Hypocrisy at Its Finest / Dealers Team Up to Fight EV's / TSLA Stock ⚡️

Welcome to Electrified, it's your host Dylan Loomis, quick shout out to my newest patrons, Justin M, Richard ETFM, and Andrew H. Thank you for choosing to support the channel. Tesla Asia shared some photos of their setup at the China International Supply Chain Expo, but what's relevant here is why they're hosting this event for the first time in the first place. China's premier is still saying that China opposes protectionism and wants to strengthen supply chains with all countries. This in the midst of over the past year, we've had the US, the EU, and other countries saying they want to reduce their dependence on China. The premier said we're willing to build closer production and industrial supply chain partnerships with all countries, pretty clearly still looking for foreign investment for its domestic market. At least in part because the value of announced US and European Greenfield investment into China dropped to less than $20 billion last year from a peak of $120 billion in 2018.

欢迎来到Electrified，我是主持人Dylan Loomis，快速向我最新的赞助人Justin M, Richard ETFM 和 Andrew H致以问候。感谢你选择支持这个频道。特斯拉亚洲分享了他们在中国国际供应链博览会上的一些照片，但这里关注的是他们为什么首次举办这个活动。中国的总理仍在表示中国反对保护主义，并希望与所有国家加强供应链合作。这发生在过去一年中，我们看到美国、欧盟和其他国家表示要减少对中国的依赖。总理表示，我们愿意与所有国家建立更紧密的生产和产业供应链合作伙伴关系，很明显仍在寻求外国投资来发展国内市场。至少部分原因是，去年美国和欧洲在中国的绿地投资价值从2018年的峰值1200亿美元下降到不到200亿美元。

Coming to watch in the months and years ahead will be how China decides to continually innovate on its free trade zone policy that's now been in place for roughly a decade. That's because at the heart of this policy has been opening up China to the wider world. And yes, Gigas Shanghai has already been benefiting from these policies. And don't forget, the Vice President of Tesla China Grace Tao did say the pilot free trade zone in Shanghai helped Tesla in accomplishing the Tesla speed. Thus, a silver lining of the Chinese economy slowing down could be that China expands its free trade zone policies, Tesla then benefits, allowing them to expand their export operations from Gigas Shanghai. Thanks in part to these FTZ incentives and policies.

在未来的几个月和几年里，我们将看到中国在其已经在大约十年的自由贸易区政策上如何继续创新。这是因为这项政策的核心是让中国向世界更开放。是的，超级工厂上海已经从这些政策中受益。不要忘记，特斯拉中国的副总裁陶琳琳曾说，上海自由贸易试验区帮助特斯拉实现了特斯拉速度。因此，中国经济放缓的一个好处可能是中国扩大其自由贸易区政策，特斯拉从而受益，并允许他们从超级工厂上海扩大出口业务。这在很大程度上得益于这些自由贸易区的激励和政策。

In case you forgot, last month Tesla signed a leasing contract with the Shanghai Free Trade Zone Group to open its biggest sales and service center in China that should open mid-2024. For a few minutes last night, Tesla increased the reservation price for the Cybertruck from $100 to $250. However, it was quickly changed back to $100. Those attending the event are getting their tickets to anybody traveling, safe travels, and enjoy for the rest of us. 1PM Central Time Check-in Begins, 1.45, check-in closes, 2PM Central Time Keynote, and first deliveries. There's no way that this event comes and goes without us learning about the pricing and more specs, right?

如果你忘了，上个月特斯拉与上海自由贸易区集团签署了一份租赁合同，计划在2024年中旬开设其在中国最大的销售和服务中心。昨晚几分钟内，特斯拉将Cybertruck的预订价从100美元提高到250美元。然而，很快又改回100美元。参加活动的人可以为旅行的任何人获取他们的门票，祝旅途平安，并代表我们其他人享受。中心时间下午1点开始登记入场，下午1点45分登记截止，下午2点中心时间开始主题演讲和首批交付。这场活动不可能没有我们了解到定价和更多规格的消息，对吧？

