Musk Discusses Tesla & More With Cathie Wood, Cybertruck Battery Report

Hey everybody Rob Mayward here and today we're going to go through some highlights from Elon Musk's discussion with Kathy Wood of ARK Invest on X spaces today. We've also got a couple updates on the Cybertruck including a report on 4680 battery production and reports on our updates on Toyota, Ford and a few other items as well.

大家好，这里是Rob Mayward。今天我们将回顾一下埃隆·马斯克与ARK Invest的Kathy Wood在X空间的讨论中的一些亮点。我们还将对Cybertruck进行一些更新，包括关于4680电池生产的报告，以及关于我们对丰田、福特和其他一些项目的更新报告。

Right looking at the stock, nice day but Tesla up 3% to $254.50. Nasdaq also with a strong day today bouncing back up 1.25% so Tesla kind of following a little bit better than its normal beta but mostly probably macro driven performance today. I believe after market close we did get an update from wedbushes Dan Ives and also covering Tesla says they're raising their target price for Tesla from $310 per share to $350 per share based on their increasingly bullish view of further EV share gains and margin stabilization in 2024. We believe Tesla will reach the $1 trillion market cap in 2024 as the next phase of growth story underway with Musk and company. So I like this, obviously it's nice to see a price target increase but I like his comment just about margin stabilization and further EV share gains, especially in the context of what we've seen announcements from other automakers particularly in the US dialing back their EV growth plans a little bit.

看看股票，今天天气不错，但特斯拉上涨了3%至254.50美元。纳斯达克也有强劲的一天，上涨了1.25%，所以特斯拉的表现比它正常的beta值要好一些，但主要可能是受宏观驱动而表现得好。我相信在收盘后，我们从Wedbush的丹·艾夫斯那里得到了一份更新，他也在研究特斯拉，表示根据他们对EV份额增长和2024年利润稳定的日益看好，他们将特斯拉的目标股价从310美元提高到350美元。我们相信特斯拉将在2024年达到1万亿美元的市值，这是随着马斯克和公司下一个增长阶段的故事正在进行。所以我喜欢这个，显然看到目标股价增长是好事，但我喜欢他关于利润稳定和进一步增长EV份额的评论，特别是在其他汽车制造商，尤其是美国的一些汽车制造商宣布放缓他们的EV增长计划的背景下。

As Tesla continues to take more of that market share if margin does stabilize that will mean eventually earnings per share growth returns. We haven't really seen that for Tesla for a while it's been a period of obviously margin contraction in terms of profitability or gross margins at least. So at some point those things will stabilize at some point that will change and that's kind of what Dan Ives is saying here. So hopefully we do see that for 2024 but of course that remains to be seen.

随着特斯拉继续占据更多的市场份额，如果利润率稳定下来，最终每股收益将会增长。在过去的一段时间里，特斯拉并没有真正实现这一点，明显可见利润或毛利率一直在收缩。所以在某个时候，这些事情将会稳定下来，发生改变，这就是丹·艾夫斯在这里所说的。希望这能在2024年看到，但当然，这还有待观察。

One quick update on yesterday's episode I do have to apologize. The two deliveries that we talked about one here from I think Zach and Ella hopefully I didn't get the name wrong but this one and then from Ryan Torres. Unfortunately upon further review both of these people are employees which good for them however we were talking more about the expansion of orders yesterday going to more normal type of customers but these are two employees it looks like so. I do apologize for that. Definitely a mistake on my part. I did actually do a fair amount of investigating to make the assumption that they were not employees. Unfortunately that assumption ended up being correct though so apologies for that. Still exciting to see it go to more employees and hopefully at some point soon we'll see it expand further to non-employees as well. So again my apologies on that point.

