Tesla 周三发布财报，在创纪录地亏损近7.85亿美元之后，其股价在盘后交易中下跌。在财报电话会议上，埃隆·马斯克表达了对媒体的不满，他无视了一位 RBC 分析师的问题，并决定换换方式，听一下。我们要转到 YouTube，抱歉，这些问题太枯燥了，它们快把我弄死了，谢谢。我们的下一个问题来自 HyperChange 的伽利略·雷斯尔。嘿，这个季度很棒，感谢让我参加电话会议，代表散户投资者。我想知道，鉴于韦·莫计划今年在有限的市场推出自动驾驶出租车服务，您能否向我们介绍一下 Tesla 网络的最新情况，以及围绕推出日期或地域推广的任何细节？谢谢。当然，所以我的意思是，那是

谢谢，谢谢你提出了一个有意思的问题。好了，现在加入我们的是 ZDNet 专栏作家罗斯·鲁宾，以及那通电话中 YouTube Reporter 的记者、HyperChange TV 创始人伽利略·拉塞尔，非常高兴今天你们两位都能来到这里。伽利略，我们从你开始。你和他谈了大约25分钟，他在那次谈话中有没有说什么让你感到意外的事情，令人震惊或意外的，但就未来而言提供了很多很棒的见解，比如说，半挂卡车的编队行驶，以及让它在成本上更能与铁路竞争，还有关于 Tesla Network 的更多细节，以及他们如何考虑，你知道，推出它。所以我认为，我们在这通电话中获得了大量非常棒的明确信息，而长期投资者确实很看重这些。我们也来听听你的看法，克罗斯。

请你也加入进来谈谈其中一些数字。所以 Tessa 当然报告了它最大的亏损，同时在营收方面也超出了预期。所以我确实认为，投资者应该权衡他们昨天获得的所有信息。拉什，他们目前究竟应该如何看待 Tesla？嗯，这确实是投资者一方担忧的原因，也是人们对基本面、技术基本面提出问题的原因，而马斯特说他们将扭转局面，他们将在接下来的几个季度开始盈利，而这实际上正是投资者试图追问、让他给出明确答复的事情。好的，加洛韦，我想回到你这里。尽管，你知道，围绕 Tesla 激起并盘旋着一些狂热情绪。

这么长时间以来，你一直是 Tesla 的坚定支持者。你必须承认，我们昨晚看到的这个埃隆是一个失控的埃隆，这与他惯常的方式，或者一位高管参加这种电话会议时的传统方式相去甚远。是的，我是说，埃隆和 Tesla 都富有创新性和颠覆性，我认为这正是我们在财报电话会议中看到的，比如，他们意识到分析师提问的质量，以及分析师提出长期投资者所关心的好问题的动机，根本就不存在，而散户投资者需要一个发声渠道，并且有大量问题需要提出。我已经收到，比如，股东发来的数百条推文和数百封电子邮件，说这是他们听过的 Tesla 最好、信息量最大的电话会议。我已经

从 Tesla 那里听到过，所以我认为这验证了这一点。我还想就盈利能力提一件事。每个人都喜欢指出 Tesla 的亏损，却并不真正看看他们把钱花在了哪里。Tesla 总是在一款汽车发布前不久以及汽车发布期间损失大量资本，因为他们必须投资资本支出。Tesla 的现金余额本季度只下降了7亿，他们在资本上花了6.55亿。运营业务实际上并没有那么资本密集，而我们确实，这就是 Tesla 的商业模式，比如，并不是说我相信埃隆，我相信历史会重演，而每一次他们推出一款汽车，2到3个季度后，整个公司就会实现正现金流，然后他们会说，好的。

我们证明了这一点，现在让我们扩大生产，并在下一款汽车上投入资金，而这正是我们正在等待看到的。Hollow Creek，也花点时间回顾一下财报电话会议最终是怎样的。你同意伽利略这里的说法吗，就是，你知道，这是他们迄今举行过的信息量最大的财报电话会议之一？你又如何看待马斯克在电话会议中的举止？嗯，当然，你知道，马斯特显然是一个有想法的人，他把 Tesla 和他的许多其他企业都定位成长期项目。之前有一条评论说，如果你担心一家波动剧烈的企业，Tesla 也许并不是适合你的载具，无意玩双关。我是说，这是公司会在它们的 S-1 文件中作出的那类声明，但，但这是真的，而且，你知道，他们，他们

