The New Look Tesla ⚡️

Well, each quarter, including this one, there's always the speculation by the market that competition is going to erode margins. Competition is going to erode share. Competition is going to slow growth. And yet that has not happened. There is no company yet that's transitioned to the effectiveness and the efficiency and the productivity. The Tesla has around drive train, around engine, around chip sets, around batteries. So there's a mode around Tesla because it was the first mover, but they've maintained their share through innovation. Everybody criticizes this guy for a million different reasons. But at the end of the day when you ask somebody if you want to buy an EV, what do they want? They want a Tesla. So yeah, people are clearly waking up to the story.

每个季度，包括这个季度，在市场上总会有一些推测，竞争将会侵蚀利润，侵蚀市场份额，减缓增长。但事实并非如此。目前没有一家公司已经成功地实现了像特斯拉那样的效率和生产力，特斯拉在驱动系统、发动机、芯片组和电池等方面处于领先地位。因此，特斯拉成为了一个引领潮流的榜样，但他们通过创新保持了自己的市场份额。虽然人们出于各种不同的原因批评这个人，但最终当你询问某个人是否想购买电动汽车时，他们想要的就是特斯拉。因此，显然人们已经意识到了这个故事的重要性。

Now typically on Tesla shareholder days, we get a recap of the past year and highlights of what was accomplished. This year, in addition, we got some new data and ultimately we have a better understanding of this new look Tesla. First and foremost, Elon looked healthy and sounded like he was highly focused, locked in, and in good spirits about the current status of Tesla. The progress being made, and the unfathomable future potential of Tesla for long-term investors, despite being rooted in reality that the next 12 months will be challenging, given macro factors like high-interest rates and credit tightening.

一般来说，在特斯拉股东大会上，我们会回顾过去的一年，并突出所获得的成就。今年，除此之外，我们还得到了一些新的数据，最终我们对这个新型特斯拉有了更深入的了解。首先，伊隆看起来很健康，他对特斯拉目前的状态充满信心，并且专注于未来的发展潜力，尽管他也认识到，未来12个月的发展将面临挑战，比如高利率和信贷收紧等宏观因素。但长期投资者仍然能够认识到特斯拉的无限未来价值。

I do want to say; there were some very good investor questions, but there were also a few wasted ones in my opinion. Look, these investors traveled to be there, so they can ask whatever they want. But questions like Optimus on Mars, Aptera, and even Gary Black again looking for Tesla's pricing strategy on the Model Y were unfortunate to me. I mean, how many times does Tesla have to tell us they will price their cars to clear their production and meet demand? But I digress.

我想说的是，有些投资者提出了非常好的问题，但在我看来也有一些浪费的问题。看吧，这些投资者为了到场而旅行，所以他们可以问任何想问的问题。但像 Optimus on Mars、Aptera，甚至是 Gary Black 再次询问特斯拉在 Model Y 上的定价策略这样的问题对我来说很不幸。我的意思是，特斯拉要告诉我们多少次，他们会根据生产能力和需求来定价呢？但我跑题了。

Part of the new look Tesla now officially has JB Strabble on the Tesla board exactly where he belongs, so congratulations to JB and to Tesla for this stellar edition. And because I know this will be overlooked and forgotten about, Elon out of nowhere committed to doing a third party audit on mining in the DRC. Now, Tesla already makes a majority of its battery packs with LFP chemistry requiring no cobalt, but this just goes to show how much Tesla really cares about doing the right thing. It's a shame that people shouting about the DRC child labor fail to acknowledge the phones they are using actually have 100% cobalt, but I don't see them protesting that.

特斯拉的新面貌中，JB Strabble已正式加入特斯拉董事会，这是他应该归属的地方，因此祝贺JB和特斯拉的亮点。 另外，因为我知道这可能会被忽视和遗忘，埃隆（Elon）突然承诺对刚果矿业进行第三方审计。 特斯拉已经使用大部分无钴的LFP电池组装，但这表明特斯拉非常关心做正确的事情。很遗憾，那些大喊刚果童工的人们并没有承认自己使用的手机实际上有100％的钴，但我并没有看到他们抗议。

Each time we look at Tesla employment data, remember to multiply these figures by 5 or so to account for the total job creation throughout the supply chain, including jobs in activity created for contractors and the like. So Tesla is really supporting over half a million jobs with activity geared toward building a safer and brighter future. I say this is generally the case. If you look at any given company and say where are the smartest, most driven people going to work, that company is going to win.

