Core Viewpoint - Lucid Group, despite producing impressive electric vehicles, is struggling financially and has not been able to compete effectively with Tesla in the American EV market [3][10]. Financial Performance - In Q3 2025, Lucid reported revenue of $337 million, a 68.5% increase compared to Q3 2024, driven by a 47% year-over-year rise in new vehicle deliveries [5]. - The company experienced a significant cash burn, starting the year with over $5 billion and ending Q3 2025 with $2.9 billion, alongside total debt of $2.8 billion, which increased by 2% year-over-year [6]. - Despite a revenue increase of $136 million, costs rose by $257.7 million, leading to a net loss reduction from $992.5 million in Q3 2024 to $978.4 million in Q3 2025 [7]. - Free cash flow losses deepened from -$622.5 million in Q3 2024 to -$955.5 million in Q3 2025, with a gross margin of -99.12% [8]. Market Position and Competition - Lucid's pricing strategy shows the Air is cheaper than Tesla's Model S, but the Gravity SUV is more expensive than the Model Y, limiting its appeal to price-sensitive consumers [9]. - The discontinuation of the Model S by Tesla may not significantly benefit Lucid, as it lacks a competitor to the Model 3 priced at $36,990 [10].

2026-02-04 10:33:07 作者：狼叫兽 据报道，近日，特斯拉(TSLA.US)披露了其人形机器人Optimus的产品迭代、量产规划、产线调整等多项关键进展。 Optimus 3一季度首发 Optimus 3能力极强，是通用型机器人，外观高度接近人类，这一设计也更利于其学习人类的工作方式，是特斯拉面 向规模化落地的关键版本。 同时，马斯克强调，特斯拉Optimus在能力上会显著领先中国研发的同类机器人，在智能、机电灵巧性上都具备优 势，尤其是机器人手部设计这一行业难点上。 小鹏机器人IRON官宣线下互动 1月30日消息，小鹏汽车(XPEV.US)机器人官微宣布，全新一代小鹏机器人IRON将开启首次线下互动。 据了解，IRON曾在去年11月举行的第七届小鹏科技日上首次公开亮相，IRON搭载小鹏自研物理世界大模型体系，融 合VLT、VLA、VLM三大核心能力，实现对环境的实时感知、理解与反馈。 由于其身材纤细、踩着猫步，行走姿态酷似真人，引发部分网友质疑其是否由真人假扮。此后，在小鹏X9超级增程 技术发布会上，小鹏再次正面回应"机器人内藏真人"的争议，并在IRON通电运行状态下，现场剪开其腿部覆盖件， ...

Group 1 - Elon Musk's team has secretly visited multiple Chinese photovoltaic companies to assess projects involving equipment, silicon wafers, and battery components, focusing on heterojunction and perovskite technology routes [1] - During the Davos Forum, Musk announced that SpaceX and Tesla plan to establish a combined photovoltaic capacity of 200GW per year in the U.S. within three years, with part of the capacity directed towards space photovoltaic component production [3] - Musk expressed strong support for space photovoltaics, predicting that solving energy issues in space will soon enable the deployment of AI data centers, with a goal of launching 100GW of solar-powered AI satellites [5] Group 2 - The increased focus of Tesla and SpaceX on photovoltaic technology suggests that Chinese photovoltaic companies may play a more critical role in the global photovoltaic supply chain, contributing significantly to global energy transition efforts [6]

Core Viewpoint - Elon Musk has integrated his business ventures, including social media, AI startups, satellite internet, and rocket manufacturing, under one umbrella, raising questions about the potential inclusion of Tesla in this consolidation [1] Group 1: Potential Mergers and IPOs - There are speculations about a possible merger between SpaceX and Tesla, with analysts divided on the likelihood of such a deal occurring soon [2] - SpaceX is reportedly considering an IPO around mid-June, potentially raising up to $50 billion, which could be the largest IPO in history, with an expected valuation of $1.5 trillion [2] - Analysts from Baird suggest that the acquisition of xAI may delay any potential merger between SpaceX and Tesla in the short term due to the focus on integration efforts [2] Group 2: Collaborative Efforts - Tesla and SpaceX have already begun collaborating, with SpaceX set to pay Tesla $2.5 million for various agreements between 2024 and 2025, while Tesla will pay SpaceX $800,000 for the use of an aircraft [3] - xAI has invested over $620 million in Tesla's Megapack batteries for powering its data centers, and Tesla has integrated xAI's Grok chatbot into its electric vehicles and humanoid robots [3] Group 3: Opinions on Integration - Analysts believe that the relationship between Tesla and xAI is crucial for Tesla's long-term success due to the synergistic effects of data, software, hardware, and manufacturing [4] - Some experts view Tesla's energy business as a potential buffer for operational cash flow, allowing for the repurposing of automotive production lines for robotics and SpaceX's rockets [4] - Concerns exist regarding the potential dilution of existing shareholders' equity if Tesla needs to issue more stock for a successful merger with SpaceX, which could lead to stock sales by institutional investors worried about profit uncertainties from space travel and communication ventures [4]

