英文原文
中文翻譯Good afternoon, everyone, and welcome to Tesla's second quarter 2025 Q&A webcast. My name is Travis Axarrod, Head of Investor Relations, and I'm joined today by Elon Musk, Fed, and a number of other executives.
大家午安，歡迎來到特斯拉 2025 年第二季財報問答網路廣播。我是投資人關係負責人 Travis Axarrod，今天與我一起出席的還有 Elon Musk、Fed 和其他多位高層主管。
Our Q2 results were announced at about 3 p.m. Central Time in the update deck we published at the same link as this webcast.
我們的第二季財報已於美中時間下午 3 點左右在與本網路廣播相同的連結上公布更新資料。
During this call, we will discuss our business outlook and make forward-looking statements. These comments are based on our predictions and expectations as of today.
在本次電話會議中，我們將討論業務展望並發表前瞻性言論。這些評論是根據我們目前的預測與期望所做的。
Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in our most recent filings with the SEC.
實際情況或結果可能因多項風險與不確定因素而有重大差異，這些因素包括我們最近提交給 SEC 的文件中所提及的內容。
During the question and answer portion of today's call, please limit yourself to one question and one follow-up. Please use the raise hand button to join the question queue.
在今日的問答環節中，請每人僅提一個問題與一個追問。請使用舉手按鈕加入提問隊列。
Before we jump into Q&A, Elon has some opening remarks. Elon?
在進入問答環節前，Elon 有一些開場說明。Elon？
Thanks, Travis. So we've had a very exciting quarter. We're able to successfully launch robotaxi, providing our first drives with no one in the driver's seat, with paying customers in Austin.
謝謝 Travis。我們這一季非常令人振奮。我們成功推出 robotaxi，並在奧斯汀為付費乘客提供了首次無人駕駛座的載客服務。
And as some may have noted, we've already expanded our service area in Austin. It's bigger and longer, and it's going to get even bigger and longer.
如部分人所注意到的，我們在奧斯汀的服務區已經擴大了，範圍更大、時間更長，未來還會繼續擴大與延伸。
We were expecting to really greatly increase the Austin service area to well in excess of what competitors are doing, and that's hopefully in a week or so, couple weeks, yeah, couple weeks or so.
我們預期奧斯汀的服務區會大幅拓展，遠超過競爭對手的範圍，預計約在一到兩週內實現。
And then we're getting the regulatory permission to launch in the Bay Area, Nevada, Arizona, and a number, and Florida, and a number of other places.
接著我們正獲得在舊金山灣區、內華達州、亞利桑那州、佛羅里達州及其他多地推行服務的監管許可。
bunch of things, so it'll probably be prototypes of Optimus 3 **this year**, and then scale production next year.
有很多事情，所以 Optimum 3 的原型可能會在**今年**出現，並在明年開始擴大生產。
Going to try to scale Optimus production as fast as it's humanly possible to to do so.
我們會盡人力所及地快速擴大 Optimus 的生產。
Try to get to a million units a year as quickly as possible.
我們會盡快達到每年生產一百萬台的目標。
We think we can get there in less than five years.
我們認為能在五年內達成這個目標。
That's my sort of, I guess, um, that that's a reasonable aspiration, is a million units a year **in** five years.
我認為這是個合理的願景，在五年內達到每年生產一百萬台。
That seems like an achievable target.
這看起來是個可以達成的目標。
So, in conclusion, so far 2025 has been very exciting year, a lot of major milestones.
總結來說，2025 年目前為止是非常令人興奮的一年，有許多重大里程碑。
We've made clear, demonstrable progress in autonomy that a lot of **naysayers** said we would not achieve.
我們在自動駕駛方面取得了明確且可證明的進展，許多**唱衰者**曾說我們做不到。
It is worth noting that we have done what we said we were going to do.
值得注意的是，我們確實完成了我們承諾要做的事。
Doesn't mean we're always on time, but we get it done.
這不代表我們總是準時，但我們會完成目標。
And the naysayers are sitting there with egg on their face.
而那些唱衰者現在顯得非常尷尬。
So great, great, great, great progress by the Tesla team.
