特斯拉 2026 年第二季度：创纪录交付、FSD 需求激增与 Robo Taxi 扩张

大家下午好，欢迎参加特斯拉 2026 年第二季度财报电话会议。我是投资者关系主管 Travis Axrod，今天与会的还有 Elon Musk、Viva Teneza 以及其他几位高管。我们的第二季度业绩已于中部时间下午 3 点左右在本次网络直播的同一链接发布的更新报告中公布。在本次电话会议中，我们将讨论业务前景并做出前瞻性陈述。这些评论基于我们截至今天的预测和预期。实际事件或结果可能因多种风险和不确定性而存在重大差异，包括我们最近向 SEC 提交的文件中提到的那些。在今天的问答环节，请每人限提一个问题和一个追问。请使用举手按钮加入提问队列。在进入问答之前，Elon 有一些开场白。Elon。

Good afternoon everyone and welcome to Tesla's second quarter 2026 Q&A webcast. My name is Travis Axrod, head of investor relations and I'm joined today by Elon Musk, Viva Teneza and a number of other executives. Our Q2 results were announced at about 3 p.m. Central time in the update deck we published at the same link as this webcast. During this call, we will discuss our business outlook and make forward-looking statements. These comments are based on our predictions and expectations as of today. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in our most recent filings with the SEC. During the question and answer portion of today's call, please limit yourself to one question and one follow-up. Please use the raise hand button to join the question queue. Before we jump into Q&A, Elon has some opening remarks. Elon.

谢谢。嗯，这是一个很棒的季度。我们实现了创纪录的第二季度交付量。Model Y 我相信现在是全球最畅销的车型，并且正在全面刷新纪录。它的受欢迎程度正在急剧上升。我们看到在那些 FSD 已获批准的地区，FSD 的选购率非常高。事实上，我认为对很多人来说，他们实际上是买特斯拉的全自动驾驶，然后附带一辆车，而不是买一辆带 FSD 的车。他们走进我们在美国的门店，说他们想要全自动驾驶，至于配什么车都行。所以这显然是一个重要的需求驱动因素。随着我们在不同国家获得 FSD 的批准，我认为我们会看到类似的需求增长。所以这方面看起来非常好。能源业务也增长得非常快，我认为它将对 AI 数据中心的规模化至关重要。我们正在大力投资以发展核心业务，并为未来做好准备。所以这是一个资本支出大年。但我相信我们投资的所有东西都会带来难以置信的回报，也许是我们见过的最好的资本支出回报。特斯拉团队表现得非常出色。SAB 已经开始生产。我们也已经开始生产并正在提升 Optimus 的产量。特斯拉半挂卡车已经开始生产。我们很快将开始生产 Megapack 3。锂精炼厂和正极材料厂已经开始生产。我们还在扩大电池电芯的生产，并准备进行大规模的太阳能电池板、电池片和面板生产。实际上，这涵盖了从硅精炼到生产太阳能电池再到部署太阳能的全过程，因为未来由于交通电气化和 AI 的发展，对电力的需求将非常巨大。所以我们正在努力打造我们认为有史以来最雄心勃勃的先进基础设施制造能力。这很重要。关于 robo taxi，我们的目标非常宏大，但我们需要谨慎，避免造成任何事故或伤害任何人。尽管仅在美国每年就有 3 到 4 万人死于交通事故，其中大多数都不会被媒体报道。但如果我们伤害到一个人，就会成为全球头条新闻，监管机构会立即限制我们的活动。我们不想伤害任何人。所以我们正在以尽可能快的速度扩大 robo taxi 的规模，同时努力确保不伤害任何人，理想情况下连宠物都不会碾到。这确实是约束条件：我们希望以最快的速度发展 robo taxi，同时不伤害任何人。我们会在每个城市开放时提供 robo taxi 上线的实时更新，并立即发布在 X 上。所以如果你关注 X 上的特斯拉账号，我们会随时告知你我们扩展到新城市的情况。我们已经在佛罗里达州、德克萨斯州以及湾区的一些城市开放了。我们将继续非常快速地扩张，每周行驶里程增长超过 10%。所以这是一个非常高的复合增长率。Optimus：正如你们之前听我说过的，我认为 Optimus 将是有史以来最大的产品，但这是一个非常复杂的问题。这是最难解决的问题之一：制造一个自主人形机器人，你只需让它做某事或给它看一个视频，它就能在没有编程的情况下完成任务。没有人做到过这一点。在机器人的机电设计方面存在许多挑战，需要实现足够的灵巧性和可靠性，并且具有很长的磨损寿命。它需要在现场工作而不出故障。否则，你就会有一个 70 公斤的机器人倒在地上，你得像抬尸体一样把它搬走。我们不想让 Optimus 失控。所以要把设计做对并扩大生产，工作量很大。我真的很想强调，生产规模化挑战非常巨大。这将是特斯拉有史以来制造规模化最难的产品，因为机器人上的所有东西都是新的，生产爬坡的难度与零部件的全新程度成正比。至少对于电动汽车来说，非电动动力总成部分有现成的供应链。但对于 Optimus，没有供应链。

Thank you. So, yeah, it's been a great quarter. We achieved a record Q2 deliveries. Model Y, I believe, is now the best selling car of any kind in the world and is setting records across the board. So its popularity is increasing tremendously. And we're seeing in locations that have FSD approved, a very high attach rate of FSD. In fact, I think for a lot of people, they're actually buying Tesla full self-driving with a car attached, as opposed to a car with FSD. They're coming into our stores in the US and saying they want the full self-driving and whatever car it comes with essentially. So clearly this is a significant demand driver. And as we get approval for FSD in different countries, I think we'll see a similar uptick in demand. So it's looking very good on that front. The energy business is also growing incredibly fast and I think will be crucial for the scale up of AI data centers. We're investing a lot in growing the core business and really preparing for the future. So this is a massive capex year. But I'm confident that all the things we're investing in will yield incredible returns, maybe the best capex returns we've ever seen. And the Tesla team has performed incredibly well. The SAB has started production. We also have started production and are ramping up Optimus. We have started production with the Tesla semi-truck. We will soon start production with Megapack 3. We've started production with the lithium refinery and cathode refinery. We're also scaling up battery cell production, and we're preparing to do a massive solar panel, solar cells, and panel production. Actually, this is going all the way from silicon refinement to producing the solar cell and then deployment of solar, because there's going to be tremendous need for electricity in the future due to electrification of transport and AI obviously. So we're working on what we believe is the most ambitious buildout of advanced infrastructure manufacturing capacity ever in history. It's a big deal. With robo taxi, our goals are very ambitious, but we do need to be cautious about causing any accidents or harming anyone. Although there are 30 to 40,000 automotive deaths per year in the US alone, most of those do not generate any press. But if we injure even one person, it'll be worldwide headline news, and regulators will immediately clamp down on our activities. And we don't want to injure anyone. So we're going as fast as humanly possible in scaling robo taxi, while trying to ensure that we do not harm anyone at all, and ideally do not even run over a pet. That's really the constraint: we want to grow as fast as possible with robo taxi without harm to anyone. We're providing live updates for robo taxi launch as we open up in the city. We immediately post that on X. So if you follow the Tesla account on X, we'll keep you informed as we scale to new cities. We've opened up in a number of cities in Florida, Texas, and obviously in the Bay Area. We'll continue to scale very rapidly, with more than 10% growth per week in miles driven. So it's a very high compound growth rate. Optimus: as you've heard me say before, I think Optimus will be the biggest product ever, but it is a very complex problem to solve. It's one of the hardest things to solve: to make an autonomous humanoid robot that can do tasks if you simply ask it to do something or show it a video, it can do the task without any programming. No one has ever achieved this. There are many challenges in the electromechanical design of the robot to achieve sufficient dexterity and reliability, and have a long wear and tear life. It needs to be out in the field and not break down. Otherwise, you've got a 70 kg robot that just flopped over and you have to carry it out like a body. And we don't want Optimus to go haywire. So it's a lot of work to get the design right and to scale production. I really want to emphasize that the production scaling challenge is very substantial. This is going to be the hardest product to scale manufacturing that we've ever made at Tesla, because everything on the robot is new, and the difficulty of scaling the production ramp is proportionate to the newness of the parts. At least with electric cars, the non-electric powertrain portions had an existing supply chain. But with Optimus, there is no supply chain.

