北京时间周五晚间，全球市值最高车企特斯拉公布2025年第四季度运营数据。毫无意外，特斯拉以巨大劣势丢掉"全球电车年度销量第一"王座。 根据特斯拉官网挂出的数据，去年最后3个月共交付418,227辆新车、生产434,358辆；全年交付1,636,129辆，生产1,654,667辆。最终数据不仅低于大多数分析 师预期，也低于本周初公司自己制作的"市场共识预期"。 | | Production | Deliveries | | --- | --- | --- | | Model 3/Y | 1,600,767 | 1,585,279 | | Other Models | 53,900 | 50,850 | | Total | 1,654,667 | 1,636,129 | | | Production | Deliveries | ટા | | --- | --- | --- | --- | | Model 3/Y | 422,652 | 406,585 | | | Other Models | 11,706 | 11,642 | | | Total | 434,358 | 418,227 | | 与自身对比，特斯 ...

Core Insights - Tesla has lost its position as the world's bestselling electric vehicle maker, with deliveries falling to 1.64 million vehicles in 2025, a 9% decrease from the previous year, while Chinese rival BYD sold 2.26 million vehicles [1][8] - The decline in Tesla's sales is attributed to customer dissatisfaction with Elon Musk's political stance, the expiration of U.S. tax breaks, and increased competition from overseas [1][2] Sales Performance - In the fourth quarter, Tesla's sales totaled 418,227 vehicles, which was below the expected 440,000, impacted by the end of a $7,500 tax credit [3] - Analysts predict a 3% drop in sales and nearly a 40% drop in earnings per share for the upcoming fourth-quarter earnings report [6] Strategic Initiatives - Tesla has introduced stripped-down versions of the Model Y and Model 3, priced under $40,000 and $37,000 respectively, to enhance competitiveness against Chinese models in Europe and Asia [5] - Despite current sales challenges, investors remain optimistic about Musk's vision for Tesla's future, including ambitions in robotaxi services and humanoid robots [4][7] Market Reaction - Tesla's stock saw a slight increase of 0.5% to $451.60 in early trading, reflecting some investor confidence despite declining sales figures [3] - The stock finished 2025 with an approximate gain of 11%, indicating a focus on long-term potential rather than short-term sales declines [4]

Group 1: Sales Performance - Tesla delivered 1.64 million vehicles in 2025, a decrease of 9% from the previous year, losing its position as the world's bestselling electric vehicle maker to BYD, which sold 2.26 million vehicles [1] - In the fourth quarter, Tesla sales totaled 418,227, falling short of the expected 440,000 units, potentially impacted by the end of a $7,500 tax credit [2] - Analysts expect a 3% decrease in sales and a nearly 40% drop in earnings per share for the upcoming fourth-quarter earnings report [9] Group 2: Competitive Landscape - The new stripped-down versions of the Model Y and Model 3 were introduced to help revive sales and compete with Chinese models in Europe and Asia [8][9] - The new Model Y is priced just under $40,000, while the cheaper Model 3 is available for under $37,000, aimed at increasing competitiveness [9] Group 3: Stock Performance and Investor Sentiment - Despite the sales decline, Tesla's stock finished 2025 with an approximate gain of 11%, reflecting investor optimism regarding CEO Elon Musk's ambitions for robotaxi services and humanoid robots [5] - Tesla shares rose almost 2% before the opening bell, with stock trading mostly unchanged at $450.27 in early trading [5] Group 4: Executive Compensation - Elon Musk's $1 trillion pay package was approved, contingent on meeting ambitious performance targets over the next 10 years [10] - Musk also regained a $55 billion pay package from 2018 after a Delaware Supreme Court ruling [10]

2024 年 2 月 27 日，瑞 士日内瓦国际车展现场，中国车企比亚迪展台展出海豹 U 车型。 2011 年，特斯拉首席执行官埃隆・马斯克还对中国新能源车企比亚迪不屑一顾，认为其根本算不上竞 争对手。然而时隔约 14 年，比亚迪却在特斯拉的核心赛道上，击败了这家美国新能源汽车先行者。 本周两家车企相继发布 2025 年销量数据，这家中国汽车巨头正式超越特斯拉，登顶全球新能源汽车销 量榜首。 2025 年初，马斯克牵头推进特朗普政府的联邦政府效率提升计划，特斯拉在欧美各地的门店外频发抗 议活动，甚至有特斯拉车辆及门店遭蓄意破坏的相关报道。 三季度消费者抢抓税收抵免优惠末班车，助推特斯拉销量冲高，但这也导致部分原本计划年末购车的消 费者提前出手，透支了后续市场需求。 为对冲税收抵免优惠取消的影响，特斯拉推出了更低价版的 Model 3 和 Model Y 车型。尽管这些低配车 型相较高端版本售价低约 5000 美元，却存在满电续航里程缩水、部分功能缺失的问题。 比亚迪于周四官宣，2025 年纯电动汽车销量达 226 万辆，较 2024 年同比大涨近 28%。与此同时，特斯 拉周五发布数据显示，公司销量连续第二年 ...

