Giga Mexico Funding, More Cybertrucks, Software Update

Hey everybody Rob Manward here and today we've got a couple updates on Giga Mexico, some news on Cybertruck and some software updates which will straighten out some confusion on some of that and a few other items as well.

大家好，我是 Rob Manward。今天我们将为大家带来有关 Giga Mexico 的几个更新，关于 Cybertruck 的一些新闻，还有一些软件更新，将解决一些关于这些更新的困惑以及其他几个项目。

Alright, looking at the stock Tesla today closing up about 1% to $253.50 to end the week, the NASDAQ today up 3.10% of a percent. So pretty nice day for Tesla today to close it out.

好的，今天看到特斯拉的股价上涨约1%，收于253.50美元，结束了这个星期。纳斯达克今天上涨了3.10个百分点。所以对于特斯拉来说，今天是一个相当不错的收盘日。

Alright, we did have a couple of analyst updates which we'll touch on briefly at the beginning here. First from Guggenheim, they raised their price target on Tesla, Mecley from $125 up to $132 per share, of course still maintaining their sell rating, most of the note focusing on their expectations for next year which they see deliveries coming in somewhere around 2 to 2.1 million units and they view expect continued gross margin pressure from Tesla next year as they try to increase that capacity to that level. So expectation for tougher business which of course reflected in the price target that they've got there.

好的，我们在这里开头会简要谈一下一些分析师的更新情况。首先是Guggenheim，他们将对特斯拉的目标价格从每股125美元提高到每股132美元，当然仍然维持他们的卖出评级，笔记中大部分关注于他们对明年的预期，他们预计交付量在2到2.1百万辆左右，并预计特斯拉明年将继续面临毛利压力，因为他们试图将产能提高到那个水平。因此，对业务的更加艰难的预期当然也反映在他们的目标价格中。

And then we also saw an update from Adam Jonas of Morgan Stanley. Again, a little bit more of a blog based type of update here as we've seen a couple notes from him this week. This one focusing on Optimus, we can skip most of it but one interesting detail that he did include in here says that according to our sources, Tesla CEO Elon Musk has been increasingly focused on Optimus in recent months. Tesla first unveiled its humanoid robot Optimus on September 30th, 2022. The bipedal robot included 28 actuators in two categories. One rotary actuator is consisting of harmonic reducers, ball bearings and sensors for rotating motions such as shoulders and elbows. And two linear actuators comprising planetary rollers, ball bearings and sensors for linear motions like human muscles, 12 actuators for two hands, many more details have been kept inside the company. So kind of interesting to hear some of those specific details and just their point here about according to their sources, more focus on Optimus which isn't too surprising. And then they do say according to Tesla CEO Elon Musk, Optimus will start sales within three to five years. I think that is just a previous comment from Elon that they are noting there which of course just a rough estimate from Elon. So of course very exciting on the Optimus front but Jonas also sharing some of that excitement in his annual update to that.

然后，我们还看到了摩根士丹利的亚当•乔纳斯的一份更新。这次更新更像是一个博客类型的更新，因为这周我们已经收到了他的几份笔记。这份更新主要关注Optimus，我们可以跳过大部分内容，但是他在这里包含了一个有趣的细节，根据我们的消息来源，特斯拉CEO埃隆·马斯克最近几个月一直在更加专注于Optimus。特斯拉首次在2022年9月30日揭示了其人形机器人Optimus。这个两足机器人包括了28个致动器，分为两类。一种是旋转致动器，包括齿轮减速器、滚珠轴承和用于肩膀和肘部等旋转动作的传感器；还有两个线性致动器，包括行星滚子、滚珠轴承和用于类似人类肌肉的直线运动的传感器，两只手共12个致动器，更多细节仍然保密在公司内部。因此听到这些具体细节还是挺有趣的，也印证了他们的观点，即根据他们的消息来源，Optimus获得了更多的关注，这并不令人意外。他们还说根据特斯拉CEO埃隆·马斯克的话，Optimus将在三到五年内开始销售。我认为这只是埃隆先前的评论，他们在这里提到了，当然这只是埃隆的大致估计。所以，在Optimus方面当然非常令人兴奋，但乔纳斯在他的年度更新中也分享了一些这方面的兴奋之情。

