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Core Viewpoint - Tesla is facing significant challenges in its business performance, with declining revenues, profits, and vehicle sales, raising concerns about its future growth and profitability [4][41][45]. Group 1: Financial Performance - In H1 2025, Tesla reported revenues of $41.83 billion, a year-on-year decline of 10.6%, with vehicle sales revenue down 17.9% [4]. - Net profit for H1 2025 was $1.61 billion, down 42.9% year-on-year, with total vehicle deliveries of 721,000, a decrease of 13.2% [4][9]. - The carbon credit trading, which contributed 38.6% to net profit in 2024, saw a significant drop in revenue from $890 million in Q2 2024 to $440 million in Q2 2025, indicating a potential decline towards zero [4][41]. Group 2: Product and Market Challenges - Tesla's core vehicle sales have been underperforming, with deliveries of 1.81 million in 2023 (up 37.7% YoY) and a slight decline to 1.79 million in 2024 [7][9]. - The anticipated Model 2/Q has faced delays, with its release pushed back multiple times, which could have helped boost sales [16][18]. - Tesla's product iterations have been slow, leading to consumer fatigue, as the main models (Model 3 and Model Y) have not seen significant upgrades since their launches in 2016 and 2019 [11][12]. Group 3: Future Prospects and Innovations - The introduction of the Robotaxi and Optimus projects is seen as a potential future growth area, but actual deployment and success remain uncertain [5][45]. - Tesla's reliance on high-nickel batteries poses risks due to safety concerns and regulatory compliance challenges expected in 2026 [13][14]. - The company's current electrical architecture is considered outdated compared to competitors, limiting charging efficiency and performance [14][15]. Group 4: FSD and Revenue Streams - The Full Self-Driving (FSD) business has not met expectations, with revenue from FSD in H1 2025 at $428 million, down 11.2% YoY [4][25]. - FSD's deferred revenue model raises concerns about its sustainability, as the growth in new subscriptions has not compensated for the high R&D costs associated with its development [26][32]. - The overall contribution of FSD to Tesla's revenue is under scrutiny, with projections for future income from FSD showing a decline compared to previous years [37][38]. Group 5: Regulatory and Market Environment - Changes in U.S. government policies, including the cancellation of tax credits for electric vehicle purchases and the weakening of ZEV credit systems, have negatively impacted Tesla's market position [43][44]. - The decline in carbon credit revenue and the overall weakening of the EV market could further strain Tesla's financial health [41][45].