Core Viewpoint - Tesla's CEO Elon Musk announced the discontinuation of the Model S sedan and Model X SUV, marking a strategic shift towards a focus on autonomous driving technology [1][3][4] Group 1: Production and Transition - The final production batch of Model S and Model X will be completed in the next quarter, after which both models will officially cease production [1][3] - The Fremont factory, currently producing Model S and Model X, will transition to manufacturing the Optimus humanoid robot, indicating Tesla's future industry focus [3] Group 2: Market Context and Strategy - Sales of Model S and Model X have stagnated due to changing market conditions and increased competition from traditional automakers and emerging brands like Rivian and Lucid Motors, as well as Chinese domestic brands [4] - The decision to discontinue these models is seen as a necessary adjustment for Tesla to respond to market changes and concentrate on its core strategy of developing autonomous driving technology [4]

受此消息影响，周四美股夜盘，特斯拉股价上涨2.4%，报441.83美元。 营收承压但超预期 财报显示，2025年第四季度，特斯拉总营收达249.01亿美元，较去年同期的257.07亿美元下滑3%，略超 预期的247.9亿美元。 盈利端承压明显，四季度营业利润为14.09亿美元，同比下滑11%；净利润8.4亿美元，同比暴跌61%。 非GAAP口径下调整后的每股收益（EPS）为0.50美元，同比下降17%，显著高于预期的0.45美元。 年营收首降、Q4净利暴跌61%，特斯拉交出一份不理想成绩单。 由于核心汽车业务承压，特斯拉全年营收同比下滑3%，创下历史首次年度营收降幅。 不过，公司四季度营收与调整后每股收益均超出市场预期。 | Printered | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | ($ in millions, except percentages and per share data) | Q4-2024 | Q1-2025 | Q2-2025 | Q3-2025 | Q4-2025 | YoY | | Total auto ...

Market Analysis by covering: S&P 500, Microsoft Corporation, Crude Oil WTI Futures, Tesla Inc. Read 's Market Analysis on Investing.com ...

Core Insights - The humanoid robot industry is experiencing strong growth, with accelerated product iterations and significant advancements in technology [1] - Companies like Yushu are projected to ship over 5,500 humanoid robots by 2025, with mass production exceeding 6,500 units [1] - Tesla's CEO Elon Musk indicated the potential public sale of the Optimus robot by the end of next year [1] Policy Developments - The Ministry of Industry and Information Technology is set to release guidelines for the construction of a comprehensive standardization system for humanoid robots and embodied intelligence [1] - Shenzhen is encouraging insurance institutions to innovate insurance products in cutting-edge technology areas, including humanoid robots [1] Technological Advancements - OpenAI has established a humanoid robot laboratory, indicating ongoing technological updates in the sector [1] - Youyou Technology has launched its first automated production line for robot joints in Zhangjiang, Shanghai, which will help meet demand and reduce costs [1] - UBTECH has partnered with Airbus to explore applications of humanoid robots in the aerospace manufacturing sector [1] Investment Opportunities - The Robot Industry ETF (159551) tracks the Robot Index (H30590), which focuses on companies in industrial automation and service robots, reflecting the overall performance of publicly listed securities in the robot sector [1]

然而，商业世界没有永恒的丰碑，只有流动的效率和需求。Model S和X的停产，早已是进行时。销量上，它们早已被更大众的Model Y和Model 3淹没，占 比微小。成本上，它们产自相对老旧、成本更高的弗里蒙特工厂，而非上海超级工厂这样的效率标杆。在特斯拉整体毛利率承压、面临空前价格战的今天， 保留两款叫好但未必叫座的小众高端车型，在经济账上已不划算。 图片系AI生成 当一家公司的创始人亲手按下旗舰产品的"停产键"，这通常不是庆功的信号，而是背水一战的号角。 北京时间2026年1月29日，马斯克在特斯拉的财报电话会上宣布，Model S和Model X将在下一季度正式停产，体面退役。与此同时，特斯拉交出了上市以来 第一份年度营收下滑的财报：2025年总营收948亿美元，跌了3%；净利润37.9亿美元，近乎腰斩，暴跌46%；全球汽车交付量连续第二年下滑，少了8.6%。 冰冷的数字背后，马斯克却在描绘一个近乎科幻的未来：加州弗里蒙特工厂的轿车生产线将让位于Optimus人形机器人的批量制造；没有方向盘和踏板的 Cybercab出租车即将驶上街头；公司今年要豪掷超过200亿美元（约合人民币1389亿元），全力押注自 ...

Core Insights - Tesla Inc. has disclosed the total number of active Full Self-Driving (FSD) subscriptions, reporting 1.1 million active subscribers globally during its fourth-quarter earnings call [2]. Group 1: FSD Subscriptions - The company reported 1.1 million active FSD subscribers, with over 70% of these being upfront purchases [2]. - Tesla is transitioning to a subscription-only model for FSD starting next month, which is expected to impact automotive margins [2]. - The subscription is priced at $99 per month, with an upfront payment option of $8,000 available until February 14 of this year [2]. Group 2: Future Projections and Investments - The transition to a subscription model could help Tesla achieve its goal of reaching 10 million active subscriptions, a milestone linked to CEO Elon Musk's compensation package [2]. - Tesla announced a $2 billion investment in Musk's artificial intelligence company, xAI, with the deal expected to finalize in the first quarter of 2026, pending regulatory approval [3]. - Tesla's stock price increased by 2.01% to $440.13 during overnight trading following the earnings call [3].

