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Live: Tesla Q2 Earnings Report Coverage & Analysis (Q2-25)

发布时间 2025-07-23 21:09:28 来源

Everybody, you're out an hour here and today looking forward to going through Tesla's Q2 earnings report, which we should get here in about 10 minutes if you are joining live. If you are joining afterwards, please check down below. You'll see the timestamps and you can fast forward right to when it earnings come out. And then later today, we will also go through the earnings call. That'll be at about 430 central time. There's going to be a second stream for that. This live stream should direct you right there, but if not, the link is also in the description.

大家好，你们现在在这里等了一个小时，今天我们期待着特斯拉第二季度的财报，这份报告大约在10分钟后会发布。如果你是正在现场观看，请耐心等候。如果是事后观看，请查看下面的时间戳，你可以直接快进到财报发布时间。今天晚些时候，我们还会参加财报会议，会议将在中部时间约4:30开始。届时会有第二个直播流，本直播流会直接引导你到那里，但如果没有的话，链接也在描述中。

So going to be back a lot has happened since we last spoke. That would have been around the Robo Taxi unveiling or launch, I guess more appropriately, down in Austin. So, haven't had a chance to get back there unfortunately since doing the live stream to discuss that. So, I don't really have any new thoughts, I guess, but looking forward to getting back down there sometime soon, hopefully testing out the expanded service area, which I'm excited to see expand pretty quickly here. I think the more meaningful milestone, of course, will be safety drivers or safety passengers at this point.

自从我们上次谈话以来，发生了很多事情，那时候大概是机器人出租车在奥斯汀发布或上市的时候。遗憾的是，自从直播讨论那次活动以来，我还没有机会回到那里。所以，我暂时没有新的想法。不过，我期待能尽快再去，希望能够测试一下已经扩展的服务区域，我对此感到非常兴奋。我认为更重要的里程碑当然是加入安全驾驶员或是安全乘客。

When those get removed, I think that's a much bigger check mark. But in the interim period of time, it's really, really nice to see that expansion happen so quickly. Of course, Waymo followed up with that expanding their service area, almost immediately after Tesla expanded. There's an Austin to cover some parts that Waymo wasn't servicing. So Waymo answering back, it's really nice to see that healthy competition. I do have some thoughts on that that we'll go through in a second. But just to take a look, quick at the stock here before we head into close and the earnings report, which should come shortly after close, looks like we're basically flat today.

当这些被移除时，我认为这将是一个更大的进步。然而，在这个过渡阶段，看到扩展如此迅速地发生，真是太好了。当然，特斯拉扩大服务区域后，Waymo几乎立即跟进。Waymo在奥斯汀增加了覆盖范围，以包括一些它之前没有服务到的地区。因此，Waymo的回应让我们看到了一种健康的竞争，这很不错。我对这个有一些想法，我们稍后会讨论。但在此之前，让我们简要看看今天收盘前的股票，和即将于收盘后不久发布的财报。今天股价似乎整体持平。

The markets are up a little bit, so underperforming the broader markets just by a bit. But of course, doesn't really mean a whole lot. The results for today and for the week will really hit on earnings. So we'll keep an eye on those to come. You can talk here a little bit about deliveries and production and quickly run through analyst consensus as well before we get into the actual report. So taking a look at the delivery and production report, obviously this came out a few weeks ago now, about three weeks ago, right at the end of the quarter.

市场略有上涨，表现略低于更广泛的市场。但当然，这并不意味着太多。今天和本周的结果将主要取决于盈利情况，所以我们会持续关注相关消息。在进入实际报告前，你可以简单谈谈交付和生产情况，并快速浏览一下分析师的共识。来看交付和生产报告，这份报告显然是在大约三周前，也就是季度末的时候发布的。

So 384,000 deliveries, mostly model three and model Y. The other model is just over 10,000. This is obviously a pretty disappointing number on the other models line. Basically we hoped Cybertruck would be able to do more Tesla's, I think, had some issues getting the prices down to a level that really can achieve volume in that category for Cybertruck. And then S and X, it's tough. Those vehicles I think compete pretty heavily with model three and model Y and the value proposition on the latter two are just so much better that it, I think, makes it tough to drive a real, any real volume there.

38.4万辆的交付量中，大部分是Model 3和Model Y。其他车型的交付量只有1万多，这显然是令人在其他车型方面感到失望的数字。我们原本希望Cybertruck能有更好的表现，但我认为特斯拉在降低Cybertruck的价格以实现这一类别的大规模生产时遇到了一些问题。至于Model S和Model X，这两款车的市场竞争也很激烈。我认为它们与Model 3和Model Y有着很大的竞争压力，而后两款车的性价比显然更高，这让在S和X车型上实现真正的销量变得困难。

So not surprising on that front necessarily, but hopefully something that Tesla can improve on in future quarters. That being said, we're talking here about, you know, other models, which is a subset of deliveries, which is a subset of one quarters worth of production and deliveries, which is really just a small subset of what Tesla's business is starting to become with the launch now of robots Axi. We've been talking now for, I don't know, the last 18 months, six quarters or so, just about my take as these delivery numbers come out as we get the quarterly results as well.

在这方面不一定令人惊讶，但希望特斯拉在未来几个季度中能有所改进。话虽如此，我们在这里讨论的是其他车型，这是交付数量的一部分，而交付数量又是一个季度生产和交付的一部分，这实际上只是特斯拉业务开始转变的一个小部分，因为他们现在推出了机器人Axi。在过去的大约18个月，也就是六个季度里，我们一直在讨论我的看法，随着这些交付数据和季度业绩的公布，我们会持续关注。

Really I think the focus is and should continue to be on how quickly and how rapidly Tesla is improving their autonomy and the business around autonomy. And I think we've seen such massive steps forward on that with the launch of the robots Axi network in Austin. I think so far things have gone relatively smoothly. Certainly there have been some areas where the safety passengers have had to do something. Those are always going to still be open to the question of what would have happened if there was not an intervention.

实际上，我认为目前的重点应当是并且应该继续放在特斯拉在自动驾驶技术以及相关业务方面的快速提升上。而且，我认为我们已经看到，公司在这方面取得了巨大的进展，例如在奥斯汀推出的机器人出租车网络。到目前为止，各方面进展相对顺利。当然，在某些情况下，安全员不得不进行干预。这些情况总会令人好奇如果没有干预会发生什么。

Tesla should have a pretty good understanding of that. They should be able to kind of look at what the software would have been planning to do or certainly put it into a simulation environment and see how the software would have reacted. Tesla's safety passenger is going to be someone there to prevent anything from possibly going wrong. That does sort of also exclude the possibility that maybe the vehicle figures it out itself. So it's always tough to know that's one thing you learn a lot when you remove the driver is how often those things happen.

特斯拉应该对此有很好的理解。他们应该能够查看软件计划做什么，或者至少将其放入一个模拟环境中，看看软件会如何反应。特斯拉的安全乘客是确保防止任何可能出错的人。但这也排除了一个可能性，就是车辆可能自己解决问题。因此，当你移除司机时，你会学到的一件事就是，这种情况发生的频率有多高。这总是很难确定。

And Tesla will continue to learn and feel more comfortable as they collect more data and eventually hopefully gets that point pretty quickly where they can remove those safety passengers as well. So a broader point being in the context of these delivering production numbers and in the context of the quarterly numbers that we're going to talk about here today. These are not really the future of Tesla's business. The future of Tesla's business is autonomy and robotics outside of even just vehicles. Doesn't diminish how important these things are to being able to fund those development projects and actually get Tesla to the point where they can deliver autonomous vehicles at scale.

特斯拉将继续学习和积累数据，随着数据的增加，他们会越来越自如，希望很快能够达到一个可以移除安全乘客的阶段。广义上来说，在我们今天讨论的交付生产数字和季度业绩的背景下，这些并不是特斯拉未来业务的核心。特斯拉的未来在于自动驾驶和机器人技术，不仅限于车辆领域。这并不意味着目前的业务不重要，因为它们为这些开发项目提供资金支持，并帮助特斯拉实现大规模交付自动驾驶汽车的目标。

Obviously being at scale on EVs already is such a critical factor for that that no one has that combination of EV scale and autonomy like Tesla does and seemingly not really much of a path to do so with maybe the possible exception of China but outside of China. I don't see anyone that sort of has that combination of ingredients which has sort of always been the case here with Tesla and we've seen the EV business scale.

显然，已经在电动汽车规模化方面处于领先地位是一个非常关键的因素，没有任何公司能像特斯拉那样同时具备电动汽车规模和自动驾驶技术的结合，或许除了中国有可能例外，但在中国以外的地区我没有看到其他公司能够达到这样的组合。这一直是特斯拉的优势所在，我们也看到了其电动汽车业务的扩展。

Now we're sort of on the precipice of seeing the autonomy portion of the business scale as well. So it's an exciting period of time. Unfortunately that excitement is diminished a little bit by what has been a little bit tougher sort of the fundamental part of the business as it exists today with deliveries and production. So anyway 410,000 vehicles produced 300-40000 delivered. It's just looking back at last quarter's earnings report. I guess I closed it out there but Tesla in the first quarter of course had the Juniper refresh with the Model Y, the new Model Y.

现在我们正处在一个关键时刻，看着业务的自动化部分也开始加速扩展，所以这是一个令人兴奋的时期。不幸的是，由于今天公司在交付和生产方面遇到了一些困难，这种兴奋感有些减弱。无论如何，上个季度的收益报告显示，特斯拉生产了410,000辆汽车，但交付量在300,000到400,000之间。我想补充一点，在第一季度，特斯拉对Model Y进行了Juniper更新，也就是新的Model Y。

So as expected inventory did increase a little bit that quarter after coming off of basically a multi-year low coming into key one and then of course Tesla is going to produce vehicles. It's going to take time to get those vehicles out and get those vehicles sold. How much of that happened in key one? How much of that continued in key two? It's a question that we're going to have to wait on an answer for as we hit it in key three and then eventually get the key three results and see how production and deliveries compare there.

正如预期的那样，库存在那个季度略有增加，因为之前库存基本处于多年来的低谷，而进入第一季度。当然，特斯拉会继续生产汽车，这需要时间才能将这些汽车运送出去并销售掉。在第一季度，这个过程进行了多少？在第二季度又持续了多少？这个问题我们需要等到第三季度才能获得答案，最终通过查看第三季度的结果，看看生产和交付的数据对比。

But we now have that inventory build up for a couple of quarters. We should be pretty much fully through the Model Y refresh at this point. So really any softness and deliveries I think we've already started to see some of that from the demand side and I think that's probably likely to continue with the possible exception of Q3. Of course we've got the now what is expected to be the expiration of the US Federal EV tax credit happening at the end of Q3.

我们现在库存已增加了几个季度。此时，我们应该已经基本完成了Model Y的更新。因此，我认为交付数量的任何疲软迹象，我们已经开始看到一些是由需求侧引起的，我认为这种情况可能会继续，除了第三季度可能是个例外。当然，现在预计美国联邦电动车税收抵免将在第三季度末到期。

So that should pull forward a pretty significant chunk of demand into that quarter and then Q4 may be tough but obviously the US although the biggest market I think would double have to double check that China. But either way a significant portion of Tesla's sales. So that's a factor for both Q3 and Q4 but overall point being here even with the new Model Y I still think we're seeing delivery and demand levels top out below where we had seen them in the past.

这意味着会将相当大的一部分需求提前到那个季度，不过第四季度可能会比较困难。尽管美国是最大的市场，我想还是需要查一下中国的情况。但无论如何，特斯拉的销售中有很大一部分来自这两个市场。所以这对第三和第四季度都有影响。但总的来说，即使有新的Model Y，我仍然认为我们看到的交付和需求水平不会达到我们过去见过的水平。

So that means Tesla's core business is maybe relatively poorly performing relative to where it has been in the past. But again as long as it continues to bring in free cash flow and provide both funding and scale for where Tesla is taking the business in the future that's although not what you would pick it to be it is still sort of an okay situation.

这就是说，特斯拉的核心业务表现可能相对较差，与过去相比有所退步。然而，只要它还能持续产生自由现金流，为特斯拉未来的发展提供资金和规模支持，这种情况虽不是最理想的，但仍然可以接受。

So that's kind of how I view things at the moment and again that's context for as we go into the earnings report today. This isn't something that you know I'm sitting on the edge of my seat for to see the results like maybe some quarters in the past. I think this is more of just like a period where we're waiting to see what the development and how quickly the development happens with Robotaxi specifically in Austin and hopefully in other locations before the end of the year which I would expect Tesla to reiterate on the call today.

