特斯拉第四季度交付量同比下降16%，至418,227辆，预估为440907辆。相比之下，比亚迪在第四季度 和全年电池电动车销量均实现增长，全年交付接近226万辆电动车，而特斯拉为164万辆。 $特斯拉 (TSLA.US)$ 去年的汽车销量下降了8.6%，使其在全球电动车制造商排名中明显落后于中国的 $比亚迪股份 (01211.HK)$ （BYD）。 特斯拉在周五发布的声明中表示，第四季度交付量同比下降16%，至418,227辆，预估为440907辆。特 斯拉四季度交付量低于媒体调查的分析师预期以及公司自身目标。 相比之下，比亚迪在第四季度和全年电池电动车销量均实现增长，全年交付接近226万辆电动车，而特 斯拉为164万辆。 马斯克通过大力宣传其长期推进的自动驾驶出租车（robotaxi）业务进展，将外界注意力从特斯拉不断 下滑的销量上转移开来。不过，尽管公司在年底开始进行无人驾驶测试，目前消费者只能在美国奥斯汀 和旧金山湾区，从数量有限的车辆中叫车，而且前排仍配有安全监督员。 比亚迪在去年进一步拉开了与特斯拉的差距。此前在2024年，比亚迪在整体表现上仅略逊于特斯拉。虽 然比亚迪在当年第四季度交付的纯电动车数 ...

特斯拉去年的汽车销量下降了8.6%，使其在全球电动车制造商排名中明显落后于中国的比亚迪 （BYD）。 特斯拉在周五发布的声明中表示，第四季度交付量同比下降16%，至418,227辆，预估为440907辆。特 斯拉四季度交付量低于媒体调查的分析师预期以及公司自身目标。 特斯拉在年末通过宣传Cybercab来提升市场期待。这是一款双座紧凑型车型，配有蝴蝶门。马斯克在 2024年底首次展示的原型车没有方向盘和踏板，但特斯拉董事会主席Robyn Denholm在10月接受媒体采 访时表示，如果监管机构有要求，公司将会在量产车型中配备这些部件。 相比之下，比亚迪在第四季度和全年电池电动车销量均实现增长，全年交付接近226万辆电动车，而特 斯拉为164万辆。 周五美股盘前，特斯拉股价上涨1.5%，在2025年最后几个交易日连续六天下跌后有所回升。该股去年 全年上涨了11%。风险提示及免责条款市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑 到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何意见、观点或结论是否符合其 特定状况。据此投资，责任自负。 比亚迪在去年进一步拉开了与特斯拉的差距。此前在202 ...

Group 1: Event Overview - The 2025 (10th) Lithium Battery Industry Annual Conference and Lithium Battery Golden Ding Award Ceremony will be held on December 18-19, 2025, in Shenzhen, China, with an expected attendance of over 2,000 in-person participants and 30,000 online viewers [2] - The event is organized by Qidian Lithium Battery, Qidian Solid-State Battery, Qidian Energy Storage, and Qidian Research Institute SPIR [2] Group 2: Panasonic's Business Developments - Panasonic Energy has signed a multi-year agreement to supply cylindrical batteries to Zoox, a subsidiary of Amazon, starting in early 2026 [3][4] - The initial supply will come from Panasonic's factory in Japan, with plans to expand to its Kansas factory in the future [3] - Panasonic's global power battery installation volume reached 33 GWh from January to September, marking a 31.2% year-on-year increase, although it still lags behind Chinese competitors [5] Group 3: Financial Performance and Challenges - Panasonic has lowered its full-year operating profit forecast by 13.5% due to lower-than-expected sales in its automotive battery business and higher restructuring costs, projecting an operating profit of 320 billion yen (approximately $2.12 billion) for the fiscal year ending March 2026 [5][6] - The energy division's operating profit for the second fiscal quarter was 1.2 billion yen, a significant decline of 96.4% year-on-year [6] Group 4: Battery Technology and Production Capacity - Panasonic is focusing on the production of 4680 large cylindrical batteries, with its Wakayama factory designated as the main production site, although mass production has not yet commenced [7] - The company has two major factories in the U.S. with a combined capacity of 70 GWh, including the Gigafactory 1 in Nevada, which has an annual capacity of 40 GWh [8] - The DeSoto factory in Kansas is expected to begin mass production in July 2025, with a capacity of 30 GWh, primarily supplying Tesla [8] Group 5: Competitive Landscape - Panasonic's 4680 battery production faces technical challenges, including welding and dry electrode technology, which have previously delayed mass production plans [9] - Chinese companies have already established a mature production capacity for large cylindrical batteries, posing significant competition for Panasonic in the global market [10]

Core Insights - Waymo is the leading company in the U.S. robotaxi sector, facing multiple incidents of vandalism against its autonomous vehicles over the past year, with the latest occurring in Los Angeles [1] - The company's co-CEO Tekedra Mawakana condemned the vandalism as "completely unacceptable" and emphasized the importance of holding perpetrators accountable [3] Group 1 - Vandalism against Waymo's vehicles is categorized as criminal behavior, and the company is collaborating with law enforcement to ensure accountability for those damaging its fleet [3] - Public concerns regarding privacy and surveillance have intensified, leading to protests and a general backlash against technology companies, particularly those involved in monitoring technologies [3] - Mawakana reiterated that the company would refuse any government requests for data that are "too broad and unlawful" [3] Group 2 - To improve public perception, Waymo is implementing local artist-designed wraps on some vehicles as part of a broader effort to better integrate its fleet into the community [3]

图源：盖世汽车新能源 据"鞭牛士"10月21日消息，埃隆·马斯克公开威胁说，如果得不到高额薪酬，他将离开特斯拉，或者至少辞去首席执行 官一职。 值得注意的是，该薪酬方案股份奖励需满足特定条件才能兑现：特斯拉市值需达到最高8.5万亿美元的里程碑，同时需 实现一系列运营目标，包括交付2000万辆汽车、推出100万辆自动驾驶出租车（robotaxi），以及调整后核心利润达到 4000亿美元。 起因是特斯拉股东即将对埃隆·马斯克的一项新的、备受争议的薪酬方案进行投票。据路透社10月17日报道，埃隆·马 斯克拟定了1万亿美元的薪酬方案，代理投票顾问机构ISS（机构股东服务公司）敦促股东否决这一大规模的薪酬计 划。 ...

