U.S. auto safety regulators are investigating a Waymo autonomous vehicle that struck a child near a school in Santa Monica, California, the second recent probe to examine the behavior of the Alphabet Inc. unit’s robotaxis near children.The vehicle collided with the child who was running across a street from behind a double-parked SUV, the National Highway Traffic Safety Administration said Thursday in a notice disclosing the probe. The Jan. 23 incident took place within two blocks of an elementary school du ...

Jan 29 (Reuters) - Chinese robovan developer Zelostech said on Thursday that e-commerce giant Alibaba's ​logistics arm, Cainiao, will take a ‌stake in the company. The deal will create a business valued ‌around $2 billion, the Wall Street Journal, which first reported the news, said. A spokesperson for the robovan developer said "Cainiao will not become a controlling ⁠shareholder of Zelostech." A ‌robovan is a fully autonomous electric vehicle designed for freight. Zelostech's Z10 ‍model can transport ...

Summary of Conference Call Notes Industry Overview Humanoid Robot and EV Supply Chain - The conference focused on the China humanoid robot and EV supply chain sector, with meetings held from January 19-22, 2026, involving various companies in the robotics and automotive sectors [1] - Major component suppliers are preparing for the debut of Tesla's Optimus Gen 3 in the first half of 2026, with batch shipments expected in the second half of 2026 [1] - Suppliers for Unitree's humanoid robot anticipate significant year-over-year shipment growth in 2026, leading to over 100% growth in humanoid robot-related sales [1] - Key component manufacturers are increasing production capacity and expect cost reductions through mass production and product standardization [1] Auto/EV OEMs & Supply Chain Sales Trends and Cost Pressures - Weak auto and EV sales trends are continuing into January 2026, attributed to cuts in EV purchase tax subsidies and incomplete trade-in subsidies [2] - Chery plans to launch new models post-Lunar New Year in February 2026 [2] - BOM (bill of materials) costs for EV models are estimated to increase by approximately RMB4,500-5,000 due to rising prices of lithium carbonate, memory, copper, and aluminum [2] - Seyond expects price reductions in LiDAR, which may alleviate some cost pressures for OEMs [2] Battery Sector Growth and Cost Management - CALB and Gotion are targeting over 50% year-over-year shipment growth, aiming for 180 GWh and 150 GWh respectively in 2026, driven by ESS demand and electrification of commercial vehicles [3] - Both companies plan to expand their effective capacities to 200 GWh by 2026 [3] - Upstream cost pressures from lithium carbonate and LiPF6 are expected to be partially passed through to customers, with ESS customers more likely to accept price hikes than EV customers [3] Company-Specific Insights Wolong Electric - Anticipates humanoid robot-related revenue to double year-over-year in 2026, with a projected revenue of around RMB100 million from humanoid robots in 2025 [8] - The company is investing in a data collection center for humanoid robots, focusing on motion capture [8] ZD Leader - Expects humanoid robot-related revenue to increase from RMB50 million in 2025 to over RMB100 million in 2026, driven by orders from a leading local robot maker [9] - The average selling price of its planetary reducers is expected to decline in the long term [9] Changsheng Bearing - Currently, humanoid robot-related revenue accounts for less than 1% of total revenue, but significant growth is expected [10] - Management anticipates a 20% CAGR in the auto industry, supported by rising content value and market share gains [10] Precision Tsugami China - Achieved over 15,000 unit shipments of machine tools in 2025, with a revenue of over RMB5 billion [11] - Management expects over 10% year-over-year shipment growth in 2026, driven by demand from various sectors [11] Seyond - Projects over 1 million units of LiDAR shipments in 2026, with a focus on ADAS products [13] - Expects average selling prices to drop but gross profit margins to improve due to economies of scale [13] Inovance - Expects continued recovery in the factory automation sector, with strong demand from the battery and 3C sectors [14] - New businesses in robotics and industrial software are anticipated to drive long-term growth [15][16] Hengli Hydraulic - Aims for 20-30% revenue growth in 2026, with significant contributions from its partnership with Caterpillar [17] - Targets RMB300-500 million in sales from screw and linear guide business in 2026 [18] CALB - Targets over 180 GWh in battery shipments for 2026, with a focus on mid-to-high-end EV models [19] - Plans to increase production capacity to 200 GWh by 2026 and expects to pass through lithium carbonate price hikes to customers [20][21] JAC - Expects a net loss of RMB1.68 billion in 2025 but aims for 50,000 units shipment for its Maextro brand in 2026 [23] - The Maextro brand is expected to improve profitability in 2026 due to rising capacity utilization [23] Gotion Hi-Tech - Targets 150 GWh in battery shipments for 2026, with significant expansion in production capacity planned [27][28] Chery - Aims for 3 million units in volume sales for 2026, with a 50% penetration rate for EV sales [30] - Expects stable net profit per vehicle despite BOM cost increases [31] Bethel - Projects over 20% revenue growth in 2026, with a focus on new product introductions [32] - Anticipates relatively weak customer orders in the first quarter of 2026 [32] Conclusion - The conference highlighted significant growth opportunities in the humanoid robot and EV sectors, with various companies preparing for increased demand and addressing cost pressures through strategic planning and partnerships.