所以，这就是我目前对情况的看法，也为我们今天的财报提供一些背景。与过去几个季度不同，这次我并不是急切地等待财报结果。我认为这更像是一个观察期，我们在等待Robotaxi在奥斯汀的发展，以及它在其他地区发展的速度。我预计特斯拉将在今天的电话会议上重申这一点，并希望能够在年底前在其他地方展开。

So I'm mostly looking forward to the earnings call to see what commentary what things we can pick up around that which isn't going to come as much from you know delivery numbers or the gross margins things like that which although again not unimportant probably wouldn't be my top point of interest as we head into the report today.

所以，我最期待的是财报电话会议，以了解能从中获得哪些评论和信息。这些信息可能不会像交付数量或毛利率那样明显，但尽管这些数据也很重要，它们可能不是我今天关注的重点。

So hopefully that makes sense it's an interesting time where I'm not trying to diminish some of the relative weakness that we've seen compared to historicals with the core business but also not trying to lose focus and excitement on all of the progress and developments that we've seen on what will eventually be Tesla's core business in the future and what they're clearly working towards. All right so we're at market close now.

希望这能够说明白。现在是一个有趣的时刻，我并不是试图低估我们在核心业务上相较于历史表现看到的一些相对弱点，但也不想失去对所有进展和开发的关注和激动，因为这些将是特斯拉未来的核心业务，显然他们正朝着这个方向努力。好的，现在市场已经收盘。

I do want to flip over just quickly to excel. We can take a look at the analyst consensus is here the consensus here. We should have a couple of minutes before this report comes out. It's usually pretty timely after market close but let me just flip over real quick and we'll just run through these numbers. Which again not something that I think we need to spend a ton of time on. Sorry I'm a little rusty. Control on the stream here. All right so as we do each quarter we'll go through and when the numbers come out we'll fill this in just kind of into the summary sheet. You can see analyst consensus just below 22 billion dollars in total revenue that would be slightly up for last quarter but down versus Q2 last year which of course driven by fewer deliveries down 13% year over year for the delivery number which we just talked about.

好的，我想快速切换到 Excel 上。我们可以看看分析师的共识。在这儿，我们应该还有几分钟时间，在报告出来之前，通常在市场收盘后会很及时。但让我快速切换一下，我们来浏览一下这些数字。我认为我们不需要花太多时间在这上面。抱歉，我对流媒体操作有点生疏。好，正如我们每个季度所做的那样，当数据出来时，我们会将其填入总结表中。你可以看到分析师的共识，总收入略低于220亿美元，比上一季度略有上升，但与去年第二季度相比有所下降，当然这主要是由于交货减少了13%所致，我们刚才谈到了交货数量。

Obviously some of that driven by the Model Y refresh. I still think having an effect in the second quarter the question is just how significant had there been no effect with that have been 450,000 I doubt it but maybe something a little bit higher than the 384 that it came in at. 3.6 billion growth profit expectation same sort of margins as the last couple of quarters is what analysts are expecting make sense. Hopefully though as the Juniper refresh happens production gets smoother costs can come down. There should be efficiencies through that and then of course scale as you have significantly more deliveries in Q2 than in Q1. So I'd hope for maybe a little bit better number there but obviously there's a lot of factors that will influence that that we don't have quite the time to go through at the moment because I need to flip back and see if that earnings report is out.

显然，这其中有一部分是由 Model Y 的更新换代推动的。我仍然认为这会在第二季度产生影响，只是影响的程度如何。若没有这些影响，结果会是45万吗？我对此表示怀疑，但可能会比实际的38.4万稍高一些。分析师预计36亿美元的毛利润，将保持与前几个季度相同的利润率水平，这是可以理解的。不过，希望随着 Juniper 更新换代的进行，生产过程会更顺畅，成本能有所降低，因为这会带来效率提升。再加上，第二季度的交付量会显著高于第一季度。从而，也许能看到一个稍好一些的数字，但显然还有很多因素会影响这一点，我们现在没有足够的时间去详细分析，因为我需要回去看看财报是否已经发布。

4.3% operating margin expectations quite about higher than last quarter. We did talk last quarter about how R&D spiked up a little bit which drove operating incomes down. If you're going to have a lower operating income from higher operating expenses I'd be glad to see it coming from R&D. Presumably that is money that Tesla feels they'll get a good return on going forward versus SGNA is more of like a fixed cost of operating the business. So of the two we talked about how that was a little bit better to see. So at an your rate, street expecting a little bit lower operating expenses and then a fair amount better operating margin with the scale of revenue and slightly lower expenses.

预期的4.3%营业利润率比上个季度高出不少。我们确实在上个季度讨论过研发费用略有上升导致营业收入下降的问题。如果更高的营业费用导致营业收入降低，我很高兴看到这些费用来自研发。因为特斯拉可能认为这些投资在未来会有不错的回报，而管理及销售费用更像是企业运营的固定成本。因此，在这两者中，我们觉得研发费用的增加相对更好一点。总体来说，市场预期营业费用会略有下降，同时随着收入规模扩大，营业利润率会有显著改善。

We'll get into this. I guess one thing to talk about on just sort of like the bottom line numbers analysts are only expecting about $12 million of impact from the Bitcoin market market. I looked at the analyst consensus. The median there was zero for their forecast. So I think a lot of analysts are just skipping that which is leading to the average being low here. It would be actually quite a bit higher the market market. Last quarter is a hundred million Bitcoin performed well in the second quarter as well. So should see a much more significant number there. That goes into the non-gap net income and non-gap earnings per share which is usually what people are forecasting. So if that does beat that could be one reason. But it would be taken out before the gap earnings per share number. So just something to keep in mind as we get into those.

我们来深入讨论一下这个问题。我想谈一谈的是，分析师预期比特币市场的影响只有大约1200万美元。我查看了分析师的共识，他们的预测中值是零。因此，我认为许多分析师只是跳过了这一部分，导致平均值偏低。实际上，市场的波动应该会高得多。上一季度比特币市场表现良好，市值达到了1亿美元，第二季度表现也不错，所以应当会看到一个更显著的数字。这会影响到非公认会计准则（non-GAAP）的净收入和每股收益，而这通常是人们预测的重点。如果结果优于预期，这可能是一个原因。但在公认会计准则（GAAP）的每股收益数字公布前，这部分会被剔除。因此，当我们深入讨论这些内容时，需要记住这一点。

Alright, let me flip back here and we'll see if earnings are out. Hopefully not quite. Tesla, you can now go ahead with the release if you haven't yet. Alright, flip back to the browser. We'll refresh here. Usually my first hint is some pretty significant movement after hours. It doesn't look like we have any movement yet. And I'll keep an eye on the chat just to see that's usually a good spot to see. Sometimes you guys catch up before I do so. We'll begin the game of refreshing and I'll keep an eye on chat here. If people do have questions let me know. Lyle, thank you for the super chat. I appreciate that. You guys don't need me but I do appreciate the sentiment.

好的，我来回到之前的页面，看看财报有没有发布。希望还没有公布。特斯拉，现在你可以发布财报了，如果还没发布的话。好，回到浏览器，刷新一下。通常我会先察觉到盘后有较大的波动。不过现在似乎还没有动静。我会留意聊天窗口，因为有时候你们比我先发现。我会不断刷新页面并关注聊天窗口。如果大家有问题，欢迎问我。Lyle，谢谢你的超级留言。我很感激这种支持，虽然你们不需要我，但我还是感激大家的心意。

Alright, let's see. Again, Tesla's earnings call will be at 430 today central. That's what I'm probably most looking forward to today. Just any commentary around the business, particularly RoboTaxi and how Tesla views that roll out going. I guess on that note I did say I had a little bit more thoughts on the Waymo expansion. It's interesting that they did that so quickly. It's kind of like a little bit of a head scratcher for me. Maybe it's something they've been planning for a while. I was thinking a little bit more about it and since in Austin, I know this is not the case in all locations for Waymo but in Austin they're only the only way you can get a Waymo was through the Uber app.

好的，让我们看看。今天的特斯拉财报电话会议将在中央时间下午4:30举行。这可能是我今天最期待的部分。我特别想听听关于公司业务的评论，尤其是RoboTaxi以及特斯拉对其推出的看法。在这方面，我确实说过我对Waymo的扩展有更多的想法。他们如此迅速地扩展让我感到有些困惑。也许这是他们计划已久的事情。我又想了一下，因为在奥斯汀，我知道Waymo并不是所有地方都这样，但在奥斯汀，唯一能叫到Waymo车的方式就是通过Uber应用。

There is no standalone app. Please correct me if I'm wrong on this but I'm pretty certain that's the case. There is no standalone Waymo app in Austin which if you think about the meaningfulness of a service area expansion, if you can't actually request the vehicle specifically then it doesn't really mean a whole lot. Because for example, if you're in one of those more remote areas of the expanded service area, let's just say the new area and you're there and you're on the Uber app, the likelihood that you get a Waymo, I think is probably quite a bit less likely than if you're in sort of like the more generalized, general older coverage area.

没有独立的应用程序。如果我有误，请指正，但我很确定情况就是这样。在奥斯汀没有独立的Waymo应用程序。如果仔细想想服务区域的扩展意义，如果你不能具体要求车辆，那么这意义不大。举个例子，如果你在扩展后的服务区域的偏远地区，比如说新的区域，你正在使用Uber应用程序，那么我认为你乘上Waymo的可能性比在更普遍、更早覆盖的区域要小得多。

This is obviously speculative but the point being is that since Waymo has other Uber vehicles to rely on, they don't really need to send their cars to any parts in particular of the service area. They could just let an Uber pick up that ride instead which would obviously happen just based on how the apps work. Tesla having solely the Robotaxi app and not integrating with any other app, not relying on any other drivers or anything like that, if Tesla expands the service area, we got a spike here. If Tesla expands the service area then that is significant, it means that the vehicles have to go there.

这显然是推测，但要点在于，因为Waymo可以依赖其他Uber车辆，所以他们不需要特意派自己的车到服务区域的某个特定地点。他们可以选择让Uber来接单，这显然是根据应用程序的运作方式自然发生的。而特斯拉则只拥有自己的Robotaxi应用，没有整合到其他应用中，也不依赖其他驾驶员或其它类似服务。如果特斯拉扩大了服务区域，这就变得非常重要，因为这意味着他们的车辆必须前往这些新增的区域。

They don't have a choice to rely on Uber to get to those parts of the service area. So not a very succinct way of stating this but I hope that makes sense of just sort of the difference in meaningfulness or difference in how important that Geofence is when there is not a specific standalone Waymo app. It's slightly getting distracted here, looks like there's some movement but I'm not seeing the report yet. Let me know if you guys are seeing it. Someone saying it's not out.

他们没有选择，只能依靠优步（Uber）到达服务区的那些地方。所以这样说可能不太简洁，但我希望这样能说明当没有特定的Waymo独立应用程序时，地理围栏的重要性或意义的差异。我有点分心，似乎有一些动静，但我还没有看到报告。如果你们看到了，请告诉我。有人说报告还没出来。

Sometimes this will happen too, you just see these random spikes. More frequent though, it's just a matter of my internet being behind. Yeah, do a hard refresh, alright, let's see. Alright, cleared the cache, refreshed, nothing. Oh, that's not doing anything for us. Yeah, I'm thinking that's not out yet. Some of you are saying the same. I think we just... Alright, just seeing some after hours. Movement. I'm on a Mac by the way; people are giving me shortcut tips.

有时候也会出现这种情况，你会看到这些随机的波动。不过，更常见的是我的网络有些卡。是的，试试硬刷新，好吧，让我们看看。好的，清除了缓存，刷新了，但什么都没有发生。哦，这对我们没什么帮助。我想这可能还没有出来。你们有些人也这么说。我觉得我们就……好吧，只是看到一些非营业时间的变化。顺便说一下，我用的是Mac，有人给我快捷键的提示。

Yeah, so it sounds like Google's earnings are out. Just going off the chat here and that could be moving just generally stocks, specifically tech stocks after hours. See if we can pull that up. Well, looks like they're down but... Yeah, usually Tesla's earnings are out by now but there have been times in the past where it's 15 minutes after close or something like that so... Oh, thanks for our sudden. Aren't you streaming? Um... I appreciate that.