Right getting into the updates on Gigamexico, we've got a report from Bloomberg and other media that Tesla is set to receive $153 million in incentives from New Aibullion to build their factory in New Aibullion. So as a part of these incentives, I think more important than the actual dollar amount here, which is a significant amount of money but for Tesla, something they could easily fund themselves, it's more about where the money is going, right? So the incentives that are improved by the state's economic development council include the creation of basic infrastructure such as roads and water treatment, as well as reduction in payroll tax according to the government statement yesterday. So I think the biggest thing there is the infrastructure piece. Tesla can pour all the money they want into a factory but if the infrastructure isn't there, can't really go too far. So for them to be able to support this infrastructure build out, whether it's financially or just actually creating the infrastructure is an important piece. So good to have that detail. We had talked a couple months ago about reports that Tesla was looking for some of that assistance with infrastructure. So for this to be a little bit more formalized now, I think is a good step forward for Gigamaxxico. Of course, as we have talked about, we're still going to have to wait potentially some period of time. Bill Ford Tesla is really ready to go with Gigamaxico. Bloomberg separately had another report today talking about how days earlier the environmental regulator, the federal environmental regulator granted Tesla land use permits. So we talked about that. They do note that Tesla is going to require several more local and federal permits. So same old Garcia, the governor of New Waybilly on said that Tesla is basically cleared and ready to build after that permit came out. But they are noting here that there will be further requirements. Just to clarify on this though, that doesn't necessarily mean that Tesla can't get started on some things. That's what the land use permit sort of dictates. But of course, as they build out the factory further, there will obviously be other permits that are needed along the way. So I think that's more what Bloomberg is highlighting here. In general, this article was just more about the process of the factory and some of how it's come to be a little bit delayed from initial expectations and things like that. But saw some mention of that today. So I wanted to share my thoughts on that piece.

关于Gigamexico的最新消息，我们从彭博社和其他媒体获悉，特斯拉将从新艾邦获得1.53亿美元的激励金，用于在该地建厂。这些激励金中，最重要的不仅仅是实际的金额，虽然这是一笔相当可观的金额，但对特斯拉来说，他们自己可以轻松筹措到这笔钱。更重要的是这笔钱会用到哪里。根据政府声明，国家经济发展委员会批准的激励措施包括基础设施建设，如道路和污水处理，以及减少薪资税。在那些措施中，基础设施建设是最重要的。特斯拉可以为工厂投入大量资金，但如果基础设施没有跟上，就很难有进展。所以对于他们能够支持基础设施建设，无论是在财政上还是实际上，都是一项重要的举措。所以能够现在更加正式地得到这个细节是对Gigamexico的一个积极进展。当然，正如我们之前讨论过的，我们还需要等待一段时间，直到特斯拉真正准备好进入Gigamexico。彭博单独发布的另一篇报道还提到，几天前，联邦环境监管机构发给了特斯拉土地使用许可证。这一点我们之前已经谈过了。他们指出特斯拉将需要获得更多的地方和联邦许可证。新艾邦州州长Garcia表示，在获得许可证后，特斯拉基本上已经获得了清理并准备建设的资格。但是这里指出还将有进一步的要求。但需要澄清的是，这并不意味着特斯拉不能开始一些工作。这就是土地使用许可证所规定的内容。但当然，随着工厂的进一步建设，还将需要其他许可证。我认为这更符合彭博社在这里的重点。总的来说，这篇文章更多地关注了工厂的进程，以及一些与最初的预期有所偏差的事情。但我今天看到了一些提及，所以我想分享一下我的看法。

And then finally, another update here from Molennio. They are reporting that Samo Garcia said that Tesla would be building the Cybertruck in Gigamexico. This was from an Instagram post. He said, we are now going to approve the final amount for Tesla's Gigafactory where they are going to build the economic car and the Cybertruck. This Instagram post has since been deleted.

