特斯拉暴跌8%，交出10年来最惨季报

Core Viewpoint - Tesla's second-quarter performance has been disappointing, with significant declines in revenue and net profit, leading to a notable drop in stock price and raising concerns about its market position and future growth prospects [2][4][5]. Group 1: Financial Performance - In Q2 2025, Tesla reported revenue of $22.496 billion, a 12% year-over-year decline, marking the largest quarterly drop in over a decade [2]. - Net profit attributable to common shareholders was $1.172 billion, down 16% year-over-year, while the gross margin fell to 17.2% from 18% in the same period last year [2]. - Automotive sales revenue decreased by 16% year-over-year to $16.661 billion, with total revenue experiencing a 12% decline, the largest single-quarter revenue drop since 2012 [5]. Group 2: Sales and Market Dynamics - Tesla's global vehicle deliveries fell to 384,100 units in Q2, a decrease of nearly 60,000 units or 13.5% year-over-year, marking two consecutive quarters of double-digit declines [4]. - In contrast, Tesla's sales in China reached 129,000 units, accounting for 34% of global sales, with June sales hitting a record high of 61,484 units, a 59% month-over-month increase [4]. - The company faced a significant drop in the European market, with new car registrations in the EU plummeting by 40.5% year-over-year in May, resulting in a market share decline to 1.2% [4][10]. Group 3: Competitive Landscape - Tesla is experiencing intensified competition from domestic Chinese automakers, with BYD surpassing Tesla in pure electric vehicle sales in Europe for the first time in April, showing a staggering 359% year-over-year growth [9][10]. - Other Chinese brands like Geely and SAIC have also seen significant increases in new car registrations, further challenging Tesla's market position [10][11]. - Tesla's market share in China has shrunk from a peak of 15% in 2020 to 7.6% in the first half of 2025, indicating growing pressure from local competitors [10]. Group 4: Strategic Adjustments - In response to its challenges, Tesla is adjusting its product strategy, including plans to launch a more affordable model by the end of the year, which is expected to alleviate some market pressures [13]. - The company is also focusing on expanding its Robotaxi service, which has already logged over 7,000 miles since its launch, with plans for broader rollout pending regulatory approval [13][14]. - Tesla's energy storage business has shown growth, with a record 9.6 GWh of new installations in Q2, contributing to a historical high in energy business gross profit of $846 million [7][14].