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【汽车人】补贴依赖现原形,特斯拉交13年来最惨财报
Sou Hu Cai Jing· 2025-08-06 07:04
Core Viewpoint - The electric vehicle industry, represented by companies like Tesla, must accelerate the transition away from reliance on subsidies and carbon credits to ensure sustainable growth and avoid future policy-related challenges [2][15]. Financial Performance - Tesla's Q2 2025 revenue was $22.5 billion, a 12% year-over-year decline, marking the largest quarterly revenue drop since 2012 [3][4]. - Net income for the same period was $1.172 billion, down 20.7% year-over-year [3][4]. - Free cash flow plummeted to between $100 million and $150 million, a nearly 90% decrease [3][4]. Sales and Market Share - Global deliveries in Q2 2025 totaled 384,000 units, a 13.5% year-over-year decrease, with the U.S. market experiencing a 20% drop [4][5]. - In China, deliveries fell to 128,800 units, down 11.7% year-over-year, with a market share decline from 6.0% in 2024 to 5.9% in the first half of 2025 [5][8]. Competitive Landscape - Competitors like BYD and Geely are increasingly targeting Tesla's Model Y and Model 3, with local companies advancing in smart driving and AI features [7][8]. - Tesla's reliance on carbon credits and subsidies is becoming a critical vulnerability as these revenue sources diminish [9][15]. Policy and Regulatory Impact - The U.S. EV tax credit is set to expire, which will significantly impact Tesla's revenue from vehicle sales and carbon credits [9][11]. - New tariffs have added approximately $300 million in costs for Tesla, primarily affecting its automotive business [11]. Strategic Initiatives - Tesla is focusing on new projects like Robotaxi and Optimus robots to improve financial performance, although these initiatives may face funding challenges if core business profitability continues to decline [13][15]. - The company is exploring new business models, including Tesla Diner and smart charging stations, but the profitability of these ventures remains uncertain [13][15].