仍在扩充产品组合，他们正在进入 Model 3，Model 3 上市的时候，其他汽车制造商正在退出轿车市场。所以，你知道，显然只是企业所处的阶段不同，而且他们，他们将在未来几年里真正扩充产品组合，并努力触达更主流的消费市场。伽利略，Tesla 股价今天下跌约6.6%，开盘时下跌7%，所以随后略有收窄。当我们看到这种情况时，你今天会在这里买入更多 Tesla 吗？我们已经谈过你的看涨态度。哦，会的，我是说，我全部押在 Tesla 上了，我没有钱或闲置资本了，否则我现在肯定会买入 Tesla。我认为这只股票受到打击的一个重要原因

是因为分析师真的非常沮丧，他们好像在电话会议上被晾在了一边，就连 Adam Jonas 也几乎像是把这件事当成了针对个人的事，并因此攻击马斯克和这家公司，而且我认为他们意识到，Tesla 未来确实不需要筹集资金，所以他们的银行将错失那些融资手续费，我认为这才是我们看到的事情发生的真正原因。电话会议结束后，Tesla 有人联系过你吗？会后没有。我相信他们确实很忙，实际上，虽然埃隆昨天确实转发了我那段回顾电话会议的视频，而那大致涉及了对自动驾驶系统及那起事故的报道，所以他对这件事被

媒体处理的方式非常愤怒，他说，你知道，与不使用自动驾驶系统相比，使用自动驾驶系统时发生的事故和伤害更少。所以请谈谈他对此的一些反应。当然，我是说，就自动驾驶汽车和自主技术的发展而言，这将是一个非常具有挑战性的领域。不幸的是，事故将会发生，死亡也将继续出现，而这种权衡在于，从长远来看，我们最终将拥有一个比今天更安全的道路环境。但你知道，不幸的是，碰撞仍然、仍然会发生，随着技术不断发展，我们必须牢记这一点，以避免在自动驾驶系统和继续测试新技术方面因这类事件引发这种，我想说的，反弹。

我认为透明度很重要。例如，在亚利桑那州发生 Uber 碰撞事故后，你知道，该公司当然立即停止了测试，并转而尽可能多地分享有关调查的信息。顺便说一句，就 Uber 往往如何处理这类争议而言，我认为这是一次，你知道，相当、相当不错的转变。Tesla 其实也一样，你知道，随着他们继续开发这项技术，随着他们继续获取关于哪些地方有效以及系统故障在哪里的数据，与公众分享这些信息非常重要。我认为，就同样涉及，你知道，高度风险的 SpaceX 工作而言，这是马斯克所理解的事情。我是 Gala，你有回应。

是的，我认为这是一个极其重要的问题，这就是为什么我在电话会议上问了这个问题。埃隆·马斯克在回答我的问题时说，他们将发布季度数据，让这项进展大致处于什么状态变得更加透明。所以我认为，这是一个非常有意思的角度，可以看到这样的证据：比如这些就是媒体现在正在讨论的事情，媒体正在推动 Tesla 的故事演变，而这些源自电话会议上提出的问题。Galileo Russell 来到我们的演播室，他是 HyperChange TV 的创始人；Ross Rubin 也通过 Skype 加入我们，他是 ZDNet 的专栏作家。感谢两位今天来到这里参加我们的节目。

Tesla released earnings Wednesday and the stock fell in after-hours trading in the wake of a record loss of almost 785 million dollars on the earnings call Elon Musk expressed irritation with the media ignoring a question from an RBC analyst and decided to mix things up take a listen we're gonna go to YouTube sorry these questions are so dry they're killing me thank you our next question is from Galileo wrestle with hyper change hey great quarter thanks for having me on the call to represent retail investors I was wondering with way Moe's plans to launch an autonomous taxi service in limited markets this year if you could give us an update on the tesla network and any details surrounding the launch date or geographic rollout thanks sure so I mean that's

thank you thank you for an interesting question all right joining us now is Ross Rubin columnist at ZDNet and the reporter of the YouTube Reporter on that call Galileo Russell founder of hyper change TV but great to have you both here with us today Galileo let's start with you you spoke with him for about 25 minutes did he say anything that surprised you in that conversation shocking or surprising but a lot of great insight in terms of the future of let's say the semi truck with platooning and making that more cost competitive with rail more details on the Tesla Network and how they think about you know rolling that out so I think we got a ton of awesome clarity on the call that long-term investors are really valuing and let's go to you as well cross

pulling you in here on some of the numbers so Tessa of course reporting it's the biggest loss while also beating on the on the revenue side so I do think investors should be weighing all the information they got yesterday rush they really be feeling about Tesla at this point well this is really the cause for concern on the investor side the cause for the questions about the the fundamental the technical fundamentals and it's must saying that they're going to turn it around they're going to start being profitable in the next few quarters and that's really what investors are trying to get at in terms of nailing him down on that okay Galloway I want to come back to you this you know in in spite of some of the fandom that has spurred and swirled around Tesla