Tesla 團隊取得了非常非常傑出的進展。
Yeah, I do think if Tesla continues to execute well with vehicle autonomy and and human right robot autonomy, it, it will be the most valuable company in the world.
我確實認為如果 Tesla 能持續在人車自動化與人形機器人自動化上執行良好，將成為全球最有價值的公司。
It's a lot of execution between here and there. It doesn't just happen.
從現在到那時還需要大量執行，這不會自然發生。
But provided we execute very well, I think Tesla has a shot at being the most valuable company in the world.
但只要我們執行得當，Tesla 有機會成為全球最有價值的公司。
Obviously, I'm extremely optimistic about future of the company.
我對公司未來非常樂觀。
Best way to predict the future is to make it happen, and we're making it happen here with Tesla team.
預測未來最好的方法是去實現它，而我們正在與 Tesla 團隊一起實現它。
So I'd just like to say thanks to all of our supporters.
我想對所有支持者表達感謝。
And I think we've got, yeah, an incredibly exciting future.
我認為我們擁有一個非常令人振奮的未來。
tency in manufacturing and sales, the full impacts will come through in the following quarters, and so costs will increase in the near term.
由於製造和銷售方面的延遲，完整的影響將在接下來幾季中顯現，因此短期內成本將上升。
While we're doing our best to manage these impacts, we are in an unpredictable environment on the tariff front.
儘管我們正盡最大努力應對這些影響，但目前在關稅方面的環境難以預測。
The margins for the energy generation and storage businesses improved sequentially, while deployment reduced primarily due to the ramp-up of Powerwall deployments at higher margins.
能源生產與儲存業務的利潤率逐季改善，而部署量減少主要是因為高利潤的 Powerwall 部署增加。
We were able to achieve our highest gross profit for the business yet.
我們成功創下該業務有史以來最高的毛利。
Note that the overall deployments will continue to vary quarter to quarter.
請注意，整體部署量將持續按季度變化。
I think Elon covered this, that you know, industrial storage will make a difference in this drive towards AI and data center growth.
我想 Elon 已經提到，工業儲能將在推動 AI 和資料中心成長方面發揮關鍵作用。
The energy requirements are increasing at a rapid scale, as AI applications are very energy hungry.
由於 AI 應用對能源需求極高，能源需求正以快速速度增加。
The quickest path to scale up energy is deploying storage.
擴大能源供應最快的方法就是部署儲能系統。
This is something that our customers have started realizing, and despite this business having the largest impacts from tariffs, we're seeing customers willing to accept some of the tariff impacts.
我們的客戶已開始意識到這點，儘管該業務受到關稅影響最大，我們仍看到客戶願意接受部分關稅成本。
The big bill has certain adverse impacts even for the energy business, most notably on the residential storage business due to the early expiration of consumer credits by the end of this year.
該法案對能源業務也產生不利影響，尤其是住宅儲能業務，因為消費者稅收抵免將於年底提前到期。
The challenges of the storage business therefore remain both from the build and from the tariffs.
因此，儲能業務的挑戰仍包括建置與關稅兩方面。
And we're doing our best to try and manage through this, but it will, we will see shifts in demand and profitability.
我們正盡最大努力應對，但仍將看到需求與獲利能力的變化。
The margins for our service and other businesses improved sequentially primarily due to higher profits from Supercharging and improvement in insurance and service center profitability.
我們的服務與其他業務的利潤率逐季上升，主要因為超充服務帶來更高利潤，以及保險與服務中心的獲利改善。
Operating expenses also grew sequentially as we continued our investment in AI projects, including additional expenses related to employee related cost, including higher stock-based compensation and depreciation for AI compute.
隨著我們持續投資於 AI 專案，營運支出也逐季增加，包含與員工相關的額外支出，如股票酬勞提高及 AI 運算設備的折舊。
Our operating expenses, especially R&D related spend, will continue to grow.
我們的營運支出，特別是研發相關支出，將持續成長。
We believe even in the current environment, it is the right strategy to keep making investments in these areas to position us for the long term.
