Tesla Q4 Earnings Report Coverage & Analysis (Q4-23)
发布时间 2024-01-24 21:52:22 来源
摘要
Join Rob Maurer for live coverage of the release of Tesla's Q4 2023 earnings report and shareholder letter ➤ Continue following ...
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Hey everybody Rob Mauer here, welcome back to Tesla. I guess formerly daily. Appreciate you guys being here. Obviously today we're going to be talking about Tesla's earnings report, which will be coming up here in the next 15 minutes or so. We'll take a look at a little bit of news before that and also just run through quick some of my expectations as we head into the call.
大家好，我是Rob Mauer，欢迎回到特斯拉。我想我过去是每日更新，感谢大家的陪伴。显然，今天我们将会讨论特斯拉的财报，将在接下来的15分钟左右发布。在那之前，我们会简要看一些新闻，并快速概述一下我在参加电话会议之前对特斯拉的期望。
Nice to be back here for Tesla earnings. If you are joining this after the live stream, of course, check the timestamps below. We can fast forward to when the actual episode comes out. Alright, it's been a while. See if I can still remember how to do this stuff.
很高兴回来参加特斯拉收益报告会。如果您是在直播后加入的，当然，可以查看下面的时间戳。我们可以快进到实际的报告部分。好了，已经有一段时间了，看看我是否还记得如何做这些事情。
But as we can see here, Tesla on the day today looks like it's going to close down slightly, underperforming the NASDAQ pretty significantly throughout the day, closing the gap a little bit here as we head into close. It's been a tough stretch here for Tesla over the last little bit. So hopefully we'll see after earnings today, not the earnings have been positive events before the stock as of late, but you never know when things are going to change.
但正如我们所看到的，特斯拉今天的情况看起来可能会略微下跌，在整个交易日中表现相当差于纳斯达克，随着我们即将结束，稍微拉近了差距。对于特斯拉来说，最近一段时间一直很困难。因此，希望在今天的盈利公告之后，情况能好转，尽管最近这股票的盈利情况一直都是积极的，但是你永远不知道什么时候情况会改变。
Alright, one of the big pieces of news, we'll just touch on quickly and then we'll hop over to Excel, and then we'll come back and kind of refresh as we do and wait for the earnings report.
好的，其中一个重要的新闻，我们只是简单提一下，然后我们转到Excel，然后再回来并且在等待收益报告时进行更新。
But one of the big pieces of news yesterday, or I guess maybe late or early in the morning today, Roy Ders reported a little bit of news possibly on the next generation vehicle.
但昨天的一个重要新闻之一，或者或许是今天凌晨时分，罗伊·德斯报道了一些关于可能的下一代车辆的新闻。
So they said Tesla has told suppliers that it wants to start production of a new mass market electric vehicle, codenamed Redwood, in mid 2025, according to four people familiar with the matter, two of them describing the model as a compact crossover. So I don't think any of that would be too surprising in terms of the timeline, maybe around what we would expect. They gave a little bit more information on it saying production would begin in June 2025. Now that could be an aspirational timeline that could be sort of, you know, trial production and things like that. Obviously, we've seen the Cybertruck being sort of in production for a while before we have eventually end up with customer deliveries and things like that. So we'll have to wait and see for those types of things. But they do say that that is the targeted timeline, at least for suppliers at this point in time.
据四名知情人士透露，特斯拉已告知供应商，计划在2025年中期开始生产代号为Redwood的新型大众市场电动车，其中两人将该车型描述为紧凑型跨界车。就时间表而言，我认为这并不会太让人惊讶，可能和我们的预期差不多。他们还提供了一些更详细的信息，表示生产将于2025年6月开始。现在，这可能是一个有抱负的时间表，可能是试生产等等。显然，我们已经见识过Cybertruck在最终交付给客户之前进行了一段时间的生产。所以，对于这些事情，我们将拭目以待。但他们确实表示，这是至少目前供应商所定的时间表。
They say Tesla sent request for quotes or invitation for bids for the Redwood model suppliers last year and forecast weekly production volume of 10,000 vehicles. So 10,000 vehicles per week, obviously, that would be a little bit lower than what we might expect. And certainly, it seems like an initial production target. Let me just make sure I'm not mistaking my math here, but that's only 500,000 vehicles per year. So obviously, we'd expect a next-generation vehicle platform to do significantly more than that over time. But initially, you got to start somewhere, of course.
他们说特斯拉去年向Redwood模型供应商发送了报价请求或招标邀请，并预测每周生产量为10,000辆车。所以每周10,000辆车，显然会稍微低于我们的预期。毫无疑问，这似乎是一个初始生产目标。让我确保我没有弄错我的数学，但那只是每年50万辆车。所以很明显，我们期望下一代车型平台在未来能做得更多。但是首先，当然你得从某个地方开始。
And then they did say one other detail in here. They said that the next-generation architecture, which could have two or more models on it, or I guess will include two or more models, which we've kind of heard Elana lead to before with a robot taxi and a non-robot taxi. They're internally calling this NV9X. So I guess they're calling that the. I'm not clear on the distinction between Redwood and NV9X. Maybe one is the model, one is the platform. But for whatever that's worth, if anyone can decode that, certainly take a shot at it. Certainly won't be the model name, or at least I want it anticipated to be. Of course, it kind of reminds me of the Toyota BZ4X, I believe, is the nomenclature there. But exciting to see some reporting on the next-generation vehicle. And hopefully, as we move into next year, we'll start to hear a little bit more into this year, 2024. We'll start to hear a little bit more about it. I would expect the Tesla is trying to keep it as under wraps as possible before we just did not put any pressure in terms of Osborneing on the current product line with the Model 3 and the Model Y. So we'll see, but definitely exciting to hear a little bit more of that reporting.
然后他们在这里提到了另一个细节。他们说，下一代架构可能会有两个或更多的型号，或者我猜将会包括两个或更多的型号，我们之前听到过埃琳娜提到过一个机器出租车和一个非机器出租车。内部称之为NV9X。所以我想他们是这样称呼它的。我不清楚Redwood和NV9X之间的区别。也许一个是型号，一个是平台。但无论如何，如果有人能解读出来，肯定可以试试看。当然，它有点让我想起了丰田的BZ4X，我相信那是那里的命名法。但很高兴看到有关下一代车辆的一些报道。希望随着我们进入明年，我们能听到更多关于今年，2024年的报道。我预计特斯拉会尽可能地保密，以免对当前的产品线，包括Model 3和Model Y施加任何压力。所以我们拭目以待，但无论如何，听到更多这方面的报道确实令人兴奋。
Let's see. I do want to go through some earnings expectations. The other thing that people have been talking a lot about is Elon Musk's stock compensation, which I know is probably more discussed heavily last week. We should probably spend a little bit more time, I guess, talking about that. Maybe we do that after earnings. But in general, I'm in favor of a stock-based compensation plan, similar infrastructure to the one before. We could talk a lot about maybe some changes that should be made and what the actual target should be and what the compensation level should be. But I do think having that incentive package is good for motivation for Elon and also for recruiting purposes.
让我想想。我确实想要了解一些收益期望。还有一件人们一直在讨论的是埃隆·马斯克的股票补偿计划，我知道上周可能有更多的讨论。也许我们在收益报告之后可以多花一点时间谈论这个。但总的来说，我支持股票为基础的薪酬计划，与之前的基础设施类似。我们可以详细讨论可能需要的改变，实际目标应该是什么，以及薪酬水平应该是多少。但我认为有这样的激励计划对于激励埃隆本人和招聘目的都是有好处的。
I think when that compensation plan existed, it was a big tell to both investors and to possible employees. Sorry, I keep hitting my microphone. Both to investors and possible employees of Tesla's aspirations and vision for where things could end up someday. So if there's a new compensation plan that has similarly aggressive targets for the future, I think that might be inspiring to current employees, future employees, and certainly the investor set as well, beyond just the implications for the actual motivation and things like that for Elon. So I would be in favor of something that provides those things. Of course, if it's structured in the right way, and again, that's a lot of areas for debate upon that. But I just wanted to share my quick thoughts on that as well.
我认为当那个补偿计划存在的时候，它对投资者和潜在员工来说都是一个重要的指示。抱歉，我一直在碰到麦克风。对于特斯拉的抱负和愿景，以及事物可能最终发展的方向，对投资者和潜在员工都起到了重要的作用。因此，如果有一个新的补偿计划对未来设定了类似的积极目标，我认为这可能会激励现有员工、未来员工和投资者，超出了仅仅对于埃隆本人而言的实际动力和其他方面的影响。所以，如果能以正确的方式构建，当然这方面还有很多辩论的地方。但我只是想分享一下我的快速想法。
Let's see. Somebody saying it's out. The trolling is starting already. Obviously, it's not out yet. Market's not close. Let's hop over to Excel. I know I didn't do a forecast episode this time, but we can just quickly take a look at some things. If I get this right, I was quickly trying to format this a bit before I got started here. It's not quite as good as usual, but hopefully everyone can see everything there. Let me know if the audio levels are OK here. Thank you for the Super Chat people. I appreciate that.
咱们看看。有人说已经发布了。恶作剧已经开始了。显然，还没有发布。市场还没有关闭。咱们转到Excel上看看吧。我知道这次我没有进行预测的部分，但我们可以快速地看一下一些内容。如果我做得对的话，我在开始之前尝试快速进行一些格式化。虽然不像平常的那么好，但希望每个人都能看到所有东西。请告诉我这里的音频水平是否正常。感谢使用Super Chat人们的支持。我很感激。
OK, so I've got my forecast over here. I didn't spend as much time as I normally would on my forecast. As usual, I do my forecast before I look at any other forecast from anybody else or from the analyst consensus and things like that. Ultimately, did end up in a pretty similar spot to where the consensus is if we just skipped at the bottom line. I'm actually only a penny off on earnings per share. Obviously, there's a lot more interesting things before we get to that bottom line, but that's what people like to look at and compare.
