特斯拉 - 年度股东大会后：Text & Drive、xAI、Tera-Fab、人工智能卫星、每 10 秒一辆 Cybercab

Summary of Tesla Inc. Post AGM Conference Call Company Overview - Company: Tesla Inc (TSLA.O) - Industry: Autos & Shared Mobility - Market Cap: $1,514,488 million - Stock Rating: Overweight - Price Target: $410.00 - Current Price (as of Nov 7, 2025): $429.52 - 52-Week Range: $488.54 - $214.25 - Fiscal Year Ending: 12/24 Key Points Discussed Shareholder Approval - Over 75% of shareholders voted to approve Elon Musk's $1 trillion long-term compensation package, which was expected and not surprising [1][5][6] Strategic Initiatives 1. Investment in xAI: - The vote on Tesla's investment in xAI was inconclusive, indicating a need for further discussion. The relationship with xAI is deemed crucial for Tesla's long-term success due to synergies in data, software, hardware, and manufacturing [8][9] 2. Full Self-Driving (FSD) Capabilities: - Elon Musk expressed confidence that FSD version 14.3 will allow drivers to text while driving, which could significantly change the responsibility dynamics in vehicle operation from humans to algorithms. This is viewed as a transformative moment for transportation [8][9] 3. Tera-Fab Initiative: - Musk mentioned the necessity of building a large chip fabrication facility to meet the demand for chips needed for Tesla's robots and vehicles. This vertical integration is aimed at ensuring a resilient supply chain and fostering innovation in AI [10][12] 4. Distributed Inference Cloud: - Tesla plans to leverage its vehicles for AI inference workloads, potentially utilizing over 300 million vehicles in the U.S. alone, which could lead to a vast network of distributed computing resources [10][12] 5. Solar-Powered AI Satellites: - Musk hinted at Tesla's involvement in solar-powered AI satellites, suggesting a future where space-based data centers could become a reality, enhancing computational capabilities [12] 6. Cybercab Production Goals: - Tesla aims to produce a Cybercab every 10 seconds, utilizing a radically new production line that minimizes customization and variation, which could revolutionize automotive manufacturing [12][13] Financial Projections - Earnings Per Share (EPS) Estimates: - 2024: $2.41 - 2025: $1.58 (estimated) - 2026: $2.61 (estimated) - 2027: $4.38 (estimated) [6] Risks and Considerations - Potential risks include competition from legacy OEMs and new entrants, execution risks related to factory ramp-ups, and market recognition of Tesla's AI-enabled services [18] Analyst Recommendations - The overall recommendation remains Overweight, with a bullish case price target of $800, reflecting confidence in Tesla's strategic direction and innovations [13] Additional Insights - The conference highlighted the interconnectedness of Tesla's initiatives with broader technological trends, particularly in AI and autonomous systems, suggesting a significant evolution in the automotive industry [8][10][12]