好的，看起来谷歌的财报已经公布了。根据聊天信息，这可能会在盘后时段影响股票，特别是科技股。我们可以看看具体情况。嗯，好像谷歌的股价下跌了，但是……通常情况下，特斯拉的财报这个时候也该出来了，不过过去也有延迟15分钟左右才公布的情况。哦，谢谢你的突然出现。你不是在直播吗？嗯，真心感谢。

Pretty NBS so far is out because he just isn't Austin so we can just use the... Robo Taxi in day-to-day life, which is awesome. Yeah, I think we're just waiting now. Or still. The second most exciting part of the livestream, second only to me filling out my numbers. On the spreadsheet. Hmm, someone saying audio drops, someone saying that their earnings are out. I never know what to believe with you guys. My biggest fear of livestream days is that something will go wrong technically.

到目前为止，Pretty NBS 并不理想，因为它不像奥斯汀那么出色，所以我们可以在日常生活中使用机器人出租车，这真是太棒了。是的，我想我们现在只是在等待。或者说仍在等待。直播中第二个最激动人心的部分，只有在我填写电子表格中的数据时，才排第二。嗯，有人说音频有问题，有人说他们的财务报告出来了。我从来不知道该相信你们谁。直播日我最担心的是技术上会出现问题。

Used to be that I would say something stupid but I think I've said enough stupid things now that I'm not scared about that. There we go. Alright, Q2 2025 update. Let's just take a real quick look at the bottom line numbers here. So 40 cents, 9 gaps, that's very slightly. One penny above analyst expectations, 33 cents gap was I believe above 28 cents. So it looks like the bottom bottom line numbers were pretty good.

过去我常常说一些愚蠢的话，但我想我已经说过足够多的蠢话了，现在对此不再害怕。好了，这是2025年第二季度的更新。让我们快速看一下关键数字：每股收益40美分，比分析师预期的33美分高出一分钱。调整后每股收益为9美分，而分析师预期是28美分。所以从最终结果来看，表现相当不错。

Gap gross margin 17.2 so that's up 90 basis points quarter over quarter, which is again also above analyst expectations. Top line revenue also above analyst expectations, gross profit, obviously then as well. Operating expenses those were also above analyst expectations which you don't necessarily want to see that. Those higher expenses but ultimately yielding a similar to expected expected income from operations here. Sorry, I know I was covering a little bit of that. But overall it looks like mostly a beat pretty much across the board.

Gap的毛利率为17.2%，环比增加了90个基点，这超出了分析师的预期。同样，公司的总收入也高于分析师的预期，因此毛利也是如此。不过，运营费用也高于分析师的预期，这并不是一个很理想的情况，大家不一定希望看到这样高的开支。但最终，它带来的营业收入和预期相似。不好意思，有些地方我可能讲得有点混乱。但总体来看，Gap在各个方面的表现基本上都超出了预期。

Free cash though slightly below what analyst expected but that's driven a lot by CapEx which no one can really forecast that well. So not a huge deal. I think the most significant thing is top line beat, margin beat and yielding overall a bottom line beat. So I suspect the stock is probably up a bit but not too much movement yet. So just kind of level setting that again we're going to have to look through see what's driving this. I want to go through the summary as I've made the mistake a few quarters ago or for many quarters in a row.

尽管自由现金流略低于分析师的预期，但这主要是由资本支出（CapEx）所导致，而这部分其实没有人能非常准确地预测。所以，这并不是一个大问题。我认为最重要的是收入超过预期，利润率超过预期，最终整体盈利也超过预期。所以我猜这只股票可能会有小幅上涨，但目前波动不会太大。我们需要再回过头来看看推动这一情况的因素。我想要仔细阅读总结，因为我在几季度前或者持续了好几个季度都犯了这个错误。

I do want to look at the outlook section first too because that will drive a lot of the immediate movement here. So let's just keep going down we can check what the outlook section is. Alright, so for volume it's difficult to measure the impacts of shifting global trade and fiscal policies on the automotive and energy supply chains. Cost structure and demand for durable goods related services. While we're making prudent investments that will set up both our vehicle and energy businesses for growth the actual results will depend on a variety of factors including broader macro economic environment. The rate of acceleration of our autonomy efforts and production ramp at our factories sufficient cash will continue to do that.

好的，我确实想先看看前景展望部分，因为那会对这里的即时动向有很大影响。我们继续往下查看前景展望部分的内容。好的，对于产量来说，全球贸易和财政政策的变动对汽车和能源供应链、成本结构以及耐用消费品相关服务需求的影响都很难测量。虽然我们在进行谨慎的投资，以推动我们的汽车和能源业务增长，但实际结果将取决于多种因素，包括更广泛的宏观经济环境、我们在自动化方面的加速程度以及工厂产能提升的进展。我们将继续确保有足够的现金来支持这些计划。

Profit we continue to execute on innovations to reduce cost of manufacturing and operations over time we expect our hardware related profits to be accompanied by an acceleration of AI software and fleet based profits. I think that's the same languages before and then finally on outlook for product our focus remains on prudently growing our vehicle volumes and a capex efficient manner by using our existing vehicle production capacity before building new lines plans for new vehicles that will launch in 2025 remain on track including initial production of a more affordable model in the first half of 2025.

我们的利润继续通过实施创新来降低制造和运营成本。随着时间的推移，我们预计与硬件相关的利润将伴随着人工智能软件和车队相关利润的增长。在产品展望方面，我们的重点仍然是在现有的车辆生产能力基础上，以资本支出高效的方式稳健地增加车辆产量。在2025年推出新车型的计划进展顺利，其中包括在2025年上半年开始生产更经济实惠的车型。

Which we are now through so it looks like test like confirming that they did start some initial production of a more affordable model. We'll see what they have to say about that on the call but I think that's a good sign that they've reiterated that I'll talk more about that in a second our purpose built robots actually products cybercab will continue to pursue a revolutionary unbox manufacturing strategy and a scheduled for volume production starting in 2026 so believe that part that part is still the same.

我们现在已经完成了测试，似乎确认他们确实开始生产一款更实惠的车型。我们会在电话会议上听听他们对此有何表态，但我认为这是个好迹象，说明他们重申了这一点。等会我会多谈谈这个。至于我们专门制造的产品——CyberCab，将继续采用一种革命性的「开箱即用」制造策略，并计划从2026年开始量产。这部分计划依然不变。

On the more affordable vehicles with the particularly in the US with the EV tax credit expiring at the end of the third quarter it probably makes most sense for Tesla to even whether it's delayed from production standpoint or whatever it probably makes sense to shift that into the fourth quarter. Just to maximize the sort of average selling price of the vehicles that are going to have this heightened demand in this quarter and then lower demand in next quarter we talked a lot about demand pockets over the years this is something that creates one of those right it's going to pull forward demand in the Q3 it's going to remove demand from Q4 if Tesla can help balance that out a little bit by not launching a lower cost vehicle in the third quarter in the US and doing that in the fourth quarter instead it just makes a ton of sense.

在美国，特别是价格较为亲民的汽车，由于电动汽车税收抵免将在第三季度末到期，因此从多方面考虑，特斯拉可能会推迟生产并将其转到第四季度是更明智的选择。这样做可以最大化提升这些需求增加的季度中汽车的平均销售价格，并且在下一季度需求下降时对公司更为有利。过去我们已经多次讨论过需求波动的问题，这种情况正是其中之一。税收抵免即将在第三季度拉动需求，而在第四季度减少需求。如果特斯拉能够在第三季度不推出低价车型，而选择在第四季度发布，就能够更好地平衡市场需求，这样的调整是非常合理的。

So that would be what I would expect absent other complicating factors of which there are certainly always a lot of but just wanted to kind of mention that as this is part of the Alex section here but again if they can get production started and stockpile bunch of those cars or something like that or at least work through the initial stage of production kinks I think that's a great first step and then hopefully can really launch that meaningfully in the fourth quarter at least sometimes after that tax credit expires.

所以，如果没有其他复杂因素的影响——当然，总是会有很多复杂因素的——这就是我所期待的结果。我只是想提一下这一点，因为这是亚历克斯部分的一部分。不过，如果他们能开始生产并积累一批汽车之类的东西，或者至少解决生产初期的问题，我认为这是很好的第一步。希望他们能在第四季度有意义地启动这一切，至少在税收优惠政策到期后的某个时刻。

So nothing too new on that outlook section I don't think and looks like the numbers relatively strong to expectations so I think you know we're off to a pretty good start here with their what the earnings report again level setting this that this is probably not the most important part of today for me but still good to see stronger numbers than then weaker certainly so nice to see that let's let's go through the summary here.

所以我认为在前景展望部分没有什么特别新的内容，看起来数字相对于预期来说还是相对强劲的。我觉得我们在这个财报上开了个好头。虽然对于我来说，这可能不是今天最重要的部分，但看到比预期更强劲的数字总是好的。让我们来看看总结部分。

Q2 2025 was a seminal point in Tesla's history the beginning of our transition from leading the electric vehicle and renewable energy industries to also becoming a leader in AI robotics and related services our first robot taxi service launched in Austin and June while the services limited and initial scope we believe our approach to autonomy a camera only architecture with neural networks trained on data from our global fleet of millions vehicles allows us to continually improve safety rapidly scale the network and it will be a lot of work.

2025年第二季度是特斯拉历史上的一个重要时刻，我们从领导电动车和可再生能源行业过渡到在人工智能机器人及相关服务领域也成为领导者。我们的首个机器人出租车服务在6月于奥斯汀启动。虽然服务的范围有限且初步，但我们相信，我们的自动驾驶方案，即仅使用摄像头的架构，通过从我们全球数百万辆汽车收集的数据来训练神经网络，能够让我们不断提高安全性、快速扩展网络，但这将需要大量工作。

We continue to expand our vehicle offering including first builds of a more affordable model in June with volume production planned for the second half of 2025 additionally we continue development of semi and cyber cab both slated for volume production in 2026 so I think that's kind of confirming what we just talked about there first builds this month they seem to have kept that well under wraps I mean we do have that six feet model why but I don't think that would be the more affordable model that they're referring to here.

我们将继续扩大我们的车辆产品线，其中包括在6月首次制造更实惠的车型，并计划于2025年下半年进行大规模生产。此外，我们还在继续开发半挂车和网络出租车，这两款车型预计将在2026年进行大规模生产。我觉得这也证实了我们刚刚谈到的内容。本月的首次制造似乎保密得很好。我们确实有那个六英尺的模型，但我不认为这就是他们所指的更实惠的车型。

I can't see how six feet version would be a larger six feet version would be the more affordable version but you know we'll see what Tesla has to say about that on the call if anything they'll probably try to avoid mentioning that as much as possible for fear of osbarning. The energy business is more critical than ever the available the availability of clean reliable energy is necessary for economic growth and an imperative for the development and commercialization of AI enabled products and services as electricity demand grows our make-up act products helps to increase utilization of existing generation and transmission capacity resulting in a more efficient use of the electric grid.

我无法理解为什么六英尺版本会比更大的六英尺版本更实惠，不过我们会看看特斯拉在电话会议上对此有何说法。他们可能会尽量避免提到这个话题，以免出现问题。能源业务现在比以往更加关键。拥有清洁可靠的能源是经济增长的必要条件，也是促进人工智能产品和服务开发与商业化的必备条件。随着电力需求的增长，我们的创新产品有助于提高现有发电和输电能力的利用率，从而更高效地使用电网。

When paired with solar PV mega pack is cost competitive with traditional fossil fuel generation assets and can be deployed four times faster than traditional fossil fuel plants of the same capacity trailing 12 month energy storage deployments achieved their 12th consecutive quarterly record despite a sustained uncertain macro economic environment resulting from shifting tariffs unclear impacts from changes to fiscal policy and political sentiment we continue to make high value investments in CapEx and R&D volunteering a strong balance sheet.

与太阳能光伏系统配合使用时，Mega Pack 能在成本上与传统化石燃料发电资产竞争并且部署速度是相同容量的传统化石燃料工厂的四倍。尽管宏观经济环境由于关税变化、财政政策变化和政治情绪的不确定性而持续不明朗，但在过去的12个月中，能源储存部署连续第12个季度创造纪录。我们继续在资本支出和研发方面进行高价值投资，保持着强劲的资产负债表。

Our priorities remain the same delivering affordable and compelling autonomy capable models that maximize our global fleet of vehicles as our autonomy software continues to rapidly progress growing the energy business and advancing our robotics efforts. So we can add some of the highlights 900 million dollar gap operating operating income 1.2 billion dollars gap net income 1.4 billion non gap net income cash operating cash low to 1.5 billion obviously a lot of that going towards expanded capital expenditures.