Core Viewpoint - A coalition of Tesla shareholders, including SOC Investment Group and several state officials, is urging investors to vote against Elon Musk's $1 trillion compensation plan at the company's upcoming meeting in November [1][2] Group 1: Shareholder Concerns - The coalition has publicly criticized the board for allegedly making efforts to retain Musk, which they claim has delayed progress on key goals set during the last annual meeting [1] - The group also highlighted concerns over the company's declining operational and financial performance, stating that the board has "failed to provide meaningful real-time oversight" of management [1] Group 2: Compensation Plan Details - Tesla's board proposed a new compensation plan for CEO Elon Musk, potentially worth around $1 trillion, which is unprecedented in U.S. corporate history [2] - The plan aims to incentivize Musk to continue leading Tesla over the next several years, with a series of challenging performance benchmarks that must be met for him to receive full compensation [2] - Key targets include expanding Tesla's robotaxi business and increasing the company's market value from approximately $1 trillion to at least $8.5 trillion over a 10-year period [2] - If Musk meets the conditions of the plan, his ownership stake in Tesla could increase to at least 25% [2]

Market Overview - Investors are shedding concerns over tariffs, leading to a slight fluctuation in the New York stock market indices, which eventually rose, with all three major indices closing higher [1] - The Dow Jones Industrial Average increased by 192.34 points to close at 44,650.64, a rise of 0.43% [1] - The S&P 500 index rose by 17.20 points to close at 6,280.46, an increase of 0.27% [1] - The Nasdaq Composite Index gained 19.33 points, closing at 20,630.67, a rise of 0.09% [1] - Among the S&P 500's eleven sectors, nine rose while two fell, with consumer discretionary and energy sectors leading gains at 0.98% and 0.79%, respectively [1] Federal Reserve Insights - Federal Reserve Governor Christopher Waller indicated that the Fed's balance sheet, currently at approximately $6.662 trillion, is still above pre-pandemic levels and is expected to shrink further, potentially down to around $5.8 trillion [2] - Waller noted that the reduction process will not be as drastic as some expect, with the Fed planning to decrease reserves gradually through maturing and early repayment of securities [2] Labor Market Data - The U.S. Department of Labor reported that initial jobless claims for the week ending July 5 were 227,000, a decrease of about 5,000 from the previous week and below market expectations of 235,000, indicating a resilient labor market [2] - However, the number of continuing claims was 1.965 million, the highest level since late 2021, highlighting ongoing long-term unemployment issues [2] Energy Sector Update - The U.S. Energy Information Administration reported a 5.3 billion cubic feet increase in natural gas inventories for the week ending July 4, although this was lower than the previous week's increase of 5.5 billion cubic feet, suggesting a slowdown in growth due to seasonal demand changes and market supply factors [2] Company-Specific Developments - Tesla's stock rose by 2.5% following CEO Elon Musk's announcement of expanding the robotaxi service to Austin and plans for further expansion to the Bay Area within one to two months [3] - Musk also revealed that Tesla will integrate the updated Grok chatbot from xAI into vehicles by next week, further boosting market sentiment [3] - Bitcoin reached a new all-time high of $113,863.31, driven by increased investor interest in risk assets and the liquidation of short positions, with significant inflows into exchange-traded funds (ETFs) related to Bitcoin [3]

Core Viewpoint - Tesla CEO Elon Musk criticized Wedbush Securities analyst Dan Ives for his comments regarding Musk's political activities and suggestions for the company's board [1][2] Group 1: Analyst Criticism and Recommendations - Dan Ives, a bullish analyst on Tesla, suggested the board should establish a new compensation plan for Musk, set "guardrails" on his time commitment to Tesla, and oversee his political activities [1][3] - Ives' comments came after Musk announced the formation of a new political party, which raised concerns about its impact on Tesla's narrative and operations [1][3] - Ives' report titled "Tesla's Board Must Act to Establish Basic Rules for Musk" emphasized the need for the board to impose constraints on Musk's actions [1] Group 2: Market Reaction and Stock Performance - Following Ives' comments, Tesla's stock price dropped nearly 7%, resulting in a market capitalization loss of $68 billion [1] - Tesla's stock has declined approximately 25% year-to-date, underperforming the broader U.S. market and ranking as one of the worst performers among tech giants [4] Group 3: Broader Analyst Sentiment - Other analysts, such as those from William Blair, downgraded Tesla's rating from buy to hold, citing concerns over Musk's political distractions and their potential negative impact on Tesla's profitability and electric vehicle sales [3] - Hedge fund CEO James Fishback expressed concerns over Musk's political ambitions and their alignment with his responsibilities as Tesla's CEO, urging the board to seek clarification [3] Group 4: Legal and Governance Context - Musk's previous compensation plan, valued at approximately $56 billion, was deemed invalid by a Delaware court due to a lack of independence among board members [2] - Tesla is currently appealing this decision and is in the process of determining the contents of Musk's next compensation plan [2]