Tesla FSD 12.4 Update / Tesla's Replacement Comp Plan / New Jim Farley Interview ⚡️

Welcome to Electrified, it's your host Dylan Loomis. First up today, just another anecdote about the EV slowdown in Germany. This time around, Great Wall Motors has decided to close its headquarters that was in Munich, Germany, thanks to disappointing EV sales in the region. Instead, Great Wall will serve European markets like Germany and the UK and Ireland from China. And separately, only 183 BYD models were sold in Germany in April. This yet another ripple effect of Germany ending its EV subsidies abruptly, and there are many other things at play, but these ripple effects continue.

欢迎来到Electrified，我是你的主持人Dylan Loomis。今天首先要讲的，是关于德国电动车市场放缓的一个小故事。这次是长城汽车决定关闭其位于德国慕尼黑的总部，原因是该地区电动车销量不佳。长城汽车将改为从中国向德国、英国和爱尔兰等欧洲市场供货。另外，4月份德国仅售出183辆比亚迪电动车。德国突然终止电动车补贴产生了连锁反应，除了补贴因素，还有许多其他原因在起作用，这些连锁反应还在继续。

Tesla released another response letter this time to ISS, Institutional Shareholder Services, the other proxy firm that's making recommendations to Tesla investors. They actually recommended voting for Tesla's redomestication to Texas, but there was some confusion around Elon's comp plan. On Elon's compensation plan, Tesla said a technical misunderstanding led ISS to recommend stockholders reject the award. The concern from ISS was that Tesla's board has effectively only offered shareholders an all or nothing option in this vote. But Tesla's response, under Delaware law, ratification must be all or nothing. AKA, this is not the time to be negotiating a different or a smaller package for Elon.

特斯拉再次发布了一封回应信，这次是针对ISS（机构股东服务公司），这是另一家向特斯拉投资者提供建议的代理公司。ISS实际上推荐投票支持特斯拉迁址到德克萨斯州，但是对埃隆的薪酬计划有些疑惑。在关于埃隆的薪酬计划上，特斯拉表示，技术上的误解导致ISS建议股东否决该奖励计划。ISS的担忧是特斯拉的董事会在这次投票中实际上只给了股东一个全有或全无的选择。但特斯拉回应说，根据特拉华州法律，确认必须是全有或全无的。也就是说，现在不是就埃隆的不同或较小的薪酬包进行谈判的时候。

In this letter, Tesla touches on a possible replacement compensation plan for Elon if the vote goes no and the appeal goes south in the Delaware courts. Tesla said, we believe it's unlikely that such a replacement award would be less costly, less dilutive, or create more of an incentive for Elon. Doing so would present several hurdles for Tesla, including significant time and additional costs, all to the detriment of stockholders. For example, a functionally equivalent grant of new options could result in an accounting charge of more than $25 billion compared to the $2.3 billion charge originally recognized for the 2018 award.

在这封信中，特斯拉提到了如果投票未通过且德拉瓦法院的上诉失利，可能会替代对埃隆的补偿计划。特斯拉表示，我们认为这种替代奖励不太可能成本更低、稀释更少或对埃隆的激励效果更好。这样做对特斯拉来说会带来几个难题，包括需要大量时间和额外成本，所有这些都对股东不利。例如，一个功能上相当的新的期权授予，可能会导致超过250亿美元的会计费用，而相比之下，2018年奖励原本确认的费用是23亿美元。

At this point, it's important to point out there are people out there making predictions about how this is all going to impact Tesla's financials going forward. Right now, the lawyers don't know, Tesla's board doesn't know, Elon doesn't know, not even Tesla's accountants really know how this is all going to impact the financials going forward. There are of course some general things we know to be true, like if Elon gets the options back and then exercises them that would be a dilutive event because there would be more Tesla shares outstanding. So for now, just know that Tesla believes a replacement compensation plan could cost as much as $22 billion more compared to just ratifying Elon's 2018 plan. But even that number is just a guesstimate.