接着，Molennio再次提供了最新消息。他们报道称Samo Garcia表示，特斯拉将会在 Gigamexico 建造 Cybertruck。这是来自一条 Instagram 的帖子。他说，我们现在要批准特斯拉超级工厂的最终预算，他们将在那里生产经济型汽车和 Cybertruck。这条 Instagram 帖子此后已被删除。

It doesn't make a lot of sense for Tesla to be building the Cybertruck given in Mexico, given that it is so close to Gigataxis where Tesla's building that production facility for the Cybertruck. So I would be very surprised that that did end up happening. The only reason I could see would be for exports and maybe there's better trade agreements basing that out of Mexico. But since the Cybertruck is probably a predominantly US product, at least for quite some time, that seems pretty unlikely and could be one of the reasons that the post was deleted. So not putting too much weight in that at this moment.

特斯拉在墨西哥建造Cybertruck毫无意义，因为它离Gigataxis非常近，而特斯拉正是在那里建造Cybertruck的生产设施。所以如果那样做确实发生了，我会非常吃惊。我唯一能想到的原因可能是出口，也许在墨西哥有更好的贸易协议。但由于Cybertruck很可能在相当长的一段时间内主要是美国产品，这似乎相当不可能，这可能是删除该帖子的原因之一。因此，此刻我不会给予太多重视。

Speaking of the Cybertruck though, we've got more updates from Joe Tagmire and his drone flyovers at Gigataxis. We get some nice photos here of the most Cybertrucks that I believe have been seen at Gigataxis. Joe sang, he saw about 50 different Cybertrucks on site today. So really awesome to see just hopefully another sign of continued ramp progress. They snuck a model Y in there for some reason as well. But nice to see all these Cybertrucks out there at Gigataxis, including this one, which kind of a sad state for a Cybertruck here, but one that seems to be being scrapped or in the process of being scrapped alongside others that of course also seem to have them and run a sticker and be ready to go. So not sure what happened with that vehicle, probably just a test vehicle of some sort. But nevertheless, kind of an interesting sight to see a Cybertruck in that state.

提起Cybertruck，我们从Joe Tagmire和他在Gigataxis的无人机飞行中获得了更多更新。在这里，我们得到了一些很棒的照片，据我所知，这是在Gigataxis看到的最多的Cybertruck。Joe唱道，他今天在现场看到了大约50辆不同的Cybertruck。看到这么多Cybertruck实在是太棒了，希望这是持续增长的另一个迹象。他们还不知为何在那里放了一辆Model Y。但是很高兴在Gigataxis看到所有这些Cybertruck，其中包括这辆Cybertruck，它看起来有些悲哀，但似乎正在被报废或者正在被报废的过程中，并且还有其他看起来都贴有标签，并且准备好上路的Cybertruck。所以不确定发生了什么事，可能只是某种测试车辆。不过，看到一辆Cybertruck处于这种状态还是挺有趣的。

Also on the Cybertruck today, Tesla has been sending out order holders some information on email on the PowerShare home backup saying that their order, as we had talked about before, would be eligible for free PowerShare home backup hardware. And this is new information, an installation allowance of up to $4,000.

同样在Cybertruck上，特斯拉今天通过电子邮件向订单持有者发送了一些有关PowerShare家庭备份的信息，该订单可以免费获得PowerShare家庭备份硬件，这是我们之前讨论过的。还有一个新的消息是，特斯拉将提供高达4000美元的安装补贴。

So this $4,000 installation allowance, I believe what I'm reading is that this is only for the Trimotor Cyberbeast Order holders and not for the all-wheel drive foundation series holders. So one of the little bit of one extra perk there for the full spec cyberbeast version would be this installation allowance. Now, if you already have a Powerwall, you already have Universal Wall Connector, a gateway, you're not going to need any of these additional things. But for those that aren't fully set up to be able to take advantage of that, it looks like Tesla will be assisting with that for part of the foundation series here. I don't expect this to be something that continues past the foundation series, but a nice little perk for those that are getting those initial orders. Of course, carried alongside the higher price point. So good to see that.

