Q2 财报创十年最大跌幅，特斯拉进入调整期

Core Insights - Tesla reported its Q2 2025 financial results, showing significant declines in revenue and net profit, with total revenue down 12% year-over-year and net profit down 23% [1][8][10] - The primary reason for the poor performance is a 13.5% year-over-year drop in vehicle sales [2][10] - CEO Elon Musk indicated that Tesla may face several quarters of poor performance due to the expiration of U.S. subsidies [3][12] Financial Performance - Total revenue for Q2 2025 was $22.5 billion, a 12% decrease from the previous year [8] - Automotive revenue was $16.66 billion, down 16% year-over-year [8] - Energy production and storage revenue fell to $2.79 billion, a 7% decline [8] - Operating profit decreased by 42% to $923 million, with a gross margin of 17.2%, down from 18% [8] - Free cash flow plummeted by 89% to $146 million [8][12] Sales and Market Challenges - Tesla's sales decline is compounded by increased competition in the electric vehicle market, particularly in China and Europe [6][12] - The company is facing challenges due to the reduction of carbon credit sales, which fell to $439 million, less than half of the previous year's figure [11][12] - The recent U.S. tax reforms and the elimination of electric vehicle subsidies are expected to further impact Tesla's sales and profitability [12][23] Future Growth Initiatives - Musk highlighted three key growth areas: Robotaxi, humanoid robots, and unsupervised Full Self-Driving (FSD) technology [4][20] - The Robotaxi service has expanded its operational area and aims to cover a significant portion of the U.S. population by the end of the year [15][17] - Production of the humanoid robot Optimus is expected to begin in early 2025, with a prototype set to be unveiled by the end of this year [20][24] Strategic Outlook - Despite current financial struggles, Tesla remains optimistic about future technologies and plans to invest in R&D to enhance its offerings [22][23] - The company is working on launching more affordable vehicle models, with production expected to start in late 2025 [17][20] - Tesla's ability to stabilize its core automotive business is crucial for providing the necessary cash flow to support its ambitious future projects [25]