特斯拉预警：不排除将经历几个“艰难季度”

Core Viewpoint - Tesla reported a weak quarterly earnings for Q2 2025, with revenue and net profit both declining, indicating significant challenges ahead for the company [1][2][4]. Financial Performance - Tesla's Q2 2025 revenue was $22.5 billion, a 12% year-over-year decrease, falling short of market expectations of $22.64 billion [1]. - Net profit for the same period was $1.172 billion, down 16% year-over-year, slightly exceeding the expected $1.136 billion [1]. - The revenue decline marked the largest quarterly drop in nearly a decade [2]. Delivery and Production - Tesla's global delivery volume for Q2 2025 was 384,100 units, a 13.48% year-over-year decline [3]. - For the first half of 2025, global deliveries totaled 720,800 units, down approximately 13.3% from 831,000 units in the same period last year [9]. Market Challenges - The cancellation of the U.S. electric vehicle tax credit and tariff impacts are expected to lead to several "difficult quarters" for Tesla, according to CEO Elon Musk [4][10]. - The U.S. market will see the end of a $7,500 EV subsidy, which will affect short-term supply [10]. - Changes in fuel emission regulations may reduce revenue from carbon credit sales, with Q2 carbon credit income reported at $439 million, down from $595 million in Q1 and $890 million year-over-year [11]. Cost Impacts - New tariff costs added approximately $300 million in Q2, primarily affecting the automotive segment [12]. Future Outlook - Tesla is optimistic about the financial outlook post-2025, particularly with the planned large-scale deployment of autonomous driving technology [4][12]. - The company is set to launch a new, more affordable vehicle model in Q4 2025, although production ramp-up may be slower than expected [13]. New Business Focus - Tesla is shifting focus from automotive sales to new business areas such as Robotaxi services, Full Self-Driving (FSD) technology, and humanoid robots [14][15]. - Robotaxi services have begun in Austin, with plans to expand across the U.S. by the end of the year [16]. - FSD is seen as a key driver for future sales growth, with plans for further development and regulatory approval in China and Europe [17][18]. - The humanoid robot, Optimus, is in the 2.5 version stage, with plans for mass production starting next year [19].