特斯拉Q3增收不增利，全球交付近50万辆

Core Viewpoint - Tesla reported record revenue and free cash flow for Q3, driven by increased vehicle deliveries, but faced a decline in net profit and gross margin [4][5]. Revenue and Deliveries - Tesla's Q3 revenue reached $28.1 billion, a 12% year-over-year increase [4]. - Vehicle deliveries hit a record high of 497,000 units in Q3, with Model 3 and Model Y accounting for 481,000 units, a 9% increase year-over-year [4]. - In China, Tesla delivered 169,000 vehicles in Q3, a 31% increase quarter-over-quarter, representing over 30% of global deliveries [4]. Profitability and Margins - Despite increased revenue, Tesla's net profit (non-GAAP) fell to $1.77 billion, a 29% decline year-over-year [5]. - The gross margin for Q3 was 18%, down from 19.8% in the same period last year [5]. Market Performance - Tesla's deliveries in South Korea, Japan, and Singapore reached record levels, with South Korea becoming the third-largest market after the U.S. and China [5]. - The stock price fell by 0.82% to $438.97 before the earnings report and dropped nearly 5% in after-hours trading [10]. Operational Costs and Future Outlook - Increased operational costs, including R&D and stock-based compensation, contributed to the profit decline [8]. - Tesla did not provide performance guidance for the upcoming quarters, citing uncertainties in global trade and fiscal policies [8]. Future Investments - Tesla is focusing on AI and robotics, with plans to release the third-generation humanoid robot, Optimus, in Q1 2026, and aims for an annual production of 1 million units [9]. - The company is expanding its Robotaxi service and enhancing its AI capabilities through partnerships, including one with Samsung for AI chip production [9].