来源：环球网 【环球网科技综合报道】据路透社10月10日报道，近日，特斯拉董事会为其CEO埃隆·马斯克提供的天 价薪酬方案引发广泛关注。这份号称企业史上规模最大的高管薪酬方案，虽设定了看似高不可攀的"火 星任务级里程碑"，但深入分析却发现，马斯克即便未达成大部分目标，仍可能收获巨额财富。 不过，路透社认为，马斯克最难达成的或许是利润目标，这是没有解释空间的标准。董事会设定了八项 利润目标，要求公司息税折旧及摊销前利润(EBITDA)达到的目标介于500亿美元到4000亿美元，而特斯 拉2024年的利润仅为166亿美元。此外，特斯拉目前还面临电动汽车业务恶化、新车型失败的困境。不 过，马斯克的薪酬结构允许他在未达成利润目标时获得巨额薪酬，每个目标与市值增长结合都提供相同 股票薪酬。每项目标结合市值增长都能带来相同的1%股票报酬。举例而言，马斯克实现相对容易的汽 车销量和FSD软件订阅目标所获报酬，与将利润提升五倍至800亿美元所获报酬完全相同。（旺旺） 路透社报道称，董事会要求马斯克在机器人技术、自动驾驶、股票市值和利润等多方面"彻底改变特斯 拉和社会"，否则将"一无所获"。然而，路透社对绩效目标及多位专家的分 ...

Core Insights - UBS reports that artificial intelligence (AI) is driving significant advancements in autonomous systems, including humanoid robots, advanced driver-assistance systems (ADAS), and robotaxis, transforming traditional industries such as aerospace, agriculture, smart glasses, and healthcare [1][17] - The emergence of visual-language-action (VLA) models represents a transformative turning point for robots and ADAS, enabling systems to convert sensory inputs and natural language commands directly into actions [1][17] Market Opportunities - UBS estimates that market opportunities driven by embodied AI verticals will reach $402 billion, with the highest growth potential in humanoid robots, ADAS, robotaxis, industrial automation, agricultural technology, smart glasses, robotic surgery, and drones [2][19] - The total addressable market (TAM) for humanoid robots is projected to reach $40 billion by 2035, while the TAM for automation hardware is expected to hit $100 billion, and ADAS (including fully autonomous driving) is forecasted to reach $88 billion [2][6] Growth Projections - The global TAM for robot taxis is estimated at $40 billion, with a compound annual growth rate (CAGR) of 11% over the next decade [2] - The agricultural technology, robotic surgery, electric vertical takeoff and landing (EVTOL), and smart glasses sectors are expected to grow at a CAGR of 23%, reaching a TAM of $134 billion by 2035 [2] Technological Advancements - AI advancements are catalyzing the development of autonomous systems, with significant breakthroughs in processing power and AI capabilities [5] - The integration of electrification is driving the revenue pool for private car ADAS, projected to reach $88 billion by 2035, primarily fueled by China's 50% penetration rate of electric vehicles [6] Humanoid Robots - By 2035, the number of humanoid robots is expected to exceed 2 million units, with a corresponding TAM of $40 billion, and by 2050, this could grow to over 300 million units, with a TAM of $1.4 to $1.7 trillion [7] - Humanoid robots are anticipated to operate independently and will be utilized in various sectors, including manufacturing, logistics, and healthcare [7] Supply Chain Dynamics - The supply chain for autonomous systems is characterized by overlapping hardware and software dependencies, necessitating a regulatory framework to maximize commercialization [5][8] - The demand for high-performance chips, power management chips, motion control chips, and communication ICs is expected to rise due to the application of VLA technology in ADAS and humanoid robots [8][9] Semiconductor Opportunities - The semiconductor industry is poised to benefit significantly from the computational demands of humanoid robots, with each high-end humanoid robot requiring approximately $1,400 worth of semiconductors [9] Smart Glasses Market - The smart glasses market is expected to enter a new phase by 2025, with an estimated market size of $1 billion, projected to grow to $60 billion by 2035, driven by technological maturity and increased consumer interest [12] Agricultural Innovations - AI and autonomous machinery are essential for increasing agricultural productivity, with the need to boost food production by 60% by 2050 to meet global demand [13] Robotic Surgery Advancements - The use of robotic surgery is expanding across various medical fields, with a projected shipment of 6,200 new medical robots in 2024, reflecting a 36% year-on-year growth [14]

格隆汇9月18日｜美国出行服务公司VIA盘前涨4%。消息面上，公司据悉将与谷歌旗下的Waymo合作， 将机器人出租车引入公共交通系统，首批试点从亚利桑那州开始。 ...

