特斯拉4680电芯量产难题破解，马斯克画了五年的"饼"终于实现了。 车东西2月2日消息，日前，特斯拉在财报会上透露了关于自研4680电芯安装到Model Y车型的最新信息。 据特斯拉方面表示，其已经在奥斯汀工厂实现4680电芯正极与负极都采用干电极（dry electrode）工艺的生产，同时也"开始为部分Model Y搭载自产4680 电芯的电池包"。 对此，马斯克也在社交媒体平台专门发文，祝贺特斯拉工程师团队在干电极工艺上取得的成就。 | Installed Annual Capacity | | | | | --- | --- | --- | --- | | Region | Product | Capacity | Status | | Al Training Compute | | | | | Texas | Cortex 1 | >100k H100e | Production | | Cortex 2 | | | Construction | | Battery Manufacturing | | | | | Nevada | LFP | 7 GWh | Early Ramp | | Texas ...

4680重回Model Y，锂精炼与LFP产线将投产。 特斯拉在最新财报电话会后披露，计划在2026年把资本开支提高到 超过200亿美元 ，规模较过去几年显著抬升。 摘要 作为对比，特斯拉2025年的资本开支约为 85亿美元 （财报口径调整后含能源系统采购），200亿美元实属"翻倍式抬升"。 在"装机年产能"口径下，特斯拉给出了电池链条的分项能力与状态：内华达 LFP 7GWh 、德州 4680 40GWh 、 正极材料10GWh 、 锂精炼 30GWh 。 公司提示装机产能不等于当前产量，实际产出仍取决于设备稼动率与供应等因素。 公司称，这笔投入将用于推动多条业务线的扩产与产线改造，其中便包括电池与锂资源环节的纵向整合。 对锂电产业链而言，本次电话会需要关注的主要有两处： 4680的应用边界发生变化 ，以及特斯拉把 锂精炼—正极材料—LFP电芯 的"本土化链条"摆上了同一张产能表。 特斯拉表示，已开始为 部分Model Y 生产搭载自研4680电芯的电池包，并将其定位为新增的供应来源，用以应对贸易壁垒与关税带来的供应链复 杂性。 更关键的是工艺侧的推进。特斯拉称，已在奥斯汀实现4680的双 干法电极 生产， ...

Core Viewpoint - Tesla is facing significant challenges, with a notable decline in its automotive business and overall revenue, indicating a shift in its growth narrative from a solely electric vehicle manufacturer to a broader "physical AI" company [1][2][3] Group 1: Financial Performance - In Q2 of fiscal year 2025, Tesla's revenue decreased by 12% year-over-year to $22.5 billion, marking the largest decline in a decade [1] - The core automotive business revenue fell by 16%, and free cash flow was only $146 million, significantly below expectations [1] - Global vehicle deliveries dropped by 13.5% year-over-year to 384,000 units, with a total delivery decline exceeding 13% in the first half of the year [2] Group 2: Market Challenges - Sales in the U.S. decreased by 13% in the first half of the year, with California experiencing seven consecutive quarters of decline [2] - The European market saw a drastic 33% drop in sales during the same period, while sales in China fell by 12% due to intense competition from local brands like BYD and Xiaomi [2] Group 3: Strategic Shift - Tesla is pivoting its focus towards future technologies such as Robotaxi, humanoid robots (Optimus), and artificial intelligence, moving away from immediate sales figures [2][3] - The introduction of Robotaxi is seen as a short-term bet, while Optimus represents a long-term vision, with production expected to start in 2026 [4] Group 4: Battery Technology and Production - The shift in vehicle utilization necessitates a fundamental change in battery technology, emphasizing longevity and reliability over traditional metrics [4] - The demand for specialized lithium iron phosphate batteries is expected to rise, as Optimus robots will create a stable internal demand for Tesla's battery production [4] Group 5: Energy Storage and Manufacturing - Tesla is expanding its energy storage business, with the Megapack system experiencing strong growth, which serves as a hedge against policy risks [5] - The company is investing in domestic manufacturing, with plans for a lithium iron phosphate factory and a new energy storage super factory by 2026 [5] Group 6: Implications for the Lithium Battery Industry - Short-term, Tesla's slowing vehicle sales may pressure the lithium battery supply chain [6] - Long-term, Tesla's strategic transformation could create new, potentially larger demand spaces for lithium batteries, moving towards a diversified demand matrix [7]