好的，这是我的预测。我在预测上花的时间没有像平常那样多。正如往常一样，在查看其他任何人或分析师共识等预测之前，我都会先做出我的预测。最终，如果只看最后的利润数字，我和市场共识的结果非常接近。实际上，我的每股收益只有少一分钱。显然，在我们得到这个最终结果之前还有很多有趣的事情，但那是人们喜欢看和比较的内容。
So I'm at 72 cents non gap earnings per share, up slightly quarter of a quarter, but of course down to last year, which I think is probably expected with margin rates coming down or with margin levels coming down. Gap earnings per share, 58 cents. That'd be versus 59 cents analyst consensus. So across the board, there's some similarities, some differences. The biggest difference is probably automotive revenue. I'm a little bit higher. You can see where I have average selling prices coming in pretty similar to where they were last quarter. I do have a lot of fluctuations between model lines and different regions, but ultimately it netted out the same. You've got some increase from Highland. You've got probably declines in just general ASP across the board from older inventory model threes and things like that, which were again heavily discounted towards the end of the quarter. We did have price cuts at the beginning of the quarter, things like that. There's various different factors influencing that, but ultimately netting out lower as my expectation. One of the big things is we have a higher mix of SNX this quarter by 7,000 more vehicles than we did last quarter. That helps a bit as well. For model three and model Y though, I have a more significant decline here, even with the benefit of the Highland in some regions.
所以，我的每股收益为72美分，与上个季度稍微有所增长，但当然与去年相比下降。我认为这可能是由于利润率下降或利润水平下降的原因。每股盈利为58美分，而分析师预期为59美分。总体而言，有一些相似之处，也有一些不同之处。最大的区别可能是汽车收入。我的销售平均价格与上个季度相差不大，但不同车型和不同地区之间存在很大波动，但最终基本持平。从Highland地区有所增长，但从较旧的库存车型三等普遍的平均售价可能有所下降，因为在该季度末进行了大幅折扣销售。我们在季初进行了价格削减等等。这其中有各种不同的因素影响着，但总的来说，我预计会有所下降。本季度SNX的销量比上个季度多出7,000辆，这也有一定帮助。但对于车型三和车型Y，我在这里看到更显著的下降，即使在一些地区因有Highland的支持。
Energy and service and other services and other were pretty close in terms of our expectations there. I'm a little bit higher in terms of my expectation for energy storage deployed. It's really just a guess. I don't think we have any great insight on that yet. Thank you, Instant. I appreciate that a lot.
关于能源和服务以及其他服务，我们的期望相当接近。在部署能源储存方面，我的期望稍高一些，但这只是猜测而已。我认为我们还没有很深入的了解。非常感谢，Instant。我非常感激。
And then when we go further down, I'm actually expecting lower gross margins. It looks like again, this isn't broken out in the analyst consensus, but I have higher revenue, but lower total gross profit. So my margin expectations are pretty significantly lower than analyst consensus yielding a couple hundred million dollars less. Some of that could be regulatory credits too. I have that declining quarter of a quarter and year over year because we did have a pretty big quarter last quarter.
然后当我们进一步向下看时，我实际上预计较低的毛利率。从分析师一致预测中看不出具体数据，但我的收入预期较高，但总毛利润较低。因此，我的利润预期比分析师一致预测低得多，少了几亿美元。其中一些可能是来自监管信用。我预计季度环比和同比下降，因为上季度我们确实有一个相当大的季度。
So ultimately, I'm at 15.7 automotive gross margin X credits, ignore that error. I guess we got a lot of them, but just inconsistent formula. Anyway, 15.7% gross margins versus 16.3 last quarter. So some decline, some of that is going to be attributed to cyber truck, which is probably going to move some costs from R&D into automotive gross margin X credits this time around as production has started and deliveries have started as well.
最终，我在汽车总毛利中额外加入了15.7 X积分，忽略那个错误。我猜我们有很多这样的错误，但只是公式不一致。无论如何，总毛利率为15.7%，相比上一季的16.3%有所下降。其中一部分下降可能要归因于Cybertruck，因为生产和交付已经开始，这可能导致一些成本从研发转移到了汽车总毛利中，除去积分的部分。
And then for operating expenses, I have those slightly down quarter over quarter, mostly due to R&D, just because again, some of those costs probably shift into the gross margin bucket this time around. Ultimately, I'm at a 7.6 operating margin, again, a little bit lower than consensus, but because my revenue number is higher than I'm netting out at the bottom pretty similarly.
然后针对营业费用，我发现这个季度相比上一季度略有下降，主要是由于研发方面的原因，因为这一次有一部分费用可能转移到毛利桶里了。最终，我的运营利润率为7.6％，虽然略低于所公认的平均水平，但因为我的收入数目高于扣除费用后的净额，所以总体上差别不大。
All right, let's make sure I didn't miss anything here. Let's look back to the browser. And we'll see what happens. Usually Tesla's been getting this out pretty quick, so hopefully that'll be the case this time as well. We'll just have that refreshing. Maybe pull this up. This is last quarters. Don't worry. But I'll just change the URL there and see. Update three. Let's see. This is Q2. Interesting. Different links here. All right, well, we'll see if that works at some point. And then I know last time around I actually had the hard refresh that I think refreshes the cache. Now I'm forgetting the hotkey for that. If anyone else the hotkey for that on Macs, let me know. Try to keep an eye on the chat. Oftentimes our first indicator ends up being here in the after hours trading. If there is a big movement, sometimes though that can happen and then it didn't actually come out yet. So we'll keep an eye on that. But for the moment, I'm just going to kind of look through chats here. I do see some super chats. So do you want to thank some people here? Bruce Winston, Tom, Frank, Camogee with Bonnie, Jasper, Christopher, Avatrod. 1977, Sif Lord. Thank you guys. I appreciate it. It's going to be back. It's fun to be doing this. I feel a little bit re-energized.
好的，让我们确保我没有漏掉任何东西。让我们回到浏览器看看会发生什么。通常，特斯拉很快就会把这个发布出来，所以希望这次也是这样。我们只需要刷新一下。也许把这个打开。这是上一季度的。不用担心。但是我只是在改变URL然后看看。更新三。让我们看看。这是Q2。有趣。这里的链接不一样。好吧，我们会看看是否在某个时候能行。然后我知道上一次我实际上要硬刷新，我记得这样可以刷新缓存。现在我忘记了这个快捷键。如果有人知道在Mac上的快捷键，请告诉我。我会留意聊天室的。通常情况下，我们的第一个指标在于盘后交易中。如果有大的波动，有时候它意味着已经发布了。所以我们会密切关注。但目前，我只是在这里翻阅一下聊天室。我看到了一些超级聊天。所以我想感谢一些人。Bruce Winston, Tom, Frank, Camogee with Bonnie, Jasper, Christopher, Avatrod. 1977, Sif Lord. 谢谢大家。我很感激。回来了很有趣。我感到有点恢复了活力。
All right. After hours is up, that's hopefully a good sign. Yeah, that's reading mode. Command shift plus R. That gives me reading mode. I'm in Safari, so I think it's different Safari versus Chrome. See if this worked. All right. My URL trick worked. All right.
好的。时间到了，希望这是一个好兆头。是的，那是阅读模式。指令加上Shift加上R。这让我进入了阅读模式。我在使用Safari，所以我觉得它和Chrome不同。看看这是否奏效。好的。我的URL技巧奏效了。好的。
So here we go. Q4 earnings. Let's see what we got. I'm not as familiar with my own projections this time around, but we'll just start reading. So we'll hit the highlights.
8.9 billion gap operating income in 2023, 2.1 billion in Q4.
I'm just going to quickly take a glance at what I had. I had operating income at 2, 2 flat. So it looks like operating income ahead of my expectations, which is good. 2.5 billion dollars in gap, non-gap net income.
那么，我们开始吧。Q4季度的收入。让我们看看我们得到了什么。这次我对自己的预测不太熟悉，但我们还是开始阅读吧。我们只简单提及重点。2023年营运利润89亿美元，Q4季度21亿美元。我只是快速地看了一下我之前的预测。我预测的营运利润是2，也是平的。所以看起来营运利润超出了我的预期，这是好事。净利润方面，差异额和非差异额加起来是25亿美元。
Let's see what I had. I actually had 2.5 on the dot, not in gap net income. Literally 0.0. It's probably different than that. But it looks like that's roughly in line with what I expected.
I just want to glance at earnings per share then. What's going on there? Something happened. Something happened there. Now we're down. So let's see. There must be some special item here.
让我们来看看我拥有了什么。实际上，我拥有2.5，不是净收入中的间隙金额。实际上是零点零。可能会有所不同。但看起来大致符合我的预期。
我只是想简要看一下每股盈利情况。那边发生了什么？有些事情发生了。那边出了问题。现在我们亏损了。所以我们来看看。这里一定有些特殊项目。
That's gap net income is crazy. That's not an annual figure. There's some special item. We'll take a look at that. That probably caused algorithms to react. Now we're seeing a different reaction after perhaps digested. We'll see.
Next line. There we go.
这个差额净收入是疯狂的。这不是一个年度数字。有一些特殊项目。我们会去看看。这可能导致算法做出反应。现在我们看到一个不同的反应，可能是在消化之后。我们等等看。
下一行。就这样。
One-time non-cash tax benefit of $5.9 billion recorded in Q4 for the release of valuation allowance on certain deferred tax assets.
You guys remember, we've been actually been talking about that for, I don't know, 18 months, two years or something like that. That this may be coming and then people kind of just forgot about it because it never really happened.
第四季度录得非现金税收效益59亿美元，归因于对特定递延税款资产减值准备的释放。你们还记得吗，我们其实已经谈论了将近18个月，或者两年左右。关于这个问题可能发生，然后人们有些忘记了，因为它从来没有真正发生过。
But that was actually a line item in this document at one point. And then, oh, you can't see, but I switched to Excel. We actually had it in that forecast summary for a long time and then it just never happened. So we dropped it out. But that is driving the significant increase here in gap net income.
