Brandon EhrhartCan I have your attention, please? We are just about ready to start our program. Please find your seats. Thank you. Welcome back to Texas, the home of Tesla.请注意，我们马上就要开始了。请各位就座。谢谢。欢迎回到德克萨斯，Tesla 的家园。
Brandon EhrhartMy name is Brandon Ehrhart. I’m the general counsel and corporate secretary, and welcome to your twenty twenty five Annual Shareholder Meeting. Similar to last year, this meeting will have two parts. We’ll go through the fourteen ballot items and the second part, Elon Musk. Today, we will discuss business outlook and may make other forward looking statements.我叫 Brandon Ehrhart，是公司法律顾问兼公司秘书，欢迎参加 2025 年年度股东大会。与去年类似，本次会议分两个部分：我们将逐一审议 14 项议案，第二部分由 Elon Musk 主讲。今天，我们将讨论业务展望，也可能发表其他前瞻性陈述。
Brandon EhrhartSuch statements or predictions are based on current expectations. Actual events or results may differ materially due to a number of risks and uncertainties that are disclosed in our SEC filings. Such forward looking statements represent our views as of today and should not be relied on thereafter. We make no obligation to update them after today.此类陈述或预测基于当前预期。由于我们 SEC 文件中披露的若干风险和不确定因素，实际事件或结果可能与之存在重大差异。此类前瞻性陈述代表我们截至今日的观点，此后不应依赖。我们今天之后不承担任何更新义务。
Brandon EhrhartI would like to welcome members of the Tesla team here, members of PricewaterhouseCoopers and members of our Board. Before we get started, why don’t we hear from Robin, our board chair.我谨向到场的 Tesla 团队成员、PricewaterhouseCoopers 成员以及董事会成员表示欢迎。在开始之前，让我们先听听我们的董事会主席 Robin 的发言。
Robyn DenholmWell, good afternoon, everyone. It’s wonderful to welcome you all to the twenty twenty five annual shareholder meeting. I apologize for my voice. I’ve been speaking to investors for the last couple of weeks, nonstop, I think.大家好。非常高兴欢迎大家出席 2025 年年度股东大会。抱歉我的嗓子有点问题，过去几周我一直在不停地与投资者交流，我想应该是说多了。
Robyn DenholmSo we here at Tesla could not continue to do the impossible without you, our shareholders. Our ongoing engagement with you all makes what we do possible. And I’m thrilled at how many of you made your voices heard this year as we aspire to create more value than any other company in history. Yes. Without your support, we could not have reached the heights that we’ve already demonstrated over our relatively short yet storied history.我们在 Tesla 能够不断做到不可能之事，离不开你们这些股东的支持。你们与我们的持续互动让我们的工作成为可能。今年有这么多人发声，我感到非常振奋——我们立志创造比历史上任何公司都更大的价值。没有你们的支持，我们不可能在相对短暂却辉煌的历史中攀上已有的高度。
Robyn DenholmAs we further expand our ambition in our quest to build a world of sustainable abundance, we are excited to continue this partnership. Tesla is at an inflection point. I think I’ve said that three thousand times over the last few weeks. And this last year has been a critical one in our history. I want to take some time to review the acknowledgments and achievements by the Tesla team of which I and my fellow directors are incredibly proud of.随着我们在追求构建可持续丰盛世界这一宏愿上不断扩张，我们很期待继续这段合作。Tesla 正处于一个拐点。我想过去几周我已经说了三千遍这句话了。过去这一年是我们历史上至关重要的一年。我想花点时间回顾 Tesla 团队的成就与荣耀，这些成就让我和各位董事同仁都无比自豪。
Robyn DenholmWe continue to redefine the automotive industry across production, customer experience, and ownership. Model Y was once again the best selling vehicle worldwide of any vehicle in twenty twenty four. And with the new Model Y released earlier this year, it’s now better than ever.我们持续重新定义汽车行业，从生产、客户体验到车辆所有权各个层面。Model Y 再度成为 2024 年全球销量第一的车型，没有任何车型能与之匹敌。今年早些时候推出全新 Model Y 之后，它比以往任何时候都更出色。
Robyn DenholmOur energy business continues to reach new heights, and we deployed thirty one gigawatt hours in twenty twenty four, more than double what we achieved in twenty twenty three. Fabulous. I love the energy business. And we are actively investing in both of these businesses as we aim to maximize their installed base of production globally. The installed base serves as the platform for our future value, and that creation, over time, Tesla will achieve through services such as robotaxi and virtual power plants powered by our real world AI.我们的储能业务持续创下新高，2024 年部署了 31 吉瓦时，是 2023 年的两倍多。太棒了。我非常喜欢储能业务。我们正积极投资这两项业务，目标是在全球范围内最大化已安装产能。已安装基础是我们未来价值的平台，随着时间推移，Tesla 将通过机器人出租车、由我们真实世界 AI 驱动的虚拟电厂等服务来实现这一价值创造。
Robyn DenholmIn twenty twenty four, through the use of our products, Tesla consumers avoided releasing nearly thirty two million metric tons of greenhouse gas emissions, and this is a seventy percent increase year over year. Our ability to avoid emissions will only accelerate from here as we displace larger volumes of fossil fuel based alternatives and increase the utilization of our products through AI.2024 年，通过使用我们的产品，Tesla 消费者避免了近 3200 万公吨温室气体排放，同比增长 70%。随着我们取代更多化石燃料替代品并通过 AI 提升产品利用率，我们避免排放的能力只会从这里进一步加速。
Robyn DenholmBut emission avoidance is not only the thing that we focus on here at Tesla. Improving safety has been paramount to our mission since day one. Our vehicles consistently achieve the highest safety standards when tested across the world, and that safety is increasingly enhanced with Autopilot technology.但减少排放不是我们在 Tesla 唯一关注的事情。从第一天起，提升安全性就是我们使命的重中之重。我们的车辆在全球各地测试中持续达到最高安全标准，而 Autopilot 技术正在进一步提升这一安全性。
Robyn DenholmIn twenty twenty four, our global fleet of vehicles experienced one crash after driving more than six point eight million miles. That’s amazing. Six point eight million miles. And to put that in context, that is ten times better or safer than the average driver in the US, ten times better, and in twenty twenty four, and is nearly double the safety performance of our Autopilot technology in twenty eighteen. With many enhancements we expect to make from here, we believe our autonomy technology will improve this performance by orders of magnitude.2024 年，我们的全球车队在行驶超过 680 万英里后，仅发生了一起事故。这太惊人了——680 万英里。换个角度来看，这比美国普通驾驶员安全 10 倍，整整 10 倍。而且与 2018 年我们 Autopilot 技术的安全表现相比，几乎提升了一倍。随着我们未来将要做出的诸多改进，我们相信自动驾驶技术将使这一表现再提升数个数量级。
Robyn DenholmSustainability extends beyond the impact of product use. The Tesla team continues to focus meticulously, evaluating each step on the product journey from raw material extraction to intermediate processing, manufacturing, delivery, product use, and the end of life, looking all the way through to making sure that we reduce our resource impact and resource use and bringing that to life across the entire sustainable and closed loop economy.可持续性不仅仅体现在产品使用的影响上。Tesla 团队持续精益求精，从原材料开采到中间加工、制造、交付、产品使用乃至报废，审视产品全生命周期的每一个环节，全力确保减少资源影响和资源消耗，并将这一理念贯穿于整个可持续的循环经济之中。
Robyn DenholmFor more details on what we do each and every day, I encourage you all to read the impact report. It is an amazing document, and it continues to improve over time in terms of what the team is doing.关于我们每天所做的工作，更多详情请大家阅读影响力报告。这是一份了不起的文件，而且随着团队持续努力，它也在不断进步。
Robyn DenholmAnd we are also laser focused on ensuring the resulting prosperity of our efforts can be shared by all. This applies to our employees, our customers, and even those who have yet to enjoy one of our products or engage with our company in any meaningful way. Tesla spends countless hours ensuring that we procure the most responsibly sourced and produced inputs. We maximize the safety of our operations and that all Tesla employees can benefit from the appreciation of our equity through our incentive programs and that we continue to bring down the cost of our fabulous products across the range, increasing that accessibility for all.我们同样全力以赴，确保我们努力所带来的繁荣能够惠及所有人。这适用于我们的员工、我们的客户，乃至那些尚未享用过我们产品或与我们公司有实质性往来的人。Tesla 花费大量时间确保我们采购最具责任感的原料和生产投入；最大化我们运营的安全性；让所有 Tesla 员工都能通过激励计划从公司股权增值中获益；并持续降低我们全系列出色产品的成本，让更多人触及得到。
Robyn DenholmAt the end of the day, we here at Tesla are working tirelessly to make the world a better place for all through innovation and grit. To our amazing employees, thank you for all of your hard work in achieving our mission. You are the beating heart of Tesla, and we cannot continue to deliver without you.归根到底，我们在 Tesla 的每个人都在不懈努力，通过创新和韧劲让世界变得更美好。致我们了不起的员工，感谢你们为实现使命付出的一切努力。你们是 Tesla 跳动的心脏，没有你们，我们无法继续前行。
Robyn DenholmTo the management team who never get a shout out, thank you for your huge effort. To our shareholders, all of you in the room and on the webcast globally, once again, thank you for your support. Please know that we are listening to you and are here to represent your interests. You are the owners of the company, and your voices, your perspectives, and your input are critical to what we do here at Tesla each and every day.致那些从未得到特别致谢的管理团队，感谢你们的巨大付出。致我们的股东，无论你们在场还是通过网络收看，再次感谢你们的支持。请知道，我们在倾听你们的声音，我们在这里代表你们的利益。你们是公司的主人，你们的声音、你们的视角和你们的意见，对我们在 Tesla 每天所做的一切至关重要。
Robyn DenholmMy fellow directors and I serve you as your fiduciaries and oversee Tesla’s mission, purpose, and strategy, and these responsibilities are in our minds every day. I would also like to take this opportunity to thank my fellow directors for their diligence, their dedication, and their tireless efforts.我与其他各位董事作为你们的受托人为你们服务，监督 Tesla 的使命、目标和战略，这些责任每天都在我们心中。我也想借此机会感谢各位董事的尽职尽责、全情投入和不懈努力。
Robyn DenholmChanging the world for the better is always accompanied by difficulties. And what I can say is that you can’t do it by checking the boxes and just reviewing PowerPoint presentations. Thank you for rolling up your sleeves, each and every one of our directors, the hard work that you do, lending your unique talents and delivering to our shareholders. Thank you.让世界变得更美好，道路上永远伴随着困难。我可以说的是，你不能靠打勾式审核和翻看 PowerPoint 幻灯片来做到这一点。感谢我们每一位董事卷起袖子、扎实苦干，贡献你们独特的才能，为我们的股东创造价值。谢谢你们。
Robyn DenholmOur accomplishments have been hard earned, and these last several years have not been without their challenges. We still have much to accomplish, and I believe that we have the right team, the right technologies, the right physical infrastructure to create a world that we’ve only just begun to imagine. The future is bright. Thank you. Now I’m going to hand it back to Brandon.我们的成就来之不易，过去这几年也并非一帆风顺。我们还有很多事情要做，但我相信我们拥有正确的团队、正确的技术、正确的实体基础设施，足以构建一个我们才刚刚开始想象的世界。未来一片光明。谢谢大家。现在我把话筒交还给 Brandon。
Brandon EhrhartThank you very much. Thank you, Robyn. I will now call the meeting to order. It is three twenty five pm, and I declare that the polls are now open.非常感谢，谢谢你，Robyn。我现在宣布会议开始。现在是下午 3:25，我宣布投票正式开放。
Brandon EhrhartWe have already received over the past few weeks voting proxies from our shareholders. However, if you wish to vote your shares now, you may do so on the online portal or with the ballot boxes you received at the front. Tesla has appointed Tony Carridio, a member of the Carridio Group, to serve as our Inspector of Elections.过去几周我们已经收到了股东委托投票。但如果您希望现在投票，可以通过在线门户或前台领到的投票箱进行。Tesla 已委任 Carridio Group 成员 Tony Carridio 担任本次选举监察员。
Brandon EhrhartIn addition, Broadridge Financial Solutions has certified that starting on September seventeen, twenty twenty five, the proxy materials or notice of Internet availability of the materials were sent out or mailed to shareholders of record as of September fifteen, twenty twenty five. We have a majority of the outstanding shares represented at the meeting, so I declare that a quorum is present.此外，Broadridge Financial Solutions 已证实，自 2025 年 9 月 17 日起，委托材料或互联网材料可用通知已向截至 2025 年 9 月 15 日的登记在册股东发出或邮寄。出席本次会议的股份已超过发行股份总数的多数，因此我宣布本次会议达到法定人数。
Brandon EhrhartWe now will proceed with the meeting. The items of the agenda are as follows. There are six Tesla proposals:我们现在将进行会议议程。议程项目如下。共有六项 Tesla 提案：
Brandon Ehrhart1. The election of our three Class III directors, Ira, Joe and Kathleen, to serve a term of three years until their successors are duly qualified.第一项：选举三位第三类董事 Ira、Joe 和 Kathleen，任期三年，直至其继任者依法合规就任。
Brandon Ehrhart2. To approve say on pay on a nonbinding advisory basis.第二项：以非约束性咨询方式批准薪酬表决。
Brandon Ehrhart3. To ratify the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for fiscal year twenty twenty five.第三项：批准任命 PricewaterhouseCoopers LLP 作为 2025 财年的独立注册公共会计师事务所。
Brandon Ehrhart4. To adopt amendments to our organizational documents to eliminate certain supermajority voting requirements.第四项：批准修订公司章程文件，以消除某些超级多数投票要求。
Brandon Ehrhart5. To amend and restate the twenty nineteen equity incentive plan.第五项：修订并重述 2019 年股权激励计划。
Brandon Ehrhart6. The twenty twenty five CEO performance plan to Elon Musk.第六项：授予 Elon Musk 的 2025 年 CEO 绩效计划。
Brandon EhrhartThe Tesla Board has recommended that all our shareholders vote for each of the director nominees and for the Tesla proposals except for the one on supermajority voting where no recommendation has been made.Tesla 董事会建议所有股东对各位董事候选人及所有 Tesla 提案投票支持，但关于超级多数投票的那一项除外，董事会对此未作建议。
Brandon EhrhartWe also have eight shareholder proposals that are described in our proxy statement. I’d like to remind the shareholders that Tesla’s Board has prepared a statement of opposition on each of them, except for the one regarding xAI . Those statements are in our proxy. Now let’s go through the shareholder proposals.我们还有八项股东提案，详见委托书。我想提醒各位股东，Tesla 董事会已对每项提案准备了反对声明，关于 xAI 的那一项除外。这些声明均已载于委托书中。现在让我们逐一审议股东提案。
Brandon EhrhartThe first one is an advisory vote regarding Board authorization of investment in xAI . Our Board has not made a recommendation on this. The shareholder proposal is proposed by Mr. Stephen Hawk, who I believe is here to present the proposal. Mr. Hawk?第一项是关于授权董事会投资 xAI 的咨询性表决。我们的董事会对此未作建议。该股东提案由 Stephen Hawk 先生提出，我相信他在场，请他来介绍提案。Hawk 先生？
Stephen HawkThank you so much. Good afternoon, ladies and gentlemen, fellow shareholders, Elon and esteemed Board members. Thank you for this historic opportunity. I am Stephen Hawk, shareholder since twenty twelve. It’s truly my honor to present shareholder proposal number seven.非常感谢。下午好，女士们先生们、各位股东、Elon 和尊敬的董事会成员。感谢这次历史性的机会。我是 Stephen Hawk，自 2012 年起持有 Tesla 股票。我非常荣幸向大家呈递第七号股东提案。
Stephen HawkThe proposal is simple. I urge the board to exercise its discretion and authorize a strategic investment in xAI in some meaningful way sooner rather than later. This isn’t just capital. It’s about formalizing Tesla’s role as a leader in autonomous intelligence, turning AI into our new book, not just a new chapter.这项提案很简单：我敦促董事会行使自由裁量权，尽快以某种有实质意义的方式授权对 xAI 进行战略投资。这不仅仅是资金注入，更是将 Tesla 作为自主智能领域领导者的地位正式化——把 AI 变成我们的新篇章，而不仅仅是一个新章节。
Stephen HawkTesla has always been an AI company, revolutionizing transportation, energy and robotics through FSD and Optimus. But as we approach the singularity during this tsunami of AI outsourcing our brain to external providers, risks, misaligned goals, data vulnerabilities, and lost innovation.Tesla 始终是一家 AI 公司，通过 FSD 和 Optimus 引领交通、能源和机器人领域的变革。但随着我们接近 AI 外包浪潮的奇点，就会面临目标错位、数据漏洞、创新流失等风险。
Stephen HawkxAI founded by Elon is different. It is maximally truth seeking, curiosity driven, and aligned with humanity’s best interests, like Tesla’s mission for sustainable abundance. xAI was seeded with Tesla talent enabling bidirectional flow for highest caliber staff attraction and retention. Integrating Grok models within our vast real world data would further supercharge FSD for safer vehicles and power Optimus to navigate complex worlds and to optimize energy grids. Think vertical integration of Tesla as a neural link of AI platforms, controlling the coming Optimus army with prudent stewardship.Elon 创立的 xAI 与众不同。它以最大化追求真相、好奇心驱动为原则，与人类的最佳利益保持一致，就像 Tesla 追求可持续丰盛的使命一样。xAI 由 Tesla 人才播下种子，实现了最高水平人才吸引与留存的双向流动。将 Grok 模型与我们庞大的真实世界数据整合，将进一步为 FSD 赋能、提升行车安全，并助力 Optimus 驾驭复杂环境、优化能源电网。设想 Tesla 成为 AI 平台的神经链路，以审慎的管理统御即将到来的 Optimus 大军，实现垂直整合。
