功能强大的机械人身体，就像真正的六百万美元人一样，不用担心它要花掉六百万美元。是一个令人印象深刻的一千美元人。但实际上，你知道，它实际上可以帮助全世界成千上万的人，给他们一个与现行助行器一样好甚至更好的全身装备。 谢谢。

The next question is, how has the ordering take trended relatively to production levels during Q2 and how is it trended in the quarter to date period conceptually. How does this look inside? When is it appropriate to reduce prices or at other sales incentives to increase demand.

下一个问题是，与第二季度的生产水平相比，订购情况如何趋势？在当前季度的概念中，趋势如何？在内部情况如何？何时适当降低价格或提供其他销售激励措施以增加需求？

Yeah, I guess demand is roughly track production. So, which is what we aim for is, is. You know, so it's something that we have that really, I think no other car maker has is that we have real time demand and real time production. Like so, seven days a week. You know, I get an email or an order generated email shows output from all factories and orders globally. So it's like a real time thing around the pulse of earth, basically. And, and we just, we're just course, according to what the murder of the public is.

是的，我想需求大致上会跟踪生产情况。所以，我们追求的是，是。你知道的，这是我们所拥有的，我认为其他汽车制造商都没有的，就是我们有实时的需求和实时的生产情况。就像每周七天一样。你知道的，我会收到一封电子邮件或生成的订单邮件，显示所有工厂的产量和全球订单。所以它基本上是对地球脉搏的实时了解。而且，我们只是根据大众的需求来安排生产。

You know, buying a new car is a big decision for. That's majority of people. So, you know, anytime there's economic uncertainty, people generally. Pause on your car buying at least to see to see what happens. And, you know, and then obviously another challenge is the interest rate environment. As interest rates rise, the affordability of anything bought with that decreases. So effectively increasing the price of the car. So when interest rates rise dramatically, we actually have to reduce the price of the car because the interest payments increase the price of the car. So, and this is at least up until recently was the, I believe the sharpest interest rate rise in history. So we had to do something about that.

你知道的，购买一辆新车对很多人来说都是一个重要的决定。所以，你知道，每当经济不确定时，人们通常会暂停购车，至少要观望一下看看情况。而且，另一个挑战就是利率环境。随着利率的上升，用这些利率购买任何东西的可负担性都会降低。实际上增加了汽车的价格。所以当利率大幅上升时，我们实际上必须降低汽车的价格，因为利息支付会增加汽车的价格。至少直到最近，这被认为是历史上利率上涨最为突然的时期。所以我们必须采取一些措施来应对。

And if somebody's got a crystal ball for the global economy, I really appreciate it. I got far that crystal ball. Yeah, exactly. Damn, yeah. It should be not a Twitter. So, I mean, one day it seems like the world economy is falling apart. And the next day everything's fine. I don't know what the hell's going on. It'd be totally frightening. I wish I did.

如果有人有全球经济的水晶球，我真的很感激。我已经远离了那个水晶球。是的，完全正确。该死的，是啊。这根本不像是Twitter。我是说，有时候感觉世界经济正在崩溃，然后第二天一切又都好了。我不知道到底发生了什么。这真的非常可怕。我希望我知道。

So, I mean, that's why I say like, I always, you know, on Twitter, I posted like, you know, just really advising. Because I care a lot about the small shareholders, especially ones that stuck with us through a thick and thin. I love you guys. And so. We can't control these macro shocks, you know, or the, the manic depressive nature of the stock market. So that's why I recommend against module loans in times that are turbulent. If times are not that turbulent, actually a module loan can be a smart move within reason. But we're in, I would call it turbulent times.

所以，我的意思是，这就是为什么我说，我总是在Twitter上发布一些非常建议性的帖子。因为我非常关心小股东，尤其是那些在我们经历了困难时期还一直支持我们的人。我爱你们。但是，我们无法控制这些宏观冲击，你知道的，也无法控制股市的情绪性波动。所以我建议在动荡时期不要进行融资操作。如果时期没那么动荡，事实上融资操作是一个明智的选择，但是我们现在正处于动荡时期，我想这样形容是合适的。

I like I have very high confidence, confidence in the long term value of Tesla. Like I see it really, you know, see a path to a 10 X. Well, maybe it's a value. They call it a five X increase in the value of the company, maybe a 10 X. And where things go along the way, the trials and tribulations and the mood of the mood of the markets. One cannot predict. And so. You know, the old adage of buy and hold is right. You know. For investment advice, I say like identify a company whose products you love. See if they, you know, does it seem like they'll continue to make good products or great products. Right, that's stock and hold it. That's it. You all went.