我們相信即便在當前環境下，持續投資這些領域仍是正確策略，能為我們未來發展做好準備。
Other income grew sequentially primarily from the mark-to-market adjustment on Bitcoin holdings, which was 284 million gained in Q2, while being 125 million loss in Q1.
其他收入逐季成長主要來自比特幣持倉的市值調整，第 2 季獲利 2.84 億美元，第 1 季則虧損 1.25 億美元。
Just want to remind people that this would keep creating volatility based on the Bitcoin price.
提醒大家，這會因比特幣價格波動而持續產生收入波動。
While operating cash flows increased sequentially, so did our CapEx, resulting in 146 million of free cash flow.
雖然營運現金流逐季增加，但資本支出也隨之增加，導致自由現金流為 1.46 億美元。
We continue to make investments in various aspects of manufacturing, like the Cybertruck, Semi lines and other manufacturing spend, and the expansion of our AI initiatives.
我們持續在多個製造面向進行投資，包括 Cybertruck、Semi 生產線、其他製造支出及 AI 計畫的擴展。
Our latest expectation for the year in terms of CapEx is in excess of 9 billion.
我們最新的年度資本支出預估將超過 90 億美元。
To summarize, we have near-term challenges in our business due to the negative impacts of the bill and tariffs.
總結來說，受法案與關稅負面影響，我們的業務在短期內面臨挑戰。
However, the investments that we have made for AI, robotics, and our lead in energy sets us up for a bright future.
但我們在 AI、機器人與能源領域的投資將為未來鋪路。
I would like to thank the whole Tesla team, our customers, our investors, and supporters for their continued belief in us.
我要感謝整個 Tesla 團隊、我們的客戶、投資人與支持者一直以來的信任。
me customer vehicles, and we did deliver a car autonomously from the factory to a customer. Yes. And every Tesla manufactured in the US and in Europe autonomously drives itself from the end of line to the loading docks. And it, so it's just a software update.
我們確實從工廠自動將車輛交付給客戶。是的，在美國和歐洲製造的每輛特斯拉，會從產線尾端自動駛向裝載區，這只是一個軟體更新。
Yeah, I think we'll be, we'll end up delivering cars in the greater RO area and the Bay Area by default from the factory by the end of this year. Like a car will deliver itself to your, to where you are, unless you say you don't want that. That would be super cool. Yeah.
我想，到今年底我們會預設在 RO 大區與舊金山灣區自動交付車輛。車輛會自動開到你所在的位置，除非你表示不願意。這真的很酷。
Great, thank you guys. The next question is, what specific factory tasks is Optimus currently performing and what is the expected timeline for scaling production to enable external sales? How does Tesla envision Optimus contributing to revenue in the next two to three years?
很好，謝謝。下一個問題是，Optimus 現在在工廠執行哪些具體任務？擴大產能以進行外部銷售的預期時間表是什麼？特斯拉預計 Optimus 在未來兩到三年將如何貢獻營收？
Yeah, so the Optimus, Optimus 3 design, as I mentioned earlier, is, I think, finally the right design. There'll be further optimizations, but there are no, I think, no fundamental changes to that are needed for the Optimus 3 design.
是的，正如我之前提到的，Optimus 3 的設計我認為終於是正確的設計。會有進一步的優化，但不需要根本性的改變。
It has all the degrees of freedom that you really want or need. So it's, you know, we'll have prototypes of that in, I don't know, three or three months, and it's all to a production. We'll certainly start production on that in the beginning of next year.
它具備你真正想要或需要的所有自由度。我們會在三個月內推出原型機，然後進入量產階段。我們肯定會在明年初開始生產。
The production ramp, it's difficult, it's always difficult to predict the ease of production ramp when something has got an entire, when everything is new, because the rate of production will move as fast as the least capable link and least competent element of the entire supply chain, as well as internal processes.
量產的爬坡非常難預測，因為當一切都是新的時候，生產速度會受限於供應鏈中最薄弱的一環以及內部流程中最不熟練的部分。
So the more new stuff that is in in a product, the slower the the ramp could be because of unexpected supply chain interruptions or mistakes made internally.