每次我们查看特斯拉就业数据时，请记得将这些数字乘以5左右，以考虑包括为承包商等创造的活动创造的总就业岗位。因此，特斯拉实际上通过旨在建立更安全、更光明未来的活动支持了超过半百万个就业岗位。我认为这通常是正确的。如果你看任何一家公司，并询问最聪明、最有动力的人会去哪个公司工作，那个公司将会胜出。

Before we get too far removed from reading between the lines, how about this? Elon said Tesla's stationary battery storage production would eventually be well in excess of 500 gigawatt hours per year. That would be at least 8 more Megapack factories in addition to the two that we know about so far. 500 gigawatt hours is 500,000 Megawatt hours. Divide that by 3.9 Megawatt hours per Megapack, and you get 128,205 Megapacks made per year. So multiply that by about $2 million per Megapack, and that's $256 billion in annual Megapack revenue, which at 30% margins, which Elon reiterated at the event, that's $76.9 billion in annual profit from stationary storage alone. Divide that by about $3.4 billion diluted shares outstanding means that's worth about $22 in earnings per share. So how many Wall Street analysts are discounting back this type of future cash flow? I would confidently say zero.

在谈论读“行间之意”时，我们先让我们来谈一谈，埃隆说特斯拉的静态电池储备生产最终将超过500吉瓦小时每年，这至少需要另外八个Megapack工厂，除了已知的两个。500吉瓦小时相当于500,000兆瓦小时，每个Megapack为3.9兆瓦小时，因此每年要制造128,205个Megapacks。将这个数乘以每个Megapack约200万美元的价格，每年的Megapack收入就是2560亿美元，在30%的利润率下，这就意味着埃隆在活动中重申的每年仅靠储能就可以获得769亿美元的利润。将这个数除以约34亿股的摊薄股份，这意味着每股收益约为22美元。那么，有多少华尔街分析师正在折算这种未来现金流呢？我可以自信地说是零。

This will be a new look for Tesla indeed and shout out to Tesla Boomer Mama for asking the question about peak margins. She got Elon to throw out a speculative number of 80% on the auto side when RoboTaxi's hit and that 30% on the battery storage side. And today, VW just said they're aiming for margin parity on some EVs by 2025 and even that is not a sure thing. Tesla has margins greater than ice vehicles right now. And here we have a legacy United States OEM ordering a gigapress from Idra. This would have never happened without Tesla. Success leaves clues, and everyone is quietly copying Tesla to the best of their ability, which so far honestly hasn't been great.

这将是特斯拉的一个全新面貌，同时感谢特斯拉奶妈的问题。她让埃隆猜测未来自动驾驶出租车的利润率可达80%，电池存储方面为30%。如今，大众汽车表示他们计划在2025年实现电动车的利润率与燃油车平齐，但即使这样也不是一件确定的事情。而特斯拉现在的利润率已经超过了燃油车了。而这时候我们却看到了传统美国汽车制造商向Idra订购环保机器。这不是没有特斯拉就不可能发生的事情。成功留下了线索，每个人都在默默地效仿，但迄今为止，还没有做得特别好的。

We know the Cybertruck is going to give Tesla a new look, and first customer deliveries are still on track for later this year, but Elon made a very bold statement about the truck. And I think the product, if anything, is better than expectations. And we also got some clarity on what Elon is guessing for Cybertruck production when ramped.

