# (77) Tesla Q3 2025 Financial Results and Q&A Webcast - YouTube
- Transcript ID: `gq9s7xbkgay`
- Source tier: `youtube_auto`
- Original language: `en_or_source_language_unlabeled`
- Translation status: `agent_translated_reviewed` (123/123 chunks)
- Original source: https://www.youtube.com/watch?v=GQ9S7xbkGAY
- Raw evidence: `data/transcripts/youtube/GQ9S7xbkGAY.json`
> 中文是派生翻译，英文是留存的源文本。中文未复核时，以英文和原始音视频为准。
## 00:00:08
**中文**
嘿, [音乐] [音乐] 嘿, 嘿. [音乐] 热. 热. [音乐]
**English / Original**
Hey, [Music] [Music] hey, hey. [Music] Heat. Heat. [Music]
## 00:00:31
**中文**
[音乐] [音乐] [音乐] 嘿, 嘿, 嘿.
**English / Original**
[Music] [Music] [Music] Hey, hey, hey.
## 00:01:32
**中文**
[音乐] 哇. [音乐] 嘿. 嘿.
**English / Original**
[Music] Wow. [Music] Hey. Hey.
## 00:02:19
**中文**
热. 嘿, 热. 热. 热. [音乐] 热. 热. [音乐]
**English / Original**
Heat. Hey, Heat. Heat. Heat. [Music] Heat. Heat. [Music]
## 00:03:07
**中文**
[音乐] [音乐] [音乐]
**English / Original**
[Music] [Music] [Music]
## 00:03:50
**中文**
[音乐] [音乐] 嘿, [音乐] 嘿, 嘿. 热. 热. N.
**English / Original**
[Music] [Music] Hey, [Music] hey, hey. Heat. Heat. N.
## 00:04:34
**中文**
[音乐] 黑. [音乐] 嘿. 嘿. [音乐] [音乐] 热. 热. [音乐]
**English / Original**
[Music] Black. [Music] Hey. Hey. [Music] [Music] Heat. Heat. [Music]
## 00:05:26
**中文**
[音乐] 嘿, 嘿, 嘿. [音乐] [音乐]
**English / Original**
[Music] Hey, hey, hey. [Music] [Music]
## 00:06:21
**中文**
[音乐] [音乐] [音乐] 嘿,
**English / Original**
[Music] [Music] [Music] Hey,
## 00:06:58
**中文**
嘿, 嘿. [音乐] [音乐] 嘿, [音乐] 热. 热.
**English / Original**
hey, hey. [Music] [Music] Hey, [Music] Heat. Heat.
## 00:07:40
**中文**
[音乐] 嘿, [音乐] 嘿, 嘿.
**English / Original**
[Music] Hey, [Music] hey, hey.
## 00:08:22
**中文**
[音乐] 嘿, 嘿, 嘿. [音乐]
**English / Original**
[Music] Hey, hey, hey. [Music]
## 00:09:01
**中文**
[笑声] [音乐] 热. 热. [音乐] [音乐]
**English / Original**
[Laughter] [Music] Heat. Heat. [Music] [Music]
## 00:09:42
**中文**
[音乐][音乐]大家下午好，欢迎收看Tesla 2025年第三季度问答网络直播。我是投资者关系主管特拉维斯·阿克塞尔罗德 (Travis Axelrod)，今天与我一起参加会议的还有埃隆·马斯克 (Elon Musk)、Vaibhav·特内扎 (Vebov Teneza) 和其他一些高管。我们的第三季度业绩于下午 3 点左右公布。我们在与此网络广播相同的链接上发布了更新材料中部时间。在这次电话会议中，我们将讨论我们的业务前景并做出前瞻性陈述。这些评论基于我们截至目前的预测和期望
**English / Original**
[Music] [Music] Good afternoon everyone and welcome to Tesla's third quarter 2025 Q&A webcast. My name is Travis Axelrod, head of investor relations, and I'm joined today by Elon Musk, Vebov Teneza, and a number of other executives. Our Q3 results were announced at about 3 p.m. Central time in the update deck we published at the same link as this webcast. 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
## 00:10:23
**中文**
今天。由于许多风险和不确定的不确定性，包括我们最近向 SEC 提交的文件中提到的风险和不确定性，实际事件或结果可能会存在重大差异。我们敦促股东阅读我们的最终委托书，其中包含有关 2025 年年度大会投票事项的重要信息。
**English / Original**
today. actual events or results could differ materially due to a number of risks and uncert uncertainties, including those mentioned in our most recent filings with the SEC. We urge shareholders to read our definitive proxy statement, which contains important information about the matters to be voted on at the 2025 annual meeting.
## 00:10:43
**中文**
在今天电话的问答部分，请将自己限制在一个问题和一个后续行动上。请使用举手按钮加入问题队列。在我们开始问答之前，埃隆做了一些开场白。埃隆，谢谢。随着我们将人工智能带入现实世界，我们正处于 Tesla 和我们未来战略的关键转折点。嗯，我认为有必要强调 Tesla 确实是现实世界人工智能的领导者。呃，没有人能做到我们用现实世界的人工智能能做到的事情。嗯，总的来说，我对人工智能有很好的了解。我认为
**English / Original**
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. Before we jump into Q&A, Elon has some opening remarks. Elon, >> thank you. We're we're at a critical inflection point for Tesla and our strategy going forward as we bring AI into the real world. Um, I think it's important to emphasize that Tesla really is the leader in real world AI. Uh, no one can do what we can do with real world AI. Um, I have pretty good insight into AI in general. I think
## 00:11:24
**中文**
Tesla 拥有车内所有人工智能中最高的智能密度。嗯，这只会变得更好。嗯，我们确实刚刚开始大规模扩展 全自动驾驶 和 Robotaxi，并从根本上改变运输的性质。我认为人们只是不太明白这将取得多大程度的发展。嗯，老实说，这会像冲击波一样。嗯，所以这是一个你，因为汽车都在那里。
**English / Original**
that Tesla has the highest intelligence density of any AI out there in the car. Um, and that is only going to get better. Um, and we're really just at the beginning of scaling at a at a quite massively full self-driving and robo taxi and fundamentally changing the nature of transport. I think people just don't don't quite appreciate the degree to which this will uh take off. um where that it's honestly it's going to be like a shock wave. Um so it's it's a you cuz the cars are all out there.
## 00:12:02
**中文**
那里。你知道，有数百万辆汽车通过软件更新变成了 全自动驾驶 汽车，嗯，你知道，我们每年赚几百万，事实上，随着 w 的出现，我们现在看到实现 全自动驾驶 的清晰，无人监督的 全自动驾驶 我应该说，嗯，我对扩大 Tesla 的生产充满信心。嗯，这就是我们的意图，即尽快扩大未来的生产。
**English / Original**
there. You know, there are millions of cars out there that with a software update become um full self-driving cars and um and you know, we're making a couple million a year um and and in fact with the advent of w with with what we see now as as a clarity on achieving full self-driving, unsupervised full self-driving I should say, um I feel confident Ident in expanding Tesla's production. Um, so that is that is our intent to expand as quickly as we can our future production.
## 00:12:44
**中文**
嗯，所以我不愿意这样做，直到我们明确实现呃无监督 全自动驾驶。但在这一点上，我觉得我们已经很清楚了，尽快合理地扩大生产是有意义的。呃，我们还通过呃电池存储对能源 SECtor 产生了巨大的影响。因此，对于 Powerwall 嗯，尤其是 Megapack 呃，我们
**English / Original**
Um, so I was I was reticent to do that until we had clarity on on achieving uh unsupervised full self-driving. But at this point I I feel like we've got clarity and it it makes sense to um expand production as as fast as we reasonably can. uh we're also making huge uh um making huge impact on the energy sector with uh with battery storage. So with both the power wall um and especially with the mega pack uh we are
## 00:13:22
**中文**
显著提高从电网产生更多能源的能力。让我稍微谈谈这个问题，如果你看看美国的总能源能力，例如，美国大约有太瓦的连续电力可用，但由于白天和夜间使用之间的巨大差异，24 小时周期的平均使用量只有半太瓦。
**English / Original**
dramatically improving the ability to um generate more energy from the grid. Let me sort of talk a little bit about that which is if if you look at total US energy um capability for example there's roughly a terowatt of of continuous power available in the US but the average usage over a 24-hour cycle is only half a terowatt because of the big difference between day and night usage.
## 00:13:53
**中文**
嗯，如果你用电池缓冲能量，你可以有效地使美国的能源输出翻倍，只需使用电池，无需建造新增发电厂。嗯，建造发电厂非常困难。所以，呃，他们需要很长时间。有很多许可，而且这个行业不习惯快速发展。因此，我们看到了 Tesla 电池组的潜力，可以极大地提高美国或其他任何给定电网每年的能源输出。
**English / Original**
Um, if you buffer the buffer the energy with batteries, you can effectively double the energy output in the United States just with batteries building no incremental power plants. Um, and it's very difficult to build power plants. So, uh, they take a long time. There's a lot of permitting and it's not an industry that's used to moving fast. So we see the potential there for Tesla battery packs uh to greatly improve the um the energy output per year for any given grid US or otherwise.
## 00:14:28
**中文**
嗯，我们也正处于 Optimus 真正伟大的事情的风口浪尖，嗯，我认为呃，它很可能或有潜力成为有史以来最大的产品。嗯，呃，这是一个困难的项目。嗯，值得注意的是，这并不是自动的。嗯，我不知道福特或通用汽车或美国汽车公司的任何机器人程序。
**English / Original**
Um, we're also on the cusp of of something really tremendous with Optimus, um, which I think uh, is likely to be or has potential to be the biggest product of all time. Um, and, uh, it's it's a a difficult project. Um, and it's worth noting that it's not like it's just automatic. Um I'm unaware of any robot program by uh Ford or GM or you know by US sort of car companies.
## 00:15:00
**中文**
像我这样的人可能会认为 Tesla 是一家汽车公司。我们主要生产汽车和电池组。呃，但是呃，所以这并不像制作 Optimus 的明显的木墙一样，但我们确实拥有现实世界人工智能的成分，以及卓越的电气机械工程能力，以及规模化生产的能力，我认为其他人都没有所有这些成分。
**English / Original**
People like I think maybe think of Tesla as as a car company. We mostly make cars um and battery packs. Uh but uh so it's not like it's not just like an obvious wall of a log thing to make Optimus but but we do have the ingredients um with of real world AI um and exceptional electrical mechanical engineering capabilities um and the ability to scale production which I don't think anyone else has all of those ingredients.
## 00:15:34
**中文**
嗯，嗯，是的，随着 14 版的自动驾驶，你可以看到网上人们的反应，嗯，他们非常惊讶。嗯，事实上，美国的任何人都可以获得呃版本 14，只要他们只是呃去选择呃我想要在他们的车里使用高级软件。因此，如果您现在正在收听并且想尝试一下，只需进入“嗯”设置并说“我想要高级软件”，您将获得版本 14。嗯
**English / Original**
Um so uh yeah with with with version 14 of the uh of self-driving which people you can see the reactions of of people online um they're quite amazed. Um actually anyone in the US can get uh version 14 if they just uh go and select uh I want the advanced software in their car. So, if if you're listening right now and you'd like to try it out, just uh go in um in settings and say I want the advanced software and you will get version 14. Um
## 00:16:13
**中文**
呃，是的，所以呃，在 Mega 方面，我们推出了 Megablock、Megapack 3。嗯，我们还为 Megapack 4 制定了令人兴奋的计划。呃，Megapack 4 将包含呃很多呃很多通常在变电站中的东西呃并且能够以呃可能 35 输出呃。千伏呃直接。因此，这极大地提高了我们部署 Megapack 的能力，因为它不依赖于为 Megapack 4 构建一个高达 35 KB 的变电站。
**English / Original**
and uh yeah, so uh on the Mega front, we we we unveiled Mega Blok, Mega Pac 3. Um we also have exciting plans for Mega Pac 4. uh Mega Pac 4 will incorporate uh a lot of the um uh a lot of what is normally in a substation uh and be able to output uh at uh probably 35 kilovolts uh directly. So this this greatly improves our ability to deploy Megapac because it's not dependent on building uh a substation up through 35 KB for mega pack 4. So that
## 00:16:54
**中文**
这就是 Megapack 的工程优先级。嗯，我们期待在第一季度推出 Optimus V3 嗯，你可能知道。我认为它已经准备好展示了，我认为这将是非常了不起的。嗯，如果你这么做的话，它甚至看起来都不像一个机器人。它看起来就像一个穿着机器人套装的人，这就是我们开始设计 Optimus 的方式。
**English / Original**
that'll be that that's the that's the engineering priority for um MegaPAC. Um and uh we look forward to unveiling Optimus V3 um you know probably in Q1. I think it'll be ready for uh to show off and uh that that I think is going to be quite remarkable. um if you it won't even seem like a robot. It'll seem like a person in a robot suit, which is kind of how we started off with Optimus.
