And right now we are 2 minutes away from the end of the trading day. Romaine Bostick alongside Katie Greifeld, taking you through to that closing bell with the global simulcast Carol Massar and Tim Stenovec, join us now. Welcome to our audiences across all of our bloomberg platforms, television, radio, our partnership with YouTube.Carol Massar We should point out, I know it's Fed Day, but you have about $8 trillion in market capitalization set to report earnings in just a moment. Microsoft met Tesla, the bi ...

特斯拉首席财务官：第四季度全自动驾驶软件的采用率有所提高，全球付费用户达到110万。 ...

特斯拉首席财务官：特斯拉本季度起将全面转向FSD订阅模式。 ...

特斯拉CEO埃隆·马斯克：从长远来看，特斯拉每年生产的Cyber Cabs数量将超过其所有其他车型加起来 的总和。 ...

Financial Data and Key Metrics Changes - In Q4 2025, automotive margins, excluding credits, improved sequentially from 15.4% to 17.9% despite a 16% decrease in deliveries [21] - Total gross margin ended the quarter at over 20.1%, a level not achieved in the last two years, despite lower fixed cost absorption and over $500 million in tariffs [24] - Net income was negatively impacted by a 23% depreciation in Bitcoin holdings and unfavorable foreign exchange effects [25] Business Line Data and Key Metrics Changes - Automotive gross profit remained flat sequentially despite lower deliveries, primarily due to a favorable regional mix with more deliveries in APAC and EMEA [21] - Energy segment achieved nearly $12.8 billion in revenue with a year-over-year growth of 26.6%, driven by high deployments of Megapack and Powerwall [22] - Services and others margin declined from 10.5% to 8.8% due to higher employee-related costs in service centers [23] Market Data and Key Metrics Changes - Record deliveries were noted in smaller countries like Malaysia, Norway, Poland, Saudi Arabia, and Taiwan, contributing to a larger backlog than in recent years [20] - The energy team reported strong growth rates and continued demand for energy products, indicating a robust market outlook [12] Company Strategy and Development Direction - The company is transitioning to a subscription-based model for Full Self-Driving (FSD), which is expected to impact automotive margins in the short term [21] - Significant investments are planned for 2026, with CapEx expected to exceed $20 billion, focusing on six factories and expanding production capacity [26][27] - The company aims to replace the Model S and X production lines with a factory for Optimus robots, targeting a production goal of 1 million units per year [7][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, emphasizing a shift towards autonomy and the potential for universal high income driven by advancements in AI and robotics [2][4] - The company is cautious about the rollout of unsupervised FSD, ensuring safety while gradually increasing autonomy capabilities [54][55] - Management acknowledged the challenges posed by increased low-cost competition and policy uncertainties affecting margins in the energy sector [22] Other Important Information - The company is making substantial investments in AI chips and solar cell manufacturing, indicating a long-term strategic focus on these areas [5][13] - The transition to a fully autonomous vehicle market is expected to significantly alter the transportation landscape, with the Cybercab model designed specifically for this purpose [30][34] Q&A Session Summary Question: What is Tesla's view on the future global car sales and its impact on EV strategy? - Tesla believes that autonomy and Cybercab will significantly change the global market size and mix, with a focus on efficiency and manufacturing at scale [28][29] Question: Are there plans to launch new models for different price segments? - Tesla has launched its least expensive models recently and continues to expand globally, aiming to provide a premium ride experience with the Cybercab [34][35] Question: What is the current bottleneck for increasing robotaxi deployment? - The company is learning from the scaled robotaxi service and is focused on solving the unsupervised FSD problem while expanding the fleet size [41][42] Question: What are the constraints on memory procurement? - Tesla's AI is designed to be compute and memory efficient, and the company is confident in its ability to manage memory constraints in the near term [91][92]