我们的优先事项仍然保持不变：提供经济实惠且具有吸引力的自动化车型，以最大化我们全球车队的效能，同时快速进展我们的自动化软件，拓展能源业务，并推动我们的机器人技术发展。以下是一些亮点：9亿美元的GAAP经营收入，12亿美元的GAAP净收入，14亿美元的非GAAP净收入，业务现金流达到15亿美元，显然其中很大一部分用于扩大的资本支出。

Free cash flow of about 100 million 0.2 billion decrease in cash and investments but still sitting in around 37 billion at quarter end operations launch robot taxes are as an Austin delivered first customer vehicle fully autonomously deployed first mega packs for mega factory Shanghai which is important I did want to mention they did talk about the 12th consecutive quarterly record for trailing 12 month energy storage deployments.

现金流约为1亿美元，现金和投资减少了2亿美元，不过在季度末现金仍保持在约370亿美元。公司运营包括机器人和其他项目的推出，奥斯丁工厂已实现了首次向客户车辆的全自动交付。在上海的超级工厂中，首次部署了Mega Packs，这一点非常重要。此外，公司提到了连续第12个季度创下过去12个月能源存储部署的新纪录。

That's a great way to look at it trailing 6 month is probably my most preferred way to look at it that's starting to flatten out but of course that's because the way through facility is reaching maximum production capacity so we are starting to have now the Shanghai mega pack facility come online that should hopefully start to allow that energy deployment line to start growing again maybe as soon as next quarter but if not certainly I would think by the end of next year early or sorry end of this year early next year.

这是一种很好的看待问题的方式。查看过去六个月的数据可能是我最喜欢的方式。虽然这开始趋于平稳，但这是因为某个工厂的生产能力达到了最大值。不过，现在我们位于上海的Mega Pack工厂正在投入使用，希望这能够让能源部署线再次开始增长，可能最快下个季度就能见到成效。如果下个季度不行，我认为最迟到今年年底或明年年初肯定会看到增长。

Sorry a lot of noises outside. Alright so we went through I think most of these will come back to these numbers again just kind of reflecting on it a little bit and probably most pleased that the gross margin numbers improving and that the revenue top line number was a beat looks like probably most that coming from could have been all lines let me quickly see what auto revenue was expected from analysts 16 billion flat basically so a little bit of a beat I think on all three of those sub categories.

抱歉，外面有很多噪音。好的，我们已经讨论过了，我想我们会再次回过头来看这些数字，稍微反思一下。最让人高兴的可能是毛利率有所改善，而且收入的总额超过了预期。似乎所有的部分都表现良好，让我快速查看一下分析师对汽车收入的预期是160亿美元，基本持平，所以我认为这三个子类别都有一点超出预期。

Now energy sales looks like they had expected quite a bit higher which didn't really make sense since quarter over quarter energy storage deployments were down but typical for the consensus numbers something weird like that. So again we'll come back to those in a minute looking at the financial summary here so total revenue decreased 12% year over year so these are all going to be year over year changes revenue impacted by the following items decline in vehicle deliveries lower regulatory credit revenue reduced average selling price excluding foreign exchange impact due to mix so basically selling more cheaper vehicles less expensive vehicles decline in energy generation and storage revenue due to the lower ASB offset a little bit by growth and services and other.

现在看来，能源销售额似乎比预期的要高很多，这有些不合逻辑，因为能源储存的季度部署量实际上是下降的，但这在共识数据中是常见的怪事之一。我们稍后再详细讨论这些内容，先来看一下财务总结：总收入同比减少了12%。这些都是同比变化，收入受到以下几个因素的影响：汽车交付量下降，法规信用收入减少，扣除汇率影响后的平均售价降低，主要是因为销售了更多价格较低的车辆；由于平均销售价格下降，以及能源生产和存储收入的减少，尽管服务和其他业务有所增长，但未能完全抵消这些影响。

Profitability operating income decreased 42% year over year to 0.9 billion resulting in a 4.1% operating margin year over year operating margin income operating income was primarily impacted by the following items lower regulatory credit revenue increased op X driven by AI and other R&D projects decline in vehicle deliveries increase in stock based compensation offset a little bit by decreasing in restructuring charges lower cost for vehicle due to mix and lower raw materials partially offset by.

盈利运营收入同比下降42%，降至9亿美元，导致运营利润率为4.1%。这一变化主要受以下因素影响：监管信用收入减少、人工智能和其他研发项目导致的运营费用增加、车辆交付数量下降以及基于股票的补偿增加。这些因素的影响部分被以下因素稍微抵消：重组费用的减少、由于产品组合和原材料成本降低导致车辆成本下降。

Lower fixed cost absorption and an increase in tariffs plus a did by growth in energy generation and storage gross profit. So this is what I'm talking about when I'm saying the core business is not great relative to where it was historically you can see 42% decline in operating income year over year definitely not the number that we prefer to be talking about here. But you've also got a lot of excitement due to FSD version 13 since Tesla was reporting you know that higher operating income number. last year FSD version 13 I don't think at that time existed and that's been such a massive step forward and has allowed them to start the Robotexy service in Austin and you know when we're sitting here again in 12 months. Thinking about how much progress they've made in that period of time if that sort of rate of progress can continue.

固定成本吸收减少和关税增加，加上能源生成和存储的毛利增加。这就是我所说的核心业务表现不如历史水平的原因。我们可以看到，运营收入同比下降了42%，这不是我们乐于看到的数字。但是，由于FSD（全自动驾驶）第13版带来的兴奋情绪，特斯拉的情况也比较积极。去年特斯拉报告了较高的运营收入，当时FSD第13版可能还不存在，这一版本的进步非常显著，使他们能够在奥斯汀启动Robotaxi服务。当我们在12个月后再次回顾时，如果这样的进步速度能够持续，考虑他们在这段时间内取得的成就，将会非常令人振奋。

Next year when we're sitting here and talking about autonomy it's going to be a very different picture so I'm very excited about that despite some numbers here that are certainly less exciting than some of the quarterly numbers we've had a chance to talk about at points in time and Tesla's history. Quarter in cash 37 billion as we mentioned slight decrease primarily the results of changes in restricted cash and cash cash used in financing activities partially offset by free cash flow. Production deliveries we talked about leases looks like those were quite a bit down quarter of a quarter year over year. It's kind of interesting that'll change our SP calculations a little bit but we'll figure that out here in a minute.

明年当我们坐在这里谈论自动驾驶的时候，情况将会有很大的不同，我对此感到非常兴奋，尽管现在的一些数据相比特斯拉历史上某些季度的数据来说不那么令人振奋。正如我们提到的，本季度现金为370亿美元，略有下降，主要是由于受限现金的变化和用于融资活动的现金所致，部分被自由现金流抵消。我们谈到了生产和交付，还有租赁，看起来这些环节的季度环比和同比都有所下降。这有点有趣，这将稍微改变我们的SP计算，但我们会在这里很快解决这个问题。

So global inventory that's what I talked about and increase here again. Up to 24 days and that 24 days is actually more cars because this inventory is calculated based off of the total delivery number for the quarter so when you have a higher delivery number that makes a day of inventory more vehicles. Or sorry when you have a higher sales number that makes a day of inventory more vehicles so then you have more vehicles per day and also larger number of days here. Storage deployed we've talked about mobile service continues to decline again pretty sharply. I don't know if Tesla's maybe completely winding that down or just right sizing it a little bit we'll have to see you know someone to keep an eye on but for the last couple of quarters that has been declining but total Tesla locations continues to increase at a pretty healthy clip there.

全球库存方面，我之前提到过有增加。现库存达到了24天，这相当于更多的汽车，因为这个库存是根据季度的总交付数量计算的，所以当交付数量增加时，每天的库存也会对应更多的车辆。换句话说，当销售数量更高时，每天的库存会意味着更多的车辆，因此库存天数和车辆总数都有增加。关于储存问题，还有移动服务，这一部分的服务持续在迅速减少。我不确定特斯拉是否在彻底缩减移动服务，还是仅仅在适度调整，未来情况还需密切关注。不过，过去几个季度中这一变化相当显著。但与此同时，特斯拉的总门店数量仍在以相当健康的速度增加。

Supercharging both connectors and stations both continue to increase as well I know there's a lot of expected volatility but we really have not seen that just based on like the supercharging team and the turnover on that. That really has not come through in terms of the actual deployments so something to recognize as potentially an overreaction in terms of the commentary around that issue at that time so it's good to kind of level set that with the numbers here. Alright getting into their further commentary on automotive we continue to make progress preparing for the launch of additional models this year our entire model lineup is better than ever with recent updates our ongoing focus on supply chain robustness has enabled a resilient vehicle capacity based despite trade and policy uncertainties we produced our eight million vehicle in June.

超级充电桩的连接器和站点数量都在持续增长。我知道大家预期会有很多波动性，但根据超级充电团队的反馈和实际部署情况来看，并没有出现这种波动。因此，对于当时围绕这一问题的评论，可能需要认识到它有些过度反应，所以我们需要用实际数据来平衡这种看法。好了，接下来谈谈他们对汽车业务的进一步评论。我们在为今年推出更多新车型做准备方面持续取得进展。经过最近的更新，我们的整个车型阵容比以往更好。我们对供应链稳定性的持续关注，使我们能够在贸易和政策不确定性的情况下保持稳定的产能。在六月，我们生产了第八百万辆汽车。

In the US we had record test drives in North America up 20% sequentially given the recent refreshes in our product portfolio and rapid improvement in FSD supervised its paramount we maximize the number of prospective customers experiencing our vehicles and may the team launch the long range real-wheel drive model Y with 357 miles of range starting under $45,000 before incentives opening the model Y portfolio to put to more potential buyers. That's a nice little statistic not something we usually get from Tesla but up 20% sequentially now you don't know q2 or sorry q1 test drives could have been low for whatever reason in North America particularly if vehicles maybe weren't being as made available with a model Y refresh.

在美国，由于我们近期产品线的更新以及FSD（全自动驾驶系统）性能的快速提升，我们在北美的试驾创下了纪录，环比增长了20%。这让我们有更多机会让潜在客户体验我们的车辆。团队推出了一款长续航后轮驱动的Model Y，续航里程为357英里，起售价在激励政策前低于45,000美元，这让更多潜在买家可以选择Model Y。这是一项不错的数据，特斯拉通常不会公布这样的信息，但这次试驾环比增长了20%。当然，我们并不清楚第一季度或第二季度的试驾量可能因为某些原因而较低，特别是在北美，如果Model Y的更新车型可能没有及时推出的话。

Another way to say if q1 was down 20% versus the prior quarter than up 20% from that lower point not as good so it's hard to tell with just this one piece of context but I guess they do say record test drives here so I'll talk over myself and say that that is still a very good sign for North America in terms of the test drives there. And I do agree with the points here that you know more vehicle more people in vehicles is probably Tesla's best selling tactic just because the product is so fantastic particularly FSD supervised version 13 with hardware for vehicles I don't think I think there's probably people watching this that read about Tesla probably every day that still have not experienced version 13 if you're one of those people go take a test drive.

如果说第一季度相比上一季度下降了20%，然后从较低点又上涨了20%，这样的情况不一定是很好，所以仅凭这一点信息很难判断。但他们确实提到这里的试驾创下了记录，因此从北美的试驾情况看，这仍然是一个非常好的迹象。我同意这里的观点，也就是让更多的人去体验车辆可能是特斯拉最好的销售策略，因为产品本身非常出色，尤其是带有硬件的FSD监督版13。我想可能有些每天都在关注特斯拉的人，还没有体验过第13版本。如果你是这样的人，建议去试驾一下。

It's so good version 13 is really so good I think that you need to experience it to really get an understanding of really how much progress Tesla has made with FSD. I've said this a couple of times now I'm over 5,000 miles on my vehicle, my new model three that I got in December. I think I've had one intervention that was like maybe safety critical and it's one of those things where I had to take over because I wasn't extremely confident that it would make the right choice. But that doesn't mean that it isn't possible that it would have made the right choice; it was just an abundance of caution on my part. But yeah, pretty much I don't know 95% of my driving on FSD and it's been phenomenal.

第13版非常出色，我认为你真的需要亲自体验一下，才能真正理解特斯拉在全自动驾驶（FSD）方面取得了多大的进步。我已经说过几次了，我的新款Model 3自12月购入以来，我已经驾驶超过5000英里。我想我只遇到过一次可能影响安全的干预，那次我不得不接管，因为我不是非常有信心它会做出正确的选择。但这并不意味着它不能做出正确的选择；这只是我出于极度谨慎。但总的来说，我差不多有95%的驾驶都是在使用FSD，体验非常棒。

I also take this time to just make a point about this FSD beta community tracker thing. I think it's nonsense; I think people disengage far too frequently just because they're nervous or uncomfortable or their margin of safety is not the same as the vehicles, which is fine for those people, but it's not fine for data collection purposes. I think this 375 miles or whatever is nonsense, and my own experience of having one in 5,000 miles basically gives me like a 99% confidence interval of that, so I'll just passionately say my piece on that real quickly before we move on.