Group 1 - Li Auto's head of autonomous driving, Lang Xianpeng, will now lead the company's robotics efforts, overseeing hardware operations and robotics R&D [2] - The autonomous driving team has been restructured to become part of the software team, indicating a shift in internal organization [3] - Li Auto had previously outlined an investment of $836 million in AI last year, highlighting its commitment to technology development [3] Group 2 - Xpeng's CEO announced that the company's humanoid robot, IRON, is set to enter production in the latter half of this year, reflecting a broader trend in the automotive industry towards robotics and Robotaxis [4]

Core Viewpoint - Tesla is ending production of the Model S and Model X to focus on new projects, including humanoid robots and autonomous driving technology [1][2][5]. Production Changes - The production of Model S and Model X will cease, with Musk referring to this as an "honorable discharge" and encouraging customers to place orders before stocks run out [1][2]. - The Fremont factory will be repurposed to manufacture Tesla's humanoid robots, Optimus, with plans to achieve a production line of 1 million units per year [6]. Financial Performance - Tesla experienced its first annual revenue decline, with a decrease of approximately 3% to nearly $94.83 billion in 2025 [4]. - Adjusted earnings per share for Q4 were 50 cents, surpassing Wall Street expectations of 45 cents, while net income fell 61% to $840 million [4]. - The company is projected to deliver 1.77 million vehicles in 2026, representing an 8.2% increase [4]. Market Focus - Tesla's sales are primarily driven by the Model 3 and Model Y, which together accounted for 97% of deliveries in 2025, totaling 1.59 million units [3]. - The company is shifting its focus towards driverless cars and humanoid robots, areas that currently lack significant business or profits [5]. Semiconductor Strategy - Musk announced plans for Tesla to build a "TeraFab" for semiconductor manufacturing to mitigate future supply chain constraints [7]. - The company currently relies on external suppliers for chips, including Micron Technology, Samsung, and TSMC [8]. Geopolitical Considerations - Musk emphasized the importance of addressing geopolitical risks in the semiconductor supply chain, suggesting that these factors may become increasingly significant in the coming years [9].

Core Viewpoint - Tesla Inc. is shifting its focus towards robotics and autonomous driving, planning a $20 billion investment this year to support this transition as its traditional vehicle sales face challenges [1]. Group 1: Investment and Strategic Focus - The company aims to scale up production, enhance factory operations, and expand the output of Optimus humanoid robots and Robotaxi vehicles [2]. - Tesla plans to invest approximately $2 billion into xAI, Elon Musk's artificial intelligence startup, despite a previous unsuccessful shareholder vote [4][7]. - The investment in xAI is expected to strengthen Tesla's capabilities in developing AI products and services [5]. Group 2: Production Changes - Tesla is halting production of its Model S and Model X vehicles, reallocating resources in Fremont, California, to focus on Optimus production [3]. - The Model S and Model X are considered low-volume vehicles compared to the more affordable Model 3 and Model Y [3]. Group 3: Financial Performance - Adjusted earnings per share for the quarter were reported at 50 cents, exceeding analyst expectations and marking a positive sign amid declining EV demand [9]. - Tesla reported a 9% decline in 2025 vehicle deliveries compared to the previous year, with a sharper 16% drop in the fourth quarter [10]. - Revenue from regulatory credits fell by 22% in the fourth quarter, indicating a reduction in this revenue stream due to regulatory changes [12]. Group 4: Autonomous Driving Initiatives - Tesla aims to expand its robotaxi business to several major cities, including Dallas, Houston, and Miami, in the first half of the year [14]. - The company has begun rolling out robotaxis without human driver supervision in Austin, a significant milestone in its autonomous driving efforts [15].

