Tesla(US:TSLA) Zhong Guo Qi Che Bao Wang·2026-01-29 10:35Core Viewpoint - Tesla's 2025 financial report reveals a significant decline in revenue and profit, indicating ongoing challenges in the automotive market while the company shifts focus towards humanoid robots and AI technology [2][10]. Financial Performance - Tesla's total revenue for 2025 was $94.827 billion, a year-on-year decrease of 2.93% - The net profit attributable to shareholders was $3.794 billion, down 46.79% year-on-year - Global vehicle deliveries totaled 1.6361 million units, reflecting an 8.6% decline compared to the previous year, marking the second consecutive year of delivery decreases [2]. Market Trends - UBS had previously lowered Tesla's fourth-quarter delivery forecast for 2025 from 435,000 to 415,000 units, indicating a 16% year-on-year drop and a 17% quarter-on-quarter decline [3]. - Tesla's delivery volumes have fluctuated across major markets, including the U.S., Europe, and China, with significant declines noted [4][5]. - In China, retail sales fell by 4.8% year-on-year, while in Europe, market share dropped from 1.8% to 1.2%, with sales in key markets like Germany and France plummeting by over one-third [5]. Strategic Shifts - Tesla is transitioning its core business from vehicle sales to "Transportation as a Service" (TaaS), with plans to launch autonomous taxi services and a platform for vehicle owners to monetize their cars [10]. - The production of Model S and Model X will be phased out, with the Fremont factory being repurposed for humanoid robot production, targeting an annual capacity of 1 million units [10]. Technological Investments - Tesla's R&D expenditures have increased significantly, particularly for Full Self-Driving (FSD) technology, which is expected to impact short-term profits [6]. - The company anticipates capital expenditures exceeding $20 billion in 2026, far surpassing the $1.4 billion in free cash flow for 2025, indicating a "burn cash for future" strategy [6]. Future Outlook - Elon Musk predicts that Tesla's humanoid robots will outperform human surgeons within three years and emphasizes the potential for AI to revolutionize various sectors, including healthcare and education [8][12]. - The success of Tesla's upcoming projects, including CyberCab and Optimus, will be crucial for the company's future, with the potential to significantly impact the U.S. GDP [12].