Core Conclusion and Key Information - The progress of the Robotaxi business is generally smooth, with significant milestones including the V14.2 version, the removal of safety drivers, and the mass production of Cybercab [1] - Current paid FSD users account for approximately 12% of the total fleet, with FSD having accumulated 6 billion miles driven [1] - The existing Robotaxi fleet has driven over 250,000 miles without a safety driver and over 1 million miles with a safety driver [1] - The goal is to achieve an annual production capacity of 3 million vehicles within the next 24 months, primarily driven by the Cybercab model, contingent on supply chain capabilities [1] Future Plans - By the end of 2025, most of Austin is expected to achieve operations without safety drivers, with new models requiring a 3-month confirmation period before removing safety drivers [2] - Robotaxi services are expected to expand to 8-10 metropolitan areas by the end of 2025, depending on regulatory approval [2] - The Cybercab model is set to begin production in Q2 2026 at the southern factory [2] - The Semi electric truck will start small-scale production by the end of 2025 and enter ramp-up production in Q2 2026, with its autonomous driving technology based on the existing passenger car FSD system [2] FSD Iteration - FSD version 14 is now available to U.S. users, focusing on safety as the core priority, followed by comfort optimization, with users advised to wait for version 14.2 for a better experience [3] Chip Progress - The AI 5 chip is expected to be 40 times more powerful than AI 4, with plans to eliminate redundant modules and produce it in collaboration with TSMC and Samsung [4] - Initial goals include achieving a surplus in chip supply, with excess capacity available for data centers [4] Algorithm Iteration - Emphasis on generating videos based on simulators and establishing a robust reinforcement learning loop [5] Energy Business Progress and Strategy - Megapack 4.0 development integrates substation functions, significantly enhancing deployment flexibility [6] - Positive market feedback for Mega Block products, with significant demand for Megapack and Powerwall [6] - Energy business achieved record deployment volumes, gross profits, and profit margins, despite tariff impacts [6] Electric Vehicle Production and Product Planning - Plans to increase annual vehicle production capacity to 3 million within 24 months, primarily supported by existing supply chains [7] - The Cybercab model is designed for fully autonomous driving, with production planned for Q2 2026 [7] - Significant year-on-year delivery growth in various regions, including a 33% increase in China [7] Optimus Development and Production Planning - Major engineering challenges in developing the hand and forearm of Optimus, with a new design expected to be showcased in Q1 2026 [8][10] - Plans to start mass production of Optimus in 2026, targeting an annual capacity of millions [10] Other Important Business Dynamics - Residential solar demand is surging due to U.S. policy, with new solar leasing products expected in 2026 [11] - The Semi factory construction is on schedule, with small-scale production starting by the end of 2025 [11] Financial Performance and Capital Expenditure - Q3 automotive business revenue grew by 29% quarter-on-quarter, with a slight increase in gross margin [12] - Free cash flow reached a record high of $4 billion in Q3, with total cash and investments exceeding $41 billion [12] - Capital expenditure is projected at approximately $9 billion in 2025, significantly increasing in 2026 to support business expansions [12] Chip Strategy and Supply Chain Cooperation - AI 5 chip features a design that eliminates redundant modules, with expected performance improvements [13] - Manufacturing collaboration with TSMC and Samsung aims to ensure supply chain stability [13] Q&A Insights - The Robotaxi fleet has driven over 250,000 miles without a driver and over 1 million miles with a driver, with plans to expand operations to 8-10 metropolitan areas by the end of 2025 [14] - Demand for Megapack and Powerwall remains strong, with positive feedback for Mega Block products [15] - The development of Optimus faces significant challenges, particularly in achieving hand flexibility and scaling production [16] - The AI 5 chip is designed to meet Tesla's specific needs, reducing design complexity compared to other chip designs [17] - Tesla's core competencies have been built through innovation, including battery production and AI software development [21]

