2025年H1，特斯拉营收418.3亿美元，同比下降10.6%（其中，整车销售收入下降17.9%）；净利润16.1亿美元，同比下降42.9%；整车销量72.1万辆，同比下 降13.2%。 2025年5月，马斯克正式从"政府效率部"离职，但他的回归并未扭转特斯拉颓势。除财报业绩之外， 还有四个坏消息： 第一，被寄予厚望、证明"特斯拉是科技公司"、撑起万亿美元市值的FSD（Full Self-Driveries）业务，上半年确认收入4.28亿美元，同比下降11.2%； 第二，特斯拉的现金奶牛——直接计入净利润的"碳排放配额"交易（2024年贡献净利润的38.6%），收入从2024年Q2的8.9亿美元降至2025年Q2的4.4亿美元 （大概率进一步下降、直到归零）。行将就木的"卖碳翁"生意，对特斯拉Q2净利润的贡献竟然达到64.2%！ 第三，原定6月25日发布的Model 2/Q杳无音信了； 第四，"划时代"的4680电池，原计划2021年量产，全球规划产能达60亿颗。但后续实测表明4680电池能量密度反而低于2170电池，快充性能也不理想。加之 负极产气、工艺良率等问题，到2024年4680电池产量仅1亿颗。 好 ...

自动驾驶大规模商业化落地如何破局？Robotaxi（无人驾驶出租车）正在成为头部企业加速推进的业态之一。智通财经（www.thepaper.cn）记者 了解到，作为国内无驾驶人自动驾驶应用的核心试验田，上海临港首批无驾驶人智能网联出租已于8月15日正式向公众开放运营服务。 目前服务覆盖临港主城区高校、办公、商业等58个点位，营运时间每日8时至20时，居民可通过"临港出行"小程序点击"致行智联"进行预约。 智通财经记者在现场体验，在小程序上将打车信息发出后迅速有Robotaxi接单。类似其他打车服务，小程序页面会显示车牌信息、车辆行驶路径 等，同时Robotaxi还有自己的专属"号码"。 不到2分钟时间，一辆无驾驶人的智己轿车就到达打车点位。乘客在订单页面确认后方可打开对应车辆的车门，目前乘客只能坐在后排，并且需系 上安全带。随后，副驾驶座位靠背后方的显示屏上会提示乘客点击"立即出发"，车辆才能最终启动。 目前的收费规则为，小于5公里均为起步价16元，超过5公里的里程费用为4元/公里，无其他费用。 截至目前，临港新片区累计实现386平方公里产城融合区245条、551.7公里自动驾驶测试道路开放，累计有22家企业 ...

Group 1 - The core viewpoint of the news is that Pony.ai reported significant revenue growth in Q2 2025, but also experienced an increase in net losses, highlighting the challenges in the autonomous driving industry [1][2]. - Pony.ai's total revenue for Q2 reached 154 million RMB (approximately 21.5 million USD), marking a year-on-year increase of 75.9% and a quarter-on-quarter increase of 53.5% [1]. - The net loss for Q2 was 53.3 million USD (around 382 million RMB), which is a 72.5% increase compared to the same period last year [1][2]. Group 2 - The increase in losses is attributed to higher investment and R&D expenses related to the seventh-generation Robotaxi production project, with R&D expenses for Q2 amounting to 49 million USD, a 69% increase from the previous year [2]. - Pony.ai aims to achieve a target of 1,000 Robotaxi vehicles by the end of this year, with over 200 units of the seventh-generation model already produced [3]. - The company is also working towards reducing operational costs, with vehicle insurance costs currently at half of that of traditional taxis, which could help in achieving breakeven [3]. Group 3 - Pony.ai is expanding its Robotaxi services in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen, and is also making strides in international markets, including the Middle East, Europe, and Asia [4]. - In the Middle East, Pony.ai has partnered with Dubai's road traffic management for testing, aiming for commercial operations by 2026 [4]. - The company has received national-level autonomous driving testing permits in South Korea, expanding testing hours to 24/7 since April [4].

百 度 借 Ly f t 打 开 欧 洲 自 动 驾 驶 商 业 化 按 下 快 进 键 深入来看，百度此次与 Lyft 的合作绝非仓促之举，而是经过精密设计的战略行动。 协议内容显示，百度将提供其第六代 RT6 电动自动驾驶汽车，而 Lyft 将监督运营和市场整合。此次合作代表了百度自动驾驶业务足迹的重大 扩展，并增强了 Lyft 在欧洲不断发展的移动格局中的作用。 百度首席执行官李彦宏将此次合作描述为提供全球自动驾驶解决方案的关键一步。通过与 Lyft 联手，百度旨在以安全高效的方式将其先进技术 带给欧洲骑手。 Lyft 首席执行官 DavidRisher 表示，百度作为自动驾驶网约车运营商的经验将有助于为整个欧洲的乘客带来安全性和可靠性。他还强调了 Lyft 的混合网络模式，该模式将自动驾驶汽车与人类驾驶的游乐设施相结合，以满足不同的用户需求。 昨夜，一条消息在科技与资本市场同时投下震撼弹：中国科技巨头百度与北美网约车平台 Lyft 宣布达成战略合作，将于 2026 年在欧洲推出 Robotaxi （无人驾驶出租车）服务。 消息一出， Lyft 股价应声上涨近 4% ，百度美股也同步上涨。而就在此前， ...