但实际上，这在文件中曾经是一个项目。然后，哦，你看不见，但我切换到了Excel。我们实际上在预测摘要中长时间保留了这个项目，但它从未发生。所以我们将其剔除了。但这导致了差额净收入的显著增加。
Now non-gap net income, of course, is going to be a better measure of where things are at. This is just something that is going to be backed out from analysts. It will actually affect the price to earnings ratio. So the price to earnings ratio is going to be artificially boosted from this. Whether it's artificially or not, you can argue that. It's a long big period of deferred things sitting in one period though. That's why you try to back those things out.
非规避后的净收入，当然会更好地反映实际情况。这只是分析师们会剔除的一个因素。它实际上会影响市盈率。所以市盈率会因此被人为地提高。无论是人为的还是不是，你可以争论这个问题。但有一段时间的推迟事项都积累在一个期间里。所以你需要将这些事项重新修正。
But with that, that's going to affect the price to earnings, which is based on the gap earnings per share. So we'll talk more about that. But let's carry through here.
但是，这样做将会影响市盈率，市盈率基于每股盈利差。所以我们会在后面进一步讨论这个问题。不过，现在我们先继续下面的话题。
Right cash, operating cash flow, $13.3 billion free cash flow in Q4, or sorry, free cash flow. I can just bump my camera there.
Operating cash flow, free cash flow, $4.4 billion in 2023, $2.1 billion of that in Q4.
$3 billion increase in our cash and investments in Q4 to $29.4 billion, which is awesome.
在第四季度，我们的现金流、经营现金流和自由现金流为133亿美元。抱歉，是自由现金流。我可以稍微提一下这个数字。
2023年自由现金流为44亿美元，其中第四季度为21亿美元。
我们的现金和投资在第四季度增加30亿美元，达到294亿美元，这非常令人赞叹。
Model Y became the best selling vehicle in the world. Looks like they're foot noting that this is Tesla's estimate based on preliminary data. So we've talked a bit about that. We've talked about how we weren't sure if that was official yet. Tesla here is saying that that is their estimate. So exciting to see that.
Energy storage deployment of 14.7 gigawatt hours in 2023, 125% growth. So a lot of annual figures here. We'll have to see what the quarter shakes out to be.
Model Y成为全球最畅销的车辆。看起来他们在这里注明这是特斯拉根据初步数据估算的。我们已经谈论过这个话题了。我们谈过我们不确定这是否已经官方发布。特斯拉在这里表示这是他们的估计。看到这个真是令人兴奋。
2023年储能部署量为14.7千兆瓦时，增长率为125%。所以这里有很多年度数字。我们得看看这个季度的情况如何。
All right.
好的。
Let's read through the summary. So we delivered over 1.2 million model-wise. Usually we don't see that breakdown. Obviously, we can estimate it, but it's nice to have a little bit more of a granular look at that model split, making it the best selling vehicle of any kind globally.
让我们一起阅读摘要。所以，我们按车型交付了超过120万辆车。通常情况下，我们不会看到这种细分。显然，我们可以估计它，但能够更加细致地了解车型的分布情况，使其成为全球任何类型车辆中最畅销的车辆，这真是太好了。
For a long time, many doubted the viability of EVs. Today, the best selling vehicle on the planet is an EV.
很长一段时间以来，许多人对纯电动汽车的可行性表示怀疑。然而如今，全球销量最高的车辆正是一款纯电动汽车。
Free cash flow remains strong, $4.4 billion, even as we focused on future growth projects with our highest capital expenditures and R&D expenses in company history.
即使我们将重点放在公司历史上最高的资本支出和研发费用上，自由现金流仍然强劲，达到了44亿美元，这表明我们对未来的成长项目仍然保持着良好的掌控。
Energy storage deployments. We talked about more than double compared to the previous year. While energy generation and storage business profits nearly quadrupled in 2023, economies of scale plus some benefit from the inflation reduction act. Credits that are there as well.
能源储存的部署情况。相较于去年，我们谈论的部署数量增加了一倍以上。2023年，能源发电和储存业务的利润几乎增长了四倍，这是由于规模经济效应以及通胀减少措施带来的一些好处。还有一些信贷额度也存在。
Sales profit of our services and other business increased from negative $500 million loss in 2019 to a $500 million profit in 2023.
我们的服务和其他业务的销售利润从2019年的负5亿美元亏损增加到2023年的5亿美元利润。
Cost of goods sold per vehicle declined sequentially in Q4. It's good to see. Our team remains focused on growing our output, investing in our future growth and finding additional cost efficiencies in 2024.
每辆车的销售成本在第四季度按顺序有所下降，这是一个好的迹象。我们团队将继续专注于增加产量，投资于未来的增长，并在2024年寻找额外的成本效益。
In late December, started growing out version 12 of FSD beta. Trained on data from the fleet of over a million vehicles, system uses ad to influence vehicle controls instead of hard coding every driving behavior. V12 marks a new era in the path to full autonomy. We are focused on bringing the next generation platform to market as quickly as we can with the focus to start production at Kicafactory, Texas. This platform will revolutionize how vehicles are manufactured. So interesting to see that actually a little bit more information.
在去年12月底，我们开始开发FSD beta的第12个版本。我们使用了来自100多万辆车队的数据进行训练，系统采用了广告来影响车辆控制，而不是硬编码每个驾驶行为。V12标志着全面实现自动驾驶的一个新时代。我们专注于尽快将下一代平台引入市场，并计划在德克萨斯州的Kicafactory开始生产。这个平台将彻底改变车辆的制造方式。很有意思的是，我们还能看到更多的信息。
Before we go through the financials, I want to scroll down and see what Tesla did for Outlook here because with this being the annual update, presumably we've got some sort of indication of what next year might look like or this year might look like. They say our company is currently between two major growth waves. First one began with the global expansion of the Model 3 slash Y platform and the next one we believe will be initiated by the global expansion of the next generation vehicle platform. In 2024, our vehicle volume growth rate may be notably lower than growth rate achieved in 2023 as our teams work on the launch of the next generation vehicle at Kicafactory, Texas. In 2024, the growth rate of deployments and revenue in our energy storage business should outpace the automotive business. So I'm not surprised here at all. Tesla has always given vague guidance on short periods and short being a year in terms of Tesla relatively. So I'm not surprised that they didn't give us anything specific. I'm actually pretty happy with how they've worded this, but not sure the market will agree. My expectations for 2024, I think we have as we've talked about before, are not anything high. Hopefully articulated that this has kind of been my sense now for a while that we're reaching the plateau of Model 3 and Model Y and there's probably going to be a little bit of a waiting period, obviously, before we get to that next generation vehicle. And this is not any different than how Tesla has been historically. There's been periods of time where the Model S plateaued, then the Model S and X plateaued, then the Model 3 kind of plateaued, and the Model Y. And now we're kind of at the tail end of that. Obviously we'll have Cybertruck that's going to be lower volume compared to how big Tesla's business has gotten today. But really the next generation vehicle is going to be what drives Tesla from a couple million a year to a number significantly higher than that. So whether the Model 3 and Y top out at 2 million, 2 and 1 half million, 3 million, it matters a bit and it matters to the stock and how people trade this stock. But ultimately what matters longer term is the next generation vehicle, FSD, and everything that Tesla is doing outside of those businesses. So it makes sense on that. Cash, sufficient liquidity, profits, continue to expect, while we continue to execute on innovations to reduce the cost of manufacturing and operations over time we expect our hardware-related profits to be accompanied by an acceleration of AI software and fleet-based profits. It's a pretty similar to what we've heard before. And then for product, Cybertruck production and deliveries will ramp throughout this year. In addition, we continue to make progress on our next generation platform.
在我们查看财务数据之前，我想先往下滚动一下，看看特斯拉在展望方面做了些什么，因为作为年度更新，我们应该有一些对明年或者今年前景的暗示。他们说我们公司目前正处于两次主要增长浪潮之间。第一次浪潮始于Model 3/Y平台的全球扩张，我们相信下一次将由下一代车辆平台的全球扩张引发。到2024年，由于我们的团队正在凯卡工厂（位于得克萨斯州）的下一代车辆的发布上进行工作，我们的车辆销售量增长率可能明显低于2023年的增长率。到2024年，我们的能源存储业务的部署和收入增长率应该会超过汽车业务。所以，我对此一点也不惊讶。特斯拉一直在短期内给出模糊的指导，而短期对于特斯拉而言是一年，所以我并不惊讶他们没有给出具体的信息。我对他们的措辞非常满意，但不确定市场是否会同意。我对2024年的期望并不高，我们之前已经谈过了。显然，在我们达到下一代车辆之前，Model 3和Model Y已经达到了高原期，之后可能会有一段等待期。这和特斯拉历史上的情况没有任何不同。Model S曾经达到高原期，然后是 Model S和X，再然后是Model 3和Model Y。现在我们处于这个过程的尾端。显然，我们将有Cybertruck，但它的产量会比起今天这个规模庞大的特斯拉业务来说要低一些。而真正推动特斯拉从每年几百万辆增长到更高数字的，将是下一代车辆。所以无论Model 3和Y最终达到200万辆、250万辆还是300万辆，它对于股票以及人们如何交易这只股票来说，都有一定影响。但从长期来看，更重要的是下一代车辆、全自动驾驶以及特斯拉在这些业务之外所做的一切。所以在这方面是有道理的。现金充足、利润持续预期，我们在不断推出创新以降低生产和运营成本的同时，预计我们与硬件相关的利润将伴随着人工智能软件和基于车队的利润的加速增长。这和我们之前听到的差不多。至于产品方面，Cybertruck的生产和交付将在今年逐渐加速。此外，我们还在下一代平台上取得了进展。
All right, so nothing too crazy in that outlook. I think mostly what I would have expected on that page. We'll skip to the photos and charts. We'll go back to the other things too, but just want to see if there's anything crazy in here.