亚太日报 黄梓贤 全球最轰动的薪酬方案引发关注。特斯拉董事会于近日提议为首席执行官埃隆·马斯克制定一项价值1万亿美元的薪酬方案，若全部执行，其个人财富有望突 破3万亿美元，这将助力他成为人类历史上首位万亿富翁。该方案要求马斯克在未来十年内将公司的市值从当前的约1.1万亿美元提升至8.5万亿美元，增幅近 八倍。 根据披露文件显示，这份企业史上规模空前的薪酬方案设定了12项运营里程碑和4项关键业绩目标。运营目标包括推出机器人出租车和机器人产品线等。四 项核心业绩指标更为具体，这其中包括：实现2000万辆特斯拉汽车交付量；连续三个月平均付费全自动驾驶订阅用户达1000万；制造并销售100万台Optimus 拟人机器人；连续三个月平均投入商业化运营的无人驾驶出租车达100万辆。 目前，马斯克以约6670亿美元身家稳居全球首富宝座。若新方案获批，他将开启一场豪赌：要么带领特斯拉创造8.5万亿美元市值神话，要么空手离开董事 会。这场万亿赌局的最终答案，有待在未来十年内见分晓。 注：本文为亚太日报原创内容，未经授权不得转载。 这份提案凸显了董事会对其领导力的高度依赖。文件直言"传统企业高管薪酬模式不适用于马斯克"，并认为其 ...

智通财经APP获悉，摩根士丹利最新研报显示，该行对特斯拉(TSLA.US)维持"增持"评级，目标价410美 元。大摩指出，特斯拉与马斯克旗下其他企业(如 SpaceX、Neuralink 等)的融合将更加紧密。例如，xA 数据中心将用于训练机器人，Starlink 将为陆地、海洋和空中自动驾驶车辆提供服务，Optimus 机器人 肢体将与 Neuralink 的脑机接口技术相结合，形成协同发展的生态系统，这将进一步拓展特斯拉在人工 智能和机器人领域的应用场景和市场空间。该机构从四大维度构建分析框架，揭示特斯拉在AI-机器人 时代的战略纵深。 财务引擎：EPS三年倍增与ModelWare双轨预测 研报预测特斯拉2024-2027年EPS将从2.41美元增至4.34美元，CAGR达21.3%。值得关注的是， ModelWare模型给出更保守的2025年0.9美元预测，反映传统制造与AI赋能的估值分歧。2026年两大模型 预测值收敛至2.69/2.2美元，验证FSD(完全自动驾驶)规模化落地的盈利拐点。 估值方面，大摩对特斯拉的估值由 5 个部分组成，总目标价为 410 美元。具体来看，核心特斯拉汽车业 务估值为每 ...

Core Viewpoint - Tesla is seeking investor approval for a staggering compensation package for CEO Elon Musk, potentially worth up to $1 trillion if he meets a series of challenging goals over the next decade [3][6]. Group 1: Compensation Details - The proposed compensation of $1 trillion exceeds the GDP of 90% of the world's countries, with only 19 out of 195 economies having an annual GDP over $1 trillion [3]. - If Musk receives this compensation, it would be equivalent to nearly 140 years of Tesla's projected net profit of $7.1 billion for 2024 [4]. Group 2: Performance Targets - To unlock the $1 trillion compensation, Tesla must achieve several ambitious targets: - Market capitalization must reach $2 trillion initially, with subsequent increments leading to a maximum of $8.5 trillion, each requiring a six-month duration [6]. - Adjusted EBITDA must increase from $16.6 billion to a maximum of $400 billion, representing a 24-fold growth [6]. - Sales and product goals include selling an additional 12 million electric vehicles, acquiring 10 million autonomous driving subscriptions, operating 1 million robotaxis, and selling 1 million AI robots [6]. Group 3: Belief in Tesla's Potential - Despite the daunting nature of these targets, Tesla has a history of achieving remarkable feats under Musk's leadership, instilling confidence in the possibility of meeting these goals [9].