## 00:17:33
**中文**
嗯，但它看起来是如此真实，我想你需要喜欢戳它，才能相信它实际上是一个机器人。嗯，显然就像我们为汽车开发的现实世界智能一样。嗯，大部分转移到 Optimus。所以这是一个非常好的起点。嗯，总而言之，我们对 Tesla 的更新使命感到兴奋，即可持续丰富。嗯，超越可持续能源，说可持续丰富是使命
**English / Original**
Um but it it'll seem so real that you'll need to like poke it, I think, to believe that it's actually a robot. Um and and obviously like the the real world intelligence we're devel we've developed for the car. Um most of that transfers to Optimus. So it's a it's a very good starting point. Um in conclusion uh we're excited about the you know updated mission of Tesla which is sustainable abundance. Um so going beyond sustainable energy to say sustainable abundance is the mission
## 00:18:12
**中文**
我们相信，通过 Optimus 和全自动驾驶，你实际上可以创造一个没有贫困的世界，每个人都能获得最好的医疗服务。嗯，比如 Optimus 将成为一名令人难以置信的外科医生。嗯，想象一下，如果每个人都能接触到一位令人难以置信的外科医生。嗯，所以我想你当然知道我们需要确保 Optimus 是安全的，但除了我
**English / Original**
where uh we we believe with uh with Optimus and self-driving um that uh you can actually create a world where there is no poverty uh where everyone has access to the finest medical care. Um like Optimus will be an incredible surgeon for example. Um and imagine if everyone had access to an incredible surgeon. Um so so I I think there's you know of course we need make sure Optimus is safe and everything but but I
## 00:18:55
**中文**
我确实认为我们正在走向一个可持续富足的世界，我很高兴与 Tesla 团队合作实现这一目标。伟大的。非常感谢你，埃隆。呃，Vaibhav 也有一些开场白。 谢谢，特拉维斯。第三季度在多个层面上都是一个特殊的季度。我们不仅在交付和部署方面创造了新记录，还在总收入、能源毛利润、能源利润率和自由现金流等一系列财务指标方面创造了新记录。
**English / Original**
I do think we're headed for a world of sustainable abundance and that I'm excited to work with the Tesla team to make that happen. Great. Thank you very much, Elon. Uh, Vebup also has some opening remarks. >> Thanks, Travis. Q3 was a special quarter at multiple levels. We set new records not just for deliveries and deployments, but also around a range of financial metrics from total revenues, energy gross profit, energy margins to fresh free cash flow.
## 00:19:28
**中文**
这是客户对我们产品持续信任以及Tesla团队不懈努力的结果。交付量的强劲表现归功于所有地区的强劲表现。大中华区和 亚太地区 分别较上一季度上涨 33% 和 29%。北美上涨 28%，而 欧洲、中东和非洲地区 上涨 25%。交付速度是由于新 Model Y 的持续兴奋所致。我们之前曾讨论过 2025 年是 Y 年，并通过第一季度发布的新款 Model Y 兑现了这一承诺，随后又推出了长轴距和高性能的 Model Y
**English / Original**
This was the result of continued confidence of our customers in our products and the relentless efforts by the Tesla team. The strength and deliveries was attributed to strong performance across all regions. Greater China and APAC were up sequentially 33 and 29% respectively. North America was up 28% while AMIA was up 25%. The pace in deliveries was the function of continued excitement around the new Model Y. We had previously talked about 2025 being the year of the Y and have since delivered on that promise with the new Model Y released in Q1 followed by Model Y long wheelbase and performance
## 00:20:09
**中文**
以及最近在北美的标准 Y 和 欧洲、中东和非洲地区。我们现在在奥斯汀和大多数湾区城市这两个市场运营 Robotaxi 服务。自首次推出以来，我们已将奥斯汀的覆盖范围扩大了三倍，并且正在继续进一步扩大。与我们的竞争对手不同，我们的 Robotaxi 车队融入了我们运营的市场，因为它们没有额外的传感器组或外围设备，因此无法脱颖而出。这是我们当前的车辆产品中一个未被充分认识的方面，这些产品都是为自动驾驶而设计的。
**English / Original**
and more recently Standard Y in North America and AMIA. We're now operating a robot taxi in two markets, Austin and most Bay Area cities. We've already expanded our coverage area in Austin three times since the initial launch and are on pace to continue expanding further. Unlike our competitors, our robotaxi fleet blends in the markets we operate in since they don't have extra sensor sets or peripherals which make them stick out. This is an underappreciated aspect of our current vehicle offerings which are all designed for autonomous driving.
## 00:20:47
**中文**
我们认为，随着人们大规模体验受监督的 FSD，对我们车辆的需求（如 Elon 所说）将会显著增加。在 FSD 采用率方面，我们继续看到了不错的进展。但请注意，付费 FSD 客户群总数仍然很小，约占我们当前机队的 12%。我们正在与中国和 欧洲、中东和非洲地区 等地的监管机构合作以获得批准。这样我们也可以在这些地区获得 FSD。现在涉及财务方面，汽车收入环比增长 29%，与
**English / Original**
We feel that as experience uh as people experience the supervised FSD at scale, the demand for our vehicles like Elon said would increase significantly. On the FSD adaption front, we we've continued to see decent progress. However, note that total paid FSD customer base is still small, around 12% of our current fleet. We're moving we're working with regulators in places like China and AMIA to obtain approvals. so that we can get FSD in those regions as well. Now covering a little bit on the financial side, automotive revenues increased 29% sequentially in line with
## 00:21:28
**中文**
交付量的增长。虽然监管信贷连续下降，但我们签订了新合同并继续交付先前签订的合同。我们的汽车利润率（不包括信贷）从 15% 略微上升至 15.4%。在此之前，这归因于材料成本的改善以及由于产量增加而更好地吸收固定成本。
**English / Original**
the growth in deliveries. While regulatory credits declined sequentially, we entered into new contracts and continued delivery on previously entered contracts. Our automotive margins excluding credits increased marginally from 15% to 15.4. before which was attributed to improvements in material cost and better fixed cost absorption due to higher volumes.
## 00:21:54
**中文**
储能业务继续以创纪录的部署量、毛利润和利润率交付。如前所述，该业务受到关税的影响更大（以 销货成本 的百分比衡量），因为目前所有采购的销售均来自中国，而我们仍在研究其他替代方案。然而，随着上海大型工厂的崛起，这正在帮助我们避免关税，因为我们正在利用这家工厂来满足非美国需求。
**English / Original**
The energy storage business continued to deliver with record deployments, gross profit and margins. As discussed before, this business has a bigger impact from tariffs as measured by percentage of COGS since currently all sales procured are from China while we're still working on other alternatives. However, as uh the ramp of mega factory Shanghai is happening, this is helping us avoid tariffs because we are using this factory to supply the non US demand.
## 00:22:27
**中文**
就像埃隆所说，你知道，网格可以扩展存储。我们能够最快获得电力的唯一方法是使用存储。另一件需要记住的事情是，鉴于竞争和关税的加剧，我们看到该行业面临阻力。第三季度关税对两家企业的总影响超过 4 亿美元，总体上双方平分。
**English / Original**
Like Elon said, you know, grids scale storage. The only way we can get to electricity fastest is by using storage. The other thing to keep in mind is we are seeing headwinds in this business given the increase in competition and tariffs. The total tariff impacts for Q3 for both businesses was in excess of 400 million generally split evenly between them.
## 00:22:55
**中文**
服务和其他方面相继出现显著改善。这主要是我们保险和服务中心业务改进的结果。请注意，虽然我们的 Robotaxi 成本很小，但它已包含在服务和其他业务中，以及我们的其他业务，如付费增压、二手车、零件和商品销售等。
**English / Original**
Services and other demonstrated a marked improvement sequentially. This was a function of improvements primarily in our insurance and service center businesses. Note that while small, our robo taxi costs are included within services and other along with our other businesses like paid supercharging, used car, parts and merchandise sales, etc.
## 00:23:18
**中文**
我们的运营费用连续增加。最大的增长包括重组和其他与通过整合我们的 AR AI 芯片设计工作来降低成本和提高效率而采取的某些行动有关的活动。此外，我们还产生了与某些法律案件的诉讼相关的法律费用以及筹备股东大会所产生的增量成本。此类成本记录在 销售、一般及行政费用 中。
**English / Original**
Our operating expenses increase sequentially. The largest increase included in restructuring and other related to certain actions undertaken to reduce cost and improve efficiency through convergence of our AR AI chip design efforts. Additionally, we incurred legal expenses related to proceedings in certain legal cases as well as incremental cost incurred in preparation for a shareholder meeting. Such costs are recorded within SGNA.
## 00:23:50
**中文**
此外，我们与员工相关的支出正在增加，尤其是在 研发 领域，因为我们最近向从事人工智能计划的员工授予了各种基于绩效的股权奖励，因此此类支出未来将继续增加。关于其他收入。呃，我们的其他收入连续下降主要是由于 比特币持仓的按市值计价调整，第三季度的收益为 8000 万美元，而第二季度为 2.84 亿美元，而其余的变动归因于本季度的外汇变动。
**English / Original**
Further, our employee related spend is increasing especially in R&D as we have recently granted various performance-based equity awards to employees working on AI initiatives and therefore such spend will continue to increase going forward. on other income. Uh our other income decreased sequentially primarily from locktomarket adjustments on BTC holdings which was much smaller gain of 80 million in Q3 versus 284 million in Q2 with the rest of the movement attributable to FX movements in the quarter.
## 00:24:24
**中文**
本季度我们的自由现金流约为 40 亿美元，再创纪录。截至本季度末，我们的现金和投资总额超过 410 亿美元。在资本支出方面，虽然我们预计今年的资本支出约为 90 亿美元，但我们预计这一数字将在 2026 年大幅增加，因为我们为公司下一阶段的增长做好准备，不仅包括我们现有的业务，还包括我们对人工智能计划的押注，包括 Optimus。
**English / Original**
Our free cash flow for the quarter was approximately 4 billion which was yet another record. Our total cash and investments at the end of the quarter were over 41 billion. On the capex front, while we are expecting to be around 9 billion for the current year, we're projecting the numbers to increase substantially in 2026 as we prepare the company for the next phase of growth in terms of not just our existing businesses, but our bets around AI initiatives, including Optimus.
## 00:24:56
**中文**
总之，请注意，将人工智能带入现实世界是很困难的，但我们从不回避做困难的事情。我们对未来感到非常兴奋，并正在奠定基础，其好处将在未来几年内实现。最后，我要感谢 Tesla 团队、我们的客户、投资者和支持者对我们的持续信任。
**English / Original**
In conclusion, note that bringing AI into real world is hard, but we have never shied away from doing what is hard. We're extremely excited about the future and are laying down the foundation, the benefits of which will be realized over years to come. I would like to end by thanking the Tesla team, our customers, our investors and supporters for the continued belief in us.
