然而，商业世界没有永恒的丰碑，只有流动的效率和需求。Model S和X的停产，早已是进行时。销量上，它们早已被更大众的Model Y和Model 3淹没，占 比微小。成本上，它们产自相对老旧、成本更高的弗里蒙特工厂，而非上海超级工厂这样的效率标杆。在特斯拉整体毛利率承压、面临空前价格战的今天， 保留两款叫好但未必叫座的小众高端车型，在经济账上已不划算。 图片系AI生成 当一家公司的创始人亲手按下旗舰产品的"停产键"，这通常不是庆功的信号，而是背水一战的号角。 北京时间2026年1月29日，马斯克在特斯拉的财报电话会上宣布，Model S和Model X将在下一季度正式停产，体面退役。与此同时，特斯拉交出了上市以来 第一份年度营收下滑的财报：2025年总营收948亿美元，跌了3%；净利润37.9亿美元，近乎腰斩，暴跌46%；全球汽车交付量连续第二年下滑，少了8.6%。 冰冷的数字背后，马斯克却在描绘一个近乎科幻的未来：加州弗里蒙特工厂的轿车生产线将让位于Optimus人形机器人的批量制造；没有方向盘和踏板的 Cybercab出租车即将驶上街头；公司今年要豪掷超过200亿美元（约合人民币1389亿元），全力押注自 ...

"是时候让Model S和Model X项目以一种体面的方式正式画上句号了。因为我们正真正迈向一个基于自 动驾驶的未来。"北京时间2026年1月29日，特斯拉正式发布2025年第四季度及全年财报，在财报电话会 上，马斯克宣告了这样一个重要决定。"我想这不完全算是坏事。"马斯克说。 马斯克表示，如果有兴趣购买Model S或X，现在就是订购的时机。特斯拉预计将在下个季度逐步停止S 和X的生产，并基本上在下个季度开始新阶段。关于售后，马斯克表示，只要人们还拥有这些车辆，我 们就将继续为Model S和X项目提供支持。 算力方面，特斯拉正在得州超级工厂打造Cortex 2算力集群，进一步提升人工智能训练算力规模。2026 年上半年，计划将得州超级工厂的本地算力规模提升超一倍（按H100等效算力计算）。 关于特斯拉的转型，马斯克此前就表示过，不应该把特斯拉视为是一家汽车企业，而是一家科技公司。 近年来，特斯拉也一直在加速布局自动驾驶、人形机器人、算力芯片、储能等业务。 根据特斯拉最新财报，2026年第一季度，特斯拉人形机器人第三代版本即将发布，该版本将在2.5代的 基础上进行重大升级，包括最新的手部设计。马斯克表示， ...

Core Viewpoint - Tesla reported a decline in annual revenue for the first time in its history, with a 3% decrease in revenue for fiscal year 2025, totaling $94.827 billion, and a 3% drop in Q4 revenue to $24.901 billion, slightly below Wall Street expectations [4][3]. Financial Performance - In Q4 2025, Tesla achieved a non-GAAP EPS of $0.50 and a gross margin of 20%, both exceeding expectations [2]. - The total gross profit for Q4 reached $5.009 billion, a 20% year-over-year increase, while operating profit was $1.409 billion, down 11% year-over-year, resulting in an operating margin of 5.7% [4]. - Automotive revenue for Q4 was $17.693 billion, a 10% decline year-over-year, while energy generation and storage revenue increased by 25% to $3.837 billion [4]. Production and Delivery - In Q4 2025, Tesla delivered 418,200 vehicles, a year-over-year decline of 15.61%, with total deliveries for the year at 1.636 million, down 8.55% [5]. - The Shanghai Gigafactory delivered 851,000 vehicles in 2025, accounting for 52% of Tesla's global deliveries, and achieved a record monthly delivery of over 97,100 vehicles in December [5]. Product Strategy - Tesla plans to streamline its vehicle lineup and will invest $20 billion by 2026 to pivot towards robotics and autonomous driving technologies [2]. - The company announced the discontinuation of the high-end Model S and Model X by the end of Q2 2026, with production lines being repurposed for Optimus robot manufacturing [5][12]. Autonomous Driving and AI Developments - Tesla is transitioning its Full Self-Driving (FSD) software to a monthly subscription model, with active subscribers increasing by 38% year-over-year to 1.1 million [8][9]. - The company is testing its Robotaxi service in Austin, with plans to expand to multiple U.S. cities in 2026 [8]. - Tesla's autonomous driving software has seen a doubling in purchase volume, with a global fleet capable of collecting data equivalent to over 500 years of continuous driving daily [9]. Robotics and AI Investments - Tesla's third-generation humanoid robot, Optimus, is set to launch in Q1 2026, with plans for mass production by the end of 2026, targeting an annual capacity of 1 million units [12][13]. - The company is investing approximately $2 billion in AI startup xAI to enhance its AI capabilities and is developing its own chip factory to support long-term strategies in autonomous driving and robotics [15].

