We Need to Talk About Tesla’s Earnings Report…
发布时间 2023-04-21 02:59:56 来源
摘要
➤Rob Maurer walks through the most important items from Tesla’s Q1 earnings report
➤ Clarifying foreign exchange impact
➤ Analysts update price targets after earnings
➤ ARK publishes new TSLA model
➤ Tesla mobile app update
➤ EV tax credit updates
➤ Starship’s first fully integrated test flight
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Executive producer Jeremy Cooke
Executive producer Troy Cherasaro
Executive producer Andre/Maria Kent
Executive producer Jessie Chimni
Executive producer Michael Pastrone
Executive producer Richard Del Maestro
Executive producer John Beans
Editing assistance by Jasem Ashkanani
Music by Evan Schaeffer
Image(s) and/or footage used under license from Shutterstock.com
Disclosure: Rob Maurer is long TSLA stock & derivatives
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中英文字稿 
Hey everybody, Rob Maurer here and today we are going to be primarily talking a little bit more about Tesla's Q1 earnings report yesterday. Now that we've had a day to reflect on it to think a little bit more about what Tesla discussed. And then we do have a few other news items towards the end.
大家好，我是Rob Maurer，今天我们主要要谈一下Tesla昨天发布的Q1财报。现在我们有一天的时间来反思一下，思考一下Tesla所讨论的内容。最后我们还有一些其他的新闻要说。
Looking at the stock, the negative reaction to the earnings reports, and probably more particularly The earnings call continued during trading today. Tesla down almost 10% on the day to close to $162.99. Well the NASDAQ was down 8-10% of a percent on the day.
看看股市，对收益报告的负面反应尤其是收益电话会议，在今天的交易中持续不断。特斯拉在当天下跌了近10％，收在162.99美元左右。纳斯达克当天下跌了8-10％。
So let's talk about earnings. Let's talk about the reaction. As I said in the post-call recap yesterday, I'm not surprised by this reaction. Time and time again throughout the earnings call, Elon Musk pretty much said the exact opposite of what Wall Street was wanting to hear or hoping to hear. Obviously, they ask so many different questions about demand, about pricing where that's gonna be going forward. What margins are gonna be going forward? That is the overwhelming focus for Wall Street right now and that's not to say that there's not a good reason for that.
所以我们来谈谈收益，谈谈市场反应。就像我在昨天的电话回顾中所说的，我对这种反应并不感到惊讶。在整个收益电话中，埃隆·马斯克基本上说了华尔街想听但并没有听到的话。很明显，他们提出很多关于需求、定价的不同问题以及未来的利润率等等。这是华尔街目前的主要关注点，这并不是说没有充分的理由。
When you see earnings decline even though revenue and deliveries are growing, that's a huge red flag for any company let alone a company that has a high earnings multiple. So while it's annoying that the analysts apparently cannot listen to the other questions that we're asking kept asking the same question. It is a question that is worth asking on its own and Elon's answer pretty much seems to be well, we don't really care. We're just gonna keep cutting prices and eventually we're gonna make more money because of FSD.
如果你看到收入和交付量增长，但收益下降，这是任何公司所面临的巨大警戒信号，更何况一家多倍收益的公司。所以，虽然分析师显然听不到我们提出的其他问题，一直在问同一个问题，这很烦人。但这是一个值得问的问题，埃隆的回答似乎是，我们并不真的在意。我们将继续降低价格，通过全自动驾驶系统最终赚更多的钱。
The problem with that is that Wall Street certainly does not believe that Tesla's gonna be making much money on FSD anytime soon. So if you don't believe that and you're hearing Elon say that the other parts of the business are just gonna be operated at cost. Then what reason would you have to own the stock? There would be none even if you do believe in FSD but you don't believe that that's gonna happen within the next six months in the next 12 months.