## 00:25:23
**中文**
非常感谢你，Vaibhav。现在，让我们来回答来自 say.com 的投资者问题。第一个问题是，最新的Robotaxi指标是多少，车队规模、累计里程、完成的行程、干预率以及安全驾驶员何时被移除？仍然存在哪些障碍阻碍无监督 FSD 部署到客户车辆上？
**English / Original**
>> Thank you very much, Vebov. Now, let's go to investor questions from say.com. The first question is, what are the latest robo taxi metrics, fleet size, cumulative miles, rides completed, intervention rates, and when will safety drivers be removed? What are the obstacles still preventing unsupervised FSD from being deployed to customer vehicles?
## 00:25:44
**中文**
我会从这个开始，然后 Sh 可以详细说明。嗯，但是，我们预计到今年年底，至少奥斯汀的大部分地区都将没有安全司机。因此，在几个月内，我们预计至少在奥斯汀的部分地区将不再有安全驾驶员。显然我们对部署非常谨慎。所以，我们的目标是对部署保持偏执，因为显然即使是一次事故也会成为全球头条新闻。所以你知道我们最好谨慎行事
**English / Original**
>> I'll I'll start off with that and then Sh can elaborate. Um but uh we we are expecting to have uh no safety drivers in uh at least um large parts of Austin by the end of this year. So within a few months uh we expect to have no safety drivers um at all um in at least in parts of Austin. We're obviously being very cautious about the deployment. So um so our goal is to be actually be paranoid about deployment because obviously even one accident will be front page headline news worldwide. So um you know it's better for us to take a cautious
## 00:26:24
**中文**
接近这里。嗯，但我们确实希望在几个月内，奥斯汀的车里不会有安全驾驶员。我认为这可能是最重要的数据点。然后我们确实预计到今年年底将在 8 到 10 个都市区运营 Robotaxi 服务。嗯，你知道这取决于各种监管部门的批准。
**English / Original**
approach here. Um but we do expect to have no no safety drivers in the car um in Austin uh in within a few months. I think that's perhaps the most important uh data point. And then we we do expect to be uh operating robo taxi in uh I think about uh 8 to 10 metro areas by the end of the year. Um you know it depends on various regulatory approvals.
## 00:26:54
**中文**
嗯，但是你实际上可以，我认为我们的大多数监管申请都是在线的。你可以看到它们，因为它们是公共信息。嗯，但我们预计到今年年底将在内华达州、佛罗里达州和亚利桑那州运营。嗯，当然。 是的，我们继续在奥斯汀运营我们的车队，没有任何人坐在驾驶座上，我们已经行驶了超过 25 万英里。然后在湾区，由于法规规定，我们仍然有一个人坐在驾驶座上，我们的行驶里程超过一百万英里。嗯，我们继续看到Robotaxi 车队工作得非常好。顾客
**English / Original**
Um and um but you you can actually I think most of our regulatory applications are online. You can kind of see them uh because they're they're public information. Um but we expect to be oper operating in Nevada and Florida and Arizona um by the end of the year. Um sure. >> Yeah, we we continue to operate our um fleet in Austin without anyone in the driver's seat and we have covered more than a quarter million miles um with that. And then in the Bay Area where we still have a person in the driver's seat because of the regulations we cross more than a million miles. Um so and we continue to see that the fleet um robot XCI fleet works really well. Customers
## 00:27:35
**中文**
真的很高兴嗯，而且客户方面没有什么值得注意的问题。截至昨天，我们的客户使用 受监督 FSD 的行驶里程总计达到 60 亿英里。嗯，这就像一个重要的里程碑。嗯，总的来说，安全性仍然非常好，正如埃隆提到的，我们正在按计划将人从车内完全移走。嗯，从奥斯汀开始。
**English / Original**
are really happy um and there's no notable issues on the customer uh side. We have customers have used FS supervised for a total of 6 billion miles um as of yesterday. Um so that's like a big milestone. Uh and overall the safety continues to be very good and as Elon mentioned we are on um on track to remove the person from inside the car altogether. Uh starting with Austin.
## 00:28:04
**中文**
太棒了。呃，下一个问题是，随着当前人工智能的繁荣，大型 Powerwall 太阳能或储能系统的需求和积压是多少？ Tesla 是否计划为其他超大规模企业供电？ 谢谢。嗯，明年对我和 Powerwall 的需求仍然非常强劲。我们收到了非常强烈的客户对我们的 Mega Megablock 产品的积极反馈，该产品将于明年开始从休斯顿发货。
**English / Original**
>> Great. Uh the next question is what is the demand uh and backlog for mega power wall solar or energy storage systems with the current AI boom? Is Tesla planning to supply power to other hyperscalers? >> Thanks. Um demand for me and Power Wall continues to be really strong into next year. We we received very strong u positive customer feedback on our Mega Mega Block product which will begin shipping next year out of Houston.
## 00:28:35
**中文**
正如 Elon 所说，我们看到对人工智能和数据中心应用的需求显著增长，因为超大规模企业和公用事业公司已经看到了大型产品的多功能性，可以提高可靠性、接收和缓解电网限制。由于政策变化，我们还看到美国住宅太阳能需求激增，随着我们推出新的太阳能租赁产品，我们预计这种变化将持续到 2026 年上半年。我们还开始在布法罗工厂生产 Tesla 住宅太阳能电池板，我们将从第一季度开始将其运送给客户。该面板具有行业领先的美观和遮阳性能，体现了我们对美国制造的持续承诺。
**English / Original**
And we're seeing remarkable growth in in the demand for AI and data center applications as hyperscalers and utilities have seen the versatility of the mega product to increase reliability and receive and relieve grid constraints as Elen was talking about. We we've also seen a surge in residential solar demand in the US due to policy changes which we expect to continue into the first half of 2026 as we introduced a new solar lease product. And we also began production of our Tesla residential solar panel in our Buffalo factory and we will be shipping that to customers starting Q1. The panel has industry-leading aesthetics and shade performance and demonstrates our continued commitment to US manufacturing.
## 00:29:21
**中文**
伟大的。呃，谢谢你，迈克。不幸的是，下一个问题与未来的产品有关。呃，这不是讨论这个问题的合适场所，所以我们不得不跳过它。嗯，接下来的问题是将 Optimus 推向市场目前面临哪些挑战？考虑应用程序控制软件、工程硬件、训练通用移动模型、训练特定任务模型、训练语音模型、实施制造和建立供应链。
**English / Original**
Great. Uh thank you Mike. Um unfortunately the next question is related to future products. Uh this is not the appropriate venue to cover that so we're going to have to skip it. Um the question after that is what are the present challenges in bringing optimist to market? Considering app control software, engineering hardware, training general mobility models, training task specific models, training voice models, implementing manufacturing and establishing supply chains.
## 00:29:52
**中文**
是的，我的意思是，将 Office Optimus 推向市场是一项非常困难的任务。这不像在公园里散步。嗯在某个时候。我的意思是，实际上从技术上来说，Optimus 现在可以在公园里散步。嗯，我们确实有 Optimus 机器人在我们位于加利福尼亚州帕洛阿尔托的工程总部的办公室里走动，基本上每周 7 天、每天 24 小时。嗯，所以任何过来的访客，你实际上可以停下来阻止一个 Optimus 机器人，然后让它带你去某个地方，它实际上会带你到那个会议室或建筑物中的那个位置。嗯，我不想淡化这件事的难度。这是一个
**English / Original**
>> Yeah, I mean bringing office optimist to market is is an incredibly difficult task to be clear. It's it's not like some walk in the park. um at at some point. I mean at this actually technically Optimus can walk in the park right now. Um we and we do have Optimus robots that walk around our offices uh at our engineering headquarters in PaloAlto, California uh basically 24 hours a day, 7 days a week. Um, so any visitors that come by, you actually um you can you can stop to stop one of the Optimus robots and uh ask it to take you somewhere and it'll literally take you to that meeting room or that location in the building. Um so um I don't want to downplay the difficulty of this. It's a
## 00:30:35
**中文**
这是一件非常困难的事情，特别是很难创造出一只嗯一只像人手一样灵巧、有能力的手，这是一个令人难以置信的人手是一个令人难以置信的东西。嗯，你对人的手研究得越多，你就越会意识到人的手是多么不可思议。为什么你需要五个，你知道，四个手指和一个拇指，为什么手指有一定程度的自由移动。嗯，你知道为什么不同的肌肉有不同的力量，嗯，手指有不同的长度，嗯，呃，事实证明，所有这些都是有原因的，嗯，呃，所以
**English / Original**
it's an incredibly difficult thing, especially it's difficult to create a um a hand that is as dextrous and capable as the human hand, which is an incredible the human hand is an incredible thing. Um that the more you study the human hand, the more incredible you realize the human hand is. And and why you need five, you know, four fingers and a thumb, why the why the fingers have certain degrees of move of freedom. um you know why why the the various muscles are of different strengths um the fingers are of different lengths um and uh it turns out actually that that all that those are all there for a reason um and uh so
## 00:31:16
**中文**
手和前臂是因为大多数执行器就像人手一样，控制手的肌肉实际上主要在前臂。嗯，Optimus 手和前臂是一项极其困难的工程挑战。嗯，我想说，从机电的角度来看，它比其他部分更困难，前臂和手比机器人的整个其他部分更困难。嗯，所以呃，但实际上，为了拥有一个有用的通用机器人，你确实需要这个，你确实需要一只令人难以置信的手，呃，你需要现实世界的人工智能。
**English / Original**
making making it that the hand and and forearm because most the most of the actuator just like the human hand the the muscles of that control your hand are actually primarily in your forearm. Um, the Optimus hand and forearm is an incredibly difficult engineering challenge. Um, it's I'd say it's a more difficult than the rest of from an electro mechanical standpoint, the forearm and hand are is more difficult than the entire rest of the robot. Um, so uh but really in order to have a a a useful generalized robot, you you do need this you do need an incredible hand and uh and you need the real world AI.
## 00:31:56
**中文**
嗯，你需要能够扩大生产规模，让它具有相关性，因为如果只有几百个机器人，它就不相关。嗯，但是你需要能够制造 Optimus 机器人，其产量与车辆相当，甚至更高。嗯，呃，试图每年制造一百万个或类似的东西，试图每年制造一百万个 Optimus 机器人，考虑到供应链不存在，制造挑战是巨大的。因此，对于汽车来说，你已经拥有了现有的供应链。有了电脑，你就有了现有的供应
**English / Original**
Um, and you need to be able to scale up that production um to have it be relevant because it's not relevant if it's just a few hundred robots. Um, but so you need to be able to make uh Optimus robots at volumes comparable to vehicles um if not significantly higher. Um so uh trying to make a million or something per year trying to make a million Optimus robots per year that manufacturing challenge is immense considering that the supply chain doesn't exist. So with with cars you've got an existing supply chain. With computers you've got an existing supply
## 00:32:34
**中文**
链。对于人形机器人来说，没有供应链。嗯，为了制造 Tesla 实际上必须非常垂直地整合呃，并且制造嗯非常深入供应链，在内部制造零件，因为没有供应链。嗯，所以，呃，这就是我喜欢的事情，如果我把自己置于一家试图制造人形机器人的初创公司的位置，我会想，如果没有，嗯，大量的制造技术，我不知道如何做到这一点。嗯，这就是为什么我这么想
**English / Original**
chain. With uh with a humanoid robot there is no supply chain. Um so in order to to manufacture that Tesla actually has to be very vertically integrated uh and manufacture um very deep into the supply chain manufacture the parts internally because there just is no supply chain. Um, so, uh, this is this is the kind of thing where I'm like, if I put myself in the position of a startup trying to make an a humanoid robot, I'm like, I don't know how to do it without, um, an an immense amount of manufacturing technology. Um so that's that's why I think like
## 00:33:16
**中文**
当你考虑制造技术扩展现实世界的人工智能和真正灵巧的手时，Tesla 几乎是一个独特的位置。嗯，当你读到其他机器人时，这些通常是缺少的东西，他们只是没有这三样东西。嗯，不，我认为我们可以通过大量的工作来实现这三件事。嗯，嗯，这就是游戏计划。
**English / Original**
Tesla's in some almost a unique I think I think unique position when you consider manufacturing technology scaling um real world AI and the and and a truly dextrous hand. Uh those are the generally the things that are missing when you read about um other robots that they just don't have those three things. Um so no I think we can achieve all those things those those three things with an immense amount of work. Um and um and that that is that is the game plan.
