Tesla's "Terrible, Depressing" Quarter: Finally ⚡️

Oh my gosh, this was terrible. I feel bad for him. Look, he's got a lot of things going on, legal battles, custody battles with first kids now, but it doesn't justify acting like Trump on Twitter, Stonewalling the SEC or the European Union, and quite frankly, turning into a little baby on the earnings call. I mean, he was almost in tears. It showed a complete lack of leadership. Tesla's a leadership-less company right now, and it's terrible, that's why their CFO just left, I believe as well. And this is a slap in the face to everyone. It's not just the shareholders, but it's a slap in the face to the other managers who are still there, and the over 100,000 employees at Tesla. And for a leader to cry about the economy, rather than funneling that, and coming up with a plan, is pathetic. We got a leader-less Elon Musk, who was afraid to be on an earnings call, who sounded beat down and like somebody who's basically leading Tesla into a directionless path forward. Disgusting.

我的天啊，这太可怕了。我为他感到难过。看，他有很多事情要处理，法律纠纷，抚养权与前妻孩子的争夺，但这并不能为他在Twitter上的表现，对美国证券交易委员会和欧盟的不合作提供理由。坦率地说，他在财报电话会议上的表现像个小孩子，几乎哭了出来。这显示了完全的领导力不足。特斯拉现在成了一家无领导力的公司，这太糟糕了，我相信这也是他们首席财务官辞职的原因。这是对每个人的一记耳光，不仅仅是股东们，而且对那些仍在任职的其他经理们以及特斯拉的10万名员工来说都是一记耳光。作为一位领导者，他为经济状况而哭泣，而不是利用这种情绪，制定一个计划，真是可悲。我们有一个没有领导的埃隆·马斯克，他害怕参加财报电话会议，听起来像个被击败的人，基本上是让特斯拉走向一条没有方向的未来之路。令人恶心。

In life, there are seasons for celebration and seasons of mourning, seasons to invest and seasons to save, times to take risks and times to be cautious. Any rational human would agree, this should be our expectation for life. The very same principles apply to the business world. Satisfaction and contentment for many in life hinge on expectations. A prevalent response to Tesla's Q3 financial results can be summarized in a few words. Disappointing, depressing, weak, terrible. These all imply a standard that was not met, expectations were too high. If that's the case, the problem actually lies with the investor, not the company. Before anyone gets perturbed with that statement, hear me out.

在生活中，有庆祝和哀悼的季节，有投资和储蓄的季节，有冒险和谨慎的时机。任何理性的人都会同意，这应该是我们对生活的期望。同样的原则也适用于商业世界。对于许多人来说，满足和满意都取决于期望。对特斯拉第三季度财务业绩的普遍回应可以用几个词来概括：令人失望，令人沮丧，薄弱，可怕。所有这些都意味着未达到预期标准，期望过高。如果是这样，问题实际上在于投资者，而不是公司。在任何人对这个说法感到不满之前，请听我解释。

It would be great if Elon or anyone gave clear guidance on these calls for margin expectations and the things Wall Street wants to know, like how Tesla plans to grow volumes in 2024. What's Tesla's best guess on the next gen platform rollout when it comes to timing? Although I will say with Cybertruck and FSD, I don't think Elon has much clout when it comes to timelines anyway. I agree with you. Elon was underwhelming on the call and he seemed a bit distracted. Maybe he was having a bad day or he was tired and he repeated the same things we've heard over and over and over for years. Whether it's the optimist talk about what is labor or the Robotaxi utilization metrics, most of us have heard the story numerous times. In his defense, some folks on Wall Street still don't get it, but it would be nice for him to teach us something new about the company on these calls. So I'm sympathetic to those who are frustrated genuinely. But again, we just should not be expecting this from Tesla or Elon. They've never been that company and Elon is probably never going to be that guy. He's going to repeat the same few things and maybe even do it just to stick it to Wall Street in his own head.

