核心业务持续恶化，马斯克却沉迷画饼

Core Viewpoint - Tesla's Q3 financial report shows a revenue increase but a significant drop in net income, highlighting challenges in profitability despite sales growth [4][5][6]. Revenue and Sales Performance - Tesla reported Q3 revenue of $28.1 billion, a 12% year-over-year increase, surpassing Wall Street's expectation of $26.4 billion [4]. - Automotive revenue grew 6% year-over-year to $21.2 billion, while energy production and storage revenue surged 44% to $3.42 billion [5]. - Record automotive sales were driven by a rush to take advantage of a $7,500 federal tax credit before its expiration [8]. Profitability Challenges - Despite revenue growth, net income fell 37% to $1.4 billion, with GAAP earnings per share at $0.39, below the expected $0.55 [5][6]. - Key factors eroding profit margins include over $400 million in losses due to tariffs on imported materials and a 44% drop in regulatory credit income from $739 million to $417 million [8]. - Increased R&D spending, particularly in AI and other projects, rose by 50%, further impacting profitability [8]. Market Outlook and Strategy - Tesla refrained from providing specific sales and profit forecasts, citing uncertainties in global trade and fiscal policies [9]. - The introduction of lower-priced Model 3 and Model Y vehicles aims to boost sales, but analysts predict potential declines in sales due to the expiration of tax incentives and rising competition [9][10]. - Analysts express concerns about Tesla's core automotive business deteriorating as it sells more vehicles at lower profit margins [10]. Future Business Focus - The financial report's emphasis on future projects like autonomous taxis and humanoid robots drew mixed reactions, with some investors disappointed by the lack of details on automotive business performance [12]. - Elon Musk's optimistic vision for Tesla's future includes plans for fully autonomous Robotaxi services and a new model called Cybercab, which will redefine the driving experience [13][15]. - Musk's ambitious goals face skepticism due to past delays in achieving full autonomy and current production capacity challenges [15]. Executive Compensation and Control - Musk's $1 trillion compensation plan aims to secure his control over Tesla, with a focus on maintaining strategic coherence during the company's transition to new business areas [16][19]. - The plan will be voted on at the upcoming shareholder meeting, which is critical for determining Tesla's future direction [19].