在特斯拉第三季度财报的电话会上，没有什么人要求其对过去的业绩做出解释，九成以上的问题都在追问特斯拉的未来。 10月23日，特斯拉发布2025年第三季度财报。特斯拉第三季度总收入同比增长12% ，为281亿美元，自由现金流达40亿美元，公司在本季度创下了收入和 自由现金流的双纪录。在交付上，电动车和储能业务双双创出新高。特斯拉在该季度全球共生产纯电动车约44.7万辆，交付量达49.7万辆。同期，特斯拉 储能产品装机量达到12.5吉瓦时，上海储能超级工厂产能释放持续助推业务增长。 然而财报发布后第二天，开盘前特斯拉股价跌幅一度超4%。一方面是因为，市场普遍认为特斯拉在三季度汽车业务的成绩是美国补贴政策到期前的反 扑，不具有可持续性；另一方面，特斯拉三季度的利润并未和营收一样大幅增加，反而明显下滑。 特斯拉必须亮出潜力业务的规划和进展挽回市场信心，这也是特斯拉创始人马斯克在三季度电话会上所做的事。 在产品计划方面，马斯克确认，Cyber Cab将于2026年第二季度启动生产。Cyber Cab"完全为自动驾驶设计，没有方向盘和踏板"，以极低的单位里程成本 为目标。"这款车是为了舒适的驾驶体验而优化，不需要追求超过8 ...

在特斯拉第三季度财报的电话会上，没有什么人要求其对过去的业绩做出解释，九成以上的问题都在追问特斯拉的未来。 10月23日，特斯拉发布2025年第三季度财报。特斯拉第三季度总收入同比增长12% ，为281亿美元，自由现金流达40亿美元，公司在本季度创下了收入和 自由现金流的双纪录。在交付上，电动车和储能业务双双创出新高。特斯拉在该季度全球共生产纯电动车约44.7万辆，交付量达49.7万辆。同期，特斯拉 储能产品装机量达到12.5吉瓦时，上海储能超级工厂产能释放持续助推业务增长。 然而财报发布后第二天，开盘前特斯拉股价跌幅一度超4%。一方面是因为，市场普遍认为特斯拉在三季度汽车业务的成绩是美国补贴政策到期前的反 扑，不具有可持续性；另一方面，特斯拉三季度的利润并未和营收一样大幅增加，反而明显下滑。 特斯拉必须亮出潜力业务的规划和进展挽回市场信心，这也是特斯拉创始人马斯克在三季度电话会上所做的事。 自动驾驶与Robotaxi：功能进化、规模扩大、量产在即 自动驾驶仍是此次电话会最受关注的主题。马斯克在发言中指出，特斯拉"正处在将人工智能带入现实世界的关键拐点"，并称特斯拉是"现实世界人工智 能的领导者"。 截至20 ...

Core Viewpoint - Tesla's "Master Plan Part IV" focuses on "sustainable abundance," aiming to integrate AI, manufacturing, and automation to eliminate resource scarcity and reshape labor, mobility, and energy systems, creating a "cleaner, safer, and more enjoyable" world [2] Group 1: Key Areas of Focus - The plan emphasizes three key areas: advancing autonomous driving technology based on electric vehicles to improve affordability, accessibility, and safety while reducing pollution [4] - Expanding solar power generation and large-scale energy storage to enhance the availability and reliability of clean electricity in communities [4] - Developing the Optimus humanoid robot to redefine labor by taking on dangerous or repetitive tasks, allowing people to focus on what they enjoy [4] Group 2: Guiding Principles and Implementation Challenges - Five guiding principles reflect an optimistic belief in technology-driven growth, including the idea that growth is unlimited and technology can solve resource shortages [7] - Continuous innovation is essential to overcome barriers, as demonstrated by Tesla's Gigafactory and advancements in AI [7] - The technology must address real-world problems, with existing products like solar and storage technologies already reducing clean energy costs [8] - However, challenges exist, such as the current reliance of the Optimus robot on remote control and the need for extensive data validation for full self-driving technology [8][9] Group 3: Criticism and Market Sentiment - The ambitious vision of "sustainable abundance" has faced sharp criticism, with some media outlets suggesting that Tesla has lost its way and that the plan lacks realistic execution steps [13][14] - Commentators argue that Musk's focus has shifted away from core areas like electric vehicles and energy, raising concerns about the feasibility of the AI and robotics strategy [16][17] - Investor sentiment appears bearish, with concerns about Tesla's ability to deliver on past promises and the potential impact of market conditions on its stock price [17][29] Group 4: Historical Context of Master Plans - Tesla's previous Master Plans have outlined clear goals and achieved significant milestones, such as the successful launch of various electric vehicle models and solar energy initiatives [21][22][23] - The current plan, however, is seen as more complex and less comprehensible, raising doubts about its execution and alignment with Tesla's historical strengths [24] Group 5: Internal and External Challenges - Tesla faces internal challenges related to Musk's controversial leadership style and the high-risk nature of its AI transformation strategy, which could impact brand image and resource allocation [26][29] - Externally, the company is grappling with declining sales, increased competition, and market share erosion, particularly in Europe and the U.S. [28][29]