for so long you've been a very big supporter of Tesla you've got to admit that this Elon that we saw last night was an off the rails Elon it was much far from his traditional or the traditional manner of an exec on a call like this yeah I mean Elon and Tesla are innovative and disruptive and I think that's just what we saw in the earnings call like they realized that the quality of the questions from the analysts and the analysts incentives to ask good questions that long-term investors care about just isn't there and retail investors need a voice and there's a ton of questions that need to be asked and I've gotten like hundreds of tweets and hundreds of emails from shareholders saying that this was the best and most informative conference called I've

ever heard from Tesla so I think that validates it and I want to bring up one thing on the profitability everyone likes to point at Tesla's losses but doesn't actually look at where they're spending the money Tesla always loses significant capital right before a vehicle launch a right during a vehicle launch because they have to invest in capex Tesla's cash balance only fell 700 million this quarter and they spent 655 million on cap the operating business is actually not that capital intensive and we've literally this is Tesla's business model like it's not that I believe in Elon I believe that history repeats itself and every single time they launch a vehicle it goes cashflow positive the entire company two to three quarters later and then they say okay

we proved it now let's ramp up and spend on the next vehicle and that's just what we're waiting to see what the hollow Creek a moment to reflect as well on sort of how the earnings call panned out do you agree with Galileo here in that you know it was one of the most informative earnings call that they've had so far and how do you sort of taking on Musk's demeanor during the call well sure you know must clearly an ideas guy has positioned Tesla and many of his other ventures as long-term plays and there was a comment earlier about not Tesla perhaps not being the vehicle for you no pun intended if you are concerned about a volatile business I mean that's the kind of statement that companies make on their s ones but but it's true and you know they're they're

still ramping up the portfolio they're entering the model 3 model 3 coming to market at a time when when other automakers are retreating from the sedan market so you know obviously just a different stage in the business and they're they're going to be really building out the portfolio and trying to reach a more mainstream consumer market over over the next few years Galileo tests the stock down today about six point six percent seven percent at the open so tape it off with just a bit when we look at that are you buying more Tesla here today we've talked about your bullish sentiment oh yeah I mean I'm all in on Tesla I have no money or free capital or otherwise I would definitely be buying Tesla right now I think a big reason the stock is taking a hit

is because analysts are really frustrated that they sort of got out stood on the conference call like even Adam Jonas is no almost seem to be taking it personally and attacking musk in the company because of that and I think they realized that Tesla really doesn't need to raise capital going forward so their banks are gonna miss out on those fees to raise capital and I think that's really what we're seeing happen there's anybody from Tesla reached out to you since the call took place not after the call I'm sure they're really busy actually that although Elon did retweet my video that recap the conference call yesterday and that was sort of the coverage on the auto pilot and the accident there so he was very angry at the way that it was handled by the

media in saying that you know there are fewer accidents and injuries when someone's using auto pilot versus not so give me comments on on some of his reactions about sure I mean this is going to be a really challenging space in terms of the development of self-driving cars and autonomy there's going to unfortunately be accidents there's going to continue to be deaths and the trade-off is that over the long term we're going to wind up with a safer road environment than we have today but you know unfortunately there's there's still going to be collisions and we just have to keep that in mind as the technology keeps developing to avoid this sort of I guess backlash against these sort of events when it comes to autopilot and continuing to test new technologies

I think transparency is important for example after the the uber collision in Arizona you know the company certainly stopped trials immediately and moved to sharing as much information as they could about the investigation which by the way I thought was a you know pretty pretty nice turnaround for uber in terms of how they often handle these kinds of controversies really really the same for Tesla you know as as they continue to develop the technology as they continue to get data on on what's working and where the faults in the system are it's just important to share that with the public I think that's something that musk understands in terms of the the SpaceX work that has a you know a high degree of risk involved with it as well I'm gala you had a response

yeah I think this is an extremely important question and that's why I asked about it on the conference call Elon Musk in response to my question so that they would be releasing quarterly data to make it more transparent on sort of the status of this progress so I think it's a really interesting angle to see the evidence of like these are the things that are being discussed now in the media is evolving Tesla's story and those stem from the questions that ask from the call Galileo Russell joining us here on set he's the founder of hyper change TV and Ross Rubin joining us as well via Skype columnist at ZDNet thank you both for joining us here today