Cybertruck Non-Employee Impressions, Tesla Cuts China Prices, Point-of-Sale Credit

Hey everybody Rob Man, we're here, happy Friday. Today we are talking about the first impressions from what is believed to be the first non-employee delivery of the Cybertruck. This did in fact happen yesterday, so we'll talk about some of those first impressions. We've also got a couple of pricing updates, news on the EV tax credit, and more. Right looking at the stock, tough end to a tough week for Tesla down 3.7%, closing at $218.89 on the day, the NASDAQ roughly flat on the day today.

大家好，这里是Rob Man。周五快乐！今天我们要谈论的是Cybertruck首次交付给非员工的第一印象。昨天确实发生了这件事，所以我们将谈论一些第一印象。我们还有一些定价更新、有关电动车税收抵免的新闻等等。看看股票，对于特斯拉来说，这是一个艰难的一周，下跌了3.7%，收盘价为218.89美元，纳斯达克指数今天基本持平。

We did get the producer price index or PPI report this morning following CPI yesterday, and unlike CPI, which came in a little bit heavier than expected, PPI was cooler than expected by about 2-tenths of a percent across the various different month over month comparisons or year over year comparisons as well. So headline inflation, PPI inflation up just 1% year over year, and basically flat, slightly down actually from a headline perspective month over month. So positive news in terms of inflation, in terms of interest rate expectations from this report, and of course everything else that happens in the macro environment, but largely probably driven by this report. Not too much has changed for January expectations, maybe a little bit more of an expectation for a 25 basis point cut, but the further that you go out, so we'll look at May for example here, you can see that rate expectations have changed a bit in terms of cuts more quickly. So actually it looks like May is a little bit different, but for March here, and then we'll go to June, you can see higher percent chance or expectations rather of a rate cut. And I think for June, it's a little bit more heavily weighted towards further or steeper cuts than what we had seen previously. So the market expecting those rate cuts to happen a little bit more quickly than certainly a week ago and even a day ago prior to PPI.

今天早晨，我们获得了生产者物价指数（PPI）报告，这是继昨天消费者物价指数（CPI）之后的另一个指标。与CPI略高于预期相比，PPI则低于预期了约0.2个百分点，不论是按月对比还是按年对比都是如此。所以，总体通胀率，也就是PPI通胀率同比上涨了1%，而从总体角度来看，按月反而出现了微弱的下降。所以从这个报告来看，对于通胀和利率预期来说，是一个积极的消息，当然其他宏观环境的变化也会有影响，但这主要可能是受到这份报告的影响。对于1月的预期，变化不大，可能会有一个基点减息的期望，但随着时间的推移，比如我们来看一下5月，你会发现人们对降息的预期变得更为迅速。实际上看起来5月有点不同，但对于3月和6月，你可以看到人们期望降息的概率或预期更高。我认为对于6月来说，人们更倾向于进一步或更大幅度的降息，而不仅仅是一周前，甚至是在PPI报告前一天的情况。

All right, moving on from macro, we'll move into the Cybertruck first impression. So we talked about this yesterday. This delivery did end up happening. So great to see this. This is a huge milestone first non-employee deliveries for Tesla customers for the Cybertruck. So Suzu 2142 on the Cybertruck owners forum, giving some first impressions. They say they took delivery drove around 50 miles locally. Their first impression on build quality was an A minus for Tesla. They said there's a few misaligned panels, which we'll talk about in a second. If you do look closely, they also said that their right turn signal is a little bit glitchy at the moment in terms of the actual functionality of making the signal for handling. They said they love the squircles steering wheel or yoke combination. It's a little bit small for their liking, but they said they can comfortably relax both of their hands on top. Steering is extremely responsive and the turn radius blew away their 2022 Toyota Tundra. They said for acceleration, more than enough for me, the motor somehow feels a little bit louder during acceleration and region breaking than any Tesla they have driven. And they said number four attention from drivers too much. They're getting their window tinted first thing tomorrow. Of course, if you are one of the lucky few to be taking an early delivery of this vehicle, that kind of comes with the territory and very much should be expected.