好的，这个展望中没有什么太疯狂的东西。我觉得大部分都是我在那个页面上所预料到的。我们将直接跳到照片和图表部分。我们以后还会回来谈其他事情，但现在只是想看看这里有没有什么特别的东西。
We've got the highland. Fremont factory produced nearly 560,000 vehicles in 2023 in all-time record. That is nice. Also gives us a little bit more granular data that we can back out to get more data on other factories too.
我们拥有高地。弗里蒙特工厂在2023年创下了近56万辆汽车的历史记录。这非常不错。这也给了我们一些更详细的数据，我们可以借此获得其他工厂的更多数据。
Someone just gave me a super chat and said, why do you sound like text to speech? I don't know. Some Cybertruck stuff, Cybertruck production line, Megapack production line, Tesla wraps. Looking good. And then some of the metrics.
有人给我发了一个超级聊天，说我为什么听起来像文本到语音？我不知道。一些关于Cybertruck的事情，Cybertruck生产线，Megapack生产线，Tesla包装。看起来不错。然后还有一些指标。
All right, so let's go back and get to where we were. Still laugh at that comment. I have been called monotone from time to time.
好的，那么让我们回到之前的话题吧。依然笑着回想起那个评论。有时候，我会被称为单调。
All right, so let's see. We're almost to the point where we start filling in some spreadsheets here. And you guys can probably hear this, irons.
好的，那么让我们来看看。我们快要开始在这里填写一些电子表格了。你们可能可以听到这个声音，熨斗声。
Total automotive revenues. Those are a bit below I think what I had. We'll see if that comes from regulatory credits at all. Just wanted to try to take a glance at that. So those are annual numbers.
总汽车销售收入。我觉得稍微低于我原本预期的水平。我们要看看是否有一些来自监管信用的影响。只是想简单了解一下这些是年度数字。
We'll go back here. Yeah, so we'll read through the rest of this. I do want to see regulatory credits quick though.
我们会回到这里。是的，所以我们会读完剩下的内容。不过，我想快速看一下监管信用。
All right, regulatory credits, 433. So actually a little bit higher than what I expected, not too materially. But that means ASPs are going to be a little bit lower than what I expected or what I would have hoped.
好吧，监管积分方面，433分。实际上比我预期的稍微高一点，但并不太让人担心。然而，这意味着平均销售价格（ASPs）将会比我预期或者我所希望的要稍微低一些。
And then yeah, we'll have to see how this other stuff kind of affects. We'll have to see where this one time line item comes in and how that affects some of the other lines, but we'll figure that out.
然后呢，我们需要看看其他事情会如何影响。我们需要看看这个时间表项目的位置以及它如何影响其他部分，但我们会弄清楚的。
But for now, let's keep reading through here. So financial summary, total revenue grew 3% year over year and Q4. The revenue was impacted by the following items. Positive growth in vehicle deliveries, growth in other parts of the business. Effects impacted about $100 million while reduced vehicle average selling price offset that, excluding foreign exchange impact.
但目前让我们继续阅读下去。因此，财务摘要方面，总收入同比增长了3%。收入受以下因素的影响：车辆交付量的正增长，以及业务的其他方面的增长。这些因素对收入的影响约为1亿美元，而车辆平均售价的下降对此进行了抵消，排除了汇率影响。
Including unfavorable mix, unfavorable impact of mix, and lower FSD revenue recognition year over year since that was wide re. Widely released last year. Operating income decreased year over year to $2.1 billion in Q4, 8.2% operating margin. Year over year operating income was primarily impacted by the following items.
包括不利的产品组合、不利的产品组合影响以及由于去年广泛发布而导致较低的全球服务收入确认。营业收入在第四季度同比下降至21亿美元，运营利润率为8.2%。年度营业收入同比下降主要受以下因素影响。
Reduced vehicle ASP due to pricing and mixed, increased operating expenses partly driven by AI and other R&D projects, lower FSD revenue recognition year over year due to FSD beta wide release, cost of cyber truck production ramp, and increasing it was lower cost per vehicle, including lower raw material costs, which makes sense with some of the inflationary impacts coming down.
由于定价和混合需求减少，车辆的平均销售价格有所下降；部分由人工智能和其他研发项目推动，运营成本有所增加；全自动驾驶（FSD）收入同比下降，因为FSD beta版本广泛发布；Cyber Truck生产成本上升，并且每辆车的成本降低，包括原材料成本的降低，这在一些通胀因素下是合理的。
Logistics costs and IRA credit benefit, growth in vehicle deliveries, gross profit and energy storage, and generation increasing. While it did not impact operating income, they did record the one-time cash benefit that we talked about. Non-cash tax benefit that we talked about.
物流成本和个人退休账户（IRA）税收优惠，交付车辆数量的增长，毛利润和能源存储与发电的增加。虽然这些因素并没有影响运营收入，但我们确实记录了我们谈论过的一次性现金收益。这也包括我们之前提到的非现金税收优惠。
Over end cash, so we've talked about that increased 3 billion to 2.9 billion. I thought the cash was a little bit lower. Maybe I'm just not remembering that correctly, but I wonder if that tax thing allowed them to release some cash into the balance sheet. Someone better versed in accounting might be able to help us with that at some point.
在最后的现金方面，我们已经讨论过，现金从30亿增加到29亿。我记得现金要比这个低一点，也许我记错了，但我想知道那个税务问题是否让他们得以将一些现金注入资产负债表。在会计方面更熟悉的人可能会在某个时候帮助我们解答这个问题。
By production deliveries we know, leasing we roughly knew, days of inventory we roughly knew, we had said it was 16, 15, obviously within the margin of decimal errors.
通过生产交付情况，我们了解到租赁情况，库存天数情况。我们说过数值是16、15，显然在小数误差的范围内。
Solar deployed, so not too surprising. Unfortunately we see that business continuing to decline sequentially. There's some seasonality effects, but historically Q4s haven't really been much worse than Q3, at least for the few that I looked at when I was making my forecast. It's not much lower than I expected, but unfortunately we're not seeing that business grow alongside the rest of the energy business.
太阳能发展如预期，所以并不令人意外。不幸的是，我们看到业务持续下降。虽然存在一些季节性因素，但历史上第四季度并没有比第三季度更糟糕，至少在我进行预测时所观察到的少数几个案例如此。尽管不及我预期的大幅下降，但不幸的是，我们未能看到该业务与能源行业的其他部分一起增长。
Although there was a little bit of a sequential decline here in energy storage deployed at 3.2 gigawatt hours from almost four last quarter. Locations and superchargers of course continuing to increase. There's just some annual figures and we can see the growth in energy storage.
尽管上个季度部署的能量存储量从之前的近4吉瓦时下降到了3.2吉瓦时，但充电站的数量仍在不断增加。当然，我们也能看到能量存储方面的年度数据和增长趋势。
An additional eight gigawatt hours of energy storage deployed this year, which is obviously more than double last year's total.
今年部署的额外能量储存量增加了8吉瓦时，显然超过了去年总量的两倍。
Vehicle capacity, let's see how this compares. I'm going to pull up the Q3 just so we can add some context on that.
车辆的容量，让我们来进行比较一下。我打算查看Q3，这样我们可以增加一些相关背景。
So 150, greater than 950, 375, 250 and greater than 125. So no changes in the capacity numbers that were put there. Let's see if the status changed.
所以150大于950、375、250并大于125。因此，之前设定的容量数字没有改变。让我们看看状态是否有变化。
I think pilot production for the Cybertruck is the only thing changing, moving to production. And then the next generation platform in Roadster. Still on that roadmap, um, in development.
我认为Cybertruck的试生产是唯一会变动并投入生产的事情。接下来是Roadster的下一代平台，仍在开发中，并按照这个计划进行。
All right, so let's make sure we're on the right earnings. Not reading the wrong thing here. Close that out. Back Q4.
好的，那么让我们确保我们对利润有正确的理解。不要读错了。关闭那个。回到第四季度。
So vehicle capacity after our scheduled global factory shutdown in Q3, our global production reached a record annualized run rate of nearly two million vehicles in Q4. The refreshed Model 3 was significantly quieter cabin, ventilated seats, a screen for rear seats, longer range and many other improvements is now available globally.
在我们计划的全球工厂停产后，第三季度之后的车辆容量，我们在第四季度达到了创纪录的年产约200万辆的水平。经过改造的Model 3现已全球上市，其车厢更加安静，座椅通风，后座有显示屏，续航里程更长，并做出了许多其他改进。
For US, before Tesla purchased the Fremont factory, the record output of the previous owners, nearly 530,000 vehicles made in a single year. Tesla produced 500, nearly 560,000 vehicles thanks to our roughly 20,000 Fremont-based employees at Gigafactory, Texas. We began production of the Cybertruck and delivered the first units to customers. We expect the ramp of Cybertruck to be of longer than the other models given its manufacturing complexity for China, Shanghai resumed normal production and Q4 normal rate of production in Q4 rebounding from the scheduled down time in Q3 production of the updated model 3 ramp to full speed in less than two months. Even the interim period was quite impressive. In Berlin, Model Y production in Berlin continued to grow in Q4, so that's nice. Achieving both a record weekly production rate and a sequential increase in total production volume for the 7th consecutive quarter. That's good, and also gives us a little bit more context for some of our historical figures as well. Market share by region. Obviously a lot of growth there in all regions. Maybe starting to plateau a little bit with some of the things we talked about with the current product lineup.