问题在于，华尔街肯定不认为特斯拉会很快在自动驾驶领域赚到很多钱。如果你不相信这一点，并且听到埃隆说其他部分的业务只会以成本运营，那么你持有该股票的理由是什么？即使你相信自动驾驶技术的发展，但如果你认为它不会在接下来的六个月或一年内实现，那么你也没有理由持有这只股票。
Then what reason would you have to hold the stock during that period where okay earnings or maybe just gonna be collapsing if Tesla's just gonna keep cutting prices and not really care too much about margin. It's kind of hard to think of those reasons when management isn't sitting up there on the earnings call laying those out for you on a silver platter like so many management teams would be doing.
那么，如果特斯拉会不断降价，且不会过于关注利润率，导致收益状况不佳或甚至崩溃，你持有该股票的理由是什么？很难想出这些理由，因为管理层并没有像许多管理团队那样，在收益电话会议上向你提供这些理由。他们没有像把一些事情铺在银盘上那样为你虚心服务。
Elon then even goes a step further and instead of giving analysts all these reasons that things are gonna be good. He walks through all the things that are terrible that are happening whether it's interest rates, recession continued price cuts. Potentially the possibility of having to sell cars at literally zero profit. Well, yeah, it's not surprising that the stock is down on that type of rhetoric. So the stock reacts and that creates a lot of frustration, a lot of questioning of Tesla's management.
艾隆进一步做了一件更进一步的事情，而不是给分析师说明事情将会变得好的所有原因。他列举出所有不好的事情，无论是利率、经济衰退、持续的价格下降，还是可能不得不以零利润的价格出售汽车的可能性。是的，股票在这种言辞下下跌并不令人惊讶。因此，这种股票反应引发了许多人的挫折感，对特斯拉的管理提出了许多质疑。
Especially when we're already in a situation where the share price has declined so significantly in the last year or so. It definitely would be a lot more comfortable if Elon would just get up there and tell Wall Street what they want to hear. Yes, Tesla's focusing on profits. Yes, we're gonna start advertising and drive demand. Our main focus is getting back to those 20% margins. You guys can count on that and you'll see next quarter. Hooray, Wall Street is happy investors are happy the narrative is managed. But the narrative that people seem to want management to be protecting doesn't do anything to the fundamentals over the long term.
尤其是当股价在过去一年或一段时间内已经显著下降的情况下。如果埃隆能够直接告诉华尔街想听的话，那肯定会更舒服一些。是的，特斯拉正在关注利润。是的，我们将开始投放广告，刺激需求。我们的主要重点是恢复20%的利润率。你们可以放心，下个季度你们就会看到。华尔街高兴，投资者也高兴，故事情节也被掌控了。但人们似乎希望管理层保护的故事情节对长期基本面没有任何帮助。
Every single item that I have talked about so far has been a short-term item. These are pretty much the only things that matter to Wall Street. This has been proven time and time and time again throughout Tesla's history and that has been one of the core tenants. That has allowed retail investors with a longer-term mindset, a longer-term approach to find such great investing opportunities.
到目前为止，我谈到的每一件事情都是短期的。这些基本上是华尔街所重视的唯一的事情。这在特斯拉的历史中一再证明，也是其中核心的原则之一。这让那些具有长期思维和长期投资策略的零售投资者，找到了这样伟大的投资机会。
Throughout Tesla's history, it seems quite clear to me that as Tesla has grown as they have started to put up real significant earnings that that mindset collectively in the investor community has shifted pretty significantly. Which should very much be expected right the investor set does change as a company grows as things become more stable. You've got more risk-averse investors starting to come in maybe those Wall Street type of mindsets those voices start to become a little bit louder.
