A Stunning Admission About Tesla / Another One Bites the EV Dust / The "Most Exciting Market" ⚡️

Welcome to Electrified, it's your host Dylan Loomis, quick shout out to my newest patrons, Scooter63. Thank you for choosing to support the channel. I just missed this one yesterday, Elon did say that actually SmartSummon will go to a wide release next week. And AI drivers ears must have been burning yesterday as he also posted a video in a Costco parking lot that was fairly busy. It did slowly and cautiously, as I suppose you would expect, navigate situations like this, but as you're about to see, it's certainly still not perfect. Let's hop in the backseat with Dirty Tesla as he was using the go-to-target feature just sitting in the driver's seat. There you have it right into the backseat. The curb now Chris said he didn't have any damage on his Tesla, luckily, but just be aware.

欢迎来到《Electrified》，我是主持人Dylan Loomis，先向我的新赞助者Scooter63致敬。感谢你选择支持这个频道。昨天我刚错过了一个消息，埃隆说智能召唤功能将于下周广泛发布。而昨天AI驾驶似乎也表现得很引人注目，他还在一个相当繁忙的Costco停车场发布了一个视频。正如你所期望的那样，它在类似的情况下缓慢而谨慎地导航，但正如你即将看到的那样，这功能还远非完美。让我们和Dirty Tesla一起坐在后排，他在驾驶座上使用了“目标定位”功能。Chris说他的车没有受损，真是幸运，但大家还是要小心。

On X, Phil Bizal shared a great article talking about FSD and the perception and planning and the control and how Tesla has evolved from all of the code to moving to the end-to-end neural network. Looking at Phil's LinkedIn, he worked at Apple for over three years and then he worked at Rivian for over seven years. It was a longer post, so I'm not going to read the whole thing. However, I really wanted to share it. I'll have it linked below. I think this would be an excellent resource to share with family or friends, anybody that's actually interested in how Tesla is approaching autonomy and how their approach is different from most of the competition. I like his simple explanation of Tesla's neural net for FSD. Machine learning involves an asymmetric architecture with two distinct processes, training and inference. Training, which occurs in a data center, the cloud, once per version is the most compute-intensive part of the process. During training, data is used to build a model. Once the model is created, it's transferred to the vehicle, part of the FSD software release. The second process, inference, is then executed by running data through the model in the vehicle repeatedly to drive the car. There wasn't anything specific I wanted to highlight. I just wanted everybody to have the resource if you want it, as I think Phil did a great job of explaining things in a bit more detail and tying it all together.

在X上，Phil Bizal分享了一篇非常棒的文章，讨论了全自动驾驶（FSD）的感知、规划和控制，以及特斯拉如何从所有代码发展到端到端的神经网络。查看Phil的LinkedIn，可以看到他在苹果工作了三年多，然后在Rivian工作了七年多。这是一篇较长的帖子，所以我不会全部阅读。但是我真的很想分享这篇文章。我会在下面附上链接。这对于那些对特斯拉如何实现自动驾驶以及其方法如何不同于大多数竞争对手感兴趣的家人或朋友来说，会是一个很好的资源。 我喜欢他对特斯拉FSD神经网络的简单解释。机器学习涉及一种不对称的架构，有两个不同的过程：训练和推理。训练在数据中心或云端进行，每个版本一次，是过程中计算需求最密集的部分。训练过程中，数据被用来构建模型。一旦模型创建完成，它就被转移到车辆中，成为FSD软件发布的一部分。第二个过程是推理，通过在车辆中反复运行数据来驱动汽车。 我没有想要特别强调的内容，只是希望大家可以获取这个资源，因为我认为Phil做了很棒的工作，他更详细地解释了这些内容并把它们联系在一起。

