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业绩稳健提升新车型大幅降本特斯拉系列报告二十一：事件概述:北京时间10月20日，特斯拉发布22Q3财报：22Q3单季营收214.5亿美元，同比/环比分别为+55.9%/+26.7%；交付量约为34.4万辆，同比/环比为+42.4%/+35.0%；汽车业务毛利率为27.9%，同比/环比为-2.6pps/0pps；能源业务和其他业务毛利率分别为+9.3%/+4.0%；归属于普通股东净利润32.9亿美元，同比/环比分别为+103.5%/+45.7%。
在费用端，22Q3研发和销售管理费用分别为7.3亿美元/9.6亿美元；研发费用率为 3.4%，同比/环比分别为-0.1pps/-0.5pps；销售管理费用率为4.5%，同比/环比分别为-2.7pps/-1.2pps。
分析与判断:►多项数据创纪录产能有序扩张营收端：22Q3公司总营收为214.5亿美元，其中：汽车业务营收186.9亿美元，同比/环比分别+55.0%/+28.0%。
单车ASP方面，随着22Q3上海工厂出货量的提升，22Q3单车ASP环比下降至5.4万美元（21Q3为5.0万美元，22Q2为5.7万美元，同比/环比分别为+8.8%/-5.2%）。
交付方面，22Q3全球交付34.4万辆，同比/环比分别为+42.4/+35.0%。
销售主力车型Model 3/Y交付量同比+36.3%，占22Q3交付量比例达到94.6%。
Model S/X交付量持续上升，达到1.9万辆，环比+15.5%。
能源业务方面，营收11.2亿美元，同比/环比分别为+12.2%/+29.0%，主要得益于自成立以来最高的单季储能设装机量（2.1Gwh，同比/环比+62.2%/+85.3%）。
服务和其他业务，营收16.5亿美元，达历史新高，同比/环比分别为+84.0%/+12.2%，主要增长来源为特斯拉付费超充服务量的快速增长。
利润端：22Q3在GAAP准则下归属于普通股东的净利润为32.9亿美元，同比/环比分别为+103.5%/+45.7%；净利率为15.5%，仅次于22Q1创下的历史记录（17.5%）。
Tesla Motors, Inc. – Fourth Quarter & Full Year 2013 Shareholder Letter•Record 6,892 Model S vehicles sold and delivered in Q4•World’s highest Consumer Reports customer satisfaction score of 99/100•Q4 auto gross margin of 25% with no zero emission vehicle (ZEV) credit revenue•Supercharger network built across most of USA and Northwest Europe•Net income of $46M and $0.33 EPS (non-GAAP), loss of $16M and $(0.13) EPS(GAAP) in Q4•Positive free cash flow of $40M in Q4•Expecting over 55% vehicle delivery growth in 2014 and 28% auto GM by Q4 February 19, 2014Dear Fellow Shareholders:Last quarter, we had record deliveries of 6,892 vehicles and exceeded our target automotive gross margin of 25%, achieving 25.2% on a non-GAAP basis and 25.8% on a GAAP basis. This capped a year in which wedelivered 22,477 vehicles, resulting in almost $2.5 billion in sales on a non-GAAP basis and over $2 billion in sales on a GAAP basis. It is important to note that the differences between GAAP and non-GAAP are primarily due to lease accounting for our resale value guarantee (RVG) and employee stock based compensation as a result of the increase in our stock price last year. With 20 months since delivery of the first vehicles to customers, Model S continues to track to an outstanding residual value, with very few cars available for resale. If current trends continue, the average price of a used Model S should be meaningfully above our resale value guarantee.For the year, Model S was the top selling vehicle in North America among comparably priced cars. Nonetheless, we believe there is room to improve in 2014 as we complete the Supercharger network and enable vehicleservice almost anywhere in North America. The potential in Europe and Asia is even more significant. Towards the end of the year, we expect sales in those regions combined to be almost twice that of North America.As volume increases, additional economies of scale will come into play, resulting in further improvements in gross margin. We think an automotive gross margin of 28%, excluding potential ZEV credit sales, is a reasonable target for Q4 2014, even if a lower option take rate is assumed. Please note that Tesla is not trying to achieve theabsolute highest possible gross margin, as this would require following the industry practice of charging excessive prices to customers in certain markets, which we believe is inconsistent with building long term loyalty.Enhancing the Customer ExperienceModel S customers are proving that owning a well-engineered electric vehicle can be a superior ownershipexperience over a gasoline-powered car. Our rapidlygrowing customer base has driven Model S almost 200million cumulative miles, and we believe that more than 80%of our customers are using their Model S as their primaryvehicle.Our goal is to deliver the highest possible level of ownershipsatisfaction in every way. For example, in Q4 we rapidlyexpanded our service locations and reduced repairturnaround time. One measure of customer satisfaction is asurvey completed after each service in which almost 90% ofTesla Coast-to-Coast Supercharger Rally customers rate our service at 9 or better on a 10 pointscale, where 10 is best and 1 is worst. We also recently made several enhancements to the Model S through software updates and added small, but important, features such as power folding mirrors and parking sensors.Our efforts were validated in November by Consumer Reports’ owner satisfaction survey, which gave Model S a score of 99 out of 100, the highest satisfaction score of any car in the world. The next highest score was 95.To further enhance the driver experience, new Model S customers will now receive free data connectivity and Internet radio for four years. As an added benefit to our existing Model S customers, the free four year period starts on January 1, 2014. To be fair to all, in rare cases a customer may be charged for extreme data use.The ability of our customers to charge for free with our Supercharger network is another core element of the Tesla experience. It is now possible for Model S owners to make convenient long distance trips along the west or east coasts and from Los Angeles to New York without ever taking out their