面对困局与机会，特斯拉开始不务汽车正业？

Ofweek光电信息网02-06

导语 | Lead当前，特斯拉在汽车领域遇到挑战与压力。近日，特斯拉（TSLA）正式发布2025年第四季度及全年财报，其电动车交付量下滑导致业绩全面滑坡。关于2026年如何突围，掌门人马斯克将目光盯上AI，加大AI相关领域的投入力度。那么，AI能否帮助特斯拉再度辉煌呢？还有，马斯克团队近段考察中国多家光伏企业。他的葫芦里究竟装什么药？本文出品|禾颜阅车工作室撰文|张大川编辑|禾子全文2780...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260206140252a4833f0a&s=b><strong>Ofweek光电信息网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>导语 | Lead当前，特斯拉在汽车领域遇到挑战与压力。近日，特斯拉（TSLA）正式发布2025年第四季度及全年财报，其电动车交付量下滑导致业绩全面滑坡。关于2026年如何突围，掌门人马斯克将目光盯上AI，加大AI相关领域的投入力度。那么，AI能否帮助特斯拉再度辉煌呢？还有，马斯克团队近段考察中国多家光伏企业。他的葫芦里究竟装什么药？本文出品|禾颜阅车工作室撰文|张大川编辑|禾   子全文2780...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260206140252a4833f0a&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":"LU2420271590.USD","symbol_name":"ALLIANZ SELECT INCOME AND GROWTH \"AT\" (USD) 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industry?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TSLZ":0.6,"07766":0.6,"TSDD":0.6,"TSLQ":0.6,"TSII":0.6,"TSLR":0.6,"TSLO":0.6,"TSLP":0.6,"CRSH":0.6,"TSLI":0.6,"TESL":0.6,"TSLA":1.98,"TSLS":0.6,"TSYY":0.6,"TSLT":0.6,"TSLG":0.6,"TSLW":0.6,"TSL":0.6,"TSLY":0.6},"content_text":"导语 | Lead当前，特斯拉在汽车领域遇到挑战与压力。近日，特斯拉（TSLA）正式发布2025年第四季度及全年财报，其电动车交付量下滑导致业绩全面滑坡。关于2026年如何突围，掌门人马斯克将目光盯上AI，加大AI相关领域的投入力度。那么，AI能否帮助特斯拉再度辉煌呢？还有，马斯克团队近段考察中国多家光伏企业。他的葫芦里究竟装什么药？本文出品|禾颜阅车工作室撰文|张大川编辑|禾   子全文2780字阅读需4分钟特斯拉的汽车业务正遇到挑战。2025年，特斯拉全球交付了163.6万辆汽车，同比下降约8.6%；其中，第四季度车辆交付同比下降16%。这已经是特斯拉交付量连续第二年下滑，导致其2025年的财报也不尽如如人意。特斯拉去年总营收为948.27亿美元，同比下降3%，这是特斯拉的营收近年来遭遇首次下滑；归属于普通股股东的净利润为37.94亿美元，同比下降高达 46%。面对业绩不振，特斯拉在财报会上还公布了自己未来的发展方向，希望给到投资者和股东来打气。车型产品矩阵精简面对低谷，特斯拉正在进行一系列调整。马斯克在财报会上表示，特斯拉将在下个季度停产Model S/X两款车型。而随着Model S/X的停产，特斯拉的投入将更加聚焦在核心前瞻技术上。考核一家车企的重要指标之一就是销量，而要提升销量的最重要的方法就是向市场上投放足够数量的有竞争力的车型。从特斯拉的规划来看，其短期内可能已经不再把重心放在提升销量上。其实停产Model S和Model X早已经有了预兆。2025年，这两款车型全球销量大概也只有3万辆左右；2025 年 4 月，这两款车型即已经在中国官网停售订购。对于特斯拉来说，维系这两款车型的生产和销售将使得自己的利润持续失血。如果要提升销量，那么特斯拉需要对这两款车型进行全面更新，来保证在细分市场的领先水平。而放眼全球，无论是BBA、保时捷、法拉利这样的品牌，都已经有了Model S/X的竞品在销售。特斯拉要想在这个细分市场形成一骑绝尘的优势，难度不言而喻。从新车型来看，特斯拉有望在今年4月推出新一代的Roadster跑车；而Cybercab、特斯拉半挂卡车和Megapack 3均按计划将于2026年启动量产。短期来看，这几款车型都难以给特斯拉销量提供坚实的支撑，这就使得特斯拉需要依靠去年上市的焕新Model Y来苦苦支撑。