Tesla(US:TSLA) Sou Hu Cai Jing·2025-10-23 14:15Core Viewpoint - Tesla reported a record high total revenue of $28.095 billion for Q3 2025, marking a 12% year-over-year increase, driven by higher vehicle deliveries and growth in energy and service revenues [1][2] Financial Performance - Total automotive revenues reached $21.205 billion, a 6% increase year-over-year [2] - Energy generation and storage revenue grew by 44% to $3.415 billion [2] - Services and other revenue increased by 25% to $3.475 billion [2] - Total gross profit was $5.054 billion, with a gross margin of 18.0%, down from 19.8% in Q3 2024 [2] - Net income attributable to common stockholders (GAAP) decreased by 37% to $1.373 billion [2] - Free cash flow increased by 46% to $3.990 billion [2] Vehicle Deliveries - Tesla delivered a total of 497,000 vehicles globally in Q3 2025, a 7.4% increase year-over-year, setting a new quarterly delivery record [1] - Significant growth in deliveries was noted in the Greater China region (33% increase) and the Asia-Pacific region (29% increase) [1] Strategic Focus - The company is shifting its strategic focus towards AI and new business areas, with R&D spending increasing by 56.9% to $1.630 billion, the highest in five quarters [3] - CEO Elon Musk emphasized the importance of "real-world AI" as a core strategy moving forward [3] AI Developments - Tesla's next-generation AI chip, AI5, is reported to be 40 times more powerful than AI4, with significant improvements in efficiency and cost-effectiveness [4] - The Optimus V3 humanoid robot prototype is expected to debut in Q1 2026, with plans for a production line by the end of 2026 [4] - The paid usage rate of the Full Self-Driving (FSD) feature has reached 12%, with the latest version, FSD V14, rolled out to all U.S. users [4] Robotaxi Expansion - Tesla's Robotaxi service is operational in Austin, Texas, and the San Francisco Bay Area, with plans to expand to additional U.S. metropolitan areas by the end of 2025 [5] - The company aims to eliminate safety drivers in certain areas of Austin by the end of 2025, contingent on regulatory approvals [5] Market Reaction - Following the earnings report, Tesla's stock price fell over 3%, with a market capitalization of approximately $1.46 trillion as of the report date [5]