Financial Data and Key Metrics Changes - In Q4 2025, automotive margins, excluding credits, improved sequentially from 15.4% to 17.9% despite a 16% decrease in deliveries, primarily due to a favorable regional mix with more deliveries in APAC and EMEA [21] - Total gross margin ended the quarter at over 20.1%, a level not achieved in the last two years, despite lower fixed cost absorption and over $500 million in tariffs impacting results [24] - Net income was negatively impacted by a 23% depreciation in Bitcoin holdings and unfavorable foreign exchange impacts [25] Business Line Data and Key Metrics Changes - Automotive gross profit remained flat sequentially, while FSD adoption improved, reaching nearly 1.1 million paid customers globally, with 70% being upfront purchases [21][22] - Energy segment achieved record gross profit for the quarter, ending the year with nearly $12.8 billion in revenue, reflecting a 26.6% year-over-year growth driven by high deployments of Megapack and Powerwall [22] - Services and Others margin declined from 10.5% to 8.8% due to higher employee-related costs, although there was an improvement in margins from the Supercharging business [23] Market Data and Key Metrics Changes - Record deliveries were noted in smaller countries like Malaysia, Norway, Poland, Saudi Arabia, and Taiwan, contributing to a larger backlog than in recent years [20] - Continued strength in demand was observed in the rest of APAC and EMEA, with the energy team achieving high growth rates [20][22] Company Strategy and Development Direction - The company is making significant investments in AI, robotics, and battery supply chains, with a focus on transitioning to an autonomous future [4][7] - Plans to end production of Model S and X to repurpose factory space for Optimus robot production, aiming for a long-term goal of 1 million units per year [7][13] - The company is transitioning to a subscription-based model for FSD, which may impact automotive margins in the short term [22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the potential for universal high income driven by advancements in AI and robotics [2][3] - The company anticipates significant growth in the energy sector and plans to ramp up solar cell production to 100 gigawatts per year [12][13] - Management acknowledged the challenges posed by increased low-cost competition and policy uncertainties affecting margins [22] Other Important Information - The company expects capital expenditures to exceed $20 billion in 2026, driven by investments in multiple factories and AI infrastructure [26][27] - The company has over $44 billion in cash and investments, which will be utilized for funding the upcoming investments [81] Q&A Session Summary Question: What is Tesla's view on the future global car sales and its impact on EV strategy? - Management indicated that the future is autonomous, and the introduction of Cybercab will significantly change the market size and mix, with expectations of increased production volumes [28][29] Question: Are there plans to launch new models for different price segments? - Management confirmed ongoing efforts to launch less expensive models and expand globally, aiming to provide a premium ride experience through Cybercab [34][35] Question: What are the current bottlenecks for robotaxi deployment? - Management noted that scaling the robotaxi service has been a learning process, with unsupervised service recently launched in Austin, and emphasized the importance of infrastructure in supporting growth [41][44] Question: What is the current status of Optimus robots in production? - Management stated that Optimus is still in the R&D phase, with basic tasks being performed in factories, and significant production volume is not expected until later in the year [49][50] Question: What is the strategy for chip production and potential external sales? - Management highlighted the need for a Tesla Terafab to ensure sufficient chip production capacity, emphasizing the importance of domestic manufacturing to mitigate geopolitical risks [66][70]

Market Overview - On January 28, the Shanghai Composite Index rose by 0.27%, the CSI 300 increased by 0.26%, the STAR Market 50 fell by 0.08%, the CSI 1000 rose by 0.21%, the ChiNext Index decreased by 0.57%, and the Hang Seng Index increased by 2.58% [3]. - The best-performing sectors on January 28 were non-ferrous metals (+5.92%), oil and petrochemicals (+3.54%), coal (+3.42%), building materials (+2.18%), and steel (+2.16%). The worst-performing sectors were comprehensive (-2.53%), media (-1.77%), national defense and military industry (-1.68%), beauty and personal care (-1.65%), and pharmaceuticals and biology (-1.56%) [3]. - The total trading volume of the A-share market on January 28 was 29,922.89 billion yuan, with a net outflow of 3.427 billion Hong Kong dollars from southbound funds [3]. Key Insights - The report discusses a strategy focused on Elon Musk's concept stocks and thematic index, highlighting that 2026 is seen as a pivotal year for the commercialization of Musk's technological ventures [4]. - Musk's companies, including Tesla, xAI, SpaceX, and Neuralink, are positioned in six key technology areas: AI, robotics, autonomous driving, commercial space, brain-computer interfaces, and new energy [4]. - The market's perspective is shifting from long-term valuation to actual considerations of order flow, revenue realization, and market penetration for Musk's business landscape [4]. - The investment theme is scored based on eight dimensions, with Musk's concept theme receiving a score of 95, indicating high ratings in all areas except valuation level [4]. - A stock pool of 78 beneficiaries related to AI, robotics, autonomous driving, commercial space, brain-computer interfaces, and new energy has been created, with a back-tested excess return of 127.44% compared to the Wind All A Index from early 2025 to the present, and 157.35% from April 9, 2025, to January 23, 2026 [4].

