特斯拉 - 2025 年第四季度前瞻：机器人时代已至

January 21, 2026 06:55 AM GMT Tesla Inc | North America 4Q25 Preview: Bring on the Bots We see a particularly wide dispersion in financial KPIs into the 4Q print and for 2026. We believe the stock reaction will depend on the incrementality of updates around scaling robotaxi/Cybercab, launching Unsupervised FSD, Optimus Gen 3, and AI5 on the earnings call. Important financial KPIs and where we stand vs. consensus ( Exhibit 1 ). Outside of the numbers, here's what we're tracking through earnings. | M January ...