1.【理想调整研发架构，智驾部门将被重组】 市场消息 称，理想汽车将开启新一轮组织架构调整， 这一轮将重组研发体系。据悉，理想汽车将研发体系重组为三大团队：基座模型团队、软件本体团 队、硬件本体团队，调整的重点是自动驾驶团队被拆分。一名知情人士称，此前自动驾驶高级副总裁 郎咸朋将成为硬件本体负责人，主要负责机器人研发，将向理想汽车总裁马东辉汇报，不再负责自动 驾驶。自动驾驶团队将被并入到勾晓菲负责的软件本体团队。勾晓菲是理想智能空间副总裁。此次调 整后，他将统筹理想智能座舱和智能驾驶研发。勾晓菲也将向马东辉汇报。此外，詹锟将领导基座模 型团队，负责统筹VLA和自研芯片融合，詹锟向理想汽车CTO谢炎汇报。（凤凰网） 2.【保时捷资深设计总监毛迈恪将于下月离任】保时捷1月28日宣布，托比亚斯·苏尔曼（Tobias Sühlmann）将于2月1日起接替毛迈恪（Michael Mauer）出任设计总监。毛迈恪已负责保时捷跑车 设计超二十年。苏尔曼此前担任英国跑车制造商迈凯伦首席设计官。（界面新闻） 3.【1月27日，奇瑞首款电动皮卡威麟R08 EV于芜湖正式发布，售价12.78万起，定位电动皮卡】新 车打破燃油皮卡高 ...

在国际化方面，公司与阿布扎比达成合作，积极推动自动驾驶技术与换电体系出海。曹操出行正以全链 路生态和清晰的商业化路径与国内外双线布局，全力推进Robotaxi 战略落地。 盈利预测与投资评级：公司Robotaxi 商业化路径清晰，构建车辆技术运营生态闭环。我们维持曹操出行 2025-2027 年营业收入预期分别为206.7/262.4/323.7 亿元，对应PS 分别为0.9/0.7/0.6 倍（截至2026 年1月 27 日），基于网约车业务稳步发展、Robotaxi 业务空间广阔，维持"买入"评级。 机构：东吴证券 研究员：张良卫/黄细里/童明祺 事件：2026 年1 月28 日，公司公告拟配售不多于1200 万股配售股份，占扩大后已发行股份总数的约 2.06%，配售价每股32.46 港元，筹资净额3.83 亿港元，较1 月27 日收市价35.66 港元折让约8.97%，所 得款项净额将主要用于Robotaxi 业务。 整体资金运用旨在强化公司Robotaxi 与企业服务领域的战略布局。约67.7%将投入国内外Robotaxi 业务 的发展，重点用于采购定制化的Robotaxi 车辆、构建与之匹配的运营体 ...