一、简介 Q：特斯拉当前的战略核心及关键业务进展是什么？更新后的企业使命是什么？ A：战略核心是将人工智能落地至现实世界，特斯拉在真实世界AI领域处于绝对领先地位，智能密度行业最高。关键业务进展包括：全自动驾驶（FSD）与Robotaxi 规模化启动，将从根本上改变交通形态；能源存储业务（Powerwall、Megapack）通过电网储能缓冲，可显著提升能源输出效率；Optimus人形机器人有望成为史上 规模最大的产品，具备类人运动与交互能力。更新后的企业使命为"可持续富足"，旨在通过Optimus与自动驾驶技术，构建无贫困、人人可享受优质医疗的世界。 Q：2025年第三季度特斯拉的核心财务与交付数据表现如何？各地区交付增长情况怎样？ A：Robotaxi运营数据持续提升，奥斯汀已实现无安全员运营，累计行驶超25万英里；湾区仍配置安全员，累计行驶超100万英里。预计年底前在奥斯汀全面移除安 全员，并拓展至内华达、佛罗里达、亚利桑那等8-10个都会区。截至目前，用户使用有监督FSD的累计里程已达60亿英里，安全性表现优异。无监督FSD部署的核 心障碍为监管审批，当前正与中国、欧洲等地区监管机构沟通；技术层面，V ...

特斯拉CEO马斯克今日在电话会议上透露，台积电、三星将参与特斯拉人工智能5号芯片（AI 5）的设 计工作。"我们不会取代英伟达"。AI5芯片被用来驱动自动驾驶及机器人产品线。此前他曾表示，AI5芯 片性能是AI4的40倍，算力提升8倍，内存增加9倍。（一财科技） 微信编辑 | 龙王 ...

微信编辑 | 龙王 特斯拉CEO马斯克今日在电话会议上透露，台积电、三星将参与特斯拉人工智能5号芯片（AI 5）的设计 工作。"我们不会取代英伟达"。AI5芯片被用来驱动自动驾驶及机器人产品线。此前他曾表示，AI5芯片性 能是AI4的40倍，算力提升8倍，内存增加9倍。（一财科技） ...

（文章来源：第一财经） 特斯拉CEO马斯克今日在电话会议上透露，台积电、三星将参与特斯拉人工智能5号芯片（AI 5）的设 计工作。"我们不会取代英伟达"。AI5芯片被用来驱动自动驾驶及机器人产品线。此前他曾表示，AI5芯 片性能是AI4的40倍，算力提升8倍，内存增加9倍。 ...

三季度特斯拉营收由前季降12%转为增12%，汽车收入近两年新高；"卖碳"收入连降五季至两年新低；储能业务收入增44%、毛利11亿美元再创新高； 韩国成公司第三大市场，在中欧推出监控版FSD待监管批准；Cybercab、Semi和Megapack 3拟明年量产；仍未提供产量指引。CFO称关税和竞争是 两大阻力。马斯克称或一季度发布Optimus 3，它将成为不可思议的外科医生；三星和台积电都将参与设计AI 5芯片。特斯拉盘后曾跌超4%。 特斯拉三季度营收一扫前一季两位数大跌的颓势，同比两位数大增，而每股收益（EPS）的同比降幅扩大到30%以上，比华尔街预计的下滑更严重，体 现了特朗普政府提高关税、特斯拉推出新车型、开发人工智能（AI）项目等研发投入增加的影响。 和二季度财报一样，本次财报特斯拉也未披露有关产量或销量方面的业绩指引，重申很难衡量关税等贸易政策对供应链、成本和需求的影响。特斯拉 称，无人驾驶出租车Robotaxi的专属产品Cybercab、Semi卡车、上月发布的新版储能系统Megapack 3均计划明年开始量产。 特斯拉的首席财务官（CFO）Vaibhav Taneja在业绩电话会上称，三季度关税 ...

美股正面临财报季的考验。 受净利润不及预期影响，北京时间10月23日凌晨，特斯拉股价在美股盘后交易中直线跳水，一度大跌近 5%。特斯拉发布的财报显示，公司三季度营收增长12%，超出市场预期；但营业利润同比大幅下降 40%，不及市场预期。 在稍后举行的财报会议上，特斯拉CEO马斯克表示，台积电和三星都将参与设计特斯拉AI5芯片。他还 透露，计划一季度将发布下一版"擎天柱"（Optimus）。 隔夜美股市场方面，三大指数全线收跌，道指跌0.71%，标普500指数跌0.53%，纳指跌0.93%。其中， 受财报业绩不及预期影响，美国流媒体奈飞暴跌超10%，美国芯片巨头德州仪器大跌超5%，并拖累了 整个半导体板块，安森美大跌近6%，AMD跌超3%，美光科技跌约2%。有分析指出，随着财报季扩大 到更多公司与行业，市场可能担忧管理层的未来业绩指引疲软。 特斯拉直线跳水 北京时间10月23日凌晨，特斯拉公布了2025年第三季度财务业绩，其中显示，特斯拉第三季度实现营收 280.95亿美元，同比增长12%，高于分析师预期的263.6亿美元；营业利润为16.24亿美元，同比大幅下 降40%，不及分析师预期的16.5亿美元；经调整 ...

