特斯拉Q3营收达280.95亿美元，GAAP净利润同比下降37%

Core Insights - Tesla reported record vehicle deliveries and significant growth in energy storage business amidst global trade uncertainties and supply chain challenges, showcasing strong business resilience and diverse growth potential [2] Group 1: Financial Performance - Total revenue for Q3 reached $28.095 billion, a 12% year-over-year increase, with free cash flow rising 46% to $3.99 billion, providing a solid foundation for future R&D and capacity expansion [2][6] - Gross profit for the quarter was $5.054 billion, with a GAAP gross margin of 18%, despite a 37% year-over-year decline in GAAP net income to $1.373 billion [6] - Cash, cash equivalents, and investments totaled $41.647 billion, a 24% increase year-over-year, ensuring ample funding for future expansion and R&D [6] Group 2: Production and Delivery - Tesla produced 447,450 vehicles in Q3, a 5% year-over-year decrease, while total deliveries reached 497,099 vehicles, marking a 7% increase, driven by demand recovery and capacity optimization at Shanghai and Texas factories [3] - The global vehicle inventory was reduced to just 10 days of supply, a 47% year-over-year decrease, indicating superior inventory management efficiency compared to traditional automakers [3] Group 3: Energy Business Growth - The energy storage deployment reached 12.5 GWh, an 81% year-over-year increase, with energy generation and storage revenue growing 44% to $3.415 billion, highlighting the diversification of revenue streams [4] - Energy business now accounts for over 12% of total revenue, becoming a key pillar for the company's revenue diversification strategy [4] Group 4: Innovation and Future Products - Tesla's Full Self-Driving (FSD) has accumulated over 4 billion miles, with the latest version introducing Robotaxi elements, while the humanoid robot Optimus is nearing mass production [7] - Future product plans include the launch of Cybercab, Tesla Semi, and Megapack3 in 2026, alongside the commissioning of a lithium refining plant in Texas [7] Group 5: Strategic Outlook - Management remains cautiously optimistic about Q4 and full-year sales growth, emphasizing continued investment in vehicle and energy businesses, and a shift towards AI and energy technology [8] - The company aims to reduce manufacturing and operational costs through technological innovation, transitioning from traditional automotive manufacturing to a focus on AI and energy solutions [8]