关于昨天那一期的最新消息，我必须道歉。关于我们谈到的那两个交付，一个是来自Zach和Ella，希望我没搞错名字，还有一个是来自Ryan Torres。不幸的是，经过进一步调查，这两个人都是员工，祝贺他们，不过我们昨天更多地是在谈论订单的扩大，面向更多普通顾客的，而这两个看起来是员工。对此我深感抱歉，这绝对是我的错。我其实已经做了很多调查以得出他们不是员工的假设，不幸的是，这个假设后来证明是正确的，所以对此向大家道歉。看到它可以扩大到更多员工身上仍然令人兴奋，希望不久以后也能进一步扩大到非员工身上。所以再次对此点表示歉意。

Alright getting into the must discussion with Kathy Wood today. It was about an hour and a half discussion. I'm sure you can find recordings of it out there. We'll hit the highlights though. Unfortunately even though our investments are very familiar with Elon and stuff like that there was a lot that was repetitive for what we've heard Elon talk many times about before. So I try to just hit highlights that most of us would not have maybe heard before or something that it was at least a little bit new and divided those up to the sections here.

好了，今天与凯西·伍德进行了一场关于必要性的讨论。讨论大约持续了一个半小时。我相信你可以在外面找到它的录音。我们将重点介绍一下。然而，尽管我们的投资与埃隆等人非常熟悉，但有很多内容重复了埃隆之前多次讲过的东西。因此，我尽量只选择大家可能之前没有听过的亮点，或者至少是一些新的内容，并将它们分成了这些部分。

So on Tesla Elon of course recapped the funding secured saga back in 2018-2019-2019. He did say funding was secured going private would have been a distraction for Tesla at that time. Would have left some investors behind so he said those were the two main reasons that they eventually opted not to do that. For more present day type of stuff though they had a fair amount of time discussing AI again. Stuff that we've heard a lot about but Elon reiterating that in terms of real world AI Tesla is by far the leader still has opinion there.

所以，关于特斯拉的资金保障事件，埃隆在2018-2019-2019年回顾了一下。他确实说过当时已经获得了资金，但将公司私有化会对特斯拉造成分散注意力的困扰。此外，还会使一些投资者被落下，所以这两个原因最终导致他们选择不这样做。至于现在的事情，他们花了很多时间再次讨论人工智能。这是我们听过很多次的事情，但埃隆再次强调，在真实世界的人工智能方面，特斯拉仍然是遥遥领先者，并对此持有自己的观点。

He also talked about for FSD you really need to have a baby AGI in the car. For an example that he gave of that he said the car has to be able to read street signs in every language as an example. So of course street signs come in all shapes and sizes. There can even be occasions where those are variable with digital signs and things like that and the car needs to be able to understand and interpret those things for true robot taxi light capability. So that was an example of Elon giving that there's a little bit of convergence happening in AI spaces whether it's a large language model or something like FSD version 11 moving into version 12. A lot of the technologies are converging in a way but still viewing Tesla as by far the real world leader in AI and real world AI because of largely the data collection set that they have and the capabilities that they have on that end.

他还谈到自动驾驶（FSD）中真正需要在车辆中有一个baby AGI。他举了一个例子，说车辆必须能够读懂各种语言的路牌。当然，路牌有各种形状和尺寸。甚至会有一些数字化的路牌等情况，车辆需要能够理解和解释这些内容，以实现真正的机器人出租车功能。这是埃隆提供的一个例子，说明在人工智能领域存在一些融合的情况，不论是大型语言模型还是FSD 11版本向12版本的升级。很多技术都在某种程度上融合，但特斯拉仍然是迄今为止在人工智能和实际应用中的领导者，这在很大程度上得益于他们具有的数据收集能力和相关的技术实力。

So again not anything too new that we've heard there but nice to hear him extrapolate a little bit on his or expound a little bit on his thoughts there.

所以，我们并没有听到什么新鲜事，但很高兴听到他在那里稍微推断和阐述一下自己的想法。

And they also talked about NHTSA of course this has been a conversation for the Tesla community recently in the last week or so since this recall. Elon did say though that he has a lot of respect for the enforcement division at NHTSA said quote in my experience thus far they have been really quite sensible. So nice to see that he is feeling that way that they're coming to reasonable conclusions don't always agree which you gave an example of here but he said they do care about the safety statistics and they do recognize that there's always going to be some risk with cars even if those cars are autonomous vehicles.