在特斯拉的历史中，对我来说很明显的是，随着特斯拉的发展并开始获得实质性的收益，投资者群体的思维方式已经发生了显著改变。这是非常可以预料的，因为随着公司规模的扩大，成长过程中的投资者也会发生变化，而随着事物变得更加稳定，更多的风险规避型投资者开始进入市场，也许那些华尔街类型的思维方式的声音也变得更加嘈杂。
What investors want what investors expect from the company that changes over time as those shifts occur? I think volatility then compounds those types of perspectives those types of desires because people set through a 70% drop in their asset value. And they look back and they think man whatever Tesla could do to just get back to that. I just want him to get back to that like just act. We ask to Wall Street's demands and play the game for a little bit so you can not be down like 70 percent. that has a real impact on sentiment that probably wouldn't have much prevalence at all if Tesla were for example a private company That didn't have to deal with that kind of public volatility in a share price whether that is on the high end or on the low end.
投资者想要什么，投资者期望什么从公司发生变化随着时间推移而发生变化？我认为，波动性会加剧这些观点和渴望的复杂性，因为人们在他们的资产价值下跌了70％时感到沮丧。他们回头看，希望特斯拉能够回到那个状态。我们要求特斯拉满足华尔街的要求并玩一会游戏，这样您就不会跌落70％。这对情绪产生了真正的影响，如果特斯拉是一家私有公司，就不会有太多这样的影响，因为它不必处理那种公共股价的高低波动性。
Where I think a lot of the friction comes in is that although that investor mindset collectively seems to have shifted over time I don't think Tesla's mindset really has at all Tesla has one singular focus and every single comment every single decision and every single repercussion of those decisions needs to be viewed through that lens. Otherwise, there's going to be a lot of friction and that singular focus for Tesla is driving costs down through scale and through utilization. Scale amortizes cost across units and utilization amortizes cost across time in all facets of Tesla's business. There is constant optimization of both.
我认为，很多摩擦的产生是因为投资者的心态在历经时间变迁后，已经发生了集体性的转变，但特斯拉的心态却没有发生任何改变。特斯拉一直都有一个单一的目标，每一个发言，每一个决定，以及这些决定带来的后果都需要通过这个目标来看待。否则，就会产生很多摩擦。特斯拉的单一目标是通过规模和利用率降低成本。规模将成本平均分摊到每个单位上，而利用率则将成本在特斯拉业务的各个方面平摊到时间上。特斯拉不断进行优化。
Tesla's mentality their philosophy has pretty much always been that earnings profitability margins these things that people are focused on these are Results of the work that they're doing on cost. This is why Elon keeps saying time and time again Hey, if we can just make these things more affordable there's gonna be more demand We're gonna sell more we're gonna make more money when Elon says that he doesn't mean over the next quarter. He doesn't mean over the next six months like Wall Street is asking about Elon is talking about over the lifetime of the company Elon doesn't care about a quarter He probably doesn't even care about a year or two decades in this is meaningless to him. That's why he's sitting up there saying yeah, if we need to sell cars at cost sure we'll do that. We can do that because we'll just make money later. That's fine.
特斯拉的理念和哲学几乎一直是：盈利能力和利润率是人们关注的结果，这些结果是他们在成本上所做的工作的产物。这就是为什么埃隆一遍又一遍地说，如果我们可以让这些东西更加实惠，就会有更多的需求。我们会卖出更多的产品，赚更多的钱。当埃隆这样说的时候，他并不是指接下来的一个季度，也不是指华尔街所关注的未来六个月，他是在考虑公司的生命期。埃隆不关心一个季度，他可能甚至不关心一年或两个十年，这对他来说毫无意义。这就是为什么他坐在上面说，如果我们需要以成本出售汽车，那当然可以。我们可以这样做，因为我们将来仍然可以赚钱，这很好。
He's not saying that's his preference. He's not even saying that he thinks that's what's gonna happen He's just trying to help people understand that if it does come to that Tesla and only Tesla has the capability to do that and if they have the capability to do that that should paint a very clear picture for what the auto market is going to turn into from a market share perspective because no one can compete with Tesla on cost so Tesla again back to that singular focus is saying hey We're just gonna keep pushing on this as fast and as hard as we can literally the first sentence in the earnings report saying Quote in the current macro economic environment we see this year as a unique opportunity for Tesla as many Carmikers are working through challenges with the unit economics of their EV programs We aim to leverage our position as a cost leader We are focused on rapidly growing production Investments in autonomy and vehicle software and remaining on track with our growth investments and quote.