在特斯拉购买弗里蒙特工厂之前，前任业主创造了单年约53万辆的最高产量纪录。特斯拉在位于弗里蒙特的吉加工厂的约2万名员工的努力下，生产了接近56万辆汽车。我们开始生产Cybertruck，并向客户交付了第一批产品。考虑到其制造复杂性，我们预计Cybertruck的生产速度将比其他车型长。上海的工厂已经恢复了正常生产，并在第四季度从第三季度的计划停机中恢复了正常的生产速度，2款更新的Model 3在不到两个月的时间内全速生产。即使是临时阶段的表现也相当不错。在柏林，Model Y在第四季度的生产量继续增长，这是一个好消息。连续第七个季度实现了创纪录的每周生产率和总产量的环比增长。这很好，并且为我们的一些历史数据提供了更多的背景信息。按地区划分的市场份额。显然，所有地区都有很大的增长。也许一些我们提到的当前产品线的因素使得增长有些趋于平稳。
Core technology in Q4, we released our latest FSD beta software to select Tesla employees and more recently to customers. V12 utilizes end-to-end training enhancing the driving experience. We also introduced the second generation of the Optimus robot, which uses Tesla-designed actuators and sensors and improved AI capabilities. Both FSD beta and Optimus are trained with similar technology pillars, real-world data, neural net training, and cutting-edge hardware and software. Then we can see cumulative miles with FSD beta continues to increase. Now we're at about 750 million miles driven there.
在第四季度，我们向特斯拉的部分员工发布了最新的FSD测试版软件，最近也向客户推出了该软件。V12版本利用了端到端的训练，提升了驾驶体验。我们还推出了第二代Optimus机器人，它使用了特斯拉设计的执行器和传感器，并提高了人工智能能力。无论是FSD测试版还是Optimus，都是采用了类似的技术支柱进行训练，包括真实世界数据、神经网络训练以及先进的硬件和软件。接着我们可以看到FSD测试版的累积里程继续增加，目前已经达到了大约7.5亿英里。
Vehicle and other software. We delivered the Cybertruck with an all-new user interface and new communication bus, either loop, that efficiently moves data while significantly reducing wiring. As part of our holiday update, when parking, Tesla vehicles without ultrasonic sensors display a high-fidelity 3D rendering of the vehicle's surroundings, including nearby barriers vehicle. Nearby barriers vehicles and painted markings. Wireless Bluetooth headphones can also now be paired with the rear screen when watching shows or playing games, fleet API enables third-party solutions.
车辆和其他软件。我们为Cybertruck交付了全新的用户界面和新的通信总线，即环路，可以高效地传输数据，同时显著减少布线。作为我们的圣诞节更新的一部分，停车时，没有超声波传感器的Tesla车辆会显示车辆周围的高保真3D渲染，包括附近的障碍物车辆和标线。现在还可以将无线蓝牙耳机与后置屏幕配对，观看节目或玩游戏时使用，车队API支持第三方解决方案。
Cogs decline, you can see, obviously note where the access is here, but nice to see. It's a very significant decline in the fourth quarter. Since ASPs were quite a bit lower, but margins were actually a little bit better, it's really nice to see that that's obviously being driven here by cost of goods sold reductions. So we'll take a look at how that comes to be when we work through the numbers.
零件的下降是明显的，你可以看到，在这里明显记下了访问位置，但是很高兴看到。第四季度有一个非常显著的下降。由于平均销售价格相当低，但利润率实际上稍微好一些，看到这一点确实令人高兴，显然是由于商品成本的降低所推动的。因此，当我们计算过程中，我们将会看一下是如何达到这一点的。
Battery powertrain and manufacturing. Cost of goods sold per vehicle declined sequentially to slightly above $36,000, even as we approach the natural limit of cost down of our existing vehicle lineup. Our team continues to focus on further cost reductions across all points of production from raw materials to final delivery. Also note, this probably includes some impact of Cybertruck, impact of transitioning to highlands, both probably in China and in Fremont, sounds like that started a little bit early. Some of those things will impact these numbers on the cost side as well.
电池动力系统和制造业。尽管我们的现有车型已接近成本下降的自然极限，但每辆车的销售成本仍有所下降，略高于3.6万美元。我们的团队继续注重从原材料到最终交付的所有生产环节的进一步成本降低。此外，请注意，这可能还包括Cybertruck的一些影响，以及向高地转型的影响，无论是在中国还是在弗里蒙特，似乎这一过程开始得有点早。这些因素也将对成本产生影响。
Energy storage. Nice looking graph there. We talked about that. I think this is probably all stuff we talked about. Tesla just noting that there's volatility due to logistics and I'm sure recognition as well, which we'll take a look at when we get the 10k. Some of those recognition factors. But they continue to ramp towards 40 gigawatt hours in California. Solar deployments declined. Downward pressure on solar demand continued in Q4 as interest rates have remained high. So I should have mentioned that earlier, but yeah, obviously interest rates super impactful in the solar business. Profitability in the quarter was negatively impacted by lower deployments and seasonal weakness in solar energy generation. So there's less sun generating less solar energy. Tesla's going to make less profit from some of the legacy business structure with solar city and things like that.
能源储存。那个图看起来很不错。我们谈过这个话题。我认为这些可能都是我们谈过的内容。特斯拉只是指出由于物流和认可度的波动性，我相信我们在获取年度报告时会注意到这一点。其中一些认可因素。但他们继续朝着在加利福尼亚州实现40千兆瓦小时的目标推进。太阳能装机量下降。由于利率仍然较高，太阳能需求在第四季度继续受到下降的压力。所以我应该早点提到这一点，但显然利率对太阳能行业非常有影响。该季度的盈利能力受到装机量减少和太阳能发电季节性疲软的负面影响。因此，特斯拉将从一些传统的太阳能城市和其他项目中获得较少的利润。
Services and other the business continue to grow alongside our fleet in 2023. Yeah, so all stuff we've talked about. As our fleet continues to expand in the coming years, there's an opportunity for fleet-related services to become a more meaningful driver of profit generation. There you can see how that's evolved over time. Man, when we started, you know, back in these years, we were talking about how this would eventually change and how it was so impactful on the current business. And here we are. Now it's changed.
到2023年，我们的服务和其他业务将随着船队的增长而继续壮大。是的，就是我们讨论过的那些内容。随着我们的船队在未来几年的扩张，船队相关的服务有机会成为利润增长的更有意义的推动力。你可以看到这是如何随着时间的推移发展起来的。当初，我们在这些年份开始时谈论过这将最终如何改变，并对我们当前的业务产生如此大的影响。而现在，一切都改变了。
All right, outlook we talked about photos and charts we talked about and this should all just be the rest of the finance roles. All right, so let's just take a quick check on the stock and then we'll hop over and start filling in some of these numbers. Looks like we're down about 3% right now. I know not what anybody wants to see, but I'm not seeing anything incredibly unexpected here. Again, maybe there was some hope that Tesla would be more aggressive with guidance. I don't think that would really be based in too much of the current actual business, though, because, you know, we're seeing Tesla doing pricing reductions, discounting and things like that. That's not a strong indicator that they're going to try to continue to aggressively grow production and things like that throughout this year. So shouldn't be terribly surprising.
好的，关于照片和图表我们已经谈过了，这部分应该只剩下财务角色。好的，那么让我们先快速检查一下股票，然后再开始填写一些数字吧。目前看来，我们的股价下跌了约3%。我知道这不是任何人想要看到的，但我在这里没有看到任何特别意外的情况。可能有人希望特斯拉在指导方面更加积极一些，但我认为这并不是基于当前实际业务的真实情况，因为我们看到特斯拉正在降价、打折等。这并不是他们会继续积极增长生产等方面的强有力指示。所以这应该不会让人过于惊讶。
I'm going to take a quick break here and get a drink. All right. Time for everybody's favorite part. Before everyone, if hopefully no one tunes out while I'm filling out the spreadsheet and we'll talk about those things, but for those that maybe do, we are going to do the earnings call, the live blog, same thing. The link for that will be in the description. So listen to call together, I'll type up notes and then we'll do a quick recap and things like that after the call. So make sure you follow us over to that. That call will be in about an hour from now.
我要在这里稍做休息，去喝点东西。好的，是时候进行大家最喜欢的部分了。在大家之前，如果有人在我填写电子表格时没有离开，我们将讨论那些事情，但对于那些可能离开的人，我们将进行盈利电话会议，就是现场博客，相同的内容。链接将在描述中给出。所以大家一起听电话会议，我会做笔记，然后我们会做一个简短的总结等等。所以确保你们跟着我们去那边。那个电话会议将在一个小时后开始。
Okay, I'm going to flip to Excel and then we're going to fill out the sheet and then we're going to see how it compares to consensus and my own expectations. And if I say that Tesla missed something, I'm sorry, it's just the vernacular of describing the situation. It doesn't mean that Tesla sucks or anything like that. It just means that my expectations were off or analyst expectations were off. But of course, expectations are what drive stock prices. So it is still important to an extent, of course, and it's just one quarter.
好的，我要切换到Excel然后填写表格，然后我们将看看它与共识和我的期望相比如何。如果我说特斯拉错过了某些东西，我很抱歉，这只是描述情况的措辞。这并不意味着特斯拉糟糕或者类似的意思。这只是说明我的期望或分析师的期望不准确。但是，期望是推动股价的因素。所以当然它还是重要的，当然这只是一个季度。
All right. Let's see. What do we start here? I'll flip back and forth. I know it'll keep you guys on Excel, but for deliveries, I think we can just copy and paste that over and then energy storage. Now we're around 3.2 there, but let's get the exact number. Again, bear with me. I know that this part is sometimes a little bit tedious to get through as we fill in a spreadsheet together. And it's been a minute. So let's see. I'm seeing the total financials. I'm trying to look for the actual number. There we go. All right. 3202. And this should be 41. Yep. Automotive sales. Let's see. This one's a little bit more complicated because they've got both annual and quarterly figures. So I just want to make sure that I'm getting everything right. Let's go typo. And regulatory credits are going to be somewhere in the four range, 433, I believe. I'm going to just happen to see leasing revenue in here. So I'm going to fill that in so that we can get some numbers later for ASP and average costs to get sold. And we'll just put the costs in there too while we're at it. Yeah. We'll come back to that last part.