wallets. In late January, one of our customers made the first Supercharged Model S trip from New York to Los Angeles in the dead of winter,encountering temperatures as low as -22o F. He and his daughter completed the trip in just six days. Shortly thereafter, a Tesla team completed the coast-to-coast trip using only the Supercharger network in just over 76 hours, despite encountering blizzards, road closures and a sand storm on various parts of the journey.Expanding Tesla GloballyThe first Model S deliveries to China are scheduled for this spring. We plan to make substantial investments in China this year as we add new stores, service centers and a Supercharger network. Already, the Beijing store is our largest and most active retail location in the world.We strive for transparent and fair pricing in every Array market. Consistent with this goal, the price for a ModelS in China is the same as the price for a Model S in theUS, adding only unavoidable taxes, customs dutiesand transportation costs. We are taking a risk with thisstrategy, because it is counter to prevailing autoindustry practices. Still, we believe it is the right thingto do. It also means that in China the Model S is pricedcomparable to a mid-sized premium vehicle, instead ofa large luxury vehicle.In Germany and other European markets, we recentlyannounced new, highly competitive leasing andfinancing options in collaboration with our growingteam of global financial partners.A Model S Test Drive in ChinaExpansion into the right hand drive markets such as the United Kingdom, Japan, Hong Kong and Australia will occur gradually over the year starting this spring.Quarterly ResultsAs usual, this letter includes both GAAP and non-GAAP financial information, because we consider non-GAAP information in our planning and management processes. Non-GAAP financials exclude stock-basedcompensation and non-cash interest expense, and add back the deferred revenue and related costs for cars sold with an RVG. Obtaining financing via our bank partners and getting an RVG from us continues to remain popularwith our U.S. customers, as we delivered 1,667 cars with an RVG in Q4.For the quarter, non-GAAP revenue was $761 million, up 26% from Q3. GAAP revenue for Q4 was $615 million, up 43% from Q3. We produced more cars than originally expected in the quarter, aided by manufacturing, designand quality improvements, but also strong efforts from our supply chain. Both Toyota and Daimler powertrain programs remain on plan and contributed $13 million of revenue in the quarter. Q4 sales also included $15million of regulatory credits revenue, but no zero emission vehicle (ZEV) credit sales.During Q4, we achieved non-GAAP automotive gross margin of 25.2% and 25.8% on a GAAP basis. We did this by reducing vehicle cost, primarily through component cost reductions as well as increased manufacturing and supply chain efficiency. Average pricing also remained strong due to a richer mix of 85 kWh cars and a highoption take rate.Research and development (R&D) expenses were $58 million non-GAAP and $68 million on a GAAP basis. Non-GAAP R&D was up 21% from Q3, as engineering work accelerated on Model X and efforts continued for theadaptation of Model S in international markets.Selling, general and administrative (SG&A) expenses were $87 million non-GAAP and $101 million on a GAAP basis. Much of the 30% sequential increase in non-GAAP SG&A was driven by the expansion of our customer infrastructure.Q4 non-GAAP net income was $46 million, or $0.33 pershare, while Q4 GAAP net loss was $16 million or $(0.13)per share. Both results include a $4.6 million net gain, or$0.03 per share from a favorable foreign currency impact.Cash on hand increased to $846 million as of December31, 2013, as we generated $130 million of operating cashflow and $40 million of positive free cash flow (cash flowfrom operations less capital expenditures) in the quarter.2014 Outlook We expect to deliver over 35,000 Model S vehicles in 2014, representing a 55+% increase over 2013. Production is expected to increase from 600 cars/week presently to about 1,000 cars/week by end of the year as we expand our factory capacity and address supplier bottlenecks. Battery cell supply will continue to constrain our production in the first half of the year, but will improve significantly in the second half of 2014.First quarter production is expected to be about 7,400 vehicles, which is significantly higher than the prior quarter production of 6,587 cars. However, as the number of cars in transit to Europe and Asia must grow substantially to support those markets, we plan to deliver approximately 6,400 vehicles in Q1. Deliveries will grow dramatically in future quarters as the logistics pipeline fills.This year, we expect automotive gross margin to increase to about 28% (non-GAAP and GAAP) in Q4 through a series of small design improvements, better supplier prices and economies of scale. Q1 gross margin should increase very slightly from Q4. For the remainder of the year, gross margin should improve at a faster pace.Operating expenses and capital expenditures will increase significantly in 2014, as