他们还谈到了NHTSA，当然，自从这次召回以来，在过去的一周左右，这对特斯拉社区来说一直是一个话题。埃隆确实表示自己对NHTSA的执法部门非常尊重，他说：“根据我的经验，他们一直非常明智。”很高兴看到他的感觉是这样，他们正在得出合理的结论，尽管我们不总是达成一致，在这里你也给出了一个例子，但他说他们确实关心安全统计数据，也承认汽车即使是自动驾驶车辆也总会存在一定的风险。

So good to see Elon you know still feeling relatively favorable even though even in the NHTSA recall Tesla stated that they didn't necessarily agree with the action being recommended and being taken but nevertheless something that they had to implement. So good to see that agreement or alignments in general from Elon and then he did note that they do obviously disagree in some occasions he brought up the instances of having to do full stops at stop signs and how no one really drives that way especially if there's no complicating factors around. So Tesla had to specifically as he has noted before find very rare scenarios where that did happen to help sort of adjust the model to drive in that way. So create some frustration I think whenever you're training something in a way that is not human like it of course opens up opportunities for humans to be either confused or annoyed by those actions which I think anyone that has FSD beta can probably have has experienced at stop signs before if you really let it wait people just don't expect that they don't like it it gets frustrating so hopefully at some point in the future that will change but obviously a point of disagreement right now.

很高兴看到埃隆（特斯拉的创始人）依然相对持乐观，即使在美国国家公路交通安全管理局（NHTSA）召回特斯拉的行动中，特斯拉表示他们并不一定同意建议和采取的行动，但不管怎样这是他们必须实施的事情。很高兴看到埃隆以及特斯拉在一般情况下存在这种协议或一致性，但他也指出他们在某些场合的确存在不同意见，他提到了必须在停车标志处完全停下来的情况，以及在没有复杂因素的情况下没人会这样开车。因此，特斯拉必须像以前所提到的那样特别找到非常罕见的情况，才能调整车辆模式以便以这种方式驾驶。我认为当你以一种非人类的方式训练某物时，会引发一些挫败感，因为这自然会导致人们对这些行为感到困惑或恼火，我想任何使用完全自动驾驶测试（FSD beta）的人在停车标志处如果真的让车辆等待，人们根本不会预料到，不会喜欢，会感到沮丧。所以希望在未来的某个时间点这种情况会发生改变，但目前显然是存在分歧的地方。

So those were kind of the main Tesla things they did talk a fair amount about X especially at the beginning couple of interesting updates though as we know X is working on getting money transmitter licenses and all states said they're just waiting for final approval on some of those. He said he thinks they already have the majority of states approved but it's relevant until they have California and New York just because of obviously the scale and the size of those but he said it would be he'd be surprised if it takes us longer than the middle of next year to roll payments out. So obviously that would be an exciting next step for X which will keep an eye out for next year. We're not going to go through all these on some of the other companies and just some general thoughts I did just want to put my notes here in case anyone was curious and doesn't want to listen to the full X space so feel free to pause the pause the video and read through these but again probably a little bit beyond the scope of what we're going to talk about here today.

所以他们主要谈了一些与特斯拉相关的事情，尤其是一开始的几个有趣的更新。正如我们所知，特斯拉正在努力获得货币转移许可证，所有州都表示，他们只是等待一些许可证的最终批准。他表示他认为他们已经获得了大多数州的批准，但只有获得了加利福尼亚和纽约州的批准，才能真正产生影响，因为这两个州的规模和规模显然很大。但他说，如果我们花费的时间超过明年年中推出支付服务，他会感到惊讶。所以显然，这将是X的一个令人激动的下一步，我们明年会关注。在一些其他公司方面，我们不会讨论所有这些问题，只是一些一般的想法，我在这里只是想记录一下我的笔记，以防有人好奇但不想听完整个X空间。请随时暂停视频并阅读这些笔记，但是再次强调，这可能超出了我们今天讨论的范围。