在这个时候，有必要指出，有一些人在预测这件事未来将如何影响特斯拉的财务状况。目前，律师们不知道，特斯拉董事会不知道，埃隆（马斯克）不知道，甚至特斯拉的会计师们也真的不知道这将如何影响未来的财务状况。当然，有一些我们知道的普遍事实，比如如果埃隆拿回期权并行使这些期权，那将是一个稀释事件，因为特斯拉的流通股份会增加。所以现在，我们只需知道特斯拉认为新的补偿方案可能会比继续执行埃隆2018年的方案多花费高达220亿美元。但即使这个数字也只是一个大概估计。

I find this one to be a bit ridiculous, ISS said it's concerned about the award's inability to increase Elon's focus on Tesla. Tesla's response? The award requires Elon to hold his shares following the exercising of any options for five years. To date, Elon has not exercised any shares. Elon has stronger incentives to focus on Tesla with the award than without it. The fact that Tesla has to state the obvious like this highlights the absurdity of the situation. Replying to James Stevenson, Elon did say the deal allows me to sell enough stock to pay the taxes.

我觉得这有点荒谬，ISS（机构股东服务公司）说他们担心这个奖励无法让埃隆更加专注于特斯拉。特斯拉的回应是：奖励要求埃隆在行使任何期权后必须持有股票五年。截至目前，埃隆还没有行使任何股票期权。实际上，有了这个奖励，埃隆会比没有奖励更有动力去专注于特斯拉。特斯拉不得不说出这些明显的事实，真是突显了这一情况的荒谬之处。在回复詹姆斯·史蒂文森时，埃隆确实说过：这次交易允许我卖掉足够的股票来支付税款。

The remaining stock though must be held for five years, so it's impossible for me to cash out and run. If and when Elon gets the options back and exercises them, be sure to keep this in mind if you see a Tesla stock sale happening at the same time. It is true, Tesla's FSD version 12.4 is delayed from the timeline Elon had mentioned. The word initially was that it should roll out to the customer fleet sometime toward the middle of May. It's now been in employee testing for over two weeks and some people are growing concerned about the pace of future updates. I do think that's a bit premature...

剩余的股票必须持有五年，所以我不可能套现跑路。如果埃隆（马斯克）在这段时间内拿回并行使期权，请记住，如果你看到特斯拉股票同时出售，可能就是因为这个原因。确实，特斯拉的全自动驾驶（FSD）版本12.4相比埃隆之前提到的时间表有所推迟。最早的消息是应该在5月中旬向客户车队推出。现在这个版本已经在员工中测试了超过两周，一些人开始担心未来更新的速度。我认为这种担忧有点为时过早...

...but there was a user on Reddit that was able to confirm he has version 12.4 and he said I have it with early access. It's unusable unfortunately. I assume it's bugged and they'll fix it soon, but I can't use it for more than 10 seconds without it driving me off the road. Worst revision I've seen. This user continued saying I have a vested interest in FSD performing well as 70% of my net worth is in Tesla via equity. However, this is a massive issue. He also shared some anecdotes about what it was doing wrong, saying when I say it's unusable, I mean it, something is severely wrong.

...但有一位Reddit用户确认他已经获得了12.4版本的早期访问权限。他说这个版本无法使用，可能存在Bug，希望他们很快会修复。但现在这个版本根本没法用，我开不到10秒钟就会被它引导偏离道路。这是我见过的最糟糕的版本。他继续说道：“我非常关心全自动驾驶（FSD）的表现，因为我70%的净资产通过股票投资在特斯拉上。然而，这个问题非常严重。”他还分享了一些关于这个版本问题的轶事，并强调：“当我说它无法使用时，我是认真的，问题非常严重。”

Version 12.4, which is supposed to reduce the steering wheel nag and supposed to decrease the miles per intervention or MPI by 5 to 10x is off to a rough start. But with the new paradigm of version 12, I think it would be wise to expect some bugs with these dot releases, so we just have to hang tight. And in case you didn't know what the numbers in Tesla's dot releases are, I've seen some people out there with questions. The first number 2024 is the year, the second number in this case, 8 would be the week of the year, and the third number is going to be the number of revisions on that branch. Meaning this branch, the one I am currently on, is the year 2024, week number 3, and revision number 25. So yes, 2024.8 is a release after 2024.3.