我想借这个机会谈谈关于FSD测试版社区追踪器的事情。我认为这个东西不太靠谱。我觉得很多人因为紧张、不舒服或者他们的安全余量和车辆的不一样而过于频繁地解除自动驾驶，这对他们个人来说没问题，但对于数据收集来说就不行了。我觉得那些375英里之类的数据都是不准确的。根据我自己的经验，我在5000英里里基本只遇到过一次需要解除自动驾驶的情况，这让我对FSD的表现有99%的信心。所以在我们继续之前，我想赶快把我对此的看法说出来。

Alright, Asia Pacific. So, Gigafactory Shanghai remains our main export hub and continues to support greater market expansion. We achieved record delivery volumes in South Korea, Malaysia, the Philippines, and Singapore. In July, we launched the model Y in India, marking our entry into the world's third largest car market. The refresh model three earned a five-star overall safety rating from ANCAP, achieving 95% in the child occupant production pillar, the highest result recorded to date against ANCAP's 2023 to 2025 criteria. We continue to prepare for broader release of FSD supervised in China this year pending regulatory approval. I think you've probably many of you have probably seen the reports on FSD for Australia; it sounds like that's making good progress and is very close to being launched too, so also excited about that.

好的，亚太地区。上海的超级工厂仍然是我们的主要出口中心，并继续支持市场的进一步扩展。我们在韩国、马来西亚、菲律宾和新加坡实现了创纪录的交付量。七月，我们在印度推出了Model Y，正式进入世界第三大汽车市场。新版Model 3获得了ANCAP的五星综合安全评级，在儿童乘员保护方面达到了95%的成绩，是ANCAP 2023到2025年标准中迄今为止的最高分。我们正在继续准备在中国更广泛地推出FSD（全自动驾驶），目前正在等待监管部门的批准。我想你们中的许多人可能已经看过有关在澳大利亚推出FSD的报道；看起来进展顺利，很快就会推出，所以我们对此也非常期待。

It would be nice if Tesla mentioned that in here, but maybe didn't quite make the cut for the footnotes here. Europe in Middle East model Y was the best selling vehicle in Norway year to date. In Turkey, another one, Switzerland and Austria, and in June the refresh model three achieved a five-star overall safety rating from Euro NCAP and is the safest car in Europe based on the latest Euro NCAP test scores. We continue to prepare for the launch FSD supervised in Europe this year pending regulatory approval, which is doing some heavy lifting since I think that's the only reason that it is not released yet in Europe.

如果特斯拉在这里提到这一点就好了，但可能没能列入脚注。在欧洲和中东地区，特斯拉的Model Y是挪威今年迄今为止销量最好的车型。在土耳其，还有瑞士和奥地利，情况类似。此外，更新后的Model 3在6月获得了Euro NCAP的五星级安全评级，是根据最新Euro NCAP测试分数评定的欧洲最安全的汽车。我们继续准备今年在欧洲推出受监管批准的FSD（完全自动驾驶）系统，这仍需一些努力，因为我认为这就是它尚未在欧洲发布的唯一原因。

Obviously, that continues to just kind of be a bit of a mess with the regulations there; it's very unfortunate especially since Tesla continues to publish the safety statistics each quarter. I know sometimes people disagree with how that's reported; we've talked a lot about that. Some of those criticisms are definitely valid, but it's, I don't know, I think it's nonsense to limit this sort of a system which I think there are very good arguments that it improves safety, and I think there are not very many, if any, arguments that are different. So hopefully, Europe will get that figured out sometime soon here.

显然，与相关法规有关的问题依然相当混乱，这非常不幸，特别是因为特斯拉每季度都在发布安全统计数据。我知道有时候人们对这些数据的报告方式有不同的看法，我们对此也讨论了很多。有些批评确实有道理，但是，我觉得限制这样的系统是不合理的，因为有很多很好的理由证明它能提高安全性，而且几乎没有理由反对。所以，希望欧洲能尽快解决这个问题。

Let's look at this annual vehicle capacity chart. I doubt that this will be too different from last quarter, but let's just pull last quarter up here so we can compare. Alright, that's not it; we'll close that. Right, so it's a Q2 100,000 55950 375 251 255. Yep, production, construction, design, development—yeah, so all the same here, no changes quarter over quarter to that table market share. I'm actually glad that Tesla is continuing to provide this chart.

让我们看看这张年度车辆生产能力图。我怀疑这与上个季度不会有太大差异，但让我们调出上个季度的数据来比较一下。好的，不是这个，我们把它关掉。对了，是第二季度的数据：100,000、55950、375、251、255。是的，生产、建造、设计、开发——这一切都没有变化，市场份额季度间也没有变动。我很高兴特斯拉继续提供这张图表。

A lot of times what you see companies do, I'm sure Tesla has done this in the past, is very reasonable; nothing to do. But when charts stop looking favorable, generally they sort of make their exit from the materials. Nevertheless, Tesla is still continuing to show this market share number even though certainly in the US you can see that the market share has declined over the last 18 months, less so in Asia; it's more of a flat line situation. Europe also kind of following that same curve, maybe a little bit sharper drop here. I would imagine that's sort of politically influenced at least to an extent.

很多时候，你会看到一些公司（例如特斯拉可能在过去也这样做过）的行为是非常合理的，并没有什么特殊措施。但当图表数据不再看好时，他们通常会逐渐退出某些领域。不过，尽管在美国市场特斯拉的市场份额在过去18个月中确实有所下降，特斯拉仍然继续展示其市场份额数据。而在亚洲，市场份额变化不大，呈现出一种平稳状态。欧洲的情况与此类似，但可能下降得稍微明显一些。我认为这在某种程度上受到政治因素的影响。

We'll see how that changes in the future, but I'm glad that Tesla is sort of recognizing this and acknowledging it. Hopefully, in the future, we see these market share numbers revert and then Tesla can, you know, have something to be proud of with that chart. Not that this isn't already something to be proud of even with a decline; it's, you know, what Tesla's accomplished over the years is tremendous.

我们会看看未来情况如何变化，但我很高兴特斯拉有点意识到了这一点并承认了这一点。希望在未来，我们能够看到市场份额的数据反弹，这样特斯拉就能在这个图表上有值得骄傲的成就。当然，即使有下降，这仍然是值得骄傲的，因为特斯拉这些年取得的成就是非常了不起的。

Core technology, alright, AI software and hardware. In June, we launched our robot taxi service in the first city, Austin, with a safety rider. We will further improve and expand the service. More vehicles covering a larger area eventually without a safety rider while testing in other US cities and anticipation of additional launches. Our efforts to refine the robot taxi offering in Austin are not location specific and will allow us to scale to other cities quickly with marginal investment. We achieved the world's first autonomous delivery to a customer with a new production model wide driving itself about 30 minutes from the factory across town to its new owner's home, including on highways.

核心技术包括AI软件和硬件。今年六月，我们在第一个城市奥斯汀推出了配备安全员的机器人出租车服务。我们将不断改进和扩展这一服务，目标是增加车辆数量、扩大覆盖范围，并最终逐步在其它美国城市进行测试，计划实现无人安全员的运行并启动更多城市的服务。我们致力于优化奥斯汀的机器人出租车服务，而这一努力并不限于某个特定地点，这将使我们能够以较低的投入迅速扩展到其他城市。此外，我们成功地实现了全球首次完全自主驾驶的商品交付：一辆新生产的汽车从工厂自主驾驶约30分钟，穿越城区并行驶在高速公路上，顺利抵达新车主的家中。

We expanded AI training compute with an additional 16,000 H 200 GPUs at Giga Texas, bringing cortex to a total of 67,000 H 100 equivalents. I think that was well. I won't speculate; I can't remember the last number that Tesla gave us on the H 100 numbers. But again, notice that the differences there just newer and video hardware using sort of that 800 equivalents there since the last year are going to be obviously more effective than the H 100s. Here we can see FSC miles on B12 and beyond continuing to scale each quarter.

我们在德州Giga工厂增加了16,000个H 200 GPU用于AI训练计算，这使得Cortex的总量达到了67,000个H 100等效。我觉得这非常好。我不会猜测；我记不清特斯拉上次给我们的H 100数量是多少。不过，请注意，这里的区别在于使用了更新的NVIDIA硬件，去年以来使用的那800个等效能显然比H 100更有效。在这里，我们可以看到B12及更高版本的FSC里程数每个季度在持续增长。

The math on here looks like that's right around a billion miles in the second quarter added, so it's nice to see Tesla AI training capacity ramp throughout September. Alright perfect, so there we can see we don't have to speculate; you can see just the additions, and it looks like Tesla even did a little bit of a forecast there for the third quarter to add maybe 20,000, 18,000 or something like that H 100 equivalents here in the third quarter, which they should have good confidence and it's not a very far-looking forecast. So nice to see you can see where we were not even two years ago— not a hundred times that but more than probably ten times where we were at that point.

这段文字中的数学计算看起来是对的，第二季度增加了大约十亿英里，所以很高兴看到特斯拉的人工智能训练能力在整个九月份有所提升。很好，我们可以看到不需要猜测；你可以直接看到这些增量，它看起来特斯拉甚至为第三季度做了一些预测，可能会在第三季度增加大约20,000或18,000个H 100等效单位。他们应该对此有很好的信心，因为这并不是一个很长远的预测。所以很高兴看到与不到两年前相比，现在的进展不止翻了十倍。

Alright, vehicle and other software cars get better over time. A 2017 model three owner today has access to features that did not exist when the car was built— improved security and safety, increased convenience and entertainment options, among many others, all delivered for free via software updates. We launched the robots taxi mobile app, which leverages existing Tesla app features and provides a seamless customer experience with the Tesla profile. Customers can request a ride, follow the vehicle's location, preset cabin temperature, unlock the car using their phone, have access to their favorite entertainment, and securely pay for the ride with their payment profile.

好的，车辆和其他软件技术随着时间的推移而不断完善。如今，2017款Model 3的车主可以使用在汽车制造时尚不存在的功能，比如改进的安全性和保护性、更方便的使用体验，以及更多的娱乐选项，这些全都通过软件更新免费提供。我们推出了一款机器人出租车手机应用，该应用利用了现有的特斯拉应用功能，并通过特斯拉个人资料提供无缝的用户体验。用户可以请求叫车、跟踪车辆位置、预设车内温度、使用手机解锁汽车、访问他们喜欢的娱乐内容，并通过支付个人资料安全支付车费。

Now that this is surprising, I mean we all know Tesla can make an app. The app is, I think, quite strong and there’s already been, I don't know, probably five different revisions just in the last month since robots taxi launched to the app that I think have already addressed a lot of the initial feedback that people had. So exciting to see how well Tesla has done that part, and I think at some point Tesla will very likely be best in class or on par with best in class just in terms of the app experience for any sort of ride-sharing.

这真让人惊喜，我的意思是，我们都知道特斯拉有能力开发应用程序。这款应用程序非常强大，自从机器人出租车发布以来，上个月可能已经经历了五次不同的更新，这些更新我认为已经解决了很多用户最初的反馈。很高兴看到特斯拉在这方面做得如此出色。我认为，在某个时候，特斯拉很可能会成为同类中最好的，或者至少在乘车共享应用体验方面达到同类最佳水平。

Battery power training, manufacturing, our lithium refining, and cathode production plants remain on track to begin production in 2025. On showing production of critical battery materials to the US, we are on course to begin domestic production of our first LFP cells for our energy storage products later this year. Alright, energy and services and other see the trailing 12-month gross profit looks like a combination of both of those lines of business and then energy storage deployments trailing 12 months.

电池电力培训、制造、我们的锂精炼和正极材料生产工厂的进度正常，计划于2025年开始生产。我们在美国生产关键电池材料方面取得顺利进展，预计今年晚些时候将开始为我们的能源存储产品，在美国本土生产第一批LFP电池。好的，看一下过去12个月的能源和服务及其它业务的毛利，这似乎是这两条业务线的综合表现，然后是过去12个月的能源存储部署数据。

You can see this is what Tesla's talking about just barely setting a new record there over the last 12 months, but certainly as we get right at this 40 gigawatt hours of capacity, which is of course late-thru production capacity starting to plateau a little bit there. The next phase of gross growth will then have to come from the manufacturing in Shanghai, and then I believe there's that third one I think in Texas that is under development at the moment, so hopefully that can then keep that growth going after Shanghai sort of reaches capacity.