我对特斯拉的长期价值非常有信心，就像我真的看到了它的增长路径，有可能增长10倍，或许是价值上涨5倍的增长，甚至可能是10倍的增长。但是，旅程中会有各种挑战和市场情绪。这些是无法预测的。所以，你知道的，老话说买入然后持有是对的。对于投资建议，我会说，选择喜欢的公司，看看它们是否会不断推出好产品或者优秀的产品。然后购买并持有它的股票。就是这样，你们明白了。

The reason companies exist is to make goods and services, ideally great goods and services. They don't exist for any other reason. They shouldn't. So that's why I should buy a software company that makes products and has a great future pipeline. It's. Comments and actually. And then, and then generally if you see. If you provide your company about what that company's products or services are. When the market panics by and when the market is, you know, overly exuberant, you can sell. I'm not recommending yourself terms with that. But. Yeah. Bylaws sell high. You know, Warren Buffett actually has a saying in power phasing him, but. You know, publicly created company is like, it's like measuring living in your house and some. Crazy manic depressive guy comes to stance at the outside your house and yells property prices at you. You know, so it's a different price every day. The house is still the same house. So. This is a stock market. You know, credit that to Warren Buffett.

公司存在的原因是为了生产商品和提供服务，理想情况下是出色的商品和服务。它们没有其他存在的理由，也不应该有其他理由。所以，我应该购买一个生产产品且有很大未来潜力的软件公司。这是我的评论和看法。而且，一般来说，如果你了解一个公司的产品或服务，当市场惊恐时，当市场过于狂热时，你可以卖出。我不推荐过度频繁地交易。但是，是的，低价买入，高价卖出。你知道，沃伦·巴菲特实际上有一句话，在这种情况下，上市公司就像是在自己的房子里居住，然后一个疯狂的躁郁症患者站在房子外面大声喊出房产价格。你知道，所以每天价格都不一样，但房子还是那个房子。 这就是股市，归功于沃伦·巴菲特。

Thank you. Let's go to the next question with the emphasis of price cuts to drive volume growth eating into automotive gross margin. Can investors expect to see automotive gross margin. Stabilize or even rise due to efficiencies out basing the cuts. And if so, when. Who is that crucible again?

谢谢。让我们继续下一个问题，重点是通过降价来推动销量增长，从而影响汽车毛利率。投资者可以期待看到汽车毛利率稳定或甚至上升吗？这是通过效率改善来反击降价所实现的。如果是这样的话，何时会发生？还记得那个关键因素是什么吗？

If I mean, it's like, look, the short term. Variances in gross margin and profitability really are minor relative to the long term picture. Autonomy. We'll make all of these numbers look silly. I'd recommend looking at our investors. I think their analysis is very good. The best that you know. I mean, and generally. Find to it or like the finance. Smart finance people on Twitter follow their accounts. The great. So. That's what that's that's in my opinion where you will get the best. The best info.

如果我是说，就像是短期的情况。与长期看涨相比，毛利率和盈利能力的差异实际上是微不足道的。自主权。我们会让所有这些数字看起来很傻。我建议看看我们的投资者。我认为他们的分析非常好。你所了解到的最好的东西。我的意思是一般来说。要么就是金融方面的事情。在推特上跟着那些聪明的金融人。很棒。所以。那是我认为你可以获得最好的地方。最好的信息。

So. You know, I strongly believe Tesla is a long term investment. And that's where when you know things go up and down. In fact, the market panics by. If you're from Oxford to exhibit cell time, but just generally. Like I feel a component, you know, we will deliver a long term. But can't control short term.

所以，你知道的，我坚信特斯拉是一项长期投资。当然，股市经历了涨跌是非常正常的。事实上，市场会出现恐慌情绪。如果你从牛津（大学）展示细胞时间，但通常情况下，我感觉我们将长期取得成功。但是无法控制短期走势。

So and these the economy is really where it's at. I mean, Zach, what are you. I fully agree with you. I mean, I think the only thing in the short term that matters. Is is what I said in my opening remarks. Which is, you know, are regenerating enough money to continue to invest. And you know, the portfolio products and technologies that. The technical teams are investing in right now. This is intense. It's intense in terms of investment. It's intense in terms of potential.

所以，经济真的是最重要的。我的意思是，Zach，你是怎么想的？我完全同意你的观点。我的意思是，短期内唯一重要的事情就是我在开场白中提到的。也就是说，我们是否能够产生足够的资金来继续投资。并且，我们的技术团队现在正在投资的投资组合产品和技术。这是非常紧张的。从投资角度来说非常紧张。从潜力的角度来说也是如此。

I think it's ridiculous that we have positive free cash flow. In a capital intensive business, while investing. Massive amounts of money in your technology. That is super hard and vertical integration. It's not even just like new products, but also. Yeah, we actually make our shit. Yeah. And so others, but. And sorry, you're in question.