在本次榜单中，零跑汽车以129%的涨幅成为价值上升最快的品牌，其品牌价值为80亿元。奇瑞品牌价 值则出现76%的下降，为跌幅最显著品牌。 榜单第四、五位为丰田与理想，品牌价值分别为310亿元与270亿元。排名第六至十位的品牌依次是：宝 马、梅赛德斯-奔驰、小鹏汽车、保时捷以及坦克。其中，小鹏汽车品牌价值增长65%。 | | | | | 汽车 | | | | --- | --- | --- | --- | --- | --- | --- | | | 品牌 | | 品牌价值 (亿元人民币) | 品牌价值涨幅 | 品牌发源国 | 母公司 | | 1* | 特斯拉 | | 2,700 | | 美国 | 特斯拉 | | 21 | 比亚迪 | | 1,200 | 0% | 中国 | 比如⁄迪 | | 31 | 问界 | | 330 | 47% | 中国 | 塞力斯 | | 4* | 0 #田 | | 310 | | 日本 | 丰田汽车 | | ਟੀ | 一理想 N | RANDS | 270 | -24% | 中国 | 理想汽车 | | રિં | 宝马 王 | 52 128 | 1-235 | | 德国 | 宝马集团 ...

赵旭杨 开源证券汽车分析师: 好的，各位领导晚上好。我是开源证券汽车组的赵旭阳。今天感谢大家来参加我们今天的 智驾系列的第九期，关于特斯拉的一些智驾的一些信息的一些更新。以及就是近期那个， 特斯拉，就是美国的这个，高速公路安全管理局，其实也公布了一些智驾的数据。就是尤 其是这个 Robot Taxi 这边吧，一些这个，关于一些事故的一些数据的统计。这个之前其 实有一个这个比较大的一个新闻，然后大家可能觉得这个 Robot Taxi 的这个安全性可能 是产生了一些质疑。 然后这块我们也把这个数据下载下来，然后进行了一些这个分析。由于这个数据本身是包 含所有北美那边的这个 robot taxi 的车辆的，所以其实我们也可以整体性地观察出来的一 些，观察出来一些这个整体行业的一些这个情况。首先就是那个特斯拉的这个财报，财报 里边的话，其实我们觉得对于这个对于这个，我对这个少了一个环节，就是我们先还是把 我们的这个整体的支架的观点，简单给大家。汇报一下。我觉得，就是说整体智驾的这个 热度，我觉得这段这段时间是偏向于比较低位的一个状态的。 这个原因，我觉得主要还是说近期的这个智驾整体的这个催化呀，整体来说是比较小的。 ...

谈沂鑫 东吴证券机械分析师: 各位领导晚上好，我是东吴机械的谭艺馨。今天和各位领导更新一下太空光伏深度，然后 再深度梳理一下各环节的一个推荐标的。最近整个太空光伏板块，它的催化还是非常多的 马斯克在这个达沃斯论坛上，明确了 SpaceX 和特斯拉会在 3 年内分别建设 100 吉瓦的 太空，还有地面的这个光伏产能。然后最近特斯拉和 SpaceX 的团队，也在国内的各大设 设备商进行了技术交流。然后订单，近期是有望加速落地的。然后在今，就在今天，马斯 克这边也是公布了 SpaceX 他会将收购这个 XAI 的这个 AI 公司。 形成它这个太空和 AI 算力的一个联动。所以我们认为，在 6 月 SpaceX 上市前，其实市 场的这个催化会一直不断。然后我们也是持续看好太空光伏设备这个板块的标的这样一个 可持续性。下面我们就汇报下报告，然后最后在报告的后面，我们再跟各位领导深深度的 梳理一下。每一个环节的这个标的。对于光伏设备来说，其实你真正要放量，还是要看太 空算力。因为你平时的这些通信或者传感的卫星，你的用量对于光伏的用量是没有那么大 的。所以我们这个报告也是围绕着太空算率去展开。 太空数据中心其实也很好理解， ...

