上周三股市收盤后，特斯拉公司將公布今年第三季度財(cái)報(bào)。CEO伊隆·馬斯克可能會(huì)談及年終銷量目標(biāo)，以及位于內(nèi)華達(dá)州雷諾市的大型電池工廠的建設(shè)情況，還有可能談及公司在波多黎各等地建設(shè)的能源存儲(chǔ)和太陽能項(xiàng)目等。

然而大家最關(guān)心的還是Model 3車型的量產(chǎn)。特別特斯拉計(jì)劃怎樣提高該車型的產(chǎn)能，以及怎樣避免上次提升產(chǎn)能時(shí)犯的種種錯(cuò)誤——比如去年特斯拉為了滿足Model X的產(chǎn)能目標(biāo)，曾直接導(dǎo)致了勞資糾紛的出現(xiàn)和工傷率的上升。

特斯拉的產(chǎn)能問題在10月初就已經(jīng)暴露出來了。據(jù)該公司稱，今年三季度，該公司僅生產(chǎn)了260輛Model 3電動(dòng)汽車，交并付了其中的220輛。這意味著特斯拉和馬斯克已經(jīng)食言了。馬斯克個(gè)人曾表示，他預(yù)計(jì)今年8月Model 3的產(chǎn)量大約在100輛左右，而9月就將達(dá)到1,500輛以上。

幾天后，《華爾街日?qǐng)?bào)》援引匿名人士消息稱，直到今年9月，Model 3的一些主要部件還是由手工制造的，而不是自動(dòng)生產(chǎn)線的產(chǎn)品。

據(jù)奧本海默公司（Oppenheimer & Co）十月中旬稱，Model 3的產(chǎn)能問題主要是由于少數(shù)供應(yīng)商沒能按時(shí)供應(yīng)零部件造成的。奧本海默公司還表示，其中至少一家供應(yīng)商已經(jīng)被特斯拉炒了魷魚。不過也有人對(duì)這種說法表示質(zhì)疑，認(rèn)為產(chǎn)能問題出在特斯拉自己身上。

Model 3的產(chǎn)能問題不僅僅是自動(dòng)化的問題，也有資金和工人的問題。在周三的收益電話會(huì)議上，馬斯克估計(jì)會(huì)被專門問到這兩個(gè)方面。現(xiàn)金流的問題更是尤其重要。

據(jù)瑞銀分析師科林·蘭根稱，今年第二季度，特斯拉已經(jīng)燒掉了12億美元現(xiàn)金。然后它通過發(fā)債又融到了18億美元，目前特斯拉手里的現(xiàn)金約有50億左右。

據(jù)巴克萊銀行預(yù)計(jì)，今年三季度，特斯拉大概花掉了16億美元左右的現(xiàn)金，基本上將該公司最近靠發(fā)債借來的18億美元和SolarCity公司的現(xiàn)金流抵消了。

當(dāng)然，除了Model 3以外，特斯拉還有其他一些問題，特別是“增強(qiáng)版Autopilot”功能什么時(shí)候能有像前一代的Autopilot 1一樣的功能呢？消費(fèi)者要為“增強(qiáng)版Autopilot”多花5000美元，它提供了一些高級(jí)駕駛員輔助功能，不過有人也把它稱為“半自動(dòng)”。它能讓特斯拉車型保持在車道內(nèi)行進(jìn)，并且根據(jù)交通情況調(diào)整車速，以及自動(dòng)變道等等，這些功能可以在駕駛員不介入的情況下自動(dòng)完成。

但是如果消費(fèi)者想要完全版的自動(dòng)駕駛功能，就要額外再掏3000美元了。而且巴克萊銀行分析師布萊恩·約翰遜也在本周二的一份研究紀(jì)要中指出，不少特斯拉的粉絲已經(jīng)意識(shí)到，目前在媒體中還看不到任何跡象表明完全版的自動(dòng)駕駛功能何時(shí)能正式面世。