we plan to invest in the long term growth of Tesla. We plan to expand production capacity for Model S and Model X, invest in our store, service and Supercharger infrastructure, complete the development of Model X and start early design work on our third generation car.In Q1, operating expenses are expected to grow roughly 15%. R&D expenses will increase as design and engineering work accelerates on Model X. We expect to have production design Model X prototypes on the road by end of year and begin volume deliveries to customers in the spring of 2015. SG&A spending will grow as we expand globally our retail presence and add more Superchargers.Model S Conquers the ColdVery shortly, we will be ready to share more information about the Tesla Gigafactory. This will allow us to achieve a major reduction in the cost of our battery packs and accelerate the pace of battery innovation. Working in partnership with our suppliers, we plan to integrate precursor material, cell, module and pack production into one facility. With this facility, we feel highly confident of being able to create a compelling and affordable electric car in approximately three years. This will also allow us to address the solar power industry’s need for a massive volume of stationary battery packs.Looking forward to a very exciting 2014!Elon Musk, Chairman & CEO Deepak Ahuja, Chief Financial OfficerWebcast InformationTesla will provide a live webcast of its fourth quarter and full year 2013 financial results conference call beginning at 2:30 p.m. PT on February 19, 2014, at . This webcast will also be available for replay for approximately one year thereafter.Non-GAAP Financial InformationConsolidated financial information has been presented in accordance with GAAP as well as on a non-GAAP basis. On a non-GAAP basis, financial measures exclude non-cash items such as stock-based compensation, the change in fair value related to Tesla’s warrant liability, non-cash interest expense related to Tesla's 1.5% convertible senior notes as well as one-time expenses associated with the early repayment of the Department of Energy Loan. Non-GAAP financial measures also exclude the impact of lease accounting on Model S related revenues and cost of revenues, as this perspective is useful in understanding the underlying cash flow activity and timing of vehicle deliveries. Management believes that it is useful to supplement its GAAP financial statements with this non-GAAP information because management uses such information internally for its operating, budgeting and financial planning purposes. These non-GAAP financial measures also facilitate management’s internal comparisons to Tesla’s historical performance as well as comparisons to the operating results of other companies. Non-GAAP information is not prepared under a comprehensive set of accounting rules and therefore, should only be read in conjunction with financial information reported under U.S. GAAP when understanding Tesla's operating performance. A reconciliation between GAAP and non-GAAP financial information is provided below.Forward-Looking StatementsCertain statements in this shareholder letter, including statements in the “2014 Outlook” section of this Shareholder Letter; statements regarding profitability and free cash and cost reduction efforts; statements relating to the progress Tesla is making with respect to product development (including Model X and our third generation car), China and right hand drive market launch expectations, schedule for the introduction of future options and variants, quality improvements, delivery and volume expectations of Model S; the ability to achieve vehicle demand, volume, production, revenue, gross margin, spending, profitability and cash flow targets; future store, service center and Tesla Supercharger expected costs, openings and expansion plans and Tesla Gigafactory plans and expectations are “forward-looking statements” that are subject to risks and uncertainties. These forward-looking statements are based on management’s current expectations, and as a result of certain risks and uncertainties, actual results may differ materially from those projected. The following important factors, without limitation, could cause actual results to differ materially from those in the forward-looking statements: Tesla’s future success depends on its ability to design and achieve market acceptance of Model S and other new vehicle models, specifically Model X; the risk of delays in the manufacture, production and delivery ramp of Model S vehicles; the ability of suppliers to meet quality and part delivery expectations at increasing volumes; Tesla’s ability to continue to reduce or control manufacutring and other costs; consumers’ willingness to adopt electric vehicles; competition in the automotive market generally and the alternative fuel vehicle market in particular; Tesla’s ability to establish, maintain and strengthen the Tesla brand; Tesla’s ability to manage future growth effectively as we rapidly grow, especially internationally; the unavailability, reduction or elimination of governmental and economic incentives for electric