版本 12.4 本应减少方向盘提醒，并将每次干预的里程（MPI）减少 5 到 10 倍，但初期表现不佳。不过，考虑到版本 12 的新模式，我认为我们应该预期这些小版本会有一些问题，所以只需耐心等待。另外，如果你不清楚特斯拉小版本号的含义，我注意到有些人对此有疑问。第一个数字 2024 是年份，第二个数字在这种情况下是 8，是当年的第几周，第三个数字则代表该分支的修订次数。也就是说，我现在使用的这个分支是 2024 年，第 3 周，第 25 次修订。因此，没错，2024.8 是在 2024.3 之后发布的一个版本。

And sadly for FSD owners, typically that's on a firmware, a couple releases behind Tesla's most recent feature updates, in this case like the spring update. Tesla is trying to limit the number of different software versions out there, but when you throw in the different hardware, it becomes a pretty complicated web. We finally have an industry player saying what we've all been saying now for a while. A former top gear host, Quentin Wilson, has blamed misinformation for plummeting EV sales, claiming consumer demand is being held back by myths. Again though, I would counter the plummeting EV sales as a bit dramatic, sure they're not growing as fast as we've seen in years past, but that's not totally out of the ordinary for entering the mainstream adoption.

对FSD（全自动驾驶）车主来说，这件事有些遗憾，因为通常他们的固件版本会比特斯拉最新的功能更新落后几次，在这个例子中，比如春季更新。特斯拉正在试图限制市面上不同软件版本的数量，但当你考虑到不同的硬件时，这变成了一个相当复杂的局面。我们终于有一个行业人士说出了我们所有人一直以来的想法。前《顶级跑车秀》主持人昆汀·威尔逊将电动车销量下滑归咎于错误信息，声称消费者需求因为一些谣言而受到抑制。不过，我反驳道，将电动车销量下滑描述得如此戏剧化有些夸张了，确实它们的增长速度不像往年那样快，但对于进入主流市场来说，这并非完全不正常。

A sentiment I agree with, he said long term EV viability as a technology is not in question. What's in question is how we manage consumer sentiment and awareness of the advantages and negatives of EVs. He said people are not even considering buying an electric car or inquiring about price because they read this torrent of stuff from right wing and vested interest. He's now calling for greater myth busting. Definitely easier said than done, but I do think there's a lot of truth in what he's saying and I do wish that Tesla spent more time and energy pushing back the misinformation. I found some interesting facts about EVs in the United States. Almost one third of new EVs are going to one of three states, California, Florida, or Texas.

他说，我同意这个观点，从长远来看，电动汽车作为一项技术是没有问题的。问题在于我们如何管理消费者的情感以及对电动汽车优缺点的认识。他说，人们甚至都没有考虑购买电动汽车或询问价格，因为他们看到了大量右翼和既得利益群体的宣传。他现在呼吁更多地揭穿这些谣言。这当然说起来容易做起来难，但我确实认为他说的有很多道理，我也希望特斯拉能花更多时间和精力反驳错误信息。我发现了一些关于美国电动汽车的有趣事实。几乎三分之一的新电动汽车都集中在三个州：加利福尼亚州、佛罗里达州和德克萨斯州。

Of note though, this data is from car gurus and they do not track direct sales models like Tesla, Polestar, and Rivian, so those would be excluded. However, for Legacy Auto, this leaves very few EV options in many other US states. At the end of the first quarter this year, 23 states had fewer than 1000 EVs on offer. 9 states had fewer than 400, so adding to the slower rate of EV growth are also things like lack of desirable options, options not being produced in high volume, and not being distributed to the states where there may be demand for them. I think this is another slept on challenge for Legacy Auto, not going the direct sales route. They have to effectively guess where the demand will be for their vehicles state specific because consumers only want to travel or jump through so many hoops to get the car they want.

需要注意的是，这些数据来自CarGurus，他们不追踪像特斯拉、Polestar和Rivian这样的直销车型，所以这些数据被排除在外。然而，对于传统汽车制造商来说，这使得许多美国其他州几乎没有电动车选择。在今年第一季度末，有23个州的电动车供应量少于1000辆，有9个州的电动车供应量甚至少于400辆。因此，电动车增长缓慢的原因还包括缺乏有吸引力的选择、车型产量不高以及没有分配到可能存在需求的州。我认为，对于传统汽车制造商来说，不走直销路线也是一个被忽视的挑战。他们必须有效地预测各个州对其车辆的需求，因为消费者只愿意花费有限的精力和时间去购买他们想要的车。

JD Power put out its 2024 app report and they said while 40% of non-Tesla EV owners say they experienced a connection problem with the app, which was down from 44% one year ago, now 35% of Tesla owners say they experienced a connection related problem up from 30% in 2023 and 20% in 2022. They said this may suggest that increasing app usage is straining Tesla's app network capacity. Unfortunately, I have also experienced connectivity issues with my Tesla vehicle more times than I would like. Despite that though, on a 1000 point scale for the premium brand segment, Tesla leads the way with a score of 847, followed in second place by Mercedes and their Mi connect with 843 points. At the bottom of this list, you'll find Polestar with a score of 626, the company that's also in the midst of rolling out its own smartphone trying to rectify these scores.