所以这个4000美元的安装津贴，我相信我读到的是这个只适用于Trimotor Cyberbeast订单持有者，而不适用于全驱动基础版持有者。因此，对于完整规格的cyberbeast版本而言，这是一个额外的好处。如果你已经有了Powerwall、Universal Wall Connector和一个网关，那么你就不需要这些额外的东西了。但对于那些没有完全准备好能够利用这些设备的人来说，特斯拉似乎会在基础版系列的某个部分提供帮助。我不认为这会延续到基础版系列之外，但对于那些获得初始订单的人来说，这是一个很好的额外福利。当然，价格也较高。所以很高兴看到这一点。

And then I did see a couple days ago, we didn't really talk about it, but I feel like there's been a little bit of confusion on it. Tesla has as a part of the order process added a thousand dollar sort of order fee that goes towards the payment of the vehicle. So it's really just to try to confirm that these orders that are being converted are serious orders. So just wanted to kind of clarify that. I think it completely makes sense. And again, goes towards the order. So it should be inconsequential for those order holders.

几天前我确实看到了，我们没有详细讨论，但我觉得有一点点混淆。特斯拉在订购过程中添加了一项千元的订购费，这笔费用可以用来支付汽车的费用。所以它只是为了确认这些被转换的订单是真实的订单。所以我只是想澄清一下这个问题。我认为这完全合理，并且这笔费用会归入订单金额中。因此，对于这些订单持有者来说，这应该是微不足道的。

All right, moving on, we do have a couple of software updates here. So it's been kind of confusing sorting this out. These software updates have just started to roll out late this afternoon. So Tesla scope here saying they know software update 2023.44.30.1. This is the holiday update. So this includes all the features that we have talked about a couple of times over the last week or so, including for some vehicles right now, the new parking visualizations.

好的，接下来我们有一些软件更新。所以整理这个还有点混乱。这些软件更新刚刚在今天下午开始推出。特斯拉的范围表明他们知道软件更新2023.44.30.1。这是假日更新。所以这包括了我们在过去一周左右多次讨论过的所有功能，包括部分车辆现在新增的停车可视化功能。

So the scope is saying after a couple, sorry, redundant window there, but Tesla scope is saying that they, the parking visualizations, which again would be included in this, are only going to vehicles right now that do not have ultrasonic sensors. So only newer vehicles that were produced past the point of Tesla removing that are currently getting the parking visualization update as a part of this release. But I would imagine that over time, this is something that changes right now. Tesla may be feeling like ultrasonics are better or just slightly different in terms of how the software is structured and need a little bit more time to get that up and running or integrated with ultrasonic sensors. But for now, that seems to be the case.

所以，这个范围是指说在一些，抱歉，多余的窗口之后，但特斯拉的范围是说，他们的停车可视化功能目前只适用于没有超声传感器的车辆。因此，只有在特斯拉在过去删除超声传感器后生产的较新款车辆才可以在此版本中获得停车可视化更新。但我想随着时间的推移，这是会改变的。特斯拉可能认为超声波更好，或者软件结构上有些微的差异，并需要更多时间来实现与超声传感器的整合。但目前看来，情况似乎是这样。

So it'll be interesting to see people's early reactions to the new visualizations. Obviously, one of the features that is most exciting with the holiday update. So we keep an eye out for that. And then separately, 2023.44.30.1. Well, let's see here.

