特斯拉的“三重困境”

Core Insights - Tesla reported its worst quarterly performance in a decade for Q2 2025, with revenue of $22.496 billion, a 12% year-over-year decline, and net profit of $1.172 billion, down 16% [2] - CEO Elon Musk indicated that the upcoming quarters may be "very difficult," while also presenting a vision for the future involving Robotaxi, humanoid robots, and fully autonomous driving technology [2] Financial Performance - Q2 revenue fell short of Wall Street expectations, marking the largest quarterly revenue drop in over a decade [2] - Automotive sales revenue decreased by 16% year-over-year to $16.661 billion, while total revenue saw a 12% decline, the largest since 2012 [5] Global Sales Dynamics - Tesla's global deliveries fell to 384,100 units, a 13.5% decrease year-over-year, marking the most significant decline since 2015 [4] - In contrast, the Shanghai Gigafactory achieved a record delivery of 191,720 units, accounting for 47% of global production [4] - In China, Tesla delivered 129,000 vehicles in Q2, contributing 34% to global sales, with June sales reaching a peak of 61,484 units, a 59% month-over-month increase [4] Market Challenges - Tesla faces significant challenges in North America due to the impending expiration of the $7,500 EV tax credit, which has been a key driver for the U.S. EV market [6] - Increased tariffs have added approximately $300 million in costs, with one-third impacting the battery division [7] - The company is also experiencing intense competition from domestic brands in Europe and China, with BYD surpassing Tesla in pure electric vehicle sales in Europe [8][9] Strategic Adjustments - Tesla is shifting its product strategy, planning to launch a more affordable model by the end of the year, which has already begun production [10] - The company is focusing on expanding its Robotaxi service, which has already logged over 7,000 miles in Austin, with plans for broader rollout pending regulatory approval [10] Growth Opportunities - Tesla's energy storage business has shown growth, with a record 9.6 GWh of new installations in Q2, contributing to a historical high in energy business gross profit of $846 million [5] - The company is also developing a third-generation humanoid robot, with plans for production to begin next year and a target of 10,000 units annually within five years [11]