最后，讓我們回顧一下今年二季度特斯拉財(cái)報(bào)的看點(diǎn)。

? 特斯拉當(dāng)季收益上漲，超過華爾街預(yù)期；高端全電動(dòng)車型Model S和SUV車型Model X的出貨量也呈上漲態(tài)勢(shì)。

? 特斯拉的股東凈損失從一年前的2.932億美元上漲到3.364億美元。如果按每股計(jì)算，則由2.09美元縮窄到2.04美元。

? 當(dāng)季營收從一季度的27億美元上漲至27.9億美元，超過了分析師25.1億美元的平均預(yù)期。

? 營收入較2016年同期的12.7億美元上漲近一倍。（財(cái)富中文網(wǎng)）

譯者：賈政景

Tesla reports third-quarter earnings Wednesday after the market closes. Tesla CEO Elon Musk will likely talk about year-end delivery goals, the company’s massive battery factory in near Reno, Nevada, maybe even its energy storage and solar efforts in places like Puerto Rico.

But all anyone really cares about is Model 3 production. Specifically, what it will take to get more of these mass-market electric cars off the line and into customers’ driveways and the company’s strategy to avoid the same mistakes it made during previous vehicle production ramp ups. For instance, labor unrest and a rise in worker injuries emerged in 2016 as a direct result of Tesla trying to meet ambitious production targets it set for the Model X sport utility vehicle.

Tesla’s production problems were revealed in early October when the automaker reported it had produced just 260 of its new Model 3 electric cars in the third quarter, of which it delivered 220. It was a dramatic miss for Tesla and Musk, who personally predicted that the company would produce about 100 Model 3 cars in August and more than 1,500 in September.

Days later the Wall Street Journal, citing unnamed sources, published a damning report that as recently as September major portions of the Model 3 were being built by hand, not an automated production line.

Tesla’s Model 3 production problems stem from a small number of suppliers that have failed to deliver on time, according to Oppenheimer & Co., which issued an analyst note in mid-October. The note said at at least one of those suppliers has been fired. However, some dispute those claims, noting that Tesla was to blame.

Ramping up Model 3 production is not just an automation conundrum. It’s a money and labor problem as well. Expect Musk to be asked specifically about these two areas during the earnings call Wednesday. The cash outlook question will be particularly important.

Tesla burned through about $1.2 billion in cash in the second quarter. Then it sought to raise some $1.8 billion through a bond offering, leaving it with about $5 billion or so in cash, says UBS analyst Colin Langan.

Barclays expects Tesla will report it burned through $1.6 billion in the third quarter, numbers offset by its recent $1.8 billion debt raise and likely sale of SolarCity project cash flows.

There are of course, other issues and questions beyond Model 3, notably when will Tesla’s “enhanced Autopilot” feature have the same capabilities as its previous generation Autopilot 1 version? Tesla charges $5,000 for enhanced Autopilot, which provides several advanced driver assistance features that when combined provides what some describe as “semi-autonomous” capabilities. It’s supposed to allow Tesla vehicles to drive keep within a lane, match speed to traffic conditions, and automatically change lanes without requiring help from the driver.

Tesla charges another $3,000 for full self-driving capability, and there are no signs of that coming anytime soon, ” – a point recognized now by some of Tesla’s fans in the media,” Barclays analyst Brian Johnson said in a research note Tuesday.

As a refresher, here’s a snapshot of Tesla’s second quarter earningsended June 30.

? Tesla’s quarterly revenue expanded and beat Wall Street’s estimates, as deliveries of its high-end all-electric Model S sedans and sports utility vehicle Model X grew.

? Tesla’s net losses attributable to shareholders widened to $336.4 million from $293.2 million a year earlier. On a per share basis, net loss attributable to shareholders narrowed to $2.04 from $2.09.

? Revenue rose to $2.79 billion from $2.7 billion in the first quarter, beating analysts’ average estimate of $2.51 billion.

? Revenue was more than double the $1.27 billion Tesla earned during the same quarter in 2016.