JD Power发布了2024年的应用报告，报告中提到，虽然有40%的非特斯拉电动车车主表示他们遇到过应用连接问题（相比一年前的44%有所下降），但现在有35%的特斯拉车主表示他们遇到过连接问题（相比2023年的30%和2022年的20%有所上升）。他们表示，这可能表明日益增加的应用使用量正在给特斯拉的应用网络容量带来压力。不幸的是，我的特斯拉车也经常出现连接问题，比我期望的要频繁得多。尽管如此，在1000分的高端品牌评分中，特斯拉以847分领先，其次是奔驰的Mi Connect，得分843分。榜单末尾是Polestar，它得分626分，这家公司目前也在推出自己的智能手机，试图改善这些评分。

Here's some new footage of Baidu's V20 Maps for Tesla. Now, Tesla China offers two map options, one of its own and this one in partnership with Baidu and the two can be toggled back and forth. And yes, this release of the V20 Maps with Baidu is supposed to be part of Tesla's spring update in China. Some folks are highlighting the Baidu Maps can recognize traffic lights and tells you how many seconds are left, but this feature has been in China for a while now, so don't get optimistic about it.

这是一些关于百度V20地图在特斯拉上的新视频。现在，特斯拉中国提供两种地图选项，一种是特斯拉自己的地图，另一种是与百度合作的地图，这两种地图可以来回切换。是的，这次发布的百度V20地图是特斯拉在中国春季更新的一部分。一些人强调百度地图可以识别交通信号灯，并告诉你还剩多少秒，但这个功能在中国已经存在了一段时间，所以不要对此抱太大期望。

I also would not be expecting a second map option for Tesla's in North America since this Baidu partnership has limited scope and it may have to do with Tesla actually keeping its FSD data in China. The details of this Tesla and Baidu partnership still are not really clear, but Tesla has been partnered with them since 2020. There's a chance Baidu will provide Tesla with the mapping license it needs to collect driving data, to supervise the collection process and to actually redact and store that data in China. I say that because China does have a stipulation that car makers have to work with mapping partners in the country.

我也不指望特斯拉在北美会有第二种地图选项，因为与百度的合作范围有限，这可能与特斯拉将其全自动驾驶（FSD）数据保留在中国有关。特斯拉与百度的合作细节目前还不清楚，但自2020年起，双方就已经建立了合作关系。有可能百度会提供特斯拉所需的地图许可，以便收集驾驶数据，监督收集过程，并在中国对数据进行编辑和存储。我之所以这样说，是因为中国确实有规定，要求汽车制造商必须与国内的地图合作伙伴合作。

I'm sure many of us remember what Elon said, there's no need for high definition maps or a cell phone connection. The system FSD is designed such that even if you have no connectivity whatsoever and you're in a place that you've never been to before and no Tesla has ever been there, the car should still be able to drive just like a person. That's in part why I think the Tesla and Baidu deal has more to do with data licensing and storage, almost for monitoring of Tesla's activity than it does serving as a tool that Tesla's FSD software needs to use.

我相信很多人都记得埃隆说过的话，无需高精度地图或手机连接。FSD系统的设计理念是，即使你完全没有网络连接，身处一个你从未去过且没有任何特斯拉汽车到过的地方，这辆车也应该像一个人一样能驾驶。这也是我认为特斯拉和百度的合作更多是关于数据授权和存储，几乎是用来监控特斯拉的活动，而不是作为特斯拉的FSD软件需要使用的工具的部分原因。

And sure, there may be some integration between Tesla's FSD and Baidu maps for the user experience, but we don't yet know what that would be. Speaking of autonomy, Elon did say that FSD will have chill, standard and hurry modes. Joe Tett-Mayer shared an update on Tesla's lithium refinery in Corpus Christi saying the first of two parallel processing facilities is well underway with the rotating kiln and cooler plus support infrastructure looking much more complete. You may recall in October of last year, Tesla's senior manager of operations was talking about this lithium refinery and said, we will begin commissioning the assets roughly the first of next year, and that'll continue in earnest over the first half of next year.