Core Viewpoint - Tesla is ending production of the Model S and Model X to focus on new projects, including humanoid robots and autonomous driving technology [1][2][5]. Production Changes - The production of Model S and Model X will cease, with Musk referring to this as an "honorable discharge" and encouraging customers to place orders before stocks run out [1][2]. - The Fremont factory will be repurposed to manufacture Tesla's humanoid robots, Optimus, with plans to achieve a production line of 1 million units per year [6]. Financial Performance - Tesla experienced its first annual revenue decline, with a decrease of approximately 3% to nearly $94.83 billion in 2025 [4]. - Adjusted earnings per share for Q4 were 50 cents, surpassing Wall Street expectations of 45 cents, while net income fell 61% to $840 million [4]. - The company is projected to deliver 1.77 million vehicles in 2026, representing an 8.2% increase [4]. Market Focus - Tesla's sales are primarily driven by the Model 3 and Model Y, which together accounted for 97% of deliveries in 2025, totaling 1.59 million units [3]. - The company is shifting its focus towards driverless cars and humanoid robots, areas that currently lack significant business or profits [5]. Semiconductor Strategy - Musk announced plans for Tesla to build a "TeraFab" for semiconductor manufacturing to mitigate future supply chain constraints [7]. - The company currently relies on external suppliers for chips, including Micron Technology, Samsung, and TSMC [8]. Geopolitical Considerations - Musk emphasized the importance of addressing geopolitical risks in the semiconductor supply chain, suggesting that these factors may become increasingly significant in the coming years [9].

转自：定焦One 文｜定焦One 金玙璠 编辑 | 魏佳 一边是净利润腰斩，一边是股价创新高。 这就是特斯拉2025年的状况。1月29日，其披露的2025年第四季度及全年财报显示，核心的汽车业务完 全失速：全年交付163.6万辆，连续第二年下滑；全球电动车销冠的宝座被比亚迪夺走；汽车业务全年 营收（695.3亿美元）同比下降10%，毛利率跌至15.4%（剔除监管积分收入后），单车毛利润为4742美 元（约合3.3万人民币）。 马斯克在财报会上宣布，停产Model S和Model X，产品线收缩。 价格战的阴影下，特斯拉全年总收入948.3亿美元，同比下降3%；净利润（GAAP）近乎腰斩，从2024 年的70.9亿美元跌至37.9亿美元。 Q4表现更加惨淡，营收249亿美元，净利润仅8.4亿美元，同比暴跌61%。 但资本市场却将特斯拉的股价推到了历史新高。从2025年年初到4月，因公司基本面承压、马斯克"沉 迷"政治，股价一度跌至221美元的低点。但从4月马斯克宣布增持开始，风向变了。特别是进入下半 年，Robotaxi的路测进展、FSD的版本更新、股东大会上通过的新薪酬方案……马斯克靠一系列操作把 市场情绪的 ...

"是时候让Model S和Model X项目以一种体面的方式正式画上句号了。因为我们正真正迈向一个基于自 动驾驶的未来。"北京时间2026年1月29日，特斯拉正式发布2025年第四季度及全年财报，在财报电话会 上，马斯克宣告了这样一个重要决定。"我想这不完全算是坏事。"马斯克说。 马斯克表示，如果有兴趣购买Model S或X，现在就是订购的时机。特斯拉预计将在下个季度逐步停止S 和X的生产，并基本上在下个季度开始新阶段。关于售后，马斯克表示，只要人们还拥有这些车辆，我 们就将继续为Model S和X项目提供支持。 算力方面，特斯拉正在得州超级工厂打造Cortex 2算力集群，进一步提升人工智能训练算力规模。2026 年上半年，计划将得州超级工厂的本地算力规模提升超一倍（按H100等效算力计算）。 关于特斯拉的转型，马斯克此前就表示过，不应该把特斯拉视为是一家汽车企业，而是一家科技公司。 近年来，特斯拉也一直在加速布局自动驾驶、人形机器人、算力芯片、储能等业务。 根据特斯拉最新财报，2026年第一季度，特斯拉人形机器人第三代版本即将发布，该版本将在2.5代的 基础上进行重大升级，包括最新的手部设计。马斯克表示， ...

Core Viewpoint - Tesla is transitioning from an electric vehicle (EV) manufacturer to a comprehensive AI and robotics company, with significant investments planned for the future [1][4]. Investment and Financials - Tesla plans to invest $20 billion in its future AI and robotics initiatives, significantly higher than the $8.5 billion in capital expenditures reported for the 2025 fiscal year [2]. - A $2 billion investment in Musk's xAI was announced, part of a larger $20 billion Series E funding round, aimed at enhancing collaboration and advancing Tesla's autonomous vehicle and robotics agenda [5][6]. - The energy segment achieved record gross profits, contributing to nearly $12.8 billion in revenue for the year [14]. Product Strategy - Production of the Model S and Model X will be discontinued to allocate resources for humanoid robot production, leaving Tesla with four models: Cybertruck, Model 3, Model Y, and the upcoming Cybercab [3][6][7]. - The Cybercab is expected to start production in April for integration into the Robotaxi fleet [8]. Robotaxi and Autonomous Driving - Tesla aims to expand its Robotaxi service to several cities, including Dallas, Houston, and Miami, by the first half of 2026 [9]. - Full Self-Driving (FSD) technology is reportedly operating "100% unsupervised," with limited unsupervised rides already offered in Austin [10]. Chip Development - Musk emphasized the importance of in-house chip manufacturing, referring to the Tesla "Terafab" concept, which aims to integrate logic, memory, and packaging to mitigate supply chain limitations [12]. Optimus Robot Development - The Optimus humanoid robot is still in the research and development phase, with no material contribution to manufacturing yet [13].