我觉得我们有正面的自由现金流是可笑的。在一个资本密集型的企业中，同时又在投资大量的钱在技术上。这是非常困难的，需要垂直整合。这不仅仅是指推出新产品，还是指我们自己制造的产品。是的，我们确实自己制造东西。对不起，你有什么问题吗？

And so at least from my perspective, what matters is continuing to generate the cash to invest. You know, that means continuing to be hyper focused on your term cost reduction. Because everything we do in your term cost reduction provides capital to reinvest. Hyper focused on working capital management. Which we've made quite a bit of progress there. On the raw materials and with a side of that. We've been very focused on accounts receivables as well. To ensure that we can continue to reinvest reinvest the cash. You know that this is what we're focused on. Yeah. And you know, so there's, you know, a set of this that we control. You know, we have a pipeline of cost reductions. We are getting tailwinds in the commodity space right now as Kern mentioned. That's helpful. And variability around average selling prices, you know, goes back to Elon's point. We don't control interest rates. We don't control macro consumer sentiment. But we have an obligation to be responsive to that to ensure that we're matching supply and demand and keeping things balanced. And so this is how we're managing the next handful of quarters. You know, soon enough, these quarters will be behind us. They won't be part of the present value of future cash flows of the business. And so we want to make sure we keep that view and make sure that the long term of the business is exactly the way that we want it to be. Well said.

据我个人的观点来看，至少从我的角度来看，重要的是继续产生现金投资。这意味着继续高度关注你们的短期成本降低。因为我们在短期成本降低方面所做的一切都为重新投资提供了资金。我们非常注重经营资本管理。在原材料方面我们取得了相当大的进展。我们也非常注重应收账款。这样我们才能确保继续进行现金的再投资。你知道我们专注于这一点。是的。你知道，这是我们能够控制的一部分。我们有一系列的成本削减措施。目前我们在商品领域有利的推动因素。这是有帮助的。而在平均售价方面的变动性，正如埃隆所指出的，我们无法控制利率，也无法控制宏观消费者情绪。但我们有义务对此做出回应，以确保供需匹配并保持平衡。因此，这是我们管理未来几个季度的方式。很快这几个季度将成为过去，不再是公司未来现金流量的现值的一部分。因此，我们要确保保持这种观点，并确保企业的长期目标正是我们所期望的。说得好。

All right. Thank you very much. And now let's go to analyst questions. The first question comes from Dan Levi from Barclays. Then feel free to unmute yourself. Great. Good evening. Thank you. Wanted to start first with a question about your efforts in AI and Dojo. It's pretty clear. It sounds like you're accelerating your focus. Can you maybe provide us with a sense of what the process is of refining a product is it more machines and maybe you could give us a sense of. You know, when the pay out starts to when you start to see the payout and what the resource outlay is, you know, what should we expect on the off X front.

好的，非常感谢。现在让我们来回答分析师的问题。第一个问题来自巴克莱的丹·莱维。请随意取消静音。非常好，晚上好。谢谢。我想首先问一下有关您在人工智能和Dojo方面的努力。很明显，听起来您正在加速关注这方面。您能否告诉我们一下产品优化的过程是怎样的，是不是更多的机器参与了其中，也可以给我们一个大概的时间表，即何时开始看到回报，资源投入方面有什么期待吗？

I'm going to talk about this. Sorry, are you saying how much are we going to spend on dojo or. Yeah, it was the door. Yes. Well, we're not going to be open loop on our dojo expenditure. So. But I mean, I think we will be spending, you know. For the north of a billion the next year on on the court through the next year. It's one of a billion dollars in dojo. And. Yeah. So. We forgot it truly staggering amount of video data. To do training on. And this is another thing I like into order to copy us. You also need to spend billions of dollars on training compute. I mean, it's like. And it's, it's also hard to. You need the data. You need to train computers like. Think, think, well, things needed to actually achieve this at scale to work generalized solution for autonomy is. This is one of the hardest problems ever. You know, you see a lot of companies doing, you know, L O M's and whatnot. And I'm saying, if they're so great, why can't they make a self-agreed driving car. Because it's harder. That's why.

我要谈谈这个问题。对不起，你是在说我们在道馆上要花多少钱吗？是的，就是那个门。是的。嗯，我们在道馆上的支出不会没有限制。虽然我觉得我们明年可能会花费上十亿美元在道馆上。道馆的视频数据的数量真是令人震惊。另外，要实现我们的目标，你还需要花费数十亿美元在训练计算上。这就好像……这也很难。你需要数据，你需要训练计算机……必须要有很多东西才能达到这个规模来寻找自主解决方案。这是一个非常困难的问题。你看到很多公司做着各种解决方案，但他们为什么不能生产出一辆真正自动驾驶的车呢？因为这更困难，这就是为什么。