## 00:33:50
**中文**
所以，嗯，你知道，我和我一样，你知道，关于我在 Tesla 拥有多少投票控制权的根本问题是，如果我继续建立这支庞大的机器人军队，我会在未来的某个时候被驱逐吗？嗯，这是我最关心的问题。如果这就是我想要解决的唯一问题，呃，所以所谓的补偿，但我不会花这笔钱，只是如果我们建立这个机器人军队，嗯，我至少对那个机器人有强大的影响力，不是控制，而是
**English / Original**
So, um, you know, my like like my, you know, fundamental concern with regard to how much voting control I have at Tesla is if I go ahead and build this enormous robot army, can I just be ousted at some point in the future? Um, that's my biggest concern. if I that's that that is the the that is really the only thing I'm trying to address with with this uh so what's called compensation but it's not like I'm going to go expend the money it's just if we build this robot army um do I have at least uh a strong influence over that robot on the not not control but a
## 00:34:31
**中文**
强大的影响力，简而言之，嗯，如果我没有至少强大的影响力，我就觉得打造那支机器人军团会感到不舒服。谢谢。呃，我们已经介绍了 Robotaxi 扩展。不幸的是，接下来的问题是另一个未来的产品问题。所以我们必须跳过它。嗯，下一个问题是您能否向我们介绍 Taylor 价值 65 亿美元的 三星 芯片交易的最新情况？鉴于半导体对于 Tesla 人工智能驱动的未来自主性的重要性，是什么让您有信心 三星 能够在 Tesla 的时间表上实现 AI6，并实现比 台积电 相对更好的良率和成本？
**English / Original**
strong influence that's that's what it comes down to in a nutshell um like I don't feel comfortable building that robot on me if I don't have at least a strong influence Great. Thank you. Uh we've already covered robo taxi expansion. Um unfortunately the question after that is another future product question. So we're going to have to skip that. Um the next one though is can you update us on the $6.5 billion Samsung chip deal in Taylor? Given the importance of semiconductors to autonomy in Tesla's AIdriven future, what gives you confidence Samsung can fulfill AI6 at Tesla's timelines and achieve relatively better yields and cost versus TS TSMC?
## 00:35:14
**中文**
好吧，所以我将对这个问题给出一个很长的答案，因为这是因为呃我必须解压这个问题，然后回答解压的版本。嗯，所以，你，首先，嗯，我对 三星 没什么好说的。他们是一家了不起的公司。嗯，还有 三星，值得注意的是，嗯，确实制造了，嗯，我们的 AI4 计算机，并且做得很好。嗯所以嗯现在有了 AI5 嗯这是我我我需要对我之前公开发表的一些评论进行澄清
**English / Original**
>> Okay, so I'm I'm going to give quite a long answer to this question because it's because uh I have to unpack this question and then and then answer the unpacked version. Um, so, u, first of all, um, I have nothing but great things to say about Samsung. They're an amazing company. Um, and Samsung, it is worth noting, um, does manufacture, um, our AI4 computer and does a great job doing that. Um so um now w with the the AI5 um and here's I I I need to make a point of clarification relative to some comments I've made publicly uh before
## 00:35:55
**中文**
也就是说，我们实际上首先将 台积电 和 三星 都集中在 AI5 上。所以，嗯，Tesla 设计的 AI5 芯片是我认为这是一个了不起的设计。嗯，过去几个月我几乎每个周末都和芯片设计团队一起研究 AI5，我不会轻易表扬，但我不得不说，我认为 Tesla 芯片团队真的在设计
**English / Original**
which is we're actually going to focus both TSMC and Samsung initially on AI5. So, um the the AI5 chip design by Tesla is I I think it's an amazing design. Um I have spent almost every weekend for last last few months uh with the chip design team working on AI5 and I don't hand out praise easily but I have to say that I think I think the Tesla chip team is is really designing
## 00:36:33
**中文**
这里有一个令人难以置信的芯片。从某些指标来看，AI5 芯片将比 AI4 芯片好 40 倍。 40次不是40%。嗯因为我们对整个软件和硬件堆栈有详细的了解。因此，我们设计硬件是为了解决软件中的所有痛点。呃，所以我不认为真的没有人在现实世界中的整个堆栈中这样做，呃你知道根据现实世界进行校准，在现实世界中你有汽车和机器人
**English / Original**
an incredible chip here. This is by some metrics the AI5 chip will be 40 times better than the AI4 chip. Not 40% 40 times. Um because we we have a detailed understanding of the entire software and hardware stack. So we're designing the hardware to uh address all of the pain points in software. Uh, so I don't think there there really isn't anyone that's doing this the the entire stack um all the way through real world uh you know calibrating against the real world where you've got cars and robots in real world
## 00:37:14
**中文**
就像我们知道芯片需要做什么，同样重要的是我们知道芯片不需要做什么。嗯，你知道要在这里给你一些例子，嗯，对于 AI5，我们删除了传统 GPU 或传统 GPU，它位于 AI4 中，但是 AI5 没有，我们刚刚删除了传统 GPU，因为它基本上是 GPU，所以呃我们还删除了图像信号
**English / Original**
that like we we know what the chip needs to do and we know what just as importantly we know what the chip does doesn't need to do. um you know to sort of give you some examples here um with the AI5 we we deleted the um the legacy GPU or the the traditional GPU which is it it's in AI4 um but AI5 does not have um we just just deleted the the legacy GPU because it basically is a GPU um so uh we also deleted the image signal
## 00:37:53
**中文**
处理器。嗯，呃，有一长串实际上非常重要的删除内容。嗯，由于这些删除，我们实际上可以将 AI5 呃放入半标线中。嗯，从内存到 Tesla 加速器 ARM ARM CPU 核心 um 和 PCI X 的轨迹有很好的余量
**English / Original**
processor. Um and uh there's like a long list of actually of deletions that are very important. Um as a result of these deletions, we can actually fit AI5 uh in a half reticle. Um, and w with with with good margin for the traces from the memory to the the the trip the Tesla trip accelerators um the ARM the ARM CPU cores um and um and the PCI X sort of uh
## 00:38:33
**中文**
PCI 块。所以呃这是一个漂亮的芯片。嗯，我个人为这个节目倾注了很多生命能量。嗯，我相信这将成为下一个级别的赢家。嗯，所以 三星 和 台积电 都关注 AI5 是有意义的。嗯，所以即使在技术上，三星 FAP 也比 台积电 FAB 拥有稍微更先进的设备。这些都将在美国制造，在一个
**English / Original**
the PCI blocks. So uh this this is a beautiful chip. Um I've poured so much life energy into this show personally. Um and I'm I'm confident this will be this is going to be a winner next level. Um so it makes sense to have uh both Samsung and TSMC focus on AI5. Um and so even like the technically the Samsung FAP has slightly more advanced equipment than the TSMC FAB. These will both be made in um in the US that in one
## 00:39:12
**中文**
亚利桑那州为 台积电，德克萨斯州为 三星。嗯，但是，但是，我们一开始只是为了有信心实现我们的目标，明确的目标是 AI5 芯片的供应过剩。嗯，因为如果我们有太多用于汽车和机器人的 AI5 芯片，我们总是可以将它们放在数据中心。
**English / Original**
TSMC in Arizona, Samsung in Texas. Um and uh but but it's uh it we're going to make starting off just to be confident of having our our goal explicit goal is to have an over supply of AI5 chips. Um because if if we if we have too many AI5 chips for the cars and and and robots, we we can always put them in the data center.
## 00:39:40
**中文**
所以我们已经使用 AI4 呃在我们的数据中心进行训练。所以我们使用AI4和呃英伟达硬件的组合。嗯，所以嗯，为了清楚起见，我们不打算替换 英伟达，但是我们确实将两者结合使用。嗯，AI4 和 英伟达 硬件以及 AI5 的过剩生产我们始终可以放入我们的数据中心。嗯，你知道 英伟达 不断改进，嗯，他们面临的挑战是，他们必须满足很多客户的大量要求，但 Tesla 只需要满足一个客户的要求
**English / Original**
So we already use AI4 uh for for training in in our data center. So we use a combination of AI full and uh NVIDIA hardware. Um so um we're not about to replace NVIDIA to be clear, but but but we do use both in combination. um AI4 and Nvidia hardware and the AI5 excess production we can always put in in our data centers. Um you know Nvidia keeps it keeps improving um that the challenge that they have is that they've got to satisfy a large range a lot of requirements from a lot of customers but Tesla only has to satisfy requirements from one customer
## 00:40:22
**中文**
与 Tesla。这使得设计工作变得更加容易，并且意味着我们可以从芯片中删除很多复杂性。就像我无法强调这是多么重要。嗯，就像当您查看芯片中的各种逻辑块时，随着逻辑块数量的增加，逻辑块之间的互连也会增加。所以你可以这样想，你知道高速公路，比如你需要多少条高速公路来连接芯片的各个部分？嗯，特别是如果你不确定芯片上每个逻辑块之间会传输多少数据，那么你最终就会拥有遍布各处的巨型高速公路。嗯
**English / Original**
with Tesla. that that makes the design job radically easier and means we we can delete um uh a lot of complexity from the chip. Like I can't emphasize how important this is. Um so like when you look at the various logic blocks in the chip um as you increase the number of logic blocks you also increase the uh interconnections between the logic blocks. So you can think of it like um you know just highways like how many highways do you need to connect the various parts of the chip? Um, and especially if you're not sure h how much data is going to go between uh each uh you know uh logic block on the chip, then you you kind of end up having giant highways going all over the place. Um
## 00:41:03
**中文**
这就像它变成了一个几乎不可能困难的呃设计问题，而 英伟达 在处理几乎不可能困难的一组需求方面做得非常出色。嗯，但在我们的例子中，我们追求的是彻底的简单性。嗯，最终效果是我认为 AI5 将是每瓦特的最佳性能。嗯，可能是两到三倍，而人工智能的每美元的最佳性能可能是 10 倍。
**English / Original**
it's a very it like it becomes an almost impossibly difficult uh design problem and Nvidia's done an amazing job of dealing with almost an impossibly difficult set of requirements. Um but in our case we we we're going for radical simplicity. Um and the net effect is that I I I think AI5 will be the best performance per watt. Um maybe by a factor of two or three um and the best performance per dollar for AI maybe by a factor of 10.
## 00:41:38
**中文**
所以你知道，呃你知道我们必须在布丁中找到证据。显然，我们需要真正大规模地制造这种芯片。呃，但看起来就是这样。伟大的。谢谢你，埃隆。呃，我们已经介绍了呃无监督 FSD。嗯，所以下一个问题是，与其尝试用硬件 4 替换硬件 3，为什么不给予以旧换新车辆同等的激励呢？
**English / Original**
So you know that's uh you know we we'll have to the proof's in the pudding. So obviously we need to actually get this chip made um and made at scale. Uh but that's what it looks like. Great. Thank you, Elon. Uh we've already covered uh unsupervised FSD. Um so the next question is instead of trying to replace hardware 3 with hardware 4, why not give an equal incentive to trade in for a new vehicle?
