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]

Tesla (NasdaqGS:TSLA) Q4 2025 Earnings call January 28, 2026 05:30 PM ET Company Participants Ashok Elluswamy Before we jump into Q&A, Elon has some opening remarks. Elon? Elon Musk Thanks, Travis. So, we've updated the Tesla mission to amazing abundance, and this is intended to send a message of optimism about the future. I think we're most likely headed to an exciting, amazing era of abundance. And I think with the advent or with the continued growth of AI and robotics, I think we actually are headed to a ...

证券研究报告 | 浙商早知道 报告日期：2026 年 01 月 29 日 浙商早知道 2026 年 01 月 29 日 ：王禾 执业证书编号：S1230512110001 重要观点 ❑ 【浙商策略 廖静池/王大霁/黄宇宸】策略专题研究：马年看"马"：马斯克概念股票池及主题指数——20260128 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 ❑ 大势：1 月 28 日上证指数上涨 0.27%，沪深 300 上涨 0.26%，科创 50 下跌 0.08%，中证 1000 上涨 0.21%，创业 板指下跌 0.57%，恒生指数上涨 2.58%。 ❑ 行业：1 月 28 日表现最好的行业分别是有色金属（+5.92%)、石油石化（+3.54%)、煤炭（+3.42%)、建筑材料 （+2.18%)、钢铁（+2.16%)，表现最差的行业分别是综合（-2.53%)、传媒（-1.77%)、国防军工（-1.68%)、美容 护理（-1.65%)、医药生物（-1.56%)。 ❑ 资金：1 月 28 日全 A 总成交额为 29922.89 亿元，南下资金净流出 34.27 亿港元。 浙商早报 1 市 ...

明星科技股分化，英伟达涨1.59%，谷歌涨0.38%，微软涨0.22%，特斯拉跌0.10%，Meta，亚马逊和苹果跌 逾0.6%，苹果跌0.7%，甲骨文跌1.20%。 纳斯达克中国金龙指数涨0.32%，阿里巴巴涨1.70%，网易涨1.46%，百度涨0.02%，京东跌0.92%，拼多多 跌3.84%。 2026.01. 29 本文字数：1315，阅读时长大约2分钟 作者 | 第一财经 樊志菁 周三美股涨跌互现，投资者消化最新美联储利率决议，并等待多家科技巨头盘后公布业绩。截至收盘，道指 涨12.19点，涨幅为0.02%，报49015.60点，纳指涨0.17%，报23857.45点；标普500指数微跌0.01%，报 6978.03点，盘中历史首次突破7000点大关。 半导体设备巨头阿斯麦高开低走跌2.1%，公司2025年第四季度净销售额达97亿欧元，创纪录新高，超出市 场预期。受人工智能芯片制造产能投资扩大推动，公司2025年第四季度的订单额达132亿欧元，是分析师平 均预期的2倍。阿斯麦还上调了业绩展望，预计2026年全年销售额将在340亿欧元至390亿欧元之间，而分析 师的预期为350亿欧元。 北京时间周四凌 ...

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。 ...

美东时间周三，美股三大指数收盘涨跌不一，标普500指数盘中一度突破7000点大关。存储概念股走高，热门中概股涨跌不一。美联储"按兵不 动"，黄金势如破竹站上5400美元，国际油价集体飘红。 | 道琼斯工业 | 纳斯达克指数 | 标普500 | | --- | --- | --- | | 49015.60 | 23857.45 | 6978.03 | | +12.19 +0.02% | +40.35 +0.17% | -0.57 -0.01% | | 美国科技七巨头 | 中概科技龙头 | 中国金龙 | | 67018.39 | 4458.88 | 7892.01 | | +125.23 +0.19% | +27.93 +0.63% | +25.40 +0.32% | 具体来看，科技七巨头涨跌互现，英伟达涨超1%，亚马逊、苹果、脸书均下跌约0.7%。 盘后，特斯拉、Meta和微软率先公布财报。 特斯拉第四季度调整后每股收益0.5美元，高于预期；全年营收同比下降3%，这是该公司有史以来首次出现年度营收下滑的情况。截至北京时 间1月29日6:20，其盘后股价涨近4%。 据智通财经报道，马斯克称，预计下季度将开始逐步停 ...