Production - The S/X production line will cease next quarter, with the Fremont factory being converted to produce 1 million Optimus robots annually [1] - Future vehicle models will be designed for full autonomy, eliminating steering wheels and pedals [1] FSD and Robotaxi - Tesla has launched a paid, driverless Robotaxi service in Austin, with over 500 operational vehicles in the Bay Area and Austin, experiencing exponential monthly growth [1][32] - FSD coverage is expected to reach 25-50% of the U.S. by year-end, pending regulatory approval [1][31] - Nearly 1.1 million FSD users exist, with 70% opting for a one-time purchase; the transition to a subscription model will impact automotive gross margins in the short term [1][12] Chips - Elon Musk is dedicating significant time to the AI5 chip, which is currently a core bottleneck for Tesla; the AI6 chip is expected to launch within a year [1][33] - The company plans to build its own TerraFab facility to mitigate geopolitical risks associated with chip production [1][33] Optimus - Optimus 3 will be released in a few months, showcasing advanced capabilities such as learning new tasks through observation, voice, and video [1][28] - Production of Optimus robots will begin this year, with significant output expected by year-end [1][11] Energy Storage - Tesla plans to launch Megapack 3 and Megablock by 2026, anticipating continued global deployment growth [2] - The company is significantly increasing capital expenditures, projected to exceed $20 billion for six major factories and AI capabilities [2][19] Financial Overview - Tesla's cash and investments exceed $44 billion, with plans to utilize internal funds initially [2][20] - The company aims for a record annual revenue of $12.8 billion from energy storage by 2025, reflecting a 26.6% year-over-year increase [11][13] Market Competition - China is identified as a strong competitor in manufacturing and AI, often underestimated by external observers [3][40] Company Mission - Tesla's mission has been updated to "Amazing Abundance," reflecting optimism for a future of universal high income rather than basic income [4][5] - The company aims to enhance safety and reduce costs while ensuring environmental protection and access to quality healthcare [5]

Core Viewpoint - Tesla's Q4 2025 earnings report indicates a strategic shift from traditional electric vehicle manufacturing to becoming a "physical AI company" focused on autonomous driving, AI, and robotics, despite facing challenges in traditional EV sales and core automotive revenue [3][19]. Financial Performance - Total revenue for Q4 2025 was $24.901 billion, a decrease of approximately 3% year-over-year, slightly exceeding analyst expectations [5]. - Non-GAAP EPS was $0.50, higher than the market expectation of around $0.45 [6]. - GAAP net profit was $840 million, reflecting a year-over-year decline of about 61% [7]. - Gross margin improved compared to the previous year, with reports indicating an overall gross margin of approximately 20.1%, suggesting effective cost management [8]. Business Segment Performance - Automotive revenue was approximately $17.69 billion, down about 11% year-over-year, remaining the primary revenue source [9]. - Energy generation and storage revenue was approximately $3.837 billion, showing a year-over-year growth of about 25%, marking one of the few growth highlights [10]. - Management noted growth in software and services revenue (including FSD), although specific figures were not disclosed [11]. Production and Delivery - Q4 production was approximately 434,358 vehicles, with deliveries around 418,227 vehicles, both showing a decline compared to the previous year [12]. - Total deliveries for 2025 were approximately 1,636,129 vehicles, representing a year-over-year decline of about 8-9%, marking the second consecutive year of annual sales decline [13]. Business Highlights and Strategic Directions - Tesla has made progress in its autonomous driving initiatives, with some Robotaxi service vehicles in Austin, Texas, operating without human safety supervisors [15]. - The company is advancing the Cybercab, a vehicle designed for autonomous driving, with mass production expected to start in 2026 [15]. - Tesla announced an investment of approximately $2 billion in Elon Musk's AI company xAI to enhance the integration of AI with autonomous driving and robotics [16]. - The company is progressing with the production line for the Optimus humanoid robot, expecting to achieve mass production and initial market deployment in 2026 [17]. Management Statements - CEO Elon Musk reiterated the company's strategic shift towards autonomous driving, AI, and robotics, emphasizing that Cybercab will have fully autonomous capabilities and is expected to be deployed commercially in multiple U.S. cities by 2026 [19]. - CFO Vaibhav Taneja acknowledged the short-term pressures on the automotive business but noted improvements in overall profitability and revenue quality through a diversified business mix and cost control measures [21]. - The CFO confirmed that capital expenditures for FY 2026 are expected to significantly increase (over $20 billion), focusing on autonomous driving, AI infrastructure, and robotics production line expansion [22]. Investor Q&A Summary - Management indicated that the competitive landscape in the global electric vehicle market and the reduction of certain incentives are contributing to short-term sales pressures, but the company aims to improve profitability by increasing the revenue share from high-margin software subscriptions and energy and AI/robotics businesses [24]. - Tesla plans to continue testing and deploying Robotaxi and Cybercab while engaging with regulators to advance broader commercial applications of autonomous driving, emphasizing safety and regulatory compliance [25]. - The company confirmed that the production line for Optimus is underway, with mass production expected in 2026 [26]. - The CFO clarified that the 2026 capital expenditure is projected to rise significantly, primarily for AI infrastructure, autonomous driving technology, and robotics production expansion [27].