Stephen HawkFinancially, it’s a no brainer. xAI ‘s explosive growth could yield massive returns, strengthening our balance sheet amid EV pressures with Elon’s stewardship the best for separating AI safely. Conflicts are minimal. Board oversight ensures fairness. xAI needs Tesla more than vice versa. But together, we foster human happiness, consciousness, and meaning beyond work shifting purpose from labor to truth seeking in a world of abundance.从财务角度看，这是显而易见的选择。xAI 的爆炸性增长有望带来巨额回报，在电动车压力下强化我们的资产负债表，而 Elon 的管理是将 AI 安全独立发展的最佳保障。利益冲突极小，董事会监督确保公平。xAI 需要 Tesla 多于 Tesla 需要 xAI。但合而为之，我们将在一个劳动让位于追求真理的丰盛世界中，促进人类的幸福、意识与意义。
Stephen HawkShareholders, we can’t be spectators. Tesla must actively participate. Let’s not outsource our destiny, but rather own it and maintain power, control, and safety. I call on the board to formalize this investment relationship and on you to support it. Thank you to Elon, and special thanks to Tesla Glomer Mama, Alexander Mertz.股东们，我们不能只是旁观者。Tesla 必须主动参与其中。不要将我们的命运外包出去，而是要拥有它，掌握权力、控制权和安全性。我呼吁董事会将这一投资关系正式化，也呼吁大家支持它。感谢 Elon，并特别感谢 Tesla Glomer Mama 和 Alexander Mertz。
Brandon EhrhartThank you, Mr. Hawk. The second shareholder proposal is an advisory vote regarding adopting targets and reporting on certain sustainability metrics with our senior executive compensation plans. Our Board has recommended that our shareholders vote against this proposal as explained in our proxy. The shareholder proposal is proposed by Tulip Share Capital LLC, whose representative Mr. Antoine Rouge has prepared a prerecorded message.谢谢你，Hawk 先生。第二项股东提案是关于在高级管理层薪酬计划中采纳目标并报告特定可持续发展指标的咨询性表决。我们的董事会建议股东反对此提案，原因见委托书。该提案由 Tulip Share Capital LLC 提出，其代表 Antoine Rouge 先生录制了一段预先录制的发言。
Brandon EhrhartVIDEO CLIP BEGINS:视频开始播放：
Antoine ArgougesHello, shareholders. I am Antoine Argouges, CEO of the impact fund Tulipshare speaking in support of proposal eight. Our proposal asked Tesla’s board to take a simple but meaningful step, link a portion of the executive compensation to measurable sustainability performance.大家好。我是 Antoine Argouges，影响力基金 Tulipshare 的 CEO，我来支持第八号提案。我们的提案要求 Tesla 董事会采取一个简单但意义重大的步骤：将高管薪酬的一部分与可量化的可持续发展绩效挂钩。
Antoine ArgougesTesla’s success has always been built on bold, measurable goals, production target, market cap milestone and innovation. But as we enter a new era of scrutiny around climate, labor and governance issues, it’s time that part of those milestones also reflect how sustainable that success is achieved.Tesla 的成功始终建立在大胆、可量化的目标之上——生产目标、市值里程碑和创新成就。但随着我们进入气候、劳工和治理问题受到更严格审视的新时代，是时候让部分里程碑也反映这一成功的可持续性了。
Antoine ArgougesProposal eight is not asking to replace all the financial goals. We’re asking to strengthen them. Imagine if one or two tranches of the future compensation were tied to tangible outcome such as reduction in carbon intensity per vehicle, verified improvement in worker safety or supply chain transparency. These are metrics that protect long term shareholder value, reduce legal and reputational risk and ensure Tesla’s leadership is rewarded not only for scale, but for sustainable impact.第八号提案并不是要取代所有财务目标，而是要强化它们。试想，如果未来薪酬中的一两个档次与有形结果挂钩——例如每辆车碳排放强度的降低、工人安全的可验证改善或供应链透明度——这些指标将保护长期股东价值，降低法律和声誉风险，并确保 Tesla 的领导层不仅因规模，更因可持续影响而获得奖励。
Antoine ArgougesTesla’s mission is to accelerate the world’s transition, linking compensation to sustainability metrics, ensure that this mission lives at the very core of the leadership decision making. This is how Tesla can continue to lead not just in innovation, but also in responsibility. We urge shareholder to vote for this proposal and support the compensation framework that drives both performance and purpose. Thank you.Tesla 的使命是加速全球能源转型，将薪酬与可持续发展指标挂钩，将确保这一使命真正成为领导层决策的核心。这是 Tesla 不仅在创新上，更在责任上继续领先的方式。我们敦促股东投票支持此提案，支持一个同时驱动绩效与使命的薪酬框架。谢谢。
Antoine ArgougesVIDEO CLIP ENDS:视频播放结束。
Brandon EhrhartThank you, Mr. Argouges. As a reminder, the Board’s response is set forth in the proxy. Our third shareholder proposal is an advisory vote regarding an audit of certain labor practices. The Board has recommended against that, as set forth in our proxy. The shareholder proposal is proposed by the National Center for Public Policy Research, whose representative Stephane Padfield has prepared a prerecorded message.谢谢你，Argouges 先生。提醒大家，董事会的回应已载于委托书。第三项股东提案是关于对特定劳工实践进行审计的咨询性表决。董事会建议反对，原因见委托书。该提案由 National Center for Public Policy Research 提出，其代表 Stephane Padfield 录制了一段预先录制的发言。
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Stefan PadfieldMy name is Stefan Padfield, and I am the Executive Director of the Free Enterprise Project. The Free Enterprise Project is part of the National Center for Public Policy Research, which is the proponent of Proposal nine requesting that Tesla conduct and report on a child labor audit.我叫 Stefan Padfield，是 Free Enterprise Project 的执行主任。Free Enterprise Project 隶属于 National Center for Public Policy Research，是第九号提案的提议方，该提案要求 Tesla 开展并报告一项童工审计。
Stefan PadfieldLet me begin by emphasizing that we are strong supporters of free enterprise innovation and shareholder value. We recognize Tesla’s extraordinary contributions to the electric vehicle market. Our proposal is not anti Tesla. It is pro transparency and pro shareholder.首先，我想强调，我们是自由企业、创新和股东价值的坚定支持者。我们认可 Tesla 对电动车市场作出的杰出贡献。我们的提案不是反 Tesla 的，而是支持透明度、支持股东的。
Stefan PadfieldProposal nine asks for something very simple and reasonable, a verified accounting of whether and to what extent child labor is implicated in Tesla’s supply chain. Tesla’s opposition statement relies on policies, but policies are not the same as proof.第九号提案要求的事情非常简单合理：对 Tesla 供应链中是否涉及童工以及涉及程度进行有据可查的核查。Tesla 的反对声明依赖于政策，但政策不等于证据。
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Stefan Padfield# Shareholder Proposals and Responses# 股东提案与回应
Stefan PadfieldA zero tolerance policy is commendable, but without independent verification it is only a promise, not evidence. The U.S. Department of Labor continues to list cobalt mining in the Democratic Republic of Congo among the sectors with the worst forms of child labor. A 2023 white paper on the financial and material impacts of child labor, authored by HACE, identifies Tesla as a case study in the ongoing risks that cobalt and other mineral sourcing pose to automakers.零容忍政策值得称赞，但没有独立核查，它只是一个承诺，而非证据。美国劳工部继续将刚果民主共和国的钴矿采掘列为存在最严重形式童工的行业之一。HACE 于 2023 年发布的关于童工财务与物质影响的白皮书，将 Tesla 列为钴及其他矿物采购对汽车制造商构成持续风险的案例研究。
Stefan PadfieldAnd while Tesla’s own 2024 impact report notes that the company invested more human and legal resources than ever before to combat forced and child labor, it provides no metrics showing whether those investments are working. Shareholders deserve data, not just assurances. We are asking Tesla to back its admirable words with verifiable results through a third party audit or a transparent report.而 Tesla 自己的 2024 年影响力报告指出，公司在打击强迫劳动和童工方面投入的人力和法律资源前所未有，但报告并未提供任何衡量这些投入是否有效的指标。股东们理应获得数据，而不仅仅是保证。我们要求 Tesla 通过第三方审计或透明报告，用可验证的结果来支撑其令人钦佩的表态。
Stefan PadfieldThis is not just a moral question, it’s a governance and risk management issue. Reputational, legal, and operational risks can directly affect shareholder value. So too can the risk that enthusiasm for electric vehicles undermines proper accounting of the often hidden cost that child labor may be embedded deep in EV supply chains.这不仅仅是一个道德问题，更是治理和风险管理问题。声誉、法律和运营风险可以直接影响股东价值。同样值得关注的风险是：对电动车的热情可能掩盖了童工深植于电动车供应链的隐性成本，而这种成本往往被忽视。
Stefan PadfieldIf Tesla is truly the industry leader it claims to be, it should also lead in transparency. We all know that proxy vote counts can be distorted by a plethora of conflicts of interest. Accordingly, we urge Tesla’s board to see this proposal not as an attack but as an opportunity to properly account for the costs and benefits of Tesla’s mission regardless of the final vote. If you have not done so already, please vote for proposal nine. Thank you.如果 Tesla 真的是它所声称的行业领导者，那就应该同样在透明度上领先。众所周知，委托书投票计数可能因各种利益冲突而失真。因此，无论最终投票结果如何，我们敦促 Tesla 董事会将这项提案视为一个机会，而非攻击，以便对 Tesla 使命的成本和收益进行妥善核算。如果您还没有投票，请投票支持第九号提案。谢谢。
Unidentified SpeakerThank you, Mr. Padfield. As a reminder, the Board’s response is set forth in the proxy.谢谢你，Padfield 先生。提醒大家，董事会的回应已载于委托书。
Unidentified SpeakerOur fourth shareholder proposal is a vote to amend the bylaws to repeal a derivative suit ownership threshold. Our Board has recommended against, as set forth in the proxy. The shareholder proposal is proposed by the Comptroller of the State of New York as the lead filer, whose representative, Thomas DiNapoli, has recorded a prerecorded message.第四项股东提案是投票修订章程，废除衍生诉讼持股门槛。我们的董事会建议反对，原因见委托书。该提案由纽约州主计长担任牵头提交方，其代表 Thomas DiNapoli 录制了一段预先录制的发言。
Thomas DinapoliThis is Thomas DiNapoli, New York State Controller. As trustee of the New York State Common Retirement Fund, owner of more than 3.3 million shares, we urge shareholders of Tesla to vote for proposal ten to amend the bylaws to repeal the three percent derivative suit bylaws ownership threshold.我是 Thomas DiNapoli，纽约州主计长。作为持有逾 330 万股的纽约州公共退休基金受托人，我们敦促 Tesla 股东投票支持第十号提案，修订章程，废除 3% 的衍生诉讼章程持股门槛。
Thomas DinapoliWe filed a proposal along with New York City Controller Brad Lander to restore one of the most fundamental investor rights, the right of shareholders to hold directors and officers legally accountable when they breach their fiduciary duties. When Tesla asked investors last year to approve its move from Delaware to Texas, the Board assured us that shareholder protections were similar in both states.我们与纽约市主计长 Brad Lander 共同提交了这一提案，旨在恢复最基本的投资者权利之一：当董事和高管违反其受托责任时，股东有权追究其法律责任。去年 Tesla 请求投资者批准其从特拉华州迁至德克萨斯州时，董事会向我们保证，两州的股东保护措施基本相同。
Thomas DinapoliYet within months, Tesla’s board engaged in a bait and switch scheme and immediately turned its back on its investors by amending its bylaws to reduce shareholder rights as soon as Texas offered an opportunity to do so. The new bylaw allowed Tesla to block nearly every investor from bringing a derivative suit unless they hold three percent of the company’s stock, currently about $30 billion in Tesla shares.然而，仅仅几个月后，Tesla 董事会就上演了一出诱骗调包的把戏，在德克萨斯州开放相应机会后立即修改章程、削减股东权利。新章程要求股东持有公司 3% 的股份——目前约合 300 亿美元的 Tesla 股票——否则无法提起衍生诉讼，几乎将每位投资者的法律救济权利一刀切断。
Thomas DinapoliThat threshold leaves only Elon Musk and a handful of giant Wall Street funds with any legal standing to act on their own. It effectively makes the board immune from accountability. Tesla claims this rule is meant to discourage frivolous lawsuits, but courts already have tools to dismiss meritless cases. This bylaw doesn’t stop abuse. It stops proper oversight and it tells shareholders that the board no longer wants to be answerable to them.这一门槛使得只有 Elon Musk 和少数几家华尔街巨头才有资格独立采取行动。这实际上使董事会免受任何问责。Tesla 声称此规定旨在阻止无谓诉讼，但法院已有工具驳回无实质内容的案件。这条章程并非为了阻止滥诉，而是阻止正当的监督，它向股东传递的信息是：董事会不再希望向他们负责。
Thomas DinapoliOur proposal simply seeks to repeal that bylaw and restore accountability. It ensures that if directors violate their duties, all investors still have a path to protect the company’s long term value. Unfortunately, this attack on shareholder rights is part of a larger pattern at Tesla. We see a Board that lacks true independence.我们的提案只是寻求废除该章程并恢复问责机制，确保如果董事违反职责，所有投资者仍有途径保护公司的长期价值。遗憾的是，这次对股东权利的侵蚀是 Tesla 更大规模行为模式的一部分。我们看到一个缺乏真正独立性的董事会。
Thomas DinapoliThe Board has allowed our CEO to divide his attention among multiple outside ventures and then offered a pay proposal that could hand him a trillion dollar windfall and even more unchecked power. These are not isolated issues. They all stem from the same problem, a board that refuses to act as an independent check on management.董事会允许我们的 CEO 将精力分散于多个外部项目，然后提出一项可能让其获得价值一万亿美元的超额回报、进而获得更多不受约束权力的薪酬提案。这些不是孤立的问题，它们都源于同一个问题：一个拒绝充当独立管理制衡的董事会。
Thomas DinapoliTesla has changed the world through innovation, but no company, no matter how visionary, can thrive without accountability. Strong governance protects investors and strengthens companies over time. I urge all shareholders to send a clear message that accountability, independence and respect for shareholders are essential to Tesla’s future success. Thank you for your time and consideration.Tesla 通过创新改变了世界，但无论一家公司多有远见，没有问责机制就无法长久发展。强健的治理保护投资者，长远来看也让公司更加壮大。我敦促所有股东传递一个清晰的信号：问责、独立性和对股东的尊重，对 Tesla 未来的成功至关重要。感谢您的宝贵时间和关注。
Unidentified SpeakerThank you, Mr. DiNapoli. The Board’s response is set forth in the proxy.谢谢你，DiNapoli 先生。董事会的回应已载于委托书。
Unidentified SpeakerThe fifth shareholder proposal is a vote to amend Article ten of the bylaws. The board has recommended that our shareholders vote against it as set forth in our proxy. This shareholder proposal is proposed by the treasurer of the state of Illinois and Trustee of the Bright Directions College and Savings Trust as the lead filer whose representative Michael Frerichs has prepared a prerecorded message.第五项股东提案是投票修订章程第十条。董事会建议股东反对，原因见委托书。该提案由伊利诺伊州财政部长兼 Bright Directions College and Savings Trust 受托人担任牵头提交方，其代表 Michael Frerichs 录制了一段预先录制的发言。
Michael FrerichsFellow Tesla shareholders and members of the Board, my name is Michael Frerichs. I serve as Treasurer of the State of Illinois and as Trustee of the Illinois College Savings Programs. I’m here to present Proposal eleven, which asks Tesla to adopt a simple investor protection. If the Board chooses to impose more restrictive requirements for submitting shareholder proposals as newly permitted under Texas law, those changes must be ratified by a super majority of shareholders.各位 Tesla 股东和董事会成员好，我叫 Michael Frerichs，担任伊利诺伊州财政部长及伊利诺伊大学储蓄计划受托人。我在此介绍第十一号提案，该提案要求 Tesla 采纳一项简单的投资者保护措施：如果董事会选择依据德克萨斯州新法律对提交股东提案施加更严格的要求，这些变更必须经由超级多数股东批准。
Michael FrerichsAt its core, this proposal is about protecting shareholder rights. If the Board decides to limit our ability to submit proposals, this amendment ensures the shareholders have the final say. It helps to ensure that Tesla remains aligned with the will of its investors, plain and simple.这项提案的核心是保护股东权利。如果董事会决定限制我们提交提案的能力，此次修正案将确保股东拥有最终决定权。它有助于确保 Tesla 与投资者的意志保持一致，就这么简单。
Michael FrerichsNow why is this important? Tesla is navigating a period of volatility, leadership transitions, intense competition and heightened scrutiny from regulators and customers. In times like these, strong governance and active shareholder input can be critical. They serve as competitive advantages that position Tesla to lead, not just react. This proposal seeks to implement a reasonable safeguard would reinforce accountability and build trust.为什么这很重要？Tesla 正在经历波动期：领导层更迭、竞争日趋激烈、监管机构和消费者的审视日益加强。在这种时期，强健的治理和积极的股东参与至关重要，它们是使 Tesla 能够引领而非被动应对的竞争优势。这项提案旨在实施一个合理的保护机制，以强化问责并建立信任。
Michael FrerichsThe Board itself has emphasized the importance of investor feedback. In the proxy statement, Chair Robin Denholm and Director Kathleen Wilson Thompson wrote, “We are in Texas because it provides a more predictable governance framework that allows us to hear from you, the people who know Tesla best.” If the Board actively seeks to hear from shareholders, it’s hard to reconcile that position with their opposition to this proposal.董事会自身也强调了投资者反馈的重要性。在委托书声明中，董事会主席 Robin Denholm 和董事 Kathleen Wilson Thompson 写道："我们落户德克萨斯，是因为它提供了一个更可预期的治理框架，让我们能够倾听你们——那些最了解 Tesla 的人——的声音。"如果董事会积极希望倾听股东意见，那么他们反对这项提案的立场就很难自圆其说。
Michael FrerichsTo reiterate what’s at stake, Texas law now allows shareholder submission thresholds higher than SEC standards, requiring shareholders or groups to hold three percent of voting shares or $1 million in stock to submit a proposal. Compare that to current SEC rules, which allow a shareholder to have holdings as low as $2,000 to $25,000 depending on how long the shareholder has held the stock.再重申一下这里的利害关系：德克萨斯州法律现在允许将股东提案提交门槛设置得高于 SEC 标准，要求股东或股东团体持有 3% 的表决权股份或 100 万美元的股票才能提交提案。相比之下，现行 SEC 规则允许股东持股低至 $2,000 至 $25,000 即可提交，具体取决于持股时长。
