特斯拉：芯片作为特斯拉新时代增长支柱，以及特斯拉为何需要 Terafab

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 Equity Research U.S. Autos & Mobility 20 March 2026 Tesla, Inc. Chips as the pillar of Tesla's next era of growth, and why Tesla needs a Terafab Key takes: 1. Terafab needed to achieve mega-scale, de-risk geopolitics, control design; 2. Partnership could be more logical path on Terafab with Samsung, TSMC or even Intel; 3. Terafab could cost ~$20-25bn for lower volume aspirations, $40-50bn with more aggressive volume plans. More than five years ago at Tesla's 2020 Battery Day, Te ...