好的，接下来我们将换个话题，首先谈谈Cybertruck的第一印象。所以我们昨天已经谈过了。这次交付事件果然发生了，真是太棒了。对于特斯拉的Cybertruck来说，这是一个巨大的里程碑，首次为非员工顾客提供交付。Cybertruck车主论坛上的用户Suzu 2142分享了一些第一印象。他们表示他们已经接收到车辆，并在当地行驶了大约50英里。他们对特斯拉的制造质量给出了A减的评价。他们说有几个错位的面板，我们稍后再谈这个。如果你仔细观察的话，他们还说他们的右转向信号在功能上有些小故障，这会影响到处理转向信号。他们表示他们喜欢Cybertruck的方向盘或椭圆方向盘的组合。对于他们来说，它有点小，但他们说他们可以舒适地将双手放在上面。车辆的转向非常灵敏，转弯半径比他们的2022年丰田Tundra更好。他们说对于加速来说，一切都足够了，但在加速和回充制动时，电动机的声音比他们之前开过的任何特斯拉都要大一些。他们还说，他们吸引了其他司机太多的注意力，他们明天将第一时间给车窗贴上隔热膜。当然，如果你是幸运的少数早期交付的车主之一，这是可以预料到的，并且应该有所准备。

So the other thing that caught a lot of people's eyes or a lot of the news today on this first impression was a photo that was shared of what seems to be a pretty significant panel gap here on the rear corner or the rear connecting to the back of the truck.

因此，另一件引起很多人关注或引起很多新闻注意的事情是一张图片，显示了卡车后角或连接到卡车背部的一个相当显著的缝隙。

So as we can see here, this looks like a pretty significant gap. I think most people would be disappointed by what this quality appears to be and certainly makes sense by this would get a lot of attention being one of these first deliveries.

因此，正如我们在这里可以看到的，这似乎是一个相当明显的差距。我认为大多数人会对这种质量感到失望，显然，这引起了非常多的关注，因为它是最早交付的其中之一。

Of course, you would expect Tesla to maybe take a little bit closer look at these specific vehicles than when this is produced and delivered in terms of thousands a week.

当然，你会希望特斯拉在生产和交付每周成千上万辆车时，对这些特定的车辆进行更为仔细的检查。

So a little bit disappointing to see that, but this picture isn't doing this any favors in terms of how it's perceived. They did actually later on after a lot of this coverage went out, share another photo of the same location on the vehicle.

所以看到这样的画面有点令人失望，但这张图片对于人们对其感知的补充并没有起到任何帮助作用。实际上，在很多报道出去后，他们事后确实分享了同一辆车的另一张照片。

And it is much more minor, maybe not necessarily what people would hope or expect to have in terms of fit and finish there, but certainly not as massive as this kind of appears from this extremely zoomed in photo.

这是一种较为次要的问题，可能并不符合人们对于配合和完美度的期望，但绝对不像这张过度放大的照片所展示的那样严重。

And we can see here this is actually still even a quite close photo. They mentioned that they had another Tesla owner come by and look at it as well and they said that they didn't view it to be anything significant.

我们可以看到，这实际上仍然是一张相当清晰的照片。他们提到还有另一个特斯拉车主过来看过，并表示他们不认为这有什么重要性。

And again, going back to their first impressions, they did say a minus bill quality, their assessment for the cyber truck. So overall, it looks like that was about a one to eight inch gap in that area.

再次回到他们的第一印象，他们确实说了Cybertruck的零件质量负面，对其进行了评估。总的来说，看起来在那个区域大约有1至8英寸的间隙。

So again, something that you would like to be seeing improved, but maybe not as significant as some of the initial reporting that you may have seen on this would would indicate initially. So important to keep that in mind. And hopefully we'll get some other reports from people too.

所以，再次强调，你可能希望看到的改进并不像一开始的报道那么重要，这一点很重要，请记住。希望我们还能从其他人那里得到一些报告。

It looks like at least one other person has been scheduled for delivery on the 20th, so about eight days from today. So we'll keep an out for that. And I'm sure we'll see a few others as well.