我们知道Cybertruck将会给特斯拉带来全新的外观，第一批客户交付仍然计划在今年晚些时候进行，但埃隆对卡车做出了非常大胆的声明。我认为该产品比期望的还要好。而且，当Cybertruck开始量产时，我们也得到了一些有关埃隆猜测的信息。

But I'd say it's a quarter a million years is a reasonable guess. And it might be 500,000, I don't know, but what will make as many as people want. However, there is a new look here that may not be so positive. Elon said it was going to be hard to make the cost affordable. I would interpret this to mean the Cybertruck pricing is going to be nowhere near the prices that were shared at the unveil event. Obviously, we were expecting higher prices given inflation over the years, but I think Elon was trying to set expectations of higher pricing for the Cybertruck here. But it's going to be hard to make the cost affordable because it is a new car, new manufacturing method.

我的猜测是250,000年可能是一个合理的数字。可能是50万年，我不知道，但将会有尽可能多的人想要它。然而，这里有一个可能不那么积极的新变化。埃隆说要让成本实惠是很难的。我理解这意味着Cybertruck的定价不会接近揭幕式上所公布的价格。显然，鉴于多年的通货膨胀，我们预计价格会更高，但我认为，埃隆试图为Cybertruck设定更高的价格期望。但由于它是一款新车，采用了新的制造方法，要让成本实惠将会很困难。

Despite this, plenty of people are ready and willing to pay. It's going to be a boom because that crazy looking vehicle has already shown its popularity on pre-orders. Two years. Why? Why? I want one. I think they're nuts. And I think it would be a lot of fun to drive a tank. Because that's what it is. But now a tank where you don't have to feel guilty about it. It's an EV. But it's got a lot of room. It's a very interesting vehicle. It's got a really ugly look. Ugly is interesting. And to be honest with you, I've got investments in providers that are providing technology for that truck. And we know the demand is huge. It's huge.

尽管如此，很多人都愿意买单。这将是一场繁荣，因为这种看起来疯狂的车辆已经在预订中显示出了它的受欢迎程度。两年，为什么？我为什么想要一个？我认为他们是疯狂的，但我认为开一辆坦克会很有趣。因为这就是它的样子。但现在有一辆坦克，你不必感到有罪。它是一辆电动车。但它有很多空间。它是一辆非常有趣的车辆。它看起来真的很丑。丑陋是有趣的。老实说，我投资在为那辆卡车提供技术的供应商中，我们知道需求非常巨大。

This is rarely talked about, but there are plenty of research firms very concerned about the security of digitally connected cars, especially in an autonomous world protecting them from hackers. So we take information security extremely seriously. So if you want to be like Elon and Tesla, you should take your own information security very seriously as well. I think most of us that have kept up with the Twitter files can agree. We're pated toward a place with very little actual privacy between the government and Big Tech. Our every move is being watched online.

这是很少被谈论的话题，但有很多研究机构非常担心数字联网汽车的安全性，特别是在自主世界中，保护它们免受黑客攻击。因此，我们非常重视信息安全。所以，如果您想成为像埃隆和特斯拉一样的人，那么您也应该非常重视自己的信息安全。我认为，我们大多数人跟上了Twitter的消息都会同意。我们正朝着政府和大型科技公司之间几乎没有实际隐私的方向前进。我们的每一个在线行动都在被监视。

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这仅仅是我在2023年继续使用Surfshark的许多原因之一。是的，他们赞助了这个视频，但自从我在2021年听到马特·法尔尔谈论它后，我已经得到了许多其他的转换申请。如果你使用我下面的链接，不到3美元每月的价值主张是真的难以置信的。事实上，我热爱旅行，即使我们最近没有旅行很多，Surfshark可以帮助我们在任何地方节省机票和酒店费用，并帮助我们在旅行中安全地进行。谈到隐私，Surfshark会加密你的互联网活动，以便没有人能够跟踪或窃取你的数据。Surfshark还将通过更改你的IP地址来隐藏你的位置，以掩盖你的真实位置，这样就没有人能够跟踪你。这也可以让你安全地从世界上任何地方解锁新的内容库。你会知道清洁的web功能，告别那些使一些网站无法阅读的恼人广告。这些功能仅仅是冰山一角。不要担心，Surfshark是非常容易使用的。Surfshark现在有一个新的交易，所以去查看它，使用我的促销代码electrified，在以下的surfshark.deals/electrified链接中可以额外获得三个月的免费优惠。

Part of that security Tesla has developed stems from controlling its entire in-house operating system stack. One of the most slept on narratives at Tesla because this is how Tesla is able to have so much real-time data on every aspect of the business when almost every other company especially at scale like Tesla is using third party enterprise software. That Tesla speed that we always talk about, it's only possible because of this right here. Because all internally written Tesla software, I think there's almost no companies in the world can do this because they do not have a very talented internal software teams.

