Core Viewpoint - Tesla is at a crossroads as the gap between its AI-driven narrative and short-term business realities continues to widen, leading to a disconnection between stock performance and fundamental performance [1][2]. Financial Performance - In Q2, Tesla's automotive gross margin, excluding regulatory credits, reached 15.0%, surpassing market expectations of 13.6% and Barclays' forecast of 13.0% [1]. - Analysts warn that the company's fundamentals may continue to deteriorate in the coming quarters, despite the decent gross margin performance [1]. Short-term Challenges - Tesla faces significant short-term challenges due to the expiration of the electric vehicle tax credit, which is expected to lead to a "cliff-like" drop in demand in Q4 [4][6]. - The company is also dealing with increased tariff costs, which amounted to approximately $300 million in Q2, and a decline in regulatory credit income due to changes in emission standards [6]. AI Narrative and Future Plans - Despite the pressure on fundamentals, Tesla's AI narrative, particularly the Robotaxi plan, remains a key pillar supporting investor confidence [5]. - Elon Musk is working on a new "master plan" to transition from "pre-autonomous driving" to "post-autonomous driving," with Robotaxi at the core of this vision [5]. Upcoming Events - The annual shareholder meeting on November 6 will be a critical catalyst, with key agenda items including Musk's new compensation plan and potential investments in Musk's other company, xAI [8]. - Musk has indicated that he may provide updates on AI, Optimus, and self-developed chips during the meeting, with a goal of producing 1 million Optimus robots within five years [8].

金十数据7月25日讯，马斯克在X上转发了电动汽车分析师索耶·梅瑞特分享的一条关于懂车帝高速智驾 测试的消息，指出"特斯拉在没有本地训练数据的情况下，在中国取得了最高成绩。"马斯克补充说，正 在添加来自特斯拉的世界模拟器和测试轨道的训练数据，以实现 6/6（即测试全通过）。 马斯克转发懂车帝智驾测试结果 ...

当地时间7月24日（周四），美股三大指数涨跌不一，截至收盘，道指跌0.7%，报44693.91点；标普500指数涨0.07%，报6363.35点；纳指涨0.18%，报 21057.96点。 消息面上，美国总统特朗普造访了美联储总部，将他与美联储主席鲍威尔之间的冲突摆在了明面上，并当面要求鲍威尔降息，随后特朗普称"这次谈话很有成 效"。据了解，这是近20年美国总统首次正式视察美联储。 特朗普再度要求降息。 特斯拉暴跌超8% 当地时间周四，美股大型科技股多数上涨，英伟达、亚马逊均上涨1.73%，谷歌A涨1.02%，微软涨0.99%，奈飞涨0.34%，Meta涨0.17%，苹果股价微跌 0.18%。 消息面上，谷歌母公司Alphabet发布了2025财年第二季度财报，其中，营收为964.3亿美元，同比增长14%；净利润282亿美元，同比增长19%，营收和利 润均超出华尔街预期。 特斯拉股价大跌8.2%。2025年第二季度，特斯拉营收和利润双双下降，营收为225亿美元，同比减少12%，创下近10年的最大季度跌幅，净利润为11.72亿 美元，同比减少16%，均低于市场预期。在财报发布之后的电话会上，特斯拉CEO马斯克表 ...

标普全球在当日上午发布的初步调查数据显示，美国7月份制造业和服务业综合景气指数为54.6，高于 市场共识预期的52.3和6月份修订后的52.9。其中，美国7月份制造业景气指数为49.5，低于市场预期的 52.7和6月份向上修订后的52.9。美国7月份服务业景气指数为55.2，高于市场预期的52.7和前一个月向下 修订后的52.9。 美国商务部当日上午发布的数据显示，美国6月份新房销量年率为62.7万套，低于市场预期的65万套， 但高于前一个月的62.3万套。 新华财经纽约7月24日电（记者刘亚南）科技板块继续保持强势加之当日公布的经济数据构成利好，纽 约股市三大股指24日开盘时涨跌不一，盘中维持分化走势，尾盘走弱，收盘时纽约股市三大股指涨跌不 一，但标普500指数和纳指收盘时均再次创下历史新高。 截至当天收盘，道琼斯工业平均指数比前一交易日下跌316.38点，收于44693.91点，跌幅为0.70%；标 准普尔500种股票指数上涨4.44点，收于6363.35点，涨幅为0.07%；纳斯达克综合指数上涨37.94点，收 于21057.96点，涨幅为0.18%。 板块方面，标普500指数十一大板块八跌三涨。非必需 ...

