智通财经APP获悉，埃隆・马斯克旗下人工智能公司xAI正在快速消耗资金。随着该公司持续投入数据 中心建设、人才招募和软件开发——这些投入最终将用于支持人形机器人项目，其亏损规模不断扩大。 数据显示，xAI去年第三季度净亏损14.6亿美元，高于去年第一季度的10亿美元;去年前九个月，该公司 的现金支出总额高达78亿美元。 知情人士称，和其他高速增长的AI初创公司一样，xAI正在迅速动用此前融资所得资金。该公司在最新 的财报以及与投资者举行的电话会议中表示，其目标是打造能够自给自足的人工智能，并最终为人形机 器人提供支持，其中包括特斯拉开发、用于替代人类劳动的Optimus。 在投资者电话会议上，包括首席营收官Jon Shulkin在内的xAI管理层向投资者表示，目前公司的核心重 点是以最快速度构建AI代理(AI agents)及其他软件。这些产品将逐步整合进所谓的"Macrohard"体系—— 马斯克曾表示，这指的是一家仅专注于AI的软件公司，其名称是对"Microsoft"的文字戏仿——最终目标 是为Optimus提供技术支持。 此次与投资者的电话会议，也让外界得以听到xAI新任管理层的声音。知情人士称，前摩 ...

在前天的文章中，我们提出了马斯克链的概念，因为开年后，热度最高的板块都是跟马斯克有关 的。 发酵的马斯克链和PCB 昨天依旧还 是如此，而且无人驾驶板块也是被市场关注了。现在无人驾驶产业的催化的确是越来 越 多了，也是我们非常看好的AI应用之一。 AI最大的应用--无人驾驶 前面的文章中也提到了，其实 特斯拉一个非常重要的业务就是储能 ，特斯拉的储能业务并非孤立存 在，而是与电动汽车、自动驾驶、人形机器人形成协同生态的关键一环。主要产品包括 Powerwall （家用储能）、Megapack（大型商用储能）及太阳能相关解决方案，其中 Megapack 贡献了储能业 务超 95% 的收入。 从业绩表现来看，特斯拉储能业务已实现规模化增长：2022-2025 年电池部署量复合年增长率高达 91%，2024 年全球储能市场份额达到 18%；毛利率从 2022 年的 7% 飙升至 2025 年的 30%，规模效 应与成本优化成效显著，成为抵消电动汽车业务短期波动的 "压舱石"。 国内的变压器跟北美的储能是强相关的，前天华商韬略写了一篇"全球疯抢中国变压器"的文章。 里面提到： 美国电力变压器和配电变压器的供应缺口较2 ...

2026 年的第一个月，一份"冰火两重天"的财报摆在了马斯克面前： 1.汽车业务不顺：2025年交付汽车163.6万辆，同比下降8.6%，自2018年以来首次被比亚迪超越，净利润也同比下降12%。 2025年前三季度，储能业务营收累计约86.45 亿美元，毛利稳定在30%以上，显著高于汽车业务16%的平均水平。 储能营收占总营收提升至12.0%，比去年同期提升3个百分点。 根据官方财报整理的特斯拉储能部署量 虽然在整个储能市场，特斯拉仍然占据第一宝座，但市场上仍担心特斯拉能否守住领先地位，但大型储能上阳光电源比亚迪已经在多个榜单反超。 2.储能业务暴涨：全年装机量达46.7GWh，同比大增48.7%。 | | 制作 | 交付 | | --- | --- | --- | | Model 3/Y | 1,600,767 | 1,585,279 | | 真他车型 | 53,900 | 50,850 | | 总计 | 1,654,667 | 1,636,129 | 面对对手的来势汹汹，马斯克打出了三张牌"守擂" ： 1.亲身入局AIDC储能业务 2.重点渗透新兴市场 3."长袖善舞"的供应链管理 其中AIDC储能布局 ...

Core Viewpoint - Tesla's electric vehicle (EV) deliveries have declined for the second consecutive year in 2025, raising concerns about the company's core business performance and future growth potential [2][4][12]. Group 1: Delivery Performance - In Q4 2025, Tesla sold 418,227 vehicles, a 16% decrease from Q4 2024, with total annual deliveries around 1.64 million, down from nearly 1.8 million in 2024 [4][5]. - The year-over-year decline in deliveries accelerated to over 8% in 2025, compared to a 1% decline in 2024, resulting in Tesla losing its position as the leading EV manufacturer to BYD, which achieved record sales of 2.26 million BEVs, a 28% increase year-over-year [5][12]. Group 2: Future Prospects - CEO Elon Musk is focusing on autonomous vehicles and artificial intelligence as future growth drivers, although significant revenue from these initiatives is not expected for several years [3][12]. - Tesla's robotaxi service, launched in June, is operational in select cities, and the company is testing driverless robotaxis, indicating progress in autonomous mobility [6][8]. Group 3: Energy Business - Tesla's Energy Generation and Storage segment is performing well, with a record deployment of 14.2 GWh of energy storage products in Q4 2025 and a 48.7% increase in total deployments for the year, reaching 46.7 GWh [9]. Group 4: Financial Performance and Valuation - Tesla shares have underperformed the industry, trading at over 13.75 times forward 12-month sales, significantly above the industry average [10]. - The Zacks Consensus Estimate predicts a 3% decline in Tesla's 2025 revenues and a 33% decline in EPS, but forecasts an improvement of 11.6% in revenues and 42.4% in EPS for 2026 [11]. Group 5: Investment Outlook - Despite the delivery slowdown, Tesla's advancements in full self-driving, robotaxis, and energy storage suggest potential for long-term growth, although investors are advised to temper expectations regarding the timeline for monetization [12][13].