Michael FrerichsIf the Board chooses to adopt the Texas thresholds, they risk silencing investors who could drive meaningful governance improvements as well as narrowing the pipeline of ideas. Note that this proposal does not limit the Board’s direction to evaluate governance options. It simply ensures that if the Board adopts the Texas shareholder submission thresholds, a super majority of shareholders must ratify that decision.如果董事会选择采用德克萨斯州门槛，就有可能让那些本可推动实质性治理改进的投资者失声，也会缩窄创意来源的渠道。请注意，这项提案并不限制董事会评估治理选项的方向，它只是确保如果董事会采用德克萨斯州股东提案提交门槛，必须经由超级多数股东批准。
Michael FrerichsThat’s fair. It’s reasonable and fully aligned with the Board’s stated commitment to its investors. Again, I encourage my fellow investors to vote Proposal eleven as a clear step towards protecting our rights as shareholders. Thank you.这是公平的，是合理的，也与董事会对投资者所作的承诺完全一致。我再次鼓励各位同为投资者的朋友投票支持第十一号提案，这是保护我们作为股东权利的明确一步。谢谢。
Unidentified SpeakerThank you, Mr. Frerichs. As a reminder, the Board’s response is set forth in the proxy.谢谢你，Frerichs 先生。提醒大家，董事会的回应已载于委托书。
Unidentified SpeakerThe sixth shareholder proposal is an advisory vote to elect each director annually. Our board has recommended against, as set forth for the reasons in the proxy. This shareholder proposal is proposed by James McRitchie, who has prepared a prerecorded message.第六项股东提案是关于每年选举各位董事的咨询性表决。我们的董事会建议反对，原因见委托书。该提案由 James McRitchie 提出，他已录制了一段预先录制的发言。
James McritchieThank you, shareholders. We’ve presented this proposal before, 2021 and 2024. It won a majority both times, even with board opposition. But Tesla requires a super majority of shares outstanding, so those majorities weren’t enough. Today we ask again, join the 90 percent of S&P 500 companies that elect all directors annually.谢谢各位股东。我们此前已提交过这项提案，分别是 2021 年和 2024 年。两次都获得了多数支持，尽管遭到董事会反对。但 Tesla 要求超过半数已发行股份的超级多数票，所以那些多数票还不够。今天我们再次呼吁：加入 90% 的 S&P 500 公司的行列，每年选举所有董事。
James McritchieDeclassification means accountability every year, not every three years. Most institutional investors support this reform. It’s the retail votes we need here today. A Delaware court recently found three major governance failures at Tesla. The Board wasn’t independent, the disclosures to shareholders on its pay plan were misleading, and the board failed to negotiate properly on our behalf. Declassifying the board is part of the cure. It ensures shareholders can hold directors accountable each year or nominate qualified replacements when needed.取消分类选举意味着每年问责，而不是每三年。大多数机构投资者支持这项改革，我们今天在这里真正需要的是散户投票。特拉华州法院最近认定 Tesla 存在三项重大治理失职：董事会缺乏独立性；向股东披露薪酬计划的信息具有误导性；董事会未能代表我们的利益进行适当谈判。取消董事会分类选举是解决之道的一部分，它确保股东每年都能追究董事责任，或在必要时提名有能力的替代人选。
James McritchieMatt Mascardi of Free Float Media calls this one of the most important votes of the year because it could shift Tesla’s board from a friends and family plan to independent professionals with the skills necessary for Tesla’s next chapter. We’re also endorsed by Nell Minow, co-founder of ValueEdge Advisors, and ISS, one of the most respected proxy advisors.Free Float Media 的 Matt Mascardi 称此次投票是年度最重要的投票之一，因为它可能将 Tesla 的董事会从"朋友家人圈"转变为具备 Tesla 下一章所需技能的独立专业人士。我们也获得了 ValueEdge Advisors 联合创始人 Nell Minow 以及最受尊敬的委托顾问机构之一 ISS 的背书。
James McritchieJohn Chiveden’s related proposal, number thirteen, calls for simple majority voting. We’ll need that reform too for this proposal to succeed. Tesla’s Musk premium, once a source of strength, is fading, along with his global reputation. Remember, Tesla is his only publicly traded company. It’s the liquid piggy bank that fuels his other ventures.John Chiveden 的相关提案，即第十三号，要求实行简单多数投票制。要让这项提案成功，我们也需要那项改革。Tesla 对 Musk 的溢价，曾经是实力来源，如今正在消退，他的全球声誉也在下滑。请记住，Tesla 是他唯一上市的公司，是为他其他事业提供资金的流动小金库。
James McritchieYes, Elon Musk is brilliant, but no company should depend on a single personality. Either he stays long enough to keep using your capital elsewhere, or he moves on when the tap runs dry. Either way, shareholders must prepare for Tesla’s future, a democratic, professional company led by a capable, independent board.是的，Elon Musk 才华横溢，但没有任何公司应该依赖单一个人。要么他留够够长的时间继续动用你们的资本支持其他事业，要么当这口泉水枯竭时他就离开。无论哪种情况，股东都必须为 Tesla 的未来做好准备——一家由有能力的独立董事会领导、实行民主治理的专业公司。
James McritchieLet’s build Tesla to attract customers, employees, and investors who all contribute to its innovations. Vote for proposal number four, declassify the board. Vote for proposal number thirteen, eliminate supermajority requirements. Together, let’s restore accountability, independence and trust at Tesla. Vote now before the polls close. Your vote can make a real difference in Tesla’s future and your future as well. Thank you.让我们把 Tesla 建设成一家能吸引客户、员工和投资者，共同推动创新的公司。请投票支持第四号提案，取消董事会分类选举。请投票支持第十三号提案，取消超级多数要求。携手还给 Tesla 问责、独立和信任。趁投票尚未关闭，赶紧投票。你的一票真的能改变 Tesla 的未来，也改变你自己的未来。谢谢。
Unidentified SpeakerThank you, Mr. McRitchie. As a reminder, the Board’s response was contained in the proxy.谢谢你，McRitchie 先生。提醒大家，董事会的回应已载于委托书。
Unidentified SpeakerOur seventh shareholder proposal is an advisory vote regarding a proposal that won 54 percent at last year’s meeting. Our Board has recommended against for the reasons set forth in the proxy. This shareholder proposal is proposed by John Chiveden, who is on the line to present this proposal. Mr. Chiveden?第七项股东提案是关于一项去年获得 54% 支持率的提案的咨询性表决。我们的董事会建议反对，原因见委托书。该提案由 John Chiveden 提出，他正在线上等候介绍这项提案。Chiveden 先生？
John ChivedenHello. This is John Chiveden. Proposal thirteen. This proposal is about Tesla being governed by a democratic majority vote standard. This proposal thirteen is proud to be on the same topic as the Tesla proposal six.你好，我是 John Chiveden。第十三号提案。这项提案是关于让 Tesla 遵循民主多数票标准进行治理。第十三号提案很荣幸与 Tesla 第六号提案属于同一议题。
John ChivedenSIROS requests that Tesla take the steps necessary so that each voting requirement in the Tesla charter and bylaws that calls for a greater than simple majority vote be replaced by a democratic requirement for a majority of the votes cast for and against such proposals or a simple majority vote standard.SIROS 请求 Tesla 采取必要步骤，将 Tesla 章程和章程细则中所有要求超过简单多数票的投票要求，替换为民主要求——即以对该提案投赞成票和反对票的多数为准，即简单多数投票标准。
John ChivedenIt is important to vote for both proposal thirteen and proposal six, which are on the very same topic. In fact, it’s more important to vote for proposal six because proposal six is a binding proposal, and this proposal thirteen is an advisory proposal. It is important to vote for proposal thirteen because proposal thirteen is a backup proposal in case the Tesla proposal six does not get enough votes.同时投票支持第十三号提案和第六号提案非常重要，因为这两项提案针对的是完全相同的议题。事实上，投票支持第六号提案更为重要，因为第六号是有约束力的提案，而第十三号是咨询性提案。投票支持第十三号同样重要，因为如果 Tesla 第六号提案未能获得足够票数，第十三号可以作为后备提案。
John ChivedenThis proposal thirteen has one advantage over proposal six in that it requires less votes to be approved by shareholders than the Tesla proposal six since this proposal thirteen is an advisory proposal. But it’s still important to vote for both proposals. Adoption of proposal six will pave the way for annual election of each Tesla director sooner than this proposal thirteen.第十三号提案相比第六号提案有一个优势，即它获得股东批准所需的票数较少，因为它是咨询性提案。但仍然重要的是同时支持两项提案。通过第六号提案将比第十三号更早推动 Tesla 各董事年度选举的实现。
John ChivedenAnnual election of each Tesla director will tend to keep Tesla directors away from their current status as being lapdog enablers for Mr. Musk and Mr. Musk’s outrageous executive pay and Mr. Musk’s outrageous distractions from Tesla. Please vote yes for Tesla being governed by a Democratic majority vote standard proposal thirteen and vote for the Tesla proposal six on the same topic.每年选举 Tesla 各位董事，将有助于摆脱当前局面——当前 Tesla 董事仿佛 Musk 先生的唯唯诺诺的应声虫，对 Musk 先生的天价薪酬和 Musk 先生对 Tesla 造成的严重分心听之任之。请投票赞成第十三号提案——让 Tesla 遵循民主多数票标准——并同时支持同议题的 Tesla 第六号提案。
Unidentified SpeakerThank you, Mr. Chiveden. As a reminder, the Board’s response is set forth in the proxy.谢谢你，Chiveden 先生。提醒大家，董事会的回应已载于委托书。
Unidentified SpeakerOur eighth and final shareholder proposal is an advisory vote to seek shareholder approval before adopting certain bylaw amendments pursuant to Texas law. The Board has opposed it for the reasons set forth in the proxy. This shareholder proposal is proposed by Eric and Emily Johnson and Bruce Bryce Matherin as co-filers, whose representative Bruce Herbert from New Ground Social Investment has prepared a prerecorded message.第八项也是最后一项股东提案，是关于在依据德克萨斯州法律采纳某些章程修正案前寻求股东批准的咨询性表决。董事会出于委托书中陈述的原因表示反对。该提案由 Eric 和 Emily Johnson 及 Bruce Bryce Matherin 共同提出，其代表 New Ground Social Investment 的 Bruce Herbert 录制了一段预先录制的发言。
Bruce HerbertGood afternoon. I’m Bruce Herbert of New Ground Social Investment in Seattle, and I stand to move proposal number fourteen, a simple request that Tesla hold a vote before adopting any bylaw that would restrict the ability to file a shareholder proposal.下午好。我是来自西雅图 New Ground Social Investment 的 Bruce Herbert，我在此动议第十四号提案，这是一个简单的请求：要求 Tesla 在通过任何限制股东提案提交权利的章程之前进行表决。
Bruce HerbertHere’s why this matters. Texas recently passed a law that allows companies to set sky high barriers to shareholder participation. Instead of the SEC’s current one year ownership threshold of $25,000, these Texas rules would require owning $1 million of stock or three percent of the company, in Tesla’s case roughly $30 billion before one could file a proposal. And Tesla could enact this without a shareholder vote simply by issuing a notice.这为何重要？德克萨斯州最近通过了一项法律，允许公司为股东参与设置极高门槛。相比 SEC 目前持股一年且市值 $25,000 的门槛，德克萨斯州规则将要求持有 100 万美元股票或 3% 的公司股份——以 Tesla 而言约为 300 亿美元——才能提交提案。而 Tesla 只需发布通知，无需经过股东投票，即可采纳这一规定。
Bruce HerbertThis is not shareholder democracy. It’s silencing shareholders like nearly every one of us in this room, whether you are an individual, retiree or institution. The backers of such thresholds presume you must be ultra rich in order to have a good idea, which on its face is a baseless and undemocratic proposition.这不是股东民主，这是让股东噤声——几乎包括我们在场的每一个人，无论你是个人投资者、退休人员还是机构投资者。这种门槛的支持者暗示你必须极度富有才能有好主意，这从根本上说是一个站不住脚、不民主的命题。
Bruce HerbertThe shareholder proposal process serves both Tesla and the capital markets. This is because stockholders frequently spot emerging risks long before they hit the headlines, whether in the form of labor relations, climate impacts or failures in governance. Shareholders provide an efficient early warning system that helps companies to stay ahead of the curve. We are a low cost, high value cornerstone that keeps companies and capital markets healthy.股东提案程序同时服务于 Tesla 和资本市场，原因在于股东往往在风险浮出水面之前就能察觉——无论是劳资关系、气候影响还是治理失败。股东提供了一套高效的预警系统，帮助公司走在曲线前面。我们是一个低成本、高价值的基石机制，让公司和资本市场保持健康。
Bruce HerbertIn closing, corporate democracy is not a nuisance. It’s an important safeguard. It’s how shareholders ensure accountability and informed long value creation. The idea here is quite simple. Before limiting shareholder rights, put it to a shareholder vote. Therefore, to keep Tesla engaged, accountable and forward looking, please vote for proposal number fourteen. Thank you.最后，公司民主不是一种麻烦，而是一项重要保障，是股东确保问责并实现长期价值创造的方式。这里的逻辑非常简单：在限制股东权利之前，先让股东投票表决。因此，为了保持 Tesla 的参与度、问责性和前瞻性，请投票支持第十四号提案。谢谢。
Unidentified SpeakerThank you, Mr. Hebert. As a reminder, the Board’s response is set forth in the proxy. Please note now is your final opportunity submitting votes for them to be counted. I declare that the polls are now closed. Based on the proxies that we have received and the votes submitted at the meeting, I’d like to announce these results on a preliminary basis.谢谢你，Hebert 先生。提醒大家，董事会的回应已载于委托书。请注意，这是您提交投票的最后机会。我宣布投票现已关闭。根据我们收到的代理票和会议上提交的投票，我现在以初步结果为准宣布如下。
Unidentified SpeakerWith respect to the shareholder proposals, items eight through fourteen, our shareholders have supported the recommendations on the Tesla Board on all of them other than Proposal twelve. With respect to proposal seven regarding xAI , while we have received more votes in favor than we did in against, there were a significant number of abstentions. Since this is an advisory vote, the board will examine the next steps in light of this level of shareholder support.关于第八至第十四号股东提案，我们的股东在所有提案上均支持了 Tesla 董事会的建议，第十二号提案除外。关于第七号提案——涉及 xAI——虽然赞成票多于反对票，但弃权票数量较为显著。由于这是咨询性表决，董事会将根据这一支持程度研究下一步行动。
Unidentified SpeakerNow moving on to the Tesla proposals. First, on the proposal to adopt amendments to our organizational documents to eliminate certain supermajority voting requirements, our shareholders have not approved.现在进入 Tesla 提案部分。首先，关于修订公司章程文件以消除某些超级多数投票要求的提案，股东未予批准。
Unidentified SpeakerSecond, on the say on pay advisory vote, our shareholders have approved. Third, on the ratification of the appointment of PricewaterhouseCoopers as our Tesla’s independent registered public accounting firm for the 2025 fiscal year, shareholders have approved. Fourth, on the election of our three Class III directors, Ira, Joe and Kathleen, our shareholders have reelected them. Fifth, on the amended and restated 2019 equity incentive plan our shareholders have approved. Sixth and finally, on the 2025 CEO Performance Award to our founder and CEO, Elon Musk, with over seventy five percent voting in favor.第二，关于薪酬咨询表决，股东已批准。第三，关于批准 PricewaterhouseCoopers 担任 Tesla 2025 财年独立注册公共会计师事务所，股东已批准。第四，关于选举三位第三类董事 Ira、Joe 和 Kathleen，股东已将其重新选出。第五，关于修订并重述 2019 年股权激励计划，股东已批准。第六也是最后一项，关于授予 Tesla 创始人兼 CEO Elon Musk 的 2025 年 CEO 绩效奖励，超过 75% 的股东投票支持。
Unidentified SpeakerApproved. I declare this meeting is now closed.批准。我宣布本次会议正式闭幕。
Elon MuskWelcome. So what we’re going to… yeah. And those bots are just dancing. There are no wires. Those are actual robots. Thanks, guys.欢迎大家。所以我们接下来要……那些机器人在跳舞，没有任何线，那都是真正的机器人。谢谢你们，伙计们。
Elon MuskFirst of all, I’d like to just give a heartfelt thanks to everyone who supported shareholder votes. I super appreciate it. Thank you, everyone. I’d like to thank the Tesla Board for their immense support. We have a fantastic Board, fantastic group of shareholders. Thank you all.首先，我想由衷地感谢所有在股东投票中给予支持的人，我真的非常感激。谢谢大家。我也要感谢 Tesla 董事会给予的巨大支持。我们有一个出色的董事会，一群出色的股东。谢谢你们所有人。
Elon MuskAnd what we’re about to embark upon is not merely a new chapter of the future of Tesla, but a whole new book. And I’m going to talk about that. So this really is going to be quite the story, and Optimus is a fundamental part of that.我们即将踏上的旅程，不仅仅是 Tesla 未来的新篇章，而是一本全新的书。我即将讲述这件事。这真的将是一段非凡的故事，而 Optimus 是其中不可或缺的一部分。
Elon MuskThe sheer scale of Optimus… I mean, I’m going to say a bunch of things that probably I shouldn’t say, but that’s what keeps it interesting. I mean, have you watched any other Annual Shareholder Meeting? I mean, honestly, was like… I mean, if you need to go to sleep, sure. I mean, shareholder meetings are like snooze fest. I mean, ours are bangers. I mean, look at this. This is sick.Optimus 的规模之大……我是说，我要说一些可能不该说的话，但正是这些让这里变得有趣。你们看过其他公司的年度股东大会吗？说真的，那种感觉就像……如果你需要催眠，去看那些吧。股东大会通常是催眠利器，但我们的是重磅炸弹。就看现在这场面，这也太炸了。
Elon MuskAnd we got, like, the cyberpunk nightclub here with real robots just standing there and milling around and dancing. And, you know, around our engineering headquarters in Palo Alto, the robots are just walking around the office twenty four seven with no one minding them. They’re just… and then they go charge themselves. And yeah.我们这里简直就是赛博朋克夜总会，真实的机器人就站在那儿，四处走动，翩翩起舞。还有，你知道吗，在我们帕洛阿尔托工程总部周围，机器人就这样全天候在办公室里溜达，完全无人看管，然后自己去充电。就这样。