分组1 - Tesla exceeded earnings estimates for the fourth quarter with an adjusted EPS of 50 cents compared to the expected 45 cents, and operating income also surpassed expectations [2][12] - The company is ramping up production in North America for the Tesla Semi, Cybertruck, and next-generation Roadster, with six new production lines being established [2][3] - Tesla plans to unveil the Optimus version 3 robot in Q1 of this year, aiming for production to start by the end of the year with a target capacity of 1 million robots [3][15] 分组2 - The market reacted positively to Tesla's strong profitability, with adjusted EBITDA and free cash flow beating consensus estimates, and there is better visibility on near-term plans for robo-taxis and Optimus robots [12][13] - Tesla is still the leading EV manufacturer in the U.S., offering long-range vehicles at competitive prices, but sales may decline in the first three quarters of 2026 due to the end of the EV tax credit [21][22] - The full self-driving (FSD) system will transition to a subscription model, which is expected to unlock additional profits as the technology advances towards unsupervised driving [23][24] 分组3 - SpaceX is considering a mid-June IPO, aiming to raise up to $50 billion with a valuation of approximately $1.5 trillion, potentially making it one of the largest companies globally [6][7] - The excitement around SpaceX is driven by its unique capabilities in space travel and potential future applications, such as data centers in space [9][10] - Analysts believe that while Nvidia poses a long-term competitive threat in AI and self-driving technology, Tesla currently maintains a significant lead in autonomous driving software [25][28]

Financial Data and Key Metrics Changes - In Q4 2025, automotive margins, excluding credits, improved sequentially from 15.4% to 17.9% despite a 16% decrease in deliveries [21] - Total gross margin ended the quarter at over 20.1%, a level not achieved in the last two years, despite lower fixed cost absorption and over $500 million in tariffs [24] - Net income was negatively impacted by a 23% depreciation in Bitcoin holdings and unfavorable foreign exchange effects [25] Business Line Data and Key Metrics Changes - Automotive gross profit remained flat sequentially despite lower deliveries, primarily due to a favorable regional mix with more deliveries in APAC and EMEA [21] - Energy segment achieved nearly $12.8 billion in revenue with a year-over-year growth of 26.6%, driven by high deployments of Megapack and Powerwall [22] - Services and others margin declined from 10.5% to 8.8% due to higher employee-related costs in service centers [23] Market Data and Key Metrics Changes - Record deliveries were noted in smaller countries like Malaysia, Norway, Poland, Saudi Arabia, and Taiwan, contributing to a larger backlog than in recent years [20] - The energy team reported strong growth rates and continued demand for energy products, indicating a robust market outlook [12] Company Strategy and Development Direction - The company is transitioning to a subscription-based model for Full Self-Driving (FSD), which is expected to impact automotive margins in the short term [21] - Significant investments are planned for 2026, with CapEx expected to exceed $20 billion, focusing on six factories and expanding production capacity [26][27] - The company aims to replace the Model S and X production lines with a factory for Optimus robots, targeting a production goal of 1 million units per year [7][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, emphasizing a shift towards autonomy and the potential for universal high income driven by advancements in AI and robotics [2][4] - The company is cautious about the rollout of unsupervised FSD, ensuring safety while gradually increasing autonomy capabilities [54][55] - Management acknowledged the challenges posed by increased low-cost competition and policy uncertainties affecting margins in the energy sector [22] Other Important Information - The company is making substantial investments in AI chips and solar cell manufacturing, indicating a long-term strategic focus on these areas [5][13] - The transition to a fully autonomous vehicle market is expected to significantly alter the transportation landscape, with the Cybercab model designed specifically for this purpose [30][34] Q&A Session Summary Question: What is Tesla's view on the future global car sales and its impact on EV strategy? - Tesla believes that autonomy and Cybercab will significantly change the global market size and mix, with a focus on efficiency and manufacturing at scale [28][29] Question: Are there plans to launch new models for different price segments? - Tesla has launched its least expensive models recently and continues to expand globally, aiming to provide a premium ride experience with the Cybercab [34][35] Question: What is the current bottleneck for increasing robotaxi deployment? - The company is learning from the scaled robotaxi service and is focused on solving the unsupervised FSD problem while expanding the fleet size [41][42] Question: What are the constraints on memory procurement? - Tesla's AI is designed to be compute and memory efficient, and the company is confident in its ability to manage memory constraints in the near term [91][92]