当然，特斯拉的全自动驾驶(FSD)系统可能会与百度地图进行某些整合，以改善用户体验，但我们还不知道具体会是什么样子。关于自动驾驶，Elon Musk 提到 FSD 将有悠闲模式、标准模式和急速模式。Joe Tett-Mayer 分享了特斯拉在科珀斯克里斯蒂建设锂精炼厂的最新进展，表示两个平行处理设施中的第一个正在顺利推进，旋转窑和冷却器等支持基础设施看起来更为完善。你可能还记得去年10月，特斯拉的运营高级经理谈到了这个锂精炼厂，当时他说我们将在明年初大约开始资产调试，并将在明年上半年持续进行。

Well, the first half of this year has come and gone, and sure, I guess commissioning could mean many different things, but at this point there is still no lithium being shipped. This is just my speculation, but based on the rate of progress we've seen, I'm not expecting Tesla to be producing lithium from this site until sometime in 2025. Maybe they can start some trial refining toward the end of this year, but I don't think it'll be that impactful until next year. It will, however, be important when it happens for Tesla reducing its cost of goods sold. This is the project Elon has referred to as being a money printer, that being refining lithium.

好吧，今年上半年已经过去了，虽然“投产”可能意味着很多不同的事情，但目前为止还没有锂被运送出去。这只是我的猜测，但基于我们看到的进展速度，我不认为特斯拉会在2025年之前从这个地点生产锂。也许他们可以在今年年底开始一些试炼精炼，但我觉得这对明年的影响不会太大。然而，一旦实现，这对特斯拉降低商品销售成本将是非常重要的。埃隆曾提到这个项目，说锂精炼是“印钞机”。

A Tesla employee on LinkedIn said we are thrilled to announce the opening of our brand new Tesla store in Qatar, the first of its kind. Tesla is also planning to open two supercharger locations in the capital city sometime later this year. Tesla did launch vehicle sales online in Qatar in December of last year, but now customers will be able to go experience the vehicles in person. The Wall Street Journal is reporting that Jamie Dimon and Elon Musk may be making peace opening the door for the possibility for Tesla to work with the bank again.

一位特斯拉员工在LinkedIn上表示，我们非常高兴地宣布在卡塔尔开设全新的特斯拉门店，这是该国首家特斯拉门店。特斯拉还计划在今年晚些时候在首都开设两个超级充电站。去年12月，特斯拉已经在卡塔尔上线了汽车销售，但现在客户可以亲自去体验这些车辆。《华尔街日报》报道称，杰米·戴蒙和埃隆·马斯克可能正在缓和关系，这为特斯拉再次与银行合作打开了大门。

There's a long history here, but what you really need to know a few years ago, Elon went to Jamie Dimon and JP Morgan and asked them for an automotive leasing business line, to which Jamie Dimon effectively said no and chose not to support Tesla. Elon didn't like that and then pooled all of Tesla's business from the bank. In March earlier this year, Elon was actually a guest speaker at a JP Morgan event where Elon and Jamie were on stage together and they seemed to be getting along and having a report on stage. Now the word is following that event, Dimon decided the bank could try to resume doing business with Elon.

这件事有一段很长的历史，但你只需要知道，几年前，埃隆·马斯克去找了杰米·戴蒙和摩根大通，想要他们提供汽车租赁业务，但杰米·戴蒙实际上拒绝了，没有支持特斯拉。埃隆对此很不满意，于是撤出了特斯拉在该银行的所有业务。今年三月，埃隆实际上是摩根大通一个活动的嘉宾演讲者，当时他和杰米·戴蒙一起在台上，两人看起来相处得不错，台上互动也很好。现在传闻说，在那次活动之后，戴蒙决定银行可以尝试重新与埃隆合作。

Unfortunately though, JP Morgan and Tesla actually have lawsuits against one another. You may remember JP Morgan sued Tesla for about $160 million over a trade a few years back. Then Tesla actually countersued saying they were just mad that Elon pooled all of its commercial banking business. If you haven't seen it, YouTube now has dozens of games that you can play directly on the app, so these games also translate into your Tesla UI through the YouTube app. So far, these games are only available in select markets, so if you're not seeing them, that could be why, but if you want to check, go to the YouTube homepage and then find playables from the Explore menu.