## 00:42:07
**中文**
是的，我们还没有完全放弃硬件 3。但是，在过去的一年里，我们为客户提供了将 FSD 转移到他们的新车上的选项，有时我们会进行一些促销活动。如果他们获得了FSD，他们可以获得更好的优惠费率。所以，我们肯定一直在处理这个问题，但我们确实想首先解决自治问题，然后我们会找到一种方法来照顾这些客户。
**English / Original**
>> Yeah, we've not completely given on upon hardware 3. However, over the last year, we've offered the customers the option to transfer FSD to their new vehicle, which which at times we've been running some promotions. If if they got FSD, they can get better preferential rates. So, we've been definitely taking care of this, but we do want to solve autonomy first and then we'll come back with a way to take care of these customers.
## 00:42:35
**中文**
这些客户非常重要。他们是早期采用者。就其价值而言，我的日常通勤是一辆Hardware 3 车辆，我每天都使用 FSD。所以我们一定会照顾你们的。 太棒了。谢谢。 此外，嗯，一旦 V14 发布系列完全完成，我们计划为硬件 3 开发 V14 轻型版本，预计在明年第二季度呃。
**English / Original**
These customers are very important. They were the early adapters. For what it's worth, my daily commuter is a hardware three car which I use FSD on a daily basis. So we will definitely take care of you guys. >> Great. Thank you. >> In addition, um once the V14 release series is fully done, we are planning on working on a V14 light version for hardware 3 probably expected in Q2 uh next year.
## 00:43:06
**中文**
惊人的。谢谢，Ashok。好吧。嗯，Se 的最后一个问题是，呃，我们还要多久才能看到自动驾驶 Tesla Semi 卡车？呃，你能看到这项技术取代火车吗？ 是的。所以，我想我会从 Semi 的生产计划和时间表方面开始。所以，工厂正在按计划进行。你知道，我们已经完成了大楼的建设，现在正在安装设备。嗯，我们的验证卡车车队正在路上行驶。我们将在今年年底推出更大的版本，然后在明年上半年推出首批下线车辆。嗯，进入第二季度，真正放量将在今年下半年出现。
**English / Original**
Awesome. Thanks, Ashoke. All righty. Um, our final question from Se is, uh, how long until we see self-driving Tesla semi-truckss? Uh, and could you see this technology replacing trains? >> Yeah. So, I guess I'll start with that in terms of the semi uh, production plan and schedule. So, the factory is is going on schedule. We've, you know, completed the building and are installing the equipment now. Um, we've got our fleet of validation trucks uh driving on the road. We'll have larger builds towards the end of this year and then our first online builds in the first part of next year. Uh, ramping into, you know, the Q2 timing with real volume coming the back half of the year.
## 00:43:46
**中文**
嗯，一切进展顺利，这显然是让自动驾驶卡车上路的第一步。嗯，就火车而言，你知道，它们非常适合长途点对点交付。非常高效，但你知道，最后一英里，装载卸载呃可以通过自动驾驶 Semi 卡车更好地服务于较短的距离，这将是伟大的，所以我们确实希望这可能会改变，正如我们你知道的那样，正如埃隆所说，改变交通被认为的方式，所以我们期待着这个时间表，Ashok我知道你呃可以接受全自动驾驶部分。目前，该团队非常专注于解决乘用车自动驾驶问题。
**English / Original**
Um, so that's going quite well and and that's the first step obviously getting autonomous uh trucks on the road. Um, in terms of trains, you know, they're really great for long pointto-oint deliveries. are super efficient, but you know that last mile, the load unload uh can be better served for shorter distances with autonomous semis and that would be great and so we do expect that to probably shift in as we you know really as Elon said change the way transportation is considered um and so we're looking forward to that timeline and Ashok I know you uh can can take the the full self-driving part. Currently the team is like super focused on uh solving for passenger vehicle autonomy.
## 00:44:24
**中文**
也就是说，一旦我们从 semmit 卡车上获得了一些数据，相同的技术将很容易扩展到 semmit 卡车。 太棒了。呃，现在我们将转向分析师问题。呃，第一个问题来自 Wolf 的 Emanuel 呃。 Emanuel，请继续并取消静音。 太棒了。呃非常感谢。呃大家好。嗯，埃隆，你谈到了尽快扩大车辆生产，因为你对无监督自动驾驶充满信心。
**English / Original**
That said the same technology will uh extend quite easily to the semmit truck once we have a little bit of data from the semmit trucks. >> Great. Uh and now we will move over to analyst questions. Uh the first question comes from Emanuel uh at Wolf. Emanuel, please go ahead and unmute yourself. >> Great. Uh thanks so much. Uh hi everybody. Um so Elon, you talked about um expanding production of vehicles as fast as possible now that you have confidence in the unsupervised autonomy.
## 00:45:02
**中文**
嗯，在您现有 300 万个 capacity 的背景下，我们应该如何考虑这一点？嗯，这就是你希望获得音量的地方吗？我们正在谈论什么样的时间表？呃，这是否需要你知道某种程度的呃刺激或激励需求？考虑到长期机会，这基本上会优先考虑销量而不是短期盈利能力吗？
**English / Original**
Um how should we think about that in the context of your existing capacity of 3 million units? Um is that um where you're hoping to get volume to? What sort of timeline are we talking about? And uh would this require you know some level of uh boosting or incentivizing demand? Like would this basically be prioritizing volume over near-term profitability given the longerterm opportunity?
## 00:45:32
**中文**
呃，我们的 capacity 还不到 300 万。嗯，但是呃，它会在某个时候达到 300 万。嗯，你知道，我认为，理想情况下，我们可能会在 24 个月内达到 300 万的年化增长率 300 万。嗯，也许不到24个月。嗯，请记住，有一个完整的供应链，就像一个庞大的供应链，它也必须与之同步移动。嗯，但是我们会尽可能快地扩大生产。嗯，我们的供应商可以尽快
**English / Original**
>> Well, uh our capacity isn't quite 3 million. Um but uh it it it will be 3 million at some point. Um, you know, aspirationally, you know, it could be 3 million within we could probably hit an annualized rate of 3 million within 24 months, I think. Um, maybe less than 24 months. Um, bearing in mind like there's there's an entire like supply chain like a vast supply chain that's got to also move in tandem with that. Um, so but we're gonna we're we're going to expand uh production as fast as as uh as as as we can. Um as fast as our suppliers can
## 00:46:12
**中文**
嗯可以跟上吗。嗯，然后我们必须考虑，除此之外，我们在哪里建造增量工厂。嗯，最大的生产扩张将是 Cybercab，将于明年第二季度开始生产。嗯，这确实是一辆针对完全自动驾驶进行优化的车辆。呃，它实际上没有方向盘或踏板。嗯，这实际上是一种工程优化，旨在最大限度地降低每英里运行成本，例如充分考虑的成本。
**English / Original**
can um can sort of keep up with it. Um and then we got to think about uh where do we build incremental factories uh beyond that. Um like the single biggest uh expansion in production will be the the Cyber Cap which starts production um in Q2 next year. Um that's uh that's really a vehicle that's optimized for full autonomy. Uh it in fact does not have a steering wheel or pedals. Um and is really um an engineering optimization on minimizing cost per like fully considered cost per mile of operation.
## 00:46:47
**中文**
嗯，所以，你知道，我们对于我们的其他车辆来说，他们仍然有一些无马马车的事情发生，你知道，显然你已经有了，如果你仍然有方向盘和踏板，嗯，你正在设计一辆人们可能想要去的汽车，你知道，非常像高性能汽车那样快速加速和急转弯，你知道，汽车，那么你将设计一个不同的汽车比一辆为舒适乘坐而优化的汽车，但不希望行驶速度超过 85 或 90 英里/小时。嗯，它只是为了始终保持平稳的行驶。这就是 Cybercab 。嗯，
**English / Original**
Um, so that's, you know, we for for the other for the for our other vehicles, there's still they still have a little bit of the horseless carriage thing going on where, you know, obviously you've got if you're still if you've got steering wheels and pedals and um and and you're designing a car that uh people might want to go, you know, very do right fast acceleration and tight cornering like high performance car, you know, cars, then you're going to design a different car than one that is optimized for a comfortable ride um but doesn't expect to go, you know, past sort of 85 or 90 mph. Um, and it's it's just aiming for a gentle ride the whole time. That's what cyber cap is. Um,
## 00:47:27
**中文**
所以，嗯，是的。那么，我认为我们会牺牲利润吗？呃，我不这么认为。嗯，我认为需求会非常疯狂。嗯，这就是杀手级应用程序。真的，归根结底是你能发短信吗？你可以在车里发短信吗？如果你告诉别人，是的，这辆车现在太好了，你可以，你可以，你可以在车里一直打电话，发短信。这是任何能买车的人都会买车的故事。
**English / Original**
so, um, yeah. So, so it's do I think we'll sacrifice margins? Uh, I don't think so. Um, I think the demand will be pretty nutty. Um, like here's the here's the killer app. Really, what it comes down to is can you text? Can you text while you're in the car? And if you tell someone, yes, the the car is now so good, you can you can you can be on your phone uh and text the entire time while you're in the car. It's anyone who can buy the car will buy the car and and a story.
## 00:48:04
**中文**
嗯所以嗯这就是每个人都想做的。事实上，并不是每个人都愿意这样做。他们确实这么做了。这就是为什么事实上你所看到的事故在全世界范围内增加的原因几乎是因为人们一边开车一边发短信。嗯，嗯，Autopilot 实际上极大地提高了这里的安全性。嗯，因为如果有人低头看手机，那他们的驾驶技术就不太好。嗯，这确实是游戏规则的改变者。嗯，嗯，你知道我们确实看到了这一点，我觉得你基本上 100% 有信心我
**English / Original**
Um so um that's what everybody wants to do. In fact, not everyone wants to do it. They do do that. And that's why in fact the reason you've seen like that there's been an uptick in accidents uh pretty much worldwide is because people are texting and driving. Um so uh autopilot actually dramatically improves the safety here. Um because if somebody's looking down at their phone, they're not driving very well. Um so that's that's really the the game changer. Um and uh you know we we do see like at this point I feel you know essentially 100% confident I
## 00:48:45
**中文**
说本质上并不是 100% 有信心我们可以设置我们可以在比人类高得多的安全水平上解决无监督的 全自动驾驶。嗯嗯，所以我们发布了 14.1。我们有一个技术路线图，我认为这非常令人惊奇。我们将为汽车添加推理功能。呃呃，我们用于强化学习的模拟世界模拟器是非常令人难以置信的。就像我们一样，当您看到 Tesla 现实模拟器时，您无法分辨 Tesla 现实模拟器生成的视频之间的区别
**English / Original**
say not essentially 100% confident that we can set that we can solve unsupervised full self-driving at a safety level um much greater than human. Um uh so we've released 14.1. We've got a technology road map that's I think pretty amazing. We'll be adding reasoning to the car. Uh uh our world simulator for sim for reinforcement learning is is pretty incredible. like our like our when you see that the Tesla reality simulator um it's you can't tell the difference between the video that's generated by the Tesla reality simulator
## 00:49:27
**中文**
和实际视频看起来一模一样。嗯，这样我们就可以拥有一个非常强大的强化学习循环，进一步改进 Tesla AI。我们将把参数数量增加一个数量级。嗯，14.1 中没有。嗯，人工智能还有一些其他的改进，嗯，那是相当激进的。嗯，所以这辆车感觉就像是一个活物。这就是 AI4 计算机的 AI 效果。这是
**English / Original**
and the the actual video looks exactly the same. Um so that that that allows us to um have a very powerful reinforcement learning loop uh to further improve the Tesla AI. we're we're going to be in increasing the parameter count by an order of magnitude. Um that that's not in 14.1. Um there are also a number of other improvements to the AI just um that that are that are quite radical. Um so it's uh this car will feel like it is a living creature. That's how good the the AI will get with the AI4 computer. This is
## 00:50:07
**中文**
在 AI5 之前，然后是 AI5 就像我说的，从某些指标来看，要好 40 40 倍。嗯，我们可以安全地说，这是 10 倍的改进。嗯，所以对于汽车来说这可能有点太智能了。我确实想知道汽车应该有多少智能？它可能会感到无聊。嗯，实际上，然后我想的一件事是，如果我们拥有所有这些可能很无聊的汽车，为什么它们会那么无聊，如果它们很无聊，我们实际上可以拥有一个巨大的分布式推理车队，并且说，如果它们不积极驾驶，那么我们就拥有一个巨大的分布式推理车队。
**English / Original**
before AI5 and then and then AI5 like I said is by some metrics 40 40 times better. Um let's just say safely it's a 10x improvement. Um so it might almost be too much intelligence for a car. I do wonder like how much intelligence should you have in a car? It might get bored. Um actually um and then one of the things I thought like well if we got all these cars that maybe are bored well why they're while they're sort of if they are bored we we could actually have a giant distributed inference fleet and say like well if they're not actively driving let's just have a giant distributed inference fleet.