如果埃隆或其他人能就这些有关保证金预期和华尔街想要了解的事情给出明确的指导，那将是很好的。像特斯拉在2024年如何增加销量这类问题，特斯拉的最佳猜测是什么时候推出下一代平台？虽然我要说，对于Cybertruck和全自动驾驶，我认为埃隆在时间上并没有太多的发言权。我同意你的观点。埃隆在电话会议上表现欠佳，似乎有些心不在焉。也许他当天心情不好，或者很累，他重复了多年来我们已经听过无数次的相同观点。不管是关于劳工问题还是Robotaxi利用率的乐观言论，我们大多数人已经听到过这个故事很多次了。在他的辩护中，华尔街上的一些人仍然不理解，但是他能在这些电话会议上教给我们一些有关公司的新知识，那将是非常好的。所以我对那些真正感到沮丧的人表示同情。但是再一次，我们不应该期望特斯拉或埃隆能做到这一点。他们从来不是那样的公司，埃隆也可能永远不会成为那样的人。他可能会反复重复一些相同的观点，甚至可能只是为了在他自己的心里对华尔街不满。

But we have to ask from first principles, what is a good quarter for Tesla? The mission is to advance the world to sustainable energy. And no matter what the financials look like, just take a look around the world. Leaders, companies, countries, most of them announcing and executing huge plans to switch to EVs and clean energy. So based on the mission progress, Tesla is still killing it. It's just the numbers that actually drive that will sometimes be up and sometimes be down. It may be hard to hear for now, but I do think a quarter like this is a great reminder and a wake up call for some folks and it finally happened. Not one thing has changed from a longterm perspective, but for the next year or so, it could be a season of slower growth, lower margins, more spending and delayed results. But to forget that the time will be coming when interest rates come down and that paired with Tesla continuing to invest aggressively, even if it's not directly in production or factories, is going to set up for a very exciting time yet again. We just have to be patient as I always say.

但是我们必须从根本原则出发，问一下什么是特斯拉的一个好季度？我们的使命是推动世界向可持续能源发展。不管财务状况如何，只需要看看世界各地，领导者、公司、国家，他们大多宣布并执行转向电动车和清洁能源的巨大计划。所以基于使命进展，特斯拉仍然很出色。只不过实际推动这一进展的数字有时会上升，有时会下降。现在可能听起来有点难以接受，但我认为像这样的一个季度是一个很好的警示和唤醒一些人，并且终于发生了。从长期来看，没有任何事情发生改变，但在接下来的一年左右，可能会是一个增长放缓、利润率降低、支出增加和结果延迟的时期。但不要忘记，利率将会下降，并且特斯拉将继续积极投资，即使不是直接用于生产或工厂，这将为我们再次迎来一个非常令人兴奋的时期。我们只需要像我一直说的那样保持耐心。

This dose of reality seems to be exactly what the doctor ordered for some. The projects Tesla is investing in, namely AI compute for FSD and Optimus, which doubled quarter over quarter by the way, and projects like Cybertruck are going to take more than one year to really drive Tesla stock where we all want it to go. The same goes for 4680s. They're making good progress with production up 40% quarter over quarter, scrap down 40% quarter over quarter, but we need another few years for this to scale to a point where it's no longer a drag on cost of goods sold.

这些现实的剂量似乎正好符合某些人的要求。特斯拉正在投资的项目，即FSD和Optimus的AI计算（顺便说一句，这季度翻了一番），以及诸如Cybertruck之类的项目，都需要超过一年的时间才能真正推动特斯拉股票朝着我们所期望的方向发展。4680电池也是如此。他们在产量方面取得了良好的进展，季度产量提高了40%，季度废品减少了40%，但我们还需要再过几年，使其达到一个规模，不再对销售成本构成压力。

There are also small challenges along the way that Tesla will have to overcome. Like we just heard Hugh Duong, the lead inventor of Tesla's DBE process, just left Tesla for a startup, that's pursuing the same advance using a different approach. AM battery is saying its dry strategy is simpler and less costly than Tesla's and Duong, the inventor of Tesla's DBE calls AM's approach DBE 2.0. Duong was the lead author of the original 2018 paper and on patents for DBE, which he helped to develop at Maxwell Technologies.