不幸的是，JP摩根和特斯拉之间实际上有一些诉讼纠纷。你可能还记得，几年前JP摩根曾因一笔交易起诉特斯拉，索赔约1.6亿美元。随后，特斯拉进行了反诉，声称JP摩根只是因为埃隆·马斯克将其所有的商业银行业务都撤走了，才生气地起诉。 如果你还没注意到，现在YouTube上已经有几十款游戏可以直接在应用程序中玩，而且这些游戏也可以通过YouTube应用程序在你的特斯拉车载系统中运行。不过，目前这些游戏只在部分市场可用，所以如果你没有看到，原因可能就是这个。如果你想查看，去YouTube主页，然后在“探索”菜单中找到“可玩游戏”。

Japanese automakers are embroiled in an ongoing safety scandal and most recently Toyota submitted faulty data during pedestrian safety tests for three current models. And they used modified test vehicles during collision safety tests for four past models. Toyota's CEO said we neglected the certification process and mass produced our cars without first taking the proper precautionary steps. For that, we apologize to our customers and all automotive enthusiasts. Meanwhile, Mazda said it fabricated test results and tampered with the units used for collision testing in five models. And separately, Honda was found to have fabricated data related to noise and gasoline engine output, affecting more than 3 million units.

日本的汽车制造商正卷入一场持续的安全丑闻。最近，丰田在行人安全测试中提交了故障数据，涉及当前的三个型号。同时，他们还在四个过去的型号的碰撞安全测试中使用了改装过的测试车辆。丰田的首席执行官表示，我们忽视了认证过程，在没有采取适当预防措施的情况下大规模生产汽车。对此，我们向客户和所有汽车爱好者表示歉意。与此同时，马自达表示，它在五个型号的碰撞测试中伪造了测试结果，并篡改了测试用的车辆。此外，本田被发现伪造了与噪音和汽油发动机输出相关的数据，影响超过300万辆汽车。

The latest probes follow from a series of scandals involving the likes of Nissan, Mazda, and Suzuki, stretching back more than a decade, including falsifying emissions and fuel economy data. Also at Toyota, engine power tests were found to have been falsified. Honestly, it's stories like this that make it even more frustrating that the media and the general public think Tesla is the unsafe company when in reality, they're the company doing the most to push forward all of the engineering and the testing around safety, always going the extra mile doing its own safety testing. Jim Farley sat down with Yahoo Finance for about 25 minutes. I'll have the full thing linked below.

最近的调查源于一系列涉及日产、马自达和铃木等公司的丑闻，这些丑闻可以追溯到十多年前，包括篡改排放和燃油经济性数据。在丰田公司，发动机动力测试也被发现造假。老实说，这些事情让人更烦恼，因为媒体和公众认为特斯拉是不安全的公司，而实际上，特斯拉才是那个在推进所有关于安全的工程和测试方面做了最多努力的公司，他们总是付出额外的努力进行自己的安全测试。吉姆·法利与雅虎财经进行了约25分钟的对话。完整内容链接在下方。

I'll just play a few quick clips. Why are EVs still so expensive? You know, the reason is the NCM batteries that have cobalt and lithium and nickel in them are very expensive and they're very heavy on a lightning that battery could be $30,000, $40,000. A combustion, you know, at scale, a combustion drive train is going to be, you know, 10% of that. And so really it's the batteries and the one-time investment for building the battery plants and the manufacturing facility and engineering these very different kinds of vehicles. And what we've had to do is completely change our execution.

我会播放一些简短的片段。为什么电动车仍然如此昂贵？原因是含有钴和锂以及镍的NCM电池非常昂贵，而且非常重。在一辆电动卡车上，这种电池可能要花费3万到4万美元。而内燃机驱动系统的大规模生产成本，大概只有电池成本的10%。所以，主要成本在于电池以及一次性投资建设电池工厂和制造设施，以及设计这种完全不同类型的车辆。我们不得不彻底改变我们的执行方式。

We had a very American idea. The Skunkworx team in California filled with a lot of Tesla and Apple people who don't have the prejudices that I would as a old-school car person. And they are engineering a completely different approach, a different product at a different cost with a much smaller battery and different chemistry that we're very convinced it will be not only profitable, but it will be affordable for most Americans to be fully competitive with the best in the business, which we think are the Chinese. When does Ford make money from EVs? I think the first generation, we have a lot of opportunity to improve our losses. But until we get to the second generation, which we start to roll out in the next couple years, that's when things turn around. And as those products scale and become a bigger part of our EV business, you'll see the business turn around. You mentioned Elon, how's that partnership going? We just started using the Supercharger network.