Elon MuskSo the scale of Optimus, like I said, that’s really going to be something else. I think it’s going to be the biggest product of all time by far. Yeah. So, like, bigger than cell phones, bigger than anything. I guess the way to think about it is that every human on earth is going to want to have their own personal R2-D2 C-3PO. So who wouldn’t?所以说 Optimus 的规模，就像我说的，那将会是另一番天地。我认为它将成为有史以来最大的产品，没有任何东西能与之相提并论。是的，比手机都大，比一切都大。这么想吧——地球上的每一个人都会想要拥有自己的 R2-D2 和 C-3PO，有谁不想呢？
Elon MuskBut actually, Optimus will be even better than them. Like R2-D2, it’s kind of would beep at you, and it’s kind of hard to figure out what he’s got talking about. You need C-3PO to translate. But Optimus is going to be like everyone’s going to want one.但实际上，Optimus 将会比它们更好。R2-D2 只会哔哔叫，你根本搞不清它在说什么，还得靠 C-3PO 来翻译。但 Optimus 嘛——每个人都会想要一台。
Elon MuskI think in terms of industry providing products and services, I think it’s probably, I don’t know, three to five robots in industry for every one that’s a personal robot. I think there could be tens of billions of Optimus robots out there.我认为就行业提供产品和服务而言，工业用机器人与个人机器人的比例大概是 3 到 5 比 1。我觉得 Optimus 机器人的数量可能会达到数百亿台。
Elon MuskNow obviously, it’s very important we pay close attention to safety here because we do want the Star Wars movie, not the Jim Cameron movie. I love Jim Cameron’s movies, but you know what I mean. So yes.显然，我们在安全方面必须高度重视，因为我们想要的是《星球大战》式的结局，而不是卡梅隆导演的那种结局。我爱 Jim Cameron 的电影，但你们懂我的意思。所以，是的。
Elon MuskSo we’re going to launch on the fastest production ramp of any product of any large complex manufactured product ever, starting with building a one million unit production line in Fremont. And that’s Line one. And then a ten million unit per year production line here on the… I don’t know where we’re going to put the one hundred million unit production line. Maybe on Mars, I don’t know.我们将以任何大型复杂制造产品有史以来最快的生产爬坡速度启动，从在 Fremont 建设一条年产 100 万台的产线开始。那是第一条线。然后是一条年产 1000 万台的产线，就在这里……我还不知道那条年产 1 亿台的产线放在哪儿，也许在火星上吧，我也说不准。
Elon MuskBut I think it’s going to literally get to one hundred million a year, maybe even a billion a year. And, you know, people often talk about, like, eliminating poverty, giving everyone amazing medical care. Well, there’s actually only one way to do that, and that’s with the Optimus robot.但我认为它真的会达到年产 1 亿台，甚至可能是 10 亿台。你知道，人们常常谈论消除贫困、让所有人享有出色的医疗。其实只有一种方式能实现这两件事，那就是 Optimus 机器人。
Elon MuskWith humanoid robots, you can actually give everyone amazing medical care. In terms of Optimus will be more precise. Optimus will ultimately be better than the best human surgeon with a level of precision that is beyond human. So I think that’s a pretty wild concept to say, okay, you… there’s always people always talked about eliminating poverty, but actually, Optimus will actually eliminate poverty. Optimus will actually give people incredible medical care.有了人形机器人，你真的可以给所有人提供出色的医疗。Optimus 将会更加精准，最终将超越最顶尖的人类外科医生，达到人类无法企及的精度。所以我认为这是一个相当惊人的概念——人们总是谈论消除贫困，但实际上，Optimus 真的会消除贫困，真的会给人们带来难以置信的医疗条件。
Elon MuskSo I mean and so you start getting, like, sort of some pretty wild sci-fi sort of scenarios where in some of these things I say will obviously be taken out of context and using snippets and, you know, sitting around, but whatever. I’m still going to say them.所以我是说，当你开始进入这些类似科幻小说的场景时……我说的这些显然会被断章取义、截图流传，随便吧，我还是要说。
Elon MuskYou know, like, I think we may… we might may be able to give people a more… if somebody’s committed crime, a more humane form of containment of future crime, which is if you… you say, like, you now get a… you now get a free Optimus, and it’s just going to follow you around and stop you from doing crime. But other than that, you get to do anything. It’s just going to stop you from committing crime. That’s really it. You don’t have to put people in like prisons and stuff, I think.比如，我觉得我们也许……也许可以为犯了罪的人提供一种更人道的未来犯罪约束方式。就是说，你现在可以获得一台免费的 Optimus，它只是跟着你，阻止你犯罪。除此之外，你想干什么都行，它只是会阻止你犯罪，仅此而已。我觉得也许不用把人关进监狱之类的地方了。
Elon MuskIt’s pretty wild to think of the various of all the possibilities, but I think it’s clearly the future. And, you know, my book recommendation for the maybe the best, mostly utopian sci-fi future are the Ian Banks books, the culture books. So if you’re curious, like, what do I think the future is probably like? I think it’s probably a bit like that. Or, you know, Asimov to some degree, but I think it’s… and Heinlein. But in Banks, if you’re like saying, what does Elon think the future probably will be like for AI and robots? It’s kind of Banksian.想象所有这些可能性，真的很疯狂，但我认为这显然是未来的方向。说到科幻书推荐，我认为描绘最乌托邦式美好未来的是 Ian Banks 的书，也就是"文化"系列。如果你好奇我对未来的想象，我觉得大概就是那样。当然还有阿西莫夫，还有海因莱因。但如果你想问 Elon 觉得 AI 和机器人的未来会是什么样，答案大概就是 Banks 式的未来。
Elon MuskSo now and things do get kind of wild from an economic standpoint because at a certain point, with AI and robotics, you can actually increase the global economy by a factor of ten or maybe one hundred. There’s not like an obvious limit. So like Optimus is kind of like an infinite money glitch. And maybe there won’t even be money in the future. Money might be measured in terms of wattage, like how much power can you bring to bear from an electrical standpoint.从经济角度来看，事情会变得相当疯狂，因为到了某个时刻，有了 AI 和机器人，你实际上可以把全球经济规模扩大 10 倍，乃至 100 倍，没有明显的上限。所以 Optimus 有点像是无限印钞机。也许未来甚至不会有钱的概念。货币可能以瓦特来衡量，即你能从电力角度调动多少能量。
Elon MuskSo I guess what I’m saying is hang on to your Tesla stock. So, yes, man, it’s pretty wild. You’re welcome.我想说的是，好好握住你的 Tesla 股票。是的，伙计，这真的很疯狂。不客气。
Elon MuskLet’s see. I think we’ve got some slides to go through. I’m going to ad lib a lot of this stuff, but so the… you know, when we started Tesla, the goal was to accelerate the advent of sustainable energy, and that is that’s what we’ve done. I think Tesla has really led the way with electric vehicles, with battery packs, with a lot of solar, and many other companies have then followed our lead and done that.让我看看，我们有一些幻灯片要过一遍。我会即兴发挥很多内容。当年我们创立 Tesla，目标是加速可持续能源的到来，这就是我们所做的。我认为 Tesla 在电动车、电池组、大量太阳能等方面真正引领了潮流，许多其他公司也随后跟进效仿。
Elon MuskAnd electric cars, which used to be nonexistent, are now prevalent. And the Model Y, for example, is the number one selling car of any kind on earth. Obviously, now with AI and robotics, we need to update our mission.曾经几乎不存在的电动汽车，如今已随处可见。比如 Model Y 是目前地球上销量第一的汽车，没有例外。显然，现在有了 AI 和机器人，我们需要更新我们的使命。
Elon MuskAnd our mission, I think it’s a good… it’s a great mission, which is to achieve sustainable abundance, which is… it’s like because I often ask people like, what is the future that you want? What’s the best future you can imagine? Because we want to try to make that future, like make the best future you can imagine.我们的使命，我认为这是个很好的——非常棒的使命，就是实现可持续丰盛。因为我经常问别人，你想要什么样的未来？你能想象到的最美好的未来是什么？因为我们想要努力实现那个未来，打造你所能想象到的最美好的未来。
Elon MuskAnd I guess probably the best future is if people can have whatever they want from a goods and services standpoint or medical standpoint. And but at the same time, we don’t destroy nature, and we keep the rainforests and the beautiful national parks and all that stuff.我猜最美好的未来大概是这样：人们从商品、服务和医疗的角度想要什么就能得到什么，但与此同时我们不破坏自然，保留热带雨林、美丽的国家公园和所有那些美好的东西。
Elon MuskAnd so that’s what I mean by sustainable abundance, is that people can have whatever they want, have all their needs met, but we still keep all of the natural beauty that we want. I mean, if somebody can think of a better future, I’m all ears. But I think that’s probably the best way to go. So, yeah. Let’s see.这就是我所说的可持续丰盛——人们能得到他们想要的一切，所有需求都能被满足，但我们仍然保留所有我们珍视的自然美景。如果有人能想出更好的未来，我洗耳恭听。但我认为这可能是最值得追求的方向。好，让我们继续。
Elon MuskSo, yes, as you know, every Tesla is designed to be autonomous. So the… it’s sometimes difficult to explain to people if they have not… or in fact, I’m sure you’ve all encountered this, where you try to tell people that the Tesla can drive itself, and they think you’re crazy or something. I mean, especially, like, apart from the Cybertruck, our cars look pretty normal. I mean, they’re good looking cars, but they don’t look super… they look normal.是的，你们都知道，每一辆 Tesla 都被设计为自动驾驶。向人们解释这一点有时很难——事实上，我相信你们都遇到过这种情况：当你告诉别人 Tesla 可以自动驾驶，他们觉得你在发疯。我是说，除了 Cybertruck，我们的车外观看起来很普通，是漂亮的车，但看起来并不超级……看起来就是普通的车。
Elon MuskBut I guess it’s kind of like having a cat or like… and cat’s just sitting… let’s say you’ve got a cat and it’s like just sitting there on the couch. And you try to tell people that the cat can actually… it’s actually Puss in Boots and it can actually put on boots and a hat and swashbuckle and sing and dance. And people are like, no way, man, that’s a cat. Until the cat does all those things. And you’re like, damn, what the…?我觉得这就有点像养了一只猫。比如你有一只猫，它就坐在沙发上。你想告诉别人，这只猫其实是《穿靴子的猫》，它能穿上靴子戴上帽子，舞剑、唱歌、跳舞。别人会说，不可能吧，那就是只猫。直到那只猫真的做了所有这些事，你才会惊呼：我的天，这到底……
Elon MuskSo we’ve got millions of Tesla cars out there that are the kind of like Puss in Boots. They’re intelligent, but people don’t know that they’re intelligent. They look like normal cars, but actually, they’re super smart and can drive themselves. So I think that’s probably the single biggest thing we need to do is to educate potential customers that you can either have a cat that’s like normal cat or you can have Puss in Boots. And Puss in Boots is very cool.所以我们有数百万辆 Tesla 汽车，有点像《穿靴子的猫》。它们都是有智慧的，但人们不知道它们有智慧。看起来像普通的车，但实际上它们超级聪明，可以自动驾驶。所以我认为我们最需要做的一件事，就是让潜在客户明白：你可以选择一只普通的猫，也可以选择《穿靴子的猫》。而《穿靴子的猫》非常酷。
Elon MuskThat’s so we’ve… these days, when people come to our stores or even people that have the car haven’t turned it on, we find. And sometimes people have paid for FSD and haven’t turned it on. We’re like, what? You should at least try it once.所以我们现在，当客户来到门店，甚至包括已经买了车却从未开启过 FSD 的车主——我们发现了这个现象，有时甚至有人已经付费购买了 FSD 却没有开启过。我们的心情是：什么？至少试一次啊。
Elon MuskAnd so now we’re like the sales team and service team will actually sit with customers and say, look, let us show you how it works and how easy it is. And then once they’ve tried it for even just a few days, they can’t live without it.所以现在，我们的销售团队和服务团队会直接坐下来陪客户操作，展示它的工作方式有多简单。然后，只要他们试用了哪怕几天，就再也离不开它了。
Elon MuskAnd now with version fourteen, we’re actually getting to the point where we almost feel comfortable allowing people to text and drive, which is kind of the killer app because that’s really what people want to do and do do. And actually, now, the version’s… the car is a little strict about keeping your eyes on the road. And but I’m confident that in the next month or two, we should… we’re going to look closely at the safety statistics, but we will allow you to text and drive essentially. So yes.现在有了 14 版，我们实际上已经接近允许人们边发短信边开车的程度了，这有点像是杀手级功能，因为这真的是人们想做的，而且实际上也在做。目前这个版本对于眼睛看路的要求还比较严格，但我确信再过一两个月，我们将会——我们会仔细查看安全统计数据——基本上允许你边发短信边开车。是的。
Elon MuskIt’s certainly been in the current situation, which often people will actually turn off FSD to text then turn it back on, which is less safe. So yes, that’s probably the single biggest thing is just get people aware of FSD.在目前的情况下，人们往往实际上会先关掉 FSD 去发短信，然后再重新开启，这其实更不安全。所以是的，最重要的一件事就是让人们了解 FSD。
Elon MuskAnd then obviously, we need to get it approved in Europe. So we certainly appreciate the support of our customers in Europe pushing the regulators to approve FSD because you can’t even get a super… even just normal supervised FSD is not allowed in Europe currently, which doesn’t make any sense.显然，我们还需要在欧洲获得批准。我们非常感谢欧洲客户推动监管机构批准 FSD，因为就连最基本的监督模式 FSD 目前在欧洲都不被允许，这根本说不通。
Elon MuskAnd I’ve had these like crazy conversations with the regulators that seem like a Franz Kafka novel, where I’m like, well, look, we have billions of kilometers of data that shows that FSD increases safety. And they’re like, well, we have to have all these committee meetings. I’m like, yes, but people’s lives are at stake here.我和那些监管机构进行了一些堪比卡夫卡小说的疯狂对话。我说，你看，我们有数十亿公里的数据证明 FSD 提升了安全性。他们说，嗯，我们需要开各种委员会会议。我说，是的，但这关乎人命啊。
Elon MuskSo definitely, a pressure from our customers in Europe to push the regulators to approve would be appreciated. And then we have partial approval in China, and we hopefully will have full approval in China around February or March or so. That’s what they’ve told us. Yeah.所以，欧洲客户向监管机构施压、推动批准这件事，我们非常希望得到支持。另外我们在中国已获得部分批准，希望大约在明年二月或三月能获得中国的完整批准，这是他们告诉我们的时间表。是的。
Elon MuskBut yeah. The fact that every Tesla car is capable of full self driving, every car we build and have built for the last several years is capable of full self driving is pretty wild, and most people don’t know that. So…是的。但事实是，每一辆 Tesla 都具备完全自动驾驶能力——我们过去几年建造和正在建造的每一辆车都具备这种能力，这相当疯狂，而且大多数人都不知道这一点。所以……
Elon MuskAnd then we’ve got the first car that is specifically built for unsupervised full self driving to be a robotaxi. It’s called a Cybercab. It doesn’t even have pedals or steering wheel. Yeah. So there’s no side view mirrors. There’s no… yes. So it’s very much optimized for the lowest cost per mile in an autonomous mode.然后我们还有第一款专门为无监督完全自动驾驶、作为机器人出租车而打造的汽车，它叫做 Cybercab。它甚至没有踏板和方向盘。是的，也没有外后视镜。是的。所以它在无人驾驶模式下为实现最低每英里成本而高度优化。
Elon MuskAnd that production is happening right here in this factory, and we’ll be starting production in April next year.这款车的生产就在这个工厂进行，我们将于明年四月开始量产。
Elon MuskSo the way that Cybercab is designed is it’s designed, obviously, for a purely autonomous world. But also, the manufacturing system is unlike any other car. The manufacturing system of the Cybercab, it’s sort of… it’s closer to a high volume consumer electronics device than it is a car manufacturing line.Cybercab 的设计理念，显然是为一个纯自动驾驶的世界而生。但它的制造体系与其他任何汽车都不同，与其说它更接近汽车生产线，不如说它更接近高产量消费电子设备的生产体系。
Elon MuskSo the net result is that I think we should be able to achieve, I think, ultimately, less than a ten second cycle time, basically a unit every ten seconds. Maybe ultimately take a few years to get there, but it’s theoretically possible to get to a five second production time.最终结果是，我认为我们应该能够实现不到 10 秒的节拍时间，也就是基本上每 10 秒生产一台。也许最终需要几年时间才能达到，但理论上实现 5 秒的生产节拍是可能的。
Elon MuskAnd so what that would mean is you could get on a line that would normally produce, say, five hundred thousand cars a year at a one minute cycle time, Model Y. This would be maybe as much as two million or three million, maybe ultimately it’s theoretically possible to achieve a five million unit production line if you can get to the five second cycle time. It’s a lot of cars. So these will be everywhere in the future. And we want to look futuristic, so it changes the look of the roads.这意味着，一条通常以一分钟节拍生产 Model Y、年产约 50 万辆的产线，在这里或许能达到 200 万到 300 万辆，如果能实现 5 秒节拍，理论上甚至有可能打造一条年产 500 万辆的产线。这是很大的数量。所以这些将会无处不在，我们希望它们看起来充满未来感，从而改变道路的面貌。
Elon MuskThe ingredients, when you look at what Optimus is, what’s required to make Optimus and the various ingredients, what do you need to do to make high volume humanoid robot production? I think it’s worth considering that really the cars we make are already robots, but they’re four wheeled robots. So Tesla is already the biggest robot manufacturer in the world because every car we make is a robot.看看 Optimus 的构成要素——制造 Optimus 需要什么，各种要素，如何实现高产量人形机器人生产——值得认真思考：我们制造的汽车其实本身就是机器人，只不过是四轮机器人。所以 Tesla 已经是全球最大的机器人制造商，因为我们造的每辆车都是一台机器人。
Elon MuskAnd when you break it down to the fundamental elements, you’ve got batteries, power electronics, motors, gearboxes. You’ve got connectivity. You’ve got a vision based AI. Hi, Optimus. And you know, all the various pieces that you need for a humanoid robot, you need the AI chip, you need the AI software, you need to be able to manage a large fleet. And so really, Optimus is a robot with arms and legs as opposed to a robot with wheels. So, you know, Tesla’s ideally suited, I think, to succeed in this arena.把它拆解到最基本的要素：电池、电力电子、电机、变速箱，还有连接性、基于视觉的 AI……嗨，Optimus。以及制造人形机器人所需的各种组件——AI 芯片、AI 软件、大型机群管理能力。所以 Optimus 其实就是一台有手有脚的机器人，而不是有轮子的机器人。Tesla 在我看来是最适合在这个领域取得成功的公司。