You guys know, I love highlighting creators that are doing good work and CERN Bashir had a great post talking about Tesla stock. He shared this chart of Tesla's daily stock returns since Tesla's IPO. If you add up all of the trading days where Tesla stock traded between up 4% and down 4%, that adds up to 2,893 days out of 3,568 total trading days, meaning 81% of the time Tesla stock would move between down 4% and up 4%. Which highlights one of the most important points in Tesla stock, at least historically so far, and that's most of the big gains even for long-term investors, can come over a short period of time. As we're stuck in this multi-year sideways consolidation period, I think this message is crucially important. I've shared charts very similar to this on X in the past, but historically again, Tesla stock has largely moved sideways and then shot up quickly at once, then a big sideways move and a huge parabolic move up, and we're currently in one of those sideways moves. CERN has decades of experience as an investment advisor, I'm a fellow financial advisor for a shorter period of time, but the point is don't lose sight of the bigger picture when it comes to Tesla stock in periods like this.

你们知道，我喜欢关注那些做出优秀作品的创作者，CERN Bashir 最近发了一个很棒的帖子，讨论了特斯拉的股票。他分享了特斯拉自IPO以来每日股票回报的一个图表。数据显示，在所有3568个交易日中，有2893个交易日特斯拉的股票涨跌幅在-4%到+4%之间，这意味着在81%的时间里，特斯拉股票的波动范围在-4%到+4%之间。这突出显示了特斯拉股票的一个重要特点，至少从历史上看，即使对于长期投资者来说，大部分的巨大收益都是在短时间内实现的。 在我们处于这个多年的横盘整理期时，我认为这个信息至关重要。我过去也在类似的平台上分享过非常相似的图表，但从历史来看，特斯拉股票通常是大部分时间横盘，然后突然大幅上涨，然后再一次横盘整理，然后又一次巨大的抛物线上涨，现在我们正处于其中一个横盘整理阶段。CERN在投资咨询方面有几十年的经验，我作为金融顾问的时间较短，但要点是，当我们处于这样的时期时，不要忽视特斯拉股票的整体大局。

Tesla is now offering 0% interest rates for the Model Y this time around in Sweden. The Model 3 doesn't get the 0% interest, but they're offering 1.99% for the Model 3. This offer is good through the end of September. Note worthy because prior to this incentive, the Model Y was already the most registered vehicle in the first half of the year in Sweden. Germany's government has agreed to a proposal for tax reductions to promote the use of EVs. Effectively, they've come to the realization that abruptly ending some of those EVs subsidies last year may have been a mistake. New EV registrations fell by over 36% in July year over year. This is still a draft, but they're proposing that companies would be able to deduct up to 40% of the value of newly purchased EVs from their tax bill in the year of their purchase. Additionally, electric company cars that are worth 95,000 euros or about 105,000 dollars or less will now qualify for a preferential tax treatment up from 75,000 euros or less previously. The VDA in Auto Industry Association said this is an important and correct signal that's urgently needed, citing that abrupt end of subsidies last year and the weaker demand for EVs. In case you missed the episode where we talked about it, corporate registrations in Germany constitute the majority of new car sales at around 63%.

特斯拉现在在瑞典为Model Y提供0%利率贷款。相对来说，Model 3不享受0%的利率优惠，但他们为Model 3提供了1.99%的利率。这个优惠有效期至九月底。值得注意的是，在这次优惠之前，Model Y已经是今年上半年瑞典注册量最多的车型。 德国政府已经同意一项促进电动汽车使用的税收减免提案。他们认识到，去年突然取消一些电动汽车补贴可能是一个错误。今年7月份的新电动汽车注册量同比下降了36%以上。该提案目前仍在草案阶段，他们建议企业在购买新电动汽车的当年可以从税单中扣除高达40%的新车价值。此外，价值不超过95,000欧元（约105,000美元）的电动公务车将享受优惠税收待遇，此前这一标准为75,000欧元。 德国汽车工业协会（VDA）表示，这是一个重要且正确信号，迫切需要强调去年补贴突然结束和电动汽车需求疲软的问题。如果你错过了之前的节目，德国企业注册的新车占比大约是63%。

Installation of the first of a 444 Tesla Megapack battery system is now underway in Victoria, one of the biggest grid scale batteries in Australia. When this project is done, it'll be a 1.6 gigawatt hour project, which if you remember anything, over 1 gigawatt hour in my opinion would be considered large. We don't know the timing and the pricing for this contract, but it's likely to be in the neighborhood of a $500 million project for Tesla. A quick shout out to Justin, Rafael, and Gary, or better known as the Bearded Tesla Guy, Tesla, and Blue Sky Kites. Those three and Mrs. Tesla have been driving their Cybertrucks from Florida to the Arctic Circle and ultimately to the Arctic Ocean.