我们有一个非常美国化的想法。在加利福尼亚的Skunkworx团队，由许多来自特斯拉和苹果的人组成，他们不像我这样的老派汽车人士那样有偏见。他们正在用完全不同的方法、不同的产品和不同的成本进行工程设计，使用更小的电池和不同的化学成分。我们非常确信，这不仅会有利可图，还会让大多数美国人负担得起，并且能够与业内最优秀的公司全面竞争，我们认为这些公司是中国企业。福特什么时候能从电动车中赚钱？我认为第一代车型，我们有很多机会来改善我们的损失。但直到我们推出第二代车型，这是在未来几年开始的转折点。随着这些产品的规模扩大并成为我们电动车业务的重要组成部分，你会看到业务有所好转。你提到过埃隆，那个合作伙伴关系怎么样了？我们刚刚开始使用超级充电网络。

I think we have 100,000 applications for the adapter. So it's very. That's a lot of time. We've shipped it about a couple thousand so far. The people get them like them. We've learned like, well, the charging port has to be maybe a little bit different in the car. The lightning you have to kind of inch over because they didn't design their charging system. We are the first manufacturer to scale on the Supercharger network. It's going well so far. We really appreciate working with Tesla between the number one and number two players in the country.

我认为我们收到了10万个适配器的申请。这是非常多的，确实是很多时间。到目前为止，我们已经发出了大约几千个。用户收到后都很喜欢。我们学到了一些东西，比如充电接口在车里可能需要稍微不同一些。Lightning接口有时需要微调，因为他们的充电系统设计上有些不同。我们是第一个在超级充电网络上进行规模化生产的制造商。目前进展不错。我们非常感谢能与特斯拉合作，毕竟我们是该地区的头号和二号厂商。

We think giving our customers access to the Supercharger network is a good move. But it's early days. We still need 90,000 adapters. You'll get them, right? I mean, I'm hoping. I texted Elon so last night we'll see what he says. What is that relationship like? I think there's a mutual respect. Look, I think it's been largely a positive relationship. In 120 years, we've been through a lot as a company. Like we know when what a partnership should be and what's realistic to expect out of a partner. We compete. I mean, Mach-E and Model Y, they're in the market competing every day.

译文: 我们认为让客户使用超级充电网络是个好主意。但现在还处于早期阶段。我们仍然需要90,000个适配器。你能拿到对吧？我是说，我希望能拿到。我昨晚给Elon发了短信，所以我们看看他怎么说。你们的关系怎么样？我觉得彼此有一种尊重。看，我认为总体来说这是一个积极的关系。在120年的历史中，我们公司经历了很多事情。我们知道什么样的合作关系是合理的，且对合作伙伴的期望是现实的。我们是竞争对手。我的意思是，Mach-E和Model Y，每天都在市场上竞争。

So we're realistic, but so far the partnership has gone well and we have a professional relationship. And it's mutual respectful. Does he text you right back? Because if you texted me, I'm dropping everything. No, no, he is really an incredible person. He absolutely does. He very much made this decision based on the adoption of EVs in the country. And of course, it's good for him. His charging network is very valuable and a really wonderful asset for the company. But he's very responsive. And I think it's because he knows we respect each other. On Weibo, Grace Tao, Tesla's global vice president, said that the refreshed Model 3 during Quarter 1 in China had the lowest complaint rate among all sedans in the industry. I don't know about you, but for me, I think it's time everybody retires that whole argument about Tesla's being poor quality and poorly made. It's not what the data says any longer.

所以我们很现实，但到目前为止，合作进展顺利，我们保持着专业的关系，而且是相互尊重的。他会马上回复你的短信吗？因为如果你给我发短信，我会放下所有事情。不会，他真的很了不起。他绝对会回复的。他很大程度上是基于国家对电动车的接受度来做这个决定的。当然，这对他有好处。他的充电网络非常有价值，是公司一个非常好的资产。但他确实很有响应性，我认为这是因为他知道我们互相尊重。在微博上，特斯拉全球副总裁陶琳说，今年第一季度在中国推出的新款Model 3在所有轿车中投诉率最低。我不知道你怎么看，但对我来说，我觉得大家该放弃那个关于特斯拉质量差、制造差的争论了。数据已经不再支持这种说法了。

The Financial Times has said tens of thousands of Tesla's retail shareholders internationally, with around $17 billion of stock, may be unable to vote. That's thanks to these investment platforms failing to put adequate cross-border systems. The only general advice I can give would be to reach out to your broker directly, see what the case is, and then you could consider transferring your shares to a different broker where they actually have the ability to make these proxy votes. On the configurator, Tesla now only has the dark Gemini wheel option. It's also now included. On ex Jim Kramer said, time for Elon to come on mad money to state his case, to which Elon said we could do in ex spaces. Tesla is still in the process of hiring back some of its supercharger team, as TJC has confirmed on LinkedIn.