特斯拉开发的安全系统的一部分源自于掌控自家全部操作系统堆栈。这是特斯拉经常被忽略的一点，这也是特斯拉能够对业务的方方面面拥有如此多实时数据的原因，而几乎所有其他规模较大的公司，特别是像特斯拉一样使用第三方企业软件的公司却无法做到。我们总是谈论的特斯拉速度，正是因为这里有这样的制度存在，因为特斯拉所有的软件都是自行编写的，我认为世界上几乎没有一家公司能做到这一点，因为他们没有非常出色的内部软件团队。

When David Faber asked Elon if the IRA impact on Tesla would be worth around 45% of current EPS figures like some analysts have guessed, he said this. I'm not sure I would say it's as good as say 45% increase in only for share or 40%. It's a. It's a. It's helpful. Yeah, yeah. I would say it's maybe it's half that or something. But I mean it's quite significant. It's quite significant. Of course, much has now been made about Elon saying Tesla will try a bit of advertising.

当David Faber询问Elon，是否与一些分析师所猜测的IRA对特斯拉的影响相当于当前EPS数据的约45%时，他说道：“我不确定是否该说它相当于单股或40%的增长。它是有帮助的，是的。我想说它可能只有它一半那么多吧。但是，我意思是它相当重要。当然，现在许多人都在热议Elon表示特斯拉将尝试一些广告。”

Clearly, this shareholder based present was loving this idea. We'll try a little advertising and see how it goes. Okay. Okay. I wasn't expecting that level of enthusiasm. This is most certainly going to be a new look for Tesla and we actually got some color about how Elon sees this taking shape. I'm not sure what the most effective thing is except that I believe that advertising should be informative about a product. It should be ideally aesthetically pleasing. It should be beautiful. It should have some artistic element to it. And it should be something that you don't regret watching after it's done. And I think if advertising fits those criteria that it starts to approach content. You want advertising that is as close to content as possible such that you don't regret the time you spent watching it. So of course, Elon hasn't yet thought through the specifics here. But the hope is that at future Tesla events, Tesla shares slides and data on the impact or lack thereof with Tesla's advertising.

很显然，现阶段的股东们都对这个想法非常热情。我们会尝试一些广告，看看它的效果如何。好的，好的。我没想到他们会如此热情。这绝对将是特斯拉的一种全新面貌，我们实际上也得到了有关伊隆如何看待这个想法的一些色彩。我不确定最有效的方法是什么，除了我相信广告应该对产品进行信息披露。它应该是理想而美观的，应该有一些艺术元素，而且不管怎样，它都不应该让你后悔看过。我认为，如果广告符合这些标准，它就开始接近内容的范畴。你希望广告尽可能接近内容，以至于你不会后悔看它所花费的时间。因此，当然，伊隆还没有思考具体的细节。但希望在未来的特斯拉活动中，特斯拉会分享幻灯片和数据，以证明特斯拉的广告的影响或缺失。

We can't really argue there are plenty of features. The general public is clueless about and we know Elon will want to be educational with this strategy. Let people know that Tesla has the highest euro and cap scores ever seen and that they also have a plan to get rid of even that last 2%. Or that Tesla's are actually more affordable than many people still think. And perhaps most importantly that it's a fact rooted in data that Tesla makes the safest cars in the world. And they keep getting safer with OTA updates for free. There are amazing features and functionality about Tesla's that people just don't know about. This entire time I've been in the camp that Tesla will advertise when they think it makes sense and apparently that time has come.