## 00:50:48
**中文**
嗯，你知道在某个时候，如果你的车队中有几千万辆汽车，或者可能在某个时候有 1 亿辆汽车，嗯，嗯，假设他们当时拥有一千瓦的推理能力，你知道高性能推理能力，即 100 千瓦的推理能力，其中包括电源和冷却，以及冷却和电源转换。
**English / Original**
um you know at some point if if you've got like tens of millions of cars in the fleet or maybe at some point 100 million cars in the fleet um and um let's say they had at at that point you know u I don't know uh a kilowatt of inference capability of you know high performance inference capability that's 100 gawatts of inference distributed with with power and cooling taken with with with cooling and and power conversion taken care of.
## 00:51:24
**中文**
所以这似乎是一项非常重要的资产。伟大的。谢谢埃隆。呃，下一个问题来自摩根士丹利的 Adam 呃。 Adam，请随时取消静音。呃，亚当，继续问你的问题。 Adam 似乎遇到了一些音频问题。呃，所以我们会回来找你的。嗯，下一个问题将由巴克莱银行的 Dan 提出。
**English / Original**
So that seems like a pretty significant asset. Great. Thanks Elon. Uh the next question comes from Adam uh from Morgan Stanley. Adam, please feel free to unmute yourself. Uh, Adam, go ahead and ask your question. Seems like we might be having some audio issues with Adam. Uh, so we'll come back to you. Um, the next question will then come from Dan uh from Barclays.
## 00:52:05
**中文**
嗨，晚上好。谢谢你提出这个问题。嗯，Elon，我知道 Tesla 真正专注于总体规划 4 将人工智能带入现实世界，我想我们过去已经看到了，你知道，Tesla 愿意参与并进入新市场、新 TAM。因此，当您考虑增长前景时，我们如何定义真正属于 Tesla 核心能力的领域，以及如何为 Tesla 核心能力之外的市场或人工智能应用划定界限？
**English / Original**
>> Hi, good evening. Thank you for uh taking uh the question. Um Elon, I I know that uh Tesla's really focused on with master plan 4 bringing AI into the physical world and I think we've seen over the past, you know, this willingness for Tesla to engage and and go into new markets, new TAMs. So when you think about the growth prospects, how do we define the areas that are really within Tesla's core competency versus where do you draw the line for markets or AI applications that are outside of Tesla's core competency?
## 00:52:45
**中文**
嗯，实际上我不确定你所说的 Tesla 核心能力之外的人工智能应用程序是什么意思。嗯，但是呃，我们在刚开始的时候没有任何这些核心能力，你知道，嗯，所以我们的核心能力为零，总能力实际上为零，嗯，所以我的意思是，你可以把 Tesla 想象成我不知道一家公司有十几家初创公司，嗯，你知道，呃，我已经启动了每一个初创公司，所以呃，你过去常常制造电池组，比如固定电池组，但是现在我们做我们为家里做它们
**English / Original**
>> Um, actually I'm not sure what you mean by a AI applications outside of Tesla's core competency. Um but uh I we we kind of we didn't have any of these core competencies when we started you know um so it's like we had zero core competencies total competency of zero actually um so I mean you can think of Tesla as like I don't know a dozen startups in one company um you know and and uh I've initiated every one of those startups so it's uh you used to make battery packs say stationary battery packs but now we do we make them for the home make them for
## 00:53:23
**中文**
你知道 从家用 Powerwall 到公用事业规模的 Megapack呃我们在全球创建了超级充电网络呃没有其他人创建了全球超级充电网络事实上北美超级充电网络非常出色以至于基本上北美的所有其他制造商都已转换为我们的标准嗯并使用我们的 Tesla 超级充电网络嗯但如果它如此简单，他们为什么不这样做呢？嗯，呃，芯片设计团队嗯，从头开始。 Tesla AI 软件团队也是从零组建的。嗯，我真的只是说，“嘿，我们要开始了
**English / Original**
you know utility scale with power wall mega pack uh we created the supercharger network globally uh no no one else has created a global supercharge network in fact North American supercharge network is so good at that that basically that every other manufacturer in North America has converted to our standard um and uses our the Tesla supercharger network um but if it was so easy, why don't they just do it? Um, and uh, the chip design team um, started that from scratch. The Tesla AI software team was soldered from scratch. Um, I literally just say, "Hey, we're going to start
## 00:54:05
**中文**
我在 Twitter（现为 X）上发帖宣布了这件事，然后，如果你想构建它，就加入我们。事实上，呃 Ashok 是我为 Tesla Autopilot 团队面试的第一个人，我们现在称之为 Tesla AI 软件团队，因为它是 AI 软件团队，嗯，所以你知道，它的核心公司能力是在你等待的时候创建的，嗯，你知道Optimus 从规模上看，这是无限财富密码，就像这样，很难表达其规模
**English / Original**
this thing." I posted on Twitter now X and then, you know, join us if you'd like to build it. Um in fact uh Ashok was I believe the first person I interviewed for the Tesla autopilot team which we now call Tesla AI software team which because it is the AI software team um so you know it's core companies competency is created while you wait um and um you know Optimus at scale it is the infinite money glitch it's like this is a It's difficult to express the magnitude
## 00:54:44
**中文**
就像如果你有类似的东西，比如 Optimus 我认为每年可能会实现一个人的生产力的 5 倍，因为它可以 24/7 运行。嗯，甚至不需要充电。它可以对其进行系绳操作。呃，所以它一直都是插着的。嗯，嗯，所以这就是为什么我这么称呼它，就像如果你真的拥有可持续的丰富的话，那么工作将是可选的。你知道，人工智能在提高人类生产力方面的作用是有限的。嗯但是有
**English / Original**
of like if you've got um something that like that like if Optimus I think probably achieve 5x the productivity of a person per year because it can operate 24/7. Um it doesn't even need to charge. It can operate it tethered. Uh so it's it's plugged in the whole time. Um and um what so it that's that's why I call it like if you're true of sustainable abundance um where working will be optional. You know there's there's a limit to how much how much AI can do in terms of enhancing the productivity of humans. Um but there
## 00:55:26
**中文**
并不是对所体现的人工智能的真正限制。这就是为什么我称之为无限财富密码。我要进一步补充的一件事是，人们忘记了我们第一次迭代 Autopilot 是在 10 年前。所以你知道埃隆从那时起就开始这样做了。 我们用扭曲来证明这一点。 正是如此。然后，即使在 Optimus 方面，就像人们认为的那样，这是一件新事物，我仍然记得四年多前，我们与 Elon 一起参加财务会议，Elon 说，嘿，我们的汽车是一个带轮子的机器人，这就是我们开始的地方
**English / Original**
is not really a limit to uh AI that is embodied. That's why I called the infinite money glitch. I mean one thing which I'll further add is I mean people forget like our first iteration of autopilot was 10 years back. So you know Elon had started this way back in the day. >> We got the twist to prove it. >> Exactly. And then even even on the optimist side right as much as people think okay this is a new thing I still remember was it four plus years back we were in a finance meeting with Elon and Elon said hey our car is a robot on wheels and that's where we we started
## 00:56:08
**中文**
事实上，开发 Optimus 的大部分工程团队都来自车辆方面，这就是为什么当我们谈论制造工艺时，我们拥有必要的资金，因为白天在驱动单元后面工作的工程师现在正在研究执行器。因此，如果有任何一家公司能够像我们一样大规模地做到这一点，那么这就是我们可以做的事情。
**English / Original**
developing in fact most of the engineering team which is working on Optimus has come from the vehicle side and that's why you know when we talk about manufacturing proess we have the wherewithal because the same engineers who worked in the back in the day on drive units are working on actuators now. So that's where we can do if there is any company which can do it at scale that is going to be us.
## 00:56:34
**中文**
但我们实际上还为团队添加了很多新工程师。所以实际上，Optimus 工程的很多功劳实际上也是新的工程师，他们中的许多人实际上刚刚从大学毕业。 是的。呃所以呃Optimus工程呃团队是一个非常有才华的工程团队。嗯，实际上我会说哇。所以嗯嗯，你知道此时的 Optimus 审查是工程审查，然后是制造审查，它是同时进行的
**English / Original**
>> But we we also have actually added a lot of new engineers as well to the team. So there's actually uh a lot of the credit for the Optimus engineering is is actually also new new engineers many of them that are just out of college actually. >> Yeah. Uh so uh the optimist engineering uh team is a very talented engineering team. Um I'd say like wow actually. So um and uh you know the Optimus reviews at this point are there's the the engineering review um and then there's the manufacturing review being done it's simult simultaneously
## 00:57:15
**中文**
嗯，工程设计和制造之间有一个迭代循环，因为然后我们看到我们设计了一些东西，我们说，天哪，这真的很难，我们需要改变设计，以便更容易制造制造商。嗯，所以我们对 Optimus 嗯的设计进行了根本性的改进，同时增加了功能，但使其实际上可以制造。就像我想说的那样，坦白说 Optimus 2 几乎不可能制造。嗯，但是嗯，要指出的是，我们已经从呃，你知道，一个穿着机器人服装的人，变成了呃，人们在 Optimus 2.5 中看到的它正在做功夫。嗯你知道的
**English / Original**
um with an iter iterative loop between engineering design and and manufacturing because then we see we we we design something and we say like oh man that's really difficult to make we need to change that design to make it easier to manu manufacturer. Um, so we've made radical improvements to the design of Optimus um, while increasing the functionality but making it actually possible to manufacture. Like I'd say Optimus 2 is almost impossible to manufacture frankly. Um, but um, to point we've gone from uh, you know, a person in a robot outfit to uh, what what people have seen with Optimus 2.5 where it's doing kung fu. um you know it
## 00:57:55
**中文**
就像 Optimus 在《创》首映式上，嗯，在公开表演功夫，你知道，就像和杰瑞德·莱托一起，没有人控制它，只是和杰瑞德·莱托一起做功夫，你知道，在《创》首映式上，你可以在网上看到视频，嗯，嗯，实际上，有趣的是，很多人走过它，以为它只是一个人，尽管Optimus 呃 2.5 你可以看到它有一个 3 英寸宽的腰部，显然不是人类。嗯，嗯，但是动作是如此
**English / Original**
was like Optimus was at the uh at the Tron premiere um doing kung fu you know just out in the open you know like with Jared Leto like there wasn't uh nobody was controlling it was just doing kung fu with Jared Leto uh you know at the Tron premiere um you can see the videos online um and um actually the funny thing is like a lot of people walked past it uh thinking it is uh just a person even though with Optimus uh 2.5 you can see that it has you know a waist that's 3 in wide that was obviously not a human. Um so uh but but the movements were so
## 00:58:39
**中文**
就像人类一样，人们没有意识到很多人没有意识到他们正在看一个机器人。所以嗯，我想说的是，Optimus 3 将在动画规模上取得巨大的进步。嗯，但就像说一件非常困难的事情。嗯，你知道 Optimus 呃某种工程和人员制造审查，周五晚上与 Optimus 开会，有时会持续到午夜。嗯，然后我周六的会议是与 是 周六下午是与
**English / Original**
humanlike that people didn't realize a lot of people didn't realize they were looking at a robot. So um and what I'm saying is like Optimus 3 will be a giant improvement on that um animated scale. Um but like said a very difficult thing. Um you know the the Optimus uh sort of engineering and man manufacturing reviews and there's the Friday night meeting with Optimus which sometimes goes till midnight. Um and then my Saturday meeting is is with the is is the Saturday afternoon is with the
## 00:59:16
**中文**
AI5芯片设计团队。嗯，这两件事对公司的未来至关重要。 丹，你有后续吗？是的，正如相关的，也许你可以谈谈 Tesla 和 xAI 的人工智能工作在多大程度上是互补的，或者它们只是不同形式的人工智能？也许你可以帮助观众区分。谢谢。
**English / Original**
the AI five chip design team. Um so um those two things are uh crucial to the future of the company. >> Dan, did you have a followup? Yeah, just as a related maybe you could just talk about to what extent are the AI efforts at Tesla and XAI complimentary or are they just different forms of AI? Maybe you could just help distinguish for the audience. Thank you.