在维多利亚州，444个特斯拉Megapack电池系统的第一个装置已进入安装阶段，这是澳大利亚最大的电网级电池项目之一。完成后，该项目将达到1.6吉瓦时的规模，你记住，超过1吉瓦时的项目在我看来都算是大型项目。我们还不知道该合同的具体时间和定价，但估计该项目的成本约为5亿美元。顺便提一下，向Justin、Rafael和Gary致敬，他们更广为人知的名字是Bearded Tesla Guy、Tesla和Blue Sky Kites。这三人和Mrs. Tesla正驾驶他们的Cybertrucks从佛罗里达州出发，行驶到北极圈，最终到达北冰洋。

But it's not just that, along the way they in tandem with some of their sponsors have been installing level 2 chargers at destinations that really needed them. In Justin's video, he said these chargers were installed along Dempster Highway where previously they had none. Now depending on which specific route they took, that's likely over a 4000 mile trip, one way. Of course they have to drive back home. But I think this is awesome and it would be great to have a short documentary on something like this to share that pay. You can actually drive an electric truck across countries, plural, and EVs go a lot farther than most people think.

但不仅仅是这些，他们还与一些赞助商合作，在那些急需的地点安装了二级充电设施。在Justin的视频中，他提到这些充电器是安装在以前没有充电设施的Dempster公路上的。根据他们选择的具体路线，这可能是单程超过4000英里的旅程。当然，他们还得开车回家。我觉得这非常棒，应该制作一个简短的纪录片来分享这一成果。你真的可以驾驶电动卡车穿越多个国家，而电动汽车的续航能力比大多数人想象的要远得多。

And the charging infrastructure, at least when it comes to the supercharger network, is also much better than most people think. So shout out to their team, it's a great story, a great accomplishment, one that I think deserves more attention. And if any of you guys happen to see this, save travels on your way home. Previously when charging at a supercharger Tesla would round down to the nearest kilowatt hour, so let's say you used up 22.325 kilowatt hours, it would just round down to 22. Those days of getting a small amount of free charging from Tesla are over as they're now moving to a partial kilowatt hour billing system.

而且充电基础设施，至少在超级充电站网络方面，比大多数人想象的要好得多。所以要向他们的团队致敬，这是一个伟大的故事，一个巨大的成就，我认为值得更多的关注。如果你们中的任何人看到这个信息，祝你们回家旅途平安。以前在超级充电站充电时，特斯拉会将充电量向下舍入到最接近的千瓦时，比如你用了22.325千瓦时，它会直接舍入到22千瓦时。现在，这些从特斯拉获得少量免费充电的日子已经结束了，因为他们现在转向部分千瓦时计费系统。

The word is this will be for North America and Europe, and now they're charging down to the fourth decimal place. Of course from a user standpoint, we're only talking a few extra cents here, so nothing monumental. But from Tesla side across millions of customers, it'll start to add up a shock responded to the official cyber truck account, saying we are glad that you finally learned how to park yourself looking forward to you showing this off this weekend. It's a bit confusing, but the way I'm reading it is that the auto park feature for the cyber truck will start shipping this weekend. Hopefully FSD does follow this month as that was the latest promise from Tesla. Time will tell.

