March 17, Saturday, New York.
The meeting place arranged by Lin Shicheng is at a Private Club in the lower town of Manhattan, not far from Wall Street, which is quiet and private.
When Zhao Chen arrived, Elon Musk had not arrived yet.
Lin Shicheng was already waiting at the door, wearing a dark gray suit, which was a little more formal than usual.
"Mr. Zhao," Lin Shicheng came up,
"He will arrive in about ten minutes. He is alone today, without an assistant."
Zhao Chen nodded and followed Lin Shicheng into the club.
The private room is not big, but it is well decorated. There is a round table, two chairs, and you can see Hudson River from the window.
The sun shines in from the window, casting a golden strip of light on the table.
Zhao Chen sat down and asked for a glass of water. He felt calmer than he imagined.
Two Lifetimes is a human being, this is his first time meeting Elon Musk.
Previous Life He had seen this person's face in the news countless times - he was high-spirited at the press conference, spoke freely on Twitter, and acted as if no one was watching in front of the live broadcast camera.
But it was the first time to meet face to face.
The door opened.
When Elon Musk walked in, he was taller than Zhao Chen expected.
He was wearing a dark gray T-shirt and a black jacket. His hair was a little messy, as if he had just come out of the laboratory.
His eyes were very blue, almost unreal blue. He glanced around the room and finally landed on Zhao Chen.
"You are Elon." Zhao Chen stood up and stretched out his hand.
Elon Musk held his hand firmly, but not deliberately.
His eyes stayed on Zhao Chen's face for a few seconds, and then he said:
"You are younger than I thought."
Zhao Chen smiled. "You too."
Elon Musk was stunned for a moment, and then smiled.
He let go of his hand, sat down opposite, leaned on the back of the chair, and looked at Zhao Chen.
"Lawyer Lin said you are the founder of 'Era Vanguard'.
I checked and found that this fund was established less than two years ago. It is rumored that you made 8 billion US Dollar on Bitcoin.
Now I have bought nearly 10% of the shares of Tesla."
Zhao Chen didn't answer, waiting for him to continue.
Elon Musk looked at him with a direct and aggressive gaze.
"When I see you, I just want to ask one question - what do you want to do?"
Zhao Chen picked up the water glass, took a sip, and then put it down.
He looked into Elon Musk's eyes and his voice was very calm.
"I bought Tesla because I think it's worth it.
Not because I want to control it, not because I want to join Board of Directors, not because I want to interfere with your operation of the company.
I just think - this company will change the world. I want to be a part of it."
Elon Musk didn't speak, but his eyes changed.
It's not relaxation, it's a kind of scrutiny - he is judging whether Zhao Chen is telling the truth or just making excuses.
Zhao Chen continued, "I invested nearly 5 billion US Dollar and now hold 9.88% of the shares.
I will not increase my holdings to more than 10%, will not submit 13D, will not seek Board of Directors Seat, and will not interfere in any business decisions.
I am a Financial Investment person. You continue to do your thing, and I will continue to hold my stocks.
I will hold the stock of Tesla and accompany it to become a giant with a market value of more than one trillion yuan."
Elon Musk was silent for a few seconds.
Then he laughed, not in a social way, but because he was really amused.
"You put it quite directly."
Zhao Chen said, "Your time is expensive, and so is my time. There is no need to beat around the bush."
Elon Musk leaned on the back of the chair and crossed his hands behind his head.
His posture became much more relaxed, as if he no longer regarded Zhao Chen as a "barbarian at the door" who needed to be wary.
"What is your judgment on Tesla? Tell me.
It's not the investor cliche of 'I saw Financial Report and I think the valuation is reasonable', it's the real thing."
Zhao Chen thought about it and decided to express all Previous Life's understanding of Tesla in his own way.
"The production capacity problem of Model 3 is not a problem with Fremont Factory's final assembly line, but a problem with the battery pack." Zhao Chen said.
Elon Musk's fingers paused on the table for a moment.
Zhao Chen continued:
"Gigafactory's 2170 Battery Capacity Ramp-Up is slower than expected, not because there is a problem with the production line design, but because the degree of automation is too high.
You try to use robots to complete all links, but in some links - such as the welding and sealing of battery packs - humans are still more reliable than machines.
You are constantly adjusting the ratio of automation and manual labor, and this trial and error process takes time."
Elon Musk looked at him, his eyes changed.
It's not a review, it's an accident.
Every word this person said was like something someone who had been in Fremont Factory could say.
Zhao Chen is not stopping." The biggest misjudgment in the market right now is that it thinks Tesla will die on cash flow.
They made a calculation - burning 1 billion US Dollar every quarter, the cash cannot last this summer.
But they missed one thing."
Elon Musk asked, "What happened?"
Zhao Chen said, "Model 3's Gross Margin. When production capacity ramps up, the gross profit contributed by each vehicle will far exceed market expectations.
Because you've done a lot of vertical integration in battery costs.
Others buy batteries, you make them.
Others use traditional welding processes, but you use new packaging technology.
These differences cannot be seen when production capacity is low. Once the weekly production capacity exceeds 5,000 units, the scale effect will widen the gap between you and all competitors to an insurmountable level."
Elon Musk was silent for a long time.
He looked at Zhao Chen, as if he was getting to know this person again.
"You've studied the Gigafactory's cost structure."
Zhao Chen said, "Not just the Gigafactory. I've studied all your factories.
Solar Factory of Fremont, Gigafactory, New York.
Everything you do is essentially doing the same thing - reducing the cost of manufacturing complex products to a low that no one can imagine."
Elon Musk's eyes lit up.
It is a light that only appears after it is understood.
Zhao Chen continued, "The core of an electric vehicle is not the battery, not the motor, not Autonomous Driving. It is manufacturing.
Whoever can make the best electric car at the lowest cost will win.
This is why you dug tunnels under Fremont, why you simplified the design of Model 3 to just one screen, and why you minimized the cobalt content of the battery.
You are not building a car, you are building a manufacturing system. Once this system is successfully implemented, it will take others ten years to catch up."
Elon Musk leaned on the back of the chair, his hands no longer crossed, but placed on his knees.
His posture was completely relaxed, as if he had met someone with whom he could talk.