汽车行业：特斯拉发布全年业绩，智驾/机器人商业化进程提速

Investment Rating - The industry investment rating is "Positive" [5] Core Insights - Tesla's automotive business faced pressure with a global delivery of 1.789 million vehicles in 2024, a year-on-year decrease of 1%, with significant declines in the US and Europe due to weak market demand [1] - The company plans to launch multiple new models in 2025, including a low-cost model and the Semi electric truck, which is expected to begin mass production by the end of 2025 [1] - The Full Self-Driving (FSD) technology continues to evolve, with the latest version V13 achieving significant milestones in safety and functionality, and plans for pilot testing in 2025 [2] - The energy business saw a remarkable revenue growth of 67% year-on-year, driven by the installation of Megapack and Powerwall products, with a forecasted growth of over 50% in 2025 [3] - The humanoid robot project is nearing mass production, with plans to produce thousands of units in 2025, indicating a clear commercialization strategy [4] Summary by Sections Automotive Business - Global automotive deliveries in 2024 were 1.789 million, down 1% year-on-year, with the US and Europe seeing declines of 6% and 11% respectively, while China saw a 9% increase [1] - Revenue from automotive business decreased by 6% year-on-year, with a gross margin of 18.4%, down 1.0 percentage points [1] - The average selling price (ASP) of vehicles fell below $40,000, with a year-on-year decline in vehicle gross margin of 21% in Q4 [1] Intelligent Driving - The FSD technology has been upgraded to version V13, achieving nearly 3 billion miles driven with an accident rate of 594 million miles per incident [2] - A new training cluster in Texas has been deployed to enhance data training capabilities for intelligent driving [2] - Plans for pilot testing of the FSD in a fully autonomous mode are set for June 2025, with expansion to more regions by the end of the year [2] Energy Business - Revenue from the energy sector grew by 67% year-on-year, with a significant increase in storage installations, achieving over 11 GWh in Q4 alone [3] - The Shanghai energy factory has commenced production, with a planned capacity of 40 GWh, expected to alleviate capacity constraints [3] - The company anticipates over 50% growth in energy storage installations in 2025, with long-term annual shipments projected to reach 100 GWh [3] Humanoid Robots - Plans to produce between 6,000 to 10,000 units of the V1 version of the Optimus robot are in place, with a design capacity of 1,000 units per month [4] - The V2 version is expected to enter mass production in the first half of 2026, with a target production capacity of 10,000 units per month [4] - Pricing for the humanoid robot is anticipated to be in the range of $20,000 to $30,000 [4]