The Cybertruck guy on X put together this helpful map showing us all of the Tesla locations that currently have a Cybertruck available for reviewing. Just to quickly touch on it, we have the Wall Street Journal with some people familiar with the matter saying the Cybertruck's stainless steel, which is being used for the trucks out of shell, has proven challenging to bend and manipulate. They said it's so hard and strong it can be difficult to flatten, and the metal is produced in coils that resemble giant rolls of toilet paper, then even when they're unrolled, it has a tendency to spring back into its earlier curved form. Look, there are some good reasons that stainless steel is not often used for automobiles, it usually is less malleable and more expensive than more traditional materials. But like most things in life, there are trade-offs. It's corrosion resistant, it doesn't need to be painted, which is a huge cost savings and it's generally more durable. In the past, we've talked about how Tesla's cold rolled stainless steel is going to be too hard for a traditional stamping press, meaning that Tesla is going to have to use laser cutting and then bend it after the fact. So yeah, there are good reasons that Elon gave all of those warnings about the Cybertruck on the Q3 call. Just another reminder, we all need to keep our production of volume expectations in check for the first 12 to 18 months as Tesla figures all of this out.

这位Cybertruck的用户在X上制作了这张有用的地图，展示了目前所有有Cybertruck可供审查的特斯拉店面位置。简单提一下，《华尔街日报》有关知情人士称，Cybertruck使用的不锈钢在卡车外壳制造中证明是一项具有挑战性的弯曲和操纵过程。他们表示，这种金属非常坚硬和强韧，以至于难以压平，而且金属以卷曲的线圈形式生产，类似于巨大的卫生纸卷，即使解卷后，它也容易恢复到先前的弯曲形状。看吧，不锈钢很少用于汽车的原因有一些好理由，通常它比传统材料更难塑性化，更昂贵。但就像生活中的大多数事物一样，都存在着取舍。它具有抗腐蚀性，无需喷漆，从而节省了大量成本，而且通常更耐用。过去，我们曾经讨论过特斯拉的冷轧不锈钢对于传统的冲压机来说太硬，这意味着特斯拉将不得不采用激光切割，然后在加工之后再进行弯曲。因此，是的，Elon在第三季度电话会议上发出了关于Cybertruck的所有警告是有充分理由的。这再次提醒我们，在特斯拉解决所有这些问题的过程中，我们都需要把生产和销售的预期压缩在最初的12到18个月之内。

We got the weekly Tesla China insurance number, it came in at 16.7000. If you compare that to the same week in Quarter 3, that number was 17000. Thus, through the first 8 weeks of Quarter 3, we were at 89.2000 units and over the first 8 weeks of Quarter 4, we sit at 87.1000, 2.1000 units short of that pace.

我们得到了特斯拉中国每周的保险数量，为16.7000。如果将其与第三季度的同一周相比，那个数字是17000。因此，通过第三季度前8周，我们达到了89.2000台，而第四季度前8周，我们达到了87.1000台，比这个节奏慢了2.1000台。

Interestingly, taking a look at the breakdown between the Model 3 and Y for these metrics, the Model 3 has not seen that spike in volume that we were expecting. So I will be watching this closely in December to see if the domestic delivery start rolling in and again, maybe Tesla just had more of those Model 3s allocated for export.

有趣的是，从这些指标来看，对比Model 3和Y的销量情况，Model 3并没有出现我们预期的激增。所以我将在12月密切关注此事，看看国内交付是否开始增加，或许特斯拉只是将更多Model 3分配给出口。

I am going to go back and fill in the rest of the data, but I do know that going back to July of this year, the Model 3 weekly number was never above 5000 units. So the growth of this metric over the past two weeks is actually coming from the Model Y.

我将要回去填写剩下的数据，但我确实知道从今年7月开始，Model 3每周的数量从未超过5000辆。因此，过去两周这个指标的增长实际上来自Model Y。

And just a quick update on Tesla's actual global deliveries versus its growth target it set at the end of 2020. For Quarter 4 of 2023, I just plugged in Troy Tesla's most recent estimate, meaning as long as Tesla ends up anywhere in that realm for Q4, for the full year, they're going to be ahead of that growth target they set back at the end of 2020.

关于特斯拉在全球实际交付量与其在2020年底设定的增长目标之间的最新情况，我只是使用了特洛伊·特斯拉最近的估计值。这意味着只要特斯拉第四季度的交付量在那个范围内，整个年度交付量将超过他们在2020年底设定的增长目标。

Honestly though, the real debate right now is on what happens in 2024, because another 50% would be a target of about 2.5 million deliveries. But we'll talk more about that toward the beginning of next year.