因此，看到人们对新的可视化图表的早期反应会很有趣。显然，这是假日更新中最令人兴奋的功能之一。所以我们会密切关注。另外，2023.44.30.1。嗯，让我们看看这里。

So this is 2023.44, I think, .1. A little bit of confusion on the version numbers here, but for FSD beta vehicles that are sort of in the initial wave of FSD beta rollout, they're starting to get FSD beta 11.4.9. I know we've got a lot of numbers here. So again, pardon some of my confusion, but this is a new version of FSD beta separate from the holiday update that is essentially all the release notes are the same as the previous version of FSD beta. The only one that is added here is the introduction of automatic emergency breaking on general obstacles detected by occupancy network.

所以现在是2023.44年，我想是这样的吧。对于FSD beta车辆来说，版本号有点混乱，但对于FSD beta首批推出的车辆来说，它们开始使用FSD beta 11.4.9版本。我知道这里有很多数字，所以请原谅我的一些困惑。但是，这是一个与假日更新分开的新版FSD beta，基本上所有发布说明与上一个版本的FSD beta相同。唯一添加的一点是引入了通过占用网络检测到的一般障碍物的自动紧急制动。

From my understanding, I think this is the only new bullet point versus these previous bullet points were included in the last version. So we see Tesla do that pretty frequently. It doesn't mean that that's actually the only update. Since there are some changes beneath the hood that they don't disclose in the release notes, but nevertheless, a new version of FSD beta today as well.

在我看来，我认为这是与上一版本相比唯一的新要点。所以我们可以看到特斯拉频繁这样做。这并不意味着这是唯一的更新。因为底层可能有一些变化是他们在发布说明中没有透露的。不过，今天还发布了一版新的全自动驾驶测试版本。

We've also got an update on NACS.

我们也有关于NACS的最新动态。

So we've talked before about how the SAE is working to standardize NACS in America for basically the charging standard. And Electric has spoken with one of their members on their task force working on this project of standardization and said that this is going to be announced on Tuesday next week that the standardization process has been complete. So that's a pretty big deal. That means other companies are going to be able to start working with NACS now that it would be standardized and potentially integrate those things into their processes and hopefully good news for just adoption of NACS in general. And has happened pretty quickly. We talked about them working to standardize this just a few months ago. So exciting to see that for NACS as well.

我们之前讨论过SAE正在美国进行国家交流与标准化委员会（SAE）工作，主要是为了为充电标准确定NACS。Electric与他们的一个成员进行了交谈，该成员是他们负责标准化项目的工作小组的成员，并表示下周二将宣布标准化进程已经完成。这是一件相当重要的事情。这意味着其他公司现在可以开始与NACS合作，因为它将被标准化，并且可以将这些内容整合到他们的流程中，希望对NACS的普及采纳带来好消息。而且这一进展非常快。我们在几个月前讨论了他们努力标准化这个领域的情况。因此，对于NACS来说，看到这一点令人兴奋。

And then the last couple of things here. Earlier this week, the Financial Accounting Standards Board came out with new guidance on how to account for Bitcoin holdings for publicly traded companies. So as we've talked about many times over the years, how it works right now is that you've got your initial cost basis, the price that you purchase Bitcoin for if Bitcoin ever falls below that at any point in time, in any quarter, you have to market impairment to the lowest price that it traded at during that period. That then becomes your carrying value for Bitcoin. If it ever falls below that again, you have to market another impairment. If it goes up, nothing happens. You're just sort of holding it on the balance sheet at that lower level, the lowest level it's ever traded at since you bought it essentially. That's how it works right now. A lot of companies have had problems with that, particularly MicroStrategy as they have a massive Bitcoin holding. The new regulation here will allow companies and require companies beginning next year, and the interim period allow them to start reporting it on a fair market value basis.