Core Viewpoint - Trump expressed his intention not to harm Elon Musk's companies by cutting government subsidies, emphasizing the importance of all American businesses thriving for the benefit of the country [2]. Group 1: Trump's Statements - Trump clarified on social media that he does not plan to destroy Musk's companies by withdrawing government subsidies, stating that he wants Musk and all American businesses to thrive more than ever [2]. - He highlighted that the success of businesses like Musk's contributes positively to the overall well-being of the United States [2]. Group 2: Tensions Between Trump and Musk - The relationship between Trump and Musk has deteriorated over recent months, marked by public disputes that began with Musk's opposition to Trump's spending bill [5]. - Trump previously threatened to cut some of Musk's government contracts, despite their past close relationship where Musk supported Trump's re-election campaign [5]. Group 3: Financial and Political Pressures on Tesla - Tesla is facing increasing political and financial pressures, with Musk warning of "several difficult quarters" due to tariff costs and the expiration of U.S. electric vehicle incentives [2]. - Tesla's stock fell over 8% following these warnings, indicating market sensitivity to the company's financial outlook [2]. Group 4: Government Contracts and Revenue Risks - Musk's companies, particularly SpaceX, have significant ties to government contracts, with SpaceX receiving over $22 billion from federal agencies since 2008 [5]. - Tesla has generated $12.24 billion in revenue from selling regulatory credits since 2015, which are crucial for its profitability [7]. - The company acknowledged risks associated with potential losses of tax credits and carbon offset mechanisms in its quarterly financial filings, which could negatively impact financial performance [7].

Core Viewpoint - The article discusses the growing importance of Vehicle-to-Grid (V2G) technology in enhancing the efficiency of electric vehicles (EVs) and promoting sustainable energy development, highlighting ChargeScape's collaboration with PSEG Long Island as a significant step in this direction [2][4][5]. Group 1: ChargeScape and V2G Technology - ChargeScape, a startup formed by BMW, Honda, Ford, and Nissan, is at the forefront of integrating EVs into the energy grid through V2G technology [2][4]. - The collaboration with PSEG Long Island marks the first time EVs are included in the utility's demand response program, aiming to intelligently manage the charging behavior of over 6,000 EV owners during peak electricity demand [4][7]. - The AI-driven platform by ChargeScape will optimize charging times and intensity, alleviating grid pressure while providing economic incentives to participants [5][7]. Group 2: Benefits and Challenges of V2G - V2G technology can dynamically adjust EV charging to prevent grid overload, thus enhancing grid stability and efficiency [5][8]. - Concerns about battery degradation due to V2G usage are being addressed, with studies indicating that controlled charging can actually prolong battery life [8]. - The potential for reusing retired EV batteries in energy management is highlighted, as these batteries can support the grid during peak demand periods [10][12]. Group 3: Global Implementation and Regulatory Environment - Utrecht has launched the first large-scale V2G car-sharing service in Europe, demonstrating the need for collaboration among automakers, charging infrastructure providers, energy companies, and local governments for successful V2G implementation [15][16]. - Renault has initiated V2G practices in France, emphasizing the need for unified regulations in Europe to unlock the full potential of V2G technology [17]. - In China, while the rapid adoption of EVs is noted, the implementation of V2G technology faces challenges due to differences in market conditions and regulatory environments compared to the US and Europe [18][19].

晚间，美股三大指数涨跌不一，截至发稿，道指飘绿，纳指与标普500指数红盘。值得注意的是，特斯 拉崩跌超8%，不过，特朗普却表示，希望马斯克的企业能够蓬勃发展。 个股方面，特斯拉跳水大跌超8%，此前，特斯拉首席执行官埃隆·马斯克在财报电话会议中坦言，受美 国电动车税收抵免政策取消与关税冲击的影响，特斯拉或许接下来将经历几个"艰难季度"。 中概股方面，多数股票出现回调，纳斯达克中国金龙指数跌超1%，个股方面，哔哩哔哩跌超6%，小马 智行、新东方、网易跌超3%。 黄金方面，现货黄金跌超0.5%，COMEX黄金跌逾0.6%。 特朗普发声 今晚，特朗普刷屏。 美国总统特朗普发帖称："每个人都在说，我会通过取消（或者至少减少）埃隆从美国政府那里获得的 大量补贴来摧毁他的公司。这并非事实！我希望埃隆以及我们国家内的所有企业都能蓬勃发展，事实 上，要达到前所未有的繁荣程度！他们做得越好，美国就会发展得越好，这对我们所有人都是好事。我 们每天都在创造新的纪录，而我希望这种局面能够一直保持下去！" 此外，根据白宫最新发布的总统每日公开行程，特朗普将于当地时间周四16点造访美联储，此行正值外 界对美联储大楼翻新工程的批评声浪日益高 ...