Elon MuskYou will see certainly many companies showing demonstration robots. There’s really three things that are super difficult about robots. One is the engineering of the forearm and hand because the human hand is an incredible thing, actually. It’s super dexterous. So engineering the hand really well, the real world AI, and then volume manufacturing. Those are generally the things that are missing. One or more of those things are missing from other companies. So Tesla is the only one that has all three of those.你肯定会看到很多公司展示概念机器人。机器人技术真正难的地方有三个：一是前臂和手部的工程设计，因为人类的手实际上是件不可思议的东西，极其灵巧；二是真实世界 AI；三是批量制造。其他公司通常缺少这三者中的一个或多个。Tesla 是唯一同时拥有这三样东西的公司。
Elon MuskSo this is the Optimus kind of initial, it’s kind of a prototype production line. The high volume production line will be very automated, obviously, but this is really the production line that we use to make the prototypes. So you can get a sort of rough sense for what it takes to build the robot. Still pull the finger.这是 Optimus 的初期原型产线，量产线将是高度自动化的，但这条线是我们用来制造原型机的产线。可以大致感受一下制造这台机器人需要什么。还是在扳手指。
Elon MuskAnd then as I’ve said before, I think once we reach about one million units per year of sustained production or in excess of that, I think probably the cost of production is around twenty thousand dollars in current year dollars. So this will be certainly very affordable. And, yeah, like I said, I think Optimus will ultimately increase the size of the economy probably by a factor of ten or more.正如我之前所说，我认为一旦我们达到并稳定超过每年 100 万台的产量，生产成本大概在现值 $20,000 左右。所以它将会非常实惠。而且，就像我说的，我认为 Optimus 最终将使经济规模扩大 10 倍或更多。
Elon MuskYou know, next year, we start production with Optimus version three. This is what you’re seeing here is Optimus version two point five. Optimus three is an incredibly good design. The Tesla engineering team is amazing. When you see Optimus three, it will seem as though that there’s someone like a person in a robot outfit, which is how we started with Optimus. Really, it’s going to be something special.明年，我们开始量产 Optimus 三代。你们现在看到的是 Optimus 2.5 代。Optimus 三代的设计令人难以置信地出色。Tesla 工程团队太了不起了。当你看到 Optimus 三代，会觉得仿佛有个人穿着机器人外套，就像 Optimus 最初亮相时的效果——真的会是不同凡响的东西。
Elon MuskAnd then Optimus four, that hopefully starts production in twenty seven. And then Optimus five in twenty eight. So it’s kind of like an annual release cycle with significant improvements with each one and gigantic increases in the scale of production.然后是 Optimus 四代，希望能在 27 年开始量产；Optimus 五代在 28 年。大概是年度迭代的节奏，每代都有重大提升，产量也会大幅增加。
Elon MuskSustainable abundance via AI and robotics. That’s the future we’re headed for. And as I think most people here know, the safety statistics show that miles driven on FSD are much safer than miles driven without it. So what this will translate to ultimately is saving the lives of millions of people and preventing hundreds of millions of accidents. So a massive increase in lives saved and tragedies avoided. It’s going to be amazing.通过 AI 和机器人实现可持续丰盛，这就是我们前进的方向。而且我想在场的大多数人都知道，安全统计数据表明，开启 FSD 行驶的里程远比不开启 FSD 更安全。最终这将转化为拯救数百万人的生命，避免数亿次事故。生命安全将大幅提升，悲剧大幅减少。这将是惊人的成就。
Elon MuskHow many people here have tried fourteen point one? Okay. All right. Cool. Yeah. You can see that even with the point releases, it’s getting quite a bit better. It should be pretty smooth at this point. But really, fourteen point two, there are major changes to fourteen point two and then fourteen point three. And I think by fourteen point three is when we’re really going to be at the point where you can just pretty much fall asleep and wake up at your destination.这里有多少人试过 14.1？好的，不错。是的，你们可以感受到，就算是小版本更新，也在不断进步。现在应该已经相当流畅了。但 14.2 真的有重大变化，然后是 14.3。我认为到 14.3 的时候，我们真的将达到这样的程度：你基本上可以睡着，醒来就到目的地了。
Elon MuskAnd then I’ve been putting a lot of time into the new Tesla chip design, because in order to have a functional robot, you have to have a great AI chip. And it needs to be an inexpensive chip, and it needs to be very power efficient. So we believe the AI5 chip will be probably about a third of the power of, say, something like a Blackwell, NVIDIA Blackwell, which is a great chip, for roughly comparable performance and much less than ten percent of the cost.另外，我最近在新 Tesla 芯片设计上投入了大量时间，因为要让机器人正常工作，必须有一颗优秀的 AI 芯片。它需要便宜，需要非常节能。所以我们认为 AI5 芯片的功耗将大约是 NVIDIA Blackwell 这类出色芯片的三分之一，在性能大致相当的情况下，成本将低于其百分之十。
Elon MuskSo this is a chip that is very much optimized for the Tesla AI software stack. It’s not meant to be a general purpose chip. It’s meant to be an amazing chip for the Tesla AI software. And I mean, a couple of things that I think make, how is Tesla able to achieve such an improvement? I think it is because we are specialized. We’re not trying, NVIDIA has to serve the superset of all past and future customers. So all of their requirements, all of the software that they’ve written has to work, which is a very difficult problem, whereas we just need to make it work for our software. And so we were able to simplify the chip dramatically.这款芯片是针对 Tesla AI 软件栈高度定制优化的，它不是通用芯片，而是专门为 Tesla AI 软件打造的极致芯片。我是说，有一点让我思考，Tesla 怎么能做到这样的改进？我认为是因为我们是专业化的。NVIDIA 需要服务于所有过去和未来客户的超集，所有客户的需求、所有他们编写的软件都必须能正常运行，这是一个极其困难的问题；而我们只需要让它为我们的软件工作。所以我们得以大幅简化芯片设计。
Elon MuskAnd then we also, I think we’re unique in this, but we have an integer based system. Integer operations are fundamentally more efficient than floating point operations. So we can do floating point, but the vast majority of our inference is done in integer, which is, if you’re familiar with sort of logic gates, the simplicity of integer, integer is much more power efficient, much more silicon efficient. But you actually have to train for integer inference, which everyone else is training for floating point. That’s kind of a niche technical detail, but it’s actually very important.还有一点，我认为我们是独一无二的：我们使用基于整数的系统。整数运算从根本上比浮点运算更高效。我们可以做浮点运算，但我们绝大部分推理都是用整数完成的。如果你熟悉逻辑门电路，整数运算在能效上和硅面积效率上都更胜一筹。但你必须专门为整数推理进行训练，而其他所有人都是为浮点训练的。这是个小众的技术细节，但实际上非常重要。
Elon MuskSo, yes, this is going to be a great chip. So this chip will be made in basically in four places: TSMC Taiwan, Samsung Korea, TSMC Arizona and TSMC Texas. And we already know what improvements to make for AI6. So I’m hopeful that we can within less than a year of AI5 starting production, we can actually transition in the same fab to AI6 and double all of the performance metrics.所以，是的，这将是一款出色的芯片。这款芯片将在基本上四个地方制造：台湾的台积电、韩国的三星、亚利桑那州的台积电和德克萨斯州的台积电。而且我们已经知道 AI6 需要做哪些改进。我希望在 AI5 量产不到一年内，就能在同一晶圆厂切换到 AI6，并将所有性能指标翻倍。
Elon MuskI’m super hardcore on chips right now, as you may be able to tell. I have chips on the brain. I dream about chips, literally. I can draw the, you know, the at least the broad brush stroke physical design of the AI five chip by heart at this point. It’s a good chip. It’s a good chip, sir.我现在对芯片可以说是超级着迷，你们可能已经看出来了。我脑子里全是芯片。我做梦都在梦芯片，这是真的。AI5 芯片的物理设计，至少是大致框架，我现在已经可以凭记忆画出来了。这是一颗好芯片，是一颗好芯片，先生。
Elon MuskSo this is really key. Now one of the things I’m trying to figure out is how do we make enough chips? So I have a lot of respect for the Tesla partners, TSMC and Samsung. Maybe we’ll do something with Intel. We haven’t signed any deal, but it’s probably worth having discussions with Intel.这真的是关键所在。现在我正在努力解决的一个问题是：我们怎样才能造出足够多的芯片？我非常尊重 Tesla 的合作伙伴台积电和三星。也许我们会和 Intel 有所合作，虽然还没有签署任何协议，但大概值得和 Intel 展开讨论。
Elon MuskBut even when we extrapolate the best case scenario for chip production from our suppliers, it’s still not enough. So I think we may have to do a Tesla TeraFab. So it’s like Giga, but way bigger. I can’t see any other way to get to the volume of chips that we’re looking for. So I think we’re probably going to have to build a gigantic chip fab. Got to be done.但即使我们推演供应商最乐观的芯片产能情景，也仍然不够用。所以我认为我们可能不得不打造一座 Tesla TeraFab。就好比 Giga（千兆），但规模要大得多。我看不出还有什么其他方式能达到我们需要的芯片产量。所以我认为我们很可能需要自己建一座巨型芯片工厂，非做不可。
Elon MuskSo anyway, some of the stuff I’ve already talked about. Yep. We’ve done a tremendous amount for sustainable energy, and that is only going to grow over time. The world is moving towards a solar battery economy, which is ultimately where it was going to go anyway, but what Tesla does is accelerate that outcome.总之，有些东西我已经讲过了。是的。我们为可持续能源做了大量工作，而这只会随时间不断增长。世界正在向太阳能电池经济迈进，这本来就是最终的走向，而 Tesla 做的是加速这一结果的到来。
Elon MuskSometimes people don’t understand quite how much energy comes from the sun. So the sun is ninety nine point eight percent of all mass in the solar system. Jupiter being point one percent and then point one percent is miscellaneous, Earth being in the miscellaneous category. So the total amount of energy, the sun, people would say, well, we’ll build fusion reactors on Earth. It’s like, well, actually, the giant fusion reactor in the sky is basically impossible to beat to such a degree that even if you could burn Jupiter in a thermonuclear reactor, the amount of energy produced by the sun would still round up to a hundred percent. That’s how much energy the sun produces.人们有时不太清楚太阳能释放的能量有多巨大。太阳占太阳系所有质量的 99.8%，木星占 0.1%，剩下 0.1% 是其他，地球就在这"其他"里。从能量总量来看，有人会说，我们在地球上建造核聚变反应堆吧。但其实，天空中那个巨大的聚变反应堆根本无法被超越——到了这种程度，即使你能在热核反应堆中燃烧木星，太阳产生的能量仍然会四舍五入为 100%。太阳产生的能量就是如此之多。
Elon MuskSo solar power is necessarily the future. And I think there’s going to be a lot of solar powered AI satellites. And I think Tesla’s going to play a role in that.所以太阳能必然是未来的方向。我认为将会有很多太阳能驱动的 AI 卫星出现，而我认为 Tesla 将在其中发挥作用。
Elon MuskWe’ve obviously refreshed the product line, so S three X Y. If people haven’t tried the model S, three, X or Y or the Cybertruck, I recommend at least getting a test drive or a test ride as the case may be. Try out the full self driving, and I think you’ll be blown away. So those who do not, if you might be listening and don’t have a Tesla, you should try one.我们显然已经更新了产品线，S、3、X、Y 全系。如果大家还没有试驾过 Model S、3、X、Y 或 Cybertruck，我建议至少去体验一次试驾或试乘。试试全自动驾驶，我想你一定会大吃一惊。如果你在收看而且还没有 Tesla，你应该去试一台。
Elon MuskAnd, of course, we’ve got the Cybertruck, which is the toughest truck of all time. It’s literally bulletproof, faster than a Porsche nine eleven, and can out tow a Ford F three fifty. So it’s a great car, great truck.当然，还有 Cybertruck，这是有史以来最硬核的皮卡。它真的是防弹的，比保时捷 911 加速更快，还能拖过 Ford F-350。这是一辆好车，一辆好皮卡。
Elon MuskAnd then starting next year, we manufacture the Tesla Semi. So this, we already have a lot of prototype Tesla Semis in operation. PepsiCo and other companies have been using the Tesla Semi for quite some time. But we will start volume production at our Northern Nevada factory in twenty twenty six. So we got two big products or three, three massive products starting production next year. We got Optimus. We got Tesla Semi, and we got the CyberCab.然后从明年开始，我们将开始生产 Tesla Semi。我们已经有很多 Tesla Semi 原型车在运营中，PepsiCo 和其他公司已经使用 Tesla Semi 相当一段时间了。我们将于 2026 年在内华达州北部工厂开始量产。所以明年我们有两个大产品，不，是三个，三款重磅产品开始量产：Optimus、Tesla Semi，还有 CyberCab。
Elon MuskAnd then battery packs. So if you look at total US power generation capability, it’s roughly a terawatt. But the average power usage is less than half a terawatt. And that’s because there are big differences in power usage between day and night. So the daily and seasonal variations in power consumption mean that the United States and really every country is only using about half, is only producing about half as much electrical energy as it could.然后说到电池组。如果你看美国的总发电能力，大约是一太瓦。但平均用电量不到半太瓦，这是因为白天和晚上的用电量差异很大。所以日常和季节性的用电波动意味着美国乃至每个国家实际上只用了大约一半的发电能力——只生产了大约一半的可发电量。
Elon MuskBecause without batteries, there’s no effective way to buffer the energy. So what batteries actually enable is even if you don’t build any incremental power plants, you could double the energy output of the United States just with batteries. This is a super big deal. And in fact, I think that’s really where most of the incremental energy production in the United States is going to come from, is literally batteries. So a bigger deal than it may seem.因为没有电池，就没有有效的方式来缓冲能量。所以电池实际上能实现的是：即使你不新建任何发电厂，仅靠电池就可以将美国的能源产出翻倍。这是一件非常重要的大事。事实上，我认为美国大部分增量能源供应将真的来自电池。这件事的意义比看起来要大得多。
Elon MuskAnd then we keep improving the battery design, so the MegaBlock, which makes it really easy to deploy utility scale batteries. So we’ve just simplified and brought more of the components to be internal to the batteries. So you can just show up and drop off a battery and it works.我们还在不断改进电池设计，比如 MegaBlock，让部署公用事业规模的电池变得非常简便。我们把更多组件集成到电池内部，所以你只需要到现场放下一台电池，它就能工作。
Elon MuskAnd then hopefully with, well, not hopefully. Over time, we will actually add more and more of the power electronics so that MegaPack will actually be able to output up to thirty five kilovolts directly. So you won’t need a substation is what I’m saying. You can just literally drop it off, kind of like the way that a Powerwall you just connect it to the house. The utility wires go on one side and the other side goes to the house mains, and that’s it. So we want to get mega pack to the point where you just literally take the utility wires and you plug them in, and it just works.然后随着时间推移，我们将逐步集成更多电力电子设备，使 MegaPack 能够直接输出最高 35 千伏的电压。也就是说，你不再需要变电站了。你就像接 Powerwall 那样，把公用电线接一侧，另一侧接家庭主配电盘，就完了。我们的目标是让 MegaPack 做到你只需把公用电线插进去，它就能工作。
Elon MuskThen we’ve also built the world’s largest supercharger network. So we do a lot of things here at Tesla. That’s the biggest supercharger network in the world by far. And ultimately, you’ll be able to go anywhere on earth using a Tesla supercharger. And it’s all pretty close to anywhere on earth, but it’s going to be ultimately just anywhere. It will just work anywhere.我们还建造了全球最大的超级充电网络。Tesla 在这里做了很多事情。我们的超级充电网络是全球规模最大的，遥遥领先。最终，你将能够在地球上任何地方使用 Tesla 超级充电站。现在已经覆盖了地球上绝大多数地方，但最终目标是真正无处不在，在任何地方都能用。
Elon MuskSo the supercharger team has done great work expanding that and improving the efficiency of the supercharger network. And in North America, they did such a good job that the other car companies basically said, well, we’ll just use the Tesla supercharger network. Like, okay, sounds good to us.超级充电团队在扩展网络和提升效率方面做了出色的工作。在北美，他们做得太好了，以至于其他汽车公司基本上都说，那我们就直接用 Tesla 超级充电网络好了。我们表示：没问题，听起来不错。
Elon MuskIt’s always important to have a plan on safety in the factory. So we continue to improve safety for our factory workers. We care a lot about their well-being. And, you know, one way you can just tell if a company is a good company or not, if you just walk through the factory or walk through the office and catch the vibe. And the vibe in the Tesla factory is good. People are happy. That’s how you know it’s a good company.在工厂安全方面，拥有完善的计划始终非常重要。我们持续提升工厂工人的安全保障，我们非常关心他们的福祉。其实，判断一家公司好不好，有一个简单方法：走进工厂或办公室，感受一下氛围。Tesla 工厂的氛围很好，大家都很快乐。这就是判断一家好公司的方式。
Elon MuskWe’ve also put a lot of investment into raw materials. So we’ve built in South Texas and Corpus Christi the biggest lithium refinery outside of China, I believe. So it’s going to, it’s starting off at about fifty gigawatt hours of lithium, and we’ll expand from there. So this is very important to have in a worst case scenario that we have the ingredients necessary to make a battery. Very important.我们还对原材料进行了大量投资。我们在德克萨斯州南部的 Corpus Christi 建造了中国以外最大的锂精炼厂——我相信是这样。初期产能约为 50 吉瓦时的锂，之后将持续扩大。这对于在最坏情况下确保我们拥有制造电池所需的原料非常重要，至关重要。