Market Overview - US stock market showed mixed results as investors digested the latest Federal Reserve interest rate decision, with the Dow Jones increasing by 12.19 points (0.02%) to 49,015.60, and the Nasdaq rising by 0.17% to 23,857.45, while the S&P 500 slightly declined by 0.01% to 6,978.03, marking an intraday historical high above 7,000 points [3] Technology Sector Performance - Star tech stocks exhibited divergence, with Nvidia rising by 1.59%, Google by 0.38%, and Microsoft by 0.22%. In contrast, Tesla fell by 0.10%, while Meta, Amazon, and Apple dropped over 0.6%, with Apple down by 0.7% and Oracle down by 1.20% [4][5] - The Nasdaq China Golden Dragon Index increased by 0.32%, with Alibaba up by 1.70%, NetEase by 1.46%, and Baidu by 0.02%. However, JD.com fell by 0.92% and Pinduoduo dropped by 3.84% [4] Semiconductor Sector Insights - The Philadelphia Semiconductor Index rose by 2.3%, with Intel increasing by 11.04% and Texas Instruments by 9.9%. However, ASML saw a decline of 2.1% despite reporting record net sales of €9.7 billion for Q4 2025, exceeding market expectations [6] - ASML's order volume reached €13.2 billion, double the analysts' average forecast, and the company raised its sales outlook for 2026 to between €34 billion and €39 billion, compared to the analysts' expectation of €35 billion [6] Federal Reserve and Economic Indicators - The Federal Reserve decided to maintain interest rates, citing robust economic expansion and signs of stabilization in the unemployment rate. Fed Chair Jerome Powell indicated that current monetary policy is not significantly tight [6][7] - The current inflation level is slightly above the Fed's target, while unemployment has risen, creating a contradiction that keeps the Fed's policy stance neutral until data changes necessitate a clear choice [7] Commodity Market Movements - Precious metals saw strong gains, with COMEX gold futures for January delivery rising by 4.36% to $5,301.60 per ounce, and silver futures increasing by 7.19% to $113.11 per ounce [8]

Financial Data and Key Metrics Changes - In Q4 2025, automotive margins improved sequentially from 15.4% to 17.9%, despite a 16% decrease in deliveries [20] - Total gross margin ended the quarter at over 20.1%, a level not achieved in the last two years [22] - Net income was negatively impacted by mark-to-market charges on Bitcoin holdings, which depreciated by 23% compared to the last quarter [23] Business Line Data and Key Metrics Changes - Automotive gross profit remained flat sequentially despite lower deliveries, primarily due to a favorable regional mix with more deliveries in APAC and EMEA [20] - Energy revenue reached nearly $12.8 billion, reflecting a year-over-year growth of 26.6%, driven by high deployments in all regions [21] - Services and others margin declined from 10.5% to 8.8%, mainly due to higher employee-related costs in service centers [22] Market Data and Key Metrics Changes - Record deliveries were achieved in smaller countries like Malaysia, Norway, Poland, Saudi Arabia, and Taiwan, contributing to a larger backlog than in recent years [19] - FSD adoption improved, reaching nearly 1.1 million paid customers globally, with about 70% being upfront purchases [20] Company Strategy and Development Direction - The company is making significant investments in AI chips, battery production, and solar cell manufacturing, indicating a strategic shift towards autonomy and robotics [4][5] - The production of Model S and X will be phased out to focus on the development of Optimus robots, with a long-term goal of producing 1 million units annually [6][14] - The company aims to achieve 100 gigawatts a year of solar cell production, integrating across the entire supply chain [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the potential for universal high income driven by advancements in AI and robotics [2][3] - The company anticipates significant growth in energy and autonomous vehicle markets, despite challenges such as margin compression from increased competition and policy uncertainties [21][25] - Management emphasized the importance of capital efficiency in their investment strategy, with a projected CapEx exceeding $20 billion for the year [24][25] Other Important Information - The company is transitioning to a subscription-based model for FSD, which may impact automotive margins in the short term [20] - Operating expenses increased due to higher stock-based compensation and investments in AI-related initiatives [23] Q&A Session Summary Question: What is Tesla's view on the global car sales number in relation to its Robotaxi ambition? - Tesla believes that autonomy and Cybercab will significantly change the global market size and mix, with expectations of substantial growth in the autonomous segment [27][28] Question: Are there plans to launch new models for different price segments? - Tesla has launched its least expensive models recently and continues to expand globally, aiming to provide a premium ride experience through Cybercab [32][33] Question: What is the current bottleneck for increasing Robotaxi deployment? - The company is focused on scaling the Robotaxi service while learning from the fleet's performance, with unsupervised service already initiated in Austin [40][41] Question: What are the constraints on memory procurement? - Tesla's AI is designed to be memory efficient, and while there are near-term constraints, the company has solutions for scaling over the next three years [89][90]

马斯克第四季度财报电话会议上表示："现在基本上是时候让Model S和X项目'光荣退役'了。如果你有 意购买Model S或X，现在该下单了。"(作者/箫雨) 凤凰网科技讯 北京时间1月29日，据CNBC报道，特斯拉CEO埃隆·马斯克(Elon Musk)周三表示，该公司 将停止生产Model S和X车型，并计划利用位于加州弗里蒙特的工厂生产Optimus人形机器人。 ...