Tesla(US:TSLA) Sou Hu Cai Jing·2025-10-23 00:59Core Insights - Tesla reported record high revenue for Q3 2025, reaching $28.1 billion, a 12% year-over-year increase, surpassing analyst expectations of $26.37 billion. However, net profit fell to $1.77 billion, a 29% decline compared to the previous year, leading to a nearly 5% drop in stock price post-announcement [1][2]. Financial Performance - Total automotive revenues for Q3 2025 were $20.016 billion, while energy generation and storage revenue was $2.376 billion, and services and other revenue amounted to $2.790 billion, resulting in total revenues of $25.182 billion [2]. - The total gross profit was $4.997 billion, with a GAAP gross margin of 19.8%. Operating income was $2.717 billion, yielding an operating margin of 10.8% [2]. - Adjusted EBITDA was $4.665 billion, with an adjusted EBITDA margin of 18.5%. Net income attributable to common stockholders (non-GAAP) was $2.505 billion, with diluted EPS of $0.72 [2]. Automotive Sales and Market Performance - Tesla's automotive business revenue grew by 6% to $21.2 billion, driven by record vehicle sales, with global deliveries reaching 497,000 units, a 7.4% increase year-over-year, significantly exceeding market expectations of 439,600 units [2][3]. - In the Chinese market, Tesla sold 169,200 vehicles in Q3, a 31% quarter-over-quarter increase, with over 90,000 units delivered from the Shanghai Gigafactory in September alone [2]. Profitability Challenges - The decline in net profit was attributed to the introduction of lower-priced models and increased operating costs. Tesla launched standard versions of Model 3 and Model Y in October, reducing prices by approximately 12% [5]. - The automotive gross margin was reported at 15.4%, slightly below the average expectation of 15.6%, despite a surge in demand due to the expiration of a $7,500 federal tax credit for electric vehicle purchases [3][5]. Growth in Energy Sector - The energy generation and storage segment saw a significant revenue increase of 44% to $3.42 billion, marking it as the fastest-growing sector for the company, primarily driven by solar power and storage systems [5]. Future Developments - CEO Elon Musk announced collaborations with TSMC and Samsung for the design of Tesla's AI5 chip, which is expected to outperform the AI4 chip by 40% on certain metrics [5]. - Tesla is actively developing the Megapack 4 fixed storage product and plans to launch the Optimus V3 humanoid robot in Q1 of the following year, with Musk suggesting it could become a major product for the company [5]. - The company anticipates launching Robotaxi services in 8-10 regions by the end of the year, with full autonomous operations expected in Austin [6].