2025 年 10 月 2 日，全球财经圈被一则消息彻底引爆 —— 埃隆・马斯克的身家正式突破 5000 亿美元。 根据《福布斯》实时富豪榜数据，美国东部时间当天下午 3 点 30 分，他的净资产定格在这个历史性数 字上，成为人类历史上首位跨过 5000 亿美元门槛的超级富豪。 这个数字有多惊人？相当于三个巴菲特的身家总和，或是七个扎克伯格加起来的财富。即便是富豪榜第 二名的甲骨文创始人拉里・埃里森，3507 亿美元的身家也被他甩开了 1500 亿美元的差距。但很少有人 知道，这 5000 亿并非现金堆出来的 "金山"，而是一张横跨科技三大赛道的股权网络。今天我们就来全 景拆解马斯克的财富版图，看看这串天文数字背后藏着怎样的构成密码。 一、核心基石：特斯拉撑起 38% 的财富帝国 在马斯克的财富版图里，特斯拉是当之无愧的 "压舱石"。根据最新持股数据，他持有特斯拉 12% 的股 份，对应价值高达 1910 亿美元，占其总身家的 38.2%。这部分财富的增长，几乎是一部特斯拉股价的 反弹史诗。 2025 年 4 月，马斯克宣布辞去特朗普政府 "效率部" 负责人职务，明确回归特斯拉主业，这个决定成了 股价反弹的 ...

每经编辑｜张锦河 9月30日下午，特斯拉通过官微宣布，特斯拉正在努力扩大人形机器人的规模，计划2025年底推出第三代，并在2026年开始 量产。 | 35311992 | | 交付100万台 | | | | --- | --- | --- | --- | --- | | | 3万亿 | 人形机器人 | 任一运营目标 | | | 35311992 | | 100万辆Robotaxi | 市值目标 + | 17.30% | | | 3.5 元 | 投入商业运营 | 任一运营目标 | | | 35311992 | | 调整后EBITDA | 市值目标 + | | | | 4万亿 | 达500亿美元 | 任一运营目标 | | | | | | 市值目标 | | | 35311992 | 4.5万亿 | 调整后EBITDA 达800亿美元 | 任一运营目标 | | | | | | 市值目标 | | | 35311992 | 5万亿 | 调整后EBITDA达 | + | | | | | 1300亿美元 | 任一运营目标 | | | 35311992 | | 调整后EBITDA | 市值目标 | 21.10% | | | 5 ...

据红星资本局，因FSD（完全自动驾驶）功能未兑现，多名车主起诉特斯拉（TSLA，股价：426.070美 元；总市值：1.417万亿美元）欺诈，要求赔款事件有新进展。 9月21日，记者获悉，今年8月，7名特斯拉车主以买卖合同纠纷为由，将特斯拉汽车销售服务（北京） 有限公司诉至北京市大兴区人民法院，要求退还FSD功能购买费用并支付三倍赔偿金，目前案件已正式 立案，正在等待一审开庭。 车主刘旻（化名）是此次案件的原告之一，他告诉记者，出于长途开车的需要，2020年5月，他以5.6万 元的价格在特斯拉销售门店购入了FSD。 消费者购买FSD等设备的发票 受访者供图 "当时门店销售和马斯克都说，FSD完全自动驾驶一定能实现，即将在中国落地使用，并且以后会涨 价，我相信就买了。"刘旻说道。 在购买五年后，FSD确实涨价了，但相关功能仍未兑现。 今年2月25日，刘旻得知，部分国内车主已收到特斯拉首次开放城市道路自动辅助驾驶功能的推送，但 他咨询客服人员后却发现，当前"FSD智能辅助驾驶功能"只适配搭载了HW4.0的部分车型，配备HW3.0 的车辆暂时不在推送范围内。 除刘旻外，王鑫（化名）也在做起诉准备，"当初特斯拉宣传F ...

据红星资本局，因FSD（完全自动驾驶）功能未兑现，多名车主起诉特斯拉（TSLA，股价：426.070美 元；总市值：1.417万亿美元）欺诈，要求赔款事件有新进展。 9月21日，记者获悉，今年8月，7名特斯拉车主以买卖合同纠纷为由，将特斯拉汽车销售服务（北京） 有限公司诉至北京市大兴区人民法院，要求退还FSD功能购买费用并支付三倍赔偿金，目前案件已正式 立案，正在等待一审开庭。 车主刘旻（化名）是此次案件的原告之一，他告诉记者，出于长途开车的需要，2020年5月，他以5.6万 元的价格在特斯拉销售门店购入了FSD。 "当时门店销售和马斯克都说，FSD完全自动驾驶一定能实现，即将在中国落地使用，并且以后会涨 价，我相信就买了。"刘旻说道。 在购买五年后，FSD确实涨价了，但相关功能仍未兑现。 今年2月25日，刘旻得知，部分国内车主已收到特斯拉首次开放城市道路自动辅助驾驶功能的推送，但 他咨询客服人员后却发现，当前"FSD智能辅助驾驶功能"只适配搭载了HW4.0的部分车型，配备HW3.0 的车辆暂时不在推送范围内。 3月24日，特斯拉方面曾回应"暂停FSD推送"的消息称，"团队正在完成3.0以及4.0硬件分别对应 ...

