Q4 and FY 2025 Update 1 Highlights 03 Financial Summary 04 Operational Summary 06 Manufacturing & Hardware 08 Supporting Infrastructure 09 AI & Software 10 Services 11 Other Updates 12 Outlook 13 Photos & Charts 14 Key Metrics 24 Financial Statements 27 Additional Information 34 (1) Excludes SBC (stock-based compensation) & Digital assets gains and losses, net of tax; (2) Free cash flow = operating cash flow less capex; (3) Includes cash, cash equivalents and investments; (4)Active driver supervision requir ...

Core Insights - Tesla has begun operating a limited number of Robotaxi vehicles in Austin, Texas, without human drivers or safety supervisors, marking a significant step in its autonomous ride-hailing service [2][3] - The company aims to scale its driverless ride-hailing service across the U.S. by the end of the year, despite previous delays in achieving similar goals [5][7] - Tesla faces competition from other companies in the autonomous vehicle space, with Alphabet's Waymo leading in the U.S. and Baidu's Apollo Go in China [1] Company Developments - Tesla's Robotaxi service in Austin includes a mix of supervised and unsupervised vehicles, with plans to increase the ratio of driverless vehicles over time [2] - The company has obtained a permit in Texas to operate a transportation networking company using automated driving systems, but has not secured similar permits in California for driverless testing [4] - Tesla's CEO, Elon Musk, has expressed confidence in the company's ability to achieve widespread autonomous ride-hailing by the end of the year, although he has a history of missing self-imposed deadlines [5][6] Market Context - Surveys indicate that a majority of U.S. consumers are hesitant to ride in robotaxis, primarily due to safety concerns [8] - Analysts from Deutsche Bank predict muted growth for Tesla and Rivian, emphasizing the need for Tesla to demonstrate the effectiveness of its unsupervised Full Self-Driving (FSD) system and the scaling of its robotaxi service [9] - Regulatory scrutiny has increased, with California regulators finding Tesla engaged in deceptive marketing regarding its driverless capabilities, and the National Highway Traffic Safety Administration investigating potential safety violations related to Tesla's FSD systems [10] Safety Concerns - Reports indicate that there have been 65 fatalities in Tesla crashes involving Autopilot, with some incidents occurring while the FSD systems were engaged [11]

Core Points - A significant power outage affected approximately 130,000 residents in San Francisco, leading to the suspension of Waymo's ride-hailing services in the area [2][4][5] - The outage was caused by a fire at a substation, resulting in extensive damage and leaving around 21,000 customers without power as of Sunday morning [4][5] - Tesla's CEO noted that Tesla's Robotaxis were unaffected by the power outage, although Tesla does not currently operate a driverless service in San Francisco [6][8] Company Impact - Waymo has temporarily halted its driverless ride-hail service due to the blackout, with no specified timeline for resuming operations [2][8] - Videos on social media showed multiple Waymo vehicles stalled in traffic during the outage, indicating operational challenges [3][8] - Tesla is positioning itself to compete in the robotaxi market but currently requires human drivers for its ride-hailing service, as it lacks permits for driverless operations in California [7][8] Industry Context - The incident highlights the vulnerabilities of autonomous vehicle services during infrastructure failures, with Waymo being a leading player in the West and Tesla as a key competitor [8] - Regulatory challenges remain for Tesla, as it has not obtained necessary permits for fully driverless services in California [7][8]

Core Insights - Rivian Automotive has introduced new technology aimed at enhancing self-driving capabilities, including a custom chip, car computer, and AI models during its first "Autonomy and AI Day" in Palo Alto, California [1] Group 1: Technology Development - The company has developed a custom chip and car computer to support self-driving features in upcoming vehicles [1] - Rivian plans to implement lidar and radar sensors in its vehicles to achieve "level 4" fully automated driving, differentiating itself from competitors like Tesla [3] Group 2: Subscription Model - Rivian will launch an Autonomy+ subscription service in early 2026, offering continuously expanding capabilities for $2,500 upfront or $49.99 per month [2] - This pricing strategy positions Rivian competitively against Tesla's premium FSD option, which costs $8,000 upfront or $99 per month [2] Group 3: Future Applications - The company aims to enable hands-free driving on over 3.5 million miles of roads in North America, covering most marked roads in the US [3] - Rivian's CEO indicated that the self-driving vehicles will allow the company to explore opportunities in the rideshare and robotaxi markets [4]

大家好我是大鱼 别被「拍贴机」 或「圣诞模式」骗了 以为今年 Tesla 圣诞更新 只是耍花枪 其实真正的魔鬼 藏在官方 没说的细节里！ 除了社群炸锅的 Apple Watch 手表钥匙 终于登场 Grok 更开始 深度接管导航 这次不是为了 打发时间 而是AI 实用化 与解决用车 痛点的硬核升级 这份大礼包 到底有多香？ 不要错过 今天的精彩内容 OK let's go 特斯拉的股票 周五收盘是455 全天上涨了 0.52%美元 涨幅是0.11% 成交量是 5619万股 第一部分 2025 圣诞 大礼包拆解 各位 Tesla 车主 一年一度的 「数位圣诞节」 2025 Holiday Update 终于揭晓了 我知道很多人 看到「拍贴机」 或者「圣诞老人模式」 会觉得： 「蛤？ 就这？ 」 但先别急着滑走 作为一个看了 这么多年 Tesla OTA 的老司机 我必须告诉你 今年的魔鬼 全都藏在细节里 甚至还有一个 官方清单里没写 但社群已经 炸锅的「重磅功能」 每年的12 月 Tesla 车主都有个 不成文的仪式 就是守在车里 等那声「叮」的 下载提示音 今年的更新代号 直接叫2025 Holiday Re ...

