Tesla (TSLA) announced its third-quarter financials last night. While the electric vehicle giant delivered better-than-expected sales, its bottom line came below the Street’s expectations. The quarterly report was hardly disappointing, with Tesla achieving record highs in both vehicle deliveries and free cash flow. Despite record deliveries and strong free cash flow, TSLA stock is trading lower in the morning session. The muted market response suggests that investors were hoping for even stronger performa ...

特斯拉表示，目前全球已有12%的特斯拉用户为智能辅助驾驶付费。截至2025年第三季度，特斯拉客户 累计使用智能辅助驾驶系统行驶了超96亿公里。 马斯克在财报电话会上还透露，Cybercab特斯拉赛博无人驾驶电动车将于2026年第二季度开始量产。特 斯拉将于2026年年底建成一条100万台产能的人形机器人生产线。 在马斯克看来，人形机器人生产重点在于制造出一只像人类手掌那样灵活多变、功能强大的机械手，并 能实现大规模量产。这对供应链具有巨大考验，目前，人形机器人行业尚没有成熟的供应链体系，特斯 拉必须实现高度垂直整合，深度介入到供应链生产中。 目前，特斯拉人形机器人已在特斯拉位于加州的工程总部中自由走动，基本实现全天候不间断运行。 转自：中国证券报·中证网 中证报中证网讯（记者 李嫒嫒）10月23日凌晨，特斯拉发布2025年第三季度财报，实现总收入281亿美 元，同比增长12%，超市场预期；净利润13.73亿美元，同比下滑37%；毛利率18%，相比今年前两个季 度均有所提升。特斯拉CEO马斯克在财报电话会上表示，预计到今年年底，奥斯汀大部分地区Robotaxi 运营将不再配备安全员，特斯拉对Robotaxi的部 ...

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 reported third-quarter revenue of $28.095 billion, a 12% year-over-year increase, surpassing the consensus estimate of $26.239 billion, marking the first revenue beat after four consecutive misses [1] - Automotive revenue reached $21.21 billion, up 6% year-over-year, driven by delivery increases, while earnings per share were 50 cents, missing the consensus estimate of 54 cents [2] - Operating income fell 40% year-over-year to $1.6 billion, with an operating margin of 5.8%, despite record deliveries of 497,099 vehicles and production of 447,450 vehicles [3] Financial Performance - The company reported a significant increase in digital assets, totaling $1.315 billion, primarily from Bitcoin holdings, up from $1.235 billion in the previous quarter [4] - Tesla ended the quarter with $41.6 billion in cash, indicating strong liquidity [4] Future Outlook - Tesla plans to launch new products, including the Model YL, Model Y Performance, and affordable versions of Model 3 and Model Y, aiming to leverage its scale and cost structure to navigate market dynamics [5] - The company is focused on long-term growth, with plans for volume production of the Cybercab, Tesla Semi, and Megapack 3 scheduled for 2026, and the Optimus Bot's production lines being installed [6] Market Reaction - Following the earnings report, Tesla's stock declined by 1.1% to $434.20 in after-hours trading, within a 52-week trading range of $212.11 to $488.54 [7]

Investment Rating - The report maintains an "Add" rating for the automotive industry, indicating a positive outlook for the sector [5]. Core Insights - Tesla's "Master Plan 4.0" marks a strategic shift towards artificial intelligence and robotics, with the humanoid robot Optimus expected to contribute 80% of the company's future value [10][11]. - The recent developments in AI5 chip technology and the release of FSD V14 are set to enhance Tesla's autonomous driving capabilities and accelerate the commercialization of Robotaxi services [12][13]. - The introduction of new models and sales policies is anticipated to boost Tesla's sales performance in Q4, with strong demand for the Model YL and various promotional offers [20][21][22]. Summary by Sections 1. "Master Plan" and Compensation Scheme - Tesla's strategic focus has shifted from electric vehicles to AI and robotics, aiming for significant growth through the integration of these technologies [10]. - The compensation plan for Elon Musk is designed to incentivize long-term commitment and aligns with ambitious company goals, including the delivery of 20 million vehicles and 1 million humanoid robots [11]. 2. Continuous Iteration of Autonomous Driving Technology - The AI5 chip is expected to significantly enhance computational power, with an 8-fold increase in performance compared to its predecessor, AI4, set to be produced by the end of 2026 [12]. - The FSD V14 update integrates various improvements in navigation and safety, marking a substantial upgrade since V12 [13]. 3. Upcoming Optimus V3 Release - The Optimus V3 humanoid robot is anticipated to be released by the end of 2025, featuring advanced hand flexibility and AI integration, with a production target of 1 million units over five years [16][19]. 4. Sales Policies and New Model Launches - The Model YL has shown strong order performance since its launch, and Tesla's sales strategies, including price reductions and promotional offers, are expected to enhance sales in the upcoming quarter [20][21]. - Global sales for Q3 reached 497,000 units, reflecting a 7% year-on-year increase, with positive signals from the European market as production plans are adjusted upward [22]. 5. Investment Recommendations - The report suggests focusing on Tesla and related companies such as Zhejiang Rongtai, Yinlun, Top Group, and others, given the favorable sales outlook and technological advancements [25].

