Tesla(US:TSLA) Xin Lang Cai Jing·2026-01-02 14:19Core Insights - The article discusses Tesla's recent challenges, including a recall of nearly all vehicles sold in the U.S. due to defects in its autonomous driving system, and the impact of the termination of federal EV subsidies on sales [3][7][12]. Group 1: Vehicle Production and Delivery - Tesla reported a total delivery of 418,227 vehicles and a total production of 434,358 vehicles for Q4 2025, which was slightly below Wall Street's expectation of 426,000 deliveries [4][5]. - The Q4 2025 delivery volume represents a 16% year-over-year decline compared to Q4 2024, where deliveries were 495,570 vehicles [5]. - The company faces increasing competition from rivals such as BYD, Kia, Hyundai, and Volkswagen in the electric vehicle market [5][7]. Group 2: Battery Storage Business - Tesla's battery storage deployment reached a record high of 14.2 GWh in Q4, up from 12.5 GWh in the previous quarter, indicating strong performance in its energy storage segment [6]. Group 3: Market Challenges and Competition - The termination of the $7,500 federal EV subsidy on September 30, 2025, has negatively impacted Tesla's sales, as some sales were pulled forward to Q3 due to policy changes [12]. - Tesla's market share in Europe has significantly decreased, with a reported 39% drop in vehicle registrations from January to November 2025, while BYD's registrations surged by 240% in the same period [14]. - The competitive landscape has expanded to include new entrants like Xiaomi and Geely, intensifying the pressure on Tesla [16]. Group 4: Future Outlook and Strategic Focus - Analysts suggest that the launch of the more affordable Model Y Standard Edition in October may help Tesla regain market share in the coming quarters [15]. - Tesla's current messaging to investors emphasizes a vision of "sustainable prosperity," focusing on future innovations such as autonomous taxis and humanoid robots, rather than just vehicle sales [16].