So. But I do think that's, I think there's some great, great, great companies out there, but. But, but this fundamentally, the, the, the staggering amount of data, we've got a process, a good process somehow. And custom silicon is the best way to do that. So that that's what dojo is designed to do is, is. Yeah, optimize for for video training. It's not optimized for L M's. It's optimized for video training. With with video training. You have a, a, a, a, a, a, a, a, a, a, a, a, a, a, a, a, a, a, a, a, ratio of compute to memory bandwidth. So. So that's, that's it. I mean, but like we also, we have some. We're using a lot of Nvidia hardware and we continue to, you. You know, we'll, we'll, we'll actually take Nvidia hardware as fast as Nvidia will deliver to us. A tremendous respect for Jensen and Nvidia. They've done an incredible job. And, and frankly, I don't know if they could deliver us enough. GPUs, we might not need to do it, but they can't. So, they got so many customers. They've been kind enough to, you know, not less prioritized some of our. GPU orders. But, um, yeah, that the, the sheer magnitude of video training. Because they like, said, we're not trying to just get as good as human. We want to get to, you know, 10 times better than humans, maybe a hundred times better than human. Right now, I believe that something on the order of a million automotive deaths per year. And, um, and then if you say permanent serious injuries, I think it's probably closer to 10 million per year. Um, and, um, you know, so it matters if you, if you're, you know, It twice as good as human 10 times, you know, like 10 times, but then he would, would still mean a hundred thousand deaths. Um, and, and, um, severe permanent injuries. So it's like, okay, we'll would rather be a hundred times better. So there's, there's really, you know, it's a march of nights. And we want to achieve as perfect safety as possible. Um, and, uh, it's fast, truly mind-boggling amounts of video and, and, and computer needed for that. So, uh, and then I do, you know, I do think this, this other applications will photoge over, but we just desperately needed for video training. Right. Just to, just to add to what Elon mentioned. So, you know, the numbers that he mentioned are, um, you know, between R&D spend and capital spend. And, you know, this is moving quickly. Um, you know, uh, and so we provide a three year outlook on our capital expense. We are considering these, these expenses in that outlook. Um, and as that moves up and down, we'll continue to update our guidance in the queue.

所以，但我认为有一些非常非常好的公司存在。但是，但是，但是这个根本上，我们必须要处理海量的数据，需要一个良好的处理方式。而定制芯片是最好的方法。所以Dojo的设计目的就是这样的。是为了优化视频训练而设计的。它并非为语言模型优化，而是为视频训练优化的。在视频训练中，计算和内存带宽之间有一个比例。所以这就是。就是这样。但是我们也在使用很多Nvidia的硬件，并且我们会继续，我们会尽量尽快拿到Nvidia硬件。我们对Jensen和Nvidia有很高的尊重。他们做得非常出色。老实说，我不知道他们是否能给我们提供足够的GPU，但是他们不能。他们有太多的客户。他们很友好地没有将我们的GPU订单放在次要位置。但是，由于视频训练的庞大规模。因为，就像我刚才说的，我们不仅仅试图做到和人类一样好，我们想要达到比人类更好的水平，也许是比人类更好的十倍。目前，我相信每年有大约一百万汽车死亡事故。而且，如果你考虑到严重永久伤害，我认为可能每年都接近一千万。所以，如果你比人类好一倍，十倍，你可能仍然会有十万人死亡。严重永久伤害。所以你可以想象，我们宁愿更好一百倍。所以，这真的是一个伟大的事业。我们希望实现尽可能完美的安全性。对于这一点，需要大量的视频和计算资源。所以，我认为还有其他应用领域会参与进来，但是我们迫切需要它来进行视频训练。正如埃隆所说的那样，所以，你知道他提到的数字是在研发支出和资本支出之间。而且，这一切都在快速发展。所以我们给出了未来三年的资本支出展望。我们在展望中考虑了这些支出。随着这些支出的增加或减少，我们将继续在财报中更新指引。

Yeah, I want to say the, the, the fundamental rate limit on the progress of both self-driving is training. But that's, if, if we had more training compute, we would get it done faster. So. That's it. And it's just difficult to predict how quickly we can execute on it. Great. Thank you. Um, just as, as a follow up. Um, I recognize, you know, there's, uh, incredible macro uncertainty right now, but you're sticking with your, um, near term, your volume target 50% Kager.

是的，我想说的是，自动驾驶进展的根本速率限制是训练。但是如果我们有更多的训练计算能力，我们可以更快地完成它。所以，就是这样。很难预测我们能够多快地实施。非常好，谢谢。嗯，作为后续问题。我认识到，现在存在着巨大的宏观不确定性，但您仍然坚持您的短期目标，即年均增长率达到50%。

Um, as we just think about sort of in the, in the year ahead, you know, cyber truck is going to be some contribution. Um, you know, there's going to be some help from further, Ed penetration growth. But. To what extent are you willing to sacrifice on pricing to keep that 50% volume Kager intact? Um, or, you know, are you thinking differently about margins versus your prior commentary of willing to sacrifice on margins to get more share?

嗯，在我们思考未来一年时，我们知道 Cyber Truck 将会有一些贡献。同时，进一步普及电动汽车也将提供一些帮助。但是，为了保持50%的销量增长，你们愿意在定价上做出多大的牺牲呢？或者，你们是否对利润率的思考和之前的评论有所不同，愿意在利润率上作出牺牲以获得更多份额？

It's sort of like getting more share. It's just that you can think of every car that we sell or produce that that has a full autonomy capability as actually something that in the future may be worth as much as five times what it is today. Um, because, you know, average, average passion is big pasture vehicle is doing like maybe 10 hours of driving a week. You know, one of the sort of one of the sites one half hours a day on average that's 10 hours a week. Um, yes. Uh, if you've got an autonomous.

