Tesla (TSLA) Q1 2024 Earnings Call Transcript财报电话会议记录.docx

Tesla,Inc.(TS1.A)Q12024EarningsCallTranscriptApr.23,202410:30PMETTesla,Inc.(TS1.A)Stock,TS1.A:CAStockCompanyParticipantsMartinViecha-VicePresident-InvestorRelationsElonMusk-ChiefExecutiveOfficerVaibhavTaneja-ChiefFinancialOfficer1.arsMoravy-VicePresident-VehicleEngineeringAshokElluswamy-Director-AutopilotSoftwareConferenceCallParticipantsTonySacconaghi-BernsteinAdamJonas-MorganStanleyAlexPotter-PiperSandlerMarkDelaney-GoldmanSachsColinRusch-OppenheimerBenKallo-BairdShreyasPatil-WolfeResearchMartinViechaTesla'sFirstQuarter2024Q&AWebcast.MynameisMartinViecha,VPofInvestorRelations,andmjoinedtodaybyElonMusk,VaibhavTaneja,andanumberofotherexecutives.OurQ1resultswereannouncedatabout3.00p.m.CentralTimeintheUpdateDeckwepublishedatthesamelinkasthiswebcast.Duringthiscall,wewilldiscussourbusinessoutlookandmakeforward-lookingstatements.Thesecommentsarebasedonourpredictionsandexpectationsasoftoday.Actualeventsandresultscoulddiffermateriallyduetoanumberofrisksanduncertainties,includingthosementionedinourmostrecentfilingswiththeSEC.Duringthequestion-and-answerportionoftoday'scall,pleaselimityourselftoonequestionandonefollow-up.Pleaseusetheraisehandbuttontojointhequestionqueue.ButbeforewejumpintoQ&A,Elonhassomeopeningremarks.Elon?ElonMuskThanks,Martin.SotorecapinQ1wenavigatedseveralunforeseenchallengesaswellastherampoftheupdatedModel3inFremont.Therewas,asweallhaveseen,theEVadoptionrategloballyisunderpressureandalotofotherautomanufacturersarepullingbackonEVsandpursuingplug-inhybridsinstead.Webelievethisisnottherightstrategyandelectricvehicleswillultimatelydominatethemarket.Despitethesechallenges,theTeslateamdidagreatjobexecutinginatoughenvironmentandenergystoragedeployments,theMegapackinparticular,reachedanalltimehighinQ1,leadingtorecordprofitabilityfortheenergybusiness,andthatlookslikelytocontinuetoincreaseinthequartersandyearsahead.Itwillincrease.Weactuallyknowthatitwill,sosignificantlyfasterthanthecarbusinessasweexpected.WealsocontinuetoexpandourAltrainingcapacityinQ1,morethandoublingourtrainingcomputesequentially.Intermsofthenewproductroadmap,therehasbeenalotoftalkaboutourupcomingvehiclelineinthenext-inthepastseveralweeks.We'veupdatedourfuturevehiclelineuptoacceleratethelaunchofnewmodelsahead,previouslymentionedstartupproductioninthesecondhalfof2025,soweexpectittobemoreliketheearly2025,ifnotlatethisyear.Thesenewvehicles,includingmoreaffordablemodels,willuseaspectsofthenextgenerationplatformaswellasaspectsofourcurrentplatforms,andwillbeabletoproduceonthesamemanufacturinglinesasourcurrentvehiclelineup.Soit'snotcontingentonanynewfactoryormassivenewproductionline.It'llbemadeonourcurrentproductionlinesmuchmoreefficiently.Andwethinkthisshouldallowustogettoover3millionvehiclesofcapacitywhenrealizedtothefullextent.RegardingFSDVersion12,whichisthepureAl-basedself-driving,ifyouhaven'texperiencedthis,Istronglyurgeyoutotryitout.It'sprofoundandtherateofimprovementisrapidso-andwe,venowturnedthatonforallcarswiththecamerasandinferencecomputerandeverythingfromHardware3oninNorthAmerica.Andsoit'sbeenpushedoutto,Ithink,around1.8millionvehiclesandwe'reseeingabouthalfofpeopleuseitsofarandthatpercentageisincreasingwitheachpassingweek.Sowenowhaveover300billionmilesthathavebeendrivenwithFSDV12.Sincethelaunchoffullself-driving,supervisedfullself-driving,it'sbecomeveryclearthatthevision-basedapproachwithendtoendneuralnetworksistherightsolutionforscalableautonomy.It'sreallyhowhumansdrive.Ourentireroadnetworkisdesignedforbiologicalneuralnetsandeyes.Sonaturallycamerasanddigitalneuralnetsarethesolutiontoourcurrentroadsystem.Tomakeitmoreaccessible,we'vereducedthesubscriptionpriceto$99amonth,soit'seasytotryout.Andaswe'veannounced,we'llbeshowcasingourpurpose-builtrobotaxi,orCybercab,inAugust.Yes.RegardingAlcompute,overthepastfewmonths,we'vebeenactivelyworkingonexpandingTesla'scoreAlinfrastructure.Forawhilethere,weweretrainingconstrainedinourprogress.Weare,atthispoint,nolongertrainingconstrainedandsowe'remakingrapidprogress.We'veinstalledandcommissioned,meaningthey'reactuallyworking35,000H100computersorGPUs,GPUiswrongword,theyneedanewword.IalwaysfeellikeawincewhenIsayGPUbecauseit'snot-GPUstands-Gstandsforgraphics,anditdoesn'tdographics.Butanywayroughly35,000H100sareactive,andweexpectthattobeprobably85,000orthereaboutsbytheendofthisyearandtraining,justfortraining.Wearemakingsurethatwe'rebeingasefficientaspossibleinourtraining.It'snotjustaboutthenumberofH100s,buthowefficientlythey'reused.Soinconclusion,we'resuperexcitedaboutourautonomyroadmap.Ithinkitshouldbeobvioustoanyonewho'sdrivingVersion12andittellsthatthatitisonlyamatteroftimebeforeweexceedthereliabilityofhumansandnotmuchtimewiththat.Andwe'rereallyheadedforanelectricvehicle,anautonomousfuture.AndllgobacktosomethingIsaidseveralyearsagothatinthefuture,gasolinecarsthatarenotautonomouswillbelikeridingahorseandusingaflipphone.Andthatwillbecomeveryobviousinhindsight.WecontinuetomakethenecessaryinvestmentsthatwilldrivegrowthandprofitsforTeslainthefutu