所以，我们必须完全建立供应链，或者说内部生产，而且我们实际上已经内部化了大量生产。我们在弗里蒙特建造的 Optimus 生产线，取代了以前的 Model S/X 生产线，看起来令人难以置信。我的意思是，看到它非常震撼。所以我想确保正确校准人们的预期。Optimus 将遵循正常的制造爬坡 S 曲线，但由于机器人零件的新颖性，S 曲线的初始部分将相当平坦且漫长。所以，你可能在网上看到过很多令人印象深刻的机器人演示，但你看到的那些演示都是预先编程或远程控制的。目前还没有真正能够执行通用任务的人形机器人。Optimus 将是第一个能够做到这一点的，它不仅仅是一个演示，而是在日常生活中真正有用。而且 Optimus 被设计为拥有完全的人类灵巧度。所以，一只手具有与人类手相同甚至更高的灵巧度。人类的手是一个不可思议的东西。你越研究人类的手，就越意识到手有多么神奇。它不仅仅是对生拇指。人类手部工作的细微差别令人惊叹；你越仔细观察，就越感到惊奇。Optimus 将拥有这种能力。它将拥有人类级甚至超人类的灵巧度。所以这真的会非常了不起。

So, we've had to build up a supply chain in its entirety, or in-house the production, and we've actually in-housed a tremendous amount. The Optimus production line that we're building out in Fremont, in place of what used to be the Model S/X production, looks incredible. I mean, it's quite stunning to see. So I just want to make sure to calibrate people correctly. Optimus will follow the normal S-curve of a manufacturing ramp, but the initial portion of the S-curve will be quite flat and long because of the newness of the parts in the robot. So, you've probably seen lots of impressive demonstrations of robots on the internet, but those demonstrations you're seeing are pre-programmed or remote controlled. There is no humanoid robot that is actually able to do generalized tasks. Optimus will be the first one that is capable of doing that, where it's not just a demo, it's genuinely useful in day-to-day life. And Optimus is designed to have full human dexterity. So, a hand that has the same level of dexterity, if not higher, than a human hand. The human hand is an incredible thing. The more you study the human hand, the more amazing you realize how amazing hands are. It's more than just the opposable thumbs. The nuances of how human hands work are amazing; the closer you look, the more amazed you are. And Optimus will have that capability. It will have human and then superhuman dexterity. So it's really going to be quite something.

让我们看看。Terafab，我们预计很快会宣布地点，并提供有关我们计划的更多细节，但我们会把它留给产品发布公告，而不是试图挤进财报电话会议，因为我认为这是一个非常重要的公告，它值得拥有自己的一天在聚光灯下，而不是被挤进财报电话会议。但我确实认为 Terafab 将是一个了不起的举措，也是必要的举措，没有它，我们将无法扩展 Optimus 的生产能力，因为我们根本没有足够的 AI 芯片。所以解决这个问题至关重要，我们必须解决内存、逻辑和封装问题才能扩展 Optimus。所以无论如何，就像我说的，我们会把它留到自己的公告中。我们已经为奥斯汀的开发晶圆厂下了设备订单。我认为那个开发晶圆厂非常酷，因为它旨在将光刻掩模生产、逻辑、内存、封装和芯片测试都集中在一个屋檐下。这样你就可以有一个非常快速的迭代周期，非常快速地尝试新的芯片设计，看看它们是否有效。我认为地球上不存在这样的建筑。所以当我们尝试一些令人兴奋、冒险、高风险、高回报的 AI 芯片赌注时，这将非常有帮助。

Let's see. Terafab, we expect to announce the location soon and provide more details about our plans in that regard, but we'll leave that to the product launch announcement rather than try to squeeze it into an earnings call because I think this is a very big announcement and it deserves to have its own day in the spotlight and not be squeezed into an earnings call. But I do think Terafab is going to be an amazing initiative and a necessary one, and one without which we will be constrained in our ability to scale Optimus production because we simply won't have enough AI chips. So it's crucial to solve that, and we'll have to solve memory, logic, and packaging in order to scale Optimus. So anyway, like I said, we'll leave that to its own announcement. We've placed equipment orders for our development fab in Austin. And that development fab I think is pretty cool because it's intended to have lithography mask production, and then logic, memory, packaging, and chip testing all under one roof. So you can have a very fast iterative cycle and try out new chip designs very quickly and see if they work. I don't think such a building exists anywhere on Earth. So this is really going to be super helpful as we try some exciting, adventurous, high-risk, high-payoff bets on AI chips.

他们专注于，就像我说的，主要是 Optimus，比如我们如何让 Optimus 尽可能有用？然后我们有数字 Optimus，它基本上是驱动电脑屏幕。我想你可以称之为计算机使用之类的东西，但就像驾驶汽车一样驱动电脑屏幕。所以对于汽车来说，它是像素输入或光子输入，控制输出。Optimus 和数字 Optimus 也是如此。它是光子输入，控制输出。所以我们有信心可以调整我们为自动驾驶汽车开发的相同特斯拉 AI 技术，使其拥有自动驾驶电脑屏幕，或者本质上就是自动驾驶计算机。所以自动驾驶计算机，其中特斯拉非常低成本的 AI4 计算机可以处理所有短期任务。它们正在对电脑屏幕进行实时视频控制。所以这不是截图之类的东西。它是高帧率的实时视频。而且这个数字 Optimus 显然对物理 Optimus 很重要，因为物理 Optimus 需要能够操作计算机；它不能走到触摸屏前却不知道该怎么办。它必须拥有通用的触摸屏和计算机使用能力。所以这看起来很有希望。而且这是与 SpaceX 合作的。SpaceX 有点像大模型，类似于数字 Optimus 的管理者，告诉数字 Optimus 该做什么。它提供一系列任务，然后数字 Optimus 去执行这些任务。

They focus, like I said, primarily on Optimus, like how do we make Optimus as useful as possible? Then we have digital Optimus, which is basically driving a computer screen. I guess you could call it computer use or something like that, but driving a computer screen in the same way that you drive a car. So for the car, it's sort of pixels in or photons in and controls out. The same thing is true for Optimus and digital Optimus. It's photons in, controls out. So we feel confident we can adapt the same Tesla AI technology that we developed for self-driving cars to have a self-driving computer screen, or self-driving computer essentially. So the self-driving computer, where the Tesla very low cost AI4 computer can handle all of the sort of short-term tasks. They're doing real-time video control of the screen of the computer. So it's not like screenshots type of thing. It's real-time video at high frame rate. And this digital Optimus will be important obviously for physical Optimus because physical Optimus needs to be able to operate computers; it can't come up to a touchscreen and not know what to do. It's got to have a generalized touchscreen and computer use capability. So that's looking promising. And this is in partnership with SpaceX. SpaceX is sort of the big model that is kind of like the manager of digital Optimus and kind of tells digital Optimus what to do. It provides it with a series of tasks and then digital Optimus goes and does those tasks.

所以我们还在构建一个 megapod 设计，其中包含特斯拉 AI4 计算机和 x86。这是一个配对，一个 x86 计算机与特斯拉 AI4 计算机放在一个盒子里。这有点像数字 Optimus 的盒子形式。而在 megapod 中，你知道，有点像巨型封装。所以我们基本上把大量 AI4 加 x86 组合放在一个巨大的盒子里。这些盒子可以放置在国内或国外的任何地方。这使我们能够利用这种聚合的电力生产来扩展 AI 算力。因为世界各地有很多地方，包括我们的超级充电站。我认为我们的超级充电站有大约 7 吉瓦的电力，而且还在增长。我们可以在许多这些超级充电站放置 megapod，并为 AI 提供分布式电力。所以我认为这可能是一件大事。

So we're also building out a megapod design that has Tesla AI4 computers with x86. This is a pairing, an x86 computer with the Tesla AI4 computer in a box. And it's kind of just digital Optimus in a box. And in a megapod, you know, kind of like the mega packaging. And so we put a large number of AI4 plus x86 combos in a giant box essentially. And these boxes can be placed anywhere in the country or outside the country. And this allows us to scale AI compute using this aggregated electricity production. So you because there's lots of places all around the world including at our superchargers. I think we've got something like seven gigawatts of power at our superchargers and growing. And we can place megapods at many of these superchargers and have distributed power for AI. So I think that could be quite a big deal.

所以，总之，我们对我们的自动驾驶和机器人路线图感到非常兴奋。有太多很棒的东西即将到来。就像我说的，很难挤进财报电话会议。但我们会发布很多产品公告。这将是特斯拉伟大的一年。我认为是有史以来最好的一年之一。然后我认为明年会更好。所以，总之，我要感谢特斯拉团队的出色执行，以及所有支持者加入我们的旅程。谢谢。

So, in conclusion, we're super excited about our autonomy and robotics roadmap. There's so much awesome stuff coming. It's, like I said, hard to squeeze into an earnings call. But we'll have a lot of product announcements. And this is going to be a great year for Tesla. I think one of our best years ever. And then I think next year will be even better. So, in conclusion, I want to thank the Tesla team for their excellent execution and all of our supporters for joining us in this journey. Thank you.

太好了。非常感谢，Elon。现在，Vaibhav 有一些开场白。

Great. Thanks so much, Elon. And now, Vaibhav has some opening remarks.

谢谢，Travis。所以，第二季度延续了我们在第一季度末看到的趋势，全球车辆需求复苏。我们在全球实现了创纪录的第二季度交付量，在美洲、亚太和欧洲、中东和非洲地区分别实现了 60%、27% 和 12% 的环比增长。此外，Model Y 在包括荷兰、澳大利亚和新西兰在内的几个关键市场创下了纪录。特斯拉团队以合理价格创造具有自动驾驶能力的引人注目的产品的努力正在取得成果。我们在第二季度结束时拥有自 2023 年以来最大的订单积压。

Thanks, Travis. So, Q2 continued the trend that we saw at the end of Q1, a resurgence in demand for vehicles across the globe. We achieved record Q2 deliveries globally with sequential growth across the Americas, APAC and EMEA of 60%, 27% and 12% respectively. Additionally, Model Y set records in several key markets including the Netherlands, Australia, and New Zealand. The efforts of the Tesla team to create compelling products at a reasonable price with the capability of autonomous driving are coming to fruition. We exited Q2 with our largest order backlog since 2023.