Core Viewpoint - Shanghai has initiated a new phase of normalized and scaled operation for intelligent connected vehicles, marked by the launch of fully autonomous Robotaxi services in urban areas [1][15]. Group 1: Company Developments - Pony.ai has partnered with Jinjiang Taxi to launch fully autonomous Robotaxi services in Shanghai's Pudong New District, operating from 7:30 AM to 9:30 PM on weekdays [3][13]. - The Robotaxi service utilizes a Lexus RX equipped with Pony.ai's fifth-generation autonomous driving system, featuring 7 cameras, 4 LiDARs, and 4 millimeter-wave radars for a 200-meter safety perimeter [11]. - The service has already accumulated over 50,000 hours of fully autonomous operation across various scenarios, demonstrating a safety performance exceeding human drivers by tenfold [11]. Group 2: Market Potential - The Chinese Robotaxi market is projected to grow from $54 million in 2025 to $47 billion by 2035, with a compound annual growth rate exceeding 60% [17]. - The recent issuance of over 16,000 testing licenses and the opening of 32,000 kilometers of testing roads are critical for the commercial rollout of Robotaxi services [17]. - Shanghai aims to establish itself as a leading area for high-level autonomous driving, with plans to achieve 600 million passenger trips by 2027 and open over 5,000 kilometers of roads for autonomous vehicles [18]. Group 3: Industry Trends - The launch of fully autonomous Robotaxi services signifies a significant step towards the large-scale commercialization of Level 4 autonomous driving technology in China [17]. - Industry experts predict that autonomous driving and intelligent logistics will enter a large-scale implementation phase within the next 5 to 10 years, potentially disrupting the industry [17]. - The Shanghai government is actively expanding its regulatory framework to support the development of autonomous driving, aiming to create a favorable environment for innovation and growth in this sector [18].

据了解，小马智行现已通过全球累计超5000万公里的自动驾驶路测，在包括极端天气、复杂路况在内的 各类场景中，充分验证其技术系统的安全可靠性。 在7月下旬召开的2025世界人工智能大会期间，新一批智能网联汽车示范运营牌照发放，小马智行等成 为首批获准企业。 小马智行获得新一批智能网联汽车示范运营牌照，标志着公司在全国四大一线城市构建了全国最具示范 效应的自动驾驶商业化网络。小马智行相关负责人对证券时报记者表示，作为首批获准企业，小马智行 将联合上海锦江集团旗下锦江出租，以上海浦东新区金桥和花木核心区域为起点，逐步向公众开放自动 驾驶出行服务。随着浦东新区第三批自动驾驶测试道路的开放，上海市累计开放测试道路里程已突破 2700公里，覆盖包括部分内环范围的中心城区。 小马智行宣布，8月1日起在上海市浦东新区金桥和花木两大区域落地全无人Robotaxi(无人驾驶出租 车)。小马智行作为首批获得上海新一批智能网联示范运营牌照的企业，联合锦江出租在上海浦东金桥 （600639）和花木地区推出了面向公众常态化运营的Robotaxi服务，运营时间为每周一至周五早7:30至 晚9:30。 据介绍，小马智行Robotaxi服务运 ...

Group 1 - Shanghai has initiated commercial operations of Robotaxi, aligning its fare structure with traditional taxis, marking a significant step towards the normalization and scaling of intelligent connected vehicle operations [1] - Several autonomous driving technology companies, including Xiaoma Zhixing and Baidu, have received operational licenses, with a requirement to employ trained safety personnel to ensure safe operations [1] - The Shanghai Municipal Economic and Information Commission plans to accelerate the establishment of a high-level autonomous driving leading area, with 500 data collection ride-hailing vehicles expected to gather over 10 million clips of data this year [2] Group 2 - The next-generation intelligent cockpit, Agent OS, showcases multimodal interaction technology that responds quickly to passenger needs, enhancing user experience [2] - The automotive industry is increasingly integrating artificial intelligence, evolving from traditional vehicles to intelligent entities, with user safety being a top priority [4] - The 2025 World Artificial Intelligence Conference highlights the deep integration of AI in the automotive and transportation sectors, showcasing future possibilities for mobility [6]