Core Insights - Tesla (TSLA) experienced a decline in annual deliveries for the second consecutive year in 2025, with a total of approximately 1.64 million vehicles delivered, down over 8% year-over-year [3][9]. - The fourth quarter of 2025 saw Tesla sell 418,227 vehicles, a 16% decrease compared to the same quarter in 2024, primarily due to expiring EV tax credits, aging models, and increased competition from companies like BYD [3][4][9]. - Despite challenges in the core EV business, CEO Elon Musk is focusing on autonomous vehicles and artificial intelligence as future growth engines, although significant revenue from these areas is expected to be years away [2][18]. Delivery Performance - In 2025, Tesla's deliveries totaled roughly 1.64 million vehicles, which included 1.58 million units of Model 3/Y and 50,850 other models, marking a decline from nearly 1.8 million vehicles sold in 2024 [3][9]. - The year-over-year decline in deliveries accelerated in 2025, with a drop of more than 8%, compared to a 1% decline in 2024 [4][9]. - Tesla lost its position as the leading EV manufacturer to BYD, which recorded sales of 2.26 million BEVs in 2025, reflecting a 28% increase year-over-year [4]. Future Growth Areas - Tesla is investing heavily in Full Self-Driving (FSD) technology and robotaxis, which Musk considers the most valuable future segments for the company [5][18]. - The robotaxi service, operational in cities like Austin and San Francisco, is set to expand to additional locations, with the FSD fleet surpassing 7 billion total miles [5][6]. - Tesla's Energy Generation and Storage business is thriving, with a record deployment of 14.2 GWh of energy storage products in Q4 2025 and a 48.7% increase in full-year deployments to 46.7 GWh [10]. Financial Performance and Valuation - Tesla's shares have underperformed the industry over the past year, trading at more than 13.75 times forward 12-month sales, significantly above the industry average [13][14]. - The Zacks Consensus Estimate for Tesla's 2025 revenues and EPS indicates a year-over-year contraction of 3% and 33%, respectively, but suggests improvements of 11.6% and 42.4% for 2026 [16]. - Despite the delivery slowdown, Tesla's ongoing advancements in autonomous driving, robotaxis, and energy storage could reshape its long-term earnings mix, making it a high-risk, high-reward investment [18][19].

特斯拉的储能业务并非孤立存在，而是与电动汽车、自动驾驶、人形机器人形成协同生态的关键一环。其核心产品矩阵覆盖家庭、商 业、电网三大场景，精准切入能源存储的全产业链： Powerwall ：面向家庭用户的储能明星，13.5 千瓦时的锂电池组可存储太阳能发电或电网低谷电价电能，不仅能在停电时提供应急 供电，还能通过虚拟电厂（VPP）模式将多余电力售回电网，实现能源套利。 从业绩表现来看，特斯拉储能业务已实现规模化增长：2022-2025 年电池部署量复合年增长率高达 91%，2024 年全球储能市场份额达 到 18%；毛利率从 2022 年的 7% 飙升至 2025 年的 30%，规模效应与成本优化成效显著，成为抵消电动汽车业务短期波动的 "压舱 石"。 为什么要特意提储能业务？ 新年开市第一天，在前5个最热的板块中，有3个都跟马斯克有关：Neuralink的脑机接口、SpaceX的商业航天和特斯拉的人形机器 人，必须得用"马斯克链"来形容这一波行情。 | 排名 | 板块名称 | 涨幅 | 热度 | | --- | --- | --- | --- | | 1 | 脑机接口 | 13.70% | 88.04万 | ...

文 | 新民上观 其中第四季度特斯拉全球生产电动车约43.4万辆，交付共41.8万辆； 储能产品装机量达14.2吉瓦时，环比增长13%，创下季度装机量新纪 录。 根据此前公司发布的数据，2025年特斯拉超级充电网络规模扩大了18%； Powerwall全球安装量突破百万 ；与美国道路平均值相比，特斯拉 智能辅助驾驶已经将重大碰撞事故发生率降至1/8。2025年12月30日，特斯拉全球第900万辆电动车顺利在上海超级工厂下线。 特斯拉正快速进化为一家涵盖人工智能、人形机器人、可持续能源的综合性科技公司。与智能辅助驾驶技术同源的特斯拉Robotaxi无人驾驶网 约车、人形机器人等业务也取得重大进展：Robotaxi已在奥斯汀与旧金山湾区累计行驶超200万公里，并已开启取消安全员测试；没有方向 盘、没有脚踏板的Cybercab特斯拉赛博无人驾驶电动车已在北美开启试生产与路测，预计于2026年4月实现量产；人形机器人进步显著，已在 弗里蒙特工厂及特斯拉北美办公场所中行走、测试，并在弗里蒙特工厂开启试生产，预计规模更大的第三代人形机器人生产线将于2026年建成 投产。 2025年交付报告显示，特斯拉全年储能装机量达到创 ...