好的。让我们看看。我们从哪里开始呢？我会来回翻转。我知道这会让你们在Excel上忙碌，但是对于交付，我想我们可以直接复制和粘贴，然后是储能。现在我们大约在3.2左右，但是让我们得到准确的数字。再次请耐心等待。我知道填写电子表格有时可能有点乏味。这已经过了一会儿了，让我看看。我在看总财务报表，我在寻找实际数字。找到了。好的。3202。这应该是41。是的。汽车销售。让我看看。这个有点复杂，因为他们同时有年度和季度数据。所以我只是想确保我弄对了一切。拼写错误。监管信用应该在4范围内，我相信是433。我刚好在这里看到租赁收入。所以我要填上去，以便以后能得到ASP和平均销售成本的数字。顺便把成本也填进去吧。是的。我们等会再回到最后那部分。
All right. Energy revenue was. And then once we get these all in there, I can go through and talk about them, of course. Energy storage and generation was 1438. Obviously, a decline quarter recorder with the declining energy storage deployments as well as generation. And the costs were 1,124. So this stuff's going to be off for a second, but we'll be fixed. Just making sure that I have this correctly. Think. Oh, making sure I'm looking at the right quarter here. All right. All right. Total sales, though, should all be correct now. It's actually under it. Okay. So this is going to be like that. And then automotive costs, 17498. And hopefully these things are correct now. So total gross profit, 448 is correct. Great. So I'm tempted to talk about margins here, but as you can see, actually quite a bit stronger improvements are stronger gross margins than I expected, stronger than last quarter as well with the costs, which we'll talk, which we'll take a look at in a minute, coming down so significantly. So that's actually really nice to see, even though we're a bit lower on revenues than what I expected.
好的，能源收入持平。一旦我们将这些全部计入，我可以逐一讨论它们。能源储存和发电是1438。显然，由于能源储存及发电的下降，季度内能源储存的部署以及发电数量都有所下降。成本为1,124。所以这个数据可能会有一些问题，但是我们会解决的。只是确保我对此有正确的理解。思索一下。哦，确保我在这里看对了季度。好的。好的。尽管收入比我预期的要低，但总销售额现在应该是正确的。实际上，在汽车成本方面是17,498。希望这些数据现在都是正确的。所以总毛利为448，这是正确的。太好了。所以我很想谈一谈利润率，但如你所见，实际上我们的毛利率得到了相当大的提高，比我预期的要好，也比上个季度要好，主要是由于成本大幅下降。所以看到这一点实际上是非常好的，即使我们的收入比我预期的要低。
All right. Research and development costs were 1094. So a little bit of a decline quarter of a quarter. I was a little bit low, but pretty close. SG&A costs, just selling general and administrative, it's 1280. So operating expenses, pretty close to what I had in there. Yeah, 2374. And 8.2% operating margin. I just want to make sure that that matches what Tesla said. I'm 99% sure that it did. And it does.
好的。研发成本为1094。与上个季度相比稍有下降。我预测有点偏低，但非常接近。销售、一般和管理费用（SG&A）为1280。所以运营费用与我之前预计的非常接近。对，总共为2374，运营利润率为8.2%。我只是想确保这与特斯拉公布的数据相符。我有99%的确定是相符的，实际确实如此。
All right, EBITDA earnings before interest taxes, depreciation, amortization, 3953. Non-gap net income, which is the real important number this time. So super close. Stock based comp is 484. So also pretty close. So our actual net income, gap net income, we're going to set aside the deferred tax allowance right now. It would have been right around $2 billion, you know, within $11 million of what I expected. So presumably we would have been, you know, right there. Let's see what our non-gap EPS is. Yeah, non-gap, I think, was up. Shoot. Second. I think we're at 71 cents here. Okay. Yeah, so 71 cents. So happy with that. And this is probably just going to be 0.57 if you exclude, of course, the deferred tax, which is actually going to be 227. So we'll just throw that in there a little bit.
好的，EBITDA（利息、税收、折旧、摊销前利润）收入为3953。非通用会计净收入是这次真正重要的数字。所以非常接近。库存基础报酬为484。所以也非常接近。而实际净收入（通用会计净收入）我们将暂时搁置递延税收准备金。它本来应该接近20亿美元，离我预期的近1100万美元。所以我们可以假设我们本来会非常接近这个数。让我们看一下我们的非通用每股收益是多少。是的，非通用每股收益应该上涨了。稍等。第二个。我想这里应该是71美分。好的，就是71美分。对此感到满意。如果不计预提税费，这可能只会是0.57美元，而实际上这将至少是2.27美元。所以我们就在这里稍微提一下。
All right. So free cash flow. See what that was. I think it was pretty good. Yeah, almost 2.1 billion. So that was Tesla's best free cash flow in the last 15 months, which is nice to see. Obviously, that's going to be aided by the lower spread between deliveries and production. Usually, we've had production outpacing deliveries with inventory growing. This time we had, I believe, the opposite just by a few thousand vehicles, but that obviously helps free cash flow. Maybe not obviously, but that helps free cash flow.
好吧。所以现金自由流动。看看那是多少。我认为结果相当不错。是啊，几乎达到了21亿美元。这是特斯拉过去15个月里最好的现金自由流动状况，这是好事。显然，这得益于交付与生产之间的较低差距。通常情况下，我们的生产速度超过交付速度，库存也在增长。这一次，我相信我们正好相反，只有几千辆汽车的差距，但这显然有助于现金自由流动。或许不是显而易见的，但这确实有助于现金自由流动。
Okay. So let's just see here what the actual drawing 12 months earnings per share is going to be. It's going to be 431 is what it's going to come out to. So Tesla at 200. The price to earnings is going to show us 46. So that's going to look nice, nicer than the 70 or something that we're at right now. In reality, we should be looking at, you know, 261 is more the actual number. And you could throw some of the deferred tax in there that wasn't getting recognized in Tesla's entire history and break that up quarter over quarter and add a little bit to this. But for now, we'll just factor that out. We'd be at about 77 times earnings over the last 12 months at a $200 share price. Assuming that that is also correct, which should be or within a penny. Okay.
好的，让我们来看一下实际的每股收益。这将达到431。所以特斯拉的市盈率将显示为46，比目前的70还要漂亮。实际上，我们应该看的是261，这更接近实际数字。而且你还可以将特斯拉在整个历史中没有得到认可的递延税款分成四个季度，并将其加入到这个数字中。但现在，我们不考虑这一点。以每股200美元的价格来计算，过去12个月的市盈率将达到约77倍。假设这也是正确的，或者至少非常接近。
All right. Let's get our ASP numbers in there. Then we'll have them all. So I think we just need one more number here, the least delivery number, which I know is 1000 something. And let's make sure. Well, it's obviously not 400,000. That seems more correct. Wonder what my issue was there. All right. Well, we'll double check that, but this should be correct. And I know from Tesla's little chart that it was those are together. I know from Tesla's chart that that was the case. The 15% decline quarter over quarter. Sorry, that's your year. Okay. I was going to say that's pretty significant. About a $900 decline in average selling price quarter over quarter. I'd expect it about $100. So of course, this is coming in quite a bit lower. It's tough to say, tough to forecast with not understanding or not having visibility into the mix of new orders versus inventory orders that are going to be discounted. As of course, we saw more of that was towards the end of the quarter, too. So we don't know how much of those, you know, what Tesla's delivery mix by month is, we can guess at it. And then there might be some discounting of, you know, prior orders when price changes happen and things like that, all tough factors to forecast. Then you have regional mix on top of that, model three and model Y mix. That's an X mix, all these things. But those are some of the things that drive this and then for an exchange and a lot of things. But ultimately seeing that decline about $900 quarter, almost $1,000 basically, but costs declining by about $1,200 it looks like here. So that's really nice to see the cost of goods sold declining faster than average selling price, which helped boost the margins from last quarter, not in the total, total line, but more importantly on the automotive gross margin X credits line, which I think has always been one of the first places we've looked at right in terms of just monitoring the health of the business.
好的。让我们把我们的ASP数字放进去。然后我们就全部都会有了。所以我认为我们只需要再来一个数字，最低交付数量，我知道应该是1000多。让我们确定一下。好吧，显然不是40万。那个看起来更正确。不知道我当时出了什么问题。好吧。我们会再次核对，但这个应该是正确的。我知道从特斯拉的小图表中，这是事实。季度同比下降了15%。抱歉，我原本是想说年度同比的。我要说这相当重要。季度销售价格平均下降了大约900美元。我预计大约100美元。所以当然，这要低很多。很难说，很难预测，也不能理解或看不到新订单与库存订单的比例。当然，我们看到更多的是在季度末进行折扣。所以我们不知道这些订单有多少，我们可以猜测。然后在价格变化时可能会有一些之前订单的折扣，这些都是难以预测的因素。然后还有地区组合，Model 3和Model Y的组合，以及一些其他因素。但这些都是导致这种情况的一些因素，以及汇率和很多其他因素。但总的来说，销售价格下降了大约900美元，而成本下降了大约1200美元。所以看到成本下降得比销售价格快真是太好了，这有助于提高上季度的利润率，虽然不是总利润率，但更重要的是汽车销售毛利率减去抵消因素的那一项，我认为这一直是我们首先关注的一个指标，用来监测企业的健康状况。
So, I would say for most people, they're going to be looking at this line, ASP excluding regulatory credits, automotive gross margin excluding regulatory credits. Those are really two ways to monitor the demand and the health of the business as Tesla, you know, reports these earnings.