除非特斯拉FSD能够取得进一步的突破，那么作为Robotaxi车型投放的Cybercab将快速上量。但目前来看，这种可能性并不是很大。谁是特斯拉的新宠儿？随着特斯拉产品矩阵的精简，以人形机器人和自动驾驶为代表的核心技术将成为特斯拉发力的新战场。2026年，特斯拉预计将投入200亿美元在这两个领域。首先，Optimus人形机器人将成为特斯拉下一阶段的重中之重。在2026年第三季度，特斯拉第三代Optimus就将问世，而第三代Optimus最大意义特斯拉就是将开启Optimus的大规模生产的时代。为此，原本用来生产Model S/X的加州弗里蒙特工厂与生产线将被替换为Optimus人形机器人生产线。按照马斯克的设想，Optimus未来将是一款能够从事从工厂工作到照看孩子的各种工作的智能机器人，而特斯拉将成为一家实现年产百万台机器人的公司。其次，在自动驾驶领域，特斯拉已经把所有的重心都投入到了Robotaxi领域。今年上半年，特斯拉的Robotaxi试点将从得克萨斯州奥斯汀市推广到美国本土的另外七个城市。值得注意的是，在奥斯汀运营的Robotaxi车队中，已经有少数几辆车人工安全监督员被调离了岗位，这意味着特斯拉对自己的FSD的信心正在日益增强。还有，马斯克在财报会议上也表示，特斯拉将在美国本土建造并运营一座巨型芯片工厂“Terafab”来生产半导体。随着汽车智能化的提升，汽车行业对于芯片的需求将快速上升。其实特斯拉自己已经具备了设计芯片的能力，为了能够消除三四年后可能出现的芯片产能瓶颈，构建起“设计 → 制造 → 封测 → 成品”的整个工艺自主将成为特斯拉的关键一步。此外，马斯克团队于2026年1月底至2月初考察了中国多家光伏企业，包括TCL中环、晶科能源、晶盛机电等，重点评估异质结（HJT）和钙钛矿技术，以支持其太空光伏计划。未来，马斯克甚至不排除将重点从汽车转移到其他行业的可能性。布局AI是否靠谱？不止特斯拉加快AI布局。在国内汽车市场上，小鹏和理想两家新势力车企其实多少也在模仿特斯拉，希望通过全面布局AI来为自己的未来博一下。其中，理想汽车的CEO李想在线上全员会上强调：2028年理想汽车的 L4 自动驾驶一定落地；理想汽车一定要做人形机器人，并尽快亮相。在李想看来，全球同时布局“基座模型+芯片+具身智能+OS”的公司不超过 3 家，而2026年会是头部AI公司最后上车的机会。无独有偶，小鹏的AI战略在2024-2026年也将进入全面加速阶段，即从“智能电动车公司”转向“物理 AI + 具身智能”的科技公司。而支撑这个战略的三大支柱是：物理 AI 大模型、图灵 AI 芯片以及由汽车+Robotaxi+机器人+飞行汽车构成的跨形态具身智能产品线。不过，无论是对于特斯拉还是对于理想和小鹏来说，AI能够成为企业的救命稻草吗？以特斯拉将着力发展的自动驾驶业务来说，真正达到L4级别的高阶自动驾驶难度之大不言而喻。即便使用端到端大模型来全面取代之前的rule-based的算法，那么是否所有的corner case都能够被克服掉依然还是存在很大的不确定性。但凡相关自动驾驶技术出现几起恶性交通事故，那么监管当局必然会出面叫停相关的测试和部署。这从之前通用叫停Cruise的Robotaxi业务就可见一斑。而理想汽车要在2028年落地L4，除非在今后两年算法上有根本性或者是革命性的发展，否则依照之前的路径要真正开始销售L4级别的车型，这个基本就不太可能。至于人形机器人什么时候可以取代人类，开始为人类服务，那么就更加遥不可及。取代一部分流水线上的重复机械工作是可以预期的，但要能够实现对人类劳动力的取代，可能需要解决的问题比想象当中更多。对于这三家企业来说，发展AI是需要投入大量的资金的，特斯拉或许可以通过发达的美国证券市场来融资，但李想和何小鹏讲故事的水平和号召力比马斯克会弱不少。从业绩来看，2025 年理想汽车全年交付量同比下滑约 19%，成为头部新势力里唯一负增长的企业。至于小鹏汽车，如果剔除大众的技术转让费用，大概率还是处在亏损的阶段。这种情况下，企业需要靠汽车业务来给公司输血。如果企业贸然把重心转移到AI上，而影响到了新车型投放力度，那么对于企业来说可能就是舍本逐末。提升汽车销量，帮助企业活下去，现阶段可能远比转型AI对企业来得更加急迫。点评新势力车企要持续创新面临不小的难度，当传统车企开始向市场投放相类似的产品后，新势力车企的生存空间就会被不断挤压。特斯拉all-in AI，有可能是马斯克眼光独到，认定AI是全球未来的发展方向，想再度引领科技发展潮流；也有可能是特斯拉在面对跨国车企巨头联合围剿下，不得不另辟蹊径的无奈之举。前路充满变数，这对于马斯克和特斯拉而言，将是一场新的硬仗。（本文系《禾颜阅车》原创，未经授权，不得转载）","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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