我首先想问你，我是说，正如你刚才，呃，早些时候向我解释的那样，你已经为此工作了几个星期，为什么现在要为Model S这样做？嗯，我，我认为推出一种能够扩大市场的融资产品很重要，呃，因为从，呃，我们在Solar City看到的情况来看，我们有过一次极其良好的经历：当我们能够提供一项有吸引力、易于使用、容易获得的融资方案时，我们看到太阳能的市场，那个可触达市场，急剧扩大。我认为在，在Model S上我们会看到类似的情况。所以这关乎，这关乎改善，嗯，并凸显电动汽车真正的可负担性，然后提供那项残值担保，这很可能就是……

你接下来要问我的问题。嗯，呃，事实是，呃，对于Model S，我们，我们担保Model S在3年后的价值不会低于Mercedes S-Class。所以很多人担心残值，它能保持住吗？电动汽车会发生什么？Tesla正在担保那个价值，然后，作为进一步的后盾，我个人也在担保那个价值，并为它负责。好的，你知道，我当时在听电话会议，关于那项个人担保究竟意味着什么，你收到了相当多的问题。它究竟是什么意思，埃隆？它的意思是，无论发生什么，显然，我对Tesla的未来非常乐观，我认为它会发展得非常好，而且……

我还认为，model less的残值将会，会高于我们担保的那个数字，那只是一个下限。呃，所以，呃，所以，所以我认为它实际上会高于那个数。嗯，但我会负责，我会用我的全部资产来支持那项担保，不，不只是用Tesla的资产。所以无论发生什么，嗯，如果你购买Model S，我都会确保你没有任何需要担心的事情。对，所以，所以这个想法是，听着，你，你对Tesla的未来很有信心，但假设Tesla倒闭了，那么你会回购通过这个项目售出的所有Model S。完全正确。好的，为什么你选择Mercedes S-Class作为Model S在折旧方面的比，你知道，可比车型？嗯……

嗯，daima实际上是我们的合作伙伴，所以dla是一位投资者，多年来我们和da有一些，嗯，呃，交易，多年来和da有很多交易。我们正在为即将推出的Mercedes bclass提供电池包和动力传动系统。呃，我非常尊重Mercedes S-Class，很多人认为它是市场上最好的，呃，豪华轿车。所以我认为那使它成为了一个很好的参照点。呃，就Model S而言，埃隆，你和我在这之前聊了一会儿，呃，而且，而且我知道你谈到，你确实希望，呃，那些报道这家公司的人真正从消费者的角度看待这项新安排。所以我打开了你们的网站，点击了Tesla，然后查看了融资选项……

也就是你刚才谈到的，呃，与Wells Fargo和US Bank合作的融资选项。不过我注意到的一件事是，在你们对月供的计算中，呃，你加入了其他汽车公司可能不会加入的某种成本收益，你知道，其中有电力相对于汽油带来的节省，这一点我明白。呃，但你还有一种，你有一项叫作，呃，企业税收收益的东西，这一点我或许也能明白。然而，你还有其他叫作通勤收益的项目，也就是，你，你知道，你们在网站上提出的理由是，呃，电动汽车获准使用，呃，你知道，基本上是HOV车道，所以那可以让你每月节省160美元、7美元。你们还有避免去加油站的收益，那可以为，呃，客户节省……

每月100美元。埃隆，我不确定我是否认同把它作为计算你月底总付款额的一种方式。是的，而且，而且，而且你不必认同，事实上这就是为什么我们，我们提供了计算器，所以你可以，你可以勾选或取消勾选其中任何选项。嗯，因此如果你，如果你认为某项不适用于你，那么你可以直接，嗯，取消勾选，然后，然后看看不包括那一项时的成本是多少。嗯，而且，但是，但是我的意思是，关键在于，如果你购买这款车的60千瓦时，呃，版本，我想你可能点进了85，那是更贵的一款，两者，嗯，如果你，好吧，是的。嗯，但如果你，如果你，呃，呃，看看60 Kow的车，它，嗯，基本上是我们的中档车，因为我们，我们取消了40千瓦版本，嗯，它的，它的月供……