因此，我们正专注于提高所有工厂的产量以满足这一日益增长的需求。产量增长将受到供应链的限制，这不仅包括电池，还包括电子元件。我们以前也遇到过这种情况，和往常一样，我们的特斯拉团队正积极通过供应商战略合作来扫清前方的障碍。正如埃隆提到的，FSD 一直是车辆需求增长的关键因素之一。我们的销售数据显示，客户前来购车的主要原因之一就是 FSD。第二季度，在北美，我们约 55% 的交付车辆在交付时已启用 FSD 订阅。总体 FSD 搭载率持续提升，全球付费订阅用户接近 150 万，其中 55% 为一次性购买，45% 为订阅。我们预计 FSD 变现增长的主要来源将是订阅，因为我们已在大多数市场取消了购买选项。

We are therefore focused on increasing production at all our factories to meet this growing demand. Production growth will be limited by our supply chain. This includes not just batteries but also electronic components. We've been here before and like always, our Tesla team is working actively to unblock the obstacles ahead by securing strategic deals with suppliers. Like Elon mentioned, one of the key factors for growth for vehicle demand has been FSD. Our sales data suggests one of the main reasons customers are coming and looking at the car is because of FSD. In Q2 we had in North America about 55% of our deliveries had FSD subscription at the time of delivery enabled. Overall FSD attach rates continue to improve reaching nearly 1.5 million paid subscribers globally, of which 55% is upfront purchases and the remaining 45% is subscriptions. We expect that the bulk of the growth in FSD monetization will come from subscriptions as we've removed the purchase option in most markets.

不计监管积分的汽车毛利率从 19.2% 环比下降至 16.3%。需要提醒的是，我们在第一季度曾指出，当季有 2.3 亿美元的保修调整和部分关税减免收益，这些在第二季度没有重复。剔除上一季度这些收益的影响，不计积分的汽车毛利率基本持平。这体现了特斯拉团队在持续推动需求的同时，进行了有效的定价和成本管理。大宗商品价格上涨和利率变化都在持续增加我们的成本。请注意，利率补贴成本在当期确认为收入抵减。因此，随着今年利率上升，补贴成本也随之上升，对汽车毛利率产生了负面影响。

Automotive margins excluding regulatory credits declined sequentially from 19.2% to 16.3%. As a reminder, we had highlighted in Q1 that we had a $230 million benefit from warranty true-ups and some tariff relief which did not repeat in Q2. Controlling for the impact of those benefits from the prior quarter, our automotive gross margins excluding credits would have been approximately flat. This demonstrates the effective pricing and cost management done by the Tesla team as we continue to drive demand. Commodity price increases and interest rate changes all continue to add to our cost. Note that interest rate subvention costs are recognized upfront as revenue offset. So as interest rates have risen this year the cost of subvention has risen along with them which had a negative impact on automotive margins.

正如我们之前指出的，能源业务本身具有不稳定性。部署量取决于客户的时间安排，很大程度上不受我们控制。第二季度，我们部署了 13.5 GWh 的储能，环比增长 53%，是能源业务第二高的季度。尽管增长，能源毛利率却从 39.5% 下降至 20.4%。毛利率下降由几个因素导致：首先，本季度因遗留部署的某些供应商电芯问题，产生了约 2.4 亿美元的保修调整；其次，第一季度确认的超过 2 亿美元的关税优惠没有重复；最后，我们之前曾指引，随着竞争加剧，工业储能的平均售价正在下降。长期来看，我们相信能源业务的毛利率将正常化至 20% 中低水平。该业务的订单积压强劲，我们正尽最大努力，基于现有需求以及我们预期来自数据中心增长和经济整体电气化的未来需求进行建设。

As we have previously noted, the energy business is inherently lumpy. Deployments are tied to customer timelines and largely out of our control. In Q2, we deployed 13.5 GWh of energy storage, a 53% sequential increase and the second largest quarter for the energy business. Despite this growth, energy gross margins declined from 39.5% to 20.4%. This margin decline was a result of several dynamics. First, there was a warranty true-up in the quarter of about $240 million related to certain vendor cell issues for our legacy deployments. Also, the tariff benefits we recognized in Q1 of more than $200 million did not repeat. And lastly, we had previously guided that ASPs for industrial storage are coming down amidst growing competition. Long-term, we believe the energy business should normalize at a gross margin rate in the mid to low 20% range. Our order backlog for this business is robust and we are doing our best to build based on both existing demand and future demand we expect from data center growth and overall electrification of the economy.

服务及其他业务的毛利率从 9.2% 环比提升至 14.1%，创历史新高。这主要得益于业务量的增长以及车队成本管理的改善，这些车队支持着二手车、超级充电、服务中心和保险等业务。虽然目前占比不大，但该业务中也包含我们为未来扩大 Robotaxi 规模而进行的基础设施投资。

Service and other margins improved sequentially from 9.2% to 14.1%, an all-time high. This was mainly driven by an uptick in volume and better cost management of our vehicle fleet that supports businesses such as used car, supercharging, service centers, and insurance. While marginal today, also included in this business are deliberate investments we are making in infrastructure that will help scale robotaxi in the future.

我们继续扩大特斯拉 Robotaxi 车队，目前已扩展至美国共七个市场。我们预计随着进入新的美国市场，车队规模将在全年加速增长。

We continue to grow the Tesla robotaxi fleet and have expanded to a total of seven markets in the US. We expect the ramp of the fleet to accelerate throughout the year along with expansion into new US markets.

如之前所指引，运营支出环比增加。增长主要来自大量研发相关活动，包括 Semi 卡车、Optimus、Cybercab 等新产品的量产前爬坡成本以及其他 AI 项目，以及新增算力的折旧。此外，本季度还有诉讼费用支出。请注意，我们正处于一个大型投资周期，预计主要由研发驱动的运营支出将在 2026 年及以后继续增长。

As previously guided, operating expenses increased sequentially. The increase came primarily from significant research and development related activities including pre-production ramp costs for new products like the Semi truck, Optimus, Cybercab, and other AI initiatives, as well as the depreciation for additional compute that we brought online. Additionally, we had charges related to litigation expenses in the quarter. Note that we are in a big investment cycle and expect our operating expenses largely driven by R&D to continue to grow in 2026 and beyond.

净利润受到我们持有的 SpaceX 股份按市值计价收益 10 亿美元的正面影响，但被约 3 亿美元的外汇损失和约 1 亿美元的比特币损失所抵消。如之前所指引，本季度自由现金流为负。其主要原因是资本支出环比增长超过一倍，我们预计 2026 年下半年将进一步增加。我们仍预计今年资本支出将超过 250 亿美元。未来两三年，随着我们扩大 Robotaxi 车队、扩大 Optimus 产能、投资半导体工厂、安装太阳能制造产能和 AI 算力基础设施，资本支出将继续增长。除了为汽车制造进行其他扩张外，除了使用现金进行此类投资外，我们还将抓住机会获得某些债务融资，使我们能够借入高达 300 亿美元来加速这些投资。我们相信这是让公司为下一个时代做好准备的正确战略，我们将始终以非常资本高效的方式进行这些投资。

Net income was positively impacted by a mark-to-market gain of $1 billion on our SpaceX holdings, which was offset by losses on FX of approximately $300 million and on Bitcoin of about $100 million. As previously guided, our free cash flow ended up being negative for the quarter. Most of the reason for it going negative is because capex more than doubled sequentially and we expect it to increase further in the second half of 2026. We continue to expect that capex for this year will be more than $25 billion. Capex will grow for the next two or three years as we expand our robotaxi fleet, expand our production capacity for Optimus, make investments for semiconductor fab, install solar manufacturing capacity, and AI compute infrastructure. In addition to all the other expansions we'll do for other manufacturing for automotive, in addition to using our cash for such investments, we are being opportunistic in securing certain debt facilities that will give us the capacity to borrow up to $30 billion to help accelerate such investments. We believe this is the right strategy to position the company for the next era and we will always make such investments in a very capital efficient manner.

通往惊人富足的道路充满挑战，需要大胆下注。我们的进步将是非线性的。未来将是伟大的，我们已准备好迎接挑战。最后，我要感谢特斯拉团队、我们的客户、投资者和供应商，感谢你们在这段旅程中对我们的信任。

The path to amazing abundance is ever challenging and requires making bold bets. Our progress will be nonlinear. The future is going to be great and we are ready to rise to the occasion. I would like to end by thanking the Tesla team, our customers, investors, and suppliers for their confidence in us on this journey.

非常感谢。正如电话会议中的各位可能注意到的，我们在开场发言中已经回答了 Say.com 上的几个问题，包括 Optimus 生产、Terrab 和 Digital Optimus。今天我们的 AI 副总裁 Ashoke 也加入了我们，他将回答与 Robotaxi 相关的问题。Ashoke？

Thanks so much. As everyone on the call may have noticed, we've covered several of the Say.com questions already in opening remarks, including Optimus production, Terrab, and Digital Optimus. Ashoke is joining us today, our VP of AI, and he's going to cover questions related to Robotaxi. Ashoke?

