Stellantis CEO Pokes at Tesla, Automakers Attempt Charging Coalition, Volkswagen Partners with XPENG

Hey, if you're already on my work here and today we've got a variety of news from other automakers, including some very interesting comments from Stellantis's CEO. We've also got an effort from other automakers to maybe temper Tesla's success in charging and a few other stories as well. We'll keep it quick because right after this, I think we're going to be able to wrap it up in time. Right after this, there is going to be a Falcon Heavy launch, the largest commercial communication satellite launch ever. So that should be in about 10 minutes, so we'll hopefully roll right into that.

嗨，如果你已经在这里看我的工作了，今天我们会有来自其他汽车制造商的各种新闻，其中包括Stellantis首席执行官的一些非常有趣的评论。我们还会谈到其他汽车制造商努力削弱特斯拉在充电领域的成功，以及其他一些故事。我们会尽快概括一下，因为紧接着这个，我认为我们会及时完成。紧接着这个，将进行一次猎鹰重型火箭发射，这将是有史以来规模最大的商业通信卫星发射。约10分钟后开始，希望我们能直接切入。

All right, looking at the stock Tesla today down 3.10% of a percent, or yeah, a third of a percent. While the NASDAQ was down a tenth of a percent, Tesla closing at $264.35 on the day. Right, so we did have the FOMC meeting, so not much action in the NASDAQ or in Tesla today, which I think I'll take as a win on Indy Day that there is an FOMC meeting. Of course, interest rates increased by 25 basis points as were the widely held consensus expectations going into the meeting. And if we look at the FOMC meeting statements, no real differences from the last time, other than obviously last meeting they had maintained rates, this time they raised rates. So nothing too crazy.

好的，今天看着特斯拉的股票下跌了3.10%的百分比，或者说，是0.33%的百分比。而纳斯达克指数下跌了0.1%。特斯拉的收盘价为264.35美元。是的，今天我们有FOMC会议，所以纳斯达克指数和特斯拉都没什么动作。我认为作为FOMC会议那天，这对我来说还是一个胜利。当然，利率增加了25个基点，这是广泛共识的预期。如果我们看FOMC会议声明，除了显而易见的上次维持利率，这次则提高了利率，没有什么真正的区别。所以没什么太疯狂的事情发生。

Same thing with the FOMC press conference. I took a couple of notes. We'll just run through those quick, but again, nothing too surprising in that press conference either. Powell basically saying they're going to continue to go meeting by meeting in terms of their assessment on whether they'll maintain rates from here or continue to increase. He said that the June CPI report came in better than expected for a change, he specifically noted. But it was just one report other than that. He said things pretty much came in in line with expectations. Noted that core CPI is still high, although headline has been coming down nicely. And then in terms of the context of whether or not they're going to continue on the every other cadence, like we have now seen for two meetings, so not much of a cadence. But he said that it makes all the sense in the world to slow down now that rates are in a more restrictive territory, but again, continuing to emphasize they'll make those decisions meeting by meeting. There's no preset plan. Even if they do have one, he's not saying that at this point. And he said they can be they can afford now to be a little bit more patient with where things are at, but also resolute in their goals of returning inflation to their 2% benchmark. He said rate cuts won't be this year. At least that's their current expectation. So the FOMC staff is no longer forecasting a recession. That's probably one of the things that's getting the most attention out of the comments. And he said they're saying they're starting to see the beginnings of disinflation without much softening on the labor market. So he feels like his base case or his expectations or hopes rather may be still be may still be aligned with sort of the soft landing type of scenario that he has talked about for quite some time. So again, nothing too crazy coming out of that meeting today, which I think is is usually a good thing.