这有点像增加市场份额。只是你可以将我们销售或生产的每一辆具备完全自动驾驶能力的汽车都看作是未来价值可能达到今天的五倍。因为，你知道，平均而言，普通的激情大本地车每周可能只会行驶10个小时。你知道，平均每天大约行驶一个半小时，这是每周10个小时。如果你拥有一个自动驾驶的汽车。

If that vehicles able to operate autonomously and, um, and, and use be used in some, either either dedicated autonomous or posh to autonomous like, like Airbnb, like, maybe sometimes you allow your car to be used by others. Sometimes you want to use it exclusively just like, you know, Airbnb, you know, during Airbnb with a room in your house. You know, the value is just tremendous. So, I think it's sort of it would be. I think it makes it does make sense to sacrifice margins in favor of making more vehicles because. We think in the not too dozen future, they will have a dramatic valuation increase.

如果车辆能够自主运行，并且能够在一些场景中使用，可以是专门的自主场景，也可以是类似于Airbnb的场景，有时你允许他人使用你的汽车，有时你希望独自使用它，就像在Airbnb上租房间一样。你知道，这将是非常有价值的。因此，我认为牺牲一些利润来制造更多的车辆是有道理的。我们认为，在不久的将来，它们的估值将大幅增加。

I think the test of fleet value increase at the point in which we can upload a full self, you know, full self driving and it's approved by regulators. Um, will be the single biggest step change in asset value, maybe in history. Thank you.

我认为，当我们能够上传一个完全自动驾驶的全能车辆，并且得到监管机构的批准时，这将是资产价值上的最大跃升，也许是史上最重要的一步。谢谢。

Let's go to the next analyst, the question comes from an, Emil Rosner from Deutsche Bank. Thank you very much. Um, two questions for me as well. First following up on, on the autonomy. So, you know, before you start launching these dedicated robot, actually vehicles on, on existing vehicles. You know, for improving FSD, you know, incrementally. What is your latest target timing to essentially release a non beta version or an eyes off version that would trigger much higher take rates. And would Tesla benefit from lowering the price of FSD?

让我们继续下一个分析师，问题来自德意志银行的Emil Rosner。非常感谢。嗯，我也有两个问题。首先是关于自动驾驶的追问。在开始推出这些专用机器人车辆之前，您计划通过逐步改进全自动驾驶系统来提高其性能。请问您目前计划何时发布非测试版本或无需目视操作版本，以触发更高的采用率？降低全自动驾驶系统的价格会给特斯拉带来好处吗？

Yeah, you know, as true of sort of made fun of me and perhaps quite fairly made fun of me. My predictions about achieving a full self driving. Have been optimistic in the past. The reason they've been optimistic is what it has to look like is the. We'll make rapid progress with a new version of FSD, but then the cook it will curve over logarithmically. So, so first, like log logarithmic curve looks like, you know, just sort of fairly straight upward line diagonal out. And so if you travel like that, then you, you have a great thing that then.

是的，你知道，作为真实的事情，有些人嘲笑了我，或许对我进行了相当公平的嘲笑。我对实现全自动驾驶的预测以往一直都很乐观。之所以乐观是因为它看起来应该是这样的：我们将通过新版本的全自动驾驶取得快速进展，但随后会呈现出对数曲线。所以，第一步，对数曲线通常看起来就像一条相当直线向上的对角线。所以如果你像那样前进，那么你就有一个伟大的东西。

It's actually not lovely to make a curves over and then there been a series of local stack logarithmic curves. Now. I know I'm the boy you cried FSD. But I mean, I think I think will be better than human by the end of this year. That's not to say we're approved by regulators. And I'm saying that that would be in the US because we got to focus on one market first. But I think we'll be better than you and by the end of this year. I've been wrong in the past. I may be wrong this time. And the price of FSD.

实际上，在曲线上进行一系列局部叠加的对数曲线并不可爱。现在，我知道我就是那个叫做FSD的男孩。但是我想说，我认为在今年年底之前，我们会比人类更好。这并不意味着我们已经得到了监管机构的批准。我是说，这将会发生在美国，因为我们首先要专注于一个市场。但是我认为在今年年底之前，我们会比你们更好。过去我犯过错误，这次也可能错了。至于FSD的价格...

So the way it is the price of FSD is actually very low. It's not high. We go back to what I say earlier, if the value of the car increases dramatically, if it is actually autonomous. You know, $15,000 is actually a low price, not a high price. And now we will offer. And we do sort of offer FSD as a monthly subscription, although most people don't know that. So I'd recommend like maybe trying it out as a monthly subscription so you don't have to go with the $15,000 thing. But I think.

所以事实上，全自动驾驶(FSD)的价格非常低。它不是高价。回到我之前所说的，如果汽车的价值大幅增加，如果它真的是全自动驾驶。你知道，15000美元实际上是一个低价，而不是高价。现在我们将提供这个选择。我们确实提供FSD的月度订阅，虽然大多数人并不知道。所以我建议，可以尝试以月租的方式体验，这样你就不必支付15000美元。但是我认为...