谢谢你，Travis。Say.com 上的许多问题都与 Robotaxi 的部署和规模化有关。因此，我们想提供一个全面的视角，说明我们目前所处的位置以及未来的方向。首先，我想指出，Robotaxi 项目运行得非常好，尤其是在安全性方面。该项目拥有无可挑剔的安全记录。我们已经在两个州的六个城市进行了超过 38 万英里的无监督 Robotaxi 行驶，没有发生任何重大事故。任何报告都是其他车辆在我们静止时撞击我们。再次强调，我想强调迄今为止运营的安全性：38 万英里零重大事故。历史上，所谓的专家一直声称需要激光雷达、雷达、高精地图和所有其他东西才能安全驾驶。在这里，我们证明了事实并非如此。仅凭摄像头就能实现安全、舒适且价格合理的自动驾驶。这一记录应该是对特斯拉整个 AI 方法的巨大验证。

Thank you, Travis. Many of the questions on Say.com relate to robotaxi deployment and scaling. So, we thought we'd provide a comprehensive view of where we are now and where we are going in the future. First of all, I'd like to state that the robotaxi program has been operating extremely well, especially in terms of safety. The program has had an impeccable safety record. We have driven more than 380,000 miles of unsupervised robotaxi, now across six cities in two different states. We have had zero notable incidents. Any reports have been of other actors impacting us when we were stationary. Again, I'd like to emphasize how safe the operation has been so far. Zero notable incidents over 380,000 miles. Historically, the so-called experts have always claimed that you need lidar, radar, HD maps, and the entire kitchen sink to drive safely. Here, we show that such is not true. You can have safe, comfortable, and affordable autonomy with just cameras. This record should be a huge validation of Tesla's entire AI approach.

第二，我想谈谈 Scaling（规模扩张）。我们大约一年前在奥斯汀启动了机器人出租车项目。当时车内乘客座位上配有安全监控员。去年年底左右，我们在奥斯汀有了第一辆完全无人监管的机器人出租车。从今年年初开始，我们的车队每周行驶的无人监管里程数实现了两位数的增长。我重申，过去几个月里，我们每周的复合增长率都非常高。不仅如此，我们预计今年剩余时间内将继续以如此高的速度增长。另外需要注意的是，在扩展到新城市方面，我们付出的努力相对较少。我们预计，在新城市启动所需的时间将继续趋近于零，最终我们将以整个州为单位运营，而不是逐个城市推进。这样的增长之所以成为可能，是因为我们在特斯拉拥有一支世界级的工程团队，处于前沿 AI 开发的前沿。目前运营中的机器人出租车车队已经在运行我们过去提到的 V15 FSD 软件的早期版本。我们原本计划了大约七个主要的改进方向，它们都在并行推进。早期在机器人上运行的 V15 版本已经合并了其中 40% 的方向，这就是目前车队中运行的版本。随着我们继续完成 V15 的工作，我们将看到汽车变得极其安全且能力强大。我们已经看到内部迹象表明，我们为技术改进所做的所有押注都开始见效。我们预计回报将是巨大的，这将帮助我们在今年剩余时间及以后保持同样的增长速度。最后，关于 Cyber Cap，首先，它是一款非凡的产品。任何乘坐过它的人都会立刻爱上这种体验。我们已经将制造目标与无人监管里程的预期增长率大致对齐。为 Model Y 和其他平台提供动力的相同 V15 模型也将适用于 Cyber Cap。总之，机器人出租车的增长到目前为止是指数级的，同时保持了无可挑剔的安全记录。我们的技术押注正在获得回报，帮助我们在可预见的未来维持指数级增长，而 Cyber Cap 将会非常棒。

Second, I'd like to discuss scaling. We started the robot taxi program roughly a year ago in Austin. We had safety monitors in the passenger seats of the cars back then. Around the end of last year, we had the first fully unsupervised robot axis in Austin. Since the beginning of this year, we have grown at double-digit growth rates to the number of unsupervised miles that the fleet drives every week. I repeat, we have grown at such a high compounding rate on a week-over-week basis over the last several months. Not only that, we expect to continue growing at such a large rate through the rest of this year. The other thing to note is that for expanding to new cities, it has been relatively less effort on our front. We expect that the time to launch to a new city will continue to trend towards zero towards an end where we operate in entire states as a whole instead of going by city by city. Such growth was only possible because we have a world-class engineering team at the frontier AI development here at Tesla. The currently operating robotaxi fleet is already running early version early versions of the V15 FSD software that we had referred to in the past for V15. We had planned roughly about seven major improvement tracks uh and they're all happening in parallel. Uh the early V15 builds that are running on robot have already 40% of those tracks merged together. Uh and that's what's running in the fleet right now. As we continue to complete our work on V15, we will see that the car is going to be ridiculously safe and capable. We're already seeing internal signs that all of these bets that we have made for technology improvements are all continuing to are all starting to work. Uh and we expect that the payoff uh will be huge and that's what is going to help us sustain the same growth rate uh through the rest of this year and so on. Finally, regarding the Cyber Cap, first of all, it's a phenomenal product. Anyone who rides in it instantly falls in love with the experience. We have aligned our manufacturing targets to roughly match the projected growth rate of the unsupervised miles. The same V15 models that power the Model Y and other platforms will also work on cyber gaps. In conclusion, robo taxi growth so far has been literally exponential while keeping an impeccable safety record. Our technology bets are paying off helping us sustain the exponential growth for the foreseeable foreseeable future and the cyber cap is going to be awesome.

太好了。非常感谢 Ashoke。还有一个关于 Optimus 训练数据收集的问题。你能也谈谈这个吗？

That's great. Thanks so much Ashoke. And there was one remaining question on data collection for Optimus training. Would you mind covering that as well?

是的。关于 Optimus，尤其是第三代，Optimus 的设计不仅是为了匹配人类的外形，还为了匹配人类的功能和灵巧性。采用这种方法的一个主要原因是，拥有人类的外形和功能使我们能够向人类学习如何执行各种任务。这打开了整个世界，为训练 Optimus 提供数据。就像 FSD 一样，我们可以从工厂所有工人那里获取数据，就像拥有一支庞大的人类车队。Optimus 可以通过观察他们在工厂执行任务来学到很多东西。我们还有一个专门的数据收集团队，可以提供数量相对较少但质量非常高的演示，用于这些模型的 后训练。这都是在我们可以利用整个互联网上展示人们在工业环境和家庭环境中执行各种任务的数据进行训练的基础之上的。第二个飞轮是，当我们在所谓的“Optimus 学院”中让大量 Optimus 机器人练习它们的任务时。机器人亲身体验任务所产生的数据将是无价的，有助于缩小机器人与人之间可能存在的任何微小外形差距。这也是 强化学习 循环启动的时候：机器人最初尝试某项任务，有时会失败，从成功和失败中学习，最终学会以超人的水平掌握这些任务。我们对 Optimus 的 AI 策略是一致的。这与驱动 FSD 的端到端策略相同：像素输入，控制输出。就像 FSD 一样，我们预计它会广泛适用。在 FSD 中，你可以上车，输入地址，然后点击开始，它就能处理从停车场到停车场的所有驾驶。Optimus 也是如此。你只需让它做任何事情，它就会自动完成整个任务，你无需中途做任何事。而且，生产 FSD（V12、13、14 以及现在的 V15 软件）的同一个团队现在也在开发 Optimus。因此，我非常有信心 Optimus 将成为一个极其能干的机器人。

Yep. Regarding Optimus, especially Gen 3, Optimus has been designed to not just match the appearance of human beings but also the functionality and dexterity of humans. One of the main reasons for this approach is that having the human form factor and function allows us to learn from humans on how to perform a wide variety of tasks. This opens up the entire world to provide data for training Optimus. Just like FSD, we have access to a broad fleet of humans giving us data from all of the workers at our factory. Optimus can learn quite a bit from observing them perform their tasks at the factories. We also have a dedicated data collection team who can provide a relatively small amount but of very high quality demonstrations to do the post-training of these models. This is all on top of any training we can do off of the entire internet of data that shows demonstrations of people doing various tasks, both in industrial settings and home settings. The second flywheel is when we have a large number of Optimus robots practicing their tasks in what we call the Optimus Academy. The data from the bots experiencing the task themselves will be invaluable and help us close any minor form factor gaps that may exist between the bot and the humans. This is also when the reinforcement learning loop kicks in where the bot initially attempts some task, fails sometimes, learns from both the successes and failures of those tasks, and eventually learns to master those tasks at perhaps a superhuman level. Our AI strategy for Optimus is aligned the same. It's the same end-to-end strategy that drives FSD: pixels in, controls out. And just like FSD, we expect it to work broadly. In FSD, you can get in the car, type in an address, and then hit start and it handles all of driving from park to park. And the same thing is going to be true for Optimus as well. You're going to just ask it to do anything. And then it just performs the entire task on its own without you having to do anything along the way. And it's the same team that produced FSD, the V12, 13, 14, and now V15 software that now works on Optimus as well. Hence, I'm very confident that Optimus will be an extremely capable robot.