同样适用于FOMC新闻发布会。我做了一些笔记，我们快速了解一下，但是在新闻发布会上也没有太多令人惊讶的东西。鲍威尔基本上表示他们将继续在每次会议中评估是否会维持利率或继续上调。他表示，六月份的CPI报告出乎意料地好，他特别指出了这一点。但除此之外，也只是一个报告。他表示其他方面基本符合预期。他指出核心CPI仍然较高，尽管总体CPI已经在逐渐下降。关于是否会继续按照现在我们看到的每两次会议一次的节奏继续，他表示，鉴于利率已经进入较为限制性的领域，现在减缓完全是明智的，但再次强调他们将在每次会议上做出决策。没有预设计划，即使他们有，他目前也没有说。他说他们现在可以在一些事物上更加耐心，但在实现2%的通胀目标方面也会坚定不移。他说今年不会降息，至少这是他们当前的预期。FOMC的工作人员不再预测经济衰退，这可能是评论中引起最多关注的事情之一。他说他们开始看到紧缩膨胀的初期迹象，但劳动市场没有太多疲软。因此，他认为他的基本情况，期望或希望可能仍然与他长期以来谈论过的软着陆类似。所以再次强调，今天会议上没有太多疯狂的事情发生，我认为这通常是件好事。

Alright, so first up, let's talk about some news in charging. We've talked a lot about adoption of the North American charging standard. A lot of automakers jumping on board with that, but looks like people aren't quite quite ready to seed that completely yet. Seven major automakers announced today that they are forming a new company to provide EV charging specifically in the United States.

好的，首先，让我们谈谈一些关于充电的新闻。我们一直在谈论北美充电标准的采用情况。很多汽车制造商正在加入其中，但看起来人们还不完全准备好完全放弃该标准。今天，七家主要汽车制造商宣布他们正在成立一家新公司，专门为美国提供电动汽车充电服务。

This is going to be GM's, Delantis, Hyundai, Kia, Honda, BMW, and Mercedes-Benz. So these brands, according to Reuters, represent about half the US vehicle market. Obviously Tesla is about 60% of the EV market. So that would be talking about overall vehicle market, but definitely a big chunk of companies here. They plan to roll out 30,000 chargers in North America.

这将涉及到通用汽车、得利安特斯、现代、起亚、本田、宝马和奔驰。据路透社报道，这些品牌占据了约一半的美国汽车市场。显然，特斯拉占据了电动汽车市场的大约60%。这样说来，虽然涉及整体车辆市场，但这些公司肯定占据了很大一部分。他们计划在北美推出3万个充电桩。

However, they did not specify how much they're going to invest individually or collectively. They didn't have a name for the new company. They didn't say what time period this would be over. So I think Tesla is at right around 20,000 chargers probably already. So by the time they get to 30,000, certainly Tesla would have exceeded that bar at that point.

然而，他们并未明确他们将个别或共同投资多少金额。他们还没有为这家新公司取名字。他们也没有说明这个时间段会是多长。所以我认为特斯拉的充电桩数量已经接近20,000个。所以等到他们达到30,000个，特斯拉肯定会超过那个标准。

So it's interesting. We'll see what kind of efforts these companies put up and if they'll actually use the NACS standard in this, and it's more just to sort of protect the network effect that maybe Tesla's going to generate off their charging network, or if they'll try to make a play for more of the CCS-style charging. With some of the automakers on this list already having adopted NACS as standard in their vehicles, I would have to assume that these would include NACS as well, which would be good news for Tesla with more charging options being available.

所以这很有趣。我们将看到这些公司将采取何种努力，并且他们是否真正会在其中使用NACS标准，这更多是为了保护网络效应，或许特斯拉会从他们的充电网络中获得网络效应。或者他们会尝试采用更多CCS样式的充电方式。鉴于名单上的一些汽车制造商已经采用了NACS作为其车辆的标准，我不得不认为这些也将包括NACS，这对特斯拉来说是个好消息，因为会有更多的充电选择可用。

So we'll see what comes with that, but interesting timing, certainly, given their most recent news on charging. And then an interesting call out from Twitter, I think the accountant on Twitter noting that Tesla has disclosed in the 10Q. We talked about a lot of takeaways from here, but didn't quite notice this one. Tesla disclosed a $76 million negative impact from the net of cash acquired from business combinations.