传言说，这将适用于北美和欧洲，现在他们的收费精确到小数点后四位。当然，从用户的角度看，我们只是在谈论多出几分钱，所以并没有什么大不了的。但对特斯拉来说，数百万客户积累起来，这笔钱就会变得不少。 一位用户对官方的Cybertruck（赛博卡车）账户回复道：“我们很高兴你终于学会了自己停车，期待你在这个周末展示这一功能。”虽然有些令人费解，但按我的理解，Cybertruck的自动停车功能将在本周末开始交付。希望全自动驾驶（FSD）功能也能在本月推出，因为这是特斯拉最新的承诺。时间会证明一切。

On X and Dreena asked Elon how he was doing to which he said just leaving Tesla engineering offices in Palo Alto, mostly good, some bad. The future is going to be wild, there will be so many robots. Naturally, most people are more focused on the latter comment, but personally, I'm more interested in this some bad part. Unfortunately, Elon did not elaborate on either. This Eolus company is a renewable energy firm that has operations in places like Sweden, Norway, and Spain. But they also have North American operations, and their CEO had some comments on this region.

在X（推特平台）上，Dreena问Elon最近好吗，他回答说刚刚离开位于帕洛阿尔托的特斯拉工程办公室，大致不错，但也有些不好的事情。他还提到未来将会非常疯狂，会有很多机器人。大家自然更关注后者的评论，但我个人对他说的那些不好更感兴趣。不幸的是，Elon并没有详细说明两者的具体情况。这家名为Eolus的公司是一家可再生能源企业，业务遍及瑞典、挪威和西班牙等地。但他们在北美洲也有业务，他们的首席执行官对这个地区发表了一些评论。

It's not much, but he did say the US market is perhaps the most exciting and has considerable potential. Again though, I looked around to try to find an actual explanation for why he said this, but there was nothing out there. And of course I could speculate, but that's all it would be. Either way though, I find it exciting that global players have this type of outlook on the US market. It should mean good things for the next 5 to 10 years. Good of course, if you're a fan of renewable energy paired with battery storage. Nikkei Asia put out an article saying that Baidu operates around 400 driverless taxis in Wuhan covering an area about 50% bigger than Tokyo.

虽然信息不多，但他说美国市场可能是最令人兴奋的，并且具有相当的潜力。不过，我到处查找了他这样说的具体原因，却没有找到任何解释。当然，我可以猜测，但那也只是猜测而已。不管怎样，我觉得全球玩家对美国市场有这种看法是令人兴奋的。这应该意味着接下来5到10年会有好消息。特别是如果你是可再生能源和电池储存的爱好者，情况会更好。《日经亚洲》发表了一篇文章，称百度在武汉运营约400辆无人驾驶出租车，覆盖的区域比东京大约大50%。

With government subsidies, their fares are about 21 cents to 28 cents per kilometer, or less than half as much as for a cab with a driver. So if you just take the midpoint of that range and translate it to cost per mile, it would be about 40 cents per mile. And just a little fun fact back from ARK's 2020 forecasting of costs for autonomous robot taxis, they did use 25 cents per mile for the lower bound. Again, 4 years ago they were saying the all-in cost per mile of vehicle services was about $3.50 for the average US taxi. And at the time they were forecasting an autonomous taxi could be down at that mark 25 cents per mile. And listen, I've shared my pushback for ARK Invest in the past, they certainly don't get everything right, but I don't know any human that does.

有了政府补贴，他们的价格大约是每公里21美分到28美分，不到有司机的出租车的一半。因此，如果你取这个范围的中间值并转换成每英里的成本，大约是每英里40美分。一个有趣的小事实是，ARK公司在2020年预测自动驾驶出租车的成本时，确实使用了每英里25美分作为下限。再说明一下，四年前他们说美国平均出租车服务的综合成本大约是每英里3.50美元。当时，他们预测自动驾驶出租车的成本可以下降到每英里25美分的水平。听着，我以前也表达过对ARK投资的一些质疑，他们当然也不可能总是对的，但我还不知道有谁能做到百分之百正确。

