Tesla(US:TSLA) 虎嗅APP·2025-11-07 00:21Core Viewpoint - Tesla's recent shareholder vote on Elon Musk's "trillion-dollar compensation plan" passed with 75% approval, but the stock price fell 3.5% post-vote, indicating a potential divide among shareholders [5][6]. Group 1: Tesla's Performance and Challenges - Tesla's delivery numbers have shown a decline, with a projected delivery of 1.79 million vehicles in 2024, down 1.1% year-on-year, and a significant drop in Q1 and Q2 of 2025 [8][10]. - The third quarter of 2025 saw a slight rebound in deliveries to 497,000 units, up 7.4% year-on-year, but still lagging behind the overall market growth of over 30% for electric vehicles in the U.S. [10][12]. - The company faces challenges in maintaining high-end sales, with Model S/X deliveries down 26.2% and Model 3/Y down 4.3% in the first three quarters of 2025 [11][12]. Group 2: Financial Metrics and Profitability - Tesla's gross profit margin has been declining, with a gross margin of 13.6% in the first three quarters of 2025, and only 12.3% when excluding deferred revenue from Full Self-Driving (FSD) [16][20]. - The average selling price of Tesla vehicles has dropped significantly, leading to a decrease in gross profit per vehicle from $13,400 in 2022 to under $5,500 in 2025 [20][21]. - The company's reliance on carbon credit sales has increased, with these sales accounting for 48% of net profit in the first three quarters of 2025, raising concerns about future profitability without this revenue stream [34][37]. Group 3: Future Outlook and Strategic Goals - Tesla's ambitious goals, including a target of 12 million annual sales, are viewed as unrealistic given current market conditions and competition [12][37]. - The company is expected to face significant capital expenditures to meet its long-term production goals, which may not yield proportional returns, especially as profit margins continue to decline [37].