说实话，现在真正的讨论是关于2024年会发生什么，因为目标是要再增长50%，大约达到250万次交货。但我们会在明年初更详细地讨论这个问题。

If you could consume more news in less time without having to sort through any media bias, would you? I think most of us would say yes, which is part of why I wanted to work with ground news, the sponsor of this episode. Ground news was developed by a former NASA engineer, and it tells us the political leaning of every source reporting on a topic.

如果你能在不必筛选任何媒体偏见的情况下以更少的时间消耗更多新闻，你会吗？我认为大多数人会回答是的，这也是我想与本集的赞助商Ground News合作的原因之一。Ground News由一位前NASA工程师开发，它告诉我们每个报道某一主题的来源的政治立场。

In this case, we have 60% of the sources leaning left. You can also see the factuality of all of the sources as well as the ownership. For this article on Starlink and Israel, you can see that 11% of the sources are coming from the Russian government. It also summarizes the key takeaways from all of the aggregated sources, and you can quickly see those takeaways from the left, center, and right leaning articles.

在这种情况下，我们有60%的来源倾向于左派观点。您还可以看到所有来源的准确性以及所属权。就这篇关于星链和以色列的文章来看，您可以看到11%的来源来自俄罗斯政府。它还总结了所有聚合来源的主要观点，并且您可以快速地从偏左、中立和偏右的文章中看到这些要点。

If you want to steal man your arguments, you can check the blind spot feature, where you can quickly see what stories are being disproportionately reported on. Ground news shows you all of the aggregated sources on each topic in one place, with plenty of other useful information. You can create your own feed on any topic, save stories, and yes, of course, I have my Tesla and Elon feed. Ground news has helped me consume information faster and more accurately.

如果您想做出更有说服力的论证，您可以查看盲点功能，通过该功能您可以迅速了解被过度报道的新闻故事。Ground News 可以将每个主题的聚合来源集中在一个地方，提供大量其他有用的信息。您可以为任何主题创建自己的信息流，保存故事，并且是的，当然了，我也有自己的特斯拉和埃隆·马斯克的信息流。Ground News 帮助我更快速、更准确地获取信息。

So if you agree with me that this is probably a mission worth supporting, you can head to ground.news slash electrified. This Black Friday promotion gets you 40% off ground news, but heads up, it does expire November 30th. The link is in the description below.

所以，如果你同意我认为这可能是一个值得支持的使命，你可以前往ground.news/electrified。这个黑色星期五促销让你享受地面新闻六折的优惠，但请注意，它将在11月30日到期。链接在下方描述中。

Last night, Tesla China raised the price of the long range Model Y by about $280 USD, this was the third time in as many weeks. Simultaneously though, they're offering a limited time insurance subsidy of 8000 yuan or roughly $1,100 USD. According to the weekly insurance data, Tesla's strategy here of encouraging people to get off the sidelines may actually be working.

昨晚，特斯拉中国将长续航版Model Y的价格再次上调了280美元，这已经是连续三周来的第三次调价。与此同时，他们也提供了一项限时保险补贴，金额为8000元人民币，大约相当于1100美元。根据每周的保险数据显示，特斯拉鼓励人们参与购买的策略似乎真的起到了作用。

Gary Black has said this may be an indication that Tesla's gross margins have already bottomed. I'm not quite ready to go that far, but it's certainly a possibility.

加里·布莱克表示，这可能表明特斯拉的毛利率已经触底。虽然我还不完全准备做出这样的断言，但这确实是一种可能性。

A quick check in on Tesla stock, I just want to focus on Wall Street's 2024 EPS estimate, and of course the forward looking price to earnings ratio for Tesla, which right now is 63. Then on the right, if you look at the hypothetical growth rates for Tesla of 50% and 30%, you can see what the peg ratios would be at the moment.

对特斯拉股票的一次快速检查，我只想关注华尔街对2024年每股收益（EPS）的估计，当然还有特斯拉的前瞻市盈率，目前为63倍。然后，在右侧，如果你看一下特斯拉的假设增长率为50%和30%，你就可以看到当前的PEG比率。

Refresher, a peg of one would mean a company is fairly valued under one has traditionally meant undervalued and over one can sometimes mean overvalued. The way I see it for Tesla stock to really break out and set new all time highs, assuming that FSD is not solved in this timeframe, interest rates will probably have to come down, margins will most likely have to have bottomed, and the earnings per share estimates for Tesla of course need to go back up.