他并没有说那是他的偏好，他甚至没有说他认为那就是将要发生的事情。他只是试图帮助人们理解，如果真的发生了，特斯拉公司是唯一有能力做到那件事的公司，如果他们有这种能力，这应该对汽车市场的市场份额造成非常明确的影响，因为没有人能够与特斯拉在成本上竞争，所以特斯拉再次回到那个独特的焦点，就是说“嘿，我们只是要尽快尽可能地推进这个领域” ，实际上，在财报中的第一句话就是“在当前的宏观经济环境下，我们认为今年是特斯拉的一个独特机会，因为许多汽车制造商正在努力解决他们的电动车项目的经济问题。我们的目标是利用我们成本领先的优势，专注于快速增长的生产、自主驾驶和车辆软件的投资，以及保持我们的增长投资计划的进展。”。
This is the biggest capital expenditure quarter in Tesla's history and despite vehicle inventory increasing which drags cash flow They still had positive free cash flow and added to their cash balance this quarter These are the things that are super important for Tesla over the long term and guess what they're going to work. Contrast Tesla with what we hear from Renault today after Tesla's last price cuts. They say quote There is no big incentive to go and cut prices and go into a spiral that some of our competition is following if it results in slightly lower volumes in the short term So be it and quote Renault you're talking about a spiral but you don't realize that you're starting one of your own with volume. If you have declining volumes on your EV programs or if you can't increase your volumes You're never going to be cost competitive and you're going to die.
这是特斯拉历史上最大的资本支出季度，尽管车辆库存增加，拖累现金流，但他们仍然有积极的自由现金流，并在本季度增加了现金余额。这些对于特斯拉的长期发展非常重要，而且可以肯定他们将努力实现这一点。与特斯拉最近的降价相比，让我们听听雷诺的消息。他们说：“没有太大的激励去降价，进入一些竞争者正在跟进的螺旋降价，即使在短期内结果有所下降，我们也不介意。”雷诺，你在谈论螺旋，但你没有意识到你正在开启自己的螺旋模式。如果你的电动车计划销量下降，或者你无法增加销量，你将永远无法在成本上竞争，并最终瓦解。
It is not Tesla in a death spiral in this situation. It is a company like Renault. So for me as a long-term Tesla investor both in the past and going forward the biggest thing I want to see from Tesla is pushing ahead on future growth and that is exactly what Tesla is doing. Even if you tell me FSD is just never going to happen that is still exactly what I want Tesla doing. Because the growth that Tesla is doing now even if it's not at some extremely profitable level is still building the infrastructure Building the supply chain building everything that Tesla needs to move to that next like a volume which is the one that pretty much unquestionably destroys the entire internal combustion engine industry. And what do you think is going to happen then can Tesla maybe ring a little bit of profit out of that? I think so.
在这种情况下，特斯拉并不处于死亡螺旋中，而是像雷诺这样的公司。所以对我作为一个长期投资特斯拉的人来说，过去和未来，我最想看到的就是特斯拉在未来增长方面的发力，而这正是特斯拉正在做的。即使你告诉我FSD永远不可能实现，这仍然是我希望特斯拉做的事情。因为特斯拉现在正在做的成长，即使不是在某个极度盈利的水平上，仍在建设基础设施、建立供应链以及建设特斯拉所需要的一切，以便迈向下一个像是批量生产的阶段，这基本上是毁灭整个内燃机产业的阶段。那么你认为接下来会发生什么，特斯拉或许可以赚取一些利润吗？我认为可以。
That is Tesla's focus. That is what investors should be focused on. But sadly Wall Street doesn't care because that's a couple years out. Sorry, they would rather have one billion dollars of extra earnings in the next quarter. The reason people get so hung up on today's margins or today's earnings is because those are being used as the basis for extrapolation for future forecasts, which is how the valuation is formed. It has almost nothing to do with the actual dollars that are coming in over that period.