考虑到汽油成本，以及基本上你肯定能够获得的，那些税收优惠，嗯，月供会降到大约，大约5美元或600美元的水平。好的，所以即使你是说，即使你扣除了我刚才和你谈到的其中一些收益，我是说，我仍然，我仍然算出了。没错，呃，我，我没有完全算到1,000美元，但我，我算出的数字略低于那个数。所以我明白，我明白你的意思了。呃，埃隆，现在你，你推出，你推出这项融资，是因为你想让，呃，让越来越多的消费者能够购买。所以有没有可能，你们看到的需求可能会超过2013年的预期，因此你们可能会超过一直在谈论的20,000这一目标？嗯，对于前瞻性陈述，我们始终必须保持谨慎。

但我已经，已经作出的某种硬性承诺，嗯，包括Model S开始生产，我们今年将至少交付20,000辆，以及第3项，我们将在年底前实现至少25%的毛利率。嗯，我非常有信心，我们会，我们会兑现或超过所有这些承诺。显然，我们的目标会是超过，对吧？你当然总是会想这样做。呃，埃隆，不过，让我有点困惑的是，呃，你提到你们希望让它对，呃，你知道，对普通消费者来说负担得起，但你们也不得不取消40千瓦，呃，电池驱动的modeless，因为你们在较低端没有看到像较高……

端那么多的需求，所以你如何调和这两者？是的，那其实是一个非常好的问题，因为我们在 Tesla 内部就那款40千瓦时汽车进行了一场激烈的辩论，嗯，而且你知道，我们，我们，我们，我们试驾了一些初始车辆，它就是不，它不是一款好产品。我在 Tesla 作出的承诺之一是，我们绝不会生产糟糕的产品，绝不。我，我不在乎，即使我们能从糟糕的产品上赚钱，呃，从，从，从糟糕的产品上，我们也不会，我们就是不会那么做。而且，而且，而且我，我就是不认为40千瓦时版本是，是，是一款好产品。它，它感觉受到了束缚，就像一匹被束缚的马，嗯，而且如果你想进行长途旅行，你实际上总是需要另一辆车。而这就是我认为人们不，不太理解的关于某件事的地方

比如说聆风，我的意思是，我很高兴日产在制造电动汽车，我也鼓励他们做Furs，做得更多，但如果你有一辆，如果你有一辆只能行驶短途的电动汽车，那就意味着每当你想长途行驶时，都需要有另一辆车，所以你实际上得买2辆车，因此那就像是让它的价格翻，翻倍了。它，它，它，它让它听起来像是一款成本更低的汽车，但它，但它，它其实不是。不过，但是，不过我，我就困惑了，埃隆，问题出在哪里？问题是它的续航里程太短，所以对消费者没有吸引力，还是因为仅仅从机械、技术层面来说，它就是，呃，达不到85千瓦汽车的水平？嗯，它，它，它是

呃，不，从机械方面来说它，我的意思是，从可靠性的角度来看，它没问题。根本问题是，在40的情况下，你就是没有足够的续航里程，让它成为一辆，嗯，实用的长途汽车。好的。嗯，所以它就像我说的，它就像一匹，它就像一匹被HED的马，而且，嗯，所以它，它就是，它就是不，它就是不是一款有吸引力的产品。嗯，而且对我们来说也很明显，客户意识到了这一点，因为几乎没有人选择它。我们的客户中只有4%曾经选择那，那款车。嗯，因为绝大多数客户都意识到，它不是一款好产品，而且他们正在用钱包投票。所以我们想，好吧，这，这实在很愚蠢。我们不应该生产一款我们自己不是100%相信、我们的客户也不相信的产品。

我们的客户。好吧，说到这一点，以及算是回应试图让电动汽车拥有更长续航里程这个问题，你知道，让车辆能够行驶更远的距离，很多人实际上猜测，你今天的公告其实会是关于超级充电网络的。那么关于这方面，我们可以，我们可以期待什么？嗯，我们其实还有若干公告会在，在未来发布。我们可能会，嗯，以每1到2周一次的节奏发布它们，嗯，其中一项公告将是一项非常令人兴奋的超级、超级充电站公告。嗯，我们在这方面取得的进展比我认为大多数人意识到的要多得多。我们还将会，嗯，发布一项我认为非常令人兴奋的公告，内容是关于，嗯，重新设计

