Core Viewpoint - Tesla is transitioning from a traditional automotive company to a technology-oriented firm focused on AI and robotics, as evidenced by its decision to discontinue the Model S and X EVs to prioritize the production of the Optimus humanoid robot and its investment in AI initiatives [1][4][7]. Financial Performance - Tesla reported its first-ever annual revenue decline, with profits falling by 46% last year and car sales revenue decreasing by 11% year-over-year in the last quarter [2]. - Despite these challenges, Tesla exceeded Wall Street expectations, leading to a 3% increase in its stock price after earnings [5]. Strategic Shift - The company is phasing out traditional vehicle sales as its primary revenue source, with a significant focus on robotics and AI services [6][7]. - Tesla's executives believe that the future of transportation will be dominated by autonomous vehicles, predicting that less than 5% of miles driven will involve human drivers [5]. Full Self-Driving (FSD) Strategy - Tesla has transitioned its FSD software to a subscription model, removing the one-time purchase option, which analysts view as a move to monetize its technology and drive adoption [8][9]. - Currently, only 12% of Tesla owners have purchased FSD, with a significant portion of these being upfront purchases rather than subscriptions [11]. Robotaxi and Optimus Initiatives - The company is heavily investing in its robotaxi service and the Optimus humanoid robot, which are seen as critical to its future valuation [13][14]. - Tesla aims to have robotaxis operating in a significant portion of the U.S. by the end of the year, pending regulatory approval, with production of the Cybercab robotaxi set to begin in April [17]. Market Dynamics - Tesla continues to dominate the U.S. electric vehicle market, but faces increasing competition from Chinese manufacturers like BYD, which are gaining market share globally [20][21]. - The end of the $7,500 tax credit has contributed to a slowdown in the EV market, impacting Tesla's sales [20]. Future Outlook - Analysts suggest that Tesla's transition to a tech-oriented business model could lead to higher margins and revenue, transforming it from a capital-intensive automotive company to a high-margin services business [19][24]. - The company is expected to spend over $20 billion this year on new production lines and AI infrastructure to support this transition [19].

Market Overview - The Federal Reserve maintained the federal funds rate target range at 3.5%-3.75%, aligning with market expectations[9] - The Hang Seng Index closed at 27,827, down 2.58% for the day but up 8.57% year-to-date[3] - The S&P 500 index closed at 6,978, with a slight decrease of 0.01% for the day and a year-to-date increase of 1.94%[3] Stock Performance - Gold prices surged, with spot gold exceeding $5,280 per ounce, marking a monthly increase of over 22%[9] - Semiconductor stocks saw significant gains, with the Philadelphia Semiconductor Index rising by 2.34%[9] - Major tech stocks showed mixed results, with Intel up 11.04% and Microsoft down 6% post-earnings report[9] Sector Highlights - Oil stocks continued to rise, with Shanghai Petrochemical gaining over 5% due to geopolitical tensions driving oil prices up by 3%[9] - New consumer concept stocks performed well, with a snack retail chain soaring 69% on its debut[9] - Airline stocks faced pressure, with China Southern Airlines down 6.83% due to rising operational costs[9] Economic Indicators - The U.S. dollar index fell to 95.51, the lowest since February 2022, contributing to the rise in gold prices[9] - The Japanese yen strengthened, impacting export-related stocks negatively, with Toyota down 3.24%[13] - The Bank of Japan raised its policy rate to 0.75%, the highest in 30 years, indicating a cautious approach to future rate hikes[13]