特斯拉在前进的道路上还将面临一些小的挑战。就像我们刚刚听到的，特斯拉的DBE工艺的首席发明家贺·杜恩刚刚离开特斯拉加入一家初创公司，该公司正在使用一种不同的方法追求相同的进展。AM Battery表示，他们的干法策略比特斯拉的更简单、成本更低，并且杜恩，特斯拉的DBE发明家，称AM的方法为DBE 2.0。杜恩是2018年原始论文的主要作者，并参与了DBE的专利开发，他在Maxwell Technologies公司的开发工作中做出了贡献。

I also understand why people think the financial results are weak. Regulatory credits made up 31.4% of Tesla's operating income this quarter. The previous high over the past two years was 19.6% in quarter one of this year. Historically for Tesla, it's been between 10 and 15%. I know why people like to remove regulatory credits to try to see Tesla's fundamental business model, but let's not forget, this is real money Tesla really earns for doing real work because these are the real rules of the game right now.

我也理解为什么人们认为特斯拉的财务业绩较弱。本季度，监管信用贡献了特斯拉营业收入的31.4%。过去两年内的最高比例为今年第一季度的19.6%。特斯拉的历史表现通常在10%到15%之间。我知道为什么人们喜欢剔除监管信用来了解特斯拉的基本商业模式，但我们不应忘记，这是特斯拉通过真实工作真正赚取的实际收入，因为这是目前游戏的真实规则。

Need I remind folks to take a look around the industry at the other OEMs to see that Tesla may be getting these credits for much longer than people originally thought. Legacy OEMs are in disarray, trying to sell EVs at any type of scale. So let's not punish Tesla too much here. They took the risk over the years to be the first mover. They've earned those credits and it's okay to check the business without them, but they're here and this is not some sort of monopoly money.

需要我提醒大家注意一下整个行业的其他原始设备制造商，看看特斯拉可能会得到这些积分比人们最初预想的时间更长。传统的原始设备制造商混乱不堪，试图以任何规模销售电动汽车。因此，我们不应过分惩罚特斯拉。多年来，他们冒着风险成为第一批行动者。他们赚得了这些积分，并且没有这些积分，我们也可以检查他们的业务，但是特斯拉已经到这里来了，这不是某种垄断的钱。

I think this is important because this is money that Tesla is using to invest in the future of the business, the things that we're waiting for for the next exciting parabolic move up. In the midst of all the negativity, Elon did say something on the call that I think is worth repeating right now. Tesla say Kornviepterra and La Impressive Masa Valleo Sidelmundo. Yes, I have been brushing up on my Spanish with Babel, one of the top language learning apps in the world. Babel, Tambien, SL Patrostina Dord, de Este Video.

我认为这个很重要，因为这是特斯拉用来投资未来业务的资金，也是我们期待的下一个令人兴奋的指数级升级所需要的。在所有的负面因素中，伊隆在电话中说了一些我认为值得重复的话。特斯拉说Kornviepterra和La Impressive Masa Valleo Sidelmundo。是的，我一直在使用世界上顶级的语言学习app之一Babel来提高我的西班牙语水平。Babel，同时也是SL Patrostina Dord这个视频的赞助商。

So why Babel? One day, I'd love to take Ashley to visit Giga Mexico and then maybe head to the Grand Villas Riviera Maya. The Babel UI is incredible and the lessons are intuitive. It works seamlessly across all of my devices so I can pick up where I leave off anywhere, anytime. You can choose to learn in as little as five minutes a day, so keep your brain sharp, be multifaceted, impress and surprise your spouse. And the podcasts are an awesome change of pace to help you learn why you cook, clean, workout, whatever it is you do. So if you like me and you love to learn, you will love this app. Just go try it and thank me later. You really have nothing to lose. They also offer two free live classes, a 20 day money back guarantee, and lessons designed by actual language teachers that have proven to help people start speaking a new language in just three weeks. I was able to get you guys 60% off your Babel subscription and as always the link will be in the description below. Gracias, a Babel, port, Patrostina Dord, Este Video.

为什么选择Babel呢？总有一天，我想带Ashley去参观Giga Mexico，然后可能去大别墅里维埃拉玛雅。Babel的用户界面令人难以置信，课程很直观。它可以在我所有的设备上无缝使用，所以我可以随时随地继续学习。你可以选择每天只学习五分钟，这样可以保持你的头脑敏捷，变得多才多艺，给你的配偶留下印象和惊喜。而播客则是一个很棒的变化节奏，可以帮助你在做饭、清洁、运动等等时学习。所以，如果你像我一样热爱学习，你一定会喜欢这个应用。去试试吧，感谢我之后。你真的没有任何损失。他们还提供两节免费的在线课程，20天退款保证，并且课程是由实际的语言老师设计的，已经证明能够帮助人们在三个星期内开始说一门新的语言。我为你们争取到了60%的Babel订阅折扣，链接在下方描述中。谢谢，Babel，希望你们喜欢这个视频。

