根据美国与印度最近达成的临时贸易协议，马斯克的特斯拉在印度市场并未获得期待已久的关税减免，这对公司进军这一全球第三大乘用车市场的计划构 成明显挫折。 据路透社援引印度官员的消息，美印双方经过数月谈判，于2026年2月初发布临时贸易协议框架。作为协议的一部分，美国将印度商品的关税从50%降至 18%，交换条件是印度停止购买俄罗斯原油。在印度方面，作为回应，印度同意大幅降低对部分美国高端产品的进口关税：高端美国汽车（主要是大排量 内燃机车型）的关税将从最高110%降至30%，哈雷-戴维森摩托车的关税则被完全取消。 相比之下，这次美印协议对传统燃油高端车提供了明显利好，尤其是引擎排量超过3000cc的车型，关税将在未来10年内逐步降至30%。哈雷-戴维森摩托 车更是实现零关税进入。这与印度和欧盟的贸易谈判形成鲜明对比——欧盟协议中，车辆关税可降至10%，并对部分电动汽车提供分阶段减让。 特斯拉在全球范围内也面临压力：2025年公司销量连续第二年下滑，比亚迪已取代其成为全球电动汽车销量冠军。在印度这个潜力巨大的市场，缺乏关税 支持意味着特斯拉短期内难以通过进口方式实现规模化扩张。公司可能需要转向本地化生产或其他策略来 ...

2026.02. 09 作者 | 第一财经 黄琳 近日，乘联分会数据显示，2025年，二手车交易量达到2010.8万辆，攀上新高峰。其中，新能源二 手车累计交易量超过160万辆，同比增长超40%。 此前，中国汽车流通协会发布的数据显示，2025年中国二手车市场交易规模首次突破2000万辆大 关。2025年上半年，注册成二手车经销企业的比例已经提升了73.2%，在百强企业里，有96家都是 二手经销企业。同期，经销商集团主营业务中的二手车收入比例已经较2024年提升了124%。 二手车市场不断扩容的另一面，是市场平均增速的放缓，和行业利润率的持续下滑。中国汽车流通协 会副会长罗磊给出的数据显示，前10年，二手车销量的平均增速达到了10.3%，但近5年增速降至 5.8%。同时，二手车平均交易价格出现了失调。以2025年为例，当年二手车平均交易价格从3月份 的6.67万元，跌到了9月份的6.16万元。当前，二手车行业的平均利润率约为4%。 在第一财经记者近日走访二手车商的过程中，新能源二手车增多、汽车"以旧换新"政策被二手车商 们视为销量增长的原因。但是另一方面，行业的利润增速相较销量增速仍有差距。 广州一家二手车商 ...

销量上涨、利润再下探 二手车背后的车商生存战。 近日，乘联分会数据显示，2025年，二手车交易量达到2010.8万辆，攀上新高峰。其中，新能源二手车 累计交易量超过160万辆，同比增长超40%。 此前，中国汽车流通协会发布的数据显示，2025年中国二手车市场交易规模首次突破2000万辆大关。 2025年上半年，注册成二手车经销企业的比例已经提升了73.2%，在百强企业里，有96家都是二手经销 企业。同期，经销商集团主营业务中的二手车收入比例已经较2024年提升了124%。 二手车市场不断扩容的另一面，是市场平均增速的放缓，和行业利润率的持续下滑。中国汽车流通协会 副会长罗磊给出的数据显示，前10年，二手车销量的平均增速达到了10.3%，但近5年增速降至5.8%。 同时，二手车平均交易价格出现了失调。以2025年为例，当年二手车平均交易价格从3月份的6.67万 元，跌到了9月份的6.16万元。当前，二手车行业的平均利润率约为4%。 在第一财经记者近日走访二手车商的过程中，新能源二手车增多、汽车"以旧换新"政策被二手车商们视 为销量增长的原因。但是另一方面，行业的利润增速相较销量增速仍有差距。 广州一家二手车商老 ...

来源：懂车帝原创 日前，在一次线下交流会上，特斯拉公司副总裁陶琳向懂车帝表示，2026年，特斯拉资本支出（CapEx）计划超过200亿美元，将重点投向AI算力、机器人 工厂、无人驾驶电动车Cybercab量产、储能与制造、充电网络和电池工厂等领域。其中，在中国市场将加大AI软硬件和能源领域投入。 特斯拉公司副总裁陶琳 当前，特斯拉正在经历一场深刻的变革。外界都在关注，当特斯拉年度销量连续第二年波动后，马斯克为何依然忙着砸钱推动Robotaxi和机器人落地。 在这种背景下，特斯拉在中国进行了一次深度沟通，谈及了近期围绕特斯拉"交付量下降"、"FSD何时入华"、"为何不推出800V高压平台"等多个备受关注的 话题，并对当前形势下的战略做出进一步说明。 在陶琳看来，特斯拉本身就是一家AI公司，汽车仍然是极其重要的AI载体，但特斯拉的愿景已扩展到人形机器人和全球能源网络。同时她提到，特斯拉已 在华布局本地训练中心，用于其智能辅助驾驶的本土化调优。 至于特斯拉FSD入华能否如约走向落地？陶琳表示，"关于中国内地落地时间，马斯克此前提到欧洲可能在2月公布相关进展，中国将紧随其后。虽然无法给 出具体日期，但各项工作（包括本 ...