vehicles; Tesla’s ability to establish, maintain and strengthen its relationships with strategic partners such as Daimler, Toyota and Panasonic; and Tesla’s ability to execute on its retail strategy and for new store, service center and Tesla Supercharger openings. More information on potential factors that could affect the Company’s financial results is included from time to time in Tesla’s Securities and Exchange Commission filings and reports, including the risks identified under the section captioned “Risk Factors” in our quarterly report on Form 10-Q filed with the SEC on November 8, 2013. Tesla disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.Investor Relations Contact: Press Contact:Jeff Evanson Liz Jarvis-SheanVP Investor Relations – Tesla Motors Communications – Tesla Motorsir@ ejs@。
特斯拉汽车完全解析来源：特斯拉行业资料库2014/3/7TeslaMotors，特斯拉汽车，一个2003年创立于美国硅谷，至今不过10年的纯电动车企业。
在传统巨头纷纷倒下的最艰难日子里，这个出奇制胜、名不见经传的小弟不仅挺了过来，而且发展得如日中天。
目前特斯拉股价已经突破100美元大关，甚至直逼丰田汽车，成为美国股市里，仅有的两家股价突破100美元的汽车企业，甩开通用、福特将近3倍，超过戴姆勒也将近1倍，总市值甚至一度超越拥有法拉利汽车的菲亚特集团。
特斯拉究竟凭什么在巨头林立的汽车工业里立足呢？特斯拉·起源和来自美国东部汽车城底特律的传统巨头不同，特斯拉从一开始就将选址定在了美国西部的科技圣地硅谷，将自己定位为高科技公司而非传统意义的汽车企业。
这种差异，恐怕也是造就特斯拉这个企业最为不同的一点。
说起特斯拉就不能不提其联合创始人兼CEO——Elon Musk。
关于Musk，有个广为流传的说法，称电影版《钢铁侠》导演就是以他为灵感，塑造了大家熟知的银幕版高富帅英雄史塔克。
这个有史以来最年轻的亿万富翁，一直胸怀三个梦想，第一：改变互联网的使用方式，于是他和别人联合创立了网站。
当然这个网站未来会有个更响亮的名字叫PayPal，也就是支付宝的先祖。
他随后将PayPal卖给eBay，也就是淘宝网的先祖。
卖了15亿美元后，他转头去实现第二个愿景：将视线投入遥远的太空。
他创立Space X 私人航天器发射公司，连美国国家航空航天局NASA都找到Space X，依靠他们发射卫星，并为国际空间站运输补给。
Space X也因此被美国媒体称为除了美俄中外，第四个掌握卫星发射和回收技术的“国家”。
当然，他的最终愿景，还是能源产业。
与一般大佬不同，这个做科技出身的富翁，看上的自然不是来钱快的石油1天然气，而是带有理想性质的清洁能源。
2003年，这位大佬与人合伙，靠此前攒下来的资本，创立了自己的纯电动汽车公司——Tesla特斯拉。
案例二：财务总监为何要虚增负债？2016年3月，武汉某国企因改制、转让股权，委托武汉某会计师事务所、某资产评估公司对其公司价值进行专项审计与评估。
审计师王某发现委托方提供的债务数目和自己测算的数目相差很远，遂询问该国企财务总监。
财务总监回复说，“你测算的公司债务中漏了一笔1.12亿元的员工社保金”，同时出示了一份盖公章的《情况说明》。
于是，审计师王某直接将这1.12亿元的负债列入最终的清产核资专项审计报告中。
此外，资产评估公司的小罗在进行资产清查时，也发现问题并向公司领导李某汇报，却被告知“就按审计数字来，审计定多少，你们就写多少。
”小罗便听从了安排，最终该公司出具的资产评估报告显示，委托方国企的净资产为-7210.7万元。
在股权正式转让前，武汉市纪委监委察觉该集团资产评估数据有问题，于是便委托另一家会计师事务所对该集团再次进行了专项审计，最后出具了该公司净资产为5000余万元的专项审计报告。
这与之前该国企提供的净资产审计报告结果-7210.7万元相差近1.3亿元。
一、财务总监为何要虚增负债？1.财务总监为管理层收购的利益相关者此案例背景为国企股权转让下的虚增负债，究其根本原因在于企业的管理层想要收购股权，不希望资产评估过高，该财务总监为管理层收购的利益相关者。
2.减少实际收购的成本此次股权转让的价格依赖于净资产数额的评估，净资产总额=资产-负债，由此公式可看出，财务总监虚增了负债，净资产总额降低，进而使得中介机构对股价的估值偏低，减少了股权转让的资金及相应税费。
在该国有企业私有化的过程中，管理人员通过这种串通操作，损害国有资产，增加个人利益，以最低的成本接手企业。
二、单位会计人员在面对利益冲突或利益诱惑时，应如何应对?1.遵守诚信：保持正直，诚实守信。
2.保持独立性：不受外来力量控制、支配，按照规定行事3.保持客观公正：公正处事，实事求是。
会计人员面对利益冲突时，首先要考虑全局利益，然后考虑局部利益，最后考虑个体利益，在解决矛盾时应该按照国家法律法规办事，平衡好各种利益关系。
特斯拉公司的股权分配方案特斯拉公司的股权分配方案一、引言股权分配是指将公司的股份分配给不同的股东。
在特斯拉公司，股权分配方案被广泛关注，因为这对于公司的长期发展和股东的权益保护至关重要。
在本文中，我们将探讨特斯拉公司的股权分配方案，包括股东结构和股权激励计划。
二、特斯拉的股东结构特斯拉公司的股东结构主要由机构股东和个人股东组成。
根据最新的公开数据，机构股东占特斯拉公司总股本的大约57％，而个人股东占43％。
机构股东中，最大的股东是投资公司Vanguard Group，持有特斯拉公司股份的比例约为10％。
其他大股东包括BlackRock、State Street和Fidelity等知名投资机构。
个人股东中，最大的股东是特斯拉公司的创始人、首席执行官埃隆·马斯克。
截至目前，马斯克持有特斯拉公司约20％的股份。
此外，还有一些其他的个人股东，包括特斯拉的高管和员工。
特斯拉的股东结构显示了公司的所有权和控制权分配情况。
机构股东的存在表明特斯拉受到了众多投资机构的关注与认可，而马斯克作为特斯拉的最大个人股东，则在公司决策和经营中具有重要的影响力。
三、特斯拉的股权激励计划为了激励和留住优秀的员工，特斯拉实行了股权激励计划。
特斯拉的股权激励计划主要分为两部分：股票期权和股票奖励。
1.股票期权特斯拉的员工可以通过获得股票期权的方式，以较低价格购买公司的股票，并在一定条件下行使。
股票期权的行使价格通常较为优惠，因此对于员工来说是一种可观的福利和激励措施。
员工购买的股票可以持有或出售，从而获得相应的经济利益。
特斯拉的股票期权计划不仅适用于高级管理人员和高级技术人员，还适用于公司的所有员工。
这种设计有助于激励公司的各个层级员工，使其更加积极地参与到公司的发展和成功中来。
2.股票奖励除了股票期权计划，特斯拉还会向一些杰出的员工颁发股票奖励。
股票奖励是指公司直接授予员工一定数量的股票，无需员工支付购买价格。
这样，员工在一定的时间后，可以随时行使权利将股票出售或持有。
特斯拉是的，当然，但我可能会用另一种电路。
这种设备的优点是短间歇期的能源的输送，籍以提高活跃度，而用这个电路我能完成所有美妙的实验，这些实验已经在科技论文中一次次被转载。
我总是从一个电路里取出成百或上上千马力能量。
在科罗拉多州，我达到 1800 万马力的活度，但那总是通过这样的设备：能源存储在电容器里并以极其小的间隔时间放电。
你不能用一个无阻尼波产生那样的活度。
阻尼波的优势是因为它给你一个1千瓦的发电机，一个2000，3000，4000的活度，或5000千瓦；但是，如果你有一个连续的或无阻尼波，1千瓦只给你一个1千瓦的波能，仅此而已。
这就是为什么带淬灭火花隙的系统变得如此流行的原因。
特斯拉实验特斯拉实验（Tesla’s Experiments）: 特斯拉在1889年就开始尝试用电容器充以高电压的，并在很短的时间间隔放电。
这些非常短的脉冲产生非常尖锐的激波，他感觉在他的整个身体的前面掠过。
他意识到合上一个在高电压直流发电机上的开关，往往会产生一个刺痛的冲击。
相信这是静电，并只在开关连通时发生，且仅有数毫秒。
然而，在那些仅有的几毫秒中，能量的浅蓝色针状电闪从电缆射出，并泄漏到地面，如果是个大的设备，往往穿过任何站在附近人体，造成立即死亡。
虽然当时的发电机额定为数千伏特，但这些放电有百万伏的强度。
发电机的问题通过使用一个带有很大的接地连接的高绝缘开关而排除了。
特斯拉被这个现象迷住了，这似乎与他的电容器放电效应匹配。
他计算出生成的电压数百倍于由电容器或发电机所能提供的电压。
显然，供电源被以某种方式放大或增强了，但问题是，额外的能量从哪里来的？特斯拉继续通过实验进行调查，对正在产生的高电压采取预防措施。
他很快就能够产生出这些激波，只要他想要。
激波产生了刺痛感，无论他站在他的实验室何处，手和脸特别能感觉到这个波。
这些波能穿透金属、玻璃以及一切其它类别的材料。
这显然不是电磁波，所以他把这种新的波叫做“辐射电”（Radiant Electricity）。
尼古拉.特斯拉---关于电磁纵波（标量波）的部分资料我们观察声波的很多现象就会明白纵波的特性，四分之一波长谐振是QWL音箱设计的基础,玩音箱的人知道,倒相喇叭摆放的位置有时候会引起非常巨大的共振,反馈烧毁放大器,声波是典型的纵波传递,TESLA塔有如此巨大的威力,有研究实验室做了计算机模拟,搭建了简单模型,通过测试证明了线圈的另外一个向量场的纵波特性,并确认出其标特性(电场分量和磁场分量同步),2个频率相同的共振可以互相加强,这个国外爱好者已近做到没有电池维持的互相伺服的持续共振.所谓独木难成林就是纵波的特别属性,越多存在,能量越大.另外,意识波具有强烈的标量特性,这就是人类意识领域的群现象(一个群体的意识总会互相干扰各自思想最后形成某种社群文化意识波群)的物理学解释.最新的MESH网络结构和特性也有这种群现象发生.标量波指的就是电磁纵波或特斯拉波。
这里做一次粘贴公：今年3月24日，Steve Jackson 在加拿大一大学展示了一个标量波（scalar wave）发射器和接收器，然后，做了表演实验，用它们驱动一个小电风扇。
特斯拉发明的被埋没了一百多年的技术又重见天日。
标量波与光波和无线电波不同，它的振幅不是上下震荡而是如电场那样沿传播方向扩张和收缩。
标量波也称做特斯拉波或纵波。
它有很多奇特的性质。
1．它能穿透任何坚硬的物体，甚至可穿透法拉第屏和整个地球。
2. 标量波因不属电磁波，因此它可超光速。
有研究者认为，外星人就是使用标量波通信3．它能传送能量，并在传送过程中，能量可放大几倍，因此可用来驱动马达、汽车和点亮电灯等。
4．发送器和接收器可进行通信，因他们处于共振状态。
简言之，标量波能够做电磁波不能做的事。
它传播速度无限大，无所不能穿透，并且在传播过程中能量可放大。
其应用前景无量。
起初，Maxwell方程包含了标量波，在很多年以后，一些目光短浅的科学家删去了相关的方程。
因此，很多后来的主流学者开始怀疑它们的存在，尽管它们存在的证据堆积如山。
Tesla Model S特斯拉Model S是一款纯电动车型，外观造型方面，该车定位一款四门Coupe车型，动感的车身线条使人过目不忘。
此外在前脸造型方面，该车也采用了自己的设计语言。