"我们这个季度非常激动人心。我们成功推出了Robotaxi（无人驾驶出租车）服务，在奥斯汀首次实现 了没有驾驶员在座位上、搭载付费客户的行驶。有些人可能注意到，我们已经在奥斯汀扩展了服务区 域，范围变得更大、更长，而且还会变得更大、更长。"当地时间7月23日，在特斯拉2025年第二季度业 绩电话会议上，特斯拉CEO埃隆·马斯克说道。 记者注意到，在"Tspace特空间"发布的特斯拉第二季度财报内容中，特斯拉方面还提到，特斯拉的工作 重心保持不变：推出可负担且具有吸引力的智能辅助驾驶车型，扩充全球车队规模，持续迭代智能辅助 驾驶功能，拓展能源业务，加速机器人的开发。 不过，特斯拉也在开展"副业"。"我们开了特斯拉餐厅（Tesla diner），非常受欢迎，实际上吸引了全世 界的关注。"在业绩电话会议上，马斯克也提到了特斯拉餐厅（Tesla diner）。 （特斯拉人形机器人。夏治斌摄影） 值得注意的是，7月24日，"Tspace特空间"发布的特斯拉第二季度财报内容中提到："受关税、财政政策 和政治情绪等因素影响，宏观经济有着诸多不确定性。在保持资产负债水平表现稳健强劲的同时，特斯 拉将继续在资本支出和研发上进行 ...

Core Points - Tesla reported Q2 2025 revenue of $22.496 billion, a 12% decrease from $25.5 billion year-over-year, and net profit of $1.19 billion, down from $1.416 billion, reflecting a 16% decline in net profit attributable to common shareholders [1] Group 1: Financial Performance - Tesla's Q2 2025 revenue was $22.496 billion, down 12% from $25.5 billion in the same quarter last year [1] - Net profit for Q2 2025 was $1.19 billion, compared to $1.416 billion in Q2 2024, marking a 16% decrease [1] Group 2: Robotaxi Development - Tesla's Robotaxi service has shown excellent performance and user satisfaction, with plans to expand operations in Austin significantly [2] - The company is testing Robotaxi services in multiple cities, including the San Francisco Bay Area, and is working closely with local governments for regulatory approval [2] Group 3: Full Self-Driving (FSD) Progress - Tesla aims to launch fully autonomous FSD services for individual users by the end of this year in select areas, emphasizing safety and caution in the rollout [3] - The AI software used in Robotaxi is the same as that in Tesla's factory products, achieving full automation from factory to user [3] Group 4: Optimus Robot Production - Tesla plans to begin mass production of the Optimus robot in 2026, with expectations of producing around 100,000 units per month within five years [5] - The production ramp-up for Optimus will depend on supply chain efficiency and the complexity of new technologies involved [5] Group 5: New Affordable Model - Tesla's new affordable model has started production in June 2025, with plans to increase capacity and launch by Q4 2025 [6] - The goal of this new model is to provide a more accessible vehicle option for consumers without compromising on quality [6] Group 6: Megapack and Energy Solutions - Despite recent unfavorable legislation for solar projects, Tesla remains optimistic about the growth of its Megapack business, anticipating strong demand in the second half of the year [10][11] - The company is investing in domestic manufacturing to mitigate policy and tariff impacts, with plans for a new lithium iron phosphate battery factory by the end of this year [11] Group 7: FSD Subscription Growth - Since the launch of FSD V12, Tesla has seen a 25% increase in FSD subscriptions, attributed to a price reduction and improved safety features [19][21] - The monthly fee for FSD is currently $99, making it more accessible to consumers [19] Group 8: Future of AI and Robotics - Tesla is focused on transitioning from the "pre-autonomous era" to the "post-autonomous era," with significant advancements expected in AI and robotics [8][16] - The company is exploring the integration of non-Tesla vehicles into its Robotaxi fleet, with a potential timeline for this development next year [17]

Core Insights - Tesla reported a weak Q2 2025 earnings, with revenue of $22.5 billion, a 12% year-over-year decline, and net profit of $1.172 billion, down 16% from the previous year [1][2] - The company experienced its largest quarterly revenue drop in nearly a decade, with global deliveries falling to 384,100 units, a 13.48% decrease year-over-year [1][2] - CEO Elon Musk indicated that Tesla may face several "difficult quarters" due to the cancellation of U.S. electric vehicle tax credits and tariffs, but expects recovery with the large-scale deployment of autonomous driving in the second half of next year [1][3] Financial Performance - Q2 2025 revenue was $22.5 billion, below market expectations of $22.64 billion, marking a significant decline [1] - Net profit for Q2 2025 was $1.172 billion, slightly below the anticipated $1.136 billion [1] - Tesla's carbon credit revenue fell to $439 million in Q2 2025, down from $595 million in Q1 and $890 million in the same quarter last year [2] Market Dynamics - Tesla's global delivery volume for 2024 was 1.7892 million, a 1.1% decline from 2023, marking the first drop in ten years [2] - The cancellation of the $7,500 electric vehicle subsidy in the U.S. is expected to impact Tesla's short-term supply in the American market [2] - Changes in U.S. fuel emission regulations may affect Tesla's revenue from selling carbon credits to traditional automakers [2] Strategic Focus - Tesla is shifting its narrative from being solely an automotive company to emphasizing its advancements in AI and robotics, including Robotaxi services and Full Self-Driving (FSD) technology [4][5] - The company has initiated Robotaxi services in Austin and is seeking regulatory approvals in various states, aiming to cover over half of the U.S. population by year-end [5] - Tesla plans to enhance its FSD capabilities significantly and is working on the Optimus humanoid robot, with a goal of producing 1 million units annually within five years [5]