我们无法否认特斯拉有很多特点，但大众并不了解，我们知道伊隆将希望通过这种策略进行教育。让人们知道，特斯拉的欧洲和碳排放得分是有史以来最高的，而他们还制定了计划来消除最后2%。或者特斯拉的价格实际上比许多人认为的更实惠。最重要的是，这是一个基于数据的事实，特斯拉制造了世界上最安全的汽车，并随着免费的OTA更新不断变得更安全。特斯拉具有令人惊叹的特点和功能，但人们并不都知道。过去我一直认为，特斯拉会在他们认为有意义的时候进行广告宣传，显然，那个时候已经到来了。

Data in targeting our crucial to advertising well and Tesla has said data to make this very effective along with endless exciting things to share with the world. I think a lot of people will like this new look Tesla. Perhaps the one project that will alter the perception and look of Tesla more than any other is Optimus. Yes, this new footage is very impressive and great progress is being made. But what people fail to understand is the same software Tesla uses for FSD can be transferred to Optimus and Optimus will use the same hardware computer that the cars do. But no other company has a situation remotely close to this when it comes to data, training and addressable markets.

将数据应用于精准定向非常关键，而特斯拉已经表示将利用数据使其广告效果更佳，并在全球分享无尽激动人心的内容。我认为很多人会喜欢这个看起来崭新的特斯拉。或许，最能改变特斯拉形象的项目就是Optimus。是的，这段新视频非常令人印象深刻，进展也非常大。但人们没有意识到的是，特斯拉用于全自动驾驶的相同软件可以转移到Optimus，而Optimus将使用与汽车相同的硬件电脑。然而，在数据、培训和可开拓市场方面，没有任何其他公司的情况可以与特斯拉媲美。

The best part about this Wall Street is currently assigning a zero to this business line that Elon said could one day have demand of 10 billion units. All I know for sure is that this business is worth far more than the zero dollars being attributed to it presently. The other argument for a project to vault Tesla into a different stratosphere is of course FSD and Robotaxies and we actually learned a bit more about what that business model will look like for the first time. Who's making the money from that? I assume that's the value ad you're talking about. Is it a revenue share? Do you have this model sort of planned out specifically is how it would look? Yeah, it's been in the Tesla Tesla conditions for quite a long time.

目前，华尔街最令人兴奋的部分就在于，他们将这个由伊隆(Elon)提出的可能在未来达到100亿需求的业务线归零。但唯一确定的是，这个业务线价值肯定不止目前归零的价值。至于让特斯拉跨越巨大进步的另一个方面毫无疑问是FSD和机器人出租车，我们已经首次了解到这个业务模式的一些具体内容和盈利方面。对此，谁会是赚大头的人？我觉得这才是你所谈的增值的关键点。这是一种营收共享模式吗？你有这种模式的具体计划吗？是的，这个模式在特斯拉的计划中已经有很长一段时间了。

What has? Yeah, so the owner of the car would make it could be a 50 50 split or 70 30. I don't know. But the cars are are if you buy a Tesla car it can only be used in the Tesla network. It cannot be used in someone else's network. So that means that if the car is able to be used five times as much and Tesla is likely to make basically two or three times the original value or sale value of the car in Robotax revenue. This is gigantic. As it's known, it'll be like selling cars for software margins because in fact it is software. Instead of effectively having say 25 cent margins, it might be 70 or 70 cent or more. I think Tesla will have sort of a chat GPT moment. Maybe if not this year, I'd say no later than next year. Wait, say that again. I'm sorry. You're going to have a chat GPT moment. Oh, you will. In terms of suddenly it will. Yeah, suddenly three million cars will drive themselves with no one. Right, it goes back to that. Yeah, and then five million cars and then 10 million cars.