另值得一提的是，特斯拉Model S的镀铬门把手在触摸之后可以自动弹出，充满科技感的设计从拉开车门时便开始体现。
该车在2011年年中正式进入量产阶段，预计在2012年年内将有5000台量产车投放市场。
目录1概述2售价3内饰4动力5车型6技术规格7性能表现8荣誉9对比测试10车型参数1概述Tesla Model S是一款由Tesla汽车公司制造的全尺寸高性能电动轿车，预计于2012年年中投入销售，而它的竞争对手则直指宝马5系。
该款车的设计者Franz von Holzhausen，曾在马自达北美分公司担任设计师。
在Tesla汽车公司中，Model S拥有独一无二的底盘、车身、发动机以与能量储备系统。
Model S的第一次亮相是在2009年四月的一期《大卫深夜秀》节目中Tesla Model S。
2售价Model S的电池规格分为三种，分别可以驱动车辆行驶260公里、370公里和480公里。
而配备这三种电池的Model S的售价则分别为57400美元、67400美元和77400美元。
下线的首批1000辆签名款车型将配有可以行驶480公里的蓄电池。
尽管官方尚未公布该签名款车型的具体售价，但据推测，价格将会保持在50000美元左右。
Tesla汽车公司称其将会对市场出租可以提供480公里行驶距离的电池。
而从Model S中取得的收益将为第三代汽车的发展提供资金保障。
内饰方面，特斯拉Model S车内中控台以与仪表盘配备的大尺寸液晶显示屏相信能让每一个人过目不忘。
据悉，中控台上的液晶显示屏尺寸为17英寸，几乎比苹果iPad 9.7英寸显示屏大了近一倍。
最为重要的是，这一显示屏集成了车辆行驶模式调节（舒适、正常、运动）、车辆灯光、车辆用电状况、以与导航、音乐、电话等功能于一体，并可实现分屏显示。
Tesla Motors, Inc. – Fourth Quarter & Full Year 2011 Shareholder LetterModel S deliveries to commence on schedule by July 2012Model X Premiere – A new vehicle categoryNew Mercedes-Benz EV powertrain programSolid Q4 results; 2011 revenue of $204 million2012 revenue anticipated to be $550-600 millionFebruary 15, 2012Dear Fellow Shareholders,We are pleased to report another quarter of solid performance throughout all areas of our company. Mostimportantly, Model S development and testing remain on schedule to commence deliveries by July of this year.Last week we revealed our Model X crossover, a unique blend of a minivan, SUV and sports car based upon our Model S platform. The response from customers has been simply overwhelming. One day after the reveal, we had received over 500 reservation requests.We are also pleased to announce the start of a development program with Daimler for a new Mercedes-Benz vehicle with a full Tesla powertrain. This represents an increase in the scope and scale of our deepeningrelationship with Daimler. More details will follow as we complete the contractual arrangements.Our financial results for Q4 and full year 2011 reflect the continued demand for the Roadster and success in our Powertrain activities. Total revenues in the fourth quarter were $39 million, up 9% from Q4 of last year, and we concluded 2011 with over $204 million in revenues, up 75% from the year before.Our losses reflect the planned investments in R&D and corporate infrastructure to support the launch of Model S.Our Q4 non-GAAP net loss was $0.69 per share, and $0.78 per share on a GAAP basis. For 2011, our non-GAAP net loss was $2.21 per share, and $2.53 per share on a GAAP basis. Net losses will continue as planned until we reach volume sales of Model S in 2013.Body Assembly Robotics –Tesla FactoryModel S Development and Factory PreparationVehicle development and factory preparation remain on track to support our goal of initial Model Sdeliveries by July of this year. Almost 100% of the factory equipment needed to manufacture Model S is now in place. We are now fully assembling Beta vehicles at the Tesla Factory, and have alreadycompleted 30 of about 50 Betas we plan to produce. We continue to receive increasing quantities of dies and moulds for production of Model S parts in our press and plastics centers, and expect to have all of them fully commissioned by this spring.The detailed testing planned with these vehicles,including testing for performance, safety and regulatory compliance, also remains on track. Notably, we achieved a 0 to 60 mph acceleration time of under 4.5 seconds in an outdoor test of the performance version of the Model S, successfully confirming our modeling assumptions.We expect to complete building our Beta vehicles and start building Release Candidate vehicles in the first quarter. During this process we are continuing to fine-tune our production processes and incorporate a higher percentage of production-intent components into the cars. Once Model S is qualified for street driving on U.S. roads, we expect to make cars available to customers for test drives in early summer.Store Expansion & Growing Model S ReservationsDuring the quarter, we opened three New Design stores in Bellevue, WA, Chicago, IL and Newport Beach, CA, and a Tesla Gallery in Houston, TX. We now have stores or galleries in 20 locations globally. We expect to open about 8-10 new stores and 10-15 new service centers this year, primarily in the U.S. The service centers,complimented by our Tesla Ranger service, should enable us to provide service to our customers throughout the U.S.The response to our store strategy continues to surpass our expectations – nearly 300,000 people visited our six New Design locations during the month of December. This extraordinary level of consumer contact proves that our stores represent an effective branding and sales strategy.Reservations for Model S continued to grow during the quarter. Aided by our store growth, the October customer event in Fremont, and the formalization of pricing, we added over 1,500 net new reservations during the quarter. This brings our total count to over 8,000 reservations as of the end of December, with all U.S. Signature Series reservations sold out in January!Tesla Model X World PremiereLast week, we hosted the world premiere of our Model X crossover vehicle with over a thousand