Core Insights - Tesla's journey has been characterized by extreme challenges and remarkable comebacks, illustrating a narrative of ambition, crisis, and innovation [4][32] - The company has transitioned from a struggling startup to the world's most valuable automaker, showcasing a unique approach to manufacturing and technology [4][28] Group 1: Historical Context and Challenges - In 2017, Tesla faced significant production issues at its Fremont factory, struggling to meet production targets for the Model 3, which led to fears of bankruptcy [9][10] - The company's early days were marked by skepticism from traditional automakers, with Tesla's ambitious goals seen as unrealistic [5][7] - During the 2008 financial crisis, Tesla made pivotal decisions to reject traditional dealership models and integrate advanced technology into its vehicles [8][12] Group 2: Innovations and Manufacturing - Tesla's innovative approach included the use of software to define hardware, allowing for rapid adjustments in vehicle performance [5][7] - The introduction of the Shanghai Gigafactory demonstrated Tesla's ability to achieve high production efficiency through innovative manufacturing processes [14][15] - The company has significantly reduced battery costs and improved vehicle performance through continuous technological advancements [15][17] Group 3: Data and Software Integration - Tesla's extensive data collection from its vehicles has enabled it to enhance its Autopilot system, achieving a lower accident rate compared to human drivers [17][22] - The company has developed a dual business model that combines hardware sales with software subscriptions, generating substantial recurring revenue [20][23] Group 4: Future Outlook and Strategic Shifts - Tesla is shifting its focus from traditional automotive manufacturing to becoming a technology platform, with ambitions to dominate the automotive ecosystem [26][30] - The company plans to invest heavily in AI and robotics, indicating a strategic pivot towards integrating advanced technologies into its operations [28][30] - By 2025, Tesla aims to significantly increase its production capacity and expand its product offerings, including autonomous vehicles and AI-driven solutions [28][30]

2月3日晚间，追觅科技创始人兼CEO俞浩在社交平台发文，抛出了一则极具冲击力的预测：20年后，特 斯拉会成为电动汽车领域的iRobot，遭遇接连亏损，最终退出电动汽车市场。 俞浩还幽默地调侃道："当然，小马哥不会承认，他会说是自己主动退出的。"这里的"小马哥"无疑指的 是特斯拉CEO马斯克。 | . | | --- | 不过，俞浩随后在评论区补充说明，他并非看衰马斯克，直言"马斯克还是很强的，也不会倒那么快， 20年还是比较理性的"，试图让这一预测听起来更具合理性和客观性。 值得一提的是，此前俞浩就曾发文表达过对马斯克个人风格的看法。他认为马斯克比较独，带有强烈的 个人英雄主义色彩；而自己则喜欢带着一群人一起攀登高峰，秉持"一个人可以走得更快，一群人可以 走得更远"的理念。此次对特斯拉未来走向的大胆预测，或许也与他这种管理理念和对企业发展模式的 思考有所关联。 财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 ...

鞭牛士 对此，有网友戏称，"我开深蓝，经常有人问你这个特斯拉看起来怎么不太一样"。 责任编辑：凌辰 鞭牛士 昨日，马斯克的母亲梅耶·马斯克在社交平台发文，分享自己结束上海旅程的心情。 昨日，马斯克的母亲梅耶·马斯克在社交平台发文，分享自己结束上海旅程的心情。 她表示，"再见上海，这趟行程太愉快了。三天里完成了三个模特工作，还庆祝了我的书销量破百万 册，路上看到好多特斯拉。" 同时，她晒出九宫格照片，其中包括四张汽车图。 不过眼尖的网友很快发现，左上方的黑色汽车并非特斯拉车型，而是长安汽车旗下的深蓝品牌。 她表示，"再见上海，这趟行程太愉快了。三天里完成了三个模特工作，还庆祝了我的书销量破百万 册，路上看到好多特斯拉。" 同时，她晒出九宫格照片，其中包括四张汽车图。 不过眼尖的网友很快发现，左上方的黑色汽车并非特斯拉车型，而是长安汽车旗下的深蓝品牌。 对此，有网友戏称，"我开深蓝，经常有人问你这个特斯拉看起来怎么不太一样"。 责任编辑：凌辰 ...