回顾一下，"a peg of one" 意味着公司的估值相对公允，低于一表示传统上被低估，而高于一有时表示被高估。在我看来，为了让特斯拉的股票真正突破并创下新的历史高点，假设在此期间 FSD 问题没有解决，利率可能需要下降，利润率很可能已经触底，当然特斯拉每股盈利的预估也需要回升。

I rarely touch on this kind of thing because personally, I don't care what happens with Tesla stock in 2024, and that's predominantly what Wall Street is focused on and obviously what these numbers are focused on too. I'm more concerned about what Tesla is doing between 2027 and 2030, and a lot of that just isn't factored in to how Wall Street operates.

我很少触及这类问题，因为从个人角度来说，我并不关心特斯拉在2024年的股票情况，这也是华尔街主要关注的，而且显然这些数字也是关注的重点。我更关心的是特斯拉在2027年至2030年期间的发展，而华尔街并没有将其中很多因素考虑进去。

And the truth is they'll all say that they consider Tesla's business in 2030 and they discount those cash flows back to the present. The problem is their ability to actually forecast what Tesla will be doing in 2027 to 2030 is not great. But it's been a while, and I know some of you are more focused on the shorter term, you know, next six to 12 months for Tesla stock.

事实是，他们都会说他们考虑到了特斯拉2030年的业务，并将这些现金流折现到现在。问题是，他们对于预测特斯拉在2027年至2030年的业务表现的能力并不强。但已经有一段时间了，我知道你们中有一些人更关注特斯拉股票的短期走势，也就是接下来的六到十二个月。

So from a Wall Street perspective through their lens, Tesla stock is not super cheap like some people may think.

从华尔街的角度来看，Tesla股票并不像一些人认为的那样非常便宜。

How about this one for hypocrisy? We have the EF Matals Union lawyer bringing to light in a recent interview with car up saying that he himself bought a Tesla back in 2019, and that right now the only private car his family owns is a model why that's technically owned by his wife. And how about this statement? He said EF Matal had no conflict with Tesla when he bought the Model S just over four years ago. He also said he did not know at the time that Tesla lacked a collective agreement. The problem with that statement, of course, is that EF Matal has been negotiating and bargaining with Tesla about this collective agreement now for five years. He then deflected saying, we don't mind people buying Tesla cars. The problem is Tesla's workshops. Then he said he only learned that Tesla lacked a collective agreement at the end of last year. So either he's lying or he's not that great at his job. This is the EF Matals Union lawyer.

这个问题如何对应虚伪行为呢？我们有欧洲金属工会(EF Matals Union)的律师在最近一次采访中透露，他自己在2019年购买了一辆特斯拉，而且现在他家唯一的私家车是一辆为他妻子名下的特斯拉。还有这个声明怎么样？他说在四年多以前购买特斯拉Model S时，EF Matals与特斯拉没有冲突。他还说当时他不知道特斯拉缺乏集体协议。当然，问题就在于EF Matals与特斯拉就这个集体协议的问题已经谈判了五年。然后他转移了话题，说我们并不介意人们购买特斯拉汽车。问题在于特斯拉的工作坊。然后他说他直到去年年底才得知特斯拉缺乏集体协议。所以要么他在撒谎，要么他在工作上并不出色。这就是欧洲金属工会的律师。

Maybe he's not the leader of his own household, but they said his wife bought a Model Y at the end of March this year after he knew about Tesla lacking a collective agreement. If it wasn't obvious already, this whole Swedish situation with Tesla is really just about EF Matal trying to hold on desperately to its power. If you don't believe me, the EF Matals Union Chief just said if you look at this in a long-term perspective, it could be a threat to the Swedish model. It's really important for us. Adding, if Tesla shows it's possible to operate in Sweden without a collective agreement, then other companies could be tempted to do the same. The problem with this is as far as I can tell, there's already about 10% of companies in Sweden that don't operate with a collective agreement. It's not like Tesla is the only one.