所以我们将看看这有什么结果，但是考虑到他们最近关于收费的新闻，时间安排得相当有趣。然后，Twitter上出现了一个有趣的呼声，我认为Twitter上的会计师指出特斯拉在10Q中披露了这个问题。我们讨论了许多从中得出的结论，但没有太注意到这一点。特斯拉披露了从商业合并中获得的现金净额的负面影响达7600万美元。

So what this would mean would potentially be an acquisition. The acquisition that we had rumored in the second quarter was Wifirion. I believe is the pronunciation for that, which handles wireless charging. Primarily it sounded like more so for robots and things like that in factories, but obviously Tesla could have broader ambitions with some of that technology, although that would certainly be useful for Tesla as well, especially as we start to think about potentially things like Optimus being utilized in Tesla's factory.

这意味着的潜在意义可能是一次收购。第二季度我们传闻的收购对象是Wifirion，我相信发音是这样的，他们负责无线充电技术。主要听起来更多是为了机器人和工厂类的东西，但很明显特斯拉也可能对这项技术有更广泛的雄心壮志，尤其是在我们开始考虑像Optimus这样的技术在特斯拉工厂中使用时。

So as my read on this is that this was a cash acquisition. It's maybe a little bit higher than what we'd expected, but it's mostly not something that's impactful on Tesla's balance sheet. A couple other quick Tesla notes. We've been talking about this F-150 wrap for a couple days. It seems like each day that goes by we get a clearer photo of the wrap. So Gregor Chuck on Twitter sharing a photo of the F-150 wrap.

就我了解的情况来看，这是一次现金收购。可能比我们预期的要高一点，但对特斯拉的资产负债表影响不大。还有几个关于特斯拉的小笔记。我们已经谈论了几天关于F-150的包装问题。每过一天，我们都能获得更清晰的F-150包装照片。Gregor Chuck在Twitter上分享了一张F-150包装的照片。

I believe I'm looking at this now and I'm thinking maybe it's photoshopped. It kind of looks like that. I don't know if that's like artifacts from compression. Sometimes the cyber truck can kind of just look like that, but definitely interesting to see that in a little bit by their resolution. If this is accurate, I'm starting to doubt it now. It's accurate enough to I think express what it looks like though.

我相信我现在看到的可能是经过Photoshop处理的。它看起来有点像那样。我不知道这是否是由于压缩产生的伪影。有时候Cyber Truck的外观可能会看起来像这样，但是通过它们的分辨率来看，这确实令人感到有趣。如果这是准确的，我现在开始怀疑了。但它足够准确以至于我认为可以表达它的外观。

And then we have an update from Joe Tagmire. He saw the cyber truck out and about at gigatexus. I won't show that video because I think we've all seen enough of the maybe not, but we've seen plenty of the cyber truck videos now. But just a quick update on the Gigafactory Texas expansion looks like they're now taking out windows on the south end of the building in preparation for that expansion work that we had talked about before.

然后，我们有来自乔·塔格迈尔的最新消息。他在吉加特斯看到了Cybertruck。我不会展示那个视频，因为我认为我们已经看够了，也许没有，但我们现在已经看到了很多关于Cybertruck的视频。但关于德克萨斯吉加工厂扩建的最新消息是，他们现在正在拆掉建筑南端的窗户，为我们之前谈论过的扩建工作做准备。

So it'll be interesting to see the process of that. I'm sure Joe will keep us well updated as Tesla continues with that expansion. And then getting into the comments from Stellantis. So Carlos Tavares, Stellantis' CEO. I believe this was during their earnings call. Noted that Tesla's operating margins have fallen as we have talked about, but he said, quote, they are entering my world, the world of tight pricing, cost competitiveness, and the operational issues that a big company like ours may face.

看到这个过程会很有趣。随着特斯拉的扩张继续进行，我相信乔会给我们提供最新的更新。接着是关于斯泰兰蒂斯的评论。斯泰兰蒂斯的首席执行官卡洛斯·塔瓦雷斯（Carlos Tavares）在他们的财报电话会议中提到，正如我们所讨论的那样，特斯拉的运营利润率已经下降，但他说：“他们正在进入我的世界，即价格紧张、成本竞争力和我们这样一个大公司可能面临的运营问题的世界。”

And quote, adding that the result of the fact that Tesla is now entering my world is that their profitability moved from more than 17% in the first half of 2022 to 10 and a half percent in the first half of 2023.