太好了。非常感谢你，Ashoke。这样就涵盖了 say.com 的问题。现在我们将转到分析师提问环节。第一个问题来自 RBC 的 Tom。Tom，请准备好后自行解除静音。Tom，你仍然处于静音状态。请解除静音并提问。好的，我们目前没有收到 Tom 的音频。所以我们先转到 Andrew，稍后把 Tom 加回队列。Andrew，请尽快解除静音并提问。

Great. Thank you so much, Ashoke. So that covers the say.com questions. Now we will move over to analyst questions. The first question comes from Tom from RBC. Tom, please feel free to unmute yourself when you're ready. Tom, you're still on mute. So please unmute yourself and go ahead and ask your question. All right, we're not getting any audio from Tom at the moment. So we will try to move on to Andrew and we'll add Tom back to the queue to come in next. So Andrew, as soon as you can, please unmute yourself and ask your question.

嘿，你能听到我吗？

Hey, can you hear me?

是的，我们能听到。

Yes, we can.

太棒了。非常感谢你回答这个问题。那么，也许先从 Optimus 开始，Elon，你提到目前 Optimus 实际上没有供应链，所以你不得不大部分自己内部解决。我很好奇，在你进行这个过程中，你是否看到任何供应商愿意与你一起投资，建立国内制造，以帮助你在美国更快地扩大规模？显然，你希望在一定程度上掌控自己的命运并尽快提升产量，但从投资周期的角度来看，有合作伙伴沿途帮助可能更具资本效率。所以我很好奇你是如何考虑这个问题的，以及你与一些潜在外部供应商的对话情况。

Awesome. Thanks so much for taking the question. So maybe just to start out on Optimus, Elon, you mentioned that there's really no supply chain today for Optimus, so you've had to mostly insource a lot of that yourself. I'm just curious as you've gone through this exercise, are you seeing any suppliers willing to invest alongside you to set up domestic manufacturing to potentially help you scale more quickly in the US. Asking that in the context of obviously you want to control your own destiny to some extent and ramp as quickly as possible, but from an investment cycle standpoint, potentially more capital efficient to have some partners help you along the way. So I'm just curious how you're thinking about that and some of the dialogue you've had with potentially some external suppliers.

Elon，你现在可能处于静音状态。我们听不到你。

Elon, you may be on mute right now. We can't hear you.

抱歉。是的。我们的供应商一直很棒，他们已经并正在为支持 Optimus 和 Robotaxi 等做出巨大投资。特别是三星和台积电正在建设晶圆厂：台积电在亚利桑那州，三星在德克萨斯州，投入了数百亿美元为 Optimus 和 Robotaxi 构建 AI 算力。

Sorry. Yeah. Our suppliers have been great and they have made and are making tremendous investments in support of Optimus and Robotaxi and whatnot. Samsung and TSMC in particular are building fabs: TSMC in Arizona and Samsung in Texas, putting in tens of billions of dollars to build AI compute for Optimus and Robotaxi.

松下也投资了数十亿美元来增加电池电芯的产量。我今天有点不舒服，所以声音有点不对劲。但我们的合作伙伴一直很棒，我想感谢他们的支持、投资和辛勤工作。

Panasonic has also invested many billions in increasing battery cell production. I'm a little under the weather today, so I sound a bit off. But our partners have been great, and I'd like to thank them for their support, investment, and hard work.

好的，谢谢。也许只是作为——

Great. Thanks for that. And maybe just as a—

抱歉，Andrew。我们让 Kin 来补充一下。

Sorry, Andrew. We're going to have Kin hop in here for additional color briefly.

补充一下 Elon 的观点，三星的工厂将大量用于未来项目，这是一笔数十亿美元的巨额投资。我们看到同样规模的投资进入了内存领域，以及金属注射成型零件、柔性印刷电路等新技术，这些更多是针对机器人而非传统汽车供应链。在某些找不到优秀合作伙伴的情况下，我们从不犹豫进行内部制造，我们拥有非常强大的制造工程团队和设计团队来帮助扩大这些规模。

Just to add to Elon's point, the Samsung fab that's going to be pretty significantly dedicated to future projects is a massive multi-billion dollar investment. We're seeing the same level of investment going into memory and also new specificities like metal injection molded parts, flexible printed circuits, and all sorts of nonlinear technologies that are more based for the robot as opposed to the traditional vehicle supply chain. In certain cases where we don't find a great partner, we've never hesitated from insourcing it, and we have a very capable manufacturing engineering team and a design team that helps us scale those things.

我还要感谢美光为我们分配内存。他们将在内存分配上做出一些非常艰难的决定，我们非常感激美光在未来几年为特斯拉腾出空间，并在当前内存价格相当离谱的情况下，以合理条款给我们非常可观的分配。

I'd also like to thank Micron for giving us memory allocation. They're going to make some very tough decisions on memory allocation, and we really appreciate Micron making room for Tesla in the years to come and giving us very significant allocation on reasonable terms, given the pretty insane pricing of memory these days.

太好了，非常感谢这些补充。也许接下来是关于自动驾驶出租车的后续问题。你们在准备好的发言中提供了很多很棒的信息，但似乎各州层面正在围绕传感器要求制定一些不断变化的法规。所以我很想知道，在考虑你们的部署时，你们希望从监管机构那里看到什么或需要什么，以确保某些监管可能是好的，但又不希望过度监管。你们期望看到什么？你们希望看到什么来确保这件事以恰当的方式进行？我们有 Lars 在线。Lars，如果你不介意的话，请回答这个问题。

Great. Really appreciate that color. And maybe just my follow-up on robo taxis. You guys gave a lot of great information in your prepared remarks, but there seems to be some evolving regulations at the state level potentially around sensor requirements. So I'm just curious, as you think about your own rollout, what do you want to see or what do you need to see from regulators to make sure that some regulation might be good, but you don't want it to be overregulated. What are you expecting to see? What do you want to see to make sure that this is done in a proper way? And we've got Lars on the line. Lars, if you wouldn't mind covering this one.

好的，当然。我认为谈到监管，尤其是在美国，我们已经取得了很大进展。联邦政府在 FMVSS 规则方面有很好的举措，朝着接受和采用纯自动驾驶汽车的方向发展，我非常感谢 NHTSA 在这方面的支持。在州与州层面，显然新泽西的情况有点令人沮丧。我认为最终，正如 Elon 在开场白中所说，我们真正关注的是车辆的性能，这将推动监管机构和公众接受它。最好的监管是给公司和创新者设定一个目标或任务，让我们自己找出解决方案。当我们看到那些在问题确定之前就提供解决方案的监管时，我们真的不欣赏。但正如特斯拉一直并将继续做的那样，我们会让性能自己说话。我认为 Elon 已经非常清楚地展示了这一点，这将是我们未来扩张的基础。

Yeah, sure. I think we talk about regulation, particularly in the US, we've made a lot of headway. Good initiatives from the federal government in terms of the FMVSS rules moving towards acceptance and adoption of purely built AVs, and I really appreciate the support from NHTSA on that. When it comes to state-to-state level, obviously the stuff in New Jersey is a little bit disheartening. I think ultimately, as Elon said in his opening remarks, we really focus on the performance of the vehicle, and that's what's going to drive regulators and the public to adopt it. The best regulations are those that provide companies and innovators with a goal or a task and allow us to figure out the solution. When we see regulations that provide a solution before identifying the problem, we really don't appreciate those. But as Tesla always has and will continue to do, we'll let our performance speak for itself. I think Elon showed that out really clearly, and that will be the foundation of our expansion moving forward.

好的，谢谢你的问题。

Great. Thanks for the questions.

非常感谢。我们再次尝试连线 RBC 的 Tom。Tom，你能解除静音并尝试发言吗？不幸的是，Tom，我们看到你已解除静音，但听不到你的声音。所以我们只能让你回到队列中。下一位是来自美银的 Alex。Alex，请尽快解除静音。

Thanks so much. We're going to try Tom again from RBC. Tom, can you unmute and try to speak, please? Unfortunately, Tom, we see you unmuted, but we're not hearing you. So we're going to have to send you back into the queue. Next is Alex from Bank of America. Alex, as soon as you can please unmute yourself.

嘿，谢谢回答我的问题。实际上只是关于自动驾驶出租车的几个后续问题。我想投资者应该关注哪些里程碑，这些里程碑会促使你们加速车队规模扩张或市场部署？是进一步的安全验证，比如每事故行驶里程，还是其他什么？另外，你们是否会考虑与第三方分销合作伙伴（如拼车提供商）合作以提高利用率，还是目前的计划是让自动驾驶出租车完全垂直整合？谢谢。

Hey, thanks for the questions here. Just a few follow-ups on robo taxi actually. I guess what milestone should investors be watching from here that would cause you to accelerate your fleet scaling or market deployments? Is it further safety validation like miles driven per incident, or something else? And then would you ever consider third-party distribution partnerships such as with ride-share providers to increase utilization, or is the plan for now to keep robo taxi fully vertically integrated? Thanks.