Before I touch on spending, let me tie the bow on expectations. It's abundantly clear to me now that way too many people are trapped in expecting Tesla to do 2020 or 2021 numbers into perpetuity. There has not been a proper resetting of expectations among investors as we've moved from zero interest rates and quantitative easing to 5% interest rates and a policy closer to quantitative tightening. We also have two wars taking place and a reshoring de-globalization trend that's adding to supply chain challenges.

在我谈及开支之前，让我先总结下期望。现在对我来说非常明显，太多人陷入了期待特斯拉永远保持在2020年或2021年的业绩上。随着我们从零利率和量化宽松转向5%的利率和接近量化收紧的政策，投资者的期望没有被恰当地重新设定。另外，我们还有两场战争正在进行，并且有一种回流本土化的趋势加剧了供应链的挑战。

And to anyone complaining of being disappointed that Tesla is letting off the accelerator a bit in terms of production and factory expansion, it kind of makes me chuckle. I mean, do we really want Tesla to fly head first into an uncertain environment? Is it not the prudent thing for Tesla to do to laser focus on driving down cost of goods sold at the current factories as they assess what the macro space will entail? To actually see how bad the situation becomes in the credit markets and for the average consumer, this also allows Tesla time to work on improvements now that can be implemented when rates begin to come down. So sure, it's not exciting to hear, but personally, I'm good with it.

对于任何抱怨特斯拉在生产和工厂扩张方面有所减缓的人来说，这让我有点发笑。我的意思是，我们真的希望特斯拉冒险闯入一个不确定的环境吗？难道特斯拉现在不去专注于降低商品销售成本，并评估宏观环境将会带来什么吗？通过实际观察信贷市场和普通消费者面临的情况有多糟糕，这也为特斯拉提供了时间来改善，以便在利率开始下降时能够进行实施。所以，当然，这听起来不令人兴奋，但就我个人而言，我接受它。

The worst thing that could happen would be Tesla racing ahead with Gigamexico, expanding Gigas Shanghai, only to be met with excess capacity and consumers who aren't able to buy the products. We can't expect every quarter to be exciting and filled with financial results that don't even make sense, they're so good. We enjoyed those times in 2020 and 2021 and they'll come around again, but we need to learn to take the mundane, I hesitate to say bad with the good. I hesitate because we can't forget this is all relative.

最糟糕的情况就是特斯拉在吉卡墨西哥扩大规模、扩建吉卡上海，结果却面临产能过剩和消费者无力购买产品的困境。我们不能期望每个季度都激动人心，充满让人难以置信的财务业绩。虽然2020年和2021年我们享受了这样的时光，而且这样的时光还会再次到来，但我们需要学会接受平凡。我犹豫地这么说是因为我们不能忘记这一切都是相对的。

Compare what Tesla is doing to all of the other automakers not named BYD. It's a, you know what show full of massive losses, layoffs, reducing EV plans, falling ice sales, UAW turmoil, slowing EV demand, dealer network frustration, the list goes on. Meanwhile, Tesla is getting blasted because what? They generated $800 million in free cash flow while investing a historic record in CapEx this quarter, 20% higher than it's ever been, by the way, while also investing a record amount in R&D. They now have $26 billion in cash and effectively zero debt, meaning they could earn $1.3 billion in interest alone at 5% every year for doing nothing. That would be 70% of the gap net income Tesla generated in quarter three. They won't invest all of their cash of course, but it highlights the war chest that Tesla has for these tough times.