所以產品中越多新東西，爬坡速度可能越慢，因為會有供應鏈中斷或內部錯誤等不可預期因素。
It's much easier to predict, um, sort of the, the the end of the of the scope or or late in the scope than the beginning of the scope. And the beginning of the scope of of the production ramp is, in any case, not really material for purposes.
預測產線後段比前段容易多了。而生產爬坡的初期基本上對整體來說並不關鍵。
The, the beginning of the scope, you're usually not, usually, you're always negative gross margin. Then you're debugging a lot of issues.
在初期通常會是負毛利，因為都在排除各種問題。
So, um, that's why like, it's, it's, I feel like fairly confident in predicting things, or at least medium confident in predicting where we are in five years, but I, it's hard to predict where we are in a year or two years.
所以我比較有信心預測五年後的狀況，但一年或兩年後的情況就比較難預測。
So that's why I think five years. I think we could be at the, let me put this, I'll be surprised if at the end of five years, you know, 60 months from now, if we are not roughly making 100,000 Optimus robots a month in 60 months, I would be shocked.
所以我才會說五年後。如果五年後我們每月還沒達到十萬台 Optimus 的產量，那我會很驚訝。
All right, thank you very much. Next question is, can you provide an update on the development and production timeline for Tesla's more affordable models? How will these models balance cost reduction, profitability, and what impact do you expect on demand in the current economic climate?
好的，謝謝。下一個問題是，特斯拉更平價車款的研發與生產時程如何？這些車型如何在降低成本與維持獲利間取得平衡？在當前經濟下，預期會對需求產生什麼影響？
Well, I, I think Fed did a good job of answering this question in his opening remarks. As we said, we started production in June, and we're ramping, you know, quality builds and things around the quarter.
我覺得 Fed 在開場講得很好。就像我們說的，我們從六月開始生產，目前正在提升品質與產量。
And given that that we started in North America and that, you know, that, um, our goal is to maximize production with IRA cliff ending in Q3, we're going to keep pushing hard on our current models to avoid complexity.
既然我們從北美開始，並且第三季將面臨 IRA 獎勵截止，我們會持續強化現有車型生產來避免複雜化。
Unfortunately, that rolls away. We'll be running with new, more affordable models available for everyone in Q4.
可惜那項激勵即將結束，我們將在第四季推出更平價、人人可買的新車型。
And, you know, the goal with those products was not to negatively impact revenue or gross margin, but just to make a a car that everyone loves and wants at a more affordable price.
這些新車型的目標不是犧牲營收或毛利，而是製造一款人人都愛且價格更親民的車。
Great, thank you, Larson. The next question is, can you talk about the benefits of Tesla investing in XAI?
好的，謝謝 Larson。下一個問題是：你可以談談特斯拉投資 XAI 的好處嗎？
This is not the forum to discuss this topic. I mean, if if there is something which we need to discuss, we'll discuss it separately.
這不是討論這個議題的場合。如果需要討論，我們會另闢時間處理。
I think obviously, you know, we're a publicly traded company. Shareholders are welcome to put forward any shareholder proposals that they'd like. I strongly encourage that.
我們是一家上市公司，股東都可以提出他們想要的提案，我非常鼓勵這樣做。
And, and then have shareholders vote, and we'll act in accordance with the shareholder wishes.
然後讓股東們投票，我們會依照他們的意願行事。
Great, thank you very much. The next question is, can you tell us a little bit more about what goes on in the Tesla design studio? Do you want me to take that one?
好的，非常感謝。下一個問題是，你能不能多說一點關於 Tesla 設計工作室的事情？要我來回答這個問題嗎？
Um, we kind of generally say that, um, what happens in the studio stays in the studio, um, and that, you know, earnings calls are not the place to disclose new product stuff.
我們通常會說：設計工作室發生的事就留在設計工作室，財報電話會議不是揭露新產品的場合。
But we're, you know, working to make sure that we have an exciting future for for Tesla and our in the product lineup.
但我們確實正努力讓 Tesla 與我們的產品陣容未來更令人興奮。
Yeah, there's a lot of exciting things happening in the design studio. It's, it's not like static.
是的，設計工作室發生了很多令人興奮的事，它不是靜態不變的。
And really what's going to happen over the next several years is a fundamental transformation of the company from a pre-autonomy world to a post-autonomy.