Yeah. Yeah. Obviously, if the car is worth several times, it's a really high price. $15,000 is actually a low price for FSD. Thank you. And the next question comes from William Stein from Troyst. William, go ahead and unmute. Great. Thank you very much for taking my question. I'd like to ask about the stick on this topic. Would read, you know, with great interest, the developments in dojo today and you've spoken about FSD. But you've also, Elon, you've started this X.ai company and, you know, for investors that think that there might be quite a bit of value in the AI features and products of Tesla. It might be concerning to see you, you know, pursuing another endeavor where AI is the focus. So can you talk about how X.ai might overlap might. Perhaps compete with Tesla or in other ways, perhaps it enhances the value of what Tesla does. Thanks very much.

是的。显然，如果汽车价值是原来的几倍，那就是一个非常高的价格。对于全自动驾驶系统，1.5万美元实际上是一个较低的价格。谢谢。接下来的问题来自Troyst的William Stein。请William解除静音。非常好，非常感谢你回答我的问题。我想问一下有关这个话题的情况。我对今天dojo的进展非常感兴趣，你也提到了全自动驾驶系统。但你也开始了X.ai公司，对于那些认为特斯拉的人工智能功能和产品可能有很大价值的投资者来说，看到你追求另一个以人工智能为重点的事业可能会引起担忧。所以你能谈谈X.ai如何可能与特斯拉重叠、竞争，或者以其他方式增强特斯拉的价值吗？非常感谢。

Yeah, I think we'll actually enhance the value of Tesla. They're really just some of the world's best AI engineers and scientists that were willing to join a startup, but they were not willing to join a large sort of relatively established company like Tesla. So it was like, that's actually how it got started. I was interviewing a few people and they're like, no, we want to do a startup. And that's all I can convince them to join Tesla. So, so it's like, okay, well, you know, better to start up that. That I run this, then then they go work somewhere else. That's kind of the genesis of X.ai. And X.ai is focused on a sort of AGI. Yeah, so it's a bit of I'd like to say, I think there will be some value that X.ai brings to Tesla. You know, also some of the best for the very best people in the world. They really just want to work on interesting problems. So if you take say, you know, our material science group, you know, really what convinced the Charlie Komen to leave Apple, we're very happy and well compensated. And both at the end both. Or we think it's the best material science group in the world was that he got to work both Tesla and SpaceX. He wasn't willing to leave Apple if it was just Tesla videos, willing to do it was Tesla and SpaceX. So sometimes you get the best out in the world. That's the kind of thing you know you need to do. And that actually has been very beneficial to Tesla.

是的，我认为我们实际上会增加特斯拉的价值。他们实际上只是一些愿意加入初创公司的世界顶尖人工智能工程师和科学家，但他们不愿加入像特斯拉这样的相对成熟的大型公司。所以，事实上就是这样开始的。我当时面试了几个人，他们说，不，我们想创办一家初创公司。我只能说服他们加入特斯拉。所以，嗯，当然，创办一家我自己经营的初创公司要比他们去别的地方工作更好一些。这就是X.ai的起源。X.ai专注于通用人工智能。是的，我想说的是，我认为X.ai将给特斯拉带来一些价值。你知道，世界上最棒的一些人真的只想解决有趣的问题。比如我们的材料科学团队，是什么说服了查理·科曼离开苹果公司，我们非常高兴且给予了很好的报酬。而他认为特斯拉和SpaceX的材料科学团队是全球最好的。如果只是特斯拉的话，他是不愿意离开苹果的，但如果是特斯拉和SpaceX的话，他愿意。有时候，你能得到全球最优秀的人才。这是你需要做的事情。而且这对特斯拉实际上非常有益。

If, you know, if I can squeeze one more mundane question in. I wonder if you think you can hit the 1.8 million unit number with current pricing or do you anticipate needing to continue to lower prices because it seems like they've. Or stabilize the trends of stabilize in the last maybe month and a half. Should we expect a sort of continued decreases or more stabilization for the rest of the year. Sure. You know we have, we have really sort of restarted the referral program, which I think will be quite effective. Yeah, you know, as Zach was saying earlier, we don't control the macro economic conditions. So if interest rates continue to rise that reduces the affordability of cars. You know, and for a lot of people they're really kind of balanced, but just rarely breaking even every month. In fact, if you look at the rise of credit card debt, they are in fact not breaking even every month. I credit card debt is looking as scary. So. You know, we like which is dark control macro conditions. If the conditions are stable, I think prices will be stable. If they're not stable, then we would have to lower prices. Yeah. Thank you.

如果可以的话，我想请教一个平常的问题。我想知道您是否认为在目前的定价下，您能够达到180万单位的目标，还是您预计需要继续降低价格，因为似乎最近一个半月内稳定了下来？在今年余下的时间里，我们应该预期价格继续下降还是更加稳定呢？当然了，我们已经重新启动了推荐计划，我认为这将非常有效。是的，就像Zach之前说的，我们无法控制宏观经济状况。所以如果利率继续上升，这将降低购车的可负担性。你知道，对于很多人来说，他们的生活非常艰难，几乎每个月达到收支平衡。事实上，如果你看看信用卡债务的增长，他们每个月其实是没有收支平衡的。信用卡债务看起来很可怕。所以，你知道，我们喜欢能够控制宏观条件。如果条件稳定，我认为价格也会稳定。如果条件不稳定，那么我们将不得不降低价格。是的，谢谢。

Let's go to Colin Rush from Oppenheimer. Thanks so much guys. You know, as you're building out dojo and implementing what really is going to be a highly complex set of software. Can you speak to the maturity of the operating system and how much software software you're expecting to use in that system. This is a custom software stack. So, but it is designed such that you can run at the high level pie torch and jacks. So, but then we have to customize it to actually run on our custom silicon. So this the software stack is a combination of open source software and then and that tells us software all the way to the bare. So, which is the case for the inference computer in the car. Okay, thanks so much. That's super helpful.