这是特斯拉的重点，这是投资者应该关注的。但可悲的是，华尔街不关心这个，因为这需要还要几年时间。他们更愿意在下个季度多赚10亿美元。人们对当今的边际利润或收益过分关注的原因是因为这些被用作未来预测的基础，这就是估值是如何形成的。这几乎与实际收入毫无关系。
So, when you think about that for a company like Tesla doing let's say a hundred billion dollars in revenue per year, whether they make twenty billion dollars on that, 10 billion zero dollars per year on that over the next couple of years, the variance in that range relative to Tesla's market cap is small. It's five to ten percent of the market cap. When it comes down to it, those earnings are almost entirely insignificant for Tesla. What matters with those earnings is whether or not Tesla can continue to support the growth, which is exactly what Tesla said their focus is on being able to do so again.
因此，当你考虑到像特斯拉这样的公司每年产生1000亿美元的收入时，无论他们能否在此基础上获得200亿美元、100亿美元甚至零收益在接下来的几年内，这一范围相对于特斯拉的市值变化很小。这些收益在特斯拉几乎完全无关紧要。重要的是这些收益能否让特斯拉继续支持其增长，这正是特斯拉所关注的。
Great. That is what I want Tesla to be focused on and then it matters because people extrapolate from that level of profitability. But ultimately what will provide Tesla with long-term consistent and defendable profitability is their cost structure. And that is what Tesla is putting every effort into improving with the long-term mindset. That is the right thing to be pursuing rather than trying to optimize for quarterly profits today. That short-term optimization will give you a higher multiple today. Because people will have more confidence in that future profitability. But those forecasts, those extrapolations those don't matter if that profitability can't be sustained and only way to sustain that again is the cost structure.
太好了。这正是我希望特斯拉专注的，因为人们会从这种盈利水平来推测其未来。然而，特斯拉长期稳定和可持续的盈利主要取决于其成本结构。这就是特斯拉致力于优化的长期思维方式。相比于当下的季度盈利优化，这是正确的追求。短期的优化或许可以在当下带来更高的倍数，因为人们会对未来的盈利更有信心。但是，如果这种盈利无法持续，那么那些预测和推测对特斯拉并没有多大的意义，而唯一能使之持续的是成本结构。
So, point being, I think overwhelmingly Tesla's focus is on the right things. I'm very much aligned with not throttling production for the sake of supporting margins. And although that might lead to some more painful financial reports over the next few quarters, I think the advantages that that will ultimately afford Tesla are more than worth it. Now with all that being said, I'm also not saying that there's nothing that Tesla could be doing better. Handling better communicating better in this interim period. I think there are plenty of those and I think they're more than worth talking about. But I think sometimes those things can be overemphasized especially when there is a period of pain from the stock.
所以，我的意思是，我认为特斯拉的重点在于正确的事情上。我非常赞同不为了支持利润而限制生产。虽然这可能会导致在接下来的几个季度出现更加痛苦的财务报告，但我认为这将最终为特斯拉带来的优势远远超过了这些痛苦。现在，虽然如此，我并不是说特斯拉没有可以做得更好的事情。在这个过渡期内更好地处理和沟通。我觉得有很多这样的问题，它们值得讨论。但是，我认为有时这些事情可能会被过分强调，特别是在股票出现疼痛的时期。
It's hard like no one ever said this was easy. I've held Tesla for a decade and there's been maybe like two two years that have been easy to do that in. It's usually aggrined and there's a lot of volatility and there's things that go wrong. And sometimes things unfold differently than we expect then Tesla expects etc. I mean that's kind of the whole point of Tesla daily right even if you just buy and hold for a decade. You still got to make that decision every single day.