接下來幾年將是公司從無自駕轉型為全自駕時代的根本性變化。
And, uh, I'm working on a new master plan to articulate that as a team.
我正在制定新的大計畫，團隊將會闡述這個轉型。
ah, longer term from an economics point of view, longer term, you've previously talked about working to drive down the cost per mile on robotaxis, maybe towards 30 or 40 cents per mile over time. Uh, now that your service is live, how should we think about the main milestones to getting there?
從經濟的長期觀點來看，你之前曾提到希望將無人計程車的每英里成本降至30到40美分。那現在這項服務已經上線，我們應該如何看待實現該目標的主要里程碑？
Yeah, well, the, the, the Cybercab is, which is really optimized for autonomy, um, that, that, I think, is got, uh, it's probably sub-30 cent per mile potential over time, maybe 25.
是的，Cybercab 是為了自動駕駛而最佳化的車型，我認為它的成本潛力可能會低於每英里30美分，甚至達到25美分。
Like it's got Model, you know, Model all of our all of our cars that are driven by people are super fun to drive. They've got incredible acceleration, uh, you know, the incredible cornering capability.
像是我們所有人類駕駛的車型（如Model系列）開起來都很有趣，具備強大的加速與轉彎能力。
But I don't, we, we're confident that very few people in a Cybercab want to be hooning around.
但我們很有信心，坐Cybercab 的人應該很少有人想要飆車或激烈駕駛。
So we reduce the top-end speed, which means we can use more efficient tires. We don't need as much acceleration.
所以我們降低了車速上限，這代表可以使用更節能的輪胎，也不需要那麼強的加速能力。
So I think it's going to, the actual cost per mile of Cybercab will be be very low.
所以我認為 Cybercab 的實際每英里成本將會非常低。
The cost per mile of our existing fleet will be higher but still very competitive.
現有車隊的每英里成本會比較高，但仍具有競爭力。
Tesla's robotaxi fleet will go from tiny to gigantic in terms of operations, um, in pretty short period of time.
Tesla 的無人計程車車隊在營運方面將在短期內從極小規模擴展為極大規模。
My guess is there's it has a material impact on our financials around the end of next year.
我猜這將在明年年底對我們的財務產生實質影響。
Are you comfortable moving Tesla in this direction while only having a 13% stake in the company?
當你僅擁有公司13%的股份時，你是否對將 Tesla 帶往這樣的方向感到安心？
I’ve got like so little control that I can easily be ousted by activist shareholders after having built these this army of humanoid robots.
我幾乎沒什麼控制權，甚至有可能在建立了這支人形機器人大軍後被行動派股東趕下台。
I think my control over Tesla should be it enough to ensure that it goes in a good direction, but not so much control that I can't be thrown out if I go crazy.
我認為我對 Tesla 的控制應該足以確保它走在正確的方向，但也不能多到我發瘋時不能被趕下台。
We trust you. Well, you can stay a little crazy. A little crazy is okay.
我們信任你。你可以有點瘋，適度瘋狂是沒問題的。
We understand the board of directors of a major US investment bank recently toured Optimus production.
我們聽說某間美國大型投資銀行的董事會最近參觀了 Optimus 的產線。
When do you think others will be able to get a firsthand view of Optimus like that?
你認為其他人什麼時候可以像這樣親自參觀 Optimus？
Is the second half of this year too soon to have an AI day?
今年下半年舉辦 AI 日會不會太早？
This talent war is getting freaking crazy.
現在這場人才爭奪戰已經變得非常瘋狂了。
Some of our competitors have literally done a frame-by-frame examination of our slides and everything we say and then copy us.
我們的一些競爭對手真的對我們的簡報逐格分析，逐字抄襲我們的說法，然後模仿我們。
It does help with recruiting, but then competitors look very closely and copy us.
這確實有助於招募人才，但競爭對手也會非常仔細地抄襲我們。
We could consider the shareholder meeting to be sort of an AI event.
我們可以考慮把股東大會當作一場 AI 活動。
lso really underrated in terms of AI chip design, um, as well as AI software. Um, so like, there's still not a chip that exists that we would prefer to put in our car over our own.