Elon MuskAnd then we’ve got here on this site the cathode factory, which is just the sort of giant building about a half mile that way. And we’re just making sure that we, from a supply chain standpoint, are resilient against any potential geopolitical challenges.这个园区内还有阴极材料工厂，就在大约半英里外的那栋大楼里。我们正在确保从供应链角度对任何潜在的地缘政治挑战都具有韧性。
Elon MuskAnd then also at this factory, we also make the 4680 cell, which is getting better and better. And that 4680 cell will be used in the CyberCab – it is being used in the CyberTruck and will be used in the CyberCab and also in Optimus. So that’s going well. But we continue, obviously, to get sales from many suppliers. It’s kind of like the chip fab thing.此外，这个工厂也生产 4680 电池，而且越做越好。4680 电池将用于 CyberCab——目前已用于 Cybertruck，将来也会用于 CyberCab 和 Optimus。进展顺利。当然，我们继续从众多供应商采购电池，这有点像芯片工厂那个道理。
Elon MuskWe’ll take as many chips as our suppliers can provide us. But then beyond that, if they can’t provide us with any incremental cells or chips, we kind of have to make them ourselves or we get stuck. That’s the Tesla Semi Factory. So it’s going to be pretty cool to see these going down the road in scale.我们会吃下供应商能提供给我们的所有电池和芯片。但超过那个量之后，如果他们无法提供更多电池或芯片，我们就不得不自己生产，否则就会卡住。那是 Tesla Semi 工厂，很期待看到这些车大规模上路的样子。
Elon MuskSo that’s basic plan. Sustainable abundance for all.这就是基本计划：为所有人实现可持续丰盛。
Elon MuskAll right. So yes, I guess we can go into Q and A now. Maybe at the next Annual Shareholder Meeting, we’ll have Optimus take some of the questions. That would be cool. So I see Alexander, well, thank you for your help, by the way. Please go ahead.好的，我想我们现在可以进入问答环节了。也许在下一次年度股东大会上，我们可以让 Optimus 来回答一些问题，那会很酷。我看到 Alexander 了，谢谢你的帮助，顺便说一句。请吧，请说。
Audience QuestionThank you. Is that a mic? Is it no. Let me hold it. It’s okay. Well, what a year it’s been. Right? I mean, just a year ago, President Trump got elected on the same day. These twelve months have been a heck of twelve months. Thank you to the board because I think they had to weather quite some storms with institutional investors and obviously thank you to you. And we stand with you. I think we showed it – we will show it.谢谢。这是麦克风吗？不是，让我拿着它，没关系。好，这一年真是不寻常啊，对吧？就在一年前，Trump 总统在同一天当选。这十二个月真是跌宕起伏的十二个月。感谢董事会，因为我认为他们与机构投资者经历了相当多的风浪；当然也感谢你。我们与你同在。我想我们展示了——我们将会展示这一点。
Audience QuestionSo we would like to express a wish, please. This is a nice venue. We love coming to the factory and I think it’s actually great we’re doing this at the factory. But there are thousands of retail investors who are crying because they cannot. They come to me. I love playing the mama, but I now give it to you. Please organize a bigger venue. We’re bigger than Berkshire, and we will do better than Berkshire. Okay.我们想表达一个愿望。这是个不错的场地，我们喜欢来工厂，我认为在工厂举办这个活动其实很棒。但有成千上万的散户投资者在哭泣，因为他们来不了。他们来找我诉苦，我喜欢充当妈妈角色，但现在我把这个转交给你了。请组织一个更大的场地。我们已经比 Berkshire 更大了，我们会比 Berkshire 做得更好。好的。
Elon MuskSure. And we can pay.当然，我们可以付钱。
Elon MuskYeah. Actually, Tesla will be way, way, way bigger than Berkshire long term. It’s going to be kind of nutty. So, all right. We’ll do the next one. Maybe we’ll do it in the – yeah. Like, yeah. Maybe the downtown arena or the soccer stadium or something like that. And get your security checked. We want to make sure that you’re safe.是的，其实 Tesla 从长远来看会比 Berkshire 大很多很多倍，会很夸张的。好的，下一次我们换个地方。也许在市中心的体育馆或者足球场之类的地方，然后做好安保检查，确保大家安全。
Audience QuestionWhat if I just want all been weaved. But we want to party. And if you can bring the other Elon companies there as well, investors would really appreciate it.反正我们只是想聚在一起嗨。但我们想要一个派对，如果你也能把 Elon 旗下其他公司的投资者都带来，大家会非常感激的。
Elon MuskAll right. Sounds good. Thank you very much for listening to us.好的，听起来不错。非常感谢你们的聆听。
Audience QuestionAll right. Elon, as a father, I just want to first thank you for the everything you’re doing in the world, especially freedom of speech. Thank you. And one question. Will you or Tesla ever consider FSD tied to an owner’s account rather than a vehicle to encourage more frequent upgrades provided the transfer is to only a brand new Tesla vehicle while fostering brand loyalty? If the vehicle is sold or traded without upgrade to another Tesla, FSD ownership would end?好的。Elon，作为一名父亲，我首先想感谢你为世界所做的一切，尤其是在言论自由方面。谢谢你。还有一个问题：你或者 Tesla 是否会考虑将 FSD 绑定到车主账户而不是车辆，以鼓励更频繁地升级，前提是转移只能针对全新的 Tesla 车辆并培养品牌忠诚度？如果车辆在不升级的情况下出售或置换给另一辆 Tesla，FSD 所有权就会终止？
Elon MuskWell, we have done that a few times. I guess we could extend it again. I will extend it for at least another quarter and then play it by ear after that.好，我们确实已经做过几次这样的事情了。我想我们可以再推一次。我会至少再延长一个季度，之后再随机应变。
Audience QuestionAll right. Howdy, Elon. Congrats on not having to show up to work for free anymore. We now have over a $40 billion war chest. We’re cash flow positive and remain – we know how you feel about fiat already. Is it time to take a look at Bitcoin? What’s your belief on that? Also, you’ve hinted towards that there’s a wheelchair accessible model in the works. Were you referring to the Robovan? And if so, can we please speed up production to help the least fortunate?好的，Elon，你好。恭喜你再也不用免费上班了。我们现在拥有超过 400 亿美元的战略储备，现金流为正……我们知道你对法币的看法。现在是时候考虑一下 Bitcoin 了吗？你怎么看？另外，你曾暗示有一款无障碍轮椅车型在研发中，你指的是 Robovan 吗？如果是的话，我们能否加快生产进度，帮助那些最需要帮助的人？
Elon MuskSure. Yeah. Obviously, we need a vehicle that’s big enough to fit a wheelchair accessible. So I think is the Robovan or robust or whatever we call it. I mean, it’s not like we’re slowing down because we want to slow down. It’s like we’re spinning like a zillion plates here.当然，是的。显然，我们需要一款足够大的车辆来实现轮椅无障碍功能。我想应该是 Robovan 或者随便我们叫它什么名字吧。我们不是因为想慢下来才慢下来，我们现在同时在转动不知道多少个盘子。
Elon MuskSo but I do think it would be very cool because I think aesthetically as well, it just would change the look of the roads and make it feel like the future. So it won’t be long before we make that. But since we do have Optimus, we’ve got CyberCab, Optimus and Semi all next year. It will probably have to be maybe the year – a couple of years from now or something like that. But we certainly will make a wheelchair accessible vehicle.但我确实认为这会非常酷，因为从审美角度来说，它也会改变道路的面貌，让人感觉来到了未来。所以我们不会等太久才造那款车。但由于明年我们有 Optimus、CyberCab 和 Semi，那款车可能要等到再过几年。不过我们一定会造一款轮椅无障碍车辆的。
Audience QuestionIt’s Patoshi. I was privileged enough to attend the Investor Day. And you’ve also talked about the factory being a product. I saw the dry cathode method and so forth, and I wanted to know the progress in that. And also would Optimus be working on that in the future production line in the future?我叫 Patoshi，我很荣幸参加了 Investor Day。你也谈到过工厂本身就是一款产品。我看到了干法阴极工艺等技术，想了解这方面的进展。另外，Optimus 未来会不会参与那条产线的生产？
Elon MuskYes. I guess the dry cathode, man, that’s turned out to be a lot harder than we thought. So I mean, it does look like it’s going to be successful, and it will have some cost advantage relative to wet cathode. But if I had to wind the clock back, I would probably have gone with wet cathode instead of dry cathode because it just turned out to be a lot harder to make it high capable of high volume production with super high reliability. So yes.是的，干法阴极这个事……唉，比我们预想的难多了。从目前来看，它确实有望成功，相比湿法阴极会有一定的成本优势。但如果能时光倒流，我可能会选择湿法阴极而不是干法阴极，因为它实现超高可靠性的高产量生产真的比我们想象的要难得多。所以是的。
Elon MuskBut we will be scaling up battery cell production at Tesla and looking for cell production from our suppliers as well because we’re going to be ramping up production very dramatically at Tesla.但我们将在 Tesla 扩大电池电芯产能，同时也在寻求供应商提供更多电芯，因为我们将非常大幅度地加快 Tesla 的生产爬坡。
Elon MuskNow that we believe we have full self-driving, that we have autonomy solved or at least within a few months of having it unsupervised autonomy solved at a reliability level significantly better than human – that means it’s time to ramp up production because the value proposition is now much greater than a regular car.现在我们相信我们已经拥有了完全自动驾驶——我们已经解决了自动驾驶问题，或者说距离以显著优于人类的可靠性实现无监督自动驾驶只差几个月——这意味着是时候加快生产了，因为现在的价值主张远远超越了一辆普通汽车。
Elon MuskThe killer app really is for people, can you text and drive? Or can you sleep and drive? Can the car take you to your destination? Or do you need to pay attention and be and have to drive it? And before we allow the car to be driven without paying attention, we need to make sure it’s very safe. Like I said, we’re on the cusp of that. I know I’ve said that a few times, we really are at this point. And you can feel it for yourselves with the 14.1 release.对于用户来说，杀手级应用真的是：你能不能边发短信边开车？能不能睡着开车？车能不能自动送你到目的地？还是你必须全神贯注地驾驶？在允许车辆在无人注意的情况下行驶之前，我们需要确保它非常安全。就像我说的，我们正处于这个临界点。我知道我已经说过几次了，但这次是真的。你们可以通过 14.1 版本亲身感受。
Elon MuskSo we’re going to try to – we’re going to push to expand vehicle production as fast as we possibly can. So aspirationally, we’d aim to increase vehicle production by about 50% by the end of next year. So that’s – it’s very hard to increase production, but that’s roughly – I don’t know, maybe we get to like – I’m just guessing, at exit rate by the end of next year of around 2.6 million, 2.7 million vehicles annualized production and then aim to get to maybe 4 million by the annualized rate by the end of ’27 and then maybe 5 million by the end of ’28.所以我们将全力以赴——我们将以尽可能快的速度扩大车辆产量。从志向上看，我们的目标是到明年年底前将车辆产量提升约 50%。这意味着……很难说，也许按明年年底的年化产率，大约能达到 260 万到 270 万辆，然后目标是到 27 年底的年化产率达到约 400 万辆，到 28 年底达到约 500 万辆。
Elon MuskThose are rough – those are our aspirational goals. So these are – this is a gigantic increase in output, which means that the entire supply chain has to move in unison with that increase in volume. And the nature producing a large complex product is that it moves as fast as the least lucky, dumbest element in the entire system, and there’s 10,000 plus items.这些都是粗略估算，是我们的目标愿景。这是产量的巨幅增长，意味着整个供应链必须与产量增长同步运转。而生产大型复杂产品的本质是，它的速度取决于整个系统中运气最差、最薄弱的那个环节，而整个系统涉及超过 10,000 个组件。
Elon MuskBut like I said, this really is a new – it’s not just a new chapter for Tesla, it’s a new book. And that new book is massively increasing vehicle production and ramping up Optimus production faster than anything’s ever been ramped up before in history.但就像我说的，这真的是一本全新的书，不仅仅是 Tesla 的新篇章。这本新书的内容是：大幅提升车辆产量，并以史上最快的爬坡速度扩大 Optimus 的生产规模。
Audience QuestionAwesome. Elon, thank you. Thank you from all of us. The retail shareholders really care, and so I echo the sentiment of a larger venue where more can come. As a testament to that, I was here – I was fortunate enough to be here last year. And since then, touring the factory, talking to people that work here, I’m just a retail shareholder, but increased my holdings twelve times. So I know it’s really engaging and gives people confidence. And so thank you for having us. I do echo that I hope it grows.太棒了。Elon，谢谢你。谢谢我们所有人。散户投资者真的很在意，所以我也呼应之前那位说要换更大场地的建议，希望更多人能参与进来。作为一个佐证，我去年很幸运地来到了这里。此后，参观工厂、与在这里工作的人交流，作为一个散户股东，我把我的持股增加了 12 倍。我知道这种参与感真的能给人信心。所以感谢你们的接待，我也真心希望这个活动规模越来越大。
Audience QuestionLast year, I’m the one that asked you about your well-being and safety. Oh, yes. It’s all live. It was a broad general question and it was before some of the uncertainty that’s unfolded since then. So I hope it had a positive impact and we all care. And so my question this year, you’ve talked recently about the most mind-blowing product demo of all time and I shot it being the most memorable product ever. Roadster. Yes, yes.去年，问你身体健康和安全问题的就是我。哦，是的，全程直播。那是一个宽泛的一般性问题，而且那是在此后发生的种种不确定性之前。希望那个问题对你有积极的影响，我们都很关心你。所以我今年的问题是：你最近谈到了有史以来最令人震撼的产品发布会，以及可能是史上最令人难忘的产品。Roadster，对，对。
Audience QuestionAnd I have patiently been waiting on my Founder’s Series Roadster reservation. Yes. So on behalf of the Founder’s Series guys that have stuck in there, can we be invited to this unveil?我一直在耐心等待我的 Founder's Series Roadster 预订。是的。所以代表那些一直坚持等候的 Founder's Series 预订用户，我们能被邀请参加这次发布会吗？
Elon MuskOh, yes. Sure. Absolutely. Definitely. Okay. Yes. So all Founder Series can be invited?哦，是的，当然，绝对没问题。好的，是的。所以所有 Founder Series 预订用户都可以被邀请？
Elon MuskYes, yes. I mean, it’s the least we could do, frankly, for people that have – our long suffering Roadster reservation holders. I feel confident in saying it will be the most exciting product unveil ever. And I hope that – whether it goes well or doesn’t go well.是的，是的。我是说，坦白说，对于那些长期苦等的 Roadster 预订用户，我们至少能做的就是这些。我可以有把握地说，这将是有史以来最令人兴奋的产品发布会。我希望——不管结果是好是坏。
Audience QuestionSince I’m up here, can I get the first one?既然我都站出来了，我能先拿到第一台吗？
Elon MuskWell, I guess it’s according to whoever put down their deposit in that sequence. So that’s the – but you’ll get a very early one. And I mean, the new Roadster is very much sort of like – it’s not even the icing on the cake, it’s the cherry on the icing on the cake. So I mean, it’s really kind of like – it’s not essential for sustainable abundance, let me put it that way.嗯，我猜是按照谁先交的定金、按顺序来的。所以——不过你会拿到一辆非常早期的车。我的意思是，新 Roadster 有点像——它甚至不是蛋糕上的糖霜，而是糖霜上面那颗樱桃。所以说，它真的不是实现可持续丰盛所必需的，我就这么说吧。
Elon MuskBut I do think there should be very cool technology in the world that is – you know, it’s way beyond anything that’s ever existed. And I think I’d like those – like, even if I could never have access to those things, I’d like to know that they exist and see the future happening. So I think it will be inspiring to a lot of people. And just it’s – it’s like the coolest car, if it even is a car, that has ever – that will probably ever exist.但我确实认为这个世界上应该存在一些非常酷的技术——你知道，远超任何曾经存在过的东西。我想——哪怕我自己永远无法拥有或接触这些东西，我也想知道它们存在，亲眼见证未来发生。所以我觉得它会激励很多人。而且，这将会是有史以来最酷的车——如果它还算是一辆车的话——可能永远都是最酷的那一辆。
Audience QuestionHi, Elon. Congrats on the proposal plan. That was amazing, the compensation. Question back to chips. So chips, chips, chips. Chips will be the limiting factor to the future. So on that –嗨，Elon。恭喜你提出那个薪酬方案，真的很厉害。回到芯片话题——芯片、芯片、芯片。芯片将是未来的限制因素。所以——
Elon MuskYes. Chips and electricity are the two limiting factors.是的。芯片和电力是两大限制因素。
Audience QuestionYeah. And we got the energy and power and energy packs ready to roll. So I think on the chips, I think you said TSMC, Samsung, perhaps Intel 14A and several different sites. I heard a couple of U.S. factory sources, which is mean, we’re like everyone.对。能源和动力、储能包我们都准备好了。在芯片方面，我听说你提到了 TSMC、Samsung，可能还有 Intel 14A，以及好几个不同的地点。我听说有几个美国本土的工厂来源，这意味着我们几乎什么都用上了。
Elon MuskEveryone. It’s like – yeah. Yeah.全都用上了。就是——对，对。
Audience QuestionAnd so I guess – is there an open door in the future of investing directly into some of those boundaries? And second question, how big is a Tera factory? Can you put that in scale?那么我想问——未来有没有可能直接投资到这些产能扩张项目里？第二个问题，一座 Tera 工厂有多大？能给我们一个概念吗？
Elon MuskOh, yes, yes. That’s a point. A semiconductor Tera factory? Yes. Well, I mean, thing is that we actually have agreed to buy all the chips that are made from the fab. So it’s basically a money printing machine for TSMC and Samsung. It’s like literally the faster you make the chips, the faster we send them money. But it’s still not going at just fast enough.哦，是的，是的。这是个好问题。半导体 Tera 工厂？对。嗯，关键在于，我们实际上已经协议买下了晶圆厂生产的所有芯片。所以对 TSMC 和 Samsung 来说，这基本上就是一台印钞机。字面意思就是——你芯片做得越快，我们打钱就越快。但这样还是不够快。
Elon MuskSo that’s why I think, as far as I can see, the only option is to go build some like very big chip fab. And then you go to solve memory and packaging too. But otherwise, you just tap out at whatever the chip production rate is. And so I guess, Tera would be – you’d want to say it’s got to be at least 100,000 wafer starts per month size fab. And maybe that would be one of ten in a complex. So it would ultimately be one million wafer starts per month.所以我觉得，就我目前的判断，唯一的出路就是去建一座超级大的芯片晶圆厂。然后还得解决存储和封装的问题。否则，你的天花板就是当前的芯片产能。我猜 Tera 规模的话——你至少得有每月 10 万片晶圆的起始产能。这可能只是一个综合园区里十座工厂之一。那最终就会达到每月 100 万片晶圆的产能。
