马斯克耐心告急，特斯拉驶向“无人区”

Core Insights - Tesla reported mixed results for Q3, with revenue of $28.1 billion, a 12% year-over-year increase, and deliveries of 497,000 vehicles, up 7.4%, both hitting historical highs. However, net profit fell to $1.37 billion, a 37% decline year-over-year, and adjusted net profit dropped 29%, significantly below market expectations [1][17] - The company is facing challenges with its pricing strategy, as it has resorted to price cuts to boost sales, which has led to a decline in vehicle margins and consumer perception of quality [3][6][9] Financial Performance - Q3 revenue reached $28.1 billion, a 12% increase from the previous year, while net profit was $1.37 billion, down 37% year-over-year [1] - The average selling price of Tesla vehicles decreased from approximately $55,000 in 2022 to $41,800 in Q3 2023, reflecting a significant drop in vehicle margins [3][8] - The automotive gross margin fell to 15.4%, with per vehicle gross profit estimated at $6,400, a reduction of over 50% compared to previous years [8][9] Pricing Strategy - Tesla introduced lower-priced models, such as the Model Y Standard and Model 3 Standard, but faced criticism for reducing features, leading to negative consumer feedback [2][6] - The company has been using financial promotions and subsidies to manage inventory, but the effectiveness of these strategies is in question as consumer trust appears to be eroding [3][6] Innovation and Future Outlook - Tesla's future growth narrative relies heavily on advancements in autonomous driving, robotics, and AI, with Musk emphasizing these areas during earnings calls [10][15] - Despite the focus on new technologies, the company has faced delays in the rollout of its robotics business, with significant technical challenges reported [13][15] - The energy generation and storage business saw a 44% revenue increase to $3.42 billion, but this segment remains a small part of Tesla's overall business [15] Leadership and Governance - A new ten-year compensation plan for Musk has sparked controversy, with critics arguing that it is excessive and questioning Musk's focus on Tesla amid his other ventures [17][18] - Musk's potential departure raises concerns about Tesla's future direction, as he has shown more interest in AI and robotics than in traditional automotive operations [19][20]