在 AI 晶片設計與 AI 軟體方面其實非常被低估。我們目前仍然沒有看到有哪款晶片比我們自家設計的更適合放進我們的車裡。
And even though it's been now out for several years, and we're confident that the AI5 chip will be a profound game changer.
即使這款晶片已經推出好幾年了，我們仍然相信 AI5 晶片將會是個顛覆性的改變者。
In fact, it, it's so, it's so powerful that we'll have to nerf it to some degree for markets outside of the US because it it blows way past the export restrictions.
事實上，它的性能強大到我們必須在美國以外的市場對它進行某種程度的降級，因為它遠遠超過了出口限制。
So unless export restrictions change, we actually will have to nerf our AI5 chip, which is kind of weird.
除非出口限制有所改變，否則我們真的得對 AI5 晶片做降級，這有點奇怪。
Hopefully those, hopefully we keep, you know, raising the bar on export restrictions, otherwise it gets a bit silly.
希望這些限制能夠不斷調整，不然會變得有點荒謬。
But we'll have a bunch of Optimus robots on stage, uh, at the shareholder meeting.
但我們會在股東大會上展示一堆 Optimus 機器人。
The Optimus lab is cool to see. It looks like it basically looks like the set of Westworld.
Optimus 實驗室非常酷，看起來就像是《西方極樂園》的拍攝場景。
You could robots in various stages, some of them, you know, in various stages of repair. Like, I don't know, some some combination of like the Tatooine junkyard and the and Westworld is what it looks like.
你可以看到各種階段的機器人，有些在維修中，看起來像是塔圖因星球的廢鐵場和《西方極樂園》的混合體。
It's very cool. And Optimus is walking around the office here in Palo Alto. So just 24/7 is just walking around like small.
真的很酷，Optimus 機器人在帕羅奧圖的辦公室中四處走動，幾乎是 24 小時不停地在移動。
Optimus, like, you know, the Tesla Diner serving popcorn, yeah, so it's, we'll go from a world where robots are rare to where they're so common that you don't even look up.
Optimus 就像是特斯拉餐廳裡在賣爆米花的角色，我們正從一個機器人稀少的世界走向它們普遍到你都懶得抬頭看的未來。
a motivator. Plus, the other thing is, people don't realize, even at $99 a month, it's like you're getting a **personal chauffeur** for almost $3.33 a day. And this is by far the biggest game changer, which I know we've been talking about it because part of it is we live and breathe it, but I feel most people still don't know.
一個動機來源。另外，人們沒意識到，即使每月只要 99 美元，也等於你每天只花約 3.33 美元就能擁有一位**私人司機**。這無疑是最大的顛覆性變革，我知道我們常常談這件事，因為我們對它瞭若指掌，但我覺得大多數人仍然不知道。
Yeah, but the vast majority of people don't know it exists, and it's still like half of Tesla owners who could use it haven't tried it even once. They don't actually realize. Obviously, this is something we want to educate them on. So we've got to, you know, when they come in for service, uh, we'll reach out to them, send them like videos of how to make it work.
是啊，但絕大多數人根本不知道這功能的存在，甚至還有一半的 Tesla 車主從未使用過。顯然，這是我們需要向他們宣導的事情。所以當他們來保養時，我們會主動聯繫他們，寄影片給他們教他們怎麼啟用這功能。
And, uh, most it's so, it's such a shocking thing. They don't, they don't think a car is capable of this. So you have to, you have to show them and and and get them comfortable with turning it on and off. It's so trivial, but it's, you know, it's like saying you've got a a cat that can sing **and dance**, but it just looks like a normal cat. And you're like, you know, until you see the cat sing **and dance** and talk, you're like, you assume it's just a cat. That's, that's Tesla FSD.