然后这里是最后几件事情。本周早些时候，金融会计准则委员会发布了有关如何为上市公司的比特币持有进行会计核算的新指导。所以正如多年来我们已经多次讨论过的那样，目前的做法是，你有你的初始成本，即你购买比特币的价格，如果比特币在任何季度的任何时间下降到低于初始成本，你必须将其按照该时期的最低交易价格进行减值计提。这个减值计提金额就变成了你的比特币资产净值。如果它再次下降，你又需要进行另一次减值计提。如果它上涨，那就什么也不需要做。你只需要按照最低价购买的水平持有它在资产负债表上。这就是目前的运作方式。很多公司都遇到了问题，特别是MicroStrategy，因为他们拥有大量的比特币。这里的新规定将允许公司并要求公司从明年开始，在中间期允许他们开始按照公允市场价值基础进行报告。

What that means is that quarter to quarter, it would just be marked at the fair market value, which is reported currently, but not actually reflected in the income statement. So as we move forward, this will allow companies to then reflect that fair market value as, you know, as it fluctuates quarter to quarter. So it'll give a better indication of, you know, the actual value of the Bitcoin holdings for companies. It means that that impairment sort of goes away as a process. However, with that, although you now see some of the upside reflected if Bitcoin does increase through the reflection of the increased fair market value, if it decreases, then in the subsequent quarter, now you've got to mark that down too. So previously, you'd only show a negative update from Bitcoin, let's say, if it fell below its previous all-time low for the period that you held it for. Now if it falls below where you had it in the last quarter, you've got to mark it down. So some good, some bad. For Tesla, I actually think it's more of a negative. Tesla's Bitcoin holdings aren't super, you know, huge relative to their total balance sheet. So the fair market value of it isn't super consequential, but now we've got to deal with that fluctuation of that quarter to quarter. So it'll be more relevant in, you know, the forecasting and things like that and the results that we see. And we'll just kind of have to pull that out each quarter. That's my understanding of how it works. See if that is accurate. Try to learn a little bit more about it.

这意味着，每个季度将根据公允市场价值来记录，目前仅作为报告，但并未在利润表中实际反映。因此，随着时间推移，公司将能够按季度波动的方式反映这个公允市场价值。这将更好地反映公司比特币持有的实际价值。这意味着处理该持仓的减值过程将不复存在。然而，在这样做时，如果比特币价格下跌，那么下一个季度你必须将其减值。以前，只有在比特币价格低于你持有时的先前历史最低价时才会显示为负更新。现在，如果比特币价格低于上个季度的价格，你就必须将其减值。所以有好有坏。对于特斯拉来说，我认为这更多的是负面的。特斯拉的比特币持仓相对于其总资产负债表来说并不是很大，因此其公允市场价值并不是很重要，但现在我们必须应对季度间的波动。因此，在预测和看到的结果等方面将更具相关性。我们每个季度都必须对此进行评估。这是我对其运作方式的理解。看看是否准确，并试着了解更多相关信息。

And then lastly for today, just a quick look at the calendar for next week. We do have PCE on Friday prior to that, the GDP, the final GDP report for Q3 will come out. So again, there's two preliminary estimates. This is the final one. So shouldn't be any, probably no huge surprises there.

然后最后，来看一下下周的日历。在那之前的星期五，我们有个人消费支出（PCE）数据，此前还有GDP数据，第三季度的最终报告将会公布。所以，再次提醒，有两个初步估计数据，而这是最终版。所以可能不会有太多巨大的惊喜。

And then PCE, of course, on Friday. And then heading into next week, the next week after next, the following week after next week. Of course, we had in the holidays with Christmas on Monday and then Aztec will be closed that day as well.

然后是当然的，周五是PCE（某个活动或事件的缩写）。然后进入下周，下下周，再下周。当然，我们还有圣诞节假期，星期一放假，而阿兹特克公司也将在那天关闭。

So that'll wrap it up for today. And for the week, as always, thank you for listening. Make sure you're subscribed and signed up for notifications.

那今天的节目就到这里了。同时也结束了这一周的节目。一如既往，感谢大家的收听。记得订阅并开启通知功能。

You can also find me on X at Tesla podcast and we'll see on Monday for the December 18th episode of Tesla Daily.

你也可以在特斯拉播客节目中找到我，并且我们将在12月18日的Tesla Daily节目中相见。

Thank you.

谢谢你。