## 00:59:48
**中文**
是的，人工智能有不同的形式。嗯，所以你知道 XI，所以 Grok 就像一个巨大的模型，你不可能把 Grok 挤到汽车上。这是肯定的。这是一头巨兽的模型。它与 Grok 一起，试图通过大量的 AI 训练计算和推理计算来解决通用人工智能问题。嗯，例如，Grok 5 实际上只能在
**English / Original**
>> Yeah, there are different forms of AI. Um, so the you know the the XI so Grock is like a a giant model that that uh you could not you could not possibly squeeze Grock uh onto a car. That's for sure. It is a giant beast of a model. It's with Grock, it's trying to say solve for artificial general intelligence with a massive amount of AI training compute and and inference compute. Um, so for example, Gro 5 will actually only run effectively on a
## 01:00:25
**中文**
GV300。这就是 Grok 5 的野兽程度。呃嗯所以呃你知道，而 Tesla 的呃你知道模型是我不知道也许大约小于 10% 大小可能接近 Grok 大小的 5% 嗯所以是的他们是他们他们真的从非常不同的角度来解决这个问题 um xAI 和 Grok 你知道他们正在与嗯
**English / Original**
GV300. That's that's how much of a beast that Gro 5 is. uh um so uh you know whereas Tesla's uh you know models are I don't know maybe about less than 10% the size maybe closer to 5% the size of of of Grog um so yeah they're they're they're really coming at the problem from very different um angles um XA and Grock are are you know they're competing with um
## 01:01:03
**中文**
呃，你知道 Google Gemini 和 Open Chat GBT 之类的东西。嗯，嗯，其中一些是免费的。例如，对于 Grok 语音来说，能够在车内与 Grok 进行交互真是太酷了。嗯 Grok 呃你知道 Optimus 语音识别和语音生成呃是 Grok。这就是有帮助的。但他们从不同的角度来看待这个问题。
**English / Original**
uh you know Google Gemini and Open Chat GBT and that kind of thing. Um so um and some of it's complimentary. You for example for Grock voice uh being able to interact with Grock in the car is cool. Um Grock uh for you know Optimus voice recognition and a voice generation uh is Grock. So that's that's helpful there. But they are uh coming at it from kind of opposite ends of the spectrum.
## 01:01:35
**中文**
好吧。嗯，亚当，让我们再试一次。呃，当您准备好后，请取消静音以回答下一个问题。好吧。不幸的是，呃仍然有音频问题。所以我们要转向 Lightshed 的沃尔特。 Walt，请继续并取消静音。 你现在能听到我说话吗？ 是的。 完美。谢谢。嗯嗯，刚回到奥斯汀，如果你能去掉你那一端的安全司机，嗯，那就是湾区的限制
**English / Original**
>> All righty. Um Adam, let's give it another try. Uh when you're ready, please unmute yourself for the next question. All righty. Unfortunately, uh still having audio issues. So we're going to move on to uh Walt from Lightshed. Walt, please go ahead and unmute yourself. >> Can you hear me now? >> Yes. >> Perfect. Thank you. Um um just getting back to Austin, if if you can remove the safety driver at your end, um is the limitation the Bay Area
## 01:02:17
**中文**
只是监管还是市场学习过程？我想类似地，在您提到的要增加的 8 到 10 个市场中，在乘客座位上放置安全服务员或安全驾驶员的决定是像您逐步开放市场的过程一样，还是真的只是个别市场的监管？
**English / Original**
just regulatory or is it kind of the market bymarket learning process? And I guess similarly in the 8 to 10 markets that you mentioned to get added, is the decision there to put, you know, a safety attendant in the passenger seat or the safety driver in is that like your step-by-step process to opening up a market or is it really just the regulation in the individual market?
## 01:02:40
**中文**
嗯，我认为即使监管机构没有让我们这样做，我们仍然会这样做，作为进入新市场的一种正确的谨慎方法。所以，为了确保我们对安全感到偏执，呃，我认为在车内配备安全驾驶员或安全乘员是有意义的。嗯，当我们第一次去新市场时只是为了确认我们没有遗漏什么。嗯，因为万分之一的行程就会出错，然后就会出现问题。所以，嗯，这只是为了确保像这样的城市是否有一些特殊之处
**English / Original**
>> Well, it's I think I think even if the regulators weren't making us do it, we'd still do that as the as the sort of right sort of cautious approach to a new market. So, just to make sure that we're being, you know, paranoid about safety, uh, I think it makes sense to have a sort of a sort of either a safety driver or safety occupant in the car. Um, when we first go to new markets to just to confirm that there's not something we're missing. Um, because all it takes is like one in 10,000 trips to go wrong and and you've got you've got an issue. So, um it's it just to make sure like is is there some peculiarity about a city like
## 01:03:21
**中文**
一个非常棘手的交叉路口，嗯，或者我不知道这是一个意想不到的挑战，在一个城市，万分之一的情况。嗯，嗯，我想我们可能可以在这些城市中放手一搏，但我们只是不想冒险。就像你知道的那样，我们在这里谈论的是，嗯，你知道，也许安全驾驶员在新都市区运行约 3 个月，以确认它是好的，然后我们将安全驾驶员撤走之类的事情。
**English / Original**
a very difficult intersection um or I don't know something that's that's an unexpected challenge uh in in a city uh for that one in 10,000 situation. Um so um I think we we probably could just let it loose in the in this in these cities, but we just don't want we don't want to take a chance. And and and like you know what we're talking about here is um you know maybe 3 months of safety driver in in a new metro to confirm that it's good and then we take the safety driver out that that kind of thing.
## 01:03:55
**中文**
好的。好的。然后在 FSD14 上，它的感觉与 13 不同，而且我认为与奥斯汀的感觉也有点不同。您在 Robotaxi 方面所做的开发路径与您放弃给早期采用者的开发路径是否基本上不同？当您推动这些新版本时，您是否正在寻求干预率的显著改善？嗯，或者这个问题已经基本解决了，更多的是添加停车、驾驶模式等功能，还是只是整体舒适度？
**English / Original**
>> Okay. Okay. And then on on FSD14, it has a different feel than 13 and it's also I think a little different than what it feels like in Austin. Are you is it basically different development paths path that you're doing in terms of the robo taxi stuff versus what you're dropping to the early adopters? And when you and when you push these new builds, is it that you're you're looking for notable improvements in intervention rates? um or is that largely solved and it's more about adding the functionality like the parking, the drive modes or just the overall comfort?
## 01:04:27
**中文**
不，当我们为Autopilot发布一个重大的新软件架构时，首要任务是安全。所以，所以它从安全开始，你知道，显然安全优先，然后我们解决了舒适度问题，这就是为什么我不建议人们像这样使用初始版本，这就是为什么我说你知道大多数人应该等到 14.2 才真正下载呃版本 14。嗯，因为到 14.2 我们将解决许多舒适度问题。嗯，首要任务是安全第一，然后是
**English / Original**
>> No, the first priority when we release a a major new software architecture for autopilot is safety. So, so it's it starts off with safety, you know, obviously safety prioritized and then we've and then we solve comfort thereafter, which is why I don't recommend people take the the initial version like like that's why I say like you know most people should wait until 14.2 for before they actually download uh version 14. Um because by 14.2 we will have addressed many of the comfort issues. um the priority is is very much safety first and then thereafter the
## 01:05:08
**中文**
舒适度问题。这就是为什么我认为大多数人可能会有点安全，但不够平顺，嗯，我们只是需要时间来平滑粗糙的边缘嗯和除了安全之外还要优化还有一次重大的全新 Autopilot 架构嗯变化。嗯，但是呃，这确实是呃，我的意思是我我知道你知道 Tesla 现实世界人工智能的路线图是什么，并且在非常细致的细节上，显然 Ashok 正在领导这个嗯，我的意思是我花了很多时间与你知道的团队一起工作
**English / Original**
comfort issues. That's why most people I'm like probably it'll be a little like it'll be safe but jerky um and uh we just need time to kind of smooth the rough edges um and soul for comfort in addition to safety with a with a major news uh autopilot architecture uh change. Um but uh it really is uh I mean I I I know what the you know the road map is for the Tesla real world AI and and at a very granular detail obviously Ashok is leading that um and and I I mean I spent a lot of time with the team going you know in in
## 01:05:50
**中文**
就像这里关于我们正在做什么来改善现实世界人工智能的令人痛苦的细节。嗯，嗯，就像我说的那样，这辆车感觉就像是一个活的生物，AI4 甚至在 AI5 之前。 是的，路线图非常令人兴奋，就像等待了很久才发布我们正在开发的所有内容一样。就像你知道我们向客户运送什么与 Robotaxi 相比，呃，基本上是一样的。
**English / Original**
like excruciating detail here on on what what we're doing to improve the real world AI Okay. Um and um like I said this, this car is going to feel like it is a living creature and that's with AI4 before even AI 5. >> Yeah, the road map is super exhilarating like it's like so like waiting so much to like release all the stuff we are working on. In terms of like you know what we ship to customers versus robot taxi, uh it's mo mostly the same.
## 01:06:20
**中文**
显然，客户还有更多功能，就像您知道的那样，他们可以选择汽车是否要停在某个地方或车道或类似的地方，这与 Robotaxi 不太相关。呃，但是只有一些像这些那样的微小变化，但是这两个平台之间的大多数算法和架构都是相同的。
**English / Original**
Obviously customers have some more features like you know they can choose whether the car wants to park in a spot or driveway or something like that which is not super relevant for robot taxi. Uh but there's only like a few minor changes like those ones but the majority of the algorithms and architecture everything is the same between those two platforms.
## 01:06:37
**中文**
是的，但正如我之前提到的，我们将添加推理，嗯，我不知道是不是像 14.3 或 14.4 之类的推理一样。是的。肯定会到今年年底。 是的。因此，通过推理，它实际上会考虑选择哪个停车位。所以它会说这是入口，但实际上如果是满的，入口处可能没有停车位，你知道，如果停车场相当满，那么入口处有空停车位的可能性非常低。嗯，但实际上它只会让你在商店入口处下车，然后去找停车位。嗯，但是它会变得非常聪明
**English / Original**
>> Yeah but as I mentioned earlier like we'll be adding reasoning to um I don't know sh is that like reasoning in like 14.3 maybe 14.4 something like that. Yeah. By end of this year for sure. >> Yeah. So with reasoning, it's literally going to think about which parking spot to pick uh at this. So it's going to say this is the entrance, but actually probably there's not a parking spot right at the entrance if it's a a full, you know, if the if the parking lot is fairly full, the probability of a open parking spot right at the entrance is very low. Um but actually what it'll simply do is drop you off at the entrance of the store and then go find a parking spot. Um, but it's it's going to get very smart
## 01:07:19
**中文**
关于寻找停车位。它会发现它会比人类更好地发现空位。它具有 360° 锐视野。嗯，是的，就像我说的，只是它将重新使用推理来解决问题。 将所有内容安装到 A4 的计算机中才是真正的挑战。这就是团队正在努力的方向，因为显然你可以在服务器上进行推理，这需要很长时间，但在汽车中你需要做出实时决策。嗯，将所有这些都安装到车内的计算机中，这就是挑战。
**English / Original**
about figuring out a parking spot. It's going to spot figure out it's going to spot empty spots much better than human. It's got 360°ree vision. Um, and it's going to yeah, like I said, just it's it's going to re use reasoning to solve things. >> And fitting that all inside the computer that has A4 is the actual challenge. And that's what the team is working on because obviously you can do reasoning on the server that takes forever but then in car you need to make real-time decisions. Um so fitting all that into the computer that's in the car that's the challenge.