Core Insights - Tesla experienced a significant decline in sales, with 418,227 electric vehicles sold in Q4, marking a 15.6% decrease from the same period in 2024, leading to a second consecutive annual sales decline [1][2] - BYD surpassed Tesla in annual sales of battery-electric vehicles for the first time, with BYD's sales rising nearly 28% to 2.26 million units in 2025, while Tesla delivered about 1.64 million vehicles for the year [2][3] Sales Performance - Tesla recorded its first-ever annual sales decline in 2024, attributed to the end of the $7,500 tax credit for new EVs, which previously drove record sales [3] - Sales hit their lowest level since 2022 in November, despite the introduction of cheaper versions of the Model 3 and Y vehicles [4] Market Challenges - Tesla faced intense competition in China from local manufacturers offering advanced electric models at lower prices, and in Europe, sales dropped significantly due to backlash against CEO Musk's political endorsements, with December registrations falling 66% in France and 44% in Spain [5] - Analysts noted that Tesla's product lineup has become stale, with no new vehicle launches since the Cybertruck in 2023, which has underperformed in sales [6] Stock Performance and Future Initiatives - Despite sales challenges, Tesla's stock price reached a record high in December, driven by investor optimism regarding the robotaxi rollout [7] - The company is preparing for mass production of its Cybercab robotaxi, which lacks a steering wheel or pedals, and aims to expand its autonomous ride-hailing service [8] - Musk indicated that the upcoming launch of "unsupervised" Full Self-Driving software is expected to boost vehicle demand, with plans for the Austin robotaxi service to operate without safety monitors by the end of 2025 [9][10]

Group 1 - BYD experienced a significant decline in December deliveries, totaling 414,784, down from 474,921 in November, indicating a challenging end to a volatile year for the company amid a price war and weak domestic demand [2] - The company has adjusted its 2025 sales target down by 16% to 4.6 million units, reflecting the impact of weakening domestic demand on its performance [2] - Despite the decline, BYD remains the market leader in electric vehicles, with total deliveries exceeding 4.54 million passenger vehicles for 2025, representing a 6.94% increase from 2024 [2] Group 2 - The competitive landscape shows Tesla's wholesale deliveries of 735,274 units from Model Y and Model 3 vehicles in China between January and November, with December figures still pending [3] - The IAA MOBILITY 2025 automobile fair highlights the struggles of German automakers to maintain market share as they face increasing competition from Chinese manufacturers like BYD [1]

Core Viewpoint - The article discusses a customer complaint regarding a Tesla Model Y purchase, highlighting issues related to communication and order processing by Tesla's sales staff, as well as the recent upgrades to Tesla's vehicle models [1][4]. Group 1: Customer Complaint - A customer, Ms. Song, ordered a Tesla Model Y Long Range All-Wheel Drive, only to discover that the vehicle was manufactured in June 2025, while an upgraded version was available in July 2025 with improved battery range at the same price [1]. - Ms. Song refused to accept the vehicle, claiming that the sales staff did not inform her about the vehicle's production date and requested a refund of her deposit along with compensation for her travel and accommodation expenses totaling 5,000 yuan [1]. - Tesla responded by stating that the customer voluntarily changed her order to a vehicle that was already manufactured, and acknowledged that the sales staff did not follow the standard confirmation process, leading to internal disciplinary actions and a commitment to improve compliance training [1]. Group 2: Vehicle Upgrades - In July 2023, Tesla upgraded the Model 3 Long Range and the refreshed Model Y Long Range, with the Model 3's price increasing to 285,500 yuan while the Model Y's price remained at 313,500 yuan [4]. - The refreshed Model Y Long Range's battery range increased from 719 km to 750 km, while the Model 3 Long Range's range improved from 713 km to 753 km, both without a price increase [4]. - The refreshed Model Y features a new design inspired by the Cybertruck and includes enhancements such as a new front fascia, redesigned headlights, and a unique rear diffuser [4][5]. Group 3: New Features and Specifications - The dimensions of the refreshed Model Y are 4,797 mm in length, 2,129 mm in width, and 1,624 mm in height, with additional features like ambient lighting, ventilated front seats, and an extended rear seat [5]. - The vehicle is equipped with 16 speakers, standard remote safety airbags, AI hardware, and eight cameras for enhanced safety and functionality [5].

