经济观察网 据央视新闻消息，当地时间1月28日，特斯拉首席执行官埃隆·马斯克出席公司2025年四季度 及全年财报发布电话会议。在被问及如何看待特斯拉人形机器人在全球范围内面对的竞争时，马斯克 说，特斯拉的最强对手来自中国，和中国企业的竞争将是"一场硬仗"。 ...

Core Viewpoint - Elon Musk is driving speculation about a potential merger involving SpaceX, xAI, and Tesla as SpaceX prepares for a significant IPO, potentially valued at $1.5 trillion [1][2]. Group 1: Merger Speculation - SpaceX is reportedly in discussions about a merger that could involve both Tesla and xAI, with an IPO targeted for June [2]. - Gene Munster estimates a 45% chance that Tesla will acquire xAI, a 35% chance that SpaceX will buy xAI, and a 20% chance that xAI will remain independent [3]. Group 2: Investment and Strategic Implications - Both SpaceX and Tesla have invested $2 billion each into xAI, indicating strong financial backing for the potential merger [4]. - Musk's strategy includes leveraging xAI for various applications, such as powering SpaceX's datacenters and enhancing Tesla's Full Self-Driving software and humanoid robot program [5]. Group 3: Market Reactions and Predictions - Prediction market Kalshi shows confidence that SpaceX will announce an IPO before mid-2026, reflecting investor optimism [7]. - Tesla shares experienced a decline of 3.23% to $416.57 but rebounded by 2.86% in overnight trading to $428.50, indicating volatility in market sentiment [7].

丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] Optimus 或于 2027 年底前开售，关注机器人产 业进展 报告要点 [Table_Summary] 当地时间 1 月 22 日，特斯拉 CEO 埃隆·马斯克首次现身达沃斯世界经济论坛，并透露旗下人 形机器人 Optimus（擎天柱）将于 2027 年底前面向公众开售。当前时点，以特斯拉 Optimus 为代表的人形机器人将逐步进入量产落地阶段，其商业化进展有望加速。建议关注机器人全产 业链，重点关注 1）机器人"大脑"供应商；2）机器人操作系统等软件相关厂商；3）特斯拉 Optimus 零部件供应商。 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Summary2] 事件描述 当地时间 1 月 22 日，特斯拉 CEO 埃隆·马斯克首次现身达沃斯世界经济论坛，并透露旗下人 形机器人 Optimus（擎天柱 ...

Investor Gary Black of The Future Fund LLC thinks that Alphabet Inc.-backed (NASDAQ:GOOGL) (NASDAQ:GOOG) Waymo's crash incident could also be a major setback for Tesla Inc.'s (NASDAQ:TSLA) autonomous driving efforts amid NHTSA scrutiny.‘Regulators Hit Pause Button,' Says Gary BlackIn a post on the social media platform X on Thursday, the investor cautioned the Tesla faithful against not rooting for Waymo to progress. "This should be obvious but don't root against Waymo on safety issues," Black said.He outli ...

Core Viewpoint - Tesla is transitioning from an automotive manufacturer to a physical AI company, focusing on Optimus, FSD, and Robotaxi as the core value drivers for the future [2] Financial Performance - In Q4 2025, Tesla reported total revenue of $24.901 billion, a slight decrease of 3% year-over-year, slightly above market expectations of $24.79 billion [2] - GAAP net profit fell significantly by 61% to $840 million, impacted by intensified price competition in the global auto market and rising operational costs [2] - The overall gross margin increased to 20.1%, the highest in two years, due to falling raw material prices, improved supply chain efficiency, and fixed cost optimization [2] - Automotive revenue in Q4 was $17.693 billion, down 11% year-over-year, with a delivery volume of 418,200 units, reflecting a 15.61% decline [2] - For the full year, total revenue was $94.827 billion, a 3% decline, marking the first annual revenue drop, while GAAP net profit decreased by 46% to $3.794 billion [5] Business Segments - The energy storage business showed robust growth, with Q4 revenue reaching $3.837 billion, a 25% increase year-over-year, becoming a new growth engine for the company [3] - The automotive business continues to face challenges, with a total delivery volume of 1.6361 million units for the year, down 8.6% year-over-year [5] Strategic Initiatives - Elon Musk announced plans to cease production of the Model S and Model X by Q2 2026, repurposing the Fremont factory for Optimus production, aiming for an annual output of one million units [5] - Tesla plans to increase capital expenditures to over $20 billion in 2026, more than doubling from 2025, to support the transition towards AI and robotics [6] - The company has invested approximately $2 billion in xAI to enhance collaboration, emphasizing the critical role of AI chips in the transformation [8] Market Response - Despite short-term pressures from traditional automotive business and profit declines, the market responded positively to Tesla's strategic shift, as evidenced by a rise in stock price following the earnings report [8]

温馨提示 ： 点击下方图片，查看运营团队最新原创报告（共260页） 说明： 欢迎约稿、刊例合作、行业交流 ， 行业交流记得先加入 "机器人头条"知识星球 ，后添加（ 微信号：lietou100w ）微 信； 若有侵权、改稿请联系编辑运营（微信：li_sir_2020）； 正文： 1月接近尾声，T链核心标的越发明朗，静待Optimus V3亮相！ 周四（1月29日），伴随特斯拉四季度财报交流会Optimus部分内容发酵，T链们如期没有获得催化，继续下探 （小编在星球内有提前进行解读） 。 梳理一下四季报的Optimus核心点：1） Optimus V3将在一季度发布， 性能超预期， 供应链准备就绪， 计划于 2026年底前启动生产（年报内容）；2） 预计下季度将弗里蒙特工厂 Model S和Model X 生产线改造为Optimus 生产线，长期目标是实现年产百万台机器人的产能；3） Optimus目前仍处于研发早期阶段，仅在工厂内承担基 础任务，尚未形成规模化应用态势； （完整版内容，已整理在 "机器人头条"知识星球 ） 小编： 很务实的一次交流，没有畅谈未来，整体皆在预期之内（发布时间没有推迟）；供应链准备 ...