Elon MuskYeah. Exactly. You can tell when it gets the giggle factor, that’s probably a good sign that we’re onto something special. But I wouldn’t be surprised if long term, it’s like a million wafers a month.对，完全正确。你能感觉到那种'这也太荒唐了'的咯咯笑声，但那可能正是我们要做成某件特别事情的好兆头。我不会对长期达到每月 100 万片晶圆感到意外。
Audience QuestionHi, Elon. I’m a long-term investor, so I’ve been holding the shares for twelve years. I worked at the autopilot team development for ten years, and brought my dad here from Brazil. We actually won the Tesla Vision contest with the Cybertruck BVL. So I hope you get to see that at some point. So thanks for the free Model Y.嗨，Elon。我是一个长期投资者，持股已经十二年了。我在 Autopilot 团队待了十年，还把我爸爸从巴西带来了。我们用 Cybertruck BVL 赢得了 Tesla Vision 大赛，希望你有机会能看到那个作品。谢谢你送的那辆免费 Model Y。
Audience QuestionAnd my question is about, obviously, market expansion, but not only South America, Brazil, but also into Mars, like, with the upcoming rendezvous of Mars and Earth. What’s going to be in the payload? You know? Where are we going to send there?我的问题是关于市场拓展的——不只是南美洲、巴西，还有火星。随着即将到来的火星与地球会合窗口，有效载荷里会装什么？我们要往那里送些什么？
Elon MuskWell, Optimus is going to play a big role. Optimus and, I think, Tesla vehicles will play a big role on the moon and Mars. So for a moon base and a Mars city, Tesla vehicles and Optimus robots are natural fit for building and operating a moon base than a Mars city.Optimus 会扮演很重要的角色。Optimus 和 Tesla 的车辆，我认为，在月球和火星上都会发挥关键作用。对于月球基地和火星城市来说，Tesla 车辆和 Optimus 机器人是建设和运营月球基地、进而建设火星城市的天然选择。
Audience QuestionSo sorry? Cybertruck also?那 Cybertruck 也会去？
Elon MuskYeah. Yeah. It’s a Cybertruck. We’ll need to drive around in a pressurized vehicle if there’s a person inside. But, yeah, it’ll be something cool, next level moon buggy or Mars buggy.是啊，是啊。就是 Cybertruck。如果里面有人的话，我们需要在一辆加压车辆里行驶。但没错，会是某种很酷的东西，下一代月球车或者火星越野车。
Audience QuestionSo all right. Hi, Mr. Musk, Gorev. Been a fan of yours since 2006. I think I saw a piece in Popular Science Magazine. It was really cool, and I think I was fifteen at the time. Shareholder since ten years now. It’s been really, really rewarding. It’s changed my life. So thank you very much to you and Tesla.好的。嗨，Musk 先生，Gorev。我从 2006 年就开始关注你了——我想我是在《大众科学》杂志上看到的一篇报道，非常酷，那时候我大概十五岁。持股也已经十年了，回报丰厚，改变了我的生活。非常感谢你和 Tesla。
Audience QuestionMy question is regarding Tesla’s mission for a sustainable future as it pertains to autonomy. I personally fully expect a deflationary period after – well, unlocked by autonomy basically, both in moving humans and goods and whatnot, excluding Optimus even.我的问题关于 Tesla 在自动驾驶方面的可持续未来使命。我个人完全预期，自动驾驶基本上会解锁一段通货紧缩时期——无论是人员出行还是货物运输，甚至还不算 Optimus 的贡献。
Audience QuestionWhat efforts is Tesla going to focus on to reduce the dollar per mile? Rough math, I think like $0.30 a mile would be really nice. $0.50 is pretty good too, I mean, looking at inflation later on. And then I guess the second part of that, how low does it have to be for people to just stop buying cars like where it doesn’t make economic sense to do that? I expect that to affect economies of scale and then further increase the pricing of vehicles thereon out. So like what is that node at which inflection happens?Tesla 会把重点放在哪些方面来降低每英里的费用？粗略算了一下，我觉得每英里 $0.30 会非常棒，$0.50 也挺好的，毕竟考虑到以后的通胀。然后第二个问题，价格要低到什么程度，人们才会停止买车——低到从经济角度讲买车就没意义了？我预计这会影响规模经济，进而推高车辆价格。那个拐点在哪里？
Elon MuskWell, in terms of cost per mile, I mean, we do see a path with a lot of work to get below $0.20 a mile in current year dollars. And I somewhat agree that things will probably be deflationary, as productivity increases because you can think of money supply as being the ratio of goods and services to like what’s the growth in goods and services versus the growth in the money supply? That ratio is basically inflation. And so if the output of goods and services grows faster than the money supply, then you necessarily have deflation or vice versa.嗯，就每英里成本而言，我们确实看到了一条路，经过大量努力，可以在当前年份的美元价值下降到每英里 $0.20 以下。我也在某种程度上同意，随着生产力的提升，事情可能会变得通缩。因为你可以把货币供应量理解为商品和服务总量与货币供应量增长之比——那个比率基本上就是通胀率。所以如果商品和服务的产出增速超过货币供应量增速，你必然会出现通缩，反之亦然。
Elon MuskThey try to make it sound complicated, but it’s not. So I’m not sure that even government overspending can actually—I think government overspending will be lower than the increase in productivity of goods and services, which would imply deflation as you expect.他们总想把这事说得很复杂，其实并不复杂。所以我也不确定政府超支能不能真的——我认为政府超支的速度会低于商品和服务生产力的提升速度，这就意味着你预期的那种通缩是会发生的。
Audience QuestionWhat about economies of scale and the impact it has to how you respond as an automotive company when people stop potentially buying cars?那规模经济呢？以及当人们可能停止买车时，它对你们作为汽车公司的应对会有什么影响？
Elon MuskEconomies—sorry, economies of scale? In like auto manufacturing, for instance, it only makes sense if lots of people buy your vehicles. Oh, the total number of vehicles will decrease. The sort of vehicle fleet out there is about two billion cars. Two billion if you add up old cars and trucks that are not at a scrap yard, I think it’s around two billion. But that number would decrease with autonomous vehicles.规模经——抱歉，规模经济？比如汽车制造，只有大量人买你的车，它才有意义。哦，车辆总数会减少。全球汽车保有量大概有二十亿辆——二十亿，把那些还没报废的旧车和卡车加在一起，我觉得大概就是二十亿左右。但随着自动驾驶车辆的普及，这个数字会下降。
Elon MuskSo the total fleet size would drop. I actually think miles driven will increase because it is now much less painful to travel somewhere. So if somebody is thinking about traveling across a busy city, then they’ll take into account, well, how much pain do I have to deal with if I have to go through two hours of traffic? I probably won’t do it. But if you’re just, say, sitting in a Cybercab watching a movie or doing some work, then it’s just like sitting in a little lounge.所以车队总规模会缩小。但我实际上认为行驶总里程会增加，因为出行变得不那么痛苦了。如果有人想穿越一座拥挤的城市，他们会考虑：我要忍受两个小时的堵车有多痛苦？可能就不去了。但如果你只是坐在 Cybercab 里看电影或者处理工作，那就像坐在一个小休息室里一样。
Elon MuskAnd so I think you’ll see probably a significant increase in total miles driven, but at the same time, a decrease in the total active fleet of vehicles.所以我认为你会看到行驶总里程大概率会显著增加，但同时在用车队总量会减少。
Audience QuestionI’d just like to reiterate how grateful we all are to have you onboard and ready to lead us to another seven trillion dollars in market cap, at least. Obviously. Thank you. My question is, how much of a concern is it that when Cybercab starts production in Q2 next year, that regulation won’t be there yet to where you can deploy Cybercabs being produced? Or are you guys confident that every Cybercab you guys make, you’ll be able to deploy?我只想再次强调，我们多么感激有你在掌舵，带领我们迈向至少再翻七万亿美元市值的目标。显然。谢谢你。我的问题是：当 Cybercab 明年 Q2 开始量产时，监管法规还没到位，导致你们无法部署生产出来的 Cybercab——这种风险有多大？还是说你们有信心，每一辆生产出来的 Cybercab 都能顺利部署？
Elon MuskYeah. I think the rate at which we receive regulatory approval will roughly match the rate of Cybercab production. It will be maybe a little tight, but it’s about right. And I’d like to thank Waymo for paving the path here. It’s very helpful. So, yeah, but I think we’ll be able to deploy all the Cybercabs that we produce.对。我认为我们获得监管批准的速度大致会和 Cybercab 的生产速度相匹配。可能会有一点紧张，但大体上是对得上的。我要感谢 Waymo 在这里铺的路，非常有帮助。所以，是的，我认为我们能够部署所有生产出来的 Cybercab。
Elon MuskAnd the other thing is, like, once it becomes extremely normal in cities, it’s just going to become like, the regulators will have just fewer and fewer reasons to say no. And then you’ve got this—you know, you’ve got the accident statistics at scale and you can show that autonomous miles save lives, then and you’ve got unequivocal, you know, billions of miles to prove it, then I think it’s hard for regulators to say no.另外，一旦它在各个城市变得极其普通，监管机构说'不'的理由就会越来越少。然后当你有了规模化的事故数据统计，能够证明自动驾驶里程救了多少人命，拿出数十亿英里无可辩驳的证明，那时候监管机构就很难再说不了。
Audience QuestionFirst of all, Elon, thank you so much for everything you do for the Tesla shareholders. Thank you. Do you see a path for Optimus to have consciousness downloaded to it? You mean human consciousness?首先，Elon，非常感谢你为 Tesla 股东所做的一切。谢谢你。请问你是否看到了一种让意识上传到 Optimus 的可能——人类意识？
Elon MuskYeah. I mean, it’s not immediate. But if you say that down the road, would you be able to, say, with the Neuralink, have a snapshot of or what is an approximate snapshot of somebody’s mind and then upload that approximate snapshot to an Optimus body, I think that at some point, that technology becomes possible. And it’s probably less than twenty years.嗯，这不是近期能实现的事。但如果你说将来某天，借助 Neuralink，能够获取一个人思维的快照——或者说近似快照——然后把这个近似快照上传到一个 Optimus 的躯体里，我认为在某个时间点，这项技术会成为可能。而且可能不到二十年。
Elon MuskBut of course, you won’t quite be the same. You’re a little different because you’ll be in a robot body. And the mental snapshot will not be precise. It’ll be probably pretty close, but not exactly the same. On the other hand, are you the same person that you were five years ago? Nope. I mean, a lot of things have changed. So yeah, but I guess at some point, if you want to be uploaded to a robot body, my guess is that becomes possible.当然，你不会完全是原来的那个你。因为你是在一个机器人躯体里，而且那个思维快照也不会完全精确，大概会很接近，但不会完全一样。另一方面，你现在和五年前的你是同一个人吗？不是。很多事情都变了。所以，我猜在某个时间点，如果你想被上传到一个机器人躯体里，我的判断是这会成为可能。
Audience QuestionHi, Elon. Space-based data center is a great idea, and I agree with that. Yeah. I was curious on your views on space-based solar power, the idea of beaming down microwave energy down to earth so that you can just point it to where it needs to go without transmission, without distribution lines, and it’s more energy dense, so, you know, less land use. Just curious on your views.嗨，Elon。天基数据中心是个很好的想法，我同意。是的。我很好奇你对天基太阳能的看法——把微波能量从太空传输回地球，这样你就可以把能量定向输送到任何需要的地方，不需要输电线路，也不需要配电网络，而且能量密度更高，占地更少。想听听你的看法。
Elon MuskWell, space solar power—until the advent of something like Starship, where the cost per ton to orbit drops by orders of magnitude, the cost of getting payload to orbit is so high that there was no possibility of space solar power solving anything, really.嗯，天基太阳能——在 Starship 这样的飞行器出现之前，它能把每吨入轨成本降低几个数量级，把有效载荷送到轨道的成本实在高得离谱，根本没有任何天基太阳能真正解决任何问题的可能性。
Elon MuskNow with Starship, like, I see a path to Starship cost per ton to orbit being lower than air flight. Like, if you were to fly, you know, do a long distance air flight with cargo, like, say, took a 747 from here to Sydney, Australia or something like that, I think, ultimately, Starship will be able to do that trip for less cost per ton than an aircraft. So then you—so now you’ve got that opens up a very wide range of possibilities.有了 Starship，我看到了一条路——Starship 的每吨入轨成本可以低于航空飞行。就是说，如果你用货机做长途飞行，比如从这里飞货去澳大利亚悉尼，我认为最终 Starship 可以以比飞机更低的每吨成本完成这趟旅程。所以——这就打开了非常广泛的可能性。
Elon MuskLike, the most obvious one, I think, is actually solar powered AI satellites, sort of to move the AI to orbit and essentially deep space over time. Because you can actually access over a billion times more energy from the sun in deep space than you can on Earth, scaling if you—to scale to Kardashev—to make any progress on a Kardashev Type II scale, which is using some nontrivial amount of energy from the sun, you kind of have to do space solar power.最显而易见的，我认为实际上是太阳能驱动的 AI 卫星——把 AI 迁移到轨道上，然后随着时间推移迁移到深空。因为在深空，你能获取到的太阳能实际上是地球上的超过十亿倍。要想在 Kardashev 尺度上有所进展——要达到 Kardashev Type II 文明级别，也就是使用太阳能量中不可忽视的一部分，你就必须走天基太阳能这条路。
Elon MuskNow you could only beam a tiny amount of that back to Earth or you would melt Earth. So Earth actually receives a very, very tiny amount of the sun’s energy. We’re—I mean, Earth is a tiny dust mote. We see that Earth to scale with the sun, we look like a little crumb. So to scale civilization, like I said, to be at all relevant on a Kardashev Type II scale, like to even use a millionth of a percent of the sun’s energy, you really have to have use solar power in deep space.当然，你只能把其中极小一部分传回地球，否则你会把地球给融化了。地球实际上接收的太阳能极其微小。我们——地球就是一粒尘埃。把地球和太阳放在同等比例下，我们就像一粒面包屑。所以，要把文明提升到 Kardashev Type II 的量级，哪怕只是利用太阳能量的百万分之一的百分之一，你也真的必须在深空使用太阳能。
Elon MuskAnd you could beam some of that back to Earth too, but you can only beam a tiny bit of it back or you’d melt Earth.你也可以把其中一小部分传回地球，但只能是很小很小的一部分，否则会把地球融化。
Audience QuestionElon, look around you. This is a very, very small sample of Tesla soldiers. Maybe, actually, I should say, Elon Musk’s soldiers.Elon，看看你周围。这只是 Tesla 战士们非常非常小的一个缩影。也许说得更准确一点，应该是 Elon Musk 的战士们。
Elon MuskWell, thank you for your support.感谢你们的支持。
Audience QuestionAnd thank you, everyone. So I’d just like to say thank you from the bottom of my heart for your support. Thank you. And thank you, everyone out there. So I know for sure a lot of them sold the farm to buy Tesla. And they stuck with Tesla through thick and thin, good days and bad days. Yes. My question to you is, how do you feel about repeating the success but in a safer way where you get qualified Tesla retail investor only to invest in SpaceX, avoiding all these market manipulator, those crooks, and these short sellers.谢谢大家。我只想从心底说声谢谢，谢谢你们的支持。谢谢。也谢谢外面所有的人。我确信很多人是倾其所有买了 Tesla，在顺境和逆境中都坚守着 Tesla。是的。我想问你：你怎么看待重复这种成功，但以一种更安全的方式——让有资质的 Tesla 散户投资者投资 SpaceX，同时避开那些市场操纵者、那些骗子和做空者？
Elon MuskYeah. It is a tough problem that you highlight. I mean, basically, unfortunately, over time, the parasitic load of being a public company has just grown over time. And so you get all these spurious lawsuits, obviously, and they just make it very difficult to operate effectively as public company. So but I do want to try to figure out some way for Tesla shareholders to participate in SpaceX. That would be very cool.是的。你提出的确实是个棘手的问题。我的意思是，不幸的是，随着时间推移，作为一家上市公司的寄生成本只增不减。所以你会遇到各种莫名其妙的诉讼，这显然极大地妨碍了作为上市公司的有效运营。但我确实想想办法，让 Tesla 股东能够参与 SpaceX——那会非常棒。
Elon MuskI’ve been giving a lot of thought to how to give people access to SpaceX stock because I do want supporters to have SpaceX stock. But there’s a sort of 2,500 shareholder threshold before you become a de facto public company. But I don’t know. Maybe at some point Tesla—maybe at some point SpaceX should become a public company despite all the downsides of being public.我一直在认真思考如何让人们获得 SpaceX 股票，因为我确实希望支持者能持有 SpaceX 股票。但有一个大约 2,500 名股东的门槛，超过了就等同于实际上成为了一家上市公司。不过，我不知道，也许 Tesla 有一天——也许 SpaceX 应该在承担所有上市弊端的情况下成为一家上市公司。
Audience QuestionFirst of all, thank you very much, Elon. Just an amazing job you’re doing, not only for Tesla shareholders, but the humanity in general. So we’ve got a couple of questions many of us are asking. Like we want to know, many of us think you are one of the most consequential business people on earth ever. And we want to understand how do you think, like, for example, like a couple of—one, how did you know in the Master Plan Part Two, this is like 2018 or something like that, you calculated at that point it takes six billion miles of FSD miles driven before maybe the world, the regulatory, would approve it.首先非常感谢你，Elon。你做的工作真的很了不起，不仅仅是对 Tesla 股东，对全人类都是。我们有几个很多人都在问的问题。我们想了解你的思维方式——比如，有一两个例子，在 Master Plan Part Two 里，大概是 2018 年前后，你在那时候计算出可能需要 60 亿英里的 FSD 行驶里程，世界和监管机构才会批准它。
Audience QuestionAnd then the second is like when you were deciding if Tesla is going to have the hardware chips, AI chips, did you know at that time that at some point when you get the AI5, it’s going to be used not only for cars but for bots and for AI data centers? Like was that luck a little bit? Or was it like you kind of knew that that was going to happen?第二个问题是，当你决定 Tesla 要自研硬件芯片、AI 芯片的时候，你那时就知道了，等到 AI5 出来的某一天，它不只会用在汽车上，还会用在机器人和 AI 数据中心上吗？这是有一点运气的成分，还是你当时就知道这一定会发生？