看起来至少还有一个人被安排在20号送货，也就是从今天算起大约还有八天。所以我们会关注这个。而且我相信我们还会看到其他几个人。

They did also say that it seemed like they were a little bit more annoyed by the media coverage of this photo than the actual build quality of the vehicle with this poster saying that he wished the media coverage would include those updates that this poster shared later on. But here on Tesla daily, of course, we're including those updates.

他们也说，他们好像对这张照片的媒体报道比对车辆的实际质量更生气。这张海报表示他希望媒体报道能包含后来这个海报分享的更新内容。但是在这里，在特斯拉每日新闻中，我们当然会包含这些更新内容。

And then he did say in terms of road noise that this was way, way better than their previous Model Y said to be honest, it feels more like a BMW X seven than like an X or a Y. So nice to see some hopefully positive N V H on the cyber truck.

然后他说，就路噪而言，这比他们之前说的Model Y要好得多，说实话，它的感觉更像是宝马X七，而不是X或者Y。希望在Cyber Truck上能看到一些令人满意的噪音、振动和刚度控制（NVH）。

All right, next up, we've got a few pricing updates. So we're going to start off with the EV tax credit. Now this affects pricing. Of course, we know about the $7,500 tax credit. We've talked about the vehicles. It's applicable for we've talked about the change over to the point of sale credit, which will allow the $7,500 to come off of the invoice from the manufacturer or from the dealer who are overselling the vehicle.

好的，接下来我们有几个价格更新。首先我们要谈的是电动汽车税收抵免。这会对价格产生影响。当然，我们都知道关于7500美元的税收抵免。我们已经讨论过适用于哪些车辆。我们也谈过将抵免方式改为销售点抵免，这将允许7500美元从制造商或汽车经销商的发票中抵扣。

And that has now gone live. There was a little bit of a trouble with the IRS implementation of this over the last couple of weeks, but this is now live. So it's on Tesla site and what we can see here, they notice they note that this will be applied at the time of delivery.

现在已经实施。在过去几周里，与美国国税局的实施出现了一些小问题，但现在已经实施了。所以这个可以在特斯拉的网站上看到，他们通知并指出这将在交付时应用。

They also say that customers can purchase up to two vehicles per year with the tax credit applied directly to the purchase price. So this is going to be a pretty big deal in terms of just being able to recognize this value and the value of this credit upfront, both from a cash flow perspective and also just from a financing perspective and how that actually affects the perception of what the price is when you are making that order.

他们还表示，客户可以每年购买最多两辆车，并将税收抵免直接应用于购车价格。因此，就能够立即认识到这种价值以及信贷的价值，无论是从现金流的角度还是从融资的角度，这都将是一个相当重要的问题，而且还将影响在下订单时对价格的感知。

Having that removed right off the bat, I think it's going to make a pretty big difference as people come to see that and realize that over time. So very nice to see that implemented, no changes in terms of what vehicles it's applicable for, but particularly for the Model Y, that'll be, I think, a pretty big, pretty nice boost.

一开始就将其移除，我认为这会产生很大的影响，当人们来看到并逐渐意识到这一点时。实施这项措施非常好，适用车辆方面没有任何变化，但对于Model Y来说，这将是一个相当大且非常好的提升。

And then just a quick US update, the seven seat Model Y has increased in price, the option previously, and this is fluctuated over time, but most recently, $2,500, that has now been increased to $3,000 for that seven seat configuration on the Model Y in the US.

然后就是一个简短的美国最新消息，七座的Model Y车型价格增加了。过去，这个选项的价格一直在波动，但最近涨到了$2,500，现在已经增加到了$3,000，适用于在美国销售的Model Y七座配置车型。

And then for China, this may have played into the stock performance a little bit today. We did see price cuts on most of the vehicles. So Model 3 and Model Y, the top four rows here, recapped by CNEV post.