也许他并不是自己家庭的领导者，但是他们说他的妻子在他得知特斯拉缺乏集体协议后在今年3月底购买了一辆Model Y。如果还不明显的话，特斯拉在瑞典的整个情况实际上只是EF Matal试图拼命保持其权力。如果你不相信我，EF Matal工会主席刚刚表示，如果你从长期的角度来看，这可能对瑞典模式构成威胁。这对我们来说非常重要。此外，如果特斯拉表明在瑞典可以在没有集体协议的情况下运营，那么其他公司可能也会受到诱惑。问题是据我所知，瑞典已经有大约10%的公司没有进行集体协议的运作，特斯拉并不是唯一一个这样做的公司。

In yesterday's video, we talked about those two separate lawsuits that Tesla has filed. One already got an answer in Tesla's favor. The other one against post-Nord or the National Mail Service, a Swedish court has ruled that Tesla could not gain immediate access to any registration plates held by post-Nord. A separate article said right now, post-Nord is refusing to hand over 28 license plates to Tesla. So now, post-Nord has three days to answer why they believe those 28 plates should not be handed out on an interim basis. If you want a deep dive on this topic, Farzad just hosted two resident Swedes, Nikolas and Mimi, who added some context to the situation, this video will be below.

在昨天的视频中，我们谈到了特斯拉提起的两起独立诉讼。其中一起已经得到了特斯拉有利的回答。另一起是针对瑞典国家邮件服务公司后诺德的诉讼，瑞典法院裁定特斯拉无法立即获得后诺德掌握的任何车牌登记。另一篇文章称目前后诺德拒绝将28个车牌交给特斯拉。现在，后诺德有三天时间回答为什么他们认为这28个车牌不应该在临时基础上交出。如果你想深入了解这个问题，Farzad刚刚主持了两位瑞典居民Nikolas和Mimi，他们对这种情况进行了一些解释，视频将在下面提供。

This should come as no surprise to anybody, but GM just said they're going to scale back their spending on crews. I've been saying now for weeks, I won't be surprised at all if crews becomes a shell of itself in the months ahead. And they're most likely not going to come out and announce that, but time after time, it'll just be slow, quiet, cutbacks, and delays until they're operating in a totally different fashion than we're used to. And I know they said they plan to relaunch in one city, but let's not forget, they were losing a bunch of money in multiple cities, so how long do they want to carry on losing hundreds of millions of dollars?

这对任何人来说都不应该是个意外，但是通用公司刚刚宣布他们将减少在人员方面的支出。我已经连续几周说过了，如果在未来几个月里，人们发现该公司的人员组织几乎变成了空壳，我一点也不会感到惊讶。他们很可能不会公开宣布这一点，但是一次又一次的时间推移中，他们会以缓慢、安静的方式进行削减和延期，直到他们的运作方式完全不同于我们所熟悉的。我知道他们表示计划在一个城市重新开业，但我们不能忘记的是，他们在多个城市都在亏损一大笔钱，所以他们还想继续亏损数亿美元多久呢？

Lotus just unveiled 450 kilowatt chargers that are set for Europe early next year. Their system won't be locked to only Lotus owners, and you'll be able to charge up to four cars at once, any EV can use them, and they'll be particularly effective on cars with an 800 volt architecture. They're saying this bad boy can add up to 88.5 miles of range to the Lotus Eletra in five minutes.

Lotus刚刚推出了一款450千瓦的充电器，计划于明年初在欧洲投放市场。这个系统不仅仅适用于Lotus车主，而且您可以同时给最多四辆汽车充电，任何电动汽车都可以使用这个充电器，对于配备800伏电压架构的车辆效果尤为显著。他们声称这个强大的家伙能在五分钟内为Lotus Eletra增加高达88.5英里的行驶里程。

Here we have some kind of funny comments from the Mazda CEO of Japan, Masahiro Moro. After talking about slow growth in the EV percent of market share over the last year, he said of that 8%, 57% was Tesla. Other EVs are not taking off, inventory is piling up. Implying EVs other than Tesla are not taking off. Mazda said they're going to take their cues from the market. The customer has to drive it. We've not put a goal on it, we'll move as fast as the customer. We never want to surprise them with new technology. I think you know what I'm going to say here, how can the customer decide when there are no EV options to choose from? Looking at Mazda's EV offering, we have the MX-30 that starts at $35,000 for 100 miles of range that does 0-60 in over 8 seconds. And while this vehicle was available, it was sold exclusively in California. So, Mazda comes to market with this ridiculous offering that may have been somewhat attractive back around 2010, not in 2023, and then they go on to complain about the EV demand not being there. Sometimes it really baffles me how some of these people are leading global corporations. I mean, are they really expecting their customers to start knocking on their doors at Mazda saying hey guys we want some more EVs? It should be obvious if they keep coming to the market with offerings like this, the answer is going to be no.