Core Insights - In January 2026, the global electric vehicle (EV) industry reached a significant turning point as BYD's 2025 pure electric vehicle sales hit 2.2567 million units, a year-on-year increase of 27.86%, surpassing Tesla's 1.636 million units for the first time, marking BYD as the global leader in pure electric vehicle sales [1] - This shift reflects a deeper transformation in the global EV competition, moving from a focus on single product comparisons to a multi-faceted capability contest, with Tesla emphasizing smart driving and energy storage, while BYD focuses on a comprehensive industry chain and overseas market expansion [1] BYD Performance - BYD's 2025 sales included 2.2567 million pure electric vehicles and 2.2887 million plug-in hybrid vehicles, achieving a market share of over 35% in the domestic EV market [1] - The overseas market became a core growth engine for BYD, with overseas sales reaching 1.0496 million units in 2025, a staggering increase of 145% [4] - BYD's production and sales strategy covers a price range from 100,000 to 500,000 yuan, enhancing its competitive positioning [1] Tesla Performance - Tesla's 2025 production reached 1.655 million units, with deliveries at 1.636 million units, showing a decline in sales due to strategic shifts towards high-value businesses [4] - Tesla's energy storage product installations reached 46.7 GWh in 2025, a year-on-year increase of 48.7%, indicating a strong focus on energy solutions [5] - The company is transitioning towards becoming an "AI + sustainable energy technology company," with significant investments in autonomous driving and energy storage technologies [5][8] Industry Trends - The competition between BYD and Tesla signifies a shift towards high-quality development in the global EV industry, emphasizing technology research, supply chain efficiency, and local market capabilities [9] - The strategic choices and performance of leading companies will continue to shape the competitive landscape and development direction of the global EV industry [9]

证券时报记者梳理发现，该消息源自特斯拉日前发布的招聘信息，其中有一职位关联其Robotaxi项目， 从而引发市场猜测，认为特斯拉正筹备在中国推出Robotaxi服务。 特斯拉自动驾驶网约车（Robotaxi）服务有望落地中国？12月28日，该则消息引发广泛关注，记者向特 斯拉中国求证，对方并未予以回应。 特斯拉Robotaxi业务2025年6月在得州奥斯汀开始运营，目前运营车辆采用在售Model Y车型。根据今年 11月的信息，特斯拉已三次拓展运营范围，并预计年底前将在内华达州、佛罗里达州和亚利桑那州开展 运营。截至今年11月初，Robotaxi在奥斯汀累计里程超过40万公里，在加州湾区累计里程超过160万公 里。当时的消息称，特斯拉对Robotaxi的部署工作颇为谨慎，预计2025年底前将在8至10个市区开展无 人驾驶出租车运营。 值得一提的是，在今年11月召开的第八届进博会上，特斯拉无人驾驶电动车Cybercab完成亚太首秀。据 特斯拉工作人员当时透露，Cybercab计划在2026年第二季度启动量产，"为适配无人运营场景， Cybercab配备了无线充电技术与机械臂自动清洁功能，为规模化落地做好了充分准 ...

特斯拉自动驾驶网约车(Robotaxi)服务有望落地中国？12月28日，该则消息引发广泛关注，记者向特斯拉中国求证，对方并未予以回 应。 证券时报记者梳理发现，该消息源自特斯拉日前发布的招聘信息，其中有一职位关联其Robotaxi项目，从而引发市场猜测，认为特斯 拉正筹备在中国推出Robotaxi服务。 该则招聘信息透露，上海研发创新中心拟招聘的低压电器工程师，隶属于低压硬件团队。该团队负责设计电路板，这些电路板控制着 特斯拉Robotaxi车辆中所有电气系统中的数百个设备。 特斯拉Robotaxi业务2025年6月在得州奥斯汀开始运营，目前运营车辆采用在售Model Y车型。根据今年11月的信息，特斯拉已三次拓 展运营范围，并预计年底前将在内华达州、佛罗里达州和亚利桑那州开展运营。截至今年11月初，Robotaxi在奥斯汀累计里程超过40 万公里，在加州湾区累计里程超过160万公里。当时的消息称，特斯拉对Robotaxi的部署工作颇为谨慎，预计2025年底前将在8至10个 市区开展无人驾驶出租车运营。 拉超大型商用电储能系统Megapack，储能规模近40吉瓦时，产品供给全球市场。 责编：叶舒筠 校对：祝甜 ...