In this case, and in some others too, they have been fairly accurate. I know many of you have written them off completely and that's absolutely your discretion, but I think there's still value to be gained from listening to their research. Pangent aside, 0.1, many cab drivers are already pushing back against these driverless taxis in China, something that's almost guaranteed to happen eventually here in America. But admittedly, I've been burying the lead here. They said China regards Tesla's FSD system as one benchmark for measuring the country's progress. Chinese observers say FSD has logged over 1.6 billion kilometers of trips, well above Baidu's over 100 million kilometers, aka in order of magnitude less than Tesla. And that the latest version of Tesla's FSD is at least five years ahead of Chinese self-driving tech. Chinese government officials and auto industry players see an opportunity to learn from Tesla in China. They think Tesla needs data from vehicles sold in the country to improve FSD. China is aiming to replicate the win-win relationship they created with Tesla and EVs in the area of self-driving. Personally, I don't think Elon gets enough credit for how he's managed this relationship with China throughout the past 10 years with everything else that's been going on. By and large, the Chinese government and many of Tesla's direct competitors in China have talked very positively about Elon and Tesla.

在这个案例中，以及其他一些情况下，他们的预测相当准确。我知道你们中的许多人完全不相信他们的结论，这无可厚非，但我认为他们的研究还是有一些价值的。稍微离题一下，0.1，目前许多中国的出租车司机已经在反对无驾驶员出租车，这在美国也几乎是必然会发生的。不过，坦白讲，我有点偏离主题了。他们（指相关方）表示，中国将特斯拉的FSD系统视为衡量本国技术进步的一个标杆。中国的观察者称，特斯拉的FSD已经行驶了超过16亿公里，远远超过百度的1亿多公里，也就是说特斯拉的行驶里程比百度多了一个数量级。而且特斯拉最新版本的FSD在技术上至少领先中国自动驾驶技术五年。中国政府官员和汽车行业人士认为这是一个可以向特斯拉学习的机会。他们认为特斯拉需要从在中国销售的车辆中获取数据来改进FSD。中国正致力于在自动驾驶领域复制他们与特斯拉及电动汽车方面建立的双赢关系。我个人认为，埃隆·马斯克在过去十年中处理与中国关系的方式没有得到应有的赞誉，尽管期间发生了很多事情。总体而言，中国政府和特斯拉在中国的许多直接竞争对手对埃隆和特斯拉的评价都非常积极。

There's a genuine respect and admiration there and the government is basically openly saying that they need Tesla to further its own advancements with self-driving. People like Gary Black, who I do have a lot of respect for, still think that Tesla doesn't really have a sustainable lead with generalized FSD. But Chinese players and the Chinese government seem to think that Tesla's FSD is at least five years ahead of Chinese tech. Lucid just announced its own tech and manufacturing day on Tuesday, September 10th. The event will showcase the upcoming Lucid Gravity SUV and they'll provide an analysis of the cost-effectiveness of manufacturing these innovations. Invited participants will then tour the factory and experience rides in the Lucid Gravity and the Lucid Air Sapphire. The live presentation is scheduled to begin at 8am Pacific time.

那里有一种真诚的尊重和钦佩，而且政府基本上公开表示他们需要特斯拉来推动其在自动驾驶方面的进步。像 Gary Black 这样的人，我对他很尊重，仍然认为特斯拉在广义自动驾驶方面没有真正的可持续领先地位。但中国的企业和政府似乎认为，特斯拉的自动驾驶技术至少领先中国技术五年。Lucid 刚刚宣布将在星期二，9月10日，举办其自己的技术和制造日活动。该活动将展示即将推出的 Lucid Gravity SUV，并提供关于这些创新制造成本效益的分析。受邀的参与者随后将参观工厂，并体验 Lucid Gravity 和 Lucid Air Sapphire 的试驾。现场演示计划于太平洋时间上午8点开始。

Remember that Ford Mach-E accident where they were using the blue cruise hands-free technology that resulted in two fatalities? Well, that lady behind the wheel just turned herself in. Not to glaze over the loss of life here, RIP. However, I find this pretty interesting if you look at the top four news stories of the Google search results, what do you notice? Not one of them mentions Ford anywhere in the headline. They all mysteriously just say women using hands-free driving feature never naming the brand. You know where I'm going, can you imagine the headlines if this was a Tesla situation? I think most of us here already know the mainstream media is a bunch of narrative pushers and narrative hiders, but there's just one more example of proof.