这很困难，没有人说这很容易。我持有特斯拉已经十年了，其中可能只有两年比较容易做到。通常都是很煎熬的，有很多波动，也会出现问题。有时候事情会不如我们所预期，甚至不如特斯拉所预期。这就是每天进行特斯拉每日交易的整个意义，即使你只是持有十年，你仍然需要每天做出决定。
So we've got a lot more to talk about on this. I do want to spend more time on things that I think Tesla could be doing better. There's stuff there with communication particularly around guidance. I do want to spend a little bit more time talking about demand and demand generation. But I think what we talked about today is where the conversation needs to begin because I think it informs how Tesla is approaching the business. For now, that we'll move on just a couple of other quick things I wanted to touch on one is related to earning.
我们有很多话题需要讨论。我想花更多时间谈论我认为Tesla可以做得更好的事情。特别是就指导方面的沟通有些问题。我也想花一点时间谈论需求和需求的产生。但我认为我们今天谈论的就是对话需要开始的地方，因为我认为这决定了Tesla的业务方法。就目前而言，我们会简单地提及几个其他问题，其中一个与收益有关。
So, we'll start there and it was the foreign exchange impact this had a big impact. So, I want to make sure that everyone is thinking about it correctly because I definitely didn't get quite all the way there yesterday. But if we look at how Tesla listed out various different impacts the 800 million-dollar negative impact from foreign exchange is in the revenue bucket. Which means it would be impacting average selling price pulling that down a little bit. But if we look at profitability Tesla doesn't mention foreign exchange and profitability. So, it's not fair to just put that right back into margins.
那么，我们从这里开始吧，汇率波动对此产生了很大的影响。因此，我想确保每个人都正确地考虑到这一点，因为昨天我并没有完全了解它。但是，如果我们看一下特斯拉列出的各种不同影响，来自汇率波动的8亿美元的负面影响在收入方面。这意味着它会影响平均销售价格，将其降低一点。但是，如果我们看一下特斯拉没有在盈利能力中提到汇率波动，因此，将其直接纳入利润率中是不公平的。
This implies that foreign exchange also negatively impacted Tesla's cost of good sold at a similar rate as it did Revenue so therefore not really impacting the profitability at least from a margin percentage perspective. But potentially impacting the dollars a little bit because if you have more revenue at the same margin well, you earn more dollars. To make sure we're thinking about this correctly, we can go back to Tesla's Q4 shareholder letter where they also disclosed a negative $1.4 billion impact on revenue from foreign exchange. But in Q4 under profitability, they also listed foreign exchange as a negative $300 million impact. Again, nothing of the sort listed for Q1 profitability. And when Zach talked about margins on the call, he attributed the mis to changes in pricing. And then warranty expenses and some autopilot related deferrals.
这意味着，外汇也以类似的方式负面影响了特斯拉的销售成本，因此从利润率的角度来看，不会真正影响盈利能力。但可能会对美元造成一些影响，因为如果你在同样的利润率下有更多的收入，那么你会赚更多的美元。为了确保我们考虑得正确，我们可以回到特斯拉的Q4股东信中，他们还披露了外汇对收入的1.4亿美元负面影响。但在Q4的盈利能力下，他们也列出了外汇的3亿美元负面影响。同样，Q1的盈利能力也没有任何类似的列出。而当扎克在电话中谈到利润率时，他把误差归因于价格变动，以及保修费用和一些与自动驾驶相关的拨款。
So no mention there either of foreign exchange. So hopefully that helps clarify what the exact impact here for this quarter was.
因此，关于外汇的问题也没有提到。希望这样可以澄清这个季度的确切影响。
As far as analyst reactions to earnings, we won't spend much time on this. I did tweet out a reaction from Alex Potter last night. They reiterated their $300 price target and overweight rating. A lot of analysts though basically just reacting with minor price cuts.