比较特斯拉与除比亚迪以外的其他汽车制造商在做的事情。可以说，这是一出充满了巨额亏损、裁员、减少电动汽车计划、销售降低、工会纷争、电动汽车需求放缓、经销商网络困扰等剧目。与此同时，特斯拉为什么会受到指责呢？他们在本季度实现了8亿美元的自由现金流，同时创下了有史以来最高的资本支出记录，比以往高出20%。同时，他们也在研发上投入了创纪录的金额。他们现在拥有260亿美元的现金，几乎没有债务，这意味着他们每年无所事事的话仅仅通过利息就可以赚取13亿美元，相当于特斯拉第三季度净收入的70%。当然，他们不会将所有现金都投资出去，但这凸显出特斯拉在这个艰难时期拥有的庞大储备金。

Speaking of, I know folks are sick of hearing the tough time macro talk, so rather than harping on that, just look at the data. Tesla only produced 430.5 thousand vehicles in quarter three. This was lower than quarter two, quarter one, and even lower than quarter four of last year. The fact that anyone had somewhat high expectations for this quarter is just baffling to me. The factory shutdowns for upgrades in refresh vehicles should significantly have adjusted our expectations down. Factory idle costs, less income, lower factor utilization. It's been almost one year since Tesla produced so few vehicles in a quarter. If you pair that with Tesla setting new records for CapEx and R&D spending, and what did everybody think was going to happen to operating margins?

说到这一点，我知道人们厌倦了听到宏观问题的谈论，所以与其继续强调这一点，不如看看数据。特斯拉在第三季度只生产了43.05万辆汽车。这比第二季度、第一季度甚至比去年第四季度的产量还要低。对于这个季度有人对公司抱有高度期望的事实真的让我感到困惑。为了进行升级，工厂停产的成本应该会显著降低我们的预期。工厂停产造成的收入减少，工厂利用率降低。这是特斯拉自己年内生产如此少量汽车的情况。如果再加上特斯拉在资本支出和研发支出方面创下新纪录，每个人以为运营利润率会发生什么样的变化呢？

Briefly, if you saw my post on X yesterday about average selling price and cost of goods sold, I accidentally used the ASP formula for cost of goods sold on my spreadsheet, trying to go too quickly. Very sorry about that if you saw it. Here's the accurate year to date data for ASP in COGS. Tesla's ASP is down 16.7% year over year, and cost of goods sold is down 4.8% year over year. So still making good progress driving down COGS, but not to the level my mistake had indicated. One thing that may drive COGS up a bit, but could be worth it, the fact that Tesla's parts catalog may have just sold us there working on a performance, if not even a Plaid Model 3. This guarantees nothing, but it's certainly promising.

简而言之，如果你昨天在X上看到我关于平均售价和销货成本的帖子，我在电子表格中不小心使用了销货成本的ASP公式，试图匆忙处理。如果你看到了，非常抱歉。这是有关销货成本中ASP的准确年度数据。特斯拉的ASP同比下降了16.7%，而销货成本同比下降了4.8%。所以在降低销货成本方面仍然取得了良好的进展，但没有达到我错误所表明的水平。有一件可能会使销货成本稍微上升，但可能是值得的事情，特斯拉的零部件目录可能刚刚推出了一款表现强劲，甚至是Plaid Model 3。这并不能保证什么，但确实很有希望。

I do wanna say this, Tesla may be learning to under-promise and over-perform. On a pass call, Elon and Co talked about Megapack margins approaching 25%. Well, they're most likely already higher than that because the overall Tesla energy margin was 24.4% for the quarter, and that is most likely being dragged down by solar under-performing. The Megapack factory is still only around 60% of capacity, meaning higher margins may still be in store. The financial results of this business line are going to be highly volatile quarter over quarter, but if you extrapolate quarter three energy profit, which I'm okay doing because energy did not have the same one-offs as the auto side this quarter, that's $1.5 billion in annual profit, just from Tesla energy.

我想说的是，特斯拉可能正在学习承诺适度，超额履行。在一个通话中，埃隆和他的团队谈到Megapack的利润率接近25%。实际上，它们很可能已经超过了这个数字，因为上季度特斯拉能源的总利润率是24.4%，这很可能是因为太阳能表现不佳拖累了总体利润率。Megapack工厂的产能目前仅达到60%，这意味着可能还有更高的利润空间。这个业务线的财务结果将在季度之间波动很大，但是如果按照第三季度能源利润进行推算，我觉得可以这样做，因为本季度能源业务没有像汽车业务那样发生特殊情况，那么仅从特斯拉能源这一块就能获得15亿美元的年利润。

A quick shout out to James Cat, by the way, over the last four quarters, he's been the most accurate retail analyst among those listed, only 12 cents over the past year combined. So James, if you see this, nice work, my friend, keep it up. And I think he knew I was going to come back to this, meet Kevin. Him saying Tesla is now leaderless, and that Elon is afraid, this has to be one of the more ridiculous knee-jerk reactions I've ever heard from a competent thinker.

