Core Viewpoint - Tesla's Q1 2025 earnings report appears disappointing at first glance, but it contains underlying improvements, particularly in vehicle sales margins and pricing stability [3][7]. Revenue Performance - Total revenue for the quarter was $19.34 billion, which fell short of market expectations but was slightly below the revised estimates of around $20 billion from major banks [3][14]. - Automotive revenue reached $14.2 billion, with actual vehicle sales (excluding carbon credits) at $12.9 billion, slightly below the latest expectations of $13.1 billion [14][15]. Vehicle Sales Margins - The gross margin for vehicle sales (excluding carbon credits) was 12.5%, which, despite a 1.1 percentage point decline from the previous quarter, exceeded market expectations of 12.2% [3][20][25]. - The decline in margins was anticipated due to lower sales volumes and production halts related to the Model Y Juniper update, which raised per-unit costs to historical highs [7][20]. Vehicle Pricing Stability - The average selling price per vehicle remained stable at $40,000, showing a slight increase from $39,800 in the previous quarter [4][27]. - The stability in pricing was attributed to the high starting price of the Model Y Juniper, which offset promotional financing measures and negative impacts from changes in vehicle mix [4][29]. Future Sales Guidance - Tesla did not reiterate its previous guidance for positive year-over-year sales growth in 2025, indicating that further guidance will be provided in Q2 [4][51]. - The launch of the lower-cost Model 2.5 is still on track for production in the first half of 2025, alleviating market concerns about potential delays [4][51]. Operating Profit and Margin Trends - Operating profit for the quarter was only $400 million, a decline of nearly $1.2 billion from the previous quarter and below market expectations of $700 million [5][61]. - The operating margin fell to 2.1%, down 4 percentage points from the previous quarter, primarily due to lower-than-expected revenue and increased operating expenses [5][61]. Market Environment and Risks - The overall market environment for 2025 remains challenging, with significant risks in the U.S. related to potential cuts in IRA subsidies, which could increase vehicle prices by approximately 12% [8][52]. - In Europe, the recent easing of carbon emission targets may lead to uncertainty in electric vehicle sales, while in China, Tesla faces increasing competition from new entrants [8][52][53]. Sales Volume Expectations - Current market expectations for Tesla's 2025 sales have been lowered to 1.81 million units, reflecting a modest year-over-year growth of 1.3%, with some analysts projecting even lower figures around 1.7 million [9][51]. - The success of the Model 2.5 is critical for stabilizing sales volumes, with production expected to ramp up in June [9][53].

" Robotaxi即将构建完整的运营生态闭环。 " 作者丨谷雨 近日，一辆装备多个传感器的SUV路测谍照流传网络。经辨认，照片拍到的正是滴滴自动驾驶与广汽埃安 合作的首款前装量产无人驾驶车。 此前，在3月的广汽星灵智行发布会上，广汽集团董事长冯兴亚便透露，双方合作的L4级别自动驾驶前装 量产车型将于年内下线交付。 路测照片的流传，验证了双方合作的首款前装量产Robotaxi即将迎来真正的量产。 根据规划，前装Robotaxi的量产，将推动双方在2026年初建立起"AI+智造+运营"的L4商业生态闭环，稳 步推进Robotaxi的规模化运营。 过去十年，自动驾驶行业经历了从狂热到冷静的完整周期。而随着新一轮的AI热潮，自动驾驶也终于走出 低谷，开始走向真正的商业化应用。 作为网约车行业巨头，滴滴无疑将是受自动驾驶影响最大的企业之一。但同时，早早布局自动驾驶业务的 滴滴，又是否能成为最早登上Robotaxi商业化落地大船的企业之一，为行业带来新的变革？ 01 Robotaxi迎来真正的春天 从2024年至今，全球多家自动驾驶公司在Robotaxi领域实现新的突破。再次引发行业关注。 在国际市场上，自动驾驶领头羊 ...