特斯拉利润暴跌，马斯克万亿薪酬还稳吗？

Core Insights - Tesla reported record revenue of $28.095 billion for Q3, but net profit dropped significantly by 37% to $1.373 billion compared to the previous year [1][4][5] - The decline in profit is attributed to increased operational costs, including sales, general administrative expenses, and R&D for AI projects, as well as a decrease in one-time Full Self-Driving (FSD) revenue recognition [1][5] - The end of the U.S. electric vehicle tax credit on September 30 may pressure future sales growth, as demand was pulled forward [1][6] Financial Performance - Q3 revenue increased by 12% year-over-year, surpassing Wall Street's expectations, ending two consecutive quarters of decline [4] - Tesla delivered 497,000 vehicles in Q3, a 7.4% increase year-over-year, setting a new quarterly delivery record [4] - Automotive sales revenue rose by 8% to $20.359 billion, while energy generation and storage revenue surged by 44% to $3.415 billion [4][5] - Regulatory credit revenue fell by 44% year-over-year, from $739 million to $417 million [5] - Operating expenses increased by approximately 50% to $3.43 billion, primarily due to investments in AI and restructuring costs [5] Market Position - Tesla's global market share has declined, falling to third place behind BYD and Geely, with a market share of 7.7% [6][7] - In Europe, Tesla's vehicle registrations dropped by 32.6% in the first eight months of the year, while the overall electric vehicle market grew by 26% [7] - In the U.S., Tesla's market share of total electric vehicle sales fell to 38% as competition intensified [6][8] Technology and Strategic Initiatives - Progress on key technology initiatives, such as the FSD and Robotaxi projects, has been slower than expected, raising concerns about future growth [9][10] - Only 12% of Tesla's current fleet has paid for FSD, indicating limited adoption [9] - The timeline for the production of the Cybercab and Optimus robot has been pushed back, with mass production of Optimus expected by the end of 2026 [10] Analyst Sentiment - Analysts have mixed views on Tesla's future, with some expressing caution due to declining profitability and uncertain growth prospects [11][12] - Some analysts believe Tesla's AI strategy is progressing, while others highlight the challenges in its core automotive business [12][13] - Concerns have been raised about Musk's ability to manage multiple companies effectively, which could impact Tesla's performance [13][14]