Core Insights - Tesla's stock experienced volatility following its fourth-quarter earnings report, initially rising but ultimately declining over 11% in the past month [1][2][3] Financial Performance - Tesla reported a 3% year-over-year decline in revenue and a significant 60% drop in earnings per share [3] - The company's free cash flow decreased by 30% year-over-year to approximately $1.4 billion, with expectations of continued suppression due to heavy investments in AI and manufacturing [9] Active Subscriptions and Initiatives - Active full self-driving (FSD) subscriptions surged by 38% year-over-year, indicating strong demand for Tesla's software offerings [4] - Tesla plans to expand its autonomous ride-sharing service, Robotaxi, to seven additional major cities by the first half of 2026 [2][4] - The company aims to begin production of its Cybercab, an autonomous vehicle without a steering wheel, in April [5] Vehicle Deliveries and Production Plans - Tesla's automotive revenue fell by 11% year-over-year, with total vehicle deliveries down 16% [6] - The company plans to wind down production of its higher-priced Model X and Model S vehicles in the upcoming quarter [6] - Tesla refrained from providing guidance for vehicle deliveries in 2026, focusing instead on maximizing factory capacity utilization [7][8] Capital Expenditures and Valuation - Management forecasts capital expenditures to exceed $20 billion in 2026, more than double the approximately $8.5 billion spent in 2025 [9] - Tesla's stock is considered highly dependent on the success of its new initiatives, with a current price-to-earnings ratio of about 389, indicating a high valuation [10][11][12]

【文/观察者网 齐倩】 报告截图 产销双双突破3400万辆、产销连续17年稳居全球第一，新能源汽车新车销量占比近半、L2功能乘用车 渗透率达到64%……相较2024年，中国汽车行业去年进一步取得多方面突破。 今年1月，中国汽车工业协会公布的最新数据显示，2025年，我国汽车产销分别完成3453.1万辆和3440 万辆，同比分别增长10.4%和9.4%，高于年初预期。 1月30日，特斯拉首席执行官埃隆·马斯克在X平台转发一条2024年的推文：突发新闻——中国售出的汽 车中，电动汽车占比首次超过半数。 "中国太阳能和电动汽车的惊人增长，将大大降低其对石油和天然气的依赖。"马斯克写道。 推文提及，据中国乘用车市场信息联席会数据，2024年7月份，新能源汽车（包括电动汽车和插电式混 合动力汽车）零售销量占比达到创纪录的51.1%。"电动汽车已经明显减少了中国的石油需求：仅自 2023年以来，道路上电动汽车数量的增加就减少了约4%的交通燃料需求"。 同年8月份，英国专门研究气候变化的科学和政策网站"碳简报"（Carbon Brief）发布报告显示，中国二 氧化碳排放量在2024年第二季度下降1%，这是自疫情以来的首次季 ...

【文/观察者网 齐倩】 1月30日，特斯拉首席执行官埃隆·马斯克在X平台转发一条2024年的推文：突发新闻——中国售出的汽 车中，电动汽车占比首次超过半数。 "中国太阳能和电动汽车的惊人增长，将大大降低其对石油和天然气的依赖。"马斯克写道。 马斯克推文截图 马克龙转发的推文，将中国二氧化碳排放量下降与电动汽车需求上升联系在一起。 推文提及，据中国乘用车市场信息联席会数据，2024年7月份，新能源汽车（包括电动汽车和插电式混 合动力汽车）零售销量占比达到创纪录的51.1%。"电动汽车已经明显减少了中国的石油需求：仅自 2023年以来，道路上电动汽车数量的增加就减少了约4%的交通燃料需求"。 同年8月份，英国专门研究气候变化的科学和政策网站"碳简报"（Carbon Brief）发布报告显示，中国二 氧化碳排放量在2024年第二季度下降1%，这是自疫情以来的首次季度下降。 这份报告也指出，中国碳排放量下降，与石油产品需求持续下降相关。其中因素有很多，向电动汽车的 转型是其中之一。数据显示，过去十年，中国累计汽车销量中电动汽车的占比在2024年6月达到 11.5%，高于一年前的7.7%。"这意味着，电动汽车的增长使交 ...

来源：环球网 据内部人士称，SpaceX正评估多种资本运作方案，包括直接收购特斯拉股份或推动三方换股合并。 其中一种激进设想为：以SpaceX为核心，将特斯拉的能源与自动驾驶技术、xAI的Grok聊天机器人及研 发能力，与SpaceX的星链（Starlink）卫星互联网、火箭发射业务深度整合，形成覆盖"天地人"的闭环 生态。（青山） 【环球网科技综合报道】1月30日消息，据路透社报道 知情人士透露，埃隆·马斯克（Elon Musk）旗下 太空探索公司SpaceX正探讨与电动汽车制造商特斯拉进行潜在合并，同时考虑与人工智能初创公司xAI 深化战略合作。这一系列动作若落地，将整合火箭发射、星链卫星网络、电动汽车、社交媒体平台及生 成式AI技术，构建全球科技领域的"超级生态体"。 ...