是的，我们预计会像业务其他部分一样，对自动驾驶出租车进行垂直整合。所以我认为自动驾驶出租车不会面临需求挑战。其经济性将非常引人注目，以至于使用该服务的愿望将远超我们满足需求的能力。所以在这种情况下显然只能垂直整合。因此，真正的问题只是经历我们所说的可靠性九的进程。你需要多少个九的可靠性才能扩大规模？理想情况下，你希望达到 99.9999% 的可靠性。所以这是唯一真正限制我们自动驾驶出租车增长的因素。

Yeah, I mean we expect to be vertically integrated with robo taxi as we are in the rest of our business. So I don't think we're going to have any demand challenges with robo taxi. The economics will be so compelling that we will really have a lot more desire to use the service than we can service the demand. So obviously you just go vertical in that situation. So it's really just about going through what we call the march of nines of reliability. You need how many nines of reliability to scale? Ideally you want 99.9999 percent reliable. So that's the only thing really constraining our growth in robo taxi.

好的，谢谢 Elon。下一个问题来自富国银行的 Colin。Colin，请准备好后解除静音。

Great. Thanks Elon. The next question is going to come from Colin at Wells Fargo. Colin, please unmute yourself when you're ready.

哦，太好了。谢谢回答我的问题。有很多关于 SpaceX 和特斯拉以某种方式合并的讨论。我的意思是，今天已经有很多合作了。Elon，你最终是否看到合并公司带来的协同效应？从你的角度来看，随着时间的推移，这有意义吗？

Oh, great. Thanks for taking my questions. There's been a lot of chatter about SpaceX and Tesla combining in some way. I mean, a lot of collaboration already today. Elon, do you see synergies eventually from combining the companies? Does that make sense from your perspective over time?

嗯，正如你从与 SpaceX 在许多方面的众多合作中所看到的，重叠越来越多。尤其是 Terraab，这将是一个巨大的项目。但显然，我们不能在电话会议上谈论合并公司之类的事情。这必须通过适当的程序进行。就此，我将把问题交给我们的总法律顾问 Brandon。

Well, as you can tell from all the many collaborations on so many fronts with SpaceX, there's more and more overlap. Especially with Terraab, that's going to be a gigantic project. But obviously, we can't talk about combining companies and that kind of thing on a call. It's got to be done with the appropriate process. With that, I'll turn it over to Brandon, our general counsel.

是的。不，谢谢 Elon。完全正确。我们继续受益于与 SpaceX 的关系，他们一直是一个很好的合作伙伴。我们与他们有许多有益的交易。今年早些时候，我们通过一项投资和框架协议加深了关系。这将使我们能够继续与他们合作，开展 Elon 提到的项目，如 Terraab 和 Digital Optics。

Yeah. No, thanks, Elon. And that's exactly right. We continue to benefit from our relationship with SpaceX, and they've been a great partner. We have numerous beneficial transactions with them. Earlier this year, we deepened our relationship through an investment and a framework agreement. This will allow us to continue to work with them on projects that Elon mentioned like Terraab and Digital Optics.

是的，还有很多其他事情。

Yeah. And then there's many other things too.

显然，车里已经有 Grok 了。Grok 正在帮助驱动数字版 Optimus。Starlink 也正在集成到 Cybercab 中，并且 Starlink 将集成到我们所有车辆中，至少在 Starlink 活跃的市场是这样。因为对于无人驾驶出租车场景，你需要无处不在的覆盖。即使在硅谷，也有很多地方蜂窝信号很差甚至没有，这令人惊讶。但我开车上班时，前 10-15 分钟根本无法打电话，因为蜂窝连接太差了。所以我们不能让无人驾驶出租车陷入这些蜂窝信号缺失的百慕大三角。Starlink 具有在任何地方提供连接的能力，因此非常重要。这样无人驾驶出租车就不会错过任何动作。而且显然，如果人们坐在车里，他们会想做高生产力的事情或娱乐。通过 Starlink，你可以在车里观看完整的 4K 体育直播，每 GB 数据的成本非常低，这通过蜂窝系统是根本不可行的。还有很多其他场景。

Obviously, you've got Grok in the car. And Grok is helping drive digital Optimus. You've also got Starlink being integrated into the Cybercab, and Starlink will be integrated into all of our vehicles, at least for markets where Starlink is active. Because for a robotaxi situation, you need to have coverage everywhere. There are many places, even in Silicon Valley, where cellular coverage is terrible or sometimes non-existent, which is surprising for Silicon Valley. But when I drive to work, the first 10-15 minutes I can't actually do any calls because the cell connectivity is so bad. So we can't have robotaxis getting stuck in these Bermuda triangles of lack of cellular connectivity. Starlink, with its ability to do connectivity anywhere, is actually quite important. So we don't have robotaxis missing an action. And then obviously, if people are sitting in the car, they're going to want to do high productivity stuff or entertainment. With Starlink, you can watch full 4K live sports in the car with very low cost per gigabyte of data, which is really not feasible via the cellular system. And there are many other situations.

是的。我的意思是，就像 Ashok 提到的 Cybercab 那样，对吧？在一个你不需要专注于驾驶的世界里，体验很棒，你在车里一直有所有娱乐时间，无论是开电话会议、看电影还是其他任何事情。这就是为什么如果你看 Cybercab 的设计，它有一个大屏幕。我们已经在奥斯汀工厂开始提供 Cybercab 试乘体验。当你经历那种体验时，不久客户就能体验到，然后你就会明白为什么这种连接变得如此重要。

Yeah. I mean, I would say think of it like Ashok was mentioning about Cybercab, right? That the experience is great in a world when you don't have to focus on driving, you have all the play all the time in the car to do, whether it's a conference call, watch a movie, or anything. That's why if you look at the Cybercab design, it has a big screen. And we've started doing Cybercab rides in our factory in Austin. When you go through that experience, soon customers would be able to do it in the not too distant future, and then you'll understand why that connectivity becomes so important.

很好。Colin，你有后续问题吗？

Great. And then Colin, do you have a follow-up?

是的，关于无人驾驶出租车，我想追问一下。你看，从发布情况来看，你们一直在增加城市，但根据媒体报道，车辆数量仍然只有几十辆，而不是几百辆。为什么不在增加城市之前先在奥斯汀或一两个城市扩大规模？要在一个主要城市达到更高的数量，你们需要什么？增加更多车辆上路的障碍是什么？

Yeah, just if I follow up on robotaxi. You know, if I look at the launches, you've been adding cities, but the number of units is still, based on media reports, sort of in the dozens as opposed to hundreds. Why not just sort of scale up Austin or one or two cities before adding cities? And what do you need to sort of get that higher volume numbers in a major city? What is the roadblock to adding more vehicles on the ground?

是的，我们一直在不同城市扩张，而不是只在一个城市加倍投入，原因是我们想确保我们的技术栈非常通用。它确实是通用的。我们只是想向自己和他人证明，它在许多不同城市都能工作，而不需要每个城市投入太多精力。这是我们内部看到的情况。正如我之前提到的，增长率实际上是指数级的，只是处于指数早期，所以别人很难从里程与车辆数量的角度理解。因为这些运营无人驾驶出租车车队的车辆基本上是连续行驶的，而人类司机每天可能只开几个小时，这些车辆大部分时间都在运行。这意味着即使只有几辆车，你也可以获得大量里程。这就是为什么我们跟踪的是无监督里程，而不仅仅是车辆数量。我们希望运营一个非常高效的车队。因此，所有提高效率的工作使得每辆车在车队中能跑更多里程。

Yeah, the reason we have been expanding across different cities instead of just doubling down on a single city is that we want to make sure that our stack is a very general one. It is a general one. We just want to prove to ourselves and to other folks that it is working across a lot of different cities without too much effort per city. And that's what we see internally. And as I mentioned earlier, the growth rate has been literally exponential, just it's in the early part of the exponential, that's why it's hard for others to comprehend in terms of miles versus the vehicles. Since these vehicles operating the robotaxi fleet drive basically continuously, as opposed to human drivers who use vehicles for maybe a couple hours a day, these vehicles are in mostly continuous operation. That means that even for a few vehicles, you can get a lot of miles out of them. That's why we are tracking the amount of unsupervised miles, not just the number of vehicles. We want to be operating in a very efficient fleet. So all of the work that goes into the efficiency makes it even more so that we get a lot of miles per vehicle available in the fleet.

是的。再补充一点，我们正在努力扩大规模，并确保解决可能出现的各种问题。不仅有软件方面的问题，还有运营方面的问题，我们也在努力解决。这就是为什么我们试图拥有更广泛的足迹，以确保在真正大规模部署之前，我们能够以可控的方式在较小的车队中解决这些问题。

Yeah. And just to add further to this, we're trying to scale this and we're trying to make sure that there are different kinks which would be there. There are things not just on the software front, on the operation front which we're also trying to tackle. So that's why we're trying to have a broader footprint to try and make sure before we go really high in terms of deployment that we are able to sort these things out in a smaller fleet in a controlled manner.

是的。关于 Cybercab 需要注意的一点是，由于它是一个新的车辆底盘，我们需要积累特定于 Cybercab 的驾驶数据，然后才能大量上路。不像 Model 3、Model Y 和其他车辆，我们有数百万辆在路上，Cybercab 还没有。所以我们实际上必须用改装了方向盘、刹车、加速刹车踏板等装置的 Cybercab 来积累里程，以校准 Cybercab 底盘。所以你会看到，一旦我们对此有信心，Cybercab 的数量和覆盖城市将大幅增加。

Yeah. One of the things for Cybercab should be noted is because it is a new vehicle chassis, we need to accumulate driving data that is specific to the Cybercab before we can put a lot of them on the road. Unlike Model 3, Model Y and our other vehicles where we've got millions of vehicles on the road, we don't have that for Cybercab. So we actually have to accumulate miles with Cybercabs that are retrofitted with steering wheels and brakes, acceleration braking paddles, that kind of thing, to calibrate to the Cybercab chassis. So you'll see as we are confident about that, the number of Cybercabs and cities will increase dramatically.