《金融时报》表示，成千上万的特斯拉零售股东（拥有大约170亿美元的股票）可能无法投票。这是因为一些投资平台未能建立足够的跨境系统。我的唯一建议是直接联系你的经纪人，了解具体情况，你还可以考虑将股票转移到另一家能够进行这些代理投票的经纪人那里。 在配置器上，特斯拉现在只有一种黑色双子星轮选项，而且它现在已经包括在内了。关于前任主持人吉姆·克莱默说，该是埃隆·马斯克上《疯狂的金钱》节目来陈述他的观点的时候了，马斯克回应说可以在新的社交平台上进行。特斯拉仍在重新招聘一些超级充电团队的成员，正如TJC在LinkedIn上证实的那样。

He said, please forgive any delays in my responses, but I assure you that the EV charging industry is okay. Tesla will continue to lead and inspire while providing the best customer experience with our best in class products and support. An important update, if you're considering breaking the rules, Tesla is indeed enforcing the Cybertruck purchase agreement. This customer decided to sell his Cybertruck, and now he reports that Tesla has banned him from buying any new Tesla vehicles. Just to confirm our Gigacast expert Luca Greco on ex has also said that Tesla's Gigacast are indeed repairable, contrary to what others may tell you. A few months back, I had said the same thing as I had one of you reach out to me with some actual photos of a Gigacast and the repair process.

他说，请原谅我回复的任何延迟，但我向你保证电动汽车充电行业是没问题的。特斯拉将继续引领并激励我们，同时提供业内最优秀的产品和支持，带来最佳的客户体验。一个重要的更新，如果你考虑违反规则，特斯拉确实在执行Cybertruck的购买协议。有一个客户决定出售他的Cybertruck，现在他报告说特斯拉已经禁止他购买任何新的特斯拉车辆。需要确认的是，我们的Gigacast专家Luca Greco在社交平台上也表示，特斯拉的Gigacast确实是可以修复的，尽管其他人可能告诉你相反的说法。几个月前，我也说过同样的话，因为有人向我提供了一些Gigacast和其修复过程的实际照片。

These Gigacasts are effectively modular, so if one area or portion is damaged, oftentimes that specific piece can be removed and replaced. And now we have the CEO of Evolve EV Specialists, a company that specializes in repairing EVs, confirming the same. In case you're wondering why Joe Gebia stepped down from Tesla's special counsel for all of this proxy voting, Joe said I did not want Elon's status as a potential customer of Samara to be used against the committee, so I disclosed that I had put that potential business transaction on hold. Samara, his company, manufactures tiny, prefab homes that reportedly Elon was considering buying from. Tesla stock closed the day at $176.29 down 1.01%, while the Nasdaq was up 0.56%.

这些巨型铸件实际上是模块化的，因此如果某个区域或部分受损，通常可以单独移除并更换。现在，专门从事电动汽车维修的Evolve EV Specialists公司的首席执行官也确认了这一点。如果你想知道乔·格比亚为什么辞去了特斯拉特别顾问的职务，这与所有的代理投票有关，乔说："我不希望埃隆作为Samara潜在客户的身份被用于对抗委员会，所以我披露了我已经搁置了这个潜在的业务交易。" Samara是他的一家公司，生产微型预制房屋，据报道埃隆正在考虑购买。特斯拉的股票当天收盘价为176.29美元，下跌了1.01%，而纳斯达克指数上涨了0.56%。

It was yet another low volume day for Tesla, trading about 23 million shares below the average volume the past 30 days. Hope you guys have a wonderful day, please like the video if you did, you can find me on X-Link below, and a huge thank you to all of my Patreon supporters. Thank you.

特斯拉今天又是一个交易量较低的日子，仅交易了约2300万股，低于过去30天的平均交易量。希望大家今天过得愉快，如果你喜欢这个视频，请点个赞。你可以通过下面的X-Link找到我，非常感谢所有支持我的Patreon粉丝。谢谢大家。