All right moving into some cyber truck updates Tesla has again done another wave of order invitations for cyber truck order holders. If we look at the cyber truck owners club order tracking sheet there have now been 249 people that have ordered through this invitation process. If you remember we were stuck at you know 170 or so for a while then we had another small wave taking that up to maybe 180. This new wave has now the combination of that and this new one has now brought us up to 250 so nice to see those orders continuing to be confirmable from Tesla. And although like we talked like we had thought yesterday we're not seeing these orders go to non-employees yet. Hopefully this is a good sign again of Tesla's progress with the production ramp in general. So we'll continue to monitor that and again check your accounts because sometimes those emails maybe aren't getting to everybody. Some people have reported that they can actually go into their accounts and configure without having received that.

好的，现在我们来看一些塞伯坦卡更新，特斯拉又发出了一波塞伯坦卡订单邀请。如果我们查看塞伯坦卡车主俱乐部的订单追踪表，目前已有249人通过此邀请过程下订单。如果你还记得，我们之前卡在了大约170左右有一段时间，然后又有了一小波订单增长到大约180。这一次新的订单增长使得总数增至250，很高兴看到特斯拉的订单依然能够确认。虽然我们昨天讨论过，我们还没有看到这些订单被非员工下单。希望这又是特斯拉总体生产增长的一个好的迹象。所以我们将继续监控这个情况，再次请检查你们的账户，因为有时这些邮件可能并没有发送给每个人。有人报告说他们实际上可以进入他们的账户进行配置，而不需要收到那封邮件。

All right next up on cyber truck this is more related to 4680 battery production. We've got another Reuters article report here. They say the Tesla cyber truck deliveries are hostage to battery production hell.

好的，接下来关于赛博卡车的信息与4680电池生产更相关。我们有另一篇路透社报道。他们称特斯拉赛博卡车的交付受到电池生产困境的阻碍。

My thought on this headline is I wish this were the case. This would be excellent news if this were true but I do not think that this headline is true. Let me explain.

我对这个标题的看法是，我希望这是事实。如果这是真的，那将是个好消息，但我不认为这个标题是真实的。让我解释一下。

So if we look through the article they talk about first the production rate targets for the cyber truck. They say that CEO Elon Musk said in October that Tesla would probably hit an annual production rate of a quarter of a million vehicles at some point during 2025. But Tesla is still a long way off that kind of production pace.

所以，如果我们仔细阅读这篇文章，他们首先谈到了Cybertruck的生产速度目标。他们说CEO埃隆·马斯克在十月表示，特斯拉可能在2025年某个时候实现年产25万辆车的目标。但是特斯拉距离那种生产速度还有很长的路要走。

One of the main bottlenecks is the speed of the 4680 batteries used in the cyber truck and its new dry battery, dry coating, like truck. Dry coating technology, nine people familiar with the matter said.

主要瓶颈之一是Cybertruck和其新型干电池使用的4680电池的速度，以及像卡车一样的干涂层技术。据九名知情人士透露，干涂层技术是一种干电池涂层技术。

I had to laugh when I was reading this because did they not also realize that 2025 at some point in 2025 is also a long way off? I mean we're still in 2023. I know we're changing the calendar here pretty soon but that is still almost two years away. So they should still be a long way off that pace at this point in time. And of course, plenty of times ramp that up.

当我读到这个时，我不得不笑，他们难道没有意识到2025年在2025年的某个时候也是很长远的吗？我的意思是我们还处在2023年。我知道我们很快就要换日历了，但那仍然有将近两年的时间。所以他们现在应该还远远落后于那个节奏。当然，还有很多时间来加快进度。

They say that according to some information that they have reviewed as well as calculations based on some public data that Tesla has shared. They think that the current 4680 production rate is sufficient for about 24,000 cyber trucks per year.