guests. Model X targets the design and performance-conscious consumer with a family.Starting with the Model S platform, our design engineers were able to create a vehicle that is smaller than other seven passenger vehicles on the outside, but has substantially more room inside. The design is then amped-up in the Tesla way … we announced that Model X will offer an all-wheel drive system with a dual motor which we anticipate will propel the vehicle from 0 to 60 mph in 4.4 seconds. This would make Model X faster than many sports cars. Matched with superior handling resulting from its low center of gravity, Model X should offer a remarkable combination of functionality, style and performance.Model X should also offer exceptional levels of access and safety. With our innovative Falcon Wing doors, Model X has very convenient access to its third row passenger seats. Model X is the only seven passenger crossovervehicle that allows third row access without folding the second row (thus avoiding the removal of a child seat in the second row). In addition, we expect that Model X’s exceptional handling and its all-weather, all-road capabilities will make it a very safe vehicle.Pricing for the Model X will be similar to a comparably equipped Model S, and will also be offered with Signature Series and performance versions. A Model X reservation requires a minimum $5,000 refundable deposit - a serious customer commitment. One day after the reveal, we received over 500 reservation requests, representing almost $40 million in potential sales, and making Model X our most popular product introduction ever.These reservations came without Super Bowl ads or extensive marketing. Instead, a very compelling vehicle garnered such massive media attention that for a period last Friday, Model X was the third most searched term on Google. Moreover, since the event we have seen a modest increase in Model S reservations as well, suggesting to us that Model X is a complementary product to Model S, and that the risk of Model S cannibalization is low.Since Model X leverages the Model S architecture and powertrain, we continue to anticipate that Model X can be brought to production quickly. We plan to start Model X production in late 2013 and ramp to significant customer deliveries in early 2014, with volumes targeted at 10,000-15,000 units per year. Importantly, much of the equipment we are currently installing at the Tesla Factory for Model S can also be used for Model X.Powertrain Update; Daimler Partnership DeepensWe are pleased with our deepening partnership with Daimler. Daimler recently issued Tesla an initial purchase order to develop a full powertrain for a new, all-electric Mercedes-Benz. We anticipate that this vehicle program will represent an increase in the scope and scale of our work with Daimler. While our prior programs have only used Tesla battery packs and chargers, this program will be for a full powertrain, which also includes the motor, gearbox, inverter and all related software. We expect to recognize development services revenue from this program starting in Q2. The full development services and production agreements are expected to be finalized shortly. The key elements of the program, including launch timing, will be announced by Daimler at the appropriate time.The RAV4 EV program continues on schedule. We expect to complete all milestones in the Toyota RAV4 EV development program on schedule in Q1, and plan to ship complete powertrain systems under the production contract starting in Q2.Today, there are more Tesla-produced pure EV battery packs in the hands of Daimler and Toyota than Roadsters. This gives us a wealth of real-world data to compliment the nearly 20 million miles our customers have accumulated during Roadster driving.Tesla Model X – Falcon Wing Doors DeployedSolid Financial PerformanceTotal revenues in Q4 were $39 million, up 9% from Q4 of last year. Full year revenues of $204 million were up 75% from 2010. Automotive sales in Q4 were up 12% from last year due to higher Roadster related revenue. This was partially offset by declining powertrain component sales, as we wrapped up the production programs with Daimler on A-Class and Smart EVs on schedule.We delivered 150 Roadsters in Q4. As expected, unit deliveries declined slightly from last quarter, due to the successful wind down of sales in the U.S. In the rest of the world sales rose sequentially, except for the U.K. Total Roadster deliveries worldwide now exceed 2,150. We have now completed the assembly of the last gliders for the Roadster at Lotus. We expect to sell the remaining 330 Roadsters in Europe and Asia by the end of 2012.Automotive gross margin at 23% was consistent with last quarter. Development services gross margin was only 6%, thus resulting in a total gross margin of 20%, down from last quarter. As shared before, timing differences between recognition of revenue and the underlying costs of development services can cause the gross margin of our development services contracts to vary from quarter to quarter. With the conclusion of the Toyota development services contract this quarter, we expect development