顺便向詹姆斯·凯特高声致敬。过去的四个季度中，他是那些被列出的零售分析师中最准确的一个，仅有12美分误差。所以詹姆斯，如果你看到这个消息，干得好，朋友，继续努力。我想他知道我会回到这个话题上，和凯文见面时他说特斯拉现在没有领导者，并且埃隆害怕，这一定是我听过的对一个有能力思考的人的最荒谬的反应之一。

Meet Kevin is actually the one sounding like a baby here, complaining about how Elon chooses to lead. Again, Elon is who he is, he's not conventional, he's just different. He's been the same person for as long as most of us can remember, so at this point we should not be expecting anything different from him. But look at what he's done for Tesla the past decade. Now we have one tough quarter given the challenges, and now Tesla's leaderless and Elon is scared. I mean, give me a break. Talk about the what have you done for me lately sickness that has swept our culture.

Meet Kevin这里实际上是一个像婴儿一样抱怨埃隆选择如何领导的人，埃隆嘛，他就是他自己，他不合常规，他只是不同而已。就我们大多数人所知，他一直是同一个人，所以这时候我们不应该对他期待什么不同的表现。但是看看他过去十年为特斯拉所做的事情。现在我们面临艰难的一季度，特斯拉的领导层也在缺位中，而埃隆却感到担忧。我是说，给我一个休息吧。我们谈谈最近的社会病患：“最近你为我做了什么？”

Is Elon not allowed to have a bad day or a day when he's tired or disinterested? He's human, folks. Maybe at that hour, Elon was just more focused on urging caution than artificially pumping people up, and I'm okay with that. These statements from Kevin are also just disrespectful to the other incredible leaders at Tesla. Did Kevin already forget about Investor Day, where we got to hear from the deep bench at Tesla? There is absurd talent leading teams around the world at Tesla, people whose names we will never even know.

None

And no, Elon is not perfect, he's far from it. He could do things better, absolutely. But Tesla's balance sheet is impeccable. They're prepared for anything. They're the closest company to solving for true FSD, and it's not even close. They have a working robot making impressive progress that no other car company is even considering doing as far as we know.

不，埃隆并非完美，他还有很多不足之处。他肯定可以做得更好。但特斯拉的资产负债表是无可挑剔的。他们为任何情况都做好了准备。在实现真正的全自动驾驶技术方面，他们是最接近成功的公司，而其他汽车公司甚至没有考虑过这么做。他们有一个正进展迅速的工作机器人，打造出令人瞩目的成果。

Tesla is about to own the title of the best selling car in the world, that's an EV, that they're selling profitably, I might add. They're also focused on the right things, scaling AI compute and driving cost down of their current models while working on the next gen platform.

特斯拉即将拥有世界上最畅销的电动汽车的称号，而且他们销售这些车型是盈利的，我还要补充一点。他们还致力于正确的事情上，提升人工智能计算能力的规模，并降低当前车型的成本，同时致力于下一代平台的研发。

The way I see it, Kevin's comments are the disgusting ones as someone who has undoubtedly made millions from Tesla stock and from talking about Tesla, a company that would not exist in its current form had it not been for Elon's leadership. So to watch Elon lead multiple companies for decades to unbelievable success, and then to have people like Kevin and thousands of other retail fans start blasting Elon because he had a bad day or blasting Tesla because it had a tough quarter, it's just ridiculous and short-sighted. Don't get me wrong, you can critique and criticize and be upset if you want, but let's not lose sight of what Tesla has done.

我个人认为，凯文的评论才是令人恶心的，因为毫无疑问，他从特斯拉股票和谈论特斯拉中赚取了数百万，而这家公司如果没有埃隆的领导，就不会以目前的形态存在。因此，目睹埃隆领导多家公司几十年取得令人难以置信的成功，却有人像凯文和成千上万的零售粉丝一样开始抨击埃隆，因为他度过了糟糕的一天，或者抨击特斯拉因为季度困难，这简直荒唐和短视。当然，如果你愿意，你可以提出批评和批判，可以感到失望，但我们不要忘记特斯拉所取得的成就。