从销量数据来看，特斯拉2025年全年交付电动车163.6万辆，同比下降8.6%；生产165.5万辆，同比下降 6.7%。其中，Model 3和Model Y仍是主力车型，全年交付158.5万辆，占总销量的96.9%；而 Cybertruck、Model S和Model X等"其他车型"仅交付5.1万辆。不过，特斯拉的储能业务成为亮点，2025 年全年部署46.7吉瓦时，同比增长48.7%；第四季度部署量达14.2吉瓦时，创历史新高。 【CNMO科技消息】近日，特斯拉首席执行官埃隆·马斯克在社交平台回应网友时表示，特斯拉市值未 来有朝一日可能达到100万亿美元，但这一目标需要"极其巨大的努力和十足的运气"。他强调，这一数 字并非完全不可能实现。目前，特斯拉市值约为1.54万亿美元，若要达到马斯克提及的目标，需增长超 65倍。 根据2026年2月9日的实时数据，特斯拉股价报411.11美元，较前一日上涨3.5%。尽管近期市值有所波 动，例如2月4日因股价下跌3.78%导致市值蒸发598.4亿美元，但市场对特斯拉的长期潜力仍保持关注。 值得注意的是，特斯拉市值远超传统汽车制造商，甚至高于以纯电车型销量领先的比亚迪， ...

► 本周行情 ：汽车板块本周表现优于市场 本周（ 2 月 2 日 -2 月 8 日） A 股汽车板块 +0.66% ，在申万子行业中排名第 11 位，表现优于沪深 300 （ -0.61pcts ）。细分板块中，商用载客车、 乘用车、汽车零部件、汽车服务、摩托车及其他分别上涨 4.33% 、 1.11% 、 0.53% 、 0.39% 、 0.01% ，商用载货车 -0.58% 。 ► 本 周观点： 本月建议关注核心组合 【 吉利汽车、小鹏汽车、比亚迪、伯特利、拓普集团、新泉股份、春风动力 】 。 ► 投资建议 乘用车： 各地陆续开启 2026 年以旧换新补贴，叠加春节后车展前新车陆续推出，汽车销量有望企稳回升，建议关注乘用车需求底部的左侧机会，推荐 【吉利 汽车、小鹏汽车、比亚迪】 ，建议关注 【江淮汽车】 。 零部件： 1 ） 智能化： 推荐智能驾驶 - 【伯特利、地平线机器人、科博达】 ， 智能座舱 - 【继峰股份】 ； 2 ） 新势力产业链： 推荐 H 链 - 【星宇股 份、沪光股份】 ； 推荐 T 链 - 【拓普集团、新泉股份、双环传动】 ； 3 ） 出海链： 推荐 【爱柯迪、中鼎股份】 ； 4 ） ...

Investment Rating - The report maintains a "Recommendation" rating for the automotive industry, indicating a positive outlook for the sector [3]. Core Insights - The automotive industry experienced an overall increase of +0.5% from February 1 to February 7, with various companies reporting significant delivery numbers for January, including Geely with 260,000 units (+14% month-on-month), Chery with 200,000 units (120,000 units exported), and Xiaomi with over 39,000 units (+70% year-on-year) [1][2][6]. - Key developments include BYD announcing its new brand "Linghui" focused on B-end markets, Tesla's third-generation robot set to debut with a production target of one million units, and Waymo completing a $16 billion funding round [6][19][20]. Market Performance Overview - The automotive sector's secondary segments mostly saw gains, with the automotive services sector leading at +0.9%, while passenger and commercial vehicle segments rose by +0.5% and +0.4%, respectively [2][9]. - Individual stock performance varied, with notable gains for Kailong Gaoke (+72.8%), Xingmin Zhitong (+21.3%), and Yinlun Co. (+17.1%), while Spring X Precision (-13.6%) and Jingjin Electric (-10.2%) faced significant declines [12][14]. Industry Dynamics - The report highlights the automotive industry's growth potential, particularly in electric vehicles and autonomous driving technologies, with companies like Xpeng and WeRide making strides in new vehicle launches and strategic partnerships [19][22][24]. - Investment recommendations focus on companies with strong sales performance or potential blockbuster vehicles, such as BYD and Great Wall Motors, as well as commercial vehicle manufacturers like Yutong Bus and China National Heavy Duty Truck [6][19].

