特斯拉：漫长的冬季开始了

Core Viewpoint - Tesla reported strong financial results for Q3 2025, with total revenue of $28.095 billion, exceeding analyst expectations of $26 billion, and operating profit of $1.624 billion, slightly above the forecast of $1.58 billion. However, Non-GAAP EPS was $0.50, below the expected $0.55 [1][3]. Financial Performance - Total revenue for Q3 2025 was $28.095 billion, showing a significant increase compared to previous quarters [3]. - Year-over-year revenue growth rates varied, with Q3 2025 showing an 11.6% increase compared to the same quarter last year [3]. - Operating profit for Q3 2025 was $1.624 billion, reflecting a decline of 40% compared to the previous year [24][26]. - Gross margin for Q3 2025 was 18.0%, consistent with previous quarters [3]. Business Segments Automotive - Automotive revenue reached $21.205 billion in Q3 2025, reversing a trend of negative growth over the past three quarters [9]. - The average selling price per vehicle remained stable at $41,000, despite record delivery numbers [9][12]. - The surge in demand was attributed to the expiration of tax credits for electric vehicles, leading to a one-time spike in sales [14]. Energy - Energy storage business revenue hit a record $3.415 billion in Q3 2025, up 44% year-over-year [15]. - The deployment of Powerwall products reached a new high for six consecutive quarters, indicating strong market demand [15][16]. Autonomous Driving - Full Self-Driving (FSD) penetration rate remains low at 12%, with no significant progress reported in Europe and China [21]. - The rollout of Robotaxi services has slowed, with limited expansion in operational areas [21]. Robotics - The Optimus robot's production timeline has been pushed back, with the V3 prototype expected to be showcased in early 2026 [22]. Market Outlook - The fourth quarter is expected to be challenging for Tesla, with potential declines in demand following the recent sales surge [32]. - Increased tariffs are anticipated to impact automotive sales profits, with estimates suggesting a 5-6% reduction in overall sales profits [33]. - The outcome of Elon Musk's compensation plan negotiations is a significant concern for investors, as it could affect Tesla's strategic direction [33].