## 01:07:53
**中文**
是的，这就是为什么我说喜欢喜欢，我对喜欢人工智能有很好的理解，你知道 Grok 和 Tesla 的巨型模型级别，就像我有信心地说，当你查看每 GB 的智能时，Tesla 具有最高的智能密度。嗯，我认为 Tesla AI 可能比其他任何人都要好一个数量级。嗯，没有任何选择，因为人工智能必须适合 AI4 计算机。嗯，但是当你从事具有更高数量级的事情时，拥有这种水平的人工智能智能密度的纪律你将获得巨大的红利
**English / Original**
>> Yeah that's why I say like like and I have a pretty good understanding of like AI you know the sort of the giant model level with Grock and with with Tesla and like I'm confident in saying that Tesla has the the Tesla AI has the highest intelligence density when you look at the the intelligence per gigabyte. Um I think like Tesla AI is probably an order of magnitude better than anyone else. Um and doesn't have any choice because that that AI has got to fit in the AI4 computer. Um but the the discipline of having that level of AI intelligence density u will pay great dividends when you go to something that has an order of magnitude order of magnitude more
## 01:08:34
**中文**
类似 AI5 的功能。
**English / Original**
capability like AI5.
## 01:08:37
**中文**
现在你拥有相同的智力密度，但你的计算机能力增加了 10 倍。 太棒了。呃，下一个问题将来自奥本海默的科林。呃科林，准备好后请取消静音。 Colin，请取消静音。 非常感谢，伙计们。嗯，你知道，我很感谢你提出手部灵活性和人形机器人的挑战。嗯，你知道，随着供应链的复杂性和你们正在追求的垂直整合，我只是试图将明年开始生产的时间表与供应链的当前状态以及听起来还有相当多的灵活性工作相协调呃
**English / Original**
Now you have that same intelligence density but but you got 10 times more capability in the computer. >> Great. Uh the next question will come from Colin at Oppenheimer. Uh Colin, please unmute yourself when you're ready. >> Colin, go ahead and unmute yourself, please. >> Thanks so much, guys. Um you know, I appreciate you bringing up the the challenges of hand dexterity and humanoids. um you know along with the complexity of the supply chain and the the vertical integration you guys are pursuing you know I'm just trying to harmonize the the timeline for the start of production you know next year with the current state of the supply chain and what sounds like a fair amount of work remaining on the dexterity uh
## 01:09:20
**中文**
在你可以真正冻结硬件设计并开始扩大生产之前 嗯，我们不是，即使开始生产，硬件设计实际上也不会被冻结，嗯，将会继续迭代，因为你发现很多东西很难制造。你只会在游戏后期才发现这一点。因此，即使在开始生产之后，我们也会对 Optimus 设计进行滚动更改。嗯，但我确实认为，你知道，新款手部是一项令人难以置信的工程成果，呃，
**English / Original**
before you can really freeze the hardware design and and start to scale up production >> um well we're not the hardware design will not actually be frozen even through start of production um there'll be continued iteration um because a bunch of the things that you discover are very difficult to make. You only find that pretty late in the game. So we'll be doing rolling changes of for the Optimus design even after solder production. Um, but I do think that the the, you know, the new hand is um an an incredible piece of engineering and uh,
## 01:10:01
**中文**
你知道，那很好，就像我说的，我们将有一个生产意图原型，准备在第一季度（可能是二月或三月）展示。嗯，然后我们呃，是的，我们将建造一条，你知道的，百万件 Optimus 生产线。嗯，你知道，希望能在明年年底开始生产。
**English / Original**
you know, that's well, like I said, we'll have um, a production intent prototype ready to show off in, you know, Q1, probably February or March. Um, and then we're uh, yeah, we're we're going to be building a, you know, million unit Optimus production line. Um, you know, hopefully with a production start towards the end of next year.
## 01:10:30
**中文**
嗯，但是产量的增长需要一段时间才能达到年化 100 万件，因为它的移动速度与 10,000 种独特物品中最慢、最愚蠢、最不幸运的东西一样快。嗯，但是它会达到 100 万个单位，然后最终，你知道，我们将做 Optimus 4，你知道，这将是 1000 万个单位。 Optimus 5 可能是50到1亿个单位。我的意思是这真的很疯狂。嗯是的。
**English / Original**
Um, but that that production ramp will take a while to get to annualized rate of a million because it's going to move as fast as the the slowest, dumbest, least lucky thing out of 10,000 unique items. Um, but it but it will it will get to a million units and then ultimately, you know, we'll do Optimus 4, that'll be, you know, 10 million units. Optimus 5 maybe 50 to 100 million units. I mean it's really pretty nutty. Um yeah.
## 01:11:09
**中文**
好吧。嗯，不幸的是，我们今天的问答时间就到此为止了。呃，在我们结束之前，呃，二月有一些结束语。 谢谢特拉维斯。我想花时间谈谈 11 月 6 日举行的一次极其重要的投票。这次会议将塑造 Tesla 的未来，我们请求您作为我们的股东通过两项薪酬提案以及重新选举 Ira Kathleen 和 Joe 进入董事会来支持 Elon 的领导。请注意，这是一项团队运动，在 Tesla 中，棋盘是获胜团队不可或缺的一部分。
**English / Original**
>> All righty. Um that is unfortunately all the time we have for Q&A today. Uh before we conclude though, uh Feb has some closing remarks. >> Thanks Travis. I want to take the time to talk about an extremely important vote which is being held on November 6th. The meeting will shape the future of Tesla and we are asking you as our shareholders to support Elon's leadership through the two compensation proposals and the reelection of Ira Kathleen and Joe to the board. Note that it is a team sport and here at Tesla the board is an integral part of the winning team.
## 01:11:48
**中文**
股东是我们在 Tesla 所做的一切的中心，特别委员会已经制定了薪酬方案。就像埃隆说的，我们难道不想称其为补偿方案吗？ 是的。重点不在于我只是喜欢需要有足够的投票控制权来产生强大的影响力，但又不至于如果我发疯就不能被解雇。嗯，但是呃，你知道，我认为这个数字大约在 20 多岁左右。嗯，作为一家已经上市的公司，没有调查过所有可能的方法来如何在没有嗯的情况下实现增加投票控制，你知道，嗯，有什么办法可以拥有超级投票权股票吗？但那里确实有
**English / Original**
shareholders are at the center of everything we do at Tesla and a special committee has laid out a compensation package. Like Elon said, don't we don't even want to call it a compensation package. >> Yes. It's not the point is that I I just like there needs to be enough voting control to give a strong influence, but not not so much that I can't be fired if I go insane. Um but uh you know, and I I think that sort of number is in the mid20s approximately. Um, as a company that has already gone public, there's no investigated every possible way to how do you achieve increased voting control without um, you know, um, is there some way to have like a super voting stock? But there there really
## 01:12:30
**中文**
不是的，上市后就没有办法拥有超级投票权的股票。嗯，但例如，谷歌，元，你知道很多其他公司都有这个，但是他们在上市之前就有了，所以我猜它已经被继承了。嗯，Tesla 没有这个。嗯，就像我说的，我只是觉得在这里建立一支机器人军队不太舒服，然后呃，你知道，因为一些愚蠢的呃，来自国际空间站和格拉斯·刘易斯的建议而被驱逐，他们没有任何线索。我的意思是那些人是企业恐怖分子
**English / Original**
isn't is there is no way to have a super voting stock after you've gone public. Um but for example uh Google uh Meta um you know many other companies have this um but they they had it before they went public and so it sort of gets I guess grandfathered in. Um Tesla does not have that. Um, so it's just like I said, I just don't feel comfortable building a robot army here and not and then uh, you know, being ousted because of some asine uh, recommendations from ISS and Glass Lewis who have no freaking clue. I mean those guys are corporate terrorists
## 01:13:13
**中文**
和问题。因此，让我解释一下，这里的核心问题是，呃，这么多指数基金，被动基金，按照玻璃刘易斯和国际空间站的建议进行投票。现在他们过去提出了许多糟糕的建议，如果遵循这些建议将对公司的未来造成极大的破坏。嗯，但是如果你拥有被动基金，基本上将投票责任推迟给 Glass Lewis 和 ISS 嗯，那么如果太多的话，你可能会给一家上市公司带来极其灾难性的后果。
**English / Original**
and and the problem. So let me like explain like the core problem here is that uh so many of the index funds um the passive funds vote along the lines of what whatever glass lewis and ISS recommend. Now they have made many terrible recommendations in the past that if those recommendations have been followed would have been extremely destructive to the future of the company. Um but if you've got passive funds that essentially def defer responsibility for the vote uh to Glass Lewis and ISS um then you can have extremely disastrous consequences for a publicly traded company if if too much of the
## 01:13:56
**中文**
上市公司由指数基金控制。它实际上是由玻璃刘易斯和国际空间站控制的。这是公司治理的一个根本问题，因为他们没有按照实际上对股东有利的方式进行投票。这就是大问题。我的意思是，归根结底就是这样。呃，国际空间站玻璃刘易斯企业恐怖主义。
**English / Original**
publicly traded company is controlled by index funds. It's de facto controlled by glass lewis and ISS. This is a fundamental problem for corporate governance because they're not voting along the lines that are actually good for shareholders. That's the that's the big issue. I mean that's what it comes down to. Uh ISS Glass Lewis corporate terrorism.
## 01:14:25
**中文**
是的。我想说的是，你知道特别委员会在为股东利益制定这一计划方面做得非常出色。在股东获得丰厚回报之前，没有任何东西可以传承下去。所以这就是为什么你知道最后我会说我会敦促你不仅对该计划进行投票，而且还对所有三位董事进行投票，因为他们拥有非凡的知识和经验，而且你知道我们 Tesla 日复一日地与这些董事一起工作。我的意思是，我没有一天没有与一位董事或一位同事交谈过
**English / Original**
>> Yeah. And I would say you know the special committee did an amazing job in constructing this plan for the benefit of the shareholders. there is no nothing which gets passed down till the time shareholders make substantial returns. So that's why you know in the end I would say I would urge you to not only vote on the plan but also vote on all the three directors because of their exceptional knowledge and experience and literally you know we at Tesla work with these directors day in day out. I mean there is not even a single day that one of the directors I haven't spoken to or one of my colleague
## 01:15:05
**中文**
还没有与我们交谈过，甚至连这里的董事也不仅仅是在读 PowerPoint 演示文稿，他们实际上每天都在与我们合作，所以我再次敦促你们作为股东对董事会的建议进行投票。谢谢你们。 太棒了。谢谢你。嗯，我们感谢大家今天提出的问题。呃，我们期待下个季度与您交谈。
**English / Original**
hasn't spoken to and we're the even the directors out here are not just reading out of you know PowerPoint presentations they're actually working with us day in day out so again I just urge you guys as shareholders to vote along the board's recommendation. Thank you guys. >> Great. Thank you VBOV. Uh we appreciate everyone's questions today. Uh we look forward to talking to you next quarter.
## 01:15:29
**中文**
非常感谢，再见。
**English / Original**
Thank you very much and goodbye.