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's proposed compensation plan for CEO Elon Musk, viewed as a "golden handcuff," ties Musk's future to ambitious performance targets over the next decade, potentially elevating him to billionaire status if successful [1][19]. Compensation Structure - The plan includes a performance-based agreement that could grant Musk up to 423.7 million shares of Tesla stock, contingent on meeting specific market capitalization and operational milestones [2][4]. - The compensation is structured in 12 tranches, with Musk receiving approximately 35.31 million shares for each milestone achieved, which are deemed to be of "hellish difficulty" [2][4]. Market Capitalization Goals - The first milestone requires Tesla's market capitalization to increase from approximately $1.1 trillion to $2 trillion, with subsequent increments of $500 billion until reaching $6.5 trillion, and then $1 trillion increments to a final target of $8.5 trillion [2][4]. Operational Milestones - Key operational targets include: - Delivering 20 million Tesla vehicles cumulatively - Achieving 10 million active FSD (Full Self-Driving) subscriptions - Delivering 1 million humanoid robots - Operating 1 million Robotaxis commercially [4][10]. Financial Performance Targets - The plan stipulates that Tesla's adjusted EBITDA must reach $400 billion, necessitating a significant increase in revenue, estimated to require annual revenues of $2 trillion to support this profit level [4][15]. Challenges in Execution - Achieving the vehicle delivery target implies an average annual sales of over 1.2 million units, which is challenging given recent declines in delivery numbers [5][6]. - The global electric vehicle market is expected to slow down, with competitors like BYD projected to surpass Tesla in market share by 2025 [6][8]. Technological and Market Hurdles - The FSD subscription model faces challenges, with current adoption rates around 10%, and significant technological advancements are needed to achieve full autonomy [8][9]. - The Robotaxi initiative is still in its infancy, with limited pilot programs and regulatory hurdles to overcome [9][10]. Humanoid Robot Ambitions - The target for delivering 1 million humanoid robots has been pushed back to 2035, with current production still in early development stages [11][12]. - Market demand for humanoid robots remains uncertain, and achieving cost-effective production is critical for success [13][14]. Strategic Importance of Musk - Musk's leadership is viewed as crucial for Tesla's innovation and growth, with the compensation plan reflecting the company's reliance on his vision and capabilities [19].

Core Insights - Tesla's Dojo supercomputer project has been terminated, while Waymo is advancing its autonomous driving services in Denver and Seattle, highlighting a divergence in the autonomous driving industry [1][20]. Group 1: Dojo Project - Tesla announced the dissolution of the Dojo team and the termination of the supercomputer project in August 2025, marking the end of a six-year effort [1][6]. - The Dojo was designed to train Tesla's Full Self-Driving (FSD) neural networks and was expected to achieve significant computational power by 2024 [4][5]. - Despite substantial investment and development, the project was deemed a "dead end" by Elon Musk, leading to the departure of key personnel and the formation of a new company, DensityAI [6][8]. Group 2: Tesla's New Strategy - Following the termination of Dojo, Tesla has shifted its focus to the Cortex training cluster, which consists of 50,000 H100 GPUs, enhancing FSD performance [9][11]. - Tesla has signed a $16.5 billion order with Samsung for AI6 chips, indicating a strategic pivot from in-house chip development to partnerships [11] . Group 3: Waymo's Expansion - Waymo is set to launch autonomous taxi services in Denver and Seattle, with testing beginning under human supervision [12][14]. - The company plans to expand its services to ten new cities by 2025 and has already established operations in several major cities [14][15]. Group 4: Global Competition - The competition in the autonomous driving sector has intensified, particularly between companies in the U.S. and China, with various firms pursuing different technological paths [15][20]. - Notable developments include Baidu's Apollo Go service and the introduction of Robotaxi GXR by Chinese company WeRide in Singapore [15][20]. Group 5: Future of Autonomous Driving - The termination of the Dojo project and Waymo's service expansion signify a pivotal moment in the autonomous driving industry, with three distinct paths emerging: Tesla's vertical integration strategy, Waymo's gradual expansion, and the AI network approach represented by companies like MogoMind [20][21].