所以，我可以说对于大多数人来说，他们将会关注这一行，即排除监管信用的 ASP（车辆平均售价），排除监管信用的汽车毛利。这实际上是监控特斯拉业务需求和健康状况的两种方式，当特斯拉公布这些收益数据时。
So on one hand, you've got the declining average selling price probably lower than even analysts expected. I did have higher automotive revenue than they had forecast. So it's going to be closer to what they had expected in terms of that. But then margins coming in hopefully a little bit higher. You can see the total gross margin line a little bit lower, but I would imagine that that's not being driven a little bit lower than analyst consensus.
一方面，你们面临的问题是平均销售价格正在下降，可能比分析师预期的还要低。我在汽车业务收入上超过了他们的预期。因此，在这方面，情况可能会更接近于他们的预期。但是利润率希望稍微高一些。你可以看到总毛利率稍微降低了一点，但我想这并不是导致分析师共识稍微降低的原因。
But I would imagine that's probably being driven more by the lower margins and energy and service and other over quarter over quarter versus being driven by a difference in automotive gross margin. So I would bet that this was ahead of what consensus would have been. I think pretty happy with the margin number. Pretty happy with the cost of goods sold decline. And again, that's going to still include some things like Cybertruck 4680s. Those have been a negative influencing factor on cost of goods sold for a long time. As those ramp up, that's going to be less of a negative impact. Same thing with Cybertruck. Cybertruck will help average selling price, of course, potentially significantly once it is much higher volume. So there's some things that I think are good there in those lines with this report.
但我想这可能更多是由于能源、服务和其他成本的季度差异驱动，而不是由于汽车毛利率的差异。所以我敢打赌这个季度的业绩超出了市场预期。我对毛利率数字感到非常满意。对于销售成本的下降我也很满意。再次强调，这还包括了Cybertruck 4680电池。这些电池长期以来一直对销售成本产生了负面影响。随着产量的增加，这将对成本产生较小的负面影响。Cybertruck也将帮助提高平均销售价格，一旦产量大幅增加，可能会有显著影响。因此，在这份报告中，我认为有一些良好的方面。
Regulatory credit's not too different. Energy sales, so that was really driven by the, obviously, the lower than expected deployments. But again, as we've talked about many times, those are going to be volatile. Some of those, some of that has to do with just when projects are commissioned, when they're recognized, things like that. So not terribly important, more a better way to look at it would be to look at just trailing 12 months and how that number changes over time.
监管信贷并没有太大差异。能源销售，显然是受到了低于预期的部署的影响。但是，正如我们已经多次讨论过的那样，这些数据会变动很大。其中一部分原因与项目何时投入使用、何时被认可等有关。所以这并不是非常重要，更好的方式是看一下过去12个月的数据，并观察这个数字随时间的变化。
And then service and other. So I might have put the wrong. Did we have the exact same revenue figure here? Let me just double check this. Make sure I wasn't mixed up at some point, which does happen on occasion. All right. Hmm, interesting. Exact same revenue, Q3 and Q4. So these are actually accurate. Which makes sense because we double check the actual figure for the total. But anyway, not seeing kind of the growth that we had seen there over the last three quarters now, basically identical revenue. And we're starting to see a little bit of a decline. I think this is probably due to the used vehicle market. I'd actually expected lower margins in this business. And this was one of the biggest misses in my forecast. One of the earlier quarters this year, maybe Q2 or Q3.
然后是服务和其他方面。所以我可能把错放了进去。我们在这里的收入数字完全一致吗？让我再仔细检查一下。确保我在某个时候没有弄混，偶尔会发生这种情况。好的。嗯，有趣。第三季度和第四季度的收入完全相同。所以这些实际上是准确的。这是有道理的，因为我们对总数进行了实际数字的核对。但是，三个季度来我们看不到之前曾经见过的增长，基本上是相同的收入。并且我们开始看到有一点下降。我认为这可能是由于二手车市场的原因。我其实预计这个业务的利润率会更低。这是我预测中一个最大的失误。今年早些时候的一个季度，可能是Q2或Q3。
Take a look here. One of these points I'd expected to decline because I assumed that with the prices coming down on new vehicles that for used vehicles, Tesla would probably be making a little bit less margin there, which was driving a lot of this positive gross margin. That didn't really happen. Maybe it's now starting to happen a little bit more delayed than what I had anticipated or there could be other factors too. And in the 10Q or in the 10K, we'll learn a little bit more about that, most likely as well. But both of those things being below, obviously my expectations, probably analyst expectations as well means this total gross margin is probably better.
请看这里。其中一个我预期会下降的原因是我认为随着新车价格的下降，特斯拉在二手车方面的利润可能会减少一些，而这正是推动了这种正面毛利率的许多因素。然而，事实并非如此。也许这种情况现在开始有点延迟，超出了我的预期，或者可能还有其他因素。在10Q或10K中，我们可能还会了解更多相关信息。但是这两个因素都低于我的预期，显然也低于分析师的预期，这意味着总的毛利率可能更好一些。
You know, better if you. I think analysts would prefer that automotive gross margins are higher and energy and service and others are lower if you're going to end up with the same number just because this is probably going to be a better indicator of the health of the business. And these two lines are subject to more fluctuation and smaller, so they can change more as the business develops over time. So hopefully that can make sense.
你知道，如果你能做到的话，更好一些。我认为分析师们可能更希望汽车的毛利率更高，而能源、服务和其他方面的利润更低，即使最终的总数仍然相同，因为这可能更好地反映了公司的健康状况。而这两个方面的利润会更容易受到波动和变化的影响，所以随着业务发展，它们可能会发生更多变化。希望这样表达能够更易理解。
And then operating costs, I mean, not too much to talk about here, pretty much 1% different than my expectations, so pretty much in line. And then operating margin. So of course the difference here. From my expectation would be the higher automotive gross margins, which is nice. Offset a bit by the lower margins and the lower margins in the other business. And then really that's the only difference. There's also the lower revenue base, so even though gross profit, let's see, operating income was higher.
然后是运营成本，我的意思是，并没有太多可谈论的，基本上与我的预期相差不大，基本上是一致的。然后就是运营利润率。当然，这里的差异是我预期的较高的汽车毛利率，这很好。但同时也被其他业务的较低利润率所抵消了一些。实际上，这就是唯一的差异。还有一个较低的收入基数，所以尽管总体毛利润略高，但营业利润却高一些。
And then what I expected, it was on a lower revenue base because of the average selling prices being lower. So obviously that's being driven by the lower cost to get sold, which is nice to see.
然后，出乎我的预料，其收入基数较低，因为平均售价较低。显然，这是由销售成本降低驱动的，这是一个令人欣慰的变化。
You can see my expectation was actually for an increase there, quarter over quarter, just very slightly, and this declined pretty significantly, quarter over quarter. The main reasons for that were essentially highland and cyber truck related cost increases that I assumed would happen. And I wasn't sure because the transition happened so quickly. So I'm glad to see that that didn't really have too much of an impact, which is nice.
其实，你可以看到我的期望是季度环比略微增长，但事实上，这一增长幅度相当小，而且季度环比下降得非常显著。造成这种情况的主要原因基本上是高地和电动卡车的相关成本上升，而这是我预计会发生的。由于过渡发生得如此迅速，我不确定会有什么影响。所以很高兴看到这实际上并没有太大影响，这是好事。
And maybe that indicates that the cost structure on highland is pretty strong and could even be a little bit better next quarter. Could be a positive there. And hopefully good things for 4680s too, because those have been big drains on cost for a while now. So if those are becoming less draining, that's going to be something that would move the needle here as well, which is obviously extremely difficult for us to be able to forecast those kind of impacts.
或许这说明高地上的成本结构相当强大，并且在下个季度可能会更好一些。这可能是一个积极的迹象。而且希望4680电池也能有好消息，因为它们一直以来都对成本造成了很大的负担。如果它们的负担变少了，这也将给我们带来变动，很显然，我们很难预测这些影响。
All right, so got the earnings call coming up in 50 minutes. Again, there's going to be a link for that down in the description. So we'll do the live blog and reaction afterward or live note taking whatever you want to call it and react afterwards. Trying to think here if there's anything else. Honestly, not anything too crazy here, not anything. I don't think too surprising.
好的，所以还有50分钟就要开始收益电话了。再次提醒，我们会在描述中提供一个链接。之后我们会进行实时博客和反应，或者实时记录，无论你想叫它什么并在之后进行反应。我在思考是否还有其他事情。老实说，这里没有什么太疯狂的事情，也没有太让人吃惊的。
Obviously, the earnings call can kind of change some of those things. See what the stocks do when we're at 201. So it's been pretty steady since the initial reaction, I guess. Maybe a little bit of volatility. I can hop back to the browser here, but a little bit of volatility, but nothing too crazy.
显然，盈利电话会在某种程度上改变其中一些事情。看看当我们达到201时股票的表现如何。所以自初始反应以来一直相当稳定吧，我猜。可能会有一些波动，但不会太疯狂。让我回到浏览器上看看吧，只是会有一些波动，但没有什么太过疯狂的。
Now of course, I would prefer if it was 3% changed in the other direction. My guess for that is probably the lower revenues and the lack of really positive guidance. Guidance is usually one of the things that contributes most to reactions if earnings are roughly in line, which I would say these were roughly in line.
现在，当然，我更希望它朝另一个方向增长3%。我猜想这可能是由于较低的收入和缺乏真正积极的指导造成的。如果收益大致相符，那么指导通常是影响市场反应最大的因素之一，我认为这些收益大致相符。
Yeah, so I'm just looking back at total sales. So $25,167, sorry, $25,167 million. That was about $500,000,000, $550,000,000 lower than analyst consensus, but only $160,000,000 that was driven from auto. So it's a little bit of a miss on revenue. I don't think they're going to care. Analysts or investors are going to care too much about any misses from energy or service. Again, those can be volatile. So with automotive not being incredibly different and I think with a positive margin surprise, those things should probably offset a bit. And then the operating costs were a little bit lower, almost $100,000,000 lower than analyst expectations and ultimately earnings per share pretty much ending up in the same spot. So yeah, maybe just related to guidance or just the lack of something that's super positive in terms of a surprise in there. Again, obviously the gap earnings per share number looks great and that's probably why it jumped immediately after hours with probably algorithms taking that number comparing it to estimates and trading based off of it and then real people looking at it, figuring out what's going on. And then maybe you have a counter reaction to that, honestly.