可以看出，特斯拉在过去12个月刚刚创下了一个新纪录，不过，它的产能达到40千兆瓦时后就开始有点趋于平稳了。接下来的增长阶段将依赖于上海的制造能力，另外我认为还有一个正在德州开发中的工厂，希望在上海达到产能上限后，它能够继续推动增长。

Right, so energy storage deployments continue to grow. We expand capacity for both mega pack and power wall to meet demand globally. Services and other collection of businesses that mainly supports vehicle sales also continues to grow alongside our global fleet of vehicles. Energy storage deployments once again increased on a trailing 12-month basis, including record power wall deployments for the 5th consecutive quarter. Gross profit increased sequentially and year over year, reaching a record of 846 million dollars.

好的，所以能源储存部署继续增长。我们正在扩大Mega Pack和Power Wall的产能，以满足全球的需求。主要支持汽车销售的服务和其他业务也随着我们全球汽车队伍的扩大而增长。能源储存部署在过去12个月中再次上升，其中Power Wall的部署连续第5个季度创下纪录。毛利润环比和同比均有所增加，达到创纪录的8.46亿美元。

We started deploying mega packs from mega factory Shanghai as the ramp continues as planned. Regionalizing energy storage manufacturing capacity is critical for meeting demand given shifting tariff trade and fiscal policy globally. For services and other, gross margin profit grew 64 percent. Sequentially partially improved partially due to improved supercharging gross profit generation from increased volume we added over 2,900 net new supercharging stalls growing the network 18% year over year as we continue redefining the vehicle buying and ownership experience. We have integrated AI agents to help resolve customer queries reduce wait times for service and even provide assistance when placing an order for accessories parts and products without having to wait for a person. We are leveraging the same technology in our service technician workflow to help improve turnaround times for service outlook.

我们开始从上海的超级工厂部署大容量电池组，按计划继续推进产能扩张。由于全球关税、贸易和财政政策的变化，本地化的能源存储生产能力对于满足需求至关重要。在服务和其他方面，毛利增长了64%。这一增长部分归功于超级充电站的盈利能力提高，使用量的增加使我们的超级充电站数量增加了超过2900个，使网络规模同比增长18%，我们不断重新定义车辆购买和使用体验。我们集成了人工智能助手来帮助解决客户查询，减少服务等待时间，甚至在下单购买配件和产品时提供帮助，而无需等待人工服务。我们在服务技师的工作流程中运用相同的技术，以帮助提高服务的周转时间。

We already talked about so I think that takes us in a photos and charts and also go through the process of filling out the financial summary and talk a little bit more about the numbers. So this is a slide or you know a little image map here that Tesla previously released I think in the impact report which came out shortly or earlier in Q3 or then Q2 but just a nice visualization of how Tesla views themselves and views the future relating to Tesla's ecosystem. FSD supervised testing around the world Paris London Sydney and Rome so a little bit of a mention there for Australia first autonomous delivery of a vehicle not a why everything we can tell everything that's been reported and unless this is like a hoax or something which test a Q would love but obviously not the case it sounds like this was just a random customer that had ordered a model why it has a call them up and said you know we're going to do this autonomously if you're good with that and they said yes and I think it happened pretty quickly there and maybe in the next week or something like that.

我们之前已经讨论过，所以我认为现在可以转到照片和图表部分，并且也来看看填写财务总结的过程，稍微讨论一下相关的数字。这是一张幻灯片，或特斯拉之前发布的小型图像地图，我认为是在Q3的影响报告中发布的，它提供了一个关于特斯拉如何看待自身以及与特斯拉生态系统相关未来的视觉化展示。FSD（完全自动驾驶）在全球范围内的监督测试，比如巴黎、伦敦、悉尼和罗马，所以这里也稍微提到了澳大利亚。据报道，世界上首次无人驾驶汽车交付给客户，这件事情看起来不像是恶作剧，虽然一些质疑者可能喜欢这么想，但显然不是这样的。听说这只是一个随机的客户订购了一辆Model Y，然后特斯拉通知他们说如果同意的话，可以用无人驾驶方式来交付，他们同意了，我认为这在接下来的一周内就发生了。

So pretty cool that it wasn't just like an employee purchase or something like that it truly was just a customer ordering obviously it would be someone that Tesla is comfortable with the route but still cool to see Tesla diner first responders event so obviously the diner just now opening some pretty cool things that Tesla is done there in terms of integrations with ordering being able to order when you're on the way to the station for example I think that features really nice I think that's something that Tesla could integrate with other retailers I suppose or you know service providers of restaurants things like that because that's always something you know if you've experienced road tripping in a Tesla something you always try to do is like time out your food to optimize your schedule and your time for the day.

这非常酷，不只是员工作为员工采购，更是顾客订单。显然，这会是特斯拉信任其行驶路线的客户，但看到特斯拉餐厅举办的应急响应者活动仍然很酷。餐厅刚刚开业，特斯拉在订单整合方面做了一些很不错的事情，例如可以在去餐厅的路上提前点餐。我觉得这个功能非常好，特斯拉可以将其与其他零售商或餐厅等服务提供商整合起来。因为如果你有过驾驶特斯拉进行公路旅行的体验，你总是会想要合理安排餐饮时间，以优化你的日程和时间。

So if that can be built in similar to how supercharging planning is built into the sort of routing system I think that's great. There's more Tesla diner stuff got the cyber cab there well I just super sorry super charger site in the world so I think I don't know if this is off grade completely but has the capability to be off grade completely with both mega packs and a massive amount of solar here to provide for these 168 stalls just really cool 8 million vehicle there it's like thousand gigabre Lynn and then some of them the charts here which we'll talk through the numbers in a second.

如果这种功能能够像超级充电规划被整合到导航系统中一样被实现，我觉得那就太棒了。还有更多关于特斯拉餐车的东西，以及网络出租车在全球超级充电站的情况，所以我不知道这是否完全是独立的，但这里具备完全独立的能力，使用的是大容量电池和大量太阳能来为这168个停车位供电，真是太酷了。这里有800万辆汽车，就像数百万亿吉瓦，然后还有一些图表，我们随后会讲讲其中的数字。

I'll just take a quick look at regulatory credit sales while we happen to be here since that's something we didn't talk about yet looks like that was 439 million so nothing out of the ordinary there even actually quite a bit lower than what we've seen for the last few quarters which I would interpret as a good thing because we already saw that gross margins were better than expected by analysts and these regulatory credits were probably in the ballpark if not lower than expected which means that gross margin strength is actually coming from the cars the vehicles themselves the products themselves rather than relying on what could be fleeting in terms of regulatory credits.

我正好在这里，就简单看一下监管信用销售情况，因为我们还没有谈到这个。数据显示，监管信用销售金额为4.39亿美元，这没有什么异常之处，甚至比过去几个季度低了不少。我认为这是一个好现象，因为我们已经看到毛利率比分析师预期的要好，而这些监管信用额度可能与预期相当，甚至低于预期。这意味着毛利率的提高主要来自于汽车产品本身，而不是依赖于可能不稳定的监管信用。

And obviously this has been a hot topic in terms of what's going to happen with regulatory credits particularly in the United States I think people need to realize that these regulatory credits are coming worldwide it's not just in the US so it's not like this is just going to immediately go to zero regardless of what happens in the US so somebody keep in mind on that that part but again these are subject to the political whims so at any time could go away which is why if you're going to see gross gross margin strength obviously you want it to be from the actual sale of vehicles and things like that or from the sale of products versus coming from the car versus coming from the regulatory credits.

显然，关于监管积分将如何演变，这已经成为一个热门话题，尤其是在美国。我认为大家需要意识到，这些监管积分将会在全球范围内普及，而不仅仅是在美国。所以，无论美国发生什么，这些积分都不会立即归零。需要记住这一点。但同时，这些积分受政治因素影响，可能随时会消失。这也是为什么如果你希望看到更高的毛利率，显然希望这种增长来自实际销售的车辆或产品，而不是依赖于监管积分的原因。

But the regulatory credit money is great it's provided at this point billions and billions of dollars for Tesla at this point to expand and grow and get to where they are today and again these are regulatory credits that are getting paid from other companies not from it's not like Europe is writing a $439 million check or something it's coming from other companies that are not meeting their compliance targets so also a good reminder I'm sure everyone here knows that but just just a reminder let's see if we get Bitcoin broken out here anywhere digital assets not seeing it it's probably there somewhere well we'll figure that out digital assets $284 million gain I don't know this is a new line item so this is I don't do my in depth as in depth of forecasting anymore so let's see it looks like it's $284 million gain a lot to figure that out though the reason I'm like hung up on that is I thought it was $97 million last quarter so I just kind of have to go back and figure out if I had a wrong number if Tesla's updated how they're reporting that or something like that.

但监管信用的资金确实很不错。到目前为止，这些资金已经为特斯拉提供了数十亿美元的支持，使其得以扩展和增长，并达到今天的规模。需要再次说明的是，这些是来自其他公司而非来自政府的监管信用。这并不是说欧洲给特斯拉开出了一张4.39亿美元的支票，而是那些未达到合规目标的公司支付给特斯拉的。所以这也是一个很好的提醒，我相信在座的各位都知道这一点，但只是提醒一下。关于比特币有没有单独列出来的信息呢？在数字资产方面暂时还没找到，但它可能存在于某处，我们会搞清楚的。数字资产有2.84亿美元的收益。我不太确定为什么这个数字突然出现，因为我记得上个季度是9700万美元，所以我需要回过头看看是否我之前的数据有误，或者特斯拉更新了他们的报告方式之类的。

So it looks like I feel really dumb but this also like lost game thing is tripping me up because it seems like it should be I don't know we'll figure it out as it's happening the spreadsheet that will always help alright yeah and if you have questions let me know I see some super chats here I'll definitely try to get to those before we wrap up the stream for sure and again we're going to listen to the earnings call it's still got about 45 minutes before that that'll be a different livestream so the link for that is in the description it should redirect you there once we wrap this up but for now we'll flip over to excel for everyone's favorite part if I can figure it out I did do more livestreams just for the sake of being able to do them.

看起来我觉得自己很笨，不过这个像是“失落游戏”的东西让我有点困惑，因为感觉像是该知道但又不确定。我们会在过程中弄清楚的，电子表格总是有帮助的，好吧。如果你有任何问题，请告诉我。我看到了一些超级聊天，我肯定会在结束直播前尽量回答这些问题。另外，我们会收听收益电话会议，大概还有45分钟才开始，那会是个不同的直播，链接在描述中，一旦我们结束这个直播，它应该会引导你到那里。现在，让我们翻到大家最爱的 Excel 部分，如果我能弄明白的话。我确实做了更多直播，只是为了能够胜任它们。

Alright we made it alright automotive sales scroll back up here in my browser so that was 16661 regulatory credits were 439 so we'll see the non-gap margin here in a minute energy sales that was 2789 so you can see analysts were 6 6% too high on that's 4% too low on automotive sales and then services and other fair amount higher so you get the total revenue there analysts were 2% lower than the actual total revenue there and you can see how that mixes out average selling price will calculate that in a minute so automotive profit we're just got to take out the expenses here so that's 13 7 9 5 we go to our credits that stays energy profit looks like that was 1943 services and other 28 80 and that should give us our gross profit which matches Tesla's report great.

好的，我们成功了。让我在浏览器中回滚查看，汽车销售额是16661，而监管信贷收入是439。我们稍后会看到非GAAP（一般公认会计原则）利润率。能源销售额是2789，因此可以看到分析师在这方面的预估高了6%，在汽车销售方面低了4%，而在服务和其他方面则高得多。所以，分析师预估的总收入比实际低了2%。我们待会儿会计算平均售价。至于汽车利润，我们需要扣除费用，所以是13795。信用部分不变，能源利润似乎是1943，服务和其他是2880，这样我们就能得到毛利润，与特斯拉的报告一致。

So you can see gross profit almost $300 million higher than expected that's going to be a combination of the top line beat here which is about half a billion more than what analysts expected and then the higher gross margins as well so again seems seems pretty strong and seems to be the stronger way to get those numbers to not relying as much on regulatory credits which we can see there so this is the best you know second best automotive gross margin ex credit number that Tesla has had in the last year it's been with the exception of q3 last year right around 13% or so 12.5% last quarter now up to 15% that's great great progress in one quarter a lot of that driven by of course the higher delivery numbers and presumably getting costs more under control.