据他们所说，根据他们所查阅和一些特斯拉公开数据的计算，他们认为特斯拉目前的4680电池生产率足以支持约每年2.4万辆Cybertruck的生产。

So going back to what I said at the beginning, I wish this were the bottleneck because this would mean that cyber truck production rate would already be at about 500 vehicles per week. If the 4680 battery constraints were the, or if the 4680s were the constraint, then you know, that would be excellent for the rest of the cyber truck production process. I don't think Tesla is producing 500 per week yet. So unfortunately, you know, we're not, we're not quite there yet. But that would also then mean that the 4680 batteries are not the current constraint, which completely makes this headline inaccurate. So those are my thoughts on it. Again, I don't think that this is true.

回顾我在开始时所说的，希望瓶颈是出在这一点上，因为那将意味着Cybertruck的产量已经达到每周约500辆。如果是由于4680电池的限制，或者说4680电池是限制因素，那么对于Cybertruck生产过程的其他部分来说将是非常理想的情况。但我不认为特斯拉每周已经生产出500辆。所以不幸的是，我们还没有达到那个阶段。但这也意味着目前4680电池并不是限制因素，完全使这个标题不准确。这就是我的看法。再次强调，我不认为这是真实的。

They did share a little bit more information according to these people that they spoke with. The people said that the dry coating in the anode portion of the 4680 cells was not problematic, but Tesla was still struggling with the cathode portion of dry coating technology. And then they also said, which I think is again humorous, although they continue to struggle a little bit with that. One of the people that they spoke with acknowledged that once you crack the code and established stability, it is like an exponential speed would pick up. There's already a lot of traction in dry coating.

根据这些人的说法，他们确实透露了一些更多的信息。这些人说，4680电池的阳极部分的干涂层没有问题，但是特斯拉仍在努力解决干涂层技术的阴极部分的问题。然后他们还说，我觉得这又有点幽默，尽管他们在这方面仍然遇到一些困难。他们与其中一人交谈时承认，一旦成功突破并确立稳定性，干涂层技术将呈指数级提速。干涂层技术已经取得了很大的进展。

So again, if they're talking about the potential for this to be a limiting factor, got a factor in that this is something that Tesla has been ramping up now for a couple of years. We seem to be close to a point where this 4680 battery production is taking that next step up. Of course, Drew has talked on the earnings calls recently about the progress quarter to quarter. He mentioned that they are in the process of introducing new 4680 battery production lines. So I think it's four times the amount of battery production equipment that they'll have up and running here pretty soon. So when you both improve yields and pay some production and then multiply your lines by 4x, as long as you can do that before 2025, which you get a lot of the time to do, then potentially not a limiting factor at that point.

再说一遍，如果他们谈论的是这个因素可能成为一个限制因素，那么请考虑到特斯拉已经在过去几年里加大了这方面的投入。我们似乎已经接近于4680电池生产迈上一个新台阶的时刻。当然，德鲁近期在财报电话会议上谈到了季度进展。他提到他们正在引进新的4680电池生产线。所以我认为他们将会有四倍于现在的电池生产设备正在很快地投入生产。因此，当您提高产量并改进生产时，再乘以4倍扩大生产线，只要您能在2025年之前实现这一目标，而且您有足够的时间来做，那么在那时这可能不再是一个限制因素。

So of course, things are going to have been flow throughout the production process on what is the constraints point being right now. It does not seem to be 4680s, even according to Reuters information here. Of course, that could change in a month or two months or whenever, but Tesla will continue to make progress over that time. One of the issues that they acknowledged was that two people that they spoke with said that as Tesla tried to scale this up, a lot of heat was generated and melted the binder. A little bit of a specifics in terms of what could be one of the constraining factors on getting that production pace up right now.

当然，产品生产过程中肯定会有一些问题。目前来看，并不是4680电池是最大的约束点，根据路透社的信息。当然，这在一个月或两个月或其他时间可能会发生变化，但特斯拉将在此期间继续取得进展。他们承认的一个问题是，两位他们联系到的人说，当特斯拉试图扩大规模时，会产生大量热量并熔化粘结剂。这可能是目前制约生产速度提升的其中一个具体因素。

So I think all of us are aware, 4680, it's a work in progress in terms of where Tesla's at. I don't think anyone assumed that this was producing hundreds of gigawatt hours a year or anything like that. So nothing too new in this report unless this were true, which of course, I think would be relatively positive for the rest of the cyber truck production process, but I do not think that it is.

