特斯拉2025年营收首次下滑

Core Insights - Tesla reported a revenue of $24.901 billion for Q4 2025, a year-over-year decline of 3% [1] - The total revenue for 2025 was $94.827 billion, marking the company's first annual revenue decline in history, also down 3% year-over-year [1] - Adjusted earnings per share were $0.50, exceeding market expectations of $0.45 [1] Financial Performance - The GAAP gross margin for Q4 improved to 20.1%, an increase of 3.86 percentage points compared to the same period last year, attributed to lower raw material costs and fixed cost optimization [1] - Automotive revenue for Q4 was $17.693 billion, a year-over-year decrease of 11%, primarily due to a decline in average selling prices of Model 3/Y and a drop in delivery volumes [1] - Q4 vehicle deliveries totaled 418,200 units, a year-over-year decline of 15.61%, with total deliveries for 2025 at 1.6361 million units, down 8.6% year-over-year [1] Market Performance in China - In Q4, Tesla's domestic retail sales in China were approximately 180,000 units, a year-over-year decline of 5% [1] - For the year 2025, domestic retail sales in China reached 626,000 units, down 4.8% year-over-year [1]