增收不增利，特斯拉的“冰与火”

Core Insights - Tesla's Q3 revenue rebounded to $28.1 billion, a 12% year-over-year increase, with free cash flow reaching $4 billion, marking record highs for both metrics [3][4] - The growth in revenue is attributed to the electric vehicle and energy storage segments, with Q3 production at 447,000 vehicles and deliveries at 497,000, a 7.4% increase year-over-year [3][4] - Despite revenue growth, Tesla's non-GAAP net profit fell to $1.77 billion, a 29% decline year-over-year, primarily due to increased operational costs [4] Revenue and Production - Q3 revenue reached $28.1 billion, up 12% year-over-year, with free cash flow at $4 billion [3] - Vehicle production in Q3 was 447,000 units, with deliveries at 497,000 units, setting a new delivery record [3] - In September, the Shanghai Gigafactory delivered over 90,000 vehicles, with sales in China exceeding 71,000 units, a 25% increase quarter-over-quarter [3] Energy Storage and Profitability - Tesla's energy storage product installations reached a record 12.5 GWh in Q3, with gross profit hitting $1.1 billion [4] - The gross margin improved to 18% from 17.2% in Q2, despite a decline in net profit due to rising operational costs [4] Strategic Focus - Tesla is shifting focus towards autonomous driving and robotics, with CEO Elon Musk highlighting the importance of AI in the company's future strategy [4] - The company is planning the fourth generation of Megapack, which will integrate conventional components for direct voltage output [4] Robotaxi and Autonomous Driving - Tesla launched the Robotaxi service in Austin, Texas, and has expanded its operational range, with plans to operate in additional states by year-end [5] - The Robotaxi service has accumulated over 250,000 miles in Austin and over 1 million miles in the Bay Area [5] - Tesla is rolling out the FSD model's main features to consumers, with 12% of Tesla users currently paying for smart driving features [6] Robotics Development - Tesla is installing a production line for humanoid robots, expected to start production by the end of next year, with a maximum annual capacity of 1 million units [6] - The third generation of humanoid robots is set to be released in Q1 next year, with claims of achieving five times the work efficiency of humans [6]