据科创板日报， 今日凌晨，特斯拉正式披露财报，第四季度营收249.0亿美元，同比减少3.1%，预估251.1亿美元；全年实现营收约967亿 美元，同比下滑3%，首现年度营收下滑。 营收下滑的根源在于核心汽车业务的萎缩。2025年第四季度，特斯拉累计交付418227辆汽车，同比下降16%；全年累计交付量为 1636129辆，同比下降8.6%，首现年度交付量下滑。 特斯拉汽车业务明显下滑 在最近几个季度，特斯拉的汽车销售一直表现不佳，因为该公司在全球各地面临着激烈的竞争，尤其是在中国市场，特斯拉面临了来自比亚 迪、小米等众多国产电动品牌的挑战。 值此背景下，马斯克似乎下定决心"弃车保帅"。 其宣称，2026年资本支出将"非常大"；预计下季度将开始逐步停止Model S和Model X的 生产，弗里蒙特工厂转型为生产Optimus人形机器人，预计今年年底实现Optimus的大规模量产 。 该设想也在财报会议上得到了验证，特斯拉透露，公司正精简其汽车产品线，同时规划今年投入200亿美元，以转向机器人技术和自动驾驶 领域。特斯拉今年计划在提升产能的同时改造部分工厂，构建人工智能基础设施， 并扩大Optimus人形机器人 ...

为解决世界模型训练中高质量交互数据匮乏的问题，LingBot-World采用了混合采集策略：一方面通过 清洗大规模的网络视频以覆盖多样化的场景，另一方面结合游戏采集与虚幻引擎（UE）合成管线，从 渲染层直接提取无UI干扰的纯净画面，并同步记录操作指令与相机位姿，为模型学习"动作如何改变环 境"提供精确对齐的训练信号。 凤凰网科技讯（作者/董雨晴） 1月29日，继连续发布空间感知与VLA基座模型后，蚂蚁灵波科技开源 发布世界模型LingBot-World。据披露，该模型在视频质量、动态程度、长时一致性、交互能力等关键 指标上追平Google Genie 3，目标是为具身智能、自动驾驶及游戏开发提供高保真、高动态、可实时操 控的"数字演练场"。 针对视频生成中最常见的"长时漂移"问题（生成时间一长就可能出现物体变形、细节塌陷、主体消失或 场景结构崩坏等现象），LingBot-World通过多阶段训练以及并行化加速，实现了近10分钟的连续稳定 无损生成，为长序列、多步骤的复杂任务训练提供支撑。 交互性能上，LingBot-World可实现约16 FPS的生成吞吐，并将端到端交互延迟控制在1秒以内。用户可 通过键盘或 ...

Core Insights - Tesla reported production of approximately 1.655 million electric vehicles and deliveries of 1.636 million vehicles for the fourth quarter and the entire year of 2025, with the Model Y leading sales in multiple markets and achieving record electric vehicle deliveries in the Asia-Pacific region [1][3] - The energy storage installation reached 46.7 GWh, representing a year-on-year growth of 48.7%, with the fourth quarter alone contributing 14.2 GWh, a quarter-on-quarter increase of 13%, marking historical highs for both quarterly and annual energy storage installations [1][3] - Tesla's Shanghai Gigafactory delivered 851,000 electric vehicles in the year, accounting for over half of the global total deliveries, with the Model Y maintaining its position as the best-selling SUV in China [1][3] Company Strategy and Vision - Elon Musk stated that advancements in artificial intelligence and robotics will lead to a future of "extraordinary wealth for all humanity" rather than just "basic income," emphasizing Tesla's commitment to enhancing the safety of transportation and AI-related products while reducing costs [1][3] - The company aims to ensure that everyone can access what they need without compromise while maintaining a beautiful natural environment, envisioning a future where individuals can have everything they desire, including excellent healthcare services [1][3] - Tesla has over 9 million global owners and is evolving into a comprehensive technology company encompassing autonomous driving, humanoid robots, electric vehicles, and sustainable energy [2][4] - The company's mission was updated on January 21, 2026, to "build an extraordinary wealthy world," with a focus on the large-scale advancement of autonomous driving and the development of Tesla Robotaxi, which is expected to fundamentally change transportation [2][4]