这段话主要讲了特斯拉的自动驾驶汽车可能会带来的收益。它指出，特斯拉的车辆只能在特斯拉的网络中使用，这意味着如果这些车辆能够更多地使用，特斯拉可能会从机器人出租车收入中获得原始价值或销售价值的两到三倍的收益。作者预测特斯拉将会有一个“chat GPT moment”，即在自动驾驶汽车上取得的成功将会像在自然语言处理技术上取得的成功一样巨大。作者最后提到，随着时间的推移，越来越多的特斯拉汽车将会实现自动驾驶，这将会进一步提升特斯拉的收益。

Speaking of products, we'll be getting a new look Tesla in the form of two new products coming soon. Two new products that I think you will be very excited about. Both the design of the products and the manufacturing techniques are head and shoulders above anything else. That is present in industry. But you know, Elon's guess is that that will probably make inexpensive five million units a year of these two models combined. My guess here would be the compact and the van as presented at investor day, but hatchback and a different sized SUV are certainly in play as well. And yes, you can use AI to guess what this silhouette may look like, which is fun, but you can also highlight that it's just a silhouette of a Model 3. So let's just be patient and wait for the official product on Ville.

说到产品，我们即将推出两款全新的特斯拉汽车，展现全新外观。我相信你们会对这两款新产品非常兴奋。这两款新产品的设计和制造工艺都是行业中独树一帜的。埃隆的估计是，这两种车型的年产量可能便宜到500万辆。我的猜测是，这款车型可能是投资者大会上展示的紧凑型汽车和货车，但掀背车和不同尺寸的SUV也可能存在。你可以利用人工智能来猜测这个轮廓可能的外形，但要知道，它只是Model 3的轮廓。所以，让我们耐心等待正式的新品发布。

Elon did say the vehicle isn't being designed but is being built, which of course could mean many things. Regardless, that's four new Tesla vehicles in the next two years or so. Cyber truck, Roadster and these two vehicles. Yep, that will be a new look.

埃隆确实说过这辆车并非正在设计中，而是正在制造中，当然这可能意味着很多事情。无论如何，在接下来的两年左右时间里，特斯拉将推出四款全新车型。Cybertruck、 Roadster以及这两款车。没错，这将是一个全新的面貌。

Yes, I said the Roadster because Elon told us the goal was to complete the engineering and design this year and hopefully start production next year, but that was not a commitment. He said it would be only a modest contributor to profitability. But it will be sick.

是的，我说的是 Roadster，因为埃隆告诉我们，目标是在今年完成工程和设计，并希望明年开始生产，但那并不是承诺。他说它只会是利润的一小部分贡献者。但它会很棒。

Along those lines, Elon said track mode will be added to the Model X plan. Elon also mentioned Tesla insurance should make its way to Florida later this year.

类似于此的是，埃隆表示Model X计划将加入赛道模式，他还提到，特斯拉保险今年晚些时候应该会进入佛罗里达州。

Speaking of new vehicle production, Tesla just proposed setting up a new factory in India to make cars for domestic sale and export. No word yet on location or investment amount, but senior Tesla executives are in India this week to discuss local sourcing of parts and other issues. And we were told Tesla would be building another factory alongside gig in Mexico. So could this be it? Maybe we'll see.

说到新车生产，特斯拉刚提出在印度建立一家新工厂，生产用于国内销售和出口的汽车。目前还没有确定工厂的地点或投资金额，但高级特斯拉执行官本周正在印度讨论本地零部件采购和其他问题。我们也听说特斯拉将在墨西哥的Gig工厂旁建立另一家工厂。那会不会就是这个呢？或许我们会看到。

Back in the States, Tesla just won a case in the Delaware Supreme Court to allow the direct sale of cars in the state. This is great news and the list of states catering to dealers using antiquated laws, shrinks and I believe it's now down to 12 or so remaining. The job won't be done until that number hits zero.

在美国，特斯拉刚刚在特拉华州最高法院赢得一个案件，允许直接销售汽车。这是一个好消息，反对陈旧法律服务于经销商的州的名单正在减少，我认为现在只剩下12个左右。直到这个数字降到零，我们的工作才算完成。

Also, the next time you hear somebody bash Tesla's 4680 progress and say it's too slow and they're not even close to battery day predictions, just remind them of this. For Tesla to go from nothing to making a battery sell that we aspire to be better than any other battery sell on earth, even when compared to companies where the only thing they do is make a battery sell is obviously not a trivial exercise. And 4680s have not yet been a constraint for Tesla nor are they projected to be one constraint that I would like to learn more about those this.