我们去Colin Rush那儿，从Oppenheimer出发。非常感谢各位。你们知道，当你们构建Dojo并实施实际上是一个非常复杂的软件集，你能谈一下操作系统的成熟度以及你们预计在该系统中使用的软件吗？这是一个定制的软件堆栈。但它是这样设计的，以便你们可以在高水平上运行pytorch和jacks。但是，我们必须对其进行定制，使其实际运行在我们的定制硅片上。所以，这个软件堆栈是开源软件和供应商软件的组合，一直到最基本的层级。这也是汽车推理计算机的情况。好的，非常感谢。这非常有帮助。

And then can you speak to how you're managing some of the geopolitical risks relative to your capacity expansion. You know, obviously, as you guys continue to grow up this rate, you're going to be putting some folks out of business. And there's going to be some impacts around regional economy. So just want to understand how you're thinking about that in terms of some of your CAPEX plans and how you're managing some of those relationships with with different countries and regions. So, you know, this is a period of unusual geopolitical risk. So, I think we're the best we can do is, you know, have factories and many parts of the world such that if things get difficult in one part of the world we can still keep things going in the rest of the world.

然后，你能谈谈你们如何管理与你们的产能扩张相关的一些地缘政治风险吗？显然，随着你们持续以这个速度增长，你们将会使一些人失去生计。这将对地区经济产生一些影响。所以我只是想了解一下你们在关于一些资本支出计划以及如何管理与不同国家和地区的关系时的思考。所以，你知道，这是一个异常地缘政治风险的时期。因此，我认为我们能做的最好的就是在世界各地建立工厂，这样如果世界某个地方变得困难，我们仍然可以在其他地方进行生产。

The next question comes from Mark Delaney from Goldman Sachs. Thank you very much for taking the question. Tesla has been making progress reducing cost and did so again last quarter. Can you give an update on when you think automotive cost per vehicle could be under the historical $36,000 per vehicle level and what are the key puts and takes together.

下一个问题来自高盛的Mark Delaney。非常感谢您回答问题。特斯拉一直在努力降低成本，并在上个季度再次取得了进展。您能否更新一下您认为汽车每辆的成本何时能低于历史水平的36,000美元，以及主要的影响因素是什么。

This is, I think it was asked this in the past is a very difficult to forecast. You know, there's a series of costs that we manage. There's a series of costs in which we don't control. And so, you know, particularly on the commodity side, where labor costs go, etc. It's just hard to say. Yeah, we saw very inflationary practice like strong inflationary pressures for a while last year. And now we're, which obviously makes very difficult to reduce costs. And, you know, now we're seeing what seems to be deflationary pressure is certainly deflationary. But, but, if deflation is a pressure. But we're seeing, you know, commodity prices dropped dropping as was mentioned, you know, as Karen mentioned, a moment ago. And I think, I mean, what do you think? I mean, basically the trade simply deflationary at the commodity level. Definitely. There's that. And then there's also the economics improved as volumes grow.

我认为这是一个非常难以预测的问题，也许过去已经有人提问过。你知道，我们管理着一系列的成本，有一些成本是我们不能控制的。所以，尤其是在商品方面，劳动成本等方面，很难说。是的，去年我们看到了很强的通货膨胀压力，这显然使降低成本变得非常困难。现在我们看到的是通货紧缩的压力，确切地说是通货紧缩。但是，如果通货紧缩是一种压力，那么我们可以看到，商品价格正在下降，正如刚才Karen提到的。我想知道你怎么看？基本上，贸易在商品层面上是通货紧缩的。绝对是如此。此外，随着销量增长，经济也在改善。

Let's see. The other thing we're seeing as we're becoming a bigger and bigger part of a lot of suppliers, the economy is still coming to play. There's equipment depreciation that comes into play equipment that was commissioned five to seven years ago. That used to be a part of the piece price. That's completely amortized. So we'll see situations where piece price comes down because that equipment contribution has gone away. And then just we continue to have this mentality of continuous improvement in terms of labor, reducing labor, improving automation, and just continuing to get better at what we do. So we have seen, I think every quarter we have seen an improvement. Of course, the commodities spiked up and down. Just in general, the trend is towards being more efficient.