而且，大多數人會被這功能震撼到。他們不相信車子能做到這樣的事。所以你得親自示範給他們看，幫他們習慣如何開啟與關閉這功能。這看似簡單，卻像是你說你有一隻會唱歌**跳舞**的貓，但它外觀看起來像一般的貓。直到看到牠真的會唱歌**跳舞**還會講話，你才會相信牠不是普通的貓。這就像 Tesla 的 FSD 一樣。
Yes, our car is intelligent. And so what we're going to do, to Elon's point, like we've been giving people free time to try and try FSD. But we'll start giving more prompts to say, okay, this particular drive, try FSD. So that, I mean, because it's literally seeing is believing. Like Elon said, it's think of it like a cat. It looks like a normal cat, but this cat can sing **and dance**. Yeah, same thing on that.
是的，我們的車是智慧型的。依照 Elon 的想法，我們已經提供免費試用 FSD 的時間。但接下來我們會更加積極提示，例如：這趟旅程試試 FSD。因為真的要親眼看到才會相信。就像 Elon 說的，想像這是一隻看起來普通、但會唱歌**跳舞**的貓。對，就是這樣的情況。
Great. Yeah. And that 25% comment was 25% increase in the penetration rate since we've seen the release of of **V12** and **V13** hit in North America.
太棒了。那 25% 的評論指的是 **V12** 與 **V13** 在北美推出後，滲透率已提高了 25%。
Yeah, thanks, Travis. Uh, Tesla has historically said it would use pricing as one tool to help drive auto vehicle growth as long as free cash flow stayed positive. Given the ability to monetize products like FSD, I'm curious how you're thinking about pricing from here as a potential tool to drive increased volumes...
謝謝你，Travis。Tesla 過去曾表示，只要自由現金流為正，就會將價格作為推動電動車銷售成長的工具。現在可以透過像 FSD 這樣的產品獲利，我想知道你們是否會將價格策略作為提高銷量的手段...
Well, we're, we're in this like weird transition period, um, where we will lose a lot of incentives in the US, a lot of incentives actually in many other parts of the world...
目前我們正處於一個奇怪的過渡時期，美國以及全球多個地區的補助將會消失...
Great. The next question is going to come from, uh, Will from Truist. Uh, Will, please, uh, feel free to unmute yourself when you're ready.
好的，下一位提問者是 Truist 的 Will，請在準備好後解除靜音。
Great, thanks so much for taking my questions. Um, uh, first, um, I'd like to ask for a little bit more detail about the lower cost model that you talked about having, I think, started, uh, production in the first half...
謝謝回答我的問題。首先，我想請教更多關於你們提到的低價車型，據我了解已於上半年開始生產...
Well, we won't get into the looks because a **Model Y**, like, lift the cat out of the bag there, dancing cat that can sing and dance...
我們不會談外觀，因為這就像 Model Y，等於把那隻會唱歌跳舞的貓放出袋子...
So the more affordable we can make the car, the better. Um, I think it's, it's going to be, it will be a very big deal when people can release their car to the fleet and have it earn money for them...
所以車子越平價越好。我認為當人們能把車釋放給車隊並替他們賺錢時，將會是一件大事...
e legally allowed, you know, appropriate disclaimers. Um, and, uh, that'll make the affordability dramatically greater, just like, you know, you could, you, if you have an Airbnb and and you can rent out your your home when you're not there or rent out a a guest room or guest house or something like that, your the affordability of your home is much greater.
在法律允許的情況下，加上適當的免責聲明，這將大幅提升可負擔性。就像如果你有 Airbnb，在你不在家的時候出租你的住宅、客房或是招待所等，你的住房負擔能力就會大幅提升一樣。
Okay. Um, trying another, uh, another topic then. Can, you know, we we see all these wonderful developments at XAI, like Groq, and, um, you know, obviously Tesla's trying to do quite a bit in AI. Elon, how do you manage the division of efforts and recruiting and talent and capital, um, between these two that that seem like there's a very high potential that they could in fact compete?
好的，那我們換個主題。我們看到 XAI 有許多令人驚豔的發展，比如 Groq，而特斯拉也明顯在 AI 領域做了不少事。Elon，你是如何在這兩家公司之間分配資源、人力與資金的？因為它們看起來很有可能會互相競爭。
Well, well, they are doing different things here. Um, so, um, you know, the XAI is doing like, you know, terabyte scale, uh, models and multi-terabyte scale models. Um, you know, Tesla's 100 times smaller models. So one's real-world AI and one's kind of, uh, I guess, uh, artificial super intelligence type thing.