这里有一些来自日本马自达总裁Morohiro Moro的有趣评论。他在谈到去年电动汽车市场份额增长缓慢时说，其中8%属于特斯拉，占比57%。其他电动汽车销量不佳，库存不断积压。这暗指除特斯拉外的电动汽车销量不佳。马自达表示他们将根据市场需求来行动。顾客必须推动这个进程。我们没有对此设定目标，我们将按顾客的需求发展。我们绝不希望用新技术来冒然惊艳顾客。我想你应该知道我要说什么了，当没有电动汽车可选择时，顾客又如何做决定呢？看看马自达的电动汽车产品，我们有MX-30，起价为35,000美元，续航里程为100英里，0-60加速需要超过8秒。而且，这款车只在加利福尼亚州销售。所以，马自达推出了这样一个荒谬的产品，或许在2010年左右还有一定吸引力，而在2023年就不再具备吸引力，然后他们又抱怨电动汽车需求不足。有时候，这些人如何领导全球企业真让我困惑。我的意思是，他们真的期待顾客到他们的门口敲门说“嘿伙计们，我们想要更多的电动汽车”吗？如果他们继续推出这样的产品，答案显而易见，不会有这样一个需求。

According to IC cars, the F-150 Lightning is now among the top 10 slowest-selling used vehicles. Its inventory is lasting around 78.4 days on dealer lots, which is 1.6 times longer than the average used vehicle. Across the industry, the average EV is currently taking 52.4 days to sell, versus 49.2 days for the average used car.

根据IC汽车公司的数据显示，F-150闪电版车型目前是最畅销的二手车型中排名倒数第10位。在经销商的车库中，它的库存周期大约为78.4天，比普通二手车的平均库存周期长出1.6倍。整个汽车行业中，平均电动车型目前需要52.4天售出，而普通二手车的平均售出周期为49.2天。

A strong reminder of how fast things can change in the auto industry, just a few months ago, the F-150 Lightning was being marked up all across the country. Fast forward to now, where Ford is slowing production of the Lightning and offering incentives to try to move the vehicle.

这段话表达了汽车行业变化之快，令人警醒的一点。仅仅几个月前，F-150闪电版在全国范围内都被抬高了价格。而如今，福特公司正在减缓闪电版的生产，并提供激励措施以促进车辆销售。

From the driven, Australia is now imposing a new standard to require all state-funded installations of EV chargers to work at least 98% of the time. These rules will go into effect January of next year. The 98% requirement is less than the 99% requirement in the UK, but more than the 97% requirement in the United States.

从推动力来看，澳大利亚现在正在施行一项新标准，要求所有由州政府资助的电动汽车充电桩设施至少在98%的时间内正常运作。这些规定将于明年一月开始生效。98%的要求低于英国的99%要求，但高于美国的97%要求。

Nissan is working on the third generation of the Leaf for the European market, this time around it'll be on a full EV platform. This next-gen Leaf will launch in Europe by the end of next year. As for the styling, they said it'll be based on this chill-out concept they announced previously. For the US market, Nissan set its ending Leaf production around the middle of the decade, but they will replace it with a new EV sometime around 26.

日产正在为欧洲市场打造第三代Leaf，这一次将基于全电动车平台。下一代Leaf将于明年年底在欧洲上市。至于外观设计，他们表示将基于之前发布的Chill-Out概念进行设计。对于美国市场，日产计划在本十年中期结束Leaf的生产，但他们将在2026年左右推出一款新的电动车。

From energy storage news, higher interest rates and longer development timelines have driven a fall in the value of early-stage projects in the United States. Renewables as an asset class is definitely going through a re-jig as interest rates increase the need for projects to have a really strong economic case. Along with higher interest rates and higher financing costs, US project development timelines have also gone up due to longer grid connection queues, as grid operators' books have become flooded with interconnection requests. A silver lining though, the pricing for best project equipment is down 30% per kilowatt hour across batteries, transformers and inverters compared to last year. So renewable generation costs are up largely in part due to interest rates, but what can help drive that back down of course is battery storage.