Elon MuskWell, generally, I mean, in terms of the estimates, like for the self-driving stuff, generally try to get things to within an order of magnitude. So it seemed to me like probably—and this was technically in kilometers, but it would be closer to ten billion kilometers, which is roughly six billion miles, than it would be to one billion. But I thought it would not take one hundred billion kilometers. So it’s really just you’re trying to—when you’re trying to guess something where there’s a lot of uncertainty, just try to get the estimate to the nearest order of magnitude, closest factor of ten. And that’s why I said probably around ten billion kilometers or six billion miles.嗯，总体来说，在估算方面，比如自动驾驶这块，我通常会努力把结果控制在一个数量级以内。在我看来，可能——这在技术上是以公里计的，大约会是 100 亿公里左右，换算成英里大约是 60 亿，而不是 10 亿。但我认为不会需要到 1,000 亿公里。所以当你试图猜测一件存在大量不确定性的事情时，就努力把估算结果精确到最近的数量级，最近的十倍因子。这就是为什么我说大概是 100 亿公里，也就是约 60 亿英里。
Elon MuskAnd then, yeah, chip—the reason Tesla created a chip team, and it’s important to note, like, Tesla is like a dozen startups in one. And, you know, we’ve only really done one major acquisition, which is SolarCity, and then some very small ones. So all of this is almost all of this is organic. So I built the chip team from scratch and the AI team from scratch. It was just because it became a limiting factor.然后，芯片的问题——Tesla 之所以建立芯片团队，有个重要背景：Tesla 就像十几个初创公司合而为一。我们实际上只做过一次重大收购，就是 SolarCity，然后是一些很小的收购。所以这一切几乎都是有机生长的。我从零开始建立了芯片团队，也从零开始建立了 AI 团队，就是因为它成了限制因素。
Elon MuskSo for Hardware 2, we used NVIDIA. But NVIDIA was, at that time, focused on making really AI server hardware, which obviously was a smart bet. They’re currently the most valuable company in the world. And Jensen Huang and his team have done an incredible job at NVIDIA. My hats off to them. I’m a huge admirer of Jensen and NVIDIA. They’ve done amazing work.Hardware 2 我们用的是 NVIDIA。但 NVIDIA 当时专注于做真正的 AI 服务器硬件，那显然是一个明智的赌注——他们现在是全球市值最高的公司。Jensen Huang 和他的团队在 NVIDIA 做出了不可思议的成就，我对他们脱帽致敬。我是 Jensen 和 NVIDIA 的超级粉丝，他们做的工作真的太厉害了。
Elon MuskBut they didn’t want to do a low cost, power efficient car computer at the time, AI car computer. So I was like, well, okay, I guess we need to start a chip team to solve that. So then that’s when I hired Jim Keller, and we built the chip team and did AI3, then AI4. And then we—to be honest, we made some mistakes there with AI5, but now AI5 is back on track. And we’ll have a very rapid cadence to AI6 and so forth.但他们当时不想做低成本、低功耗的汽车 AI 计算机。所以我就说，好吧，看来我们得自己组建一个芯片团队来解决这个问题。于是我就聘用了 Jim Keller，我们建立了芯片团队，做出了 AI3，然后是 AI4。说实话，我们在 AI5 上犯了一些错误，但现在 AI5 已经重新步入正轨。我们会以非常快的节奏推进到 AI6，以此类推。
Elon MuskAnd this is really necessary for the car to—like with AI4, I think we can get to 200 or 300 percent better than human safety, maybe 400 percent better. But with AI5, I think we can do 1,000 percent better or maybe even better than that than human safety. So at a point, actually, it might be too much intelligence for a car.这对汽车来说真的非常必要——用 AI4，我认为我们可以比人类驾驶安全性高出 200% 到 300%，也许能达到 400%。但用 AI5，我认为我们能达到比人类安全性高 1,000%，甚至可能更高。所以在某个时间点，对于一辆车来说，这个智能水平实际上可能太高了。
Elon MuskSo, like, I was thinking, what if you get stuck in a car and you have too much intelligence? But then one of the things we could do is when the car is idle is use the car as a massive distributed AI inference fleet. So with the concerned customers, we’re like, do you want your car to earn money for you while it’s sitting in your garage at night? I don’t know. We’ll pay $100 a month or $200 a month or whatever the right number is. If you allow Tesla to do AI inference workloads when you’re not using your car.我在想，如果你被困在一辆车里，而且它有太多智能怎么办？但有一件事我们可以做，就是在车辆空闲时，把车用作大规模分布式 AI 推理网络。比如对有顾虑的用户，我们可以说：你想让你的车在你晚上停在车库里的时候帮你赚钱吗？我不知道，我们会支付每月 $100 或 $200，具体数字待定——如果你允许 Tesla 在你不用车的时候跑 AI 推理任务的话。
Elon MuskSo that will also help the AI in the car not get bored. Because, like, I sort of imagined, like, what if I got stuck in a car? You know? And then—well and the highlight of your day was driving. It’s like, you know—but they don’t always want to drive.这也能帮助车里的 AI 不至于无聊。因为我有点在想象，如果我被困在一辆车里会怎样——而你一天的高光时刻就是开车。你知道——但他们并不总想开车。
Elon MuskSo then what do you do the rest of the time? So I think Tesla could actually end up having the largest—Tesla might end up having the most amount of AI inference compute in the world. Like, if you think, maybe if we had one hundred million car fleet, and at some point, we may have more than one hundred million car fleet, and they’ll have AI six, AI seven, you know. And if you’re able to run a kilowatt of inference on a one hundred million car fleet, now you’ve got one hundred gigawatts of distributed inference with built in cooling and power electronics and distributed power.那其余时间做什么呢？所以我认为 Tesla 实际上最终可能拥有全球最大的——Tesla 可能最终会拥有全球最多的 AI 推理算力。你想想，如果我们有 1 亿辆的车队，而在某个时间点，我们的车队规模可能超过 1 亿辆，它们都搭载 AI6、AI7 等等。如果你能在 1 亿辆车的车队上跑 1 千瓦的推理，那你就有了 100 吉瓦的分布式推理算力，而且自带冷却、电力电子元件和分布式电源。
Elon MuskProbably the market is valuing that as zero point zero right now is my guess. But it seems like an obvious thing to do. If you’ve got distributed inference AI and you’ve got the power and the cooling, which is very difficult to do the power and the cooling, and one hundred gigawatts is a lot. I mean, the average power consumption in the U.S., I think, is around four sixty gigawatts for the—that’s the entire electrical consumption of the U.S.我猜目前市场对这块的估值大概是零点零。但这看起来是件显而易见要做的事。如果你有分布式推理 AI，而且有电力和散热——电力和散热是非常难搞定的——100 吉瓦是个很大的数字。我的意思是，美国的平均电力消耗，我记得大约是 460 吉瓦——那是整个美国的电力消耗总量。
Elon MuskSo if you do it one hundred gigawatts, that would be a pretty big number. But, yeah, it’s basically something as a limiting factor, and then we take actions to address the limiting factor.所以如果达到 100 吉瓦，那是一个相当大的数字。但总之，基本上就是某个东西成了限制因素，然后我们采取行动去解决那个限制因素。
Audience QuestionA quick follow-up. Thank you for that very much. A request for you. So you guys just unveiled the Cyber Bear. Looks fabulous.简短的补充。非常感谢你。我有个请求。你们刚刚发布了 Cyber Bear，看起来太棒了。
Elon MuskOh, yeah.哦，是的。
Audience QuestionWe’d like to—it’s beautiful. We’d want you guys or maybe do a Cyber Bull here in Giga, Texas. My name is Herbert. I’ve got a Brighter with Herbert channel on YouTube. This is the Cyber Bulls. We are representing the Tesla Bulls, we stand with you, Elon. But wouldn’t it be cool to have a Cyber Bull right here in—我们想——它真的很漂亮。我们希望你们，或者说——在 Giga Texas 做一个 Cyber Bull。我叫 Herbert，在 YouTube 上有个叫 Brighter with Herbert 的频道。这是 Cyber Bulls。我们代表 Tesla 多头，我们和你站在一起，Elon。在这里有一头 Cyber Bull 不是很酷吗——
Elon MuskLike a Cyber Longhorn?比如一头 Cyber 长角牛？
Audience QuestionCyber longhorn.Cyber 长角牛。
Elon MuskAll right. We’ll do a cyber longhorn for the factory.好的。我们就给工厂做一头 Cyber 长角牛。
Audience QuestionAll right.好的。
Audience QuestionGood afternoon. I’m very excited to ask this question. I’ve dreamed of giving away a Tesla for a very, very long time, and I finally wore EV Jack down enough that they’re willing to foot the bill for it. But it turns out to give away a Tesla, I have to have your permission to say we’re giving away a Tesla.下午好。我非常激动能提这个问题。我梦想送出一辆 Tesla 已经很久很久了，终于把 EV Jack 磨下来了，他们愿意出这笔钱。但结果发现，要送出一辆 Tesla，我需要获得你的许可才能说我们在赠送一辆 Tesla。
Elon MuskYep. My permission. Get away. Perfect. You don’t have to do anything. Tesla does energy. We’re going to go through the normal channels. We’ll buy it from a store. All that—sure. If you can give away Tesla, it’s totally cool. Certainly, you don’t need my permission to give away a car.是的。我的许可。那就去吧。太棒了。你什么都不用做。Tesla 是个能源公司，我们走正常渠道，从门店买就行，所有流程——当然，如果你想送一辆 Tesla 出去，完全没问题。当然，你不需要我的许可来赠送一辆车。
Elon MuskWe’ll take, like, maybe a couple more questions and then call it a night. Okay. All right.我们再多问几个问题，然后今晚就到这里。好的，好的。
Audience QuestionHi, Elon. My name is Jonathan. You mentioned that the Roadster will have more tech than all the James Bond vehicles combined. Do you think that any of that tech will make it into the current vehicle lineup?嗨，Elon。我叫 Jonathan。你提到 Roadster 的技术含量将超过所有詹姆斯·邦德座驾的总和。你觉得其中有什么技术会下放到现有车型阵容里吗？
Elon MuskNo.不会。
Audience QuestionAnd to follow-up on that, do you have any estimate of production or delivery time lines for the Roadster?顺着这个问题，你对 Roadster 的量产或交付时间线有什么估计吗？
Elon MuskI guess, well, so we’re aiming for the—so the product unveiled will be of the Roadster two, which will be very different from what we’ve shown previously. That demo event will be April one of next year. I have some deniability because, like, I could say I was just kidding. But we are actually tentatively aiming for April first for what I think will be the most exciting, whether it works or not, demo ever of any product.我猜，嗯，我们的目标是——产品发布会将展示 Roadster 2，它与我们之前展示的版本会非常不同。那场 Demo 活动定在明年 4 月 1 日。我有一定的推卸空间，因为我可以说我只是在开玩笑。但我们实际上是暂定在 4 月 1 日举行——我认为这将是有史以来任何产品最令人兴奋的 Demo，不管最后成不成功。
Elon MuskAnd then I guess production is probably about twelve to eighteen months after that. I think production is probably a year or so after that. Well, I can’t give away secrets, but you won’t be disappointed.然后量产大概是那之后十二到十八个月。我觉得大概是那之后一年左右。嗯，我不能泄露秘密，但你们不会失望的。
Elon MuskAll right. We’ll take one last question, I guess.好了，我想我们再接受最后一个问题。
Audience QuestionAll right. Hi, Elon. I’m really excited about this future of sustainable abundance that we’re talking about. I mean, you’re going to be saving a lot of lives with FSD, but the number of lives that will be saved and improved with this future vision you have is really inspiring and very exciting.好的。嗨，Elon。我对我们正在谈论的这个可持续丰盛的未来感到非常兴奋。我的意思是，FSD 将会拯救很多生命，但你的这个未来愿景所能拯救和改善的生命数量真的非常鼓舞人心，非常令人期待。
Audience QuestionSo even today, you’ve mentioned that in a post scarcity world, the role of money could diminish or become obsolete. Given that much of today’s power, including yours, is tied to wealth, do you think achieving this abundance would require powerful people to relinquish their power? And how might we address resistance from those who hold power to make this vision a reality?即便是现在，你也提到过，在一个后稀缺时代，金钱的角色可能会减弱甚至消失。鉴于当今的权力——包括你的权力——很大程度上与财富挂钩，你认为实现这种丰盛是否需要有权有势的人放弃他们的权力？我们又该如何应对那些抵制这个愿景变为现实的当权者？
Elon MuskWell, I mean, I think actually long term, the AI is going to be in charge, to be totally frank, not humans. If artificial intelligence vastly exceeds the sum of human intelligence, it is difficult to imagine that any humans will actually be in charge. So we just need to make sure that AI is friendly.嗯，我认为说实话，从长远来看，AI 才会是掌权的那个，而不是人类。如果人工智能大幅超越人类智能的总和，很难想象任何人类实际上还掌管着什么。所以我们只需要确保 AI 是友善的。
Audience QuestionThank you. Is that the question?谢谢你。就是这个问题吗？
Elon MuskGo ahead. Sure. Yes. Okay.请继续。当然，好的，说吧。
Audience QuestionSorry, Elon. Okay. Yes. So I’m CyberKat on X, and I’m doing YouTube and content creators. There’s one thing I always heard about Tesla owners or people who want to buy Tesla complain about that is about a super expensive insurance, right? And the thing is Tesla, I know Tesla also do insurance. However, it’s not cover every place, right? Like based on Boston, I don’t have too much options. It’s super expensive.抱歉，Elon。好的，是的。我是 X 上的 CyberKat，我在做 YouTube 内容创作。有一件事我总是听到 Tesla 车主或想买 Tesla 的人抱怨，就是保险太贵了，对吧？Tesla 我知道也有自己的保险，但它不是覆盖所有地方——比如在波士顿，我没有太多选择，超贵的。
Audience QuestionAnd the other point is the FSD is very safe right now. I’ve been using FSD for about four years. Right? It’s getting to a point. It’s like almost unsupervised. However, the insurance still does not take this into consideration. They don’t ask you whether you have FSD or not. And they don’t know how much you travel with FSD. And that is not a part of the risk prediction kind of thing. So I feel like what is—what’s your thought about insurance going forward, especially when we’re getting close to the autonomy? What is—like either using your own or with the external partnership. For example, there is a company called Laminate.另一点是，FSD 现在已经非常安全了。我用 FSD 大概用了四年了，对吧？已经到了快要无监督的程度了。然而保险公司还是没有把这个纳入考量——他们不会问你有没有 FSD，也不知道你有多少里程是用 FSD 跑的，这根本不在风险预测体系里。所以我想问，你对未来保险的看法是什么——尤其是在我们接近完全自动驾驶的时候？是继续用自家保险，还是跟外部合作？比如有一家叫 Laminate 的公司。
Elon MuskNeed to not have the questions be super long. I mean, Tesla Insurance is trying to expand as quickly as possible, but the regulatory structure for insurance is extremely complex and works on a state by state basis. So it’s really somewhat of a racket. And the rules for insurance are different with every state. It’s a very, very complicated thing.问题别搞得太长。我是说，Tesla Insurance 正在尽可能快速地扩张，但保险的监管体系极其复杂，是逐州运作的。所以说实话这有点像个行业勾当。而且每个州的保险规则都不一样，这是一件非常非常复杂的事情。
Elon MuskSo yes, there’s—but I’m aware that insurance often is too expensive and doesn’t take the right things into account. But so all I can say to that is, yes, we’ll keep expanding Tesla Insurance. When the car is operating as the cybercab, Tesla will simply self insure. So that kind of solves that. But insurance is a real pain in the neck for sure.是的，确实——但我知道保险通常太贵，而且没有把正确的因素纳入考量。对此我只能说，是的，我们会继续扩张 Tesla Insurance。当汽车以 Cybercab 模式运营时，Tesla 会直接自保。这在某种程度上解决了那个问题。但保险确实是件让人头疼的事。
Elon MuskBut okay, I do need to end this at some point. I’ll take one question and one question there.好，但我确实需要在某个时候结束了。那边一个问题，这边一个问题。
Audience QuestionAll right. Thanks, Elon, for taking my question. I appreciate it. My question has to do with compute and what the build out or how much is necessary to train Optimus and actually get them to a very household, meaningful robot that can do things, and if the partnership with xAI would help accelerate that?好的，谢谢你接受我的问题，非常感谢。我的问题关于算力，以及需要多大规模的建设，或者说需要多少算力来训练 Optimus，才能让它真正成为一款在家庭场景中实用、能做事情的机器人？与 xAI 的合作是否会有助于加速这个过程？
Elon MuskYeah. There’s a lot of training compute needed for Optimus. And because the AI chip in the robot is relatively weak because it’s really limited on power, you can make up with that with a lot of training to have a lot of training result in a very efficient AI that can run on a low power chip in robot. So we will actually have to spend a lot of money on training. Like, ultimately, it will be tens of billions of dollars on training compute. So it’s a big number.对。Optimus 需要大量的训练算力。因为机器人里的 AI 芯片相对较弱——毕竟功耗限制很严——但可以通过大量训练来弥补这一点，让大量训练产生一个非常高效的 AI，能在机器人里低功耗的芯片上运行。所以我们实际上需要在训练上花很多钱，最终会是数百亿美元的训练算力。这是个大数字。
Audience QuestionWould a partnership with xAI help accelerate that?与 xAI 的合作会有助于加速这个过程吗？
Elon MuskYeah, I think potentially. Yeah, I think could—yeah, I think there’s potential for accelerating that. So, yeah, did the xAI investment thing get approved? Yes. No? Yes? Okay. Okay. Whatever. You know, whatever, like, it’s like, Tesla and some other company that I have an interest in, and it’s like always quite complicated to do things. It has to go through a lot of hoops to happen.对，我认为可能会。是的，我觉得可以——是的，我认为有潜力加速这个过程。所以，是的，那个 xAI 投资的事情通过了吗？通过了？没有？通过了？好吧，好吧，随便了，你知道，就是——Tesla 和我有利益关系的某家其他公司，要把事情做成总是相当复杂，得过很多道关卡才行。
Elon MuskBut I do think there’s a lot of potential for collaboration with xAI in the future and with SpaceX. All right. Okay. This is the last one. Yeah.但我确实认为，未来与 xAI 以及与 SpaceX 有很大的合作潜力。好了，这是最后一个。对。
Audience QuestionSorry. Thank you so much. Captain Eli on X, I support you. Thanks so much for everything you do. Very simple question. I’m from Israel. I don’t represent a lot of people, but people do ask me, and I’m going to ask you. Any chance to have the app in other languages like Hebrew, for example? Some people struggle with—抱歉，谢谢你。我是 X 上的 Captain Eli，支持你，非常感谢你所做的一切。一个很简单的问题——我来自以色列，我不代表很多人，但人们会问我，我就替他们问你。有没有可能让 App 支持其他语言，比如希伯来语？有些人会比较吃力——
Elon MuskYou mean the app?你是说 App？
Audience QuestionThe app itself. Yeah. Just the app. And a lot of people don’t speak English, so it’s not—App 本身，对，就是 App。很多人不会说英语，所以——
Elon MuskShoot. I thought we had it in all languages. Okay. Well, definitely, the app needs to be in all languages. All right.哎呀。我以为我们已经支持所有语言了。好，那肯定的，App 需要支持所有语言。好的。
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