当你听到有人抨击特斯拉的4680进展太慢，并且他们甚至没有接近电池日的预测时，只要提醒他们这一点就可以了。对于特斯拉从无到有，制造出我们渴望超越地球上任何其他电池销售的电池销售，即使与那些唯一做电池销售的公司相比，这显然不是一项轻松的任务。而且4680电池目前并不是特斯拉的约束，预计也不会成为我想更多了解的一种约束。

There are some constraints on our ability to expand in China and so it's what we're making is very close we can't. It's not a demand issue. The Chinese economy and the global, the rest of the global economy are like conjoint wins. It would be like trying to separate conjoint wins. That's the severity of the situation.

我们在中国扩张的能力受到了一些限制，所以我们能够做的非常接近。这不是一个需求问题。中国经济和全球其他经济体是彼此相连的，就像共同赢得的胜利一样。这就像是试图分开共同赢得的胜利一样。这就是情况的严重性。

At the end of the day though, zooming out, it's very tough to argue that there would be a more exciting and or more important company to our future than Tesla. But all those when you put this whole piece together, what this is, it's growth. I mean, each of these products are going after big addressable markets. And I would just put that up against and when the debate about investing in this is that put that lineup, even if two or three of those hit, put that lineup against any other car makers. And I think that Tesla still stands above the rest when it comes to growth opportunities. It's going to be bumpy, but they're going after such big markets and they got such a good lead.

然而，归根结底，回顾整个局面，很难否认特斯拉对我们未来的重要性和充满激情的程度。但是，当你将整件事情放在一起考虑时，这就是一种增长。我的意思是，这些产品都是针对重要的市场需求而开发的。当你在讨论是否应该投资特斯拉时，将这些产品放在一起比较，即使只有两三个产品得到市场认可，我认为特斯拉仍然在增长机会方面领先车企。虽然道路会崎岖不平，但他们正在开拓如此重要的市场，并且已经获得了如此出色的领先优势。

I suspect that the momentum is going to shift more positively in the quarters ahead. And no, Elon will not be stepping down as CEO. And also there's some rumors that you're thinking about stepping down as CEO. Please say it ain't so. It ain't so.

我怀疑动力将在接下来的季度更积极地转变。不，埃隆不会下台。还有一些谣言说你正考虑辞去CEO职务。请说这不是真的。不是真的。

And while we can clearly see many ways in which Tesla continues to grow, adapt, innovate and create new looks, there is one way in which it won't change. At least for me, it's something or someone rather that I can really respect and happily continue to support, even when his views may not align directly with mine. But at the end of the day, I refrain that we can continually repeat the long term future of Tesla is clearly brighter than ever.

虽然我们清晰地看到了特斯拉继续发展、适应、创新和推出新外观的许多方法，但有一方面是不会改变的。至少对我来说，这是一个我非常尊重并愿意继续支持的事情或人，即使他的观点可能与我的不完全一致。但在一天结束时，我坚信我们可以持续重复特斯拉的长期未来显然比以往任何时候都更加光明。

You know, do your tweets hurt the company? Are there test law owners who say I don't agree with his political position? And I know it because he shares so much of it, where there are advertisers on Twitter that Linda Yagrin will come and say, you got to stop, man. Or, you know, I can't get these ads because of some of the things you tweet. You know, I'm reminded of the seed in the Princess bride, great movie, great. Where he confronts the person who killed his father, he says, I offer me money, I don't care. See, you just don't care. You want to share what you have to say? I'll say what I want to say and if the consequence of that is losing money, so be it.

你知道吗，你的推特会伤害公司的形象吗？是否有投资者会因为你的政治立场而表示不同意呢？而且我知道这点，是因为你分享了很多相关信息。或许有些广告客户会向 Twitter 投诉，说你必须停止这种行为。或者，因为你发布的一些信息，我无法获得某些广告。我想起了《公主新娘》中的那个镜头，非常经典。主人公面对杀死他父亲的人时，他说：“不管你给我多少钱，我不在乎。你只想说自己想说的话，不在意可能失去的金钱。”