从能源储存新闻来看，较高的利率和较长的开发时间导致早期阶段的项目价值在美国下降。可再生能源作为一种资产类别正在经历重新调整，因为随着利率上升，项目需要有强大的经济案例。除了较高的利率和融资成本，由于电网接入队列变长，美国项目开发时间也有所延长，因为电网运营商的接入请求变得过多。然而有一个好消息是，与去年相比，最佳项目设备的定价在电池、变压器和逆变器方面每千瓦时下降了30%。因此，可再生能源发电成本大幅上升主要是由于利率的影响，但能够帮助降低成本的当然是电池储存技术。

Today we have around 4,000 dealers calling on the Biden administration to reconsider their proposed federal regulations when it comes to mandating electric vehicles. In a letter, they're urging Biden to slow down saying the reality however is electric vehicle demand today is not keeping up with the large influx of EVs arriving at our dealerships prompted by the current regulations. BEVs are stacking up on our lots. The dealerships want Biden to allow more time for better battery tech to improve EVs to become more affordable and charging infrastructure to be built. One thing I do agree with though, they said this issue, EVs is getting overly politicized. And they argued hybrid and plug-in hybrid vehicles have been easier to sell to customers.

今天我们有大约4,000家经销商呼吁拜登政府重新考虑他们关于强制电动车的联邦法规的提议。在一封信中，他们敦促拜登政府放慢步伐，并指出如今电动车的需求与大量进入我们的经销商店铺的电动车辆数量不匹配，后者是当前的法规所促使的。电动车在我们的店铺中堆积如山。经销商希望拜登政府给予更多时间，以改善电池技术使电动车更加经济实惠，并建设充电基础设施。不过有一点我同意，他们说这个问题——电动车已经被过度政治化。他们还争辩道，混合动力车和插电式混合动力车更容易卖给顾客。

I've said it before, I'll say it again, it's not that consumers don't want electric vehicles, it's that consumers don't want the non-Tesla electric vehicles that these OEMs are bringing to the market. And yes, all of those OEMs signing NACs deals with Tesla is great, but let's not forget that's not really going to impact the consumer in terms of actual availability on those vehicles until 2025. And I really believe on one hand this is obviously not great for the EV transition at scale as most of these OEMs are most likely going to continue to slow down their ED production. But at the same time, this is going to be great for Tesla because they'll continue selling into a blue ocean of sorts. As the other OEMs focus less on EVs, Tesla will continue eating up market share.

我以前说过，我再说一次，消费者不是不想要电动车，而是不想要这些原始设备制造商推出的非特斯拉电动车。是的，所有那些和特斯拉签订NACs协议的原始设备制造商都很棒，但是不要忘记，直到2025年，这对消费者实际上不会影响到这些车辆的实际可用性。我真的相信，从一个方面来看，这显然对大规模的电动车转型不利，因为这些原始设备制造商很可能会继续减缓其电动汽车生产。但同时，对特斯拉来说，这将会是一个很好的机会，因为他们将继续在一个几乎没有竞争的市场中销售产品。随着其他原始设备制造商对电动车的关注减少，特斯拉将继续占据市场份额。

You have to wonder how much of this pushback is really just the dealers not wanting to spend the investment on EV infrastructure not wanting to spend the time and money on training at sales staff to learn about EVs to help educate consumers as they come in. And ultimately they're not dumb, it comes back around to service. Most dealers make most of their money on the service side and EVs just require much less maintenance. And I guess a lot of the owners of these dealerships just want another 5-10 years riding out their gravy train of ice profits not having to deal with the EV transition so then they can retire or sell their business to someone else and leave that problem for the next person to worry about.

你不得不想，这种推迟是多少程度上汽车经销商不想在电动汽车基础设施上投资，不想花时间和金钱培训销售人员了解电动汽车以帮助消费者教育。而且他们并不傻，最终问题回到了售后服务上。大多数经销商的主要利润都来自售后服务，而电动汽车只需要较少的维护。我猜这些经销商的许多业主只是希望再过5-10年从传统汽车利润中骑上一把好日子，不必面对电动汽车的转型，然后他们可以退休或将业务出售给其他人，把问题留给下一个人去烦恼。

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