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二季度财报未见起色 特斯拉阵痛或将持续几个季度

Core Viewpoint - Tesla's sales have continued to decline, with significant drops in revenue and profit attributed to the negative impact of Elon Musk's political involvement and unfavorable government policies [2][3][4]. Sales Performance - In Q1, Tesla's global sales decreased by 13% year-on-year, and in Q2, the total vehicle deliveries were 384,000, down 13.5% compared to the previous year [2][3]. - Revenue for Q2 was $22.5 billion, reflecting a decline from Q1's 9% to 12% year-on-year [2][3]. - Free cash flow dropped from $660 million in Q1 to $150 million in Q2, while net profit fell by 23% year-on-year, although the decline was less severe than the 39% drop in Q1 [2]. Market Challenges - The "Big and Beautiful" Act has introduced new registration fees for electric vehicles, effectively raising Tesla's product prices, particularly affecting the Model Y's competitiveness in the $30,000 to $60,000 price range [4]. - The elimination of California's carbon credit trading mechanism has led to a decline in Tesla's carbon credit revenue, further impacting overall income [5]. Strategic Adjustments - In response to declining sales, Musk has taken a more hands-on approach, personally overseeing sales in North America and Europe after the departure of a senior vice president [6]. - Tesla plans to focus on producing and delivering as many vehicles as possible in the U.S. before the expiration of the electric vehicle tax credit, with the launch of a more affordable model delayed to Q4 [6]. Future Outlook - Tesla is expected to release a new model, the Model YL, in China this fall, targeting the needs of families [7]. - The company is transitioning from being solely an electric vehicle manufacturer to incorporating AI and robotics into its business model, which is seen as a key reason for the sales decline [7][8]. - Despite current challenges, Tesla's advancements in autonomous driving technology, such as the FSD V12 version, are anticipated to drive future sales growth [8].