特斯拉做得好极了，除了没卖好车

Core Points - Tesla's latest quarterly performance shows a continued decline in both revenue and net profit, bringing the company closer to its lowest point since 2012 [1][2] - Elon Musk stated that Tesla is currently undergoing a transformation period and will face several challenging quarters ahead [1][26] Financial Performance - Revenue for the quarter was $22.5 billion, a year-on-year decrease of 12%, marking the largest single-quarter decline in a decade [2] - Net profit was $1.17 billion, down 16% year-on-year [2] - Vehicle deliveries fell to 384,000 units, a 13% year-on-year decrease, marking the first time in Tesla's history that deliveries have declined for two consecutive quarters [9] - Operating profit margin dropped to 4.1%, and free cash flow was nearly exhausted, leaving only $146 million [2] Future Outlook - Musk emphasized the potential of Tesla's AI initiatives, predicting that the Robotaxi service will cover half of the U.S. population by the end of the year [3][33] - The company aims to launch the humanoid robot Optimus by the end of the year and achieve mass production next year [3][33] - Despite the ambitious goals, Tesla faces significant challenges, including delays in the cheaper Model Y and regulatory issues surrounding Full Self-Driving (FSD) [4][11] Market Environment - The policy environment has become less favorable for Tesla, with changes in electric vehicle policies and tariffs impacting financial performance [5][20] - Tesla's stock price fell over 5% after the earnings report and has dropped approximately 18% year-to-date [6][7] Sales and Production Challenges - Tesla's sales have been declining in key markets, with a 17.48% year-on-year drop in Model Y sales in China and a 21.1% decline in California [11] - The company is relying on the upcoming cheaper Model Y to boost sales, which has faced multiple delays since its announcement in 2020 [11] Other Business Segments - Tesla's energy storage business showed strong performance, with deliveries reaching 9.6 GWh, marking a new high for year-on-year growth [12] - Revenue from services and other segments increased by 17% to $3.05 billion, driven by charging services [14] Regulatory and Cost Pressures - The reduction in carbon credit sales, which accounted for a significant portion of Tesla's profits, has seen a 51% year-on-year drop, impacting overall profitability [18][19] - Tariff costs have increased by approximately $300 million, with expectations of further increases in the coming quarters [24] Strategic Initiatives - Tesla is accelerating local battery production to mitigate tariff impacts, with plans for a new lithium iron phosphate battery factory in Nevada [25] - Musk reiterated that Tesla is not just a car manufacturer but an AI company, emphasizing the importance of data from Robotaxi operations for improving FSD [34][35]