特斯拉进入自动化时代，马斯克首先放弃Model S和Model X

蓝鲸财经02-01

文｜未来出行观察在“全球纯电车型销冠”的头衔被比亚迪夺走后，特斯拉的下一步动作更加受到市场关注。美东时间1月28日，特斯拉（TSLA.US）公布2025年全年业绩。期内其累计交付新车163.61万台，同比减少8.6%；其中，Model 3/Y累计交付158.53万台，同比减少7.0%，其余车型累计交付5.09万台，同比下滑超四成。受此影响，2025年特斯拉汽车销售收入同比下滑10%至695.26...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260201182816a6c61e49&s=b><strong>蓝鲸财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>文｜未来出行观察在“全球纯电车型销冠”的头衔被比亚迪夺走后，特斯拉的下一步动作更加受到市场关注。美东时间1月28日，特斯拉（TSLA.US）公布2025年全年业绩。期内其累计交付新车163.61万台，同比减少8.6%；其中，Model 3/Y累计交付158.53万台，同比减少7.0%，其余车型累计交付5.09万台，同比下滑超四成。受此影响，2025年特斯拉汽车销售收入同比下滑10%至695.26...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260201182816a6c61e49&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2471134796.USD","symbol_name":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) 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first","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TSL":0.6,"TSLZ":0.6,"TSLA":1.98,"TSYY":0.6,"TSLY":0.6,"TSLG":0.6,"TSLW":0.6,"07766":0.6,"TSDD":0.6,"TSLQ":0.6,"TSLO":0.6,"TSLR":0.6,"TESL":0.6,"TSLI":0.6,"TSLS":0.6,"TSLP":0.6,"CRSH":0.6,"UFO":0.6,"TSLT":0.6,"TSII":0.6},"content_text":"文｜未来出行观察在“全球纯电车型销冠”的头衔被比亚迪夺走后，特斯拉的下一步动作更加受到市场关注。美东时间1月28日，特斯拉（TSLA.US）公布2025年全年业绩。期内其累计交付新车163.61万台，同比减少8.6%；其中，Model 3/Y累计交付158.53万台，同比减少7.0%，其余车型累计交付5.09万台，同比下滑超四成。受此影响，2025年特斯拉汽车销售收入同比下滑10%至695.26亿美元；总营收同比下滑3%至948.27亿美元，首次出现下滑；归属于普通股股东的净利润（GAAP）同比下滑46%至37.94亿美元。2025年特斯拉核心财务数据（图/公告截图）在同日举办的业绩电话会上，特斯拉CEO埃隆·马斯克（Elon Musk）率先抛出一则重磅消息：由于特斯拉将迈入以自动化为核心的未来，公司将逐步停产Model X，并于下个季度基本停止Model S的生产。特斯拉计划将美国弗里蒙特工厂内Model S/X产线用于生产Optimus人形机器人，长期目标是实现每年100万台人形机器人的产能。不过即便特斯拉已逐步精简旗下汽车产品，基于这一核心业务所积累的技术和资源仍是公司拓展自动化布局的基础。正如马斯克所言，芯片和自动驾驶软件分别为人形机器人及Robotaxi提供了物理和技术支撑。“（基于）目前出行领域正发生的深刻变革，我们不能单纯采用传统的汽车销售模式。”在特斯拉CFO Vaibhav Taneja看来，特斯拉必须以更全局的视角看待行业发展，而自动驾驶软件将成为该公司的核心增长驱动力。管理层：特斯拉赚钱，不能只靠卖车过去很长一段时间，特斯拉凭借成本控制、技术壁垒与直营模式的加持掌握了新能源汽车的定价权，成为中国车企追赶的对象。