services margin to improve substantially in Q1. Full year 2011 total gross margin was very solid at 30%.Our operating expenses continue to reflect our investments in the development of powertrain technology and new products, as well as the build-out of our infrastructure. Our total Q4 operating expenses were $89 million on a GAAP basis and $80 million on a non-GAAP basis, which excludes stock-based compensation expense.Over two-thirds of our operating expenses relate to our investments in research and development (R&D). R&D spending increased from last quarter, reflecting ongoing costs of developing the Model S, increased activity in preparing the Tesla Factory and the build of Beta vehicles. Selling, general and administrative (SG&A) expenses remained flat from last quarter, as higher store-related and marketing activities, including the opening of new stores, were offset by savings in G&A functions.Capital expenditures were about $54 million in Q4 as we continued to build out the Tesla Factory and invest in tooling for Model S. Full year 2011 capex was $198 million, below the low end of our guidance of between $220 and $245 million.In total, our non-GAAP net loss for the quarter was $72 million, or $0.69 per share, based on 104.4 millionweighted common shares outstanding.At the end of the year, we had cash and cash equivalents on our balance sheet of $304 million. Combining the cash on hand with the additional $189 million we have left to draw on our loan facility with the Department of Energy, we now have approximately $493 million in available capital. We drew down $51 million from our DoE loan facility in Q4. Our projects continue to be on track with the DoE per the terms of the loan agreement, and our relationship with the DoE remains strong.2012 Financial Guidance2012 is really a year of two halves for Tesla. Before Model S is launched, we expect that our quarterly revenue in the first half of the year should be lower than Q4. This is based on a lower rate of Roadster sales due to itsavailability only in Europe and Asia, as well as the transitions in our powertrain activities from existing Daimler and Toyota projects to the new development program for Daimler and start of component sales for the Toyota RAV4 EV. After Model S deliveries begin, our revenues should increase significantly. On the expectation of delivering 5,000 Model S sedans in addition to our other ongoing Roadster and powertrain sales, we anticipate that full year revenues will be in the range of $550-600 million, split about 10%/90% between the first and second halves of 2012.Gross margin is expected to vary quite a bit this year. Due to timing differences associated with revenuerecognition on the Toyota development services contract, we expect gross margin will be in the high 30% range inQ1. In Q2 we expect gross margin to be closer to the level for this quarter as we transition to the start ofcomponent production for Toyota RAV4 EV. The start of Model S deliveries causes a shift of our production expenses from R&D expense to cost of revenues. Once deliveries begin, our gross margin should be heavily influenced by capacity utilization. As we plan to slowly ramp our production in order to produce high quality cars, we expect that our gross margin in Q3 will be positive, but likely not meaningful. In Q4, we expect margin to improve significantly as volume ramps up, ultimately tracking toward our target of 25% gross margin uponachieving the manufacturing efficiencies associated with our objective of 20,000 deliveries in 2013.R&D spending will start the year modestly above the Q4 level. As we have discussed in the past, this is due to the inclusion of factory spending in R&D and completion of all pre-production engineering and testing for Model S Beta and Release Candidate vehicles - which adds $15-20 million per quarter in the first half of the year. We expect R&D spending will drop in the second half of the year after the launch of Model S, although there will be some pick-up in spending on Model X during that period.SG&A expenses are presently about equally split between G&A and sales & marketing (S&M) expenses. G&A expenses should grow slightly each quarter in 2012 from last quarter, while S&M expenses should scale with the growth of new store and service center openings. Stock-based compensation should be about $40-45 million this year. We expect that capital expenditures should be about the same as last year at approximately $200-220 million. This includes about $30 million that shifted slightly from late 2011 to early 2012, based on the timing of final payments for equipment and tooling.We expect that reservations should continue to grow and changes in working capital should help improve cash from operations. Based on our current plans, we believe that we have adequate liquidity to reach profitability in 2013.In ClosingWhile we hope the initial success of the Model X further demonstrates our company’s potential, we are maintaining our immediate focus on delivering an awesome Model S to our customers by July. We look forward to showing the world that electric vehicles can surpass their internal