Core Insights - Tesla reported record vehicle deliveries and energy storage deployments, leading to record revenue and free cash flow generation in Q3 2025 [1] - Total revenue increased by 12% year-over-year to $28.1 billion, driven by higher vehicle deliveries and growth in energy generation and storage [3] Financial Performance - GAAP operating income was $1.6 billion, with GAAP net income at $1.4 billion and non-GAAP net income at $1.8 billion [1] - Operating cash flow reached $6.2 billion, while free cash flow was nearly $4.0 billion, raising total cash and investments to $41.6 billion [1] Product Development - Tesla launched the Model YL and Model Y Performance, and expanded its offerings with the Model 3 and Model Y Standard [2] - The company introduced the Megapack 3 and Megablock to simplify large battery installations [2] Operating Challenges - Operating income decreased by 40% year-over-year to $1.6 billion due to increased operating expenses from SG&A, AI, and R&D projects, along with lower one-time FSD revenue recognition [3] Autonomous and AI Initiatives - Tesla began deploying version 14 of FSD (Supervised) and launched a ride-hailing service in the Bay Area [4] - The company expanded its AI training compute capacity to 81 k H100 equivalents and announced a semiconductor-manufacturing partnership with Samsung [4] Energy Operations - Energy storage deployments reached record levels, supported by the ramp-up of Megafactory Shanghai and Powerwall deployments [5] - Gross profit from energy operations rose to a record $1.1 billion [5] Future Outlook - Management indicated sufficient liquidity to fund product roadmap and long-term capacity expansion, expecting hardware-related profits to accelerate alongside AI and software profits [6] - Upcoming milestones include Cybercab, Tesla Semi, and Megapack 3 entering volume production in 2026, with Optimus production lines being installed [6]

Financial Performance - GAAP operating income was $1.6 billion[6] - GAAP net income was $1.4 billion[6] - Non-GAAP net income reached $1.8 billion[6] - Operating cash flow amounted to $6.2 billion[6] - Free cash flow hit a record of nearly $4.0 billion[6] - Cash and investments increased by $4.9 billion to reach $41.6 billion[6] Revenue Growth - Total revenue increased by 12% year-over-year to $28.1 billion[9, 11] - Automotive revenue increased by 6% year-over-year to $21.205 billion[9] - Energy generation and storage revenue increased significantly by 44% year-over-year to $3.415 billion[9] - Services and other revenue grew by 25% year-over-year to $3.475 billion[9] Operational Highlights - Total vehicle deliveries increased by 7% year-over-year to 497,099 units[12] - Energy storage deployments saw a substantial increase of 81% year-over-year, reaching 12.5 GWh[12]

Core Insights - Tesla, Inc. is currently viewed as overvalued by Wells Fargo, which has reiterated an "Underweight" rating on the stock, citing excessive hype surrounding the company [1] - The U.S. federal regulators have initiated another investigation into Tesla's self-driving feature due to multiple incidents of traffic violations, including running red lights and driving on the wrong side of the road [1][2] Group 1: Company Overview - Tesla, Inc. operates in the automotive and clean energy sectors, utilizing advanced artificial intelligence in its autonomous driving technology and robotics initiatives [3] Group 2: Regulatory and Safety Concerns - A total of 44 incidents have been reported where Tesla drivers using the Full Self-Driving (FSD) system encountered traffic safety violations leading to collisions [2] - The investigation by the National Highway Traffic Safety Administration (NHTSA) involves approximately 2,882,566 Tesla vehicles equipped with FSD (Supervised) or FSD (Beta) [2]

FSD and Autonomous Driving - Tesla's FSD (Supervised) has officially launched in Australia and New Zealand for HW4 Model 3 and Y owners via OTA update, marking a milestone in global expansion [1] - Tesla has reduced the FSD penalty globally, cutting the observation period for violations from 7 days to 3.5 days [1] - Tesla is confident that its system is ready for more complex overseas road conditions and requires less strict supervision [1] - The next stop for FSD expansion after Australia and New Zealand is anticipated, with potential candidates being the UK or Japan [1] - The industry anticipates the future of autonomous driving is expanding faster than expected, with Tesla leading the way [1] Product and Design Updates - Tesla's design director confirmed a significant update to the internal door handle design, merging the electronic button and manual lever [1] - The door handle redesign is being researched in China, potentially due to the market's size, competitive pressure, and stringent safety requirements [1] Energy Storage - Several large energy projects in Australia are using Tesla's Megapack, a large-scale battery storage solution [2] - A 415 MW power, 1660 MWh capacity battery storage project is underway, potentially the world's largest, utilizing Tesla's Megapack [2] - The first phase of the MREH (Melbourne Renewable Energy Hub) project provides 600 MW of capacity and 1.6 GWh of energy storage, enough to supply 200,000 households during peak hours [2] - Tesla is integrating hardware and software in the energy sector and influencing policy by participating in discussions about the future of the Australian National Electricity Market (NEM) [2] Future Outlook - Elon Musk believes we are very close to digital superintelligence, potentially occurring in 2025 [2]

Market Expansion - Tesla's FSD (Supervised) is launching in Australia [1] - FSD (Supervised) is now available on 2 continents [1] Product & Pricing - FSD (Supervised) purchase price is $10,100 in Australia [1] - Subscription pricing for FSD (Supervised) in Australia is to be determined (TBD) [1] Vehicle Compatibility - HW4 Model 3/Y will be the first to receive FSD (Supervised) in Australia [1] - Staged rollout of FSD (Supervised) in Australia [1]