让我们来看看。随着我们成为越来越多供应商的重要组成部分，经济依然是一个影响因素。已经投入使用五到七年的设备折旧将起到作用。这在过去是作为单位价格的一部分。现在这些费用已经完全摊销。因此，单位价格可能会下降，因为设备的贡献消失了。同时，我们不断强调持续改进，减少劳动力，提高自动化程度，不断提高我们的能力。因此，我认为每个季度我们都可以看到改进的情况。当然，大宗商品价格会上下波动。总的趋势是朝着更高效的方向发展。

Yeah, and totally agree. And look at prices went absolutely insane there for a while. Yeah, and they're recovering now. But also what I used to be. Yeah, and you know, we're still early in the ramps. Well, not early in the ramp, but early in the cost down curve of Austin and Berlin. Yeah. So it takes time to work the cost out at first. It's a focus on ramp. Ramp brings cost. And then you're going to quality cost. Yeah. And then once that stabilizes, we can divert bandwidth to cost reduction. And so. Austin and Berlin saw quite a decent amount of cost reduction on a fundamental basis from Q one to Q two will continue to do that work that will be helpful. And so we're just going to keep shipping away at it. Yeah, that is a big element to it. Yeah, logistics to logistics is normalizing, which is great. You got a cue about utilization, something that the team has been very focused on. So every bit of it. Yeah, it's hard logistics is, I don't appreciate it. Yeah, so I'm saying it's like, I was the one with tactics was a one with logistics. And we made tremendous improvements in the cost in the on front. You know, express costs, we have done a down pre pandemic. Express cost levels now. And our goal is to go further. Yeah, so when we look at our progress from Q one to Q two on cost, the way that we look at internally. Normalize for the impacts of makeshift with Austin and Berlin being a higher percentage of our mix normalized for us and acts being a higher percentage of from mix. In Q two versus Q one, the sequential cost reduction, it might be the largest we've had in a while. So anything is it's great work on behalf of the test, the team, and we just got to keep it up. It's a game of pennies, it's like Game of Thrones book pennies.

是的，我完全同意。然后看看价格曾经疯狂上涨了一段时间。是的，现在它们正在恢复。但也是我曾经所处的状态。是的，你知道，我们在推出过程中仍然处在早期阶段。嗯，不是早期阶段，而是奥斯汀和柏林的成本下降曲线早期阶段。是的，开始时需要一段时间来解决成本问题。我们的重点是推出。推出需要成本。然后再转向质量成本。是的。一旦稳定下来，我们就可以将带宽转移到成本降低上。因此。从基本角度来看，奥斯汀和柏林在第一季度到第二季度的成本大幅降低，我们将继续进行这项工作，这将是有帮助的。因此，我们将继续努力。是的，这是一个重要方面。是的，物流正在恢复正常，这是很好的。你得了解使用率的情况，这是团队一直非常关注的问题。所以，一切都是如此。是的，物流是困难的，我不太欣赏它。是的，我是说，我在战术上是强者，物流是领域之一。在成本方面，我们在前线取得了巨大的改进。你知道，我们的快递成本已经降低到疫情前的水平。我们的目标是进一步降低成本。因此，当我们从第一季度到第二季度看成本的进展时，我们在内部的看法是，对奥斯汀和柏林的影响进行了归一化处理，因为它们在第二季度相对于第一季度所占比例更高。顺序成本减少可能是我们有一段时间以来最大的。所以任何事情都是这样，团队做得很好，我们只需继续努力。这就像一场战争的一分钱的游戏，就像《权力的游戏》书中的一分钱。

Mark, do you have a full off question? I think you're muted. Yeah, yeah, thank you very much for all the details on that. You know, maybe you could put a finer point on the downtime impact that you spoke about in your prepared comments in terms of production impact and then also to what extent there's a margin impact from those factory upgrades that you're planning this quarter. Thank you.

Mark，你有个完整的问题吗？我觉得你的麦克风关着。是的，谢谢你对此的详细解释。你知道，也许你能更具体地说明一下你在准备好的评论中提到的停机对生产和利润的影响，以及你计划在本季度进行的工厂升级对利润的影响程度。谢谢。

Yeah, the downtime, you know, we don't know exactly the number of cars impacted because, you know, kind of the way that we go into downtime with us for upgrades is, you know, we set aside a period of time, but then the team is challenged to go as quickly as possible so that we can get the factories up and running again and minimize that. And isn't that a profound reduction, you know, it's small. I think we're getting too much into the weeds here. I mean, like we were asking for a level of precision that is not possible to answer. So let's move on. Yeah, I think this is unfortunately all the time we have for today. Okay. So we'll speak to you all in the next three months. Thank you very much. Thank you. Thank you.

是的，停机时间，你知道的，我们不知道受影响的车辆数量，因为，你知道的，我们进入停机状态进行升级的方式是这样的，我们预留一段时间，但是团队面临的挑战是尽快完成，以便我们能尽快让工厂重新运转并最小化停机时间。而且这个减少并不显著，只是很小的程度。我觉得我们讨论得太过细节了，要求的精确度根本无法回答。所以让我们继续下一个问题吧。是的，很遗憾，今天的时间只能到这了。好的，我们下一个约谈将在三个月后再次见面。非常感谢大家。谢谢。谢谢。