公布二季度财报 特斯拉股价大跌8.2%

Core Insights - Tesla's Q2 2025 earnings report marked its worst quarterly performance in a decade, with both revenue and profit declining significantly, leading to an 8.2% drop in stock price [1][2] - Revenue for Q2 2025 was $22.5 billion, a 12% year-over-year decrease, and net profit fell to $1.172 billion, down 16% [2] - The electric vehicle segment, which is Tesla's core business, saw revenue of $16.661 billion, a 16% decline, with vehicle deliveries down 13.5% [2] Revenue and Profit Performance - Q2 2025 revenue was $22.5 billion, below market expectations of $22.64 billion, marking the largest quarterly decline since 2012 [2] - Net profit decreased to $1.172 billion, with adjusted earnings per share at $0.40, down from $0.52 a year earlier [2] - Gross margin fell to 17.2%, a decrease of 0.8 percentage points year-over-year, and free cash flow plummeted 89% to $146 million, significantly below analyst expectations [2] Market Challenges - Tesla's delivery volume decreased primarily in North America and Europe, with a 40.5% drop in new car registrations in Europe and uncertainty in North American orders due to the cancellation of tax credits and increased tariffs [2][3] - The company faces intensified competition in Europe from brands like BYD, which saw a 397% increase in registrations, and in China, where Tesla's market share has shrunk from 15% in 2020 to 7.6% [3] Management and Operational Issues - The departure of key executives, including Troy Jones, the North American sales and service VP, adds to Tesla's challenges in addressing declining sales in the North American market [4] - Elon Musk's increased involvement in sales and production management may lead to decision-making challenges due to his divided focus [3][4] Future Growth Prospects - Tesla is banking on its "second growth curve" through Robotaxi and humanoid robots to offset traditional business challenges [5][6] - The Robotaxi pilot program has launched in Austin, Texas, with plans for expansion, but regulatory approval is necessary for broader implementation [5][6] - The humanoid robot, Optimus, is projected to begin mass production by 2026, with ambitious production targets set for the coming decade [6] Market Sentiment and Stock Performance - Following the earnings report, Tesla's stock initially dropped over 5% but later recovered, indicating mixed market sentiment regarding the company's transformation story [7] - Analysts predict that if Robotaxi can be successfully commercialized, it could capture a significant share of the U.S. ride-sharing market by 2030 [7] - Tesla's transition from an electric vehicle manufacturer to an AI and energy subscription platform is seen as high-risk, with potential for both significant market opportunities and pitfalls [8]