所以我认为我们都知道，在特斯拉方面，4680 电池还在不断改进中。我不认为有人会认为这种电池能够年产数百千瓦时之类的。所以这份报告中并没有什么太新的内容，除非这是真的，当然，我认为这对于 Cybertruck 的生产过程来说相对是个正面因素，但我并不认为是真的。

All right, a few quick ones here.

好的，这里有几个简短的问题。

So Tesla today posted a cyber truck light show kind of cool. They timed out each of these vehicles to work sort of in combination with each other. So not just the exact same identical light show, but working in concert and kind of shows just a cool feature for the daytime running lights on the cyber truck and just some of the variability that they have with that.

今天特斯拉发布了一个非常酷的赛博卡车灯光表演。他们将每辆车的表演时间配合得非常协调，不是完全相同的灯光表演，而是相互合作，展示了赛博卡车日间行车灯具有的酷炫功能和其他各种变化。

Other than that, nothing nice to see, nothing too crazy though.

除此之外，没有什么值得一看的，但也没有太过疯狂的东西。

We've got an update from Tesla, Tesla Europe on X saying that the Model Y just broke the record for most cars sold in Denmark in a single year. This may sound familiar because we actually talked about this a couple months ago when we thought that this record was broken, but as Tesla says here, there was actually a higher record that was previously, you know, previously people were not thinking about or were not aware of from 1986 that was higher than I think the VW up from 2013. But now the Model Y has surpassed that as well. So unless there is another one deeper in the archives, this should be a record for the Model Y for best selling vehicle ever in Denmark. So pretty cool to see that.

我们刚刚从特斯拉欧洲得到了一个更新，关于Model Y在丹麦刷新了单年最多销售量的记录。这可能听起来有点熟悉，因为我们在几个月前就讨论过这个问题，当时我们以为这个记录已经被打破了，但正如特斯拉在这里所说，实际上之前还有一个更高的记录，1986年的销售量比2013年大众up更高，但现在Model Y也超过了那个记录。所以除非档案中还有其他更深的记录，否则这应该是Model Y成为丹麦有史以来最畅销的车型的记录。看到这一点真是太棒了。

And then just a couple of sort of energy related updates here, Tesla Energy on X shared a just kind of an example of utility from Tesla Energy products. They say that biodiagnostics, which is a sort of medical testing company and things like that. They have blood test medicines, vaccines that of course need to stay at particular temperatures. They had significant losses on these because of a power outage from a storm. Now they have prepared a little bit better by installing solar and power wall to avoid anything like that. It's kind of surprising they didn't have a backup generator before, obviously, I'm sure they wish they did. But now they do through solar and power wall. So nice to see an example of that.

接着，这里有一些与能源有关的更新。特斯拉能源部门分享了特斯拉能源产品的一个实用例子。他们称生物诊断（一种医学测试公司等）因为一场风暴导致停电，使得他们的血液检测药品和疫苗等需要保持特定温度的物品遭受了重大损失。为了避免再次发生类似情况，他们现在安装了太阳能电池板和Powerwall来做好备用。令人惊讶的是，他们以前竟然没有备用发电机，毫无疑问他们当时一定希望有一个备用发电机。但现在通过太阳能电池板和Powerwall，他们终于解决了这个问题。很高兴看到这个例子。

And then just another nice example here, Tesla's also sharing a video of the Cybertruck hauling some Christmas equipment, some holiday decor around for the Golden Gate Park. I think they've got a festival there, a holiday festival, and just kind of showed the Cybertruck helping to set some of these things up. So fun to see a couple examples of that.

然后这里还有一个很好的例子，特斯拉也分享了一段视频，展示了Cybertruck拉着一些圣诞装备、一些节日装饰品在金门公园周围行驶的场景。我想那里举办了一个节日庆典，他们展示了Cybertruck帮助布置其中一些东西的情景。看到这些例子真是太有趣了。

All right, last couple of things.