很好。下一个问题——哦，请继续。

Great. Our next question— Oh yeah, go ahead.

我只想补充一点。另一个原因是，交通监管情况因城市、州而异，没有联邦层面的框架。所以我们一个城市一个城市地扩张，是为了确保我们逐一满足所有要求，并尽一切可能满足每个城市的所有要求。因此，我们必须扩展到每个城市以满足这些要求，我们将继续这样做。结合 Ashok 和我所说的，我们将跟进规模化。

I can just add like one thought here. The other reason I just want to point out is that transportation regulatory situations are different city by city, state by state. There is not a federal framework to do that. So the reason we're expanding city by city is to make sure that we're meeting all of those one at a time and we're satisfying all of the requests of each individual city in every way we can. So we have to expand to each city to meet those requirements, and we'll continue to do so. And to all of what Ashok and I said, we'll follow up the scaling.

谢谢，Lars。下一个问题来自 Lightshed 的 Walt。Walt，请解除静音。

Thanks, Lars. The next question is from Walt from Lightshed. Walt, please unmute yourself.

谢谢。对 Lars 的评论有一个快速跟进。NHTSA 局长 Jonathan Morrison 刚刚在 CNBC 上表示，他已经在尝试取消踏板，他说了某个词我忘了，但似乎他想取消方向盘。这似乎是一个关键因素，但在联邦层面，你们还需要其他东西来真正解锁提升 Cybercab 产量的能力吗？

Thanks. Just a quick follow-up for that Lars comment. I mean, the NHTSA administrator Jonathan Morrison was just on CNBC. He already was trying to get rid of the pedal and said, I forget his exact term, but seemed like he wanted to get rid of the steering wheel. It seemed like that would be a gating factor, but is there other things that you need at the federal level to really unlock your ability to ramp Cybercab?

简短的回答是：不。我认为我们与 NHTSA 的关系很好，尤其是与局长 Morrison。我认为他们只是在顺应公众的期望和世界已知的趋势，并努力保持领先，确保他们采取正确的措施。过去几年里，我们一直对他们坦诚相待，告知我们的计划和正在做的事情。

I mean, the short answer is no. I think we have a great relationship with NHTSA and especially Director Administrator Morrison. And I think they're just following through with what the public wants and the world knows is coming, and they're trying to stay ahead of it and make sure that they're doing the right things in place. We've been open and honest with them for the last couple years about what our plans were and what we're doing.

明白了。再问一个路线图方面的问题。Starlink 显然已经集成到了 Cyber Cab 里，你们刚才也提到了用来看电影的连接能力，但反过来呢？Cyber Cab 能不能成为 Starlink 移动版的远程热点？另外，关于 Semi 的路线图，你预计什么时候会考虑在 Semi 上实现自动驾驶？因为考虑到我们国家目前的状况，自动驾驶卡车这个市场似乎也相当大，而且需求很迫切。

Got it. And then just a kind of roadmap question I guess. Starlink is obviously integrated in Cyber Cab and you guys just talked about the connectivity for watching movies but what about the flip side of that? Can the Cyber Cabs become remote hotspots for Starlink mobile? And then similarly roadmap question on the semi: when do you anticipate looking at autonomy for the semi? Because that seems like a pretty sizable market as well in terms of autonomous trucking and the need for it given what's going on in our country right now.

是的，完全正确。正如你提到的，目前卡车司机严重短缺。没有足够的人愿意开卡车，而卡车对于全美的运输至关重要。因此，自动驾驶 Semi 对于解决卡车司机短缺问题将非常重要。显然，它还能极大地提升安全性，让卡车司机的工作更轻松。使用特斯拉 Semi 的自动驾驶卡车将大幅提高安全性和舒适度。由于特斯拉 Semi 的总产量仍然很低，即使到今年年底，它在我们整个车队中的占比也会非常小，所以把自动驾驶研发重点放在高产量车型上——Model 3 和 Y，以及 Cyber Cab——是合理的，目标是实现通用的无监督自动驾驶。我们预计大约在今年年底或明年年初让特斯拉 Semi 实现自动驾驶。但我不想让它分散我们在 Model 3、Y 和 Cyber Cab 上自动驾驶安全性的“九级”进程。因此，未来 6 个月左右，自动驾驶 Semi 会稍微退居次要位置，但明年肯定能投入使用，并赶上特斯拉 Semi 的高产量爬坡。关于通信，我认为有一个有趣的角度：你可以把特斯拉汽车上的 Starlink 终端当作某种蜂窝塔或连接塔，在地面上为手机和任何需要 Wi-Fi 的人提供中继。不过，这是另一个话题了，显然我们也可以用固定式的 Starlink 终端来实现这一点。

Yeah, absolutely. As you alluded to, there is a really serious shortage of truckers. There just aren't enough people who want to drive trucks, which are crucial for transport throughout America. So an autonomous semi is actually going to be very important to address the shortage of truck drivers. And obviously it will be great for improving safety and making it easier on truck drivers. Having a self-driving semi will dramatically improve safety and comfort for truck drivers who use the Tesla Semi. Since the total number of units of the Tesla Semi is still low and will continue to be a very small percentage even by the end of this year of our total vehicle fleet, it makes sense for us to focus our self-driving efforts on our high-volume vehicles: Model 3 and Y, and solving self-driving for those vehicles and Cyber Cab, getting to the point where it's a generalized unsupervised self-driving. So we expect to get self-driving working on the Tesla Semi probably around the end of this year or early next year. But I just don't want it to be a distraction on the march of nines of self-driving safety for Model 3, Y, and Cyber Cab. So it's taking a bit of a backseat for the next 6 months or so for autonomous semi, but it will definitely be working next year and in time for the scale-up to high production of the Tesla Semi. For communications, I think there's an interesting angle where you could use the Starlink terminals in the Tesla cars as sort of cell towers or connectivity towers for providing relays on the ground to cell phones and to anyone who would like Wi-Fi. But yeah, I mean this is a different subject, but obviously we could do that with the stationary Starlink terminals too.

好的。下一个问题来自 Truist 的 Will。Will，请解除静音。

All right. Our next question is going to come from Will at Truist. Will, please unmute yourself.

太好了，非常感谢你回答我的问题。Elon，你之前稍微透露了一点关于 Optimus 的供应链情况，强调了它的难度。我们很想知道，你倾向于自己为 Optimus 制造半导体吗？当我们想到将要使用的微处理器、微控制器、执行器和其他半导体时，我发现很多都是市面上可以买到的。你可以选择自行设计一部分，但交由第三方晶圆厂制造；也可以选择自己设计和制造。我们应该如何看待你在这些不同方式下采购这些组件的倾向？

Great. Thanks so much for taking my question. Elon, you teased us a little bit about the supply chain relative to Optimus, highlighting how difficult it's going to be, but we'd be really interested to understand what your propensity is to manufacture semis for this yourself. When we think about microprocessors, microcontrollers, actuators, and other semiconductors that are going to be used, it occurs to me that you have many that are commercially available. You have an option to design some but have them made at third-party fabs. You also have the option potentially to design and make them yourself. What should we think about your propensity to source these components in these different manners?

你指的是制造微控制器以及车里控制转向系统和制动系统的各种计算机吗？

You're talking about like making microcontrollers and the various computers that are in the car that operate the steering system and the braking system?

我说的是 Optimus，不是汽车。

I'm talking about for Optimus, not for the car.

是的，Optimus 有很多非常专业的电力电子设备和电路板。这些都是特斯拉设计的，但由供应商制造。对于将在奥斯汀生产的 Optimus 4，其供应链将更加垂直整合。我们的目标是让 Optimus 4 的产量比 Optimus 3 高一个数量级——理想情况下是每年 1000 万台，而 Optimus 3 是每年 100 万台。但前提是，大规模生产极其困难。Optimus 4 的垂直整合程度会高得多，所以可能会在内部完成大量的 PCV 工作。

Yeah, Optimus has a lot of really specialized power electronics and circuit boards. It's all Tesla design stuff, but it is fabricated by suppliers. For Optimus 4, which will be built in Austin, that will be a much more vertically integrated supply system. We'd aim to have an order of magnitude more production of Optimus 4 than Optimus 3 — sort of aspirationally 10 million units a year versus a million units a year of Optimus 3. But with all the caveats there — it's insanely difficult to scale production. And Optimus 4 will be much more vertically integrated, so probably doing a lot of the PCV work in-house for that.

作为后续问题，首先你能谈谈 Optimus 4 何时开始生产吗？但我真正想问的是，计划将 Hardware 3 升级到 Hardware 4，以便能够处理 FSD 的 15 版本及未来版本。这个对车辆进行硬件升级的计划还在吗？

As a follow-up, first maybe you could talk about the timing as to when Optimus 4 should start production. But the actual follow-up I wanted to ask was the plan to upgrade Hardware 3 to Hardware 4 in order to be able to process version 15 and future versions of FSD. Is that still the plan to do hardware upgrades on the cars?