Core Viewpoint - Tesla's second-quarter financial results indicate a decline in both revenue and net profit, reflecting challenges in the automotive sector and falling short of market expectations [2][3]. Group 1: Financial Performance - Tesla's Q2 revenue was $22.496 billion, a year-over-year decrease of 12%, while market expectations were $22.826 billion [2]. - The net profit for Q2 was $1.172 billion, down 23% year-over-year, compared to market expectations of $1.136 billion [2]. - Adjusted earnings per share were $0.40, also a 23% decline year-over-year, with expectations set at $0.42 [2]. Group 2: Automotive Business - Revenue from Tesla's automotive business in Q2 was $16.661 billion, representing a 16% year-over-year decline, following a 20% decline in the previous quarter [3].

Financial Performance - As of June 30, 2025, Tesla reported total revenue of $41.831 billion, a year-over-year decrease of 10.62% [1] - The net profit attributable to shareholders was $1.581 billion, reflecting a year-over-year decline of 43.33% [1] Stock Performance - On July 24, Tesla's stock opened down 7.12%, trading at $308.89 per share, with a total trading volume of $3.383 billion [1] - The company's market capitalization stood at $996.309 billion [1] Analyst Ratings - Guggenheim Investments reiterated a "Sell" rating for Tesla on July 23, with a target price raised to $175 [1] Product Offerings - Tesla is planning to launch electric vehicles to cater to a wide consumer and commercial vehicle market, including models such as Model 3, Model Y, Model S, Model X, Cybertruck, Tesla Semi, and a new Tesla Roadster [2] - The electric vehicles feature advanced technology in power systems, autonomous driving, and full self-driving capabilities, offering advantages in range, charging flexibility, acceleration, handling, safety, and user-friendly infotainment features [2]

Market Movements - As of July 24, U.S. stock index futures showed mixed results with Dow futures down 0.38%, S&P 500 futures up 0.13%, and Nasdaq futures up 0.33% [1] - European indices also showed positive movements, with Germany's DAX up 0.57%, UK's FTSE 100 up 0.97%, and the Euro Stoxx 50 up 0.42% [2][3] - WTI crude oil increased by 0.77% to $65.75 per barrel, while Brent crude oil rose by 0.61% to $68.93 per barrel [3][4] Company News - Smead Capital Management warned that current U.S. stock valuations have reached a "death line," similar to levels seen during the internet bubble, with top ten companies being more expensive than at the bubble's peak [4] - Google (GOOGL.US) reported Q2 revenue of $96.43 billion, exceeding analyst expectations, with cloud business sales up nearly 32% [8] - Tesla (TSLA.US) reported a 16% decline in Q2 revenue to $22.5 billion, missing analyst expectations, and warned of poor performance in upcoming quarters [9] - IBM (IBM.US) saw Q2 sales grow 8% to $17 billion, driven by its infrastructure business, but faced challenges in its software and consulting segments [10] - T-Mobile US (TMUS.US) exceeded user growth expectations in Q2, adding 830,000 contract customers, and raised its full-year guidance [11] - Nokia (NOK.US) reported a 29% drop in adjusted operating profit due to tariff impacts and a weak dollar, with revenue growth of only 2% [12] - Deutsche Bank (DB.US) turned a profit of €1.485 billion in Q2, significantly improving from a loss the previous year, driven by strong performance in fixed income and foreign exchange trading [13] - Vodafone (VOD.US) reported a 3.9% increase in Q1 revenue, with signs of stabilization in its German operations [14] - Total (TTE.US) experienced a 23% drop in Q2 profit due to falling oil and gas prices, while net debt increased by 29% [15] - Southwest Airlines (LUV.US) reported Q2 revenue of $7.24 billion, slightly below expectations, and cut its annual profit forecast by $1 billion due to economic uncertainties [16] Economic Data and Events - Upcoming economic data includes initial jobless claims and manufacturing PMI [17]