对于中国市场来说，这可能在一定程度上影响了今天的股票表现。我们确实看到大多数车型的定价出现了降价。所以在这里，《中国新能源车市》发布的文章对Model 3和Model Y进行了简要总结（前四行）。

The performance Model Y did not see a reduction, but for the long range and the standard range version, they saw between the two and 3% decline, about 6,500 RMB, which is roughly $900 or so.

Performance版本的Model Y并未出现降价，但对于长续航版和标准续航版，它们分别出现了2%到3%的下降，大约为6500元人民币，相当于大约900美元左右。

And then for the Model 3, a little bit more significant price cuts. Of course, we'd seen price increases after the update to the highland. Those seem to be filtering out a little bit now with the long range version coming down about 4% in price or $11,500 RMB.

然后对于Model 3来说，价格有了更显著的降低。当然，在先前对高端车型进行的升级之后，我们曾见到价格上涨的情况。现在随着长续航版本的推出，价格似乎有所下降，大约降低了4%或11,500元人民币。

And then the standard range or real-wheel drive version coming down 15,500 RMB, which is just over $2,000, about a 6% decline. So pretty significant cuts there on the Model 3, not quite as significant on the Model Y.

然后，标准型号或后驱版的价格下降了15,500人民币，大约相当于2000美元，降幅约为6%。所以，在Model 3上有相当大的降价，但在Model Y上的降价则不那么显著。

One thing to remember though is that Tesla was offering an 8,000 RMB insurance subsidy that we had talked about before the end of 2023. So that discount had sort of been there, even though it was, you know, an incentive versus the list price. But that was actually more significant than these price changes that we're seeing on the Model Y, not quite up to the level of the Model 3.

需要记住的一件事是，特斯拉在2023年底之前提供了8000人民币的保险补贴，这是我们之前讨论过的。所以那种折扣在某种程度上已经存在，虽然它是一种激励措施而不是定价。但实际上，这比我们在Model Y上看到的这些价格变动更具有重要性，虽然还不及Model 3的水平。

And it does look like there is still, I hadn't caught this previously, but CNEV Post is also saying that in January there is still a 6,000 RMB subsidy for Model 3s that have already been produced. So inventory vehicles that are not new orders.

据CNEV Post报道，在我以前没有注意到的情况下，似乎还有1月份对已经生产的Model 3提供6,000元人民币的补贴。所以这个补贴只适用于库存车辆，而非新订单车辆。

So some of that is still remaining for the Model 3 with the more significant price cuts here. Obviously not what you hope to see in terms of margins, but certainly Tesla should have plenty of room to, you know, afford those price cuts after the previous price increases.

尽管如此，通过这次更大幅度的价格削减，Model 3 上仍然存在一些问题。显然，这并不是我们希望看到的利润率，但肯定在之前的价格上升后，特斯拉仍有足够的空间来负担这些价格削减。

And then just one other note in terms of the pricing structure in China, there is, looks like some financing that's being offered to you. So in terms of some of the incentives that exist, also probably one that is worth noting there as well.

关于中国的定价结构还有一件事需要注意，看起来有一些融资在为您提供。因此，在存在的一些激励措施中，也可能有一个值得注意的。

And then Piper Sandler did have a note today commenting on some of the news that we've talked about over the, you know, today and over the last couple of days, the price cuts in China, production stoppages in Germany, wait times in the United States. That one is just referring to for the updated Model 3, how those wait times have been extended.

然后Piper Sandler今天确实发表了一份备忘录，对我们今天和过去几天谈论过的一些新闻进行了评论，包括中国的价格削减、德国的生产停工以及美国的等待时间。其中一个指的是Model 3的更新版，相应的等待时间已经延长了一段时间。

So they shared some of the thoughts. If you want to pause the video, you can go through and see some of those largely points that I think we have discussed already. But overall, just saying that they don't think that most of this quote unquote, quote unquote noise has much of a bearing on their long term thesis. So they have, you know, reiterated their overweight rating with this note today.