Core Insights - Elon Musk discussed the robotaxi project in Chicago, indicating that Tesla will commence operations in the city once safety test results are reconfirmed and operational permits are obtained [1] Group 1 - The robotaxi project is contingent on the successful reconfirmation of safety tests [1] - Tesla is actively pursuing operational permits to launch the service in Chicago [1]

Company News - Samsung has secured a significant chip supply agreement worth $16.5 billion with a large multinational company, which has led to a surge in its stock price in the Korean market. Elon Musk revealed that the company involved in this deal is Tesla [6] - Tesla's humanoid robot project is facing significant challenges, with production falling behind and technology not meeting expectations. Musk had previously predicted that this project could elevate Tesla's valuation to $25 trillion, but recent reports indicate substantial difficulties in this area [7] - JD.com has announced the launch of its 2026 campus recruitment, opening 35,000 positions. The company is expanding its efforts in the food delivery and travel sectors, and it is also making significant advancements in artificial intelligence. JD's founder, Liu Qiangdong, anticipates that the employee count will reach 900,000 by the end of Q2, with projections to exceed 1 million as new business segments grow [8] Industry News - The laser radar concept stocks have shown strong performance, with AEye rising over 6%, Hesai increasing by more than 5%, and Luminar Technologies gaining over 7% [2] - The U.S. and EU have reached a trade agreement, with the EU agreeing to pay $1.35 trillion and a 15% tariff on goods exported to the U.S. This deal includes a commitment from the EU to increase investments in the U.S. by $600 billion and to purchase $750 billion worth of U.S. energy products [4] - The U.S. is set to impose new tariffs starting August 1, as the Commerce Secretary announced that the deadline for extending these tariffs will not be prolonged [3] - Tensions between the White House and the Federal Reserve continue, with officials criticizing the Fed for not lowering interest rates, which they believe is crucial for economic management [5]

Core Viewpoint - Tesla's Q2 performance fell short of expectations, revealing a significant missed opportunity in digital asset valuation, which increased to $1.24 billion from $722 million year-over-year, while the company had previously sold 75% of its Bitcoin holdings in mid-2022 [1] Group 1: Financial Performance - Tesla's Q2 net profit was $1.17 billion, with Bitcoin holdings contributing $284 million to this figure, indicating that digital assets have become a crucial profit pillar for the company [2] - The company's automotive revenue has declined for two consecutive quarters, leading to an overall performance that was below Wall Street expectations [1] Group 2: Bitcoin Holdings and Market Impact - Tesla's Bitcoin holdings, if retained, could be valued at approximately $5 billion today, compared to the current valuation of $1.24 billion, highlighting a potential loss of around $3.76 billion in unrealized gains [2] - Bitcoin's price has surged to over $119,000, a sixfold increase since Tesla's liquidation of its holdings, which occurred during a market downturn [2] Group 3: Strategic Focus and Future Outlook - CEO Elon Musk has shifted the company's focus towards robotaxi and humanoid robots, distancing Tesla from cryptocurrency investments despite the significant gains in the digital asset market [1] - The company acknowledges potential impacts on its core business from government policies, including tariffs and the expiration of federal electric vehicle tax credits [1]

Core Insights - Tesla's upcoming earnings report will likely prompt investor inquiries regarding the profitability of its robotaxi pilot program, strategies to avoid a second consecutive year of sales decline, and Elon Musk's potential political ambitions [1] - A significant concern is the recent changes in regulatory credit income, which has been a crucial revenue source for Tesla as other automakers purchase credits to meet environmental regulations [1] - The U.S. government's policy adjustments aim to accelerate the automotive industry's transition to low-carbon technologies, reducing the demand for Tesla's regulatory credits and subsequently lowering credit prices [1] Financial Implications - Analysts predict that by 2027, Tesla's credit income will significantly decline, posing a potential threat to the company's financial health [2] - Historically, credit income has helped offset profit gaps in Tesla's electric vehicle business, funding research and development as well as business expansion [2] - A substantial reduction in credit income, coupled with insufficient growth in electric vehicle sales, could lead to financial strain for Tesla, impacting its plans for new model development, production facility expansion, and new business ventures [2] Strategic Challenges - The company faces the critical challenge of achieving profit growth through increased electric vehicle sales and the expansion of new business areas like robotaxis, especially in light of declining credit income [2] - Market observers will closely monitor Tesla's earnings report for insights on how the company plans to address these challenges and its future outlook [2]