就分析师对收益的反应而言，我们不会花太多时间。我昨晚推特了Alex Potter的反应。他们重申了他们的300美元的目标价和超重评级。尽管许多分析师只是做了微小的价格调整，但他们基本上只是做出反应。
Which you can see a little bit of those here. Ark Invest has also updated their Tesla model and price target. Remember though this is for 2027 so not the typical 12 month price target that we usually see from analysts. I haven't had a chance to look at it yet but my guess is my thoughts will be pretty similar to the last time we had talked about it. But maybe we'll come back to that in a future episode.
你可以在这里看到一些。Ark Invest也更新了他们的特斯拉模型和目标价格。但请记住，这是针对2027年的目标，而不是我们通常从分析师那里看到的12个月目标价格。我还没有看到它的机会，但我猜我的想法会和我们上次讨论时差不多。或许我们在未来的一个节目中会再次回来谈论这个。
Alright the last couple of items then.
好的，最后几件物品了。
Tesla today did update their mobile app, Version 4.20.69 on April 20th. And they have now added the Tesla trip planner into the mobile app. Which I think is a really nice feature for planning ahead. When you're not actually in the vehicle quite yet.
特斯拉今天更新了他们的移动应用程序——版本为4.20.69，更新日期为4月20日。现在，特斯拉的旅行计划器已经被加入到移动应用程序中了。我认为这是一个非常好的功能，可以在你还没有真正进入车辆时提前规划。
Next the EV tax credit listings have been updated by FuelEconomy.gov. And it looks like the Volkswagen ID series is actually going to be eligible for the full credit. That has been newly added to the post April 18th list. And Rivian has been as well, they are eligible, it looks like for the half credit.
接下来，FuelEconomy.gov已经更新了EV税收抵免清单。看起来，大众ID系列实际上将有资格获得完整的抵免税。这已经更新到4月18日之后的列表中。同时，Rivian也有资格获得半额抵免税。
And then finally today last but certainly not least a monumental day for SpaceX. And all of humanity today with the first integrated test flight of Starship and Super Heavy. It did clear the launch pad, it did clear max Q max impression. Stage separation though was not successful and ultimately rapid unscheduled Disassembly. Nevertheless a massive success for SpaceX. So huge congratulations to the SpaceX team.
今天是SpaceX历史上具有纪念意义的一天，进行了首次Starship和Super Heavy的联合测试飞行，这也是对全球所有人都有着重要意义的一天。这一次试飞成功地从发射台上升起并通过了最大Q值的高压测试，但在分离阶段出现了故障和意外的解体。尽管如此，这对于SpaceX来说仍然是巨大的成功，因此我们要向SpaceX团队表示衷心祝贺。
Alright last thing before we wrap it up. I may leave this episode out here as the last one for the week. That'll help get it a little bit more broadly distributed. And I think this one's an important one for people to hear. So I might just leave it out there and not do an episode tomorrow. We'll see if something comes up then I will. But if there's nothing really newsworthy then I'll leave this one out there. And maybe we do a Twitter space, something like that.
好的，在收尾之前还有一件事。我可能会把这一期作为本周的最后一期节目。这样可以使它更广泛地传播。我觉得这一期对人们来说很重要。所以我可能会把它放在那里，明天不作节目。如果有什么新闻，我再考虑。但如果没有什么值得报道的，我会把这一期留在那里。也许我们可以做一个Twitter空间之类的东西。
Alright so that's it for today as always. Thank you for listening, make sure you're subscribed. And sign up for notifications. You can also find me on Twitter at Tesla Podcast. And we'll see you for the next episode of Tesla Daily. Thank you.
好的，今天的节目就到这里了。像往常一样，感谢您的聆听，请务必订阅并开启通知。您也可以在Twitter上找到我，我的账号是Tesla Podcast。我们下一期节目再见。谢谢。