Market Overview - Global markets are absorbing a significant amount of new information regarding earnings, currency, and political developments, yet they are maintaining stability, with the S&P 500 briefly surpassing 7,000 points [1] Federal Reserve Insights - The Federal Reserve decided to keep interest rates unchanged, with Chair Jerome Powell indicating a "clearly improving" economic outlook and expressing a relaxed stance on labor market pressures and inflation above target levels [5] - Powell suggested that any potential easing of monetary policy is unlikely to occur until mid-year, placing the decision in the hands of his successor as he nears the end of his term in May [5] Corporate Earnings and Market Reactions - The earnings reports from major U.S. tech companies revealed mixed results; Meta's stock surged by up to 10% due to a planned 73% increase in capital spending, while Microsoft saw a decline of over 6% following disappointing results in its cloud computing segment [4] - Tesla's stock rose by 2% as the company shifted its focus from declining electric vehicle sales to investments in AI and robotaxis [5] - Apple is scheduled to report its earnings later on Thursday, which could further influence market dynamics [5] Oil Market and Geopolitical Tensions - Long-term Treasury yields are rising, with attention shifting to increasing oil prices, which have risen by more than 1% amid escalating U.S.-Iran military tensions [7] - President Trump has threatened Iran with severe military action if a nuclear deal is not reached, prompting a strong response from Tehran, which vowed to retaliate [7] - Reports indicate that Trump is considering targeted strikes against Iranian leaders to incite protests, aiming for potential regime change, although no final decision has been made [8]

Market Overview - Electrified vehicles have surpassed gasoline vehicles in market share within the European auto sector [1] - Gasoline registrations in the EU dropped by 18.7% in 2025, with market share falling to 26.6% from 33.3% the previous year [2] Electrified Vehicle Performance - Hybrid Electric Vehicles (HEVs) accounted for 34.5% of the market, while Battery Electric Vehicles (BEVs) held 17.4% in 2025, with BEV sales reaching 1,880,370 units, a nearly 30% increase year-over-year [3] Company Performance - Tesla Inc. experienced a decline in sales, with December sales at 35,280 units, down 20.2% from 44,190 units the previous year, and annual sales dropping almost 27% to 238,656 units in 2025 from 326,525 units in 2024 [4] - BYD Co. Ltd. saw a significant increase in sales, with December sales up 229.7% to 27,678 units compared to 8,395 units in 2024, and year-to-date sales reaching over 187,657 units, a 268.6% increase from 50,912 units last year [5] Market Position - BYD has become the world's largest EV maker, surpassing Tesla for the first time last year, and Chinese automakers captured a record 12.8% market share in Europe [6] - However, BYD's domestic performance in December showed an 18.34% year-over-year decline, with 420,398 units sold [6]

以下文章来源于一见Auto ，作者郑植文 一见Auto . 汽车竞争中的野心、方法论与新秩序。21世纪经济报道旗下汽车报道品牌。 记者｜郑植文 编辑｜吴晓宇 特斯拉再次站在了历史的分水岭上。这一次，挑战前所未有： 特斯拉交出了历史上首次年度 营收下滑的成绩单。 | (nusualted) | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | ($ in millions, except percentages and per share data) | Q4-2024 | Q1-2025 | Q2-2025 | Q3-2025 | Q4-2025 | YoY | | Total automotive revenues | 19,798 | 13,967 | 16,661 | 21,205 | 17,693 | -11% | | Energy generation and storage revenue | 3,061 | 2,730 | 2,789 | 3,415 | 3,837 | 25% | | Services and other rev ...

Group 1: Meta Platforms (META) - Meta Platforms reported a fourth-quarter earnings beat, with shares up more than 7% premarket. The company forecasted first-quarter revenue between $53.5 billion and $56.5 billion, exceeding expectations of $51.4 billion, aided by a 4% tailwind from foreign currency [3][4]. Group 2: Microsoft (MSFT) - Microsoft experienced a decline of over 5% premarket despite reporting fiscal second-quarter results that surpassed estimates. The company earned an adjusted $4.14 per share, with revenue rising 17% year-over-year to $81.27 billion, or 15% in constant currency. Analysts had anticipated earnings of $3.91 per share on $80.31 billion in revenue [4][5]. - For Q3, Microsoft expects total revenue between $80.65 billion and $81.75 billion, indicating growth of 15% to 17% [5]. Group 3: Tesla (TSLA) - Tesla shares rose 2.9% premarket following a top- and bottom-line earnings beat, alongside a positive outlook on Cybercab and robotaxi growth. However, the company reported a quarterly revenue decline due to the end of government tax incentives and increased competition in Europe and China [5][6]. - In the fourth quarter, Tesla earned an adjusted profit of $0.50 per share, down 17% from the previous year but 5 cents above expectations. The company anticipates significant capital expenditures exceeding $20 billion in 2026 [6]. Group 4: Norway's Sovereign Wealth Fund - Norway's $2.2 trillion sovereign wealth fund reduced its stakes in major U.S. tech companies, including Nvidia, Apple, Microsoft, and Alphabet, during the second half of 2025. The fund cut its stake in Nvidia from 1.32% to 1.26% and in Microsoft from 1.35% to 1.26% [6][7]. - By year-end 2025, U.S. investments accounted for 52.9% of the fund's assets, up from 52.4% six months earlier [8].