它們其實做的是不同的事。XAI 是在做 TB 級甚至多 TB 級的模型，而特斯拉的模型小 100 倍。所以一個是現實世界的 AI，一個是類似人工超級智慧（ASI）那類的東西。
The, I mean, really kind of the the genesis for XAI was that there, there were certain people who simply would not join Tesla AI engineers because they wanted to work on ASI. They would join Tesla. Um, and I was like, well, maybe they'll join a new company.
XAI 的起源其實是因為有些人單純不願加入特斯拉的 AI 團隊，因為他們想做的是 ASI。他們不會加入特斯拉。那我就想，也許他們會願意加入一間新公司。
And, uh, now I think the Tesla problem is extremely important, but not everyone agrees with me on that. And so rather than have them join, you know, OpenAI or Google or whatever, some other company, it's like, as well, have them create a company in that regard, right? Which is like, which is XAI.
我認為特斯拉要解決的問題極其重要，但不是每個人都認同。所以與其讓他們去加入 OpenAI、Google 或其他公司，不如讓他們來成立一間新公司——那就是 XAI。
So that's, uh, you know, um, and then, you know, people can make it, make a decision, do they want to work on it's like super intelligence at data center or real-world AI. Kind of they're both compelling problems, but some people want to work on one and some want to work on the other.
所以這樣一來人們就可以選擇：他們想在資料中心做超級智慧，還是做現實世界的 AI。這兩個問題都很有吸引力，但有些人只想做其中一個。
Great. And, uh, unfortunately, that is all the time we have today. Uh, thank you everyone so much for your questions and we will see you next quarter. Hi.
太好了，但很遺憾今天的時間已經用完。非常感謝大家的提問，我們下個季度見。
the story. Like we need the, we need the physical product without which you cannot have autonomy, but once you have the physical product, you need the, the autonomy is what amplifies the value to stratospheric levels.
故事是這樣的：我們需要實體產品，否則就無法實現自動化，但一旦擁有實體產品，自動化就會將其價值提升到極高的層次。
We also launched the Tesla Diner, which has been a huge hit. Actually got worldwide attention, which is unusual for a diner. Diners don't typically get, you know, headline news around Earth.
我們也推出了 Tesla Diner（特斯拉餐廳），非常受歡迎，甚至獲得全球關注，這對餐廳來說非常罕見，因為餐廳通常不會成為全球新聞的頭條。
But this is a pretty special diner, and if you're in the LA area, it's worth visiting. It's sort of a shiny beacon of hope in in an otherwise sort of bleak urban landscape, frankly.
但這家餐廳相當特別，如果你在洛杉磯地區，非常值得一訪。坦白說，它就像是在陰暗城市景觀中的一道希望之光。
So really quite quite a lovely experience. Great job by the Tesla team there.
這真的是非常美好的體驗，特斯拉團隊做得非常出色。
On the Full Self-Driving front, continue talking about that, we have, we're continuing to make significant improvements just with the software.
在全自動駕駛方面，我們持續透過軟體進行重大改進。
So the, we're expecting to increase the parameter count actually at this point to, I think we think we can probably 10x the almost 10x the parameter count, roughly, yeah, roughly roughly 10x the parameter count.
我們預計將參數數量增加到目前的 10 倍左右，大致上可達成這個目標。
So this is, this is actually a very tricky thing to do because you, if you as you increase the parameter count, you get, you get choked on memory bandwidth.
這其實是一件非常困難的事，因為當你增加參數數量時，會受到記憶體頻寬的限制。
But we currently think we can 10x the parameter count from what people are currently experiencing. That's, so not not just a 4x, actually 10x increase in parameter count.
但我們目前認為可以將參數數量提高至現在的 10 倍，而不是 4 倍。
And, yeah, so so a lot of improvement on the existing hardware to to happen.
所以在現有硬體上還有很多改進空間。
Energy is growing really well despite headwinds from tariffs and spare supply chain challenges.
儘管受到關稅和備品供應鏈挑戰的阻力，能源部門的發展仍然非常良好。