Core Viewpoint - The article highlights a significant milestone in autonomous driving, marking the first successful "zero intervention" drive across the United States using Tesla's Full Self-Driving (FSD) technology, specifically version 14.2, achieved by driver David Moss [1][2][25]. Group 1: Achievement Details - David Moss completed a journey of 2,732.4 miles (approximately 4,397 kilometers) from Los Angeles to Myrtle Beach, South Carolina, taking 2 days and 20 hours without any human intervention [23][18]. - This journey involved navigating through 24 states, showcasing the FSD's capability to handle complex driving conditions, including busy urban streets and adverse weather [20][22]. - The successful completion of this trip is seen as a validation of Tesla's FSD technology, demonstrating that Level 4 autonomous driving is achievable even in real-world scenarios [25][70]. Group 2: Technological Significance - The transition to an end-to-end neural network approach in FSD, moving away from traditional programming methods, has allowed the AI to learn driving from millions of hours of video data [16][53]. - The FSD version 14.2 integrates navigation and path planning into the neural network, enabling the system to understand and react to real-time road conditions like a human driver [64][66]. - This achievement counters skepticism regarding the viability of a purely visual-based autonomous driving system, proving that it can operate effectively without expensive lidar or high-definition maps [71][70]. Group 3: Historical Context - Elon Musk's promise of achieving a fully autonomous coast-to-coast drive by the end of 2017 has been fulfilled eight years later, highlighting the long journey and technological evolution that led to this moment [15][31]. - The article reflects on the initial skepticism and challenges faced by Tesla in the autonomous driving space, particularly against competitors like Waymo [50][57]. - The successful drive is seen as a culmination of years of development and a significant leap towards the future of autonomous vehicles, where human intervention may become obsolete [10][75].

Core Insights - Tesla Inc.'s share price has decreased by 6.4% in the past week due to warnings of a significant drop in fourth-quarter deliveries and a supplier contract restatement indicating declining demand for the Cybertruck, although the stock remains 43.1% higher than six months ago [1] - The stock is only 8.9% higher than a year ago, underperforming the Nasdaq, but has seen a remarkable increase of 28,500% since its IPO in June 2010 [2] - Investors are focused on Tesla's future performance over the next one, five, and ten years, with a consensus that long-term projections are more relevant than short-term forecasts [3] Tesla's Recent Success - Tesla has achieved revenue and earnings growth even in high-interest-rate environments, with its Model S and Model 3 being top-selling electric vehicles in their respective years [4] - The company has seen revenue growth from its energy storage business and charging station network [5] Financial Performance - Tesla's revenue and net income have shown significant growth over the years, with revenues increasing from $4.046 billion in 2015 to $96.773 billion in 2023, and net income rising from $888.7 million in 2015 to $14.997 billion in 2023 [6] Key Drivers for Performance - Improved margins due to cost-cutting measures and the establishment of gigafactories in Shanghai and Berlin are expected to enhance sales and reduce export-related costs [7] - Research and development in Full Self-Driving (FSD) and robotaxi technologies position Tesla ahead of competitors, with plans for 500 robotaxis in Austin and 1,000 in Silicon Valley by year-end [8] - Tesla's diversified business segments, including Supercharger, energy, and battery businesses, contribute to its competitive edge [9] - Plans for a large Optimus robot production line in Fremont, California, indicate further expansion [10] Stock Forecast - Wall Street's consensus 12-month price target for Tesla is $399.15 per share, which is 12.2% lower than the recent closing price, with several firms maintaining Buy-equivalent ratings [11] - A forecast through 2030 suggests revenue growth from $112.09 billion in 2025 to $297.43 billion in 2030, with normalized EPS growth projected from $1.91 in 2025 to $11.24 in 2030 [12]

据智通财经报道，在2025年的结尾，特斯拉车主大卫·摩斯（David Moss）实现了一项颇具时代特色的挑战：坐在他的Model 3里，静静 地看着汽车自己从美国的西海岸开到东海岸，全程不进行任何干预。 据悉，这也使他成为世界上第一个全程凭借自动驾驶技术横穿美国的人。特斯拉社区为之轰动，也引来特斯拉公司和世界首富马斯克的 点赞。 据摩斯介绍，他是从加州的特斯拉餐厅出发，最终抵达南卡罗来纳州的默特尔海滩。整趟行程耗时2天又20个小时，行驶了2732.4英里 （约4397公里）。挑战的关键点在于，整个过程中完全没有进行任何人工接管，甚至包括在特斯拉超充站里的所有停车。 摩斯的挑战也了却了马斯克多年前的一桩心愿。自从2016年推出Autopilot 2.0以来，全程无干预贯穿美国的自动驾驶一直被马斯克视作目 标，他最初预期这一里程碑可以在2017年底时达成。 这一举动也引发了特斯拉社区的瞩目。特斯拉北美官方账号表示："首辆实现全程自动驾驶横跨美国东西海岸的特斯拉。零人工接管，全 程FSD。" 马斯克也言简意赅地转发并评论称："酷"。 12月31日，特斯拉官方账号@TeslaAI 公布数据：截至2025年年底，特斯拉 ...