2025最差业绩！特斯拉开始调头了？

摩斯商业03-02

撰文 | 大卫编辑 | 茶茶2025年的特斯拉，交出了一份“惨淡”的成绩单。近期，特斯拉正式发布2025年第四季度及全年财务报告。令人大跌眼球。数据显示，特斯拉第四季度归属于普通股股东的净利润仅8.4亿美元，同比断崖式下跌61%；全年总营收948.27亿美元，同比下降3%，创下公司有记录以来首次年度营收下滑；全年净利润更是锐减46%至37.94亿美元，近乎只剩2023年巅峰时期的四分之一。销量方面...

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茶茶2025年的特斯拉，交出了一份“惨淡”的成绩单。近期，特斯拉正式发布2025年第四季度及全年财务报告。令人大跌眼球。数据显示，特斯拉第四季度归属于普通股股东的净利润仅8.4亿美元，同比断崖式下跌61%；全年总营收948.27亿美元，同比下降3%，创下公司有记录以来首次年度营收下滑；全年净利润更是锐减46%至37.94亿美元，近乎只剩2023年巅峰时期的四分之一。销量方面...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260302204020a69915c2&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":"LU2360107168.USD","symbol_name":"BGF NEXT GENERATION TECHNOLOGY \"A4\" (USD) INC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260302204020a69915c2&s=b","article_id":"2616523332","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260302204020a69915c2&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description 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Tesla is starting to turn around?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TESL":0.6,"TSLO":0.6,"TSDD":0.6,"TSLW":0.6,"TSL":0.6,"TSLG":0.6,"TEST":0.6,"TSLP":0.6,"TSLT":0.6,"TSYY":0.6,"TSLY":0.6,"CRSH":0.6,"TSLR":0.6,"TSII":0.6,"TSLI":0.6,"TSLS":0.6,"TSLQ":0.6,"TLA":0.6,"TSLZ":0.6,"TSLA":1.98,"07766":0.6},"content_text":"撰文 | 大卫编辑 | 茶茶2025年的特斯拉，交出了一份“惨淡”的成绩单。近期，特斯拉正式发布2025年第四季度及全年财务报告。令人大跌眼球。数据显示，特斯拉第四季度归属于普通股股东的净利润仅8.4亿美元，同比断崖式下跌61%；全年总营收948.27亿美元，同比下降3%，创下公司有记录以来首次年度营收下滑；全年净利润更是锐减46%至37.94亿美元，近乎只剩2023年巅峰时期的四分之一。销量方面，公司2025年第四季度交付量为41.82万辆，同比下降15.61%。2025年累计交付163.61万辆，同比下滑8.55%。中国区销量62.6万辆，同比下滑4.8%。在国内市场，特斯拉甚至出现了降价也难挽回销量的局面，从原来的绝对领先位置，滑落到了如今的销量第五。从总销量看，特斯拉连续3年销量下滑，2023年销量达180.8万辆，2024年下滑至178.9万辆，2025年下滑至163.61万辆，三年总销量下滑了17.8万辆。在这种情况下，CEO埃隆·马斯克反而高调宣布，特斯拉将在2026年第二季度结束前正式停产两款高端车型——Model S和Model X。这一表态震惊全球汽车圈，马斯克认为ModelS和X的使命已经达成，将让它们以体面的方式光荣退役。这一决定，意味着特斯拉豪华车时代的正式落幕。显然，整车制造已经不是特斯拉的核心，它已悄然开始转换赛道。特斯拉销量下滑，业绩下降，正是内部战略转型与外部激烈竞争共同作用的结果。从产品来看，特斯拉自身产品力的衰退，进一步放大了困境。在电动车行业18个月快速迭代的节奏下，特斯拉产品更新严重滞后，Model 3上市8年才进行换代，Model Y上市5年才迎来大改款，而且产品创新相对乏力。新品Cybertruck量产两年，销量表现平平，2025年销量仅2万多辆，远未达预期目标。主力车型Model 3/Y已进入生命周期晚期，迟迟没有改款或平价新车推出。而对手更新极快，例如1月小米YU7销量是Model Y的两倍多，Model 3更是跌出销量前5。外部竞争格局的剧变，则形成了“围剿”态势，彻底瓦解了特斯拉的先发优势。一方面，比亚迪等中国品牌全面崛起，以比亚迪来说，2025年全球销量达460万辆，其DM-i混动技术解决续航焦虑，理想等品牌也在高端市场抢占份额。另一方面，大众、奔驰、宝马等传统跨国车企加速电动化转型，凭借品牌积淀和技术储备挤压高端市场，丰田、本田混动车型则在20-30万元市场扩大优势，进一步压缩纯电市场空间。双重压力下，特斯拉全球市场份额从2023年的15%萎缩至2025年的12%，多个核心市场领先地位不保，全球各区域市场都在失守：中国：2025年销量62.6万辆（同比-4.8%），市占率下滑。欧洲：1月注册量同比降低17%，连续13个月下滑。美国：本土市占率首次跌破50%。最大的威胁来自比亚迪，其2025年纯电销量225.7万辆，已反超特斯拉成为全球第一。2024年比亚迪的净利润已经追近特斯拉，比亚迪2025年前三季度净利润为233亿元，已经和特斯拉持平，以前三季度平均计算，比亚迪净利润将首次全面超越特斯拉。在价格战之下，昔日豪华标签也被稀释，在众多亮眼的后起之秀中，特斯拉的光环已经逐渐褪色。所以我们很难说特斯拉是因为汽车业务优势不再而选择转型AI，还是主动战略转移，资源倾向AI。也有人认为，马斯克对特斯拉的关注度似乎已不如从前，这也影响了市场端的表现。特斯拉强调2025年是公司战略转型的关键一年。公司称，其业务正从“以硬件为中心”转向“以物理AI为核心”的长期路径。这主要体现在三个动作上：停产经典为AI让路：今年二季度将停产Model S/X，把生产线改造成年产100万台Optimus人形机器人的基地。巨资豪赌未来：2026年计划投入超200亿美元（同比增长135%），主要用于AI芯片和算力建设，甚至考虑自建晶圆厂。重新定义公司：使命从\"加速能源转型\"升级为\"迈向可持续的富足\"，未来的核心是自动驾驶和机器人。未来特斯拉的蓝图将由Optimus人形机器人、Robotaxi (Cybercab)、FSD与AI芯片三大支柱支撑。综合来看，销量下滑既有外部围剿的被动，也有内部战略重心的主动调整。这也解释了为何业绩下滑，特斯拉仍敢于停产经典车型去豪赌未来。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","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; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2616523332","isCrawlerRequest":true}