因此，您可以看到，毛利润比预期高出近3亿美元，这主要由两部分组成：一是收入高于预期，超出分析师预期约5亿美元；二是毛利率提高。因此，总体来看表现相当强劲，尤其是不再过多依赖监管积分的情况下。因此，这可以说是特斯拉去年以来除了去年第三季度外，取得的第二佳不含积分的汽车毛利率成绩。上个季度大约是12.5%，而现在已经提高到15%。在一个季度内取得如此大的进步非常出色，这在很大程度上归功于更高的交付量以及成本控制方面的改进。

Anytime that you have a new product like the new model why it's going to take a little bit of time to get those processes running smoothly even just simple things as logistics when you have sort of that disruption to your production system it's going to that's going to have downstream effects all the way to the customer while these new systems get put in place so I would hope that we could actually continue to see improvements on that even in the third quarter which of course is going to be affected by the regulatory credit e-v credits U.S.E.B. tax credits so something to keep in mind there energy gross margin also nice little bump there after a little bit of a decline in q4 some recovery there not quite as high as q3 last year but not far off so really nice to see that energy gross margin holding study.

任何时候，当你有像新款这样的新产品时，要让那些流程顺利运行总需要一点时间。即使是简单的物流问题，当生产系统受到干扰时，也会产生下游影响，最终影响到客户。在这些新系统逐步投入使用的过程中，我希望在第三季度我们能继续看到改进。当然，第三季度还会受到监管信用、电动车车信用和美国电动车税收优惠的影响，所以需要注意这一点。能源毛利率在第四季度略有下降后也有所回升，虽然没有达到去年第三季度的高点，但也相差不远，因此看到能源毛利率保持稳定确实令人欣慰。

This is one that I do have a question on this would be a really good question if anyone was so inclined but just energy gross margin expectations as regulatory credits and things like that shift Tesla should have a pretty good handle on what the implications of that will be more difficult to understand it externally so maybe Tesla will talk a little bit about that but Tesla is also usually pretty I don't know cards to the chest on things like that so maybe even with the direct question we wouldn't get much of an answer on that one and then services and other another step up there so at the end of the day 17.2% 90 basis points around 90 basis points above where analyst expectations were I could show more decimals here which would make that make more sense.

这是一个我确实有疑问的地方，如果有人有兴趣的话，这将是一个很好的问题。随着监管积分和类似事项的变化，特斯拉的能源毛利预期也在调整，特斯拉应该比较清楚这些变化所带来的影响，但是从外部来看，这一点可能比较难理解。所以也许特斯拉会稍微谈论一下这个问题，但特斯拉通常选择对这类话题保持谨慎，所以即便有直接的问题，我们可能也很难得到太多答案。然后，服务和其他业务也有所增加。最终，毛利率达到了17.2%，比分析师的预期高出约90个基点。我可以用更多的小数来让这个更容易理解。

All right R&D let's throw that in here. It's 1589 so I'm happy. to see that again we did have higher operating expenses and that's not with like some decline in R&D from what was already a high last quarter maybe people feel differently about that but I certainly don't mind Tesla spending more on R&D they've proven to get extremely good returns on that throughout their history so for me that's just a sign that they have things that are worth spending money on and I think that's exciting so S-GNA was a little bit higher 100 and 110 million higher than last quarter but certainly not out of bounds of any range that Tesla's historically been in so operating expenses here so there's no restructuring in other this quarter so 2955 that matches for Tesla. Tesla's number 923 and that yields our 4.1% operating margin so improvement by you know 500 million half a billion dollars here in the operating income line driven by all those things that we just talked about improved girls margin improved top line revenue from selling more cars we'll see what the ASP looked like on those cars in a minute offset a little bit by higher expenses but those higher expenses probably 60 40 in terms of R&D versus S-GNA because we've got about a 180 million dollar increase here 115 million dollar increase here so the larger portion coming from R&D which is a little bit more controllable not that S-GNA is not entirely but again R&D more based on expectations of future returns for the business.

好的，研发团队，我们把这个放进去。目前是1589，所以我很高兴。再一次看到我们有更高的运营费用，但这并不是因为研发费用下降，这一季度研发费用与上一季度的高点相差不多。也许有人对此有不同看法，但我个人不介意特斯拉在研发上多花点钱，因为他们历史上已经证明了在这方面可以获得极好的回报。所以对我来说，这只是表明他们有值得投资的产品，我觉得这很令人兴奋。销售和管理费用比上一季度高出1亿到1.1亿美元，但显然没有超出特斯拉历史上的正常范围。所以本季度的运营费用没有涉及重组。这个季度特斯拉的运营费用为2955万美元，这与特斯拉的数字923相符，产生了4.1%的运营利润率。我们在运营收入线这里有5亿美元的改善，这得益于我们刚才提到的所有因素，提升的毛利率和通过卖出更多汽车获得的更高的营收。我们稍后会看看这些汽车的平均售价（ASP），这些都被更高的费用稍微抵消了，但这些费用大约60%来自研发，40%来自销售和管理费用，因为我们有大约1.8亿美元的增加，其中1.15亿美元的增加来自研发。研发费用相对更容易控制，虽然销售和管理费用也不是完全不可控，但研发更多基于对业务未来收益的预期。

All right EBITDA let's see. So that's 3401. Non-GAP net income 1393. GAP net income 1172. Yeah this Bitcoin stuff man I gotta get my head around this it's affecting these numbers. Should also put them in the right spot probably let's do stock based comp first. Alright so that was 443. And let's see. Yeah I apologize that this portion is not a little bit smoother. So net income gap is 1172 so this should be 1172 so we'll see if this yields that I'm not sure that it will. Well embarrassingly I may not be able to crack the code on that one. If anyone can help me just real quick with that it's slightly confused on that at the moment but we'll put this in for now. So we're 33 cents gap 40 cents non-GAP. I'll just key in our gap earnings here for the moment. Which would be... oh there we are 222. Correct it. Don't understand it but we got the right answer. So I'm gonna flip back to the browser because there's a few of those digital asset lines and I finally found the right one for how we're entering things.

好的，来看一下EBITDA（税息折旧及摊销前利润）。所以数据是3401。非GAAP净收入是1393。GAAP净收入是1172。嗯，这个比特币相关的东西，我得花点时间搞懂，因为它影响了这些数字。可能还需要把它们放在合适的位置，咱们先来看看股票补偿。好的，所以那个是443。然后继续。抱歉，这部分有点不太顺利。GAAP净收入是1172，所以这里应该是1172，我们看看这样出来的结果是否正确，我也不太确定。坦白说，可能这个部分我没法搞定。如果有人能帮我一下就好了，我现在有点混淆，但我们暂时先这样放着。所以我们这有每股收益GAAP 33美分，非GAAP 40美分。我暂时先输入我们的GAAP收益在这。那就是……哦，在这里，222。正确了。我没完全理解，但至少得到了正确的结果。现在我要切回浏览器，因为有一些数字资产相关的内容，我终于找到了我们录入东西的正确方式。

So flip back here. So this is the reconciliation of GAP to non-GAP. This is where that digital assets line comes in. I'm still confused by the loss versus gain. I guess I was just mixed up I think last quarter there was probably a loss and then I was thinking it was a gain and I think that's why I got confused here. 222 of gain but then you take that out of the reduction that you would have from non-GAP to GAP earnings and that's how we're getting to this 1172. So it's basically your non-GAP then you subtract out stock based compensation. You subtract out the loss from Bitcoin. The loss is negative here 222 so that gets added back in which means the gap between these is smaller than it would otherwise be if Bitcoin were excluded entirely. So hopefully that makes sense. Apologies that I had to be confused about it a little bit first before we got there but we did get there.

翻译：所以回过头来看，这是从GAP到非GAP的对账。在这里，数字资产这一栏起到了作用。我对亏损和收益之间的区别仍有些困惑。我想我可能是搞混了，上个季度可能是亏损，然后我以为是收益，我想这就是为什么我这次有点混淆。收益是222，但如果你把这个从非GAP到GAP收益的减少中减去，就得到了1172。因此，基本上是从你的非GAP开始，然后减去基于股票的补偿。再减去比特币的亏损。亏损在这里是负值222，所以这个会被加回去，这意味着这两者之间的差距比完全排除比特币时要小。希望这样说能让人理解。抱歉我一开始有些困惑，但最后我们还是理解了。

So let me flip back and we can work on ASP here. One final just comments on that. So you can see last quarter there was like a 15 cent spread between GAP and non-GAP and this quarter it's only 7 cents of spread. It used to basically be 10 every quarter when this was just 0 because the only difference was stock based compensation then. Now you're looking at the sum of these two numbers as the difference. So the Bitcoin that's going to swing how wide this gap is. Just hopefully helpful context. When we're talking about price to earnings ratios that is going to look at GAP earnings. So Bitcoin gain is actually going to help Tesla's PE but it would have hurt at last quarter for example. Because it would have suppressed this gap earnings per share number by a couple cents this time and helping it out by 4 cents. 3.4 cents something in that ballpark.

让我翻回去，我们可以在这里讨论ASP。关于这一点，最后做个评论。你可以看到，上个季度GAP和非GAP之间大约有15美分的差距，而这个季度差距只有7美分。以前，每个季度基本是10美分的差距，因为当时唯一的区别只是基于股票的补偿。现在，你看到的是这两个数字之和作为差异。比特币的价格会影响这个差距的大小。希望这个背景信息对你有帮助。当我们谈论市盈率时，主要看的是GAP收益。因此，比特币的收益对特斯拉的市盈率有帮助，但例如在上个季度，则会造成影响。因为这次会把GAP每股收益的数字压低几美分，而这次它能提升大约4美分，具体是3.4美分左右。

Long story short it nets out over time but any one individual quarter you're going to get the volatility induced by that. At any rate we're at $1.73 for the last 12 months now on a GAP basis. So I don't know what are we at. I guess I might have looked at the price in a while but if it's still around $3.35 we're going to be at about $193 times price to earnings right now. And that is going to be a little bit higher price earnings than I would have what would have been before because you can see earnings per share gap basis down 21%. So we are at $1.82 before. So price to earnings if we again say 3.35 before it would have been 184 times now it's 193 times right.

长话短说，虽然任何一个季度可能会因为波动而受到影响，但从整体来看，它是平衡的。在过去的12个月里，我们的GAP财务报表显示是$1.73。我不太确定目前的情况，但如果股价仍在$3.35左右，那么我们的市盈率将达到大约193倍。这比之前的市盈率要高一些，因为我们的每股收益在GAP基础上下降了21%。之前是$1.82，因此如果之前市盈率是按照$3.35计算，那么之前是184倍，现在是193倍。

So ironically I don't know if ironically is the right way to put it but maybe humorously it's a good example of what I was talking about before we even got the earnings report here is that 184 times earnings 193 times earnings. Not really a significant difference if it was like 8 times earnings versus 15 times earnings that would be significant. But obviously the market is pricing in a lot of future growth for Tesla and a lot of that future growth expectation is coming from what Tesla is demonstrated with version 13 of the software of FSD software with their demonstrating with the Robotaxi initial roll out in Austin and the markets belief you know belief it's a spectrum to market.

所以，有点讽刺的是，我不确定“讽刺”这个词是否合适，但或许用“幽默”来形容挺好，因为这是一个很好的例子，说明我们在获得财报之前所讨论的内容，即市盈率184倍和193倍的区别。这个差异并不大。如果是市盈率8倍和15倍之间的差异，那就显著得多。但是，很显然市场已经将特斯拉的未来增长预期纳入了价格中，而这种未来增长预期很多都来源于特斯拉在FSD（全自动驾驶）软件第13版的表现，以及他们在奥斯汀推出的自动驾驶出租车的初步计划。市场对这些有信心，虽然市场信心可以说是一个光谱。

But some expectation at least from the market the Tesla will be able to grow this bottom line from autonomy in the future. So the marginal difference that these earnings has on those expectations is marginal. It's just a small small part of Tesla's market cap is what these fundamentals are at the moment for good or bad right like some people are going to laugh at that and think it's absurd and some people take the other side of that and that's the market that gets made.