combustion counterparts in every way.Thank you for your interest in Tesla Motors.Sincerely,Elon Musk, Chairman, Product Architect and CEO Deepak Ahuja, Chief Financial OfficerWebcast InformationTesla will provide a live webcast of its fourth quarter 2011 financial results conference call beginning at 2:30 p.m. PDT on February 15, 2012, at . This webcast will also be available for replay for approximately two weeks thereafter. Forward-Looking StatementsCertain statements in this shareholder letter, including statements in the “2012 Financial Guidance” section of this Shareholder Letter, statements relating to the progress Tesla is making with respect to the development, testing, performance, attributes, schedule of development and launch, and volume expectations of Model S; the schedule, development, features, anticipated performance, safety expectations, volume expectations and pricing of, and the ability of Tesla to leverage the Model S platform for, Model X; the ability to achieve revenue, gross margin, spending and profitability targets; the ability of Tesla to produce vehicles at the Tesla Factory in Fremont, California as well as the plans and schedule for the Tesla Factory and the equipment there; the schedules related to, and the financial results expected from, Tesla’s development programs with Daimler and Toyota; our ability to execute multiple product development programs simultaneously; the sufficiency of current available funds to develop Model S and Model X; and the ability of Tesla to execute on its new interactive retail strategy and future store opening plans are “forward-looking statements” that are subject to risks and uncertainties. These forward-looking statements are based on management’s current expectations, and as a result of certain risks and uncertainties actual results may differ materially from those projected. The following important factors, without limitation, could cause actual results to differ materially from those in the forward-looking statements: Tesla’s future success depends on i ts ability to design and achieve market acceptance of new vehicle models, specifically Model S and Model X; the risk of delays in the design, manufacture, launch and financing of Model S, including the build-out of its Model S manufacturing facility and the ability of its suppliers to meet quality and part delivery expectations; the risk of a decline in revenues prior to the launch of Model S; consumers’ willingness to adopt electric vehicles and electric cars in particular; Tesla’s ability to fully draw do wn on its facility from the U.S. Department of Energy; risks associated with the ability to achieve the expected financial results from the production of powertrain systems for the Toyota RAV4 EV; competition in the automotive market generally and the alternative fuel vehicle market in particular;Tesla’s ability to establish, maintain and strengthen the Tesla brand; the unavailability, reduction or elimination of govern mental and economic incentives for electric vehicles; Tesla’s ability to establish, main tain and strengthen its relationships with strategic partners such as Daimler, Toyota and Panasonic; and Tesla’s ability to execute on its plans for its new interactive retail st rategy and for new store openings. More information on potential factors that could affect the Company’s financial results is included from time to time in Tesla’s Securities and Exchange Commission filings and reports, including the risks identified under the section captioned “Risk Factors” in its quarterly report on Form 10-Q filed on November 14, 2011, and its registration statement on Form S-1 filed on June 2, 2011. Tesla disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.Non-GAAP Financial InformationConsolidated financial information has been presented in accordance with GAAP as well as on a non-GAAP basis. On a non-GAAP basis, financial measures exclude non-cash items such as stock-based compensation as well as the change in fair value related to Tesla’s warrant liabilit ies. Management believes that it is useful to supplement its GAAP financial statements with this non-GAAP information because management uses such information internally for its operating, budgeting and financial planning purposes. These non-GAAP financial measures also facilitate management’s internal comparisons to Tesla’s historical performance as well as comparisons to the operating results of other companies. In addition, Tesla believes these non-GAAP financial measures are useful to investors because they allow for greater transparency into the indicators used by management as a basis for its financial and operational decision making. Non-GAAP information is not prepared under a comprehensive set of accounting rules and therefore, should only be read in conjunction with financial information reported under U.S. GAAP when understanding Tesla's operating performance. A reconciliation between GAAP and non-GAAP financial information is provided below.Investor Relations Contact: Press Contact:Jeff Evanson Khobi Brooklyn650-681-5050 Tesla Motorsir@ kbrooklyn@For additional information, please visit .。