Core Viewpoint - The article discusses the evolution of the new energy vehicle market in China, highlighting the shift from the "Wei Xiaoli" (NIO, Xpeng, Li Auto) representation of new car manufacturers to a broader classification of seven key players, termed "BIG 6+1," which includes Tesla, Leap Motor, AITO, Xiaomi, Xpeng, Li Auto, and NIO. This shift reflects the changing market dynamics as new entrants gain significant market share and challenge established brands like BYD [1][15]. Group 1: Market Dynamics - By 2025, the penetration rate of new energy vehicles in China is expected to exceed 50%, leading to the market's accelerated elimination of some new car manufacturers [1]. - In August 2025, the total insurance volume of seven new energy vehicle manufacturers approached or briefly surpassed that of BYD, the market leader [1][13]. - The "BIG 6+1" collectively accounted for approximately 30% of the entire market, with a significant share in the new energy segment [15]. Group 2: Classification of New Energy Manufacturers - A clear distinction is made between manufacturers with fuel vehicle production qualifications and those without, with only seven companies in the top 40 insurance volume rankings lacking such qualifications [2]. - The seven new energy vehicle manufacturers identified are Tesla, Leap Motor, AITO, Xiaomi, Xpeng, Li Auto, and NIO, with their respective market shares in August 2025 being 2.81%, 2.52%, 2.19%, 1.79%, 1.71%, 1.53%, and 1.40% [4][14]. Group 3: Sales and Market Share - The sales rankings for August 2025 show BYD leading with 284,005 units sold, followed by other brands, with the "BIG 6+1" collectively nearing BYD's sales figures [3][14]. - The average selling prices of the "BIG 6+1" brands vary, with Tesla at 29.67 million yuan, Li Auto at 34.90 million yuan, and Leap Motor at 12.98 million yuan, indicating a diverse pricing strategy among these manufacturers [9][11]. Group 4: Product Strategy and Offerings - The "BIG 6+1" brands have a varied product lineup, with most brands offering around seven models, while Xiaomi has the least with three models [5]. - The product pricing strategy shows a concentration in the 20,000 to 40,000 yuan range, with the cheapest model from Leap Motor priced at around 50,000 yuan [7][12]. Group 5: Future Outlook - The article suggests that as the "BIG 6+1" brands stabilize their sales figures, they will likely lead the new energy vehicle market, marking a new phase in the industry's development [15]. - Upcoming product launches from these brands, such as the AITO M7 and NIO ES8, are expected to further enhance their market positions and sales potential [15].

以下文章来源于36氪汽车 ，作者徐蔡钰 36氪汽车 . 看懂汽车产业新百年。36氪旗下智能电动车产业报道公号。 特斯拉"向下"抢市场。 文 ｜ 徐蔡钰 编辑 ｜ 李勤、杨轩 来源｜ 36氪汽车（ID：EV36Kr） 封面来源 ｜ IC photo 36氪从多处获悉，特斯拉中国正推进两个新车项目，内部代号为E41、D50，分别为现款Model Y、Model 3的减配版。 知情人士告诉36氪， "新项目部分设计和验证报告都是沿用现款Model Y与Model 3的"，目前 两款新车都已进入验证测试阶段。 据36氪了解，各处信息初步显示，投产时间可能在明年年中甚至更晚 。 36氪就此消息向特斯拉求证，截至发稿，未获回应。 特斯拉中国工厂主要供应中国及欧洲市场，在中国投产简化版车型，可以视为特斯拉正在为中国及欧洲市场 "简化版" 车型的推广 做准备。 今年10月7日，特斯拉在北美已推出两款"简化版"车型（Standard）：售价39999美元（约合人民币28.4万元）的Model Y，以及售 价36990美元（约合人民币26.3万元）的Model 3。 简化版车型起售价较此前车型降低5000-5500美元，取消或简 ...

Core Insights - Tesla's stock price increased significantly by 5.42% on October 13, driven by multiple factors beyond the overall rise in tech stocks [1] Group 1: Market Performance - Tesla's delivery volume in China reached 241,890 units in Q3, accounting for nearly half of its global deliveries, highlighting the importance of the Chinese market [1] - In September, Tesla's sales in China hit 71,525 units, representing a month-over-month growth of 25%, with the newly launched Model YL being a key driver of this growth [1] Group 2: External Factors - The U.S. government's easing stance on tariff policies positively impacted Tesla, as recent comments from the President suggested no significant increase in tariffs on China, alleviating trade tensions [1] - Increased interest in Tesla options was observed on October 13, indicating heightened market attention towards the stock [1] Group 3: Production and Future Outlook - Tesla's Shanghai factory, the largest assembly plant globally, has initiated a production increase plan for Q4, reflecting positive market demand expectations and potentially strong delivery data [2] - The upcoming cancellation of the U.S. federal electric vehicle tax credit may pose challenges for Tesla's sales in the U.S. market, although its leading position in the EV sector provides some buffer [2] Group 4: Investor Sentiment - Analysts note that Tesla's stock price movements do not always align with its fundamental performance, as strong price growth is also influenced by a large retail investor base and an active trading environment [2] - The market anticipates more guidance on Tesla's performance with the upcoming earnings report, which will inform investor decisions [2]

Tesla stock (TSLA) rebounded on Monday along with the broader market as President Trump downplayed his recent tough talk on China. But Tesla is also making some waves in China. As reported by Reuters, Tesla vice president Tao Lin posted on Weibo that Tesla's Shanghai gigafactory began its fourth quarter production ramp-up. Typically, Q4 is Tesla’s biggest quarter in terms of deliveries, and Shanghai is its largest assembly facility by volume, as it supports mainland China and other regions of the world. ...

RT JPSartre (@JPSartre_NoExit)@garyblack00 The 7500 credit is only in the U.S. 1/3 of their marketnew model Y is finally scale production and new model YL also released for delivery.When you make super simple reductive comments that don’t encapsulate other obvious facts…people stop taking you serious. ...