特斯拉2025年的财务数据，堪称"冰火两重天"的典型样本。储能业务的异军突起与全球汽车市场的全面承压，共同勾勒出特斯拉转型前夜的真实图景。 作为营收占比超73%的核心支柱，汽车业务的滑坡成为全年业绩的最大拖累：2025年特斯拉汽车业务收入695.26亿美元，同比下降10%；全年交付量163.61 万辆，同比下滑8.6%，连续第二年下滑；2025年第四季度交付新车41.82万辆，创下2022年第二季度以来的最低值。 当地时间1月28日美股盘后，特斯拉财报披露2025年全年营收948.27亿美元，同比下滑3%，创下公司史上首次年度营收下滑；GAAP（美国一般公认会计原 则）净利润约38亿美元，同比下降约46%，盈利能力下降明显。 从主营业务上看，特斯拉的汽车产品正在被超越，全球纯电销量冠军已被比亚迪摘下。面对新能源汽车产业走向红海竞争，特斯拉首席执行官马斯克将目光 转向AI（人工智能）与机器人。他提到，特斯拉将停产旗舰高端车型Model S/X，押注20亿美元入局AI，改造工厂为机器人提供100万辆/年产能。 这家曾定义电动汽车的公司，正试图加速冲入智能科技领域。马斯克说，"创新总要付出代价，但不创新的代价更大。 ...

导读：马斯克再一次游走于风险边缘——一边是特斯拉日渐萎靡的汽车业务，一边则是他压上特斯拉未 来的AI和机器人业务。 （文 / 观察者网 周盛明 编辑 / 高莘） 游走在风险边缘，压上身家和声誉，忍受现实的压力——马斯克似乎早已习惯在"逆风局"中找到实现目 标的快感。 作为特斯拉、SpaceX、xAI等多家公司的首席执行官，马斯克的创业过程展现出极端的风险偏好和近乎 于偏执的"赌徒"性格。 埃隆·马斯克 美联社 随着特斯拉2025年财报的公布，马斯克的这一性格再次显露无疑——虽然特斯拉的全年营收出现历史首 次下滑、净利润同比近乎腰斩，但马斯克毅然决然的宣布将Model S/X停产，并集中大量资金投资尚未 商业闭环的AI和机器人领域。 虽然交出了不甚如意的财报，但特斯拉的股价波动并不明显。如今，特斯拉的市值依旧高达1.35万亿美 元（约合人民币9.38万亿元），远远超过同类汽车公司——背后真正作为支撑的，正是马斯克给予投资 者的"对未来的希望"。 但是希望并不能给予商业化的回报。在"赌徒马斯克"的带领下，特斯拉再一次游走于风险边缘——一边 是特斯拉日渐萎靡的汽车业务，一边则是他压上特斯拉未来的AI和机器人业务。 ...

格隆汇1月29日｜特斯拉美股盘前涨3%，此前公司凭借超预期的利润率实现盈利超预期。公司宣布将向 首席执行官马斯克创办的私人人工智能公司xAI投资20亿美元，并将部分汽车产能转向机器人制造。此 外，特斯拉预计2026年资本支出将超过200亿美元。Evercore分析师指出，出人意料的资本支出计划将 导致公司自由现金流转负，该消息也令股价盘前涨幅略有收窄。分析师同时表示，公司高利润率的可持 续性尚不明确。 ...

格隆汇1月29日｜特斯拉(TSLA.US)：2025年资本支出达85.3亿美元；预计2026年资本支出将超过200亿 美元。 ...