并且引用了这一事实，补充说特斯拉现在进入了我的世界，其盈利能力从2022年上半年的超过17%降至2023年上半年的10.5%。

Which it's partially true. Like obviously that's been an impact as Tesla has grown their, you know, annual vehicle output. It's compressed margins a little bit, but we've also seen interest rates tighten in that period. And of course, Tesla during this period had, I would say, very significant demand and supply and balance, which probably temporarily pushed these up pretty clearly in hindsight. So a lot of other things other than just, you know, what to far, how Tavares puts it here in terms of Tesla entering his world.

这部分是正确的。显然，随着特斯拉年度车辆产量的增长，这对其产生了影响。这在一定程度上压缩了其利润率，但我们也看到了在这一时期利率收紧的情况。当然，在这段时期，特斯拉的需求和供应出现了相当明显的不平衡，这可能在事后看来是一时的情况。因此，与Tavares在特斯拉进入他的世界方面的看法相比，还有很多其他因素。

So interesting to see these comments. Stellantis actually did pretty well. They're just an even margin was about 14.4%. I believe in the second quarter that may be a first half number. But he used that to mention that Tesla used to be more profitable than Stellantis, but now they are less profitable than Stellantis. But the important context that's missing out of all of this is that Tesla is obviously trying to grow production at 50% a year, while also working on other projects like Energy Storage, all their AI business spending a billion dollars this year on dojo. Things that Stellantis is not trying to do. And those things that they are for going right now, while they may help their operating margins momentarily, are certainly not going to lead them to the places that Tesla is going to long term.

非常有趣看到这些评论。斯泰兰蒂斯实际上做得非常好。他们的利润率只有大约14.4%。我相信这可能是第二季度的一个半年数字。但他用这个数字提到特斯拉曾经比斯泰兰蒂斯更有利可图，但现在特斯拉的利润比斯泰兰蒂斯少。然而，所有这些信息中缺失的重要背景是，特斯拉显然试图每年以50%的速度增加产量，同时还致力于其他项目，如能源储存和AI业务，今年在dojo上花费10亿美元。这些斯泰兰蒂斯目前不在考虑的事情，虽然短期内可能会帮助他们的营业利润率，但肯定不会引领他们走上特斯拉长期的道路。

I think if you gave Tavares the option of being able to cut his operating margin, you know, by seven points and then be able to grow 50% a year, he would probably take that option, or I think at least would be wise to take that option if presented it. But it's obviously not quite that simple. So, although the comparison here on the same sort of line item, it's really not quite the fair comparison to make. And again, I think it almost highlights how impressive Tesla's margins are, that they're doing all of these things and still being able to grow. And then just another quick thing on Stellantis, as the UAW negotiations start, the UAW president was a little bit critical of Tavares because he was not at their opening meeting. So it looks like a little bit of, you know, tension arising early in these conversations. So we'll keep an eye on how those go. But in the interest of time, skip on that for now. I want to get to the SpaceX launch.

我认为，如果给Tavares选择的话，他可能会选择将经营利润率降低七个百分点，并且每年能够实现50%的增长。如果给出这个选择，我认为至少明智的做法是选择这个选项。然而，事实显然并不如此简单。因此，虽然这里存在着同一项目的比较，但这并不是一个公平的比较。再者，我认为这凸显了特斯拉利润率的惊人表现，他们能够做到所有这些事情，并且仍然能够实现增长。此外，就Stellantis来说，随着UAW谈判的开始，UAW主席对Tavares有一些批评，因为他没有出席他们的开幕会议。因此，这似乎在这些对话中早期出现了一些紧张局势。我们将继续关注这些谈判的进展。但出于时间考虑，暂时跳过这个话题，我想先谈一下SpaceX的发射。

Volkswagen and X-Beng. So they have announced today an intent to partner. So this is no framework agreement. Doesn't mean that it's necessarily finalized yet, but pretty significantly far along in the negotiating process. Enough to announce it. That they do plan for a long-term collaboration between the two companies and Volkswagen also made an investment or plans to make an investment of $700 million in X-Beng. So pretty significant in terms of this partnership. And I think not too surprising. We've talked for a long time about how these partnerships are likely to happen. This has always been the business model in China outside of a course, Tesla, with their wholly owned factory.