是的，所以我只是回顾一下总销售额。所以是251.67亿美元，抱歉，251.67亿美元。这比分析师共识低了约5.5亿美元，但只有1.6亿美元来自汽车业务。所以在收入方面有些差距。我认为他们不会在意。分析师或投资者对能源或服务方面的差距不会太在意。再说，这些可能是不稳定的。所以汽车业务没有太大差异，而且我认为有积极的利润率意外，这些因素应该会在一定程度上相互抵消。而且运营成本也比分析师预期低了接近1亿美元，最终每股收益几乎处于相同的水平。所以可能只是与指导相关，或者只是缺乏一些非常积极的惊喜。显然，盈利每股数字看起来很好，这可能是为什么盘后股价会立即上涨的原因，可能是因为算法将这个数字与估计值进行了比较，并根据这个进行交易，然后真正的人们会仔细研究其中发生了什么。然后可能会有相反的反应，老实说。
All right, so let's see. Quite a few super chats here. Thank you guys. I appreciate that. Appreciate all the nice comments on the last episode too. I mean, man, this audience is awesome. The Tesla community is awesome. It's tough for me to, it's a tough transition. I do enjoy this. I do enjoy hanging out and talking to people and I won't rehash everything that I said before. I just, you know, unfortunately don't have the time for it anymore on that cadence, but hopefully still be around to do stuff like this.
好的，我们来看看。这里有不少的超级聊天。谢谢大家。我很感激。也感谢上一集中所有的好评论。我的天啊，这个观众群太棒了。特斯拉社区也太棒了。对我来说，这是一个艰难的转变。我真的喜欢这样，喜欢和人们聊天。我不想再重复我之前说的一切。很遗憾，我现在没有时间再按照那样的节奏工作，但希望还能继续做这样的事情。
As I said, I do need a bit of a break just from this in time to, obviously it's a very busy time period for us and has been for a long time now with the first principles group, but just need to make sure that I'm dedicating enough time to that to give it what it needs. And it's important stuff. But I appreciate it. I mean, these comments, man, it's just awesome. I can't say it enough. It's just an amazing group. If you haven't gone to like Tesla events before, it's like this, right? It's just a lot of awesome, amazing people that have done cool stuff and are interesting and friendly and mission supportive and all these sort of things. It's a good group. So I would recommend that if you can get one. But thank you everyone for the super chats.
如我所说的，我确实需要从中间稍微休息一下，显然这对我们来说是一个非常忙碌的时期了，尤其是与第一原则小组一起工作的时间很长了，但我只是需要确保自己能够有足够的时间来投入其中，并给予它所需要的。而且这是很重要的事情。但我很感激。我的意思是，这些建议非常棒。我再多说一遍也不为过。这是一个令人惊讶的团队。如果你以前没有参加特斯拉的活动，就像是这样的，对吧？有很多令人敬畏的、出色的、有趣的人，而且友善并支持使命。这是一个很好的团队。所以如果你有机会参加，我会推荐。但还是要感谢大家的超级聊天。
I'll try to see if there's questions in here. My software, like, I'll show you guys. It's kind of weird. Thank you Eric for this one. But there's like super stickers and it looks like it's someone saying something like the formatting is the same, but it just says it's like a hippo character. But I appreciate those two. I wish I could see the hippo. All right. So I'm just looking through the super chats for questions here. Perhaps the second most interesting part of the live stream. Second to watching me fill out numbers.
我会尝试看看这里有没有问题。我的软件，就像，我给你们展示一下。它有点奇怪。谢谢Eric这一次。但是有像超级贴纸，看起来像是有人在说某个东西的格式相同，但只有一个河马角色。但我很感激那两个贴纸。我希望能看到那只河马。好吧，所以我正在浏览关于问题的超级聊天消息。也许这是直播中第二有趣的部分。排在我填写数字之后。
I just got to put this one on. Why do you sound like text to speech? Oh, man. That's a good one. I love it as a super chat too. Steve Mosher, thank you. Says thanks for, I know it's a little small. Thanks for having me happy with the report. Questions maybe past bottom, which should be positive. Hopefully, Elon isn't too gloomy on the call. Yeah, be an interesting call, especially with the compensation stuff he's been talking about.
我刚刚要把这个穿上。你为什么听起来像是文本转语音？哦，天啊，真是个好笑的人。我也很喜欢这个超级留言。史蒂夫·莫舍尔，谢谢你。他说感谢我，我知道字有点小。感谢你对报告的满意。问题可能已经过去，应该是积极的。希望埃隆在电话里不要太消沉。是的，这将是一个有趣的电话，尤其是考虑到他一直在谈论的补偿问题。
And remember, we should see some sort of an update after this. Elon had mentioned a SpaceX company talk and then after the 10K, which had come out in about a week, he had mentioned doing a Tesla sort of update after that, which is interesting given that you have the opportunity to do so on an earnings call. But for some reason, you know, must have wanted to separate whatever that will be. Joel, thank you. I appreciate that. Hope you keep doing surprise episodes. Yeah, hopefully this wasn't a surprise. I did say some people said I was like quitting YouTube and stuff. Not just Tesla daily, as I said, just a little restrictive. So I'll be around. I do honestly, I do feel a little bit out of the loop already, though. So I'm seeing the value that Tesla daily had, which I'm really glad about, but I am feeling a little bit of the loop, which is, you know, obviously just have a head of their stuff going on.
记住，在这之后我们应该会有一些更新。埃隆曾经提到过一次SpaceX公司的谈话，然后在大约一个星期后，他又提到了在10K报告出来之后进行特斯拉更新的事情，这很有趣，因为你有机会在财报电话会议上进行更新。但由于某种原因，他可能想要将其与其他内容分开。Joel，谢谢你。我很感激。希望你能继续做一些出人意料的剧集。是的，希望这次并不是什么意外。有些人说我要退出YouTube之类的，但不仅仅是Tesla Daily，我只是有点受限制而已。所以我会在这里。不过，我确实感觉已经有点不在圈子里了。所以我能够看到Tesla Daily的价值，这点我非常高兴，但我也感觉有点不在圈子里，显然他们有很多事情要处理。
But someone asked, I don't know if I can make this bigger. Let's see. Think that I can. Hopefully that's a little better. Do you see the next gen vehicle being released in China first? I know it's being developed in Austin, but wouldn't China make the most sense? Not first because, and the big reason that we've heard that it's going to happen in Texas versus somewhere like Mexico is because Tesla needs their staff and Elon and the executive team to be able to reveal the line and make updates and get this vehicle into production. They're going to want to do that here first. And if ultimately it is more cost effective to build it in China, where it happens first in terms of the cost of it, doesn't really matter, like the cyber trucks right now, those are going to cost Tesla a heck of a lot more than a hundred thousand dollar price they're selling them for during this period when you have all that depreciation and stuff hitting and all these other cost developments, all just on a few vehicles. Cost on that's going to be ridiculous, but as things ramp up, it's going to come down.
但是有人问道，我不知道是否能够把这个做大一些。让我们看看。我认为我可以。希望能有所改善。你认为新一代汽车会首先在中国发布吗？我知道它是在奥斯汀开发的，但中国似乎最合适。首先并不是因为，我们听说特斯拉选择在德克萨斯而不是墨西哥的主要原因是，特斯拉需要他们的员工、埃隆和行政团队能够揭晓新产品线并进行更新，并使这款车投入生产。他们希望先在这里实施。而如果最终在中国建造它更具成本效益，那么首先在哪里进行并不重要，就像现在的Cybertruck一样，这些车对特斯拉来说会花费更多，远超它们在此期间以十万美元的价格销售，因为有所有的折旧和其他成本开发，这只是针对几辆车的成本，这是可笑的，但随着事情的推进，它将会下降。
You could just take China as an extension of that concept, right? Like when the vehicle production process is in place, they can take it to China, they can iterate on it and all those sort of things. And if they wanted to do it in China first because they felt like their team, their development team or their production team there was superior, that choice made more sense. Obviously, you can make an argument for that based on what we've seen them accomplish so far, but Tesla's a US based company for this ultimately critical vehicle, it's probably going to make sense to build that in the US first. Gordon B.E. Larry, thank you guys, appreciate that.
你可以把中国看作这个概念的延伸对吧？比如说，当车辆生产流程就位时，他们可以将其带到中国，在那里进行迭代等一系列工作。如果他们想先在中国进行，因为他们觉得自己的团队、开发团队或者生产团队在那里更优秀，那这个选择就更合理了。显然，根据我们目前所见他们取得的成果，可以为此提出论据，但对于特斯拉来说，一家总部位于美国的公司而言，对于这款至关重要的车辆来说，首先在美国建造可能更有意义。感谢Gordon B.E. Larry，谢谢你们。
All right, I think we are going to wrap it up here and again, we're going to have the earnings call in about 45 minutes. The link for that is in the description. I hope everyone will join over there and we'll listen to the call together and then continue to conversation after that. But good to see everybody and good to be back talking Tesla again.
好的，我想我们要在这里结束了，再次提醒大家，在大约45分钟后我们将进行收益电话会议。链接在描述中。我希望每个人都能参加并一起聆听会议后继续对话。非常高兴见到大家，也很高兴能再次谈论特斯拉。
I look forward to more of that in the future. But I think that'll wrap it up for this episode and we'll see you on the earnings call. Thank you.
我期待未来能有更多这样的事情发生。不过，我想这集就到这里，我们下次在财务报告电话会议上见。谢谢。