增收不增利，特斯拉三季度利润下滑近30%，股价一度跌近5%

Core Insights - Tesla reported Q3 2025 revenue of $28.1 billion, a 12% year-over-year increase, but net profit fell 29% to $1.77 billion (non-GAAP) [1][4] - Following the earnings release, Tesla's stock price dropped nearly 5%, closing at $438.97 per share, down 0.82% [1] Financial Performance - Q3 2025 revenue breakdown: - Automotive revenue increased 6% to $21.2 billion - Energy generation and storage revenue surged 44% to $3.42 billion - Services and other revenue rose 25% to $3.475 billion [4][5] - Despite revenue growth, net income attributable to common stockholders (non-GAAP) was $1.77 billion, reflecting a significant decline [5] Production and Delivery Metrics - In Q3 2025, Tesla produced 447,400 vehicles, a 4.8% year-over-year decrease, while global deliveries reached 497,000, a 7.4% increase [6][7] - Model 3 and Model Y deliveries totaled 481,100, up 9% year-over-year, while other models saw a 30% decline in deliveries [6] Market Developments - In China, Tesla's sales in Q3 2025 reached 169,200 units, a 31% quarter-over-quarter increase, despite a 5.4% decline in the first half of the year [8] - Tesla has accelerated product launches in various markets, including new versions of Model Y and Model 3, to enhance competitiveness [8][9] Strategic Focus - CEO Elon Musk announced plans to launch the Optimus V3 humanoid robot in Q1 2026 and expand Robotaxi services to 8-10 regions by year-end [3][10] - The company is shifting its focus from automotive to AI and robotics, with Musk indicating that 80% of Tesla's future value may come from robotics [10][14] Regulatory and Technological Advancements - Tesla is working with regulatory bodies in China and Europe to gain approval for its Full-Self Driving (FSD) technology, which is currently operational in several countries [15]