还记得那起使用福特Mach-E的蓝色巡航免提技术导致两人死亡的事故吗？好吧，驾驶这辆车的那位女士刚刚自首了。这里并不是要忽略生命的丧失，愿逝者安息。然而，我发现一个非常有趣的现象：如果你查看谷歌搜索结果中的前四条新闻故事，你会注意到什么？没有一条在标题中提到福特。他们全都神秘地只说“使用免提驾驶功能的女性”，从未提到品牌。你懂我的意思吧，试想一下，如果这是一起特斯拉的事故，标题会是什么样？我觉得我们大多数人已经知道主流媒体经常操控和隐藏叙事，而这只是又一个例证。

Rohan Ma, who founded and scaled auto-bitter at Tesla, has decided to leave the company after over seven years. Clearly, Tesla energy is dead and it has no future. Tesla is on a fast track. The bankruptcy, the growth story is over. Rohan shared his standard departure message, but he did say he has no plans for his next chapter. Rohan started at Tesla as a senior manager for energy optimization and he left as the director of energy software and optimization. Auto-bitter is basically a set of algorithms using machine learning to help it carry out tasks like price forecasting, load forecasting for generation demand, energy arbitrage, and it's the software that helps Tesla and the megapack systems actually generate profit through operation, automating a lot of those systems and continually getting better over time as it learns with more data. I think it's time for Tesla to host an energy day where they talk about the market and the opportunity and give us updates on things like the megapack and auto-bitter and opti-caster, these things that we rarely hear about.

创立并扩展了特斯拉Auto-bitter的Rohan Ma决定在公司工作超过七年后离职。显而易见，特斯拉能源已经衰退，前景黯淡。特斯拉正处于快速发展轨道，破产的风险依然存在，增长故事已成过去。Rohan分享了他的标准离职声明，但表示还没有计划下一步的动向。Rohan在特斯拉的起点是能源优化的高级经理，离职时已是能源软件与优化部门的总监。Auto-bitter基本上是一套利用机器学习的算法，帮助执行价格预测、发电需求负荷预测、能量套利等任务，同时它是帮助特斯拉和Megapack系统通过运营实现盈利的软件，通过自动化许多系统，并随着更多数据的学习不断优化。我认为特斯拉应该举办一个能源日，讨论市场和机遇，并更新我们关于Megapack、Auto-bitter和Opti-caster等鲜有听闻的事物。

A majority of the 1000 workers at the Altium Cell Plant in Tennessee have signed cards in favor of joining the union, thus the UAW will represent workers at this factory making it too under the Altium umbrella represented by the UAW. The first one being in Lordstown, Ohio. The agreement that Altium came to at the Lordstown plant was a wage increase from 1650 an hour up to 2691 an hour, which is great for the workers, but terrible for GM and LG's profitability with their new line of Altium EVs.

田纳西州的Altium电池工厂有1000名员工，其中大多数已经签署了加入工会的卡片，因此工厂将由UAW（美国汽车工人联合会）代表。这使得这家工厂也纳入了由UAW代表的Altium工厂体系中。第一个加入的工厂是在俄亥俄州的洛兹敦。Altium在洛兹敦工厂达成的协议是将时薪从16.50美元提高到26.91美元，这对于工人来说是个好消息，但对于通用汽车和LG来说，这对他们的新款Altium电动车的盈利能力是个坏消息。

Let's not forget GM still has a lot to prove and the jury is out on if they can actually sell an Altium based electric vehicle at volume. There's been a lot of chatter this week about VW and its current struggles with EV sales and financials, but I found this from the information that really puts everything into perspective. Over the last 6 years, VW has invested more than 21.5 billion dollars to acquire equity stakes in at least 15 EV battery and software companies in the US, Europe and China.