市场上至少有一些期望认为，未来特斯拉将能够通过自动驾驶技术提高盈利。因此，此次财报对这些期望的影响是微乎其微的。就目前而言，无论好坏，这些基本面因素只占特斯拉市值的一小部分。有些人可能会对此嗤之以鼻，觉得很荒谬，而另一些人则持相反观点，这就是市场的形成方式。

All right free cash flow so I think that was like 100 million something like that let me flip back. Find that. Sorry for the typing. Yeah so 146 million and again that's just going to be a little bit lower than analyst expectations because CapEx would have been higher otherwise this would have been better just based on basically this well I guess operating income was was pretty similar. So otherwise free cash flow would have been similar if CapEx expectations were correct from analysts but no one is probably spending too much time on that basically they're just going to go off what Tesla's guided and amortize that out across four quarters.

好的，自由现金流大概是一亿多一点，让我回头找一下，抱歉敲键盘打扰到你。好了，是1.46亿美元，不过这比分析师的预期稍低一些，因为资本支出（CapEx）较高，否则结果会更好。基本上来说，运营收入还是比较相近的。如果分析师对资本支出的预期正确，自由现金流应该会差不多。但大多数人可能不会太在意这个，他们主要还是依据特斯拉给出的指引，把它平摊到四个季度中。

So nothing too crazy on the free cash flow line. All right let's figure out ASP here quickly fill out our table looking for auto revenue from leasing one second. So that was 435 auto cogs from leasing was 228 and scroll all the way back to the top here for actual number of vehicles. 166070. All right there we see it we'll put it in context back up here. So up about $1,800 from Q1 and costs only up about $4,500 from Q1 which is obviously resulting there in the better automotive gross margin X credits which this number is excluding.

所以在自由现金流方面没什么太大的变化。好的，我们来快速计算一下平均售价（ASP），并填好表格，先看看租赁的汽车收入，稍等一下。汽车租赁的收入是435，汽车租赁的成本是228，然后回到顶部看看实际的车辆数量：166,070。好的，我们看到了，我们把它放在背景中来理解。与第一季度相比，售价上涨了约1,800美元，而成本只上涨了约4,500美元，这显然导致了不包括优惠在内的汽车毛利率更好。

Of course excluding leasing stuff there too so this is actually looks like highest ASP and a couple of quarters for Tesla anytime you have a new product that kind of makes sense I think generally where probably pulling in or probably prioritizing deliveries and orders for higher trim vehicles certainly we saw that happen in the first quarter though to you with sort of the launch series I think that was called for the model why maybe some of those still delivery being delivered in Q2. Q1 though you've got the offset of having to work through like old model Y inventory and having to give that away to discount and things like that less of that probably happening in Q2.

当然，这里不包括租赁的部分，所以这实际上看起来像是特斯拉几个季度以来最高的平均销售价格。每当你有新产品时，这种情况似乎是有道理的。我认为，我们可能正在优先交付和处理高档车型的订单。我们确实看到这种情况在第一季度出现，特别是在Model Y的首发系列中。我认为这些车型中的一些可能仍会在第二季度交付。不过在第一季度，我们面临着处理此前Model Y库存的压力，不得不以折扣的方式处理库存。而在第二季度，这种情况可能会减少。

So I think a lot of those things obviously have to mix out but mixing out favorably for Tesla here in the second quarter. I would suspect well Q3 again it's going to be made weird by the EV tax credit implications but in the absence of that which is kind of dumb to look at because it does exist and it will affect numbers if that didn't happen I would probably expect ASP to come down a little bit as hopefully volume increases again in the third quarter but I would also expect cost to come down maybe even a little bit faster than ASPs which would then hold gross margins.

所以，我认为这些因素显然还需要进行调整，但在第二季度，这些调整对特斯拉来说是有利的。我怀疑第三季度会因为电动车税收抵免的影响而显得有些异常。不过，尽管实际存在这些影响，去假设其不存在是不合理的，因为它会对数据产生影响。如果没有这些影响，我可能会预计平均销售价格（ASP）会稍微下降，因为希望在第三季度销量再次增加。同时，我也预计成本会下降，甚至可能比ASP下降得更快，这样可以维持毛利率。

Or keep them maybe even improve them or keep them around that same level which is obviously a healthy enough level for Tesla because again I think the most important thing with where the businesses at today is that this cash keeps coming in not necessarily for cash flow but just operating cash flow keeps coming in and Tesla can use that operating cash flow to continue to do things like add a bunch of H200 chips to get a Texas and keep accelerating.

或者保持它们的状态，甚至有所提升，或者保持在同一水平上，对特斯拉来说，这显然是一个足够健康的水平。因为我认为目前最重要的是，资金要持续流入，不一定是现金流，而是运营现金流要不断流入，这样特斯拉就可以利用这些现金流来做一些事情，比如在德克萨斯增加一批H200芯片，继续加速发展。

Keep accelerating the progress for FSD keep spending you know a billion and a half dollars a quarter on various R&D projects so you've got what four billion dollars across R&D and R&D and CapEx this quarter and probably will kind of continue around that rate which is really just being funded by sales of these vehicles. So as long as Tesla feels like four billion dollars a quarter is a good number for us and gives us a lot of money. So this is the cash so it lets us make the progress towards what our future business is going to be that's really the priority for me and probably the priority for Tesla at the moment.

继续加速全自动驾驶（FSD）的进展，每季度在各种研发项目上投入约十五亿美元。因此，本季度整个研发和资本支出总共是四十亿美元，并且可能会持续保持在这个水平，而这些资金主要是由汽车销售收入来支持的。只要特斯拉觉得每季度四十亿美元是一个合适的数字，并且为我们提供了足够的资金。这就是我们实现未来业务发展的资金，这是我和特斯拉目前的首要任务。

All right we got through it four o'clock so we got about 30 minutes so you have to prep a little bit before the earnings call just make sure nothing happens with the tech. You see some super chats here though I want to try to get to as many of these as I can first so thank you for those. Warbird thank you a couple of stickers here Heisenberg thank you. Second one twenty nine thank you. Ben Shippers thanks appreciate that good to see on here. John awesome thank you always appreciate that Scott thank you Geekahawk thank you.

好的，我们已经度过了四点钟这一关，所以我们还有大约30分钟的时间。你需要在财报电话会议之前稍作准备，确保技术上没有出现问题。我看到这里有一些超级留言，我会尽量先回复这些，非常感谢大家的支持。感谢Warbird和你的几个贴纸，感谢Heisenberg，感谢Second one twenty nine，感谢Ben Shippers，很高兴在这里见到你。感谢John，真的非常感谢Scott，感谢Geekahawk。

All right we do have a question here Rob do you reckon auto gross margin is up despite model wire ramp is because of FSD take rate going up. That's a good question I'd. FSD is always a little bit weird because Tesla can also recognize more of that profit now so that actually helps gross margin on a quarter to quarter basis. I don't know if that's changed too much in the last couple of quarters probably something I have to look at to remind myself of but I would imagine that the FSD take rate is probably increasing just because the utility is increasing and the prices stay the same right so that would be my expectation.

好的，我们这里确实有一个问题。Rob，你认为尽管Model Y的生产正在增加，但自动毛利率上升是否是因为FSD（完全自动驾驶）接受率提高了呢？这是个好问题。FSD一直有点特别，因为特斯拉现在可以确认更多的利润，这确实有助于每个季度的毛利率。我不确定在过去的几个季度中是否有太大变化，可能需要再查一下才能确认，但我认为FSD的接受率可能在上升，因为其实用性在提高，而且价格保持不变，所以这是我的预期。

The degree of that increase is obviously the huge question I think we're obviously starting from a pretty small base on the take rate so you could have. In absolute numbers a pretty small increase that could drive a relatively large percentage increase in the take rate. That being said I don't know if that's going to be a significant contributor in terms of like those gross profit dollars just because again that take rate is probably pretty small. I can do some math on that I can't do it off the top of my head but to see like what kind of an increase that might be like for example if you go to from 5% to 10% and just one market you just have to look at like the US revenue and kind of do some math on that but my hunch would be it's probably not the biggest factor.

这段话的大意可翻译为：增长的幅度显然是一个大问题。我认为我们目前的起点很低，所以即使绝对数量上有很小的增长，也可能导致占比的相对大幅增加。话虽如此，我不知道这是否会对总的毛利润产生显著贡献，因为占比可能仍然很小。我需要算一下这个数据，不能直接给出。但比如说，如果某个市场的占比从5%增加到10%，那你就得看一下美国的收入，并算一下这种增长可能体现在哪些方面。不过，我的直觉是，这可能不是最大的影响因素。

I think the biggest factor here is probably just mix with and Tesla might have well see over your comparison in this shareholder letter. I was just going to say Tesla might have called that out if it was a big factor but again my guess is mix is probably the main driver there with just probably more model wise being delivered this quarter and less old discounted model wise. Jay thank you appreciate that. That will hear much on transactions between XAI and Tesla on this call.

我认为这里最大的因素可能就是产品组合。在这份股东信中，特斯拉可能已经对此进行了比较说明。如果这是一个重要因素，特斯拉可能已经提到，但我猜测主要还是产品组合影响，比如本季度交付了更多的新款Model Y，而不是旧款的打折Model Y。谢谢你，Jay，我很感激。在这次电话会议上，我们不会听到太多关于XAI和特斯拉之间交易的信息。

We'll see obviously XAI is posted about using Tesla megapacks maybe Tesla would talk about that otherwise I wouldn't suspect there would be anything to major there in terms of that conversation. All right thank you all for tuning in really appreciate it it's always fun to be back at these times and chat about Tesla overall I guess to just kind of quickly wrap things up and then we'll hop over to the earnings call stream.

我们显然看到 XAI 发布了关于使用特斯拉 Megapack 的信息，也许特斯拉会对此发表谈论，否则我不会怀疑这方面的对话会有任何重大消息。好吧，感谢大家的关注，我非常感激。能够在这个时候回来聊聊特斯拉总是很有趣。我想快速总结一下，然后我们就去收听财报电话会议。

I think pretty pretty good earnings I guess maybe let's let's hop back and look at the share price here see if anything's happened nothing. I think when we started I think when we opened the letter it was pretty much right around through 34 so hilariously neutral IV crushing response here. So if you sold any options congratulations in either direction. But I think it kind of makes sense I would lean pretty positive towards this this report I think we saw really good gross margins that were not overly influenced by regulatory credits and generally that's the thing that I'm looking for the most in terms of like the current business and then outlook is probably even more important.

我认为这次收益相当不错。或许我们可以回过头来看看股价有没有变化，但似乎没有。在我们开始的时候，我记得当我们打开信的时候，股价大约在34左右，因此这是一个极其中性的市场反应。如果你卖出了任何期权，不论方向如何，恭喜你。不过，我认为这样的反应是合理的。我对这份报告持相当积极的看法，因为我们看到了不错的毛利率，而且这些毛利率并没有过多依赖监管信用。这是我最关心的一个方面，而展望未来可能更为重要。

I don't think Tesla set a ton here like there was no big announcement about or moving the safety rider in this quarter or something like that it's nothing too concrete in terms of that which I think people would have liked to see although certainly wouldn't have been my expectation.

我不认为特斯拉在这里设定了什么重大目标，比如这季度没有发布任何重大公告，也没有对安全方面进行重大调整。就这方面来说，似乎没有什么特别明确的动作。不过，我想人们可能会希望看到这些，尽管这不是我所预期的。

And then nice to see them reiterate the more affordable vehicles that that actually did start production with you know initial production in June and looks like expected for sale later this year so I doubt we'll hear too much more on that probably until next quarter to be honest but good to have that reiteration as well.

很高兴看到他们重申了那些更实惠的汽车已经开始生产。你知道，这些车是在六月刚开始生产的，预计将在今年晚些时候开始销售。所以老实说，我怀疑在下个季度之前我们会听到关于这方面的更多消息，但能够重申这一点也是好的。

So overall I think pretty positive we'll go into the earnings call and I think that's where we're going to get more information in terms of maybe some commentary on how Tesla views Austin is going maybe we'll hear some updates on what other markets might be coming soon at what time and those are probably the most interesting developments for now.

总的来说，我认为即将到来的财报电话会议会是一个积极的事件。我想，我们将在会议中了解到更多信息，比如特斯拉如何看待奥斯汀的发展，也许我们会听到一些关于其他市场的最新动态，包括这些市场可能会在什么时候推出。目前来说，这些可能是最值得关注的进展。

So hope you all join me on that in about 25 minutes this should redirect you there but if not the link is in the description already thank you. you

希望大家大约在25分钟后加入我，如果没有自动跳转，请查看描述中的链接，谢谢。

Live: Tesla Q2 Earnings Report Coverage &amp; Analysis (Q2-25)

Live: Tesla Q2 Earnings Report Coverage & Analysis (Q2-25)