我认为升级所有低于 Hardware 4 的车辆是有意义的，几乎所有带摄像头的车都值得升级，否则可能需要太多改装。但对于任何配备摄像头的车辆，从财务角度看，在某个时间点升级是合理的。我们想把它们升级到下一代 AI 板。所以要么是升级版的 AI4 芯片，比 AI4 有适度改进，大概明年年中投产；还有 AI5，希望明年年底能实现量产。AI5 将首先用于 Optimus。我们进展非常顺利。特斯拉芯片团队做得非常出色，在 AI5 上进展极快。我对特斯拉 AI6 芯片的设计感到非常兴奋。我认为它将成为世界上最好的边缘计算芯片。如果有人有更好的，我很想见见那个人，和他握握手，因为 AI6 芯片实在太棒了。所以芯片方面进展非常顺利。再次感谢台积电、三星和美光的支持。

I think it's going to make sense to upgrade all cars that have less than Hardware 4, almost any car that has cameras, because otherwise it would probably require too many modifications. But anything that's set up for cameras, it'll be financially sensible at some point to upgrade them. I think we'd want to upgrade them to the next generation of AI board. So it would be either an upgraded AI4 chip that's a moderate improvement over AI4, probably reaching production around the middle of next year. And then there's also AI5, which hopefully is in volume production around the end of next year. AI5 will initially go into Optimus. We're making very good progress. The Tesla chip team is really doing great work and making incredibly fast progress on AI5. I'm very excited about the design of the Tesla AI6 chip. I think it's going to be the best edge computing chip in the world. And if somebody's got a better one, I'd like to meet that person to shake their hand, because the AI6 chip is just so good. So I think it's going really well on the chip front. And again, I'd like to thank TSMC, Samsung, and Micron for the support.

好的。我们快到整点了，但尽量让 Dan 提问。来自 Barclays 的 Dan，请解除静音。

Great. We are coming up on the hour, but we're going to try to squeeze Dan in. So from Barclays, Dan, please unmute yourself.

太好了，谢谢。我想问一下资本支出的节奏和路径。

Great. Thank you. I'd like to ask about the pace and path of capex.

埃隆，你过去说过你会尽可能多地投入，但效率似乎是制约因素。在当前的资本支出周期中，你的支出速度在多大程度上是因为再多花钱就会变得低效而受到限制？资本支出速度又在多大程度上是解锁不同供应限制的主要决定因素？

Elon, in the past you've said that you'll spend as much as you can, but efficiency seems like the gating factor. To what extent is your pace of capex capped simply because spending more would be inefficient? And to what extent is the pace of capex the primary determinant in unlocking supply constraints?

是的，这是个好问题。我已经要求特斯拉团队尽可能快地投入资本支出，只要不是太浪费就行。我并不追求极高的资本效率，因为那会拖慢进度。这是在资本效率和时间之间取得平衡。如果能更快完成任务，资本效率稍低一些也没关系，因为这会为公司带来更高的净现值。总体而言，我对目前的进展相当满意。我们同时在许多不同领域进行大量的建设和产能增长。我认为从来没有一家公司做到过这种规模。也许可以追溯到亨利·福特生产 Model T 的时代，或者二战期间公司扩大武器生产的时候，但我认为这是美国自二战以来最快的工业规模化。

Yeah, it's a good question. I've asked the Tesla team to spend on capex as fast as we can without it being too wasteful. I'm not aiming for extremely high capital efficiency because that would slow things down. It's a balance between capital efficiency and time. It's okay to be a little less capital efficient if we get things done sooner, because that yields a higher NPV for the company. Overall, I'm pretty happy with how things are going. We're doing an incredible amount of construction and production growth simultaneously. I don't think there's ever been a company that has done this at this scale. Maybe proportionately back when Henry Ford did the Model T, or during World War II when companies scaled up weapons production, but I think this is the fastest industrial scale-up since World War II in America.

是的。我想补充一点。基本上，我们所有的资本支出都用于生产性资产。我们正在扩大工厂规模，无论是 Optimus、CyberCab、今年早些时候投产的 LFP 工厂、Semi 工厂，还是建设半导体工厂。我们也在努力在美国增加大量太阳能制造。

Yeah. And I will just add a little bit on that. Basically, all our capex spend is on productive assets. We're scaling factories, whether it's Optimus, CyberCab, the LFP factory that went into operation earlier this year, the semi factory, or even putting in a semiconductor fab. We are also trying to get a lot of solar manufacturing in the US.

是的，顺便说一句，这一点被低估了。请继续。

Yeah, this is underrated, by the way. Please go ahead.

是的，我想说的是，美国太阳能制造的规模我们将提升一个数量级。这些事情都不容易。要建工厂，你必须从零开始。我们最终成为几乎所有建筑设施的总承包商，因为我们做的工程太多了。

Yeah, I was going to say, basically the amount of solar manufacturing in the US we're going to multiply by an order of magnitude. None of these things are easy. To build a factory, you have to start from ground zero. We end up being the general contractor for almost all our construction facilities because we are doing that much construction.

所以回到埃隆所说的，我们正在以非常快的速度推进。我们同时在做很多事情，这就是为什么我们必须以人类在现实世界中能实现的最快速度前进。

So going back to what Elon was saying, we're going at a very rapid scale. We are doing a lot of things all at the same time, and that's why we have to go as fast as we can humanly make things work in the real world.

是的，我认为我们的资本支出效率是超乎寻常的。很好。

Yeah, our capex efficiency, I think, is off the scale. Great.

好的。丹，你还有后续问题可以收尾吗？

All righty. And then Dan, yeah. Did you have a follow-up that we can wrap up with?

是的，也许就一个关于储能的问题。在可预见的未来，储能会在多大程度上受到供应限制？目前的部署在多大程度上是用于公用事业典型的削峰填谷，还是用于解决数据中心因电力使用剧烈波动而带来的电能质量问题——你们在软件电力电子方面有优势。数据中心和更广泛的公用事业削峰之间的需求曲线是怎样的？

Yeah, maybe just a quick question on energy storage. To what extent is energy storage going to be supply-constrained for the foreseeable future? And to what extent are deployments currently for typical peak shaving at utilities versus addressing power quality issues for data centers, given the sharp fluctuations in power use where you have an advantage with software power electronics? What is that demand curve between data centers and broader peak shaving for utilities?

嗯，目前主要还是用于电网平衡，而不仅仅是削峰填谷。电池在平衡风能和太阳能发电方面非常出色。太阳能加电池的组合将是未来世界上绝大多数能源的生产方式。所有星链卫星已经就是这样供电的，使用太阳能板和电池。你可以把地球想象成一个巨大的卫星。太阳提供的能量远远超过其他任何来源。电力限制已经是人工智能的一个主要问题。人工智能计算需求如此之高，以至于即使是超大规模云服务商也在为启动人工智能计算和寻找电力而发愁。在训练运行期间，电力消耗会在极短时间内剧烈波动。在一次训练运行中，功耗可能在 100 毫秒内下降 70%。你需要快速响应的先进电力电子设备来平滑这些巨大变化。这就是为什么 SpaceX 为数据中心购买了这么多 Megapack，主要是为了平滑训练运行期间的电力。但它也有助于从电网获得更多电力。如果你告诉公用事业公司，由于电池可以处理，他们不需要在最糟糕的日子里的最糟糕时段供电，那会让他们更容易为你供电。事实上，在美国扩大总能源产量的最佳方法就是使用电池。美国约有 1.2 或 1.3 太瓦的发电能力，但平均用电量只有 0.5 太瓦。所以发电量是平均用电量的 2.5 倍。这意味着仅凭电池，你就有可能将美国的可用能源翻倍。所以我们看到未来对 Megapack 的需求会非常高。

Well, it's still mostly for grid balancing, not just peak shaving. Batteries are awesome for balancing power from wind and solar generation. The solar-battery combination will be how the vast majority of energy in the world is produced in the future. That's already how all Starlink satellites are powered, with solar panels and batteries. You can think of Earth like a giant satellite. There's far more power available from the sun than anything else. Power constraints are already a major issue for AI. AI compute demand is so high that even hyperscalers are having trouble turning on their AI compute and finding power. For training runs, power cycles dramatically in a very short period of time. During a training run, power consumption can drop by 70% for 100 milliseconds. You need fast-acting advanced power electronics to smooth out these massive changes. That's why SpaceX has bought so many Megapacks for data centers, mostly for smoothing power during training runs. But it will also be useful for getting more power from the grid. If you tell utilities that they won't need to supply power during the worst hours of the worst days because batteries can handle it, that makes it easier for them to give you power. In fact, the best way to scale total energy production in the US is simply using batteries. There's about 1.2 or 1.3 terawatts of power production capacity in the US, but average usage is only half a terawatt. So you have two and a half times as much generation as average usage. That means you could potentially double the energy available for the US just with batteries. So we see demand for Megapacks being very high in the future.

好的。今天的问答时间就到这里。感谢大家的问题，我们期待下个季度再与大家交流。非常感谢。

All righty. That is all the time we have for today for Q&A. We appreciate everyone's questions and we look forward to talking to you next quarter. Thank you very much.

谢谢大家。

Thanks everyone.