以下文章来源于时代财经APP ，作者贺晴 时代财经APP . 聚焦于企业财经新闻，互联网新闻信息服务许可证编号：44120230006 来源 | 时代财经APP 北京时间10月23日，特斯拉发布第三季度财报。财报显示，特斯拉第三季度创下营收、自由现金流的新纪录，其中，营收达281亿美元，同比 增长12%；自由现金流达40亿美元。 营收上涨源于车辆交付量的提升。今年第三季度，特斯拉交付量达49.7万辆，实现交付新高。其中，特斯拉Model 3与Model Y两款车型交付 48.1万辆，同比增长9%。 美国证券研究公司Wolfe Research分析师认为，特斯拉在美国市场交付量增长，部分原因是消费者赶在7500美元的联邦电动汽车税收抵免到 期前集中购车。据悉，美国政府为电动汽车提供的7500美元的联邦政府补贴于9月30日到期。 中国市场作为特斯拉全球第二大市场，第三季度交付量达16.9万辆，环比增长31%，占全球交付量超过三成。9月，上海超级工厂交付量超过9 万辆，中国市场销量超7.1万辆，环比增长25%。 不过，特斯拉已经连续三个季度利润下跌，第三季度增收不增利。根据财报，第三季度净利润（非美国通用会计准则下 ...

Core Viewpoint - The article emphasizes the accelerated transformation of the automotive industry driven by technological advancements, particularly in intelligent driving and humanoid robots, which are seen as key factors for economic growth and domestic demand stimulation in China [4]. Group 1: Industry Trends - The automotive industry is undergoing a significant reshaping due to technological changes, particularly in intelligent driving and humanoid robotics, aligning with the national policy focus on "industrial technology + boosting domestic demand" [4]. - The retail sales of domestic passenger vehicles increased by 9.2% year-on-year to 17.01 million units from January to September 2025, with new energy vehicle (NEV) sales rising by 24.4% to 8.87 million units, achieving a penetration rate of 52% [5]. - The application for the vehicle trade-in subsidy exceeded 10 million by October 22, 2025, with NEVs accounting for 57.2% of the total applications [5]. Group 2: Future Projections - The trade-in policy is expected to significantly boost NEV sales, with projections indicating that total NEV retail sales could reach 13 million units by the end of 2025, supported by year-end effects and tax incentives in 2026 [5]. - The intelligent driving sector is anticipated to enter a "strong standard" era by 2026, benefiting the domestic L2+ industry chain, particularly for models priced below 200,000 yuan [6]. - The mass production of humanoid robots is expected to create new growth opportunities within the automotive supply chain, as these technologies are highly synergistic with smart vehicles [6]. Group 3: Policy and Standards - The Ministry of Industry and Information Technology is working on the "14th Five-Year" plan for the intelligent connected new energy vehicle industry, aiming to accelerate the establishment of standards for driving assistance and autonomous driving [6].

研 究 节能与新能源汽车技术路线图 3.0 发布 特斯拉 Q3 增收不增利 投资要点： 本周专题：节能与新能源汽车技术路线图 3.0 发布 特斯拉 Q3 增收不 增利 行 业 定 期 报 告 10 月 22 日，《节能与新能源汽车技术路线图 3.0》正式发布，提 出了面向 2040 年我国汽车产业发展的六大目标：汽车产业碳排放总量 将于 2028 年先于国家碳减排承诺提前达峰，至 2040 年碳排放总量较 峰值下降 60%以上；以智能网联新能源汽车为主体的交通体系朝着"零 事故、零伤亡、高效率"发展；新能源汽车渗透率达 80%以上，加快 推进汽车产业全面电动化进程；车路云一体化智能网联汽车基础设施 生态体系成熟健全，高级别自动驾驶汽车产品实现大规模应用；汽车 科技创新实现教育、科技、人才协同融合发展，中国成为全球汽车科 技原始创新策源地，原始创新能力引领全球；建成创新引领、数据驱 动、协同高效、韧性安全、低碳可持续的现代化汽车产业集群，实现 高端化、智能化、绿色化发展；中国品牌全球竞争力大幅提升，关键 零部件企业与全球产业体系深度融合，进入世界汽车强国前列。 10 月 23 日，特斯拉发布 Q3 财报。特斯拉 ...

Group 1 - Tesla has clarified the progress of its third-generation robot, which is expected to enhance market certainty regarding industry development and the rollout of new technologies [1][2] - The prototype of the third-generation humanoid robot, Optimus, is set to be completed within three months, with production planned to start in early 2026, aiming for a monthly output of 100,000 units within five years [1][2] - The Q2 earnings call emphasized expectations for the evolution of AI in robotics, with the potential for Robotaxi services to expand to cover half of the U.S. population by the end of 2025 [1][2] Group 2 - Market expectations for the new generation of robots are likely to strengthen, particularly regarding advancements in motion coordination and the ability to perform complex tasks [2] - Concerns about delays in the robot's development are expected to dissipate, leading to increased certainty in industry development forecasts [2] - Companies within the Tesla robot supply chain, such as Top Group, Sanhua Intelligent Controls, and Zhenyu Technology, are recommended for attention due to their potential alignment with new technological changes [2]

数据显示，今年二季度，特斯拉全球交付量为38.4万辆，同比下降13%。在二季度财报电话会议上，特斯拉CEO埃隆·马斯克坦言："受EV税收抵免政策突变 与关税冲击，特斯拉或将经历几个艰难的季度。" 近期，美国国会参议院和众议院相继通过总统唐纳德·特朗普推动的"大而美"税收与支出法案。其中，该法案决定自今年9月30日起，取消购买新电动汽车可 享受的7500美元税收抵免。业内人士表示，美国市场在特斯拉的全球销量中占比超过三成，取消购车税收抵免，对特斯拉下半年的销量表现增加不确定性。 虽然马斯克认为特斯拉将进入"艰难"周期，但特斯拉方面表示，今年二季度也是关键转折点。其中，特斯拉方面在财报中透露，今年6月，已开始在美国初 步生产新的平价车型，预计今年下半年开始进行大规模量产。对于该车型，此前有消息称，特斯拉将推出一款售价2.5万美元的车型，或命名为Model Q。但 在二季度财报电话会上，马斯克透露，平价车型将为Model Y的新版本。 目前，特斯拉主力车型Model 3和Model Y已在市场征战多年，因此特斯拉何时推出更具价格竞争优势的新车型成为关注焦点。马斯克曾表示："当特斯拉的 低价电动汽车车型面世时，单价将 ...