Again, guys, a season for everything. I'll leave you with this, the year is 2026. Interest rates are not as restrictive. Cyber truck is producing at scale, bringing in thousands of new families to the Tesla ecosystem. The Tesla Semi is in production at the new Semi Facility in Nevada. 4680s have driven down the cost per vehicle by thousands of dollars with production at scale. Tesla's Lathrop Facility is at scale and generating billion dollars in profits annually with two other factories following suit globally. The next gen platform is being launched and Robotaxes are deployed in certain geographies. Optimists is working in all of Tesla's factories doing real work. Tesla's Supercharger network sees a major spike in utilization with other OEMs having access and many of those customers choose to look into Tesla, realizing how great the Supercharger network is. The Model Y remains the best selling car in the world and Powerwall 4 is powering hundreds of VPPs across the globe. Ford and GM have announced they're going to license FSD from Tesla and we get the announcement of Tesla home HVAC right around the corner. Quarter three this year changes not one thing of this scenario.

再说一次，伙计们，每个季节都有自己的机会。我给你们留下这个思考，现在是2026年。利率并没有那么严格限制。Cyber Truck 正在大规模生产，吸引了成千上万个新家庭加入特斯拉生态系统。特斯拉半挂车正在内华达州的新工厂进行生产。4680 电池的大规模生产使每辆车的成本降低了数千美元。特斯拉的拉斯普罗普工厂正在大规模运营，并每年产生数十亿美元的利润，另外还有其他两个工厂在全球跟进。下一代平台即将推出，无人驾驶出租车在某些地理位置已经部署。乐观主义者正在特斯拉的所有工厂里做真正的工作。特斯拉的超级充电网络利用率大幅增加，其他汽车制造商也可以使用，并且很多这些顾客选择考虑购买特斯拉，意识到超级充电网络的优势。Model Y 依然是全球最畅销的汽车，Powerwall 4 正在全球各地供电给数百个虚拟电力厂。福特和通用宣布他们将从特斯拉许可无人驾驶全自动驾驶系统，并且我们即将听到特斯拉家用暖通空调系统的消息。今年第三季度对这种情景没有任何改变。

And let me tell you this. If you think all of the hate and the criticism, skepticism and that Elon's not leading is not going to motivate Elon and the team, well, I have a bridge to sell you. They're on the internet. They use X. They listen. They read. So go on. Keep saying how Tesla is doomed and they have no leader. Elon and Co will continue to prove you wrong as they've done for thousands of people over the past decade.

要让我告诉你这个。如果你认为所有的仇恨、批评、怀疑和认为埃隆不够领导能力的事情不会激励埃隆和团队的话，那么我可以告诉你，我有座桥要卖给你。他们会上网，他们会使用X，他们会倾听，他们会阅读。所以继续吧，继续说特斯拉注定会失败，说他们没有领导者。埃隆和他的团队将继续证明你们是错误的，就像过去十年里他们已经为成千上万的人证明过的那样。

I'll certainly be here to watch it every step of the way, no matter how boring or mundane people say it is, it's oftentimes your perspective that just needs to be adjusted. There's no growth of trees or grass without rain, without storms. The storms are what makes us as humans more resilient and this stormy season will do the exact same thing for Tesla just as it's already done numerous times in the past.

无论人们说它多么无聊或平凡，我肯定会一直在这里关注每一步发展。往往是你的观点需要调整。没有雨水，没有风暴，就没有树木和草的生长。风暴使我们作为人类变得更加坚韧，这个多风的季节将对特斯拉产生同样的效果，就像过去已经发生过多次一样。

Go ahead and be disappointed over a 50 basis point miss here or a regulatory credit line too high here if you want. I'd rather spend my days with proper expectations enjoying the ride, the ups, the downs, the sideways, knowing that it's all part of the process and the story of Tesla changing the world and becoming the most valuable company in it.

如果你愿意的话，可以为这里的50个基点错误或者过高的监管信贷额感到失望。但我更愿意保持正确的期望，享受这个过程中的每一天，无论是起起落落还是平稳不变，因为我知道这一切都是特斯拉改变世界并成为最有价值公司的故事的一部分。

We're still on track and only those who are patient and steadfast will actually reap the benefits, exactly how it should be.

我们仍在进展中，只有那些耐心和坚定的人才能真正获得好处，这正是应该的。