Group 1 - The simultaneous appearance of FAW Audi and SAIC Audi at the Chengdu Auto Show highlights the competitive dynamics between the two brands, with FAW Audi emphasizing its heritage and standards through its four-ring logo, which SAIC Audi lacks [2] - Leap Motor's senior vice president responded to rumors about FAW's potential stake in the company, indicating ongoing strategic collaborations and the possibility of equity partnerships, with reports suggesting FAW plans to acquire around 10% of Leap Motor [2] - The new generation Zhiji LS6 has received over 48,000 pre-orders since its launch, with more than 52% of orders coming from traditional fuel vehicle users, indicating a shift in consumer preferences [2] Group 2 - A survey revealed that only 14% of American consumers believe that Tesla's support for Full Self-Driving (FSD) would increase their likelihood of purchasing a Tesla, while 35% think it would decrease their likelihood, and 51% stated it has no impact on their purchasing decision [3] - The perception of Tesla's safety has declined, with the percentage of consumers considering Tesla unsafe rising from 34% to 36%, while those viewing it as very safe dropped from 17% to 13% [3]

Core Viewpoint - SAIC-GM and Momenta have entered a strategic partnership focused on enhancing safety and developing advanced driver assistance systems (ADAS) through complementary strengths in technology [1][2][4] Group 1: Partnership Overview - The collaboration between SAIC-GM and Momenta began in April 2023, aiming to innovate in urban driving assistance [4] - A strategic cooperation agreement was signed on August 18, 2023, to deepen collaboration in the ADAS field [2] - The partnership is characterized by a synergy where Momenta provides advanced AI models while SAIC-GM contributes expertise in vehicle performance [2][5] Group 2: Technological Integration - The first vehicle from SAIC-GM's Buick high-end electric sub-brand, the Zhijing L7, was launched on August 18, 2023, featuring Momenta's R6 model, which includes comprehensive urban NOA and advanced parking capabilities [5] - The implementation of ADAS requires a coordinated response from various vehicle systems, including body structure, electronic architecture, and power systems [6] - SAIC-GM's new "Xiaoyao" super fusion vehicle architecture will be the foundation for all domestic electric models starting in 2025, facilitating the partnership [8] Group 3: Data and Testing - Momenta plays a crucial role in the partnership by leveraging extensive data from over 300,000 vehicles and 3 billion kilometers of driving data to create realistic simulation testing scenarios [8] - The collaboration emphasizes the importance of real-world data and simulation in the calibration of ADAS systems [8] Group 4: Safety and Market Adaptation - The partnership adopts a multi-sensor fusion approach to ensure safety, particularly in the context of local market conditions [9] - SAIC-GM's executives highlight the necessity of using diverse sensor configurations, including LiDAR, to maintain safety standards [9][11] - The ultimate goal of the partnership is to create a safer, more comfortable, and efficient intelligent driving experience for customers [11]

Group 1 - The automotive industry is facing challenges in monetizing software subscription models, with many companies unable to provide a clear timeline for profitability through this approach [1][2][3] - The emergence of a "free alliance" among domestic automakers, offering advanced driver assistance systems (ADAS) as standard features, has raised concerns about the sustainability of the software subscription model [1][8] - Bosch's call for not promoting high-level intelligent driving systems for free highlights the potential risks to the future profitability of the automotive sector [1][7] Group 2 - Global automakers initially viewed software subscriptions as a key revenue model, but the trend towards free offerings in China has led to a reevaluation of this strategy [2][5] - Companies like Tesla and Huawei remain committed to charging for software, with Tesla's Full Self-Driving (FSD) priced at 64,000 yuan, indicating a willingness to pay for advanced technology [2][13] - The competitive landscape has shifted, with many Chinese automakers adopting a model of embedding hardware and offering software for free, aiming to increase usage and data collection [9][10] Group 3 - The feasibility of subscription models is questioned due to consumer expectations for free access to intelligent driving features, making it difficult for companies to charge for software [3][12] - The hardware subscription model has seen limited success, with luxury brands experimenting but facing backlash from consumers who feel they should not pay extra for features already included in the vehicle [4][5] - The potential for a successful subscription model may depend on the development of higher-level autonomous driving technologies, which could change consumer willingness to pay [12][13] Group 4 - The automotive industry is experiencing a shift towards standardizing high-level intelligent driving systems, with many new models offering these features at no additional cost [8][9] - Companies are exploring various pricing strategies, including limited-time free access and one-time buyouts, to encourage adoption of intelligent driving technologies [9][10] - The long-term viability of subscription models remains uncertain, with industry experts suggesting that only a few companies may successfully implement them due to ongoing price competition [12][14]