Tesla的服务MH。嗯，呃，因为正，正如我们制造世界上最好的汽车一样，我们确实希望拥有世界上最好的服务，而且，嗯，我们需要做几件事才能实现这一点。嗯，然后还有，然后还有第3项公告，我暂时不会详细谈论，但我认为它相当酷，嗯，只能说，如果你正驾驶一辆 Model S，它就在你眼皮底下。不过你会先发一条关于它的推文吗？呃，也许吧。SEC刚刚批准我做这类事情，这让人感到宽慰。我可以想象。呃，埃隆，很快再问几点，这项你为 Model S 提供的融资方案，你最终会把它扩展到下一款车型 Model X 吗？当然会，是的，我们将会，嗯，把这项融资产品扩展并完善

在接下来的几年里，用于 Model X，也用于，用于我们未来的所有汽车。呃，我们的目标，我们的目标是让它成为对消费者最友好的，是打造最好的融资产品。嗯，而且，而且我们将会，嗯，我，我认为我们，我认为我们今天推出的就是那个产品，嗯，但随着时间推移，我们会继续把它做得更好。

I want to first ask you I mean you've been working on this for several weeks as as you just explained to me uh earlier why do this now with the model S well I I thought it was important to to get a financing product out there that broadened the marketplace uh because with uh what we saw with with Solar City we had an incredibly good experience when we're able to offer a compelling easy to use accessible financing program we saw a dramatic increase in the in in the market the accessible market for for uh for solar and I think we'll see something similar to that with the with the model S so it's about it's about improving um and highlighting the true affordability of an electric car and then providing that residual value guarantee which is probably the

next question you're going to ask me um the uh the fact that the uh the model S we're we're guaranteeing that the value of the model S will be no less than that of a Mercedes S-Class after 3 years so a lot of people are worried about the residual value is it going to hold up what's going to happen to electric cars Tesla is guaranteeing that value and then as a as a further back stop I am personally guaranteeing that value and standing behind it well and you had you know I was listening on the conference call you had quite a few questions on what that personal guarantee exactly meant what does it exactly mean Elon what it means is that no matter what happens obviously I'm very optimistic about the future of Tesla I think it's going to do very well and

I also think that the residual value of the model less will be be greater than the number we're guaranteeing that that's just a floor uh so uh so so it's I think it actually be more than that um but I'm stand I'm standing behind that guarantee with all of my assets not not just with with Tesla so no matter what um I will make sure that you have nothing to worry about if you buy a Model S right so so the idea is that look you're you're you have plenty of confidence in the future of Tesla but let's say Tesla went under then you would buy back all the Model S's out that have been done under this program that's exactly right okay why did you pick the Mercedes S-Class to be the compar you know the comparable car in terms of depreciation for the model S well

um daima is actually a partner of ours so dla is an investor we have a some um uh deals with da over the years many deals with da over the years we're providing the battery packing power Trin for the Mercedes bclass that's coming out uh I have a great deal of respect for the Mercedes S-Class many people consider it to be the the best uh premium sedan on the market and so I think that that makes for a good reference point uh in the case of the model S Elon you and I were talking a little bit uh ahead of this and and I know you were talking about how you really wanted uh the people that are covering this company to really look at this new deal from a consumer perspective so I got on your website and I clicked on Tesla and I looked at the financing options

that you were talking about with uh with Wells Fargo and US Bank One of the things I noticed though is that in the calculations that you have for the monthly payments uh you add in sort of cost benefits from things that other car companies might not you know you've got the savings coming out from electricity versus gas I get that uh but you also have sort of a you have something called a uh a business tax benefit I can get that as well perhaps however you have other things called a commuting benefit which is that you you know you make the argument on your website that uh electric vehicles are are allowed to use uh you know HOV lanes essentially and so that can save you $160 $7 a month you have avoid the gas station benefit that could save uh customers