然而随着中国消费者对座舱舒适性、人车交互生态、个性化配置的需求持续提升，多年未对旗下车型进行大改款的特斯拉意识到，仅靠“调价”难以应对日趋激烈的市场竞争。乘联分会数据显示，2025年，特斯拉在华零售销量约为62.5万辆，同比下滑5%。虽然在中国市场遇到竞争压力，但马斯克并未放弃特斯拉长久积累的成本率优势，一方面，将目光转向运营效率更高的全自动驾驶车辆上。目前，特斯拉正在北美地区推进电动半挂卡车Semi和无人驾驶车型Cybercab的量产准备工作，两者均计划于2026年上半年启动量产。Cybercab是特斯拉为旗下Robotaxi业务开发的专属车型，不配备脚踏板和方向盘，一次最多可供2人搭乘，旨在实现最低的每英里成本和更高的使用效率。马斯克预计，相较于人类驾驶车辆10-11个小时的单周使用时长，Cybercab的周使用时长可达50-60小时。在管理层看来，Cybercab或将为特斯拉开拓5-10倍于产能的市场规模，特斯拉将更多地以“交通服务提供商”的身份参与市场竞争，而不止聚焦于车辆销售本身。后续公司还将推出多种规格的Robotaxi，但Cybercab是其中的绝对主力。另一方面，推动FSD落地成为特斯拉增利的关键。2025年第四季度，特斯拉毛利率回升至20.1%的健康水平，全年毛利率同比提升0.1个百分点至18.0%。特斯拉在公告中提及，产品结构与定价调整、储能业务增长、服务及其他业务毛利增长、FSD订阅量提升是促进特斯拉毛利回升的重要因素。在2025年财报中，特斯拉首次披露了FSD订购情况。2022-2025年间，FSD订阅量逐年提升，至2025年底，FSD付费用户总量已达到110万，约占特斯拉车辆累计保有量的12%。据Vaibhav Taneja介绍，2025年特斯拉在亚太和EMEA（欧洲、中东和非洲地区）市场表现稳健，尤其是在马来西亚、挪威、波兰、沙特阿拉伯等地创造交付纪录。他还特别提及，这些地区均未落地FSD。具身智能时代，特斯拉最大的对手依旧在中国2026年第一季度，特斯拉计划发布第三代Optimus人形机器人，该版本相较上一代原型机实现重大升级，全新手部设计为核心升级点之一。这也是Optimus首个为量产设计的版本。业绩会上，有分析师问及如何看待特斯拉与中国创新企业的竞争时，马斯克直言，目前特斯拉在人形机器人领域最大的竞争对手来自中国，因为中国在人工智能和规模化制造方面存在明显优势。除宇树、优必选、智元机器人等创新型企业之外，小鹏、广汽、奇瑞、理想等中国汽车制造商也相继入局人形机器人领域，市场竞争愈发激烈。在马斯克看来，实景AI、机电灵巧度（特别是手部灵活性）和规模化生产是人形机器人研发过程中的最大难题，而“特斯拉是唯一一家同时具备前述三项能力的公司”。在AI这条烧钱的赛道，从不吝惜研发费用的特斯拉继续加码资金投入：2025年研发投入达到64.11亿美元，资本支出达到85.27亿美元。管理层称2026年是特斯拉投资大年，预计公司资本支出将超过200亿美元，而此前几年，特斯拉的资本支出保持在65亿-115亿美元之间。Vaibhav Taneja透露，200亿美元资金将投入运营及建设锂精炼厂、磷酸铁锂电池厂、Cybercab、Semi、Megapack储能及Optimus工厂，也将用于强化AI计算基础设施、扩容Robotaxi车队规模，帮助特斯拉规避地缘风险，确保自动驾驶车辆和人形机器人产量充足。英特尔公司前首席执行官安德鲁·格罗夫曾说过，只有偏执者才能活下来（Only the paranoid survive.）。马斯克希望同样的“偏执”能让特斯拉活得更久、活得更好。“我们要确保无论发生什么，（特斯拉）都能持续生产电池、机器人和AI芯片。如果不这样做，很多公司将会不复存在。”Vaibhav Taneja随后补充，“这一切都是出于必要，不是我们想做，而是我们别无选择。”业绩电话会上，特斯拉管理层并未公布2026年的销量预期。或许这些有着丰富从业经验的人也在观望，这份“偏执”究竟能带领变局中的特斯拉走向哪里。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"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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