Financial Data and Key Metrics Changes - In Q4 2025, automotive margins, excluding credits, improved sequentially from 15.4% to 17.9% despite a 16% decrease in deliveries, primarily due to a favorable regional mix with more deliveries in APAC and EMEA [21] - Total gross margin ended the quarter at over 20.1%, a level not achieved in the last two years, despite lower fixed cost absorption and over $500 million in tariffs impacting results [24] - Net income was negatively impacted by a 23% depreciation in Bitcoin holdings and unfavorable foreign exchange impacts [25] Business Line Data and Key Metrics Changes - Automotive gross profit remained flat sequentially, while FSD adoption improved, reaching nearly 1.1 million paid customers globally, with 70% being upfront purchases [21][22] - Energy segment achieved record gross profit for the quarter, ending the year with nearly $12.8 billion in revenue, reflecting a 26.6% year-over-year growth driven by high deployments of Megapack and Powerwall [22] - Services and Others margin declined from 10.5% to 8.8% due to higher employee-related costs, although there was an improvement in margins from the Supercharging business [23] Market Data and Key Metrics Changes - Record deliveries were noted in smaller countries like Malaysia, Norway, Poland, Saudi Arabia, and Taiwan, contributing to a larger backlog than in recent years [20] - Continued strength in demand was observed in the rest of APAC and EMEA, with the energy team achieving high growth rates [20][22] Company Strategy and Development Direction - The company is making significant investments in AI, robotics, and battery supply chains, with a focus on transitioning to an autonomous future [4][7] - Plans to end production of Model S and X to repurpose factory space for Optimus robot production, aiming for a long-term goal of 1 million units per year [7][13] - The company is transitioning to a subscription-based model for FSD, which may impact automotive margins in the short term [22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the potential for universal high income driven by advancements in AI and robotics [2][3] - The company anticipates significant growth in the energy sector and plans to ramp up solar cell production to 100 gigawatts per year [12][13] - Management acknowledged the challenges posed by increased low-cost competition and policy uncertainties affecting margins [22] Other Important Information - The company expects capital expenditures to exceed $20 billion in 2026, driven by investments in multiple factories and AI infrastructure [26][27] - The company has over $44 billion in cash and investments, which will be utilized for funding the upcoming investments [81] Q&A Session Summary Question: What is Tesla's view on the future global car sales and its impact on EV strategy? - Management indicated that the future is autonomous, and the introduction of Cybercab will significantly change the market size and mix, with expectations of increased production volumes [28][29] Question: Are there plans to launch new models for different price segments? - Management confirmed ongoing efforts to launch less expensive models and expand globally, aiming to provide a premium ride experience through Cybercab [34][35] Question: What are the current bottlenecks for robotaxi deployment? - Management noted that scaling the robotaxi service has been a learning process, with unsupervised service recently launched in Austin, and emphasized the importance of infrastructure in supporting growth [41][44] Question: What is the current status of Optimus robots in production? - Management stated that Optimus is still in the R&D phase, with basic tasks being performed in factories, and significant production volume is not expected until later in the year [49][50] Question: What is the strategy for chip production and potential external sales? - Management highlighted the need for a Tesla Terafab to ensure sufficient chip production capacity, emphasizing the importance of domestic manufacturing to mitigate geopolitical risks [66][70]

Group 1 - Tesla is investing $2 billion to purchase preferred shares of Elon Musk's AI company XAI, indicating a strategic alignment between Tesla and XAI to leverage AI advancements for Tesla's physical products [1][4] - The focus of Tesla is shifting towards becoming a physical AI company, with humanoid robotics and autonomous driving as key areas of development, overshadowing its traditional EV sales and energy storage business [2][3] - Despite concerns from shareholders regarding XAI's significant cash burn, Tesla has proceeded with the investment, reflecting confidence in the long-term potential of AI integration [3][4] Group 2 - Tesla's fourth-quarter profits showed growth in Full Self-Driving (FSD) subscriptions, reaching 1.1 million active subscriptions, which is expected to contribute positively to future profits through software sales [5][6] - In 2025, Tesla experienced its first annual revenue decline, despite offsetting drops in consumer EV deliveries through other revenue streams, highlighting challenges in maintaining growth [6][7] - Elon Musk is still required to meet a target of delivering 20 million EVs to consumers by 2030 to qualify for a potential $1 trillion compensation, necessitating an average of 500,000 deliveries per year [7]