所以他们分享了一些想法。如果你想暂停视频，你可以看一下一些我们已经讨论过的要点。但总的来说，就是他们认为这些所谓的噪音并不对他们的长期投资观点产生太大影响。因此，他们在今天的报告中重申了对这个股票的超配评级。

One other update out of China on a Tesla app covering it here, there has been a software update 2023.44 that has been pushed in China. And it actually involves some pretty significant changes to the voice, voice command functionality with Tesla vehicles.

中国关于特斯拉应用程序的另一个更新，它涉及到了一个在中国推送的软件更新版本2023.44。这次更新实际上对特斯拉车辆的声音和语音命令功能进行了相当重大的改变。

So apparently this is now extending the voice command capability beyond vehicle controls to things like getting weather updates, stock market insights, they say language translation, even recitation of poetry, if you want. I don't know if there is audio feedback. It kind of sounds like there is in this case in terms of maybe a voice that's providing you with some of these updates.

显然，现在它不仅仅在车辆控制方面拥有语音命令功能，还能获取天气更新、股市见解，甚至是语言翻译和诗歌朗诵，如果你需要的话。我不确定是否会有音频反馈。根据情况听起来好像是有的，可能是一种语音提供了这些更新。

But it sounds like this would be sort of, you know, Siri like functionality that would be being added to these vehicles. We don't know what the underlying technology is at this point.

听起来这似乎是一种类似Siri的功能，将被添加到这些车辆上。目前我们还不知道其基本技术是什么。

Obviously, there's, you know, curiosity on whether or not X, X AI would somehow be integrated with Grock at some point to Tesla vehicles. I wouldn't imagine that that would first start in China if that does end up being the case. But interesting to see this and hopefully it is a prelude to broader rolling out of a type of feature like this to other Tesla vehicles. Hopefully not too far off from now. So I think pretty exciting and should be some nice functionality added there.

显然，大家好奇的是，不知道X AI是否会在某个时候与Grock整合到特斯拉车辆中。如果真的会实现的话，我认为这种情况应该不会首先出现在中国。不过很有趣，希望这是将这种功能扩展到其他特斯拉车型的先兆。希望离实现的时间不会太远。所以我认为这非常令人兴奋，应该是一些很有用的功能的增加。

Then yesterday, Jeff Roberts, who does drone flyer videos often at Giga, Texas spotted a couple of these vehicles that were under wraps in transport near Giga, Texas. Not really sure a lot of people getting excited that maybe these would be, you know, next generation vehicle, chassis is here, something like that, or bodies here.

昨天，经常在Giga Texas拍摄无人机飞行视频的杰夫·罗伯茨在Giga Texas附近的运输中发现了几辆被覆盖起来的车辆。并没有很确定这些车辆是不是下一代车辆，底盘之类的东西，或者是车身。很多人都对此感到兴奋。

But that's probably, you know, not my view on it. I think these are more likely to be, you know, not fully assembled model wise. I'm not sure why they would be wrapped as as thoroughly as they are. But I would have to guess that that's more likely than something like an X generation vehicle when Tesla could, of course, easily transport those things and then close trailer and not draw quite so much attention to them.

但那可能不是我的观点。我认为这些更可能是未完全组装好的模型。我不确定为什么它们被包装得如此严密。但我猜测，这可能比像特斯拉X代车辆那样，特斯拉当然可以轻松运输，然后关闭拖车，不会引起太多注意。

So I'm guessing nothing too significant here. Maybe something to do with, you know, if there is a model wide refresh at some point, something like this could be what we're seeing. But I'm not sure that that tells us a whole lot, even if that were to be the case. So I want to do at least share a couple of thoughts on that.

所以我猜这里可能没有太重要的事情。也许是与整个模型更新之类的事情有关，我们所看到的可能是这样的情况。但即使是这种情况，我也不确定它能告诉我们很多。所以我想至少分享一些对此的想法。

And then Tesla scope today is reporting that version 11, or sorry, version 12.1.1 of FSD beta is now rolling out two Tesla employees. So previously the sort of wave one broader access for employees was version 12.1. This would be the next, you know, point iteration of that. So hopefully that means some progress and, you know, if we then we can maybe see a continuation of that not too far from now to customers. So keep an eye out for that.