Core Viewpoint - Investors are focusing on Tesla's autonomous future, particularly its robotaxi expansion, despite current weak automotive revenue [1][3] Group 1: Robotaxi Expansion - Tesla is preparing to scale its robotaxi fleet in multiple cities this year, which could lead to a rise in stock prices [1][4] - The Cybercab, designed without a steering wheel or pedals, is set to enter production this year, indicating rapid scaling of the robotaxi service [4] - Tesla plans to launch its robotaxi service in seven new cities in the first half of 2026, including Las Vegas and Miami [7] Group 2: Data and Demand - Tesla car owners are generating the equivalent of 500 years' worth of driving data daily, enhancing the full-self-driving (FSD) system [3] - The number of Tesla owners using FSD increased by 38% year over year in Q4, surpassing 1.1 million users [3] Group 3: Regulatory Hurdles - The U.S. National Highway Traffic Safety Administration (NHTSA) currently limits annual sales of vehicles without steering wheels to 2,500 units, which could hinder Tesla's Cybercab production plans [5] - The NHTSA is considering modernizing these rules due to advancements in driverless technology, but until the cap is lifted, it may delay expansion [5] Group 4: Financial Outlook - Analysts project Tesla's earnings to grow at a 35% annualized rate over the next few years as higher margins from robotaxis begin to materialize [8]

Core Viewpoint - The company's $20 billion investment in 2026 signifies a shift in the investment narrative, moving away from traditional car company valuations to a broader vision of transportation as a service [1][2]. Investment Strategy - Tesla is committing $20 billion to build six new factories, which supports CEO Elon Musk's vision for the future of electric vehicles (EVs) and transportation [3][4]. - The investment includes a lithium refinery and a lithium iron phosphate (LFP) battery factory, aimed at producing cost-effective batteries for future models like the Cybercab [4]. Market Position and Valuation - Tesla's current market cap stands at $1.4 trillion, with a trading valuation exceeding 200 times Wall Street's earnings estimates for 2026 [4]. - The company is transitioning from being viewed solely as a car manufacturer to being perceived as a transportation-as-a-service provider, with a focus on autonomous driving [4]. Risks and Challenges - The company faces significant cash burn due to the $20 billion investment, with estimates suggesting a $6.2 billion cash outflow for 2026 [7]. - Regulatory approvals for unsupervised robotaxis and the Cybercab are still pending, which adds uncertainty to Tesla's future plans [6][10]. Future Outlook - Tesla's CFO stated that the company has $44 billion in cash and investments to support its spending, but there are risks associated with premature investments in projects like Cybercab and Optimus [8]. - The stock may appeal to investors who believe in Musk's vision for the future of transportation, despite the high-risk nature of the investment [11].

Core Viewpoint - Tesla's financial performance in 2025 shows a significant decline in both revenue and profit, with a focus on the company's future capital expenditures and new business ventures as potential growth drivers [4][6][18]. Financial Performance - In Q4 2025, Tesla's revenue decreased by 3.1% year-on-year, totaling $948.27 billion for the year, a decline of 2.9%. The net profit attributable to shareholders fell over 60% in Q4, with an annual profit of $3.794 billion, down 46.5% [6]. - Tesla's current price-to-earnings ratio exceeds 400, indicating a high valuation despite the profit drop. The stock price fell 3.45% on the first trading day post-earnings but recovered the next day [6][7]. Impact of Bitcoin - In Q4 2025, Tesla's net profit was $840 million, down $1.477 billion, significantly impacted by Bitcoin price fluctuations. The company held 11,509 Bitcoins, with a fair value drop from approximately $1.315 billion to $1.074 billion, leading to a $240 million loss in fair value adjustments [9]. - For the entire year, Tesla's net profit of $3.794 billion was affected by a $670 million loss from Bitcoin price declines, contrasting with a $600 million gain in 2024 [9][10]. Non-GAAP Profit Analysis - Excluding Bitcoin price changes, Tesla's Non-GAAP net profit for 2025 was $5.858 billion, down about 30% year-on-year, primarily due to the "Inflation Reduction Act" affecting regulatory credit sales and a significant increase in R&D expenses [10][11]. - The decline in regulatory credit sales from $2.763 billion to $1.993 billion negatively impacted profits by approximately $800 million, while R&D expenses rose over 40%, increasing the R&D expense ratio from 4.6% to 6.8% [10]. Automotive Business Performance - Tesla's global vehicle deliveries in 2025 totaled 1.6361 million, a decline of 8.6%. The automotive sales revenue was $658.21 billion, down 9.19% year-on-year, driven by an increase in lower-priced vehicle sales and promotional discounts [13][14]. - The U.S. market saw a significant drop in sales due to the "Inflation Reduction Act," while the Chinese market remained relatively stable with a 4.8% decline in retail sales [15][16]. Capital Expenditure Plans - Tesla plans to exceed $20 billion in capital expenditures for 2026, which is 2.3 times the $8.53 billion spent in 2025 and 1.35 times the net cash flow from operating activities of $14.75 billion [18]. - This expenditure will primarily support AI projects and the development of various production lines, including those for Robotaxi and humanoid robots [18][20]. Future Outlook - The aggressive capital spending raises concerns about future profitability, as it could lead to significant depreciation expenses impacting net profits [19]. - Tesla's focus on AI infrastructure and new business ventures like Robotaxi and humanoid robots is seen as essential for long-term growth, with cash flow management becoming a critical factor for stock price movements [24].