$100 a month that I'm not sure if I buy that Elon as a way to calculate what your overall payment will be at the end of the month yeah and and and you don't have to in the fact that's why we we provide the calculator so you can you can check or uncheck any of those options um and so if you if you don't think something applies to you then you can just um uncheck it and and see what the the cost is without that um and but but I mean the key thing is that if you buy this the 60 KW hour uh version of the car I think you may have clicked into the 85 which is the more expensive one both um if you okay yeah um but if you if you uh uh look at the 60 Kow car which is um essentially our mid-range car since we we canceled the 40 KW version um the the monthly payment

taking into account the cost of gasoline and just basically the the tax incentives that you're sure to get um gets you to around the the $5 or $600 a month payment option okay so even if you're saying even if you discounted some of those benefits I just talked to you about I mean I still I still got exactly uh I I didn't quite get $1,000 dollar but I I got a little bit under that so I see I see where you're coming from uh Elon now you're you're doing the you're doing this financing because you want to open this up to uh to more and more consumers so is it possible that you might see more demand than for 2013 and therefore you might exceed this 20,000 Target that you've been talking about well we always have to be cautious about forward-looking statements

but the things that I've I've made sort of hard commitments on um were the start of production of the model S the fact that we would do at least 20,000 units this year of deliveries and the third that we would achieve at least a 25% gross margin by the end of the year um and I'm very confident that that we will we will meet or exceed all of those promises obiously our goal is going to be to exceed right you would always want to do that of course uh Elon the the what puzzles me a little bit though is that uh you mentioned how you want to make this affordable for the uh you know for the average consumer but you also had to cancel the 40 kilowatt uh battery powered modeless because you didn't see as much Demand on that lower end as you saw in the higher

end so how do you reconcile the two yeah that that's actually a really good question because we had an intense debate at Tesla about the 40 K Kow hour car and um and you know we we we we test drove some initial units and it just wasn't it wasn't a good product and one of the commitments I made at Tesla is that we will never produce a bad product just never I I don't care even if we could make money on it uh on on on a bad product we will not we will just not do it and and and I I just don't think the 40 Kow hour was was was a good product it was it was it felt hobbled like a hobbled horse um and and you'd always need to really have another car if you wanted to do longdistance trips and this I think what people don't don't quite understand about something

like say the leaf I mean I'm glad that that that uh that Nissan is doing electric cars and I encourage them to do Furs to to do more but if you've got an if you got an electric car that can only do short distances it means you need to have another car anytime you want to do long distances so you've actually got to buy two cars so that that like double to doubles the price of it it it it makes it sounds like you're like a lower cost car but it but it it really isn't but was but then but I'm I'm confused then Elon what was the problem was the problem was that it was it was too short of a range and that's why it wasn't appealing to consumers or was it because just mechanically technically it just wasn't uh up to par as the 85 kilowatt car well it it it's

uh no mechanically it's I mean from a reliability standpoint it's fine the fundamental issue is that at 40 you just don't have enough range to make it a um a useful longdistance car okay um so it's it's like I said it's like a it's like a horse that's been HED and um and so it it just it it just wasn't a it just wasn't a compelling product um and it was also clear to us that customers were recognizing that because no hardly anyone was choosing it we only had 4% of our customers ever choose that that car um because the vast majority of customers recognized that it's not a good product and that they're voting with their wallet and so we thought well this is this is just silly we should not make a product that that we don't 100% believe in and neither do

our customers well talking about that and kind of addressing that issue of trying to make electric cars more longer range you know vehicles that can go longer ranges a lot of people actually speculated that your announcement today was actually going to be about the supercharger Network so what can we what can we expect on that well um we we've actually got a number of announcements coming out in in the future we're going to probably put them out um with a Cadence of of every one to two weeks um and one of those announcements is going to be a very exciting super supercharger announcement um we've made a lot more progress on that front than I think most people realize we're also going to do um what I think is a very exciting announcement about um re-engineering

of Tesla's service MH uh because just just as we we make the best car in the world we really want to have the best service in the world and um we need to do a few things to get there um and then there's then there's a third announcement that I won't quite talk about but I think is is pretty cool um except to say that if you're driving a Model S it's right under your nose are you going to a tweet about it though first uh maybe SEC just gave me just gave approval for such things which is comforting I can imagine uh Elon just quickly just on a few more notes this financing option that you've got for the for the model S will you eventually extend that out to the next model the model X absolutely yeah we're going to um extend and refine this financing product

over the years for the model X and for for all of our future cars uh our goal with our goal is to make the most consumer friendly the to make the best financing product um and and we're going to um I I think we I think what we've debut today is is that thing um but we're going to keep making it even better over time