特斯拉Model S和X将停产，加州工厂变机器人生产基地

Core Insights - Tesla's Q4 financial results exceeded analyst expectations, but the data reflects significant challenges the company is facing [1] - The company reported a revenue of $24.9 billion for Q4, slightly above the expected $24.79 billion, but a year-over-year decline of 3.1% [1] - Automotive revenue was $17.7 billion, down 11% year-over-year, with operating profit at $1.41 billion, also down 11% [1] - Free cash flow decreased by 30% to $1.42 billion, while adjusted earnings per share were $0.50, surpassing the expected $0.45 [1] - The gross margin for Q4 was 20.1%, exceeding the forecast of 17.1% [1] Revenue and Profit Trends - For 2025, Tesla's total revenue is projected to be approximately $94.83 billion, marking a 2.93% year-over-year decline, the first annual revenue drop in the company's history [3] - The net profit for the year is expected to be around $3.794 billion, down 46.5% year-over-year [3] - The decline in revenue is attributed to reduced vehicle deliveries and a decrease in regulatory credit income [3] Vehicle Delivery Performance - In Q4, Tesla delivered 418,000 vehicles globally, a 15.6% year-over-year decline, the lowest quarterly delivery since Q2 2022 [3] - For the entire year, Tesla delivered 1.636 million vehicles, an 8.6% decrease compared to 2024, marking the second consecutive year of declining sales [3] - In the Chinese market, Tesla's retail sales were approximately 625,000 vehicles, down 4.78% year-over-year [3] Strategic Shifts and Future Plans - Some analysts suggest that the decline in performance is partly due to an aging product line [4] - Tesla plans to halt production of the Model S and Model X in the next quarter, with these models first launched in 2012 and 2015 respectively [4] - The company is shifting its focus towards AI and robotics, with plans to transform from a hardware company to a physical AI company [4] - Tesla's CFO announced a capital expenditure of approximately $20 billion for the year, aimed at new factories, the Optimus robot, and AI computing resources [4] AI Investments - Tesla's investment in xAI aims to enhance its capabilities in developing and deploying AI products and services [5] - The ongoing AI investment trend and Musk's commitment to building a "robot army" have led to a temporary rebound in Tesla's stock price, which reached a historical high before a significant pullback [5]