大众和X-Beng宣布有意合作。这并不是一份框架协议，不意味着已经最终确定，但在谈判过程中已经相当进展明显。已经足够宣布了。他们计划两家公司之间进行长期合作，大众还计划对X-Beng进行7亿美元的投资。这对于合作伙伴关系来说非常重要。我认为这并不令人太惊讶。我们已经长时间讨论过这些合作可能发生。在中国，这一直是商业模式，除了特斯拉拥有全资工厂外。

But it's a common situation for automakers to be partnering with domestic automakers in China. And I think over time we'll see those partnerships grow and kind of expand outside of China, where China is probably going to bring that EV tech and production and all of those things, and low prices, where other companies can leverage that and provide their brand. So I don't know that that's the real intent here, but it'll be interesting to see where that partnership goes over time. X-Beng jumped a lot on that news today.

在中国，汽车制造商与国内汽车制造商合作是一种常见情况。我认为随着时间的推移，我们将会看到这些合作关系增长，并且扩展到中国以外的地方。中国可能会在电动汽车技术、生产以及低价格方面发挥作用，其他公司可以利用这一点并提供自己的品牌。所以我不确定这是否是真正的意图，但是随着时间的推移，这种合作关系会变得越来越有趣。XBeng今天在这个消息上有很大的涨幅。

And then we also have an update from Waymo. Of course, they continue with their autonomous development. They say that they are refocusing their efforts on ride hailing, specifically focusing on that portion of the business. As they make that focus decision, it sounds like they are pushing back their timeline on their commercial and operational efforts on trucking, as well as most of their technical development of that business unit as their press release says today. So kind of an interesting update. You'd think that maybe it would be a little bit easier to implement on things that have fixed routes and very consistent schedules and all of those sort of things, but Waymo kind of going in the other direction in terms of their focus.

然后我们还有Waymo的最新消息。当然，他们仍在继续自动驾驶的开发。他们表示他们正在重新聚焦他们的网约车业务，并将专注于这部分业务。同时，随着这一决策的做出，他们推迟了在卡车运输领域的商业和运营工作的时间表，以及该业务部门的大部分技术开发，正如他们今天的新闻稿所述。这是一个有趣的更新。你可能会认为，在具有固定路线和非常一致的时间表等方面，实施起来可能会更容易一些，但Waymo在关注点上却向另一个方向发展。

All right. I think that's it. So we've got here coming up real quick, the Falcon Heavy launch. I don't know if they've started that yet. Looks like T minus four minutes. Right on time for people to jump over to that stream. I don't have an audio feed set to come through here. Unfortunately, I didn't have time to set that up today, but hopefully people will jump over there and check out that SpaceX launch in just a few minutes. All right. That'll wrap it up for today. So as always, thank you for listening. Make sure you subscribe and sign up for notifications. You can also find me on Twitter slash X at Tesla podcast and we'll see you tomorrow for the Thursday, July 27th episode of Tesla Daily. Thank you.

好的，我想就是这样了。接下来，我们即将看到猎鹰重型火箭的发射。我不知道他们是否已经开始了。看起来倒计时还有4分钟。正好趁这个时间，大家可以转到那个直播上去了。很不幸，我没有设置音频传输。今天我没有时间准备这个，但希望大家会过去，在几分钟内观看到SpaceX的发射。好了，就到这里吧。感谢大家一如既往地收听。请务必订阅并开启通知。你也可以在Twitter上找到我，用户名是Tesla播客，明天我们将在7月27日星期四的节目中见面。谢谢。