美股正面临财报季的考验。 受净利润不及预期影响，北京时间10月23日凌晨，特斯拉股价在美股盘后交易中直线跳水，一度大跌近5%。特斯 拉发布的财报显示，公司三季度营收增长12%，超出市场预期；但营业利润同比大幅下降40%，不及市场预期。 在稍后举行的财报会议上，特斯拉CEO马斯克表示，台积电和三星都将参与设计特斯拉AI5芯片。他还透露，计 划一季度将发布下一版"擎天柱"（Optimus）。 隔夜美股市场方面，三大指数全线收跌，道指跌0.71%，标普500指数跌0.53%，纳指跌0.93%。其中，受财报业绩 不及预期影响，美国流媒体奈飞暴跌超10%，美国芯片巨头德州仪器大跌超5%，并拖累了整个半导体板块，安森 美大跌近6%，AMD跌超3%，美光科技跌约2%。有分析指出，随着财报季扩大到更多公司与行业，市场可能担忧 管理层的未来业绩指引疲软。 特斯拉直线跳水 北京时间10月23日凌晨，特斯拉公布了2025年第三季度财务业绩，其中显示，特斯拉第三季度实现营收280.95亿 美元，同比增长12%，高于分析师预期的263.6亿美元；营业利润为16.24亿美元，同比大幅下降40%，不及分析师 预期的16.5亿美元；经调整后 ...

Core Points - Tesla reported Q2 2025 revenue of $22.496 billion, a 12% decrease from $25.5 billion year-over-year, and net profit of $1.19 billion, down from $1.416 billion, reflecting a 16% decline in net profit attributable to common shareholders [1] Group 1: Financial Performance - Tesla's Q2 2025 revenue was $22.496 billion, down 12% from $25.5 billion in the same quarter last year [1] - Net profit for Q2 2025 was $1.19 billion, compared to $1.416 billion in Q2 2024, marking a 16% decrease [1] Group 2: Robotaxi Development - Tesla's Robotaxi service has shown excellent performance and user satisfaction, with plans to expand operations in Austin significantly [2] - The company is testing Robotaxi services in multiple cities, including the San Francisco Bay Area, and is working closely with local governments for regulatory approval [2] Group 3: Full Self-Driving (FSD) Progress - Tesla aims to launch fully autonomous FSD services for individual users by the end of this year in select areas, emphasizing safety and caution in the rollout [3] - The AI software used in Robotaxi is the same as that in Tesla's factory products, achieving full automation from factory to user [3] Group 4: Optimus Robot Production - Tesla plans to begin mass production of the Optimus robot in 2026, with expectations of producing around 100,000 units per month within five years [5] - The production ramp-up for Optimus will depend on supply chain efficiency and the complexity of new technologies involved [5] Group 5: New Affordable Model - Tesla's new affordable model has started production in June 2025, with plans to increase capacity and launch by Q4 2025 [6] - The goal of this new model is to provide a more accessible vehicle option for consumers without compromising on quality [6] Group 6: Megapack and Energy Solutions - Despite recent unfavorable legislation for solar projects, Tesla remains optimistic about the growth of its Megapack business, anticipating strong demand in the second half of the year [10][11] - The company is investing in domestic manufacturing to mitigate policy and tariff impacts, with plans for a new lithium iron phosphate battery factory by the end of this year [11] Group 7: FSD Subscription Growth - Since the launch of FSD V12, Tesla has seen a 25% increase in FSD subscriptions, attributed to a price reduction and improved safety features [19][21] - The monthly fee for FSD is currently $99, making it more accessible to consumers [19] Group 8: Future of AI and Robotics - Tesla is focused on transitioning from the "pre-autonomous era" to the "post-autonomous era," with significant advancements expected in AI and robotics [8][16] - The company is exploring the integration of non-Tesla vehicles into its Robotaxi fleet, with a potential timeline for this development next year [17]