Shang Hai Zheng Quan Bao·2026-01-29 04:56Core Viewpoint - Tesla reported a decline in annual revenue for the first time in its history, with a 3% decrease in revenue for fiscal year 2025, totaling $94.827 billion, and a 3% drop in Q4 revenue to $24.901 billion, slightly below Wall Street expectations [4][3]. Financial Performance - In Q4 2025, Tesla achieved a non-GAAP EPS of $0.50 and a gross margin of 20%, both exceeding expectations [2]. - The total gross profit for Q4 reached $5.009 billion, a 20% year-over-year increase, while operating profit was $1.409 billion, down 11% year-over-year, resulting in an operating margin of 5.7% [4]. - Automotive revenue for Q4 was $17.693 billion, a 10% decline year-over-year, while energy generation and storage revenue increased by 25% to $3.837 billion [4]. Production and Delivery - In Q4 2025, Tesla delivered 418,200 vehicles, a year-over-year decline of 15.61%, with total deliveries for the year at 1.636 million, down 8.55% [5]. - The Shanghai Gigafactory delivered 851,000 vehicles in 2025, accounting for 52% of Tesla's global deliveries, and achieved a record monthly delivery of over 97,100 vehicles in December [5]. Product Strategy - Tesla plans to streamline its vehicle lineup and will invest $20 billion by 2026 to pivot towards robotics and autonomous driving technologies [2]. - The company announced the discontinuation of the high-end Model S and Model X by the end of Q2 2026, with production lines being repurposed for Optimus robot manufacturing [5][12]. Autonomous Driving and AI Developments - Tesla is transitioning its Full Self-Driving (FSD) software to a monthly subscription model, with active subscribers increasing by 38% year-over-year to 1.1 million [8][9]. - The company is testing its Robotaxi service in Austin, with plans to expand to multiple U.S. cities in 2026 [8]. - Tesla's autonomous driving software has seen a doubling in purchase volume, with a global fleet capable of collecting data equivalent to over 500 years of continuous driving daily [9]. Robotics and AI Investments - Tesla's third-generation humanoid robot, Optimus, is set to launch in Q1 2026, with plans for mass production by the end of 2026, targeting an annual capacity of 1 million units [12][13]. - The company is investing approximately $2 billion in AI startup xAI to enhance its AI capabilities and is developing its own chip factory to support long-term strategies in autonomous driving and robotics [15].