二季度营利双降，特斯拉预警：不排除将经历几个“艰难季度”

Core Insights - Tesla reported a weak Q2 2025 earnings, with revenue of $22.5 billion, a 12% year-over-year decline, and net profit of $1.172 billion, down 16% from the previous year [1][2] - The company experienced its largest quarterly revenue drop in nearly a decade, with global deliveries falling to 384,100 units, a 13.48% decrease year-over-year [1][2] - CEO Elon Musk indicated that Tesla may face several "difficult quarters" due to the cancellation of U.S. electric vehicle tax credits and tariffs, but expects recovery with the large-scale deployment of autonomous driving in the second half of next year [1][3] Financial Performance - Q2 2025 revenue was $22.5 billion, below market expectations of $22.64 billion, marking a significant decline [1] - Net profit for Q2 2025 was $1.172 billion, slightly below the anticipated $1.136 billion [1] - Tesla's carbon credit revenue fell to $439 million in Q2 2025, down from $595 million in Q1 and $890 million in the same quarter last year [2] Market Dynamics - Tesla's global delivery volume for 2024 was 1.7892 million, a 1.1% decline from 2023, marking the first drop in ten years [2] - The cancellation of the $7,500 electric vehicle subsidy in the U.S. is expected to impact Tesla's short-term supply in the American market [2] - Changes in U.S. fuel emission regulations may affect Tesla's revenue from selling carbon credits to traditional automakers [2] Strategic Focus - Tesla is shifting its narrative from being solely an automotive company to emphasizing its advancements in AI and robotics, including Robotaxi services and Full Self-Driving (FSD) technology [4][5] - The company has initiated Robotaxi services in Austin and is seeking regulatory approvals in various states, aiming to cover over half of the U.S. population by year-end [5] - Tesla plans to enhance its FSD capabilities significantly and is working on the Optimus humanoid robot, with a goal of producing 1 million units annually within five years [5]