好的，最后几件事情了。

We've got update on Toyota today. We talked yesterday about their recall for a million vehicles. Things continue to get a little bit worse for Toyota this week. One of their subsidiaries, Dehatsu. I'm not sure exactly what the pronunciation is, but they have it's been determined that they have been rigging safety tests in their vehicles. This was found to be a pretty extensive issue. And because of this, this business unit has paused production of their vehicles. So potentially pretty significant for Toyota. This is about 7% of their unit sales. It's on the lower end. This is your kind of entry level vehicles primarily produced and I think solely produced in Asia and probably primarily exported within Asia as well. But nevertheless, this is something that Toyota is now having to investigate a little bit further. They talked about how they're going to have to put a lot of time and energy and resources into sort of reorganizing the company to make sure that stuff like this does not occur in the future. But with the recall, you know, that's I don't think is big of a deal, but you know, a couple of pretty negative headlines for Toyota this week.

今天我们有关于丰田的最新消息。昨天我们谈到了他们召回了100万辆车的事情。这周对于丰田来说情况变得有点糟糕。他们的一个子公司Dehatsu，我不确定发音是什么，但已经确定他们在车辆的安全测试中作弊。这被发现是一个相当严重的问题。由于此问题，该业务部门已暂停了车辆的生产。对于丰田来说，这可能是相当重大的问题。这占了他们销售量的大约7%。这是他们的入门级车辆，主要在亚洲生产和出口亚洲地区。但无论如何，丰田现在必须进一步调查这个问题。他们谈到了他们将不得不花费大量的时间、精力和资源来重新组织公司，确保将来不再发生这种事情。但对于召回，我不认为这是一个大问题，但这周丰田确实出现了一些相当负面的头条新闻。

And then lastly for today, update on Ford. This is from the Detroit Free Press. They are reporting that only about 50% of Ford's dealers have decided to move forward with sort of an organization or a deal with Ford to sell electric vehicles at the dealerships. So only about half. This is temporary though. So they will have another opportunity to opt in in the future. Just want to make that clear because I know a lot of people just seeing the headlines that only half of dealers are opting in. There is going to be another opportunity. It sounds like in 2027. So it's still a ways out. But nevertheless, this number, this percentage could change in the future. And then alongside the sideline for Ford, there was a report that Buick, their dealers, a little bit different context. About 50% of them had taken a buyout from GM to not sell electric vehicles. So a little bit different there as those dealers would potentially not be coming back in versus for Ford. They could. So we'll see. I don't think Ford's probably too disappointed in that. I would imagine that if dealerships do opt out, that potentially opens up some possibilities for Ford to move into a more direct type of a sales model. But we'll see how Ford approaches that.

然后最后来说一下福特。这是来自《底特律自由新闻》的消息。他们报道称，仅有大约50%的福特经销商决定与福特达成协议，在经销店销售电动汽车。所以仅有大约一半。不过这只是暂时的。因此他们将来还有机会选择加入。我只想明确，因为我知道很多人只看到了半数经销商加入的标题。他们将在2027年有另一个机会。所以还有一段时间。但是无论如何，这个比例在未来可能会改变。此外，关于福特，有一份报告提到别克的经销商，情况有些不同。大约50%的经销商接受了通用汽车的回购，不再销售电动车辆。所以这在某种程度上有所不同，这些经销商可能不会回来，而对于福特来说，他们有可能回来。我们拭目以待。我认为福特对此可能不会太失望。我想，如果经销商选择退出，这可能会为福特提供一些机会，转向更直接的销售模式。但我们将看福特如何处理这个问题。

All right, that'll wrap it up for today then. As always, thank you for listening. Make sure you're subscribed and signed up for notifications. You can also find me on X at Tesla podcast. And we'll see you tomorrow for the Friday, December 22 episode of Tesla Daily. Thank you. Thank you.

好的，今天的节目到此结束了。一如既往地，非常感谢你们的收听。请确保你已经订阅并开启了通知功能。你也可以在X平台上的Tesla播客中找到我。明天我们将在12月22日的星期五继续播放Tesla Daily的节目。谢谢你们。谢谢。