然后特斯拉范围今天报道说，完全自动驾驶测试版软件的11版本，或者说抱歉，12.1.1版本现在开始在两名特斯拉员工中推出。所以先前针对员工的第一轮广泛使用的版本是12.1版本。这将是那个版本的下一个点迭代。希望这意味着取得了一些进展，并且如果我们能不久后可能看到该版本延续给顾客使用。所以请密切关注。

And then the last couple of things, Rivian has posted that for the first time an impact report. So nice to see them follow suit with Tesla's, of course, impact report that we have now seen for many years. Takes Tesla a long time to put together. This is actually a 2022 report. So Rivian taking even quite a bit longer and interesting timing now that we're in 2024 to drop the 2022 report would have been probably better for them if they had gotten it out a little bit earlier. But this is the 2022 report either way, nice to see them share some of these details again, following suit with Tesla's impact report as well. So that's out there on their website. If you want to read through that.

然后，最后几件事情是，Rivian首次发布了一份影响报告。很高兴看到他们效仿特斯拉的做法，当然，特斯拉的影响报告我们已经看了很多年了。特斯拉花了很长时间才编制完成。这实际上是一份2022年的报告。Rivian花了更长的时间，而且在2024年发布2022年的报告，这个时机可能对他们来说更好，如果他们早一点发布的话。但无论如何，很高兴看到他们再次分享一些细节，与特斯拉的影响报告保持一致。所以这在他们的网站上可以找到，如果你想阅读的话。

And then SpaceX has also published their company talks. So this did, I think, happen on Thursday as Elon had previously alluded to or said to expect. So really nice update just on the company, all the progress that they've made in 2023. He did mention one thing that was interesting is that this year they expect to ship the Starlink Mini devices, Starlink Mini devices, which he said should fit around the size of a backpack. So could add some pretty cool functionality to people that are backpacking or mobilizing in far out territories with limited connectivity. Having that device should be probably a pretty big game changer for those circumstances. So kind of exciting to hear about that.

然后SpaceX还发布了他们公司的谈话。所以我认为，这确实发生在周四，正如埃隆之前暗示或表示的那样。所以这是一个非常好的公司更新，关于他们在2023年取得的所有进展。他提到一个有趣的事情是，他们预计今年将发货Starlink Mini设备，他说这些设备的大小应该适合背包的尺寸。因此，对于那些背包旅行或在偏远地区进行移动但连接有限的人来说，这个设备可能会增加一些非常酷的功能。对于这些情况来说，拥有这个设备可能会是一个相当大的改变游戏规则的事情。所以听到这个消息还是挺令人兴奋的。

And then NASA did comment as reported by Bloomberg here that they have not seen any evidence of drug use following up of course on the Wall Street Journal article that we had previously talked about. No evidence of drug use at SpaceX they're saying.

随后，美国国家航空航天局（NASA）按照彭博社的报道发表了评论，表示他们并未看到任何关于药物使用的证据。这是对我们之前讨论过的《华尔街日报》文章的后续报道。他们声称并没有发现SpaceX存在药物使用的证据。

All right, last thing for today. Just a quick click the calendar for next week on Monday Martin Luther King, Jr. Day. The markets will be closed. The NASDAQ will be closed that day. So no episode on Monday. We will return on Tuesday for the next episode. So as always, thank you for listening. Make sure you're subscribed and signed up for notifications. You can also find me on X at Tesla podcast and we'll see you on Tuesday for the January 16th episode of Tesla daily. Thank you.

好的，今天最后一件事。只需快速点击日历，为下周的周一马丁·路德·金日下单。当天市场将关闭。纳斯达克也将关闭。所以周一没有新的剧集。我们将在周二回归，进行下一集的播出。所以像往常一样，感谢您的收听。确保您已经订阅并注册了通知。您还可以在“特斯拉播客”频道找到我，我们将在1月16日的“特斯拉每日”中见面。谢谢。