别忘了，通用汽车还有很多需要证明的东西，能否大规模卖出基于Altium平台的电动车仍然不确定。最近，关于大众汽车在电动车销售和财务上遇到的困难讨论很多，但我发现了一些信息，能让我们更好地理解整个情况。过去六年，大众汽车在美国、欧洲和中国至少投资了21.5亿美元，用于收购15家电动车电池和软件公司的股权。

Yet, in the first half of 2024, VW's global EV sales were flat year over year and in July, sales of the ID4 in Europe fell 40% from the year prior. And I found this chart with all of the companies that VW has invested in the year, the amount they invested, the stake they acquired and a description of what that company does. Now, obviously the electric truck one with Rivian was very recent, that's going to take time to play out and we can't judge them on that one yet.

然而，在2024年上半年，大众汽车的全球电动汽车销量与去年同期持平，而7月份欧洲市场的ID.4销量相比去年下降了40%。我还发现了一张表格，列出了大众汽车今年投资的所有公司、投资金额、所占股份以及这些公司业务的描述。显然，与Rivian合作的电动卡车项目是非常近期的，需要时间才能见效果，所以我们目前还不能对此进行评判。

But Navistar, a truck maker, was back in 2021. And the EV software from Aurora Labs, well, we all know about Cariad and all of the VW's software challenges the past few years. I really think this highlights the difference between a company like Tesla and VW. We know about Tesla and its vertical integration and yes, they have some acquisitions like Maxwell, Wifurian, Hybar, SolarCity and the list does go on. But the glaring difference the way I see it is in Tesla's case, it's always seemed like they've had a very definite plan and they were very strategic acquisitions.

但是，卡车制造商Navistar在2021年恢复了运营。而Aurora Labs的电动汽车软件，我们都知道关于Cariad以及大众汽车（VW）过去几年的软件问题。我真的认为这突显了特斯拉和大众汽车之间的差异。我们知道特斯拉的垂直整合模式，是的，他们也进行了一些收购，比如Maxwell、Wifurian、Hybar、SolarCity等，名单还在继续。但我认为显著的区别在于，特斯拉似乎总是有一个非常明确的计划，而且他们的收购非常具有战略性。

Whereas with VW and other companies like GM, it feels like their acquisitions are more of throwing everything at the wall and hoping that something sticks. As in, they don't really have a clear plan when it comes to navigating the transition to the electric future, so they're really just looking for any solution. Because they don't have the know-how or the talent to do any of these things in-house. Nor do they really have the time to go out and hire and then spin it up from ground zero given how far behind they already are.

与此相比，大众汽车（VW）和通用汽车（GM）等其他公司在收购方面的举措更像是随便尝试，希望能碰巧找到合适的方案。也就是说，他们在向电动化未来过渡的过程中，并没有一个清晰的计划，所以他们只是在寻找任何可能的解决方案。这是因为他们没有足够的专业知识或人才来自行完成这些任务。而且，考虑到他们已经落后很多，他们也没有时间从头开始招聘并培养团队。

Now on VW investing up to, remember this is not a guaranteed deal for $5 billion, that's just how high it could go, it's going to start at $1 billion. Elon did ask, where will they get the money? Remember, as we've been saying, many of these legacy OEMs still have decent liquidity, it's not like they're on the brink of going bankrupt immediately.

现在，大众汽车计划投资高达50亿美元，但请记住，这并不是一个保证的交易金额，它只是一个最高值，投资将从10亿美元开始。埃隆问，他们会从哪里获得资金？请记住，正如我们一直在说的，许多老牌整车厂商仍然有相当不错的流动性，他们并不是马上就要破产的。

At the end of quarter two VW listed its net liquidity at around 38 billion euros. Not only that, but its operating margin was still around 7%. So yeah, the sales are slowing and the cracks are definitely getting bigger, the situation gets more serious by the quarter, but it's not like they don't have any money right now. And yes, I'm aware of the debt figures that people love to throw around for legacy OEMs, but we have to keep in mind, oftentimes a majority of that is from their financing arms.

