Tesla(US:TSLA) 汽车琰究·2025-10-24 13:48Core Insights - Tesla's global deliveries reached 497,000 units in Q3 2025, representing a year-on-year increase of 7.4% and a quarter-on-quarter increase of 29.4% [2] - Total revenue for Q3 2025 was $28.1 billion, up 11.6% year-on-year and 24.9% quarter-on-quarter, with automotive revenue at $21.2 billion, reflecting a 5.9% year-on-year and 27.3% quarter-on-quarter increase [4] - The company's net profit for Q3 2025 was $1.37 billion, with a non-GAAP net profit of $1.77 billion, showing a year-on-year decline of 29.3% but a quarter-on-quarter increase of 27.1% [3][4] Revenue Growth and Profitability - Revenue growth was driven by increased vehicle deliveries and growth in energy production and storage businesses, despite a decrease in revenue from new energy credits due to policy changes [4] - The average selling price (ASP) per vehicle, excluding new energy credits, fell to $41,800 in Q3 2025 [4] - The automotive gross margin (excluding new energy credits) was 15.4%, down 1.7 percentage points year-on-year but up 0.4 percentage points quarter-on-quarter [5] Cost and R&D Investments - R&D expenses increased to $1.63 billion in Q3 2025, a 56.9% year-on-year rise, with an R&D expense ratio of 5.8% [6] - Selling and administrative expenses were $1.56 billion, up 31.7% year-on-year, with a selling and administrative expense ratio of 5.6% [6] Production Capacity and Future Outlook - Tesla's total production capacity exceeds 2.35 million vehicles globally, with significant contributions from factories in California, Shanghai, Berlin, and Texas [7] - The company is making substantial progress with its Robotaxi service and plans to showcase the Optimus production prototype in Q1 2026, aiming to start production by the end of next year [8] Strategic Initiatives - Tesla is focused on enhancing production efficiency and scale through technological upgrades and supply chain optimization, while expanding its product matrix with new models and factories [9] - The company is also targeting growth in the robotics and smart electric vehicle sectors, with a strong emphasis on partnerships with quality suppliers [9]