特斯拉电话会：停产Model S/X全力转向AI，本季度发布第三代Optimus，今年是资本开支大年

华尔街见闻01-29

特斯拉正在加速剥离传统汽车制造商的身份，全力押注自动驾驶与人形机器人业务。特斯拉周三盘后公布的第四季度财报电话会议透露出激进的战略转型信号，马斯克宣布将永久停产旗舰车型Model S和Model X，并确认了向人工智能（AI）公司xAI投资20亿美元的计划。马斯克表示，特斯拉最早推出的两款高端车型将在下一季度结束生产，获得“光荣退役”。此举意在腾出加州弗里蒙特工厂的产能，转而用于建立一条年产能...

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call: Discontinued Model S/X is fully turning to AI, the third-generation Optimus will be released this quarter, this year is a big year for capital expenditures","themeId":"a86e3959c8ed2dc491bc8b7f2e3783df","isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/feecfced009711ff23a6ac7a7e07520d","symbols_score_info":{"TSLA":2},"content_text":"特斯拉正在加速剥离传统汽车制造商的身份，全力押注自动驾驶与人形机器人业务。\n特斯拉周三盘后公布的第四季度财报电话会议透露出激进的战略转型信号，马斯克宣布将永久停产旗舰车型Model S和Model X，并确认了向人工智能（AI）公司xAI投资20亿美元的计划。\n马斯克表示，特斯拉最早推出的两款高端车型将在下一季度结束生产，获得“光荣退役”。此举意在腾出加州弗里蒙特工厂的产能，转而用于建立一条年产能达100万台的人形机器人Optimus生产线。马斯克直言，公司正在迈向一个“基于自动驾驶的未来”，并强调现在是预订这两款绝版车型的最后时机。\n除了产品线的重大调整，特斯拉进一步深化了与马斯克旗下另一家公司xAI的绑定。除了确认20亿美元的投资外，双方还达成了一项“框架协议”，旨在探索更深层次的合作。特斯拉表示，这一合作将有助于提升其自动驾驶技术、车载娱乐体验以及制造机器人的研发能力。\n与此同时，公司披露2026年将是“巨大的投资年”，资本支出（Capex）预计将超过200亿美元，主要用于算力基础设施、电池供应链及AI芯片的建设。\n尽管第四季度营收为249亿美元，略低于市场预期的251.1亿美元，但调整后每股收益（EPS）为0.50美元，优于预期的0.45美元。这一好坏参半的业绩并未打压投资者信心，受激进转型计划和AI愿景的提振，特斯拉股价在盘后交易中一度上涨约3%。\n告别旗舰车型，全力押注Optimus，中国是最大竞争对手\n停产Model S和Model X是特斯拉历史上最具象征意义的时刻之一。这两款车型曾确立了特斯拉在高端电动车市场的地位，但近年来随着全球竞争加剧，其销量贡献已大幅萎缩。\n数据显示，去年这两款车型仅占特斯拉159万辆总交付量的3%。马斯克表示，尽管这是一个“令人悲伤”的决定，但却是为了给更具潜力的未来让路。\n填补这一产能空白的将是特斯拉的人形机器人Optimus。\n公司在财报中披露，计划在本季度发布第三代Optimus，这是首个面向大规模生产设计的版本，拥有重新设计的手部结构。马斯克透露，虽然Optimus目前尚未在工厂中承担实质性工作，仍处于研发阶段，但他预计将在几个月内揭晓Optimus 3，并计划在2026年底前启动生产，其供应链已准备就绪。\n马斯克视中国为人形机器人领域最大的竞争对手，他表示：“除了中国之外，我们没有看到其他重要的竞争对手。”\n深化AI布局：投资xAI与自研芯片\n为了支撑其向“实体AI公司”转型的愿景，特斯拉正在构建庞大的算力与数据生态。CFO Vaibhav Taneja指出，与xAI的框架协议旨在寻找“高效的方式让各方互助”，马斯克则强调20亿美元的投资是顺应股东的意愿。这项投资是xAI近期完成的百亿美元级融资的一部分，旨在加速追赶OpenAI等竞争对手。\n在算力硬件方面，马斯克再次强调了芯片供应的“生存性”意义。他表示，虽然未来三年的芯片供应相对充足，但长期来看，为了满足Optimus和自动驾驶的需求，特斯拉必须未雨绸缪。\n他透露自己每周投入大量时间研发特斯拉自研的AI5芯片，并称该芯片设计已相当成熟，预计性能将大幅飞跃的AI6芯片也将在一年内跟进。此外，马斯克重提了建设内部芯片制造工厂“TeraFab”的构想，以规避潜在的地缘政治风险和供应链瓶颈。\n自动驾驶与Robotaxi时间表\n在备受关注的自动驾驶出租车（Robotaxi）业务上，特斯拉给出了更为具体的时间表和部署计划。公司透露，目前Robotaxi车队规模已超过500辆，主要分布在奥斯汀和旧金山湾区，并预计该数字将每月翻倍。\n到2026年上半年，特斯拉计划在达拉斯、休斯顿、凤凰城、迈阿密、奥兰多、坦帕和拉斯维加斯等城市推广该服务。马斯克预测，到今年年底，消费者将在美国数十个主要城市看到特斯拉的无人驾驶汽车。\n关于专用的自动驾驶车型Cybercab，马斯克表示其初期生产将于今年4月在得州工厂启动，但他警告称起步阶段的产量将“极其缓慢”。同时，备受期待的新一代Roadster跑车预计将在4月进行演示，并计划在今年上半年开始生产。\n对于Cybertruck，马斯克暗示未来将把生产线完全转变为自动化生产，并最终推出全自动驾驶版本的皮卡。\n2026年迎来资本支出大年\n面对高昂的AI投入，特斯拉已做好大幅增加支出的准备。除了预计2026年资本支出超过200亿美元外，公司CFO指出，能源存储业务正成为新的现金牛。第四季度，能源业务营收达到38亿美元，同比增长25%，毛利润达到创纪录的11亿美元。随着AI数据中心对电网压力的增加，特斯拉预计其Megapack储能系统的需求将持续增长，并在2026年于休斯顿工厂启动新一代Megapack生产。\n尽管面临销量下滑和竞争加剧的挑战，特斯拉在财报中明确表示，2025年是其从“以硬件为中心的业务”向“实体AI公司”转型的关键一年。\n华尔街对此反应积极，Investing.com分析师Thomas Monteiro指出，虽然每股收益的超出幅度不大，但这是一次“高质量的超预期”，显示出公司利润率在价格战压力下已出现企稳迹象。","kind":"highlight","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"productRelease","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":4,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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