在第二季度末，大众汽车（VW）公布其净流动资产约为380亿欧元。不仅如此，其营业利润率仍在7%左右。所以，是的，销售正在放缓，问题确实在变得越来越严重，情况每个季度都在恶化，但这并不意味着他们现在没有钱。而且，我知道人们喜欢拿传统汽车制造商的债务数据说事，但我们必须记住，这些债务中的大部分通常来自他们的金融分支机构。

Personally, I think that type of debt should be separated out from the traditional debt in how most people think of it. Volvo becomes the latest company to bite the dust when it comes to backing off of their full EV plans. The plan was to go full EV by 2030, but their CEO is now backtracking on that saying the transition to EVs may take longer than expected. The reasons some EV subsidies have been retracted, high tariffs on Chinese bill TVs and slowing demand.

个人认为，这种类型的债务应该与传统债务区分开来。最近，沃尔沃在全面转向电动车的计划上也“阵亡”了。原计划是到2030年实现全电动化，但现在他们的CEO表示，这一过渡可能会比预期的更耗时。原因包括一些电动车补贴被取消了、对中国制造的电视征收高关税以及需求放缓。

He said, I still believe in electrification at the end of the day, tech will win and electrification will be the technology of the future. It's just going to take a little longer than everybody first thought. I'm sure you saw it coming. Volvo did say in a separate statement that plug-in hybrids would be a critical part of its future profit growth. Volvo's new plan has them aiming for plug-in hybrid and full EV to account for at least 90% of its sales in 2030.

他说，最终我仍然相信电气化，科技将会胜出，电气化将成为未来的技术。这只是比大家最初想的要花更长的时间。我相信你也预见到了。沃尔沃在另一份声明中表示，插电式混合动力车将是其未来利润增长的关键部分。沃尔沃的新计划是，到2030年，插电式混合动力车和纯电动汽车将占其销量的至少90%。

The remainder will be mild hybrids that rely mostly on combustion engines. What have we been saying for the past three years now? None of these CEOs at legacy automakers want to be at the helm when their company is hemorrhaging billions of dollars trying to sell EVs that their customers don't want. Then you throw in goofy government incentives that for some reason pay the same amount to a full battery electric car and a hybrid.

其余的将是主要依赖内燃机的轻度混合动力车。我们过去三年一直在说什么？传统汽车制造商的那些首席执行官们都不希望在他们的公司因试图销售客户不想要的电动车而损失数十亿美元时当家作主。再加上那些奇怪的政府补贴，不知为什么对全电动汽车和混合动力车的补贴金额是一样的。

Naturally, these OEMs are making the most profit now from these hybrid vehicles, largely in part thanks to the subsidies. It's like if you give a kid a bunch of chocolate and he eats it all and gets sick, is it really ultimately the kid's fault? It really feels like these subsidies for hybrid vehicles are a thinly veiled bailout for all of these OEMs to try to help them make it through this transition. Tesla stock closed the day at $219.41 up 4.18% while the Nasdaq was down 3.3%. Pretty strong market outperformance by Tesla today and it was nearly on the nose and average volume day for Tesla trading only 10,000 shares below the average volume the past 30 days.

这些原始设备制造商（OEM）现在主要通过这些混合动力车辆获得最大的利润，很大程度上要归功于补贴。这就好像你给一个孩子很多巧克力，他吃完后生病了，最终真的能全怪孩子吗？这些针对混合动力车辆的补贴感觉像是给所有OEMs的一个伪装的救助措施，帮助他们渡过这个转型期。特斯拉的股票今天收盘时价格为219.41美元，上涨了4.18%，而纳斯达克指数下跌了3.3%。今天特斯拉的市场表现相当强劲，交易量几乎与过去30天的平均交易量持平，仅少了10,000股。

Hope you guys have a wonderful day. Please like the video if you did. You can find me on X-linked below and a huge thank you to all of my Patreon supporters.

希望大家有美好